Document:

Stifel Financial Corp.-Form 8-K dated March 30, 2007-Exhibit 4.5

 

GUARANTEE AGREEMENT

between

STIFEL FINANCIAL CORP.,

As Guarantor,

and

WILMINGTON TRUST COMPANY,

As Guarantee Trustee

Dated as of March 30, 2007 

STIFEL FINANCIAL CAPITAL TRUST III

TABLE OF CONTENTS

	ARTICLE IInterpretation and Definitions	2
	SECTION 1.1Interpretation.	2
	SECTION 1.2Definitions.	2
	ARTICLE IIReports	6
	SECTION 2.1List of Holders.	6
	SECTION 2.2Periodic Reports to the Guarantee Trustee.	6
	SECTION 2.3Event of Default; Waiver.	6
	SECTION 2.4Event of Default; Notice.	7
	ARTICLE IIIPowers, Duties And Rights Of The Guarantee Trustee	7
	SECTION 3.1Powers and Duties of the Guarantee Trustee.	7
	SECTION 3.2Certain Rights of the Guarantee Trustee.	8
	SECTION 3.3Compensation.	10
	SECTION 3.4Indemnity.	10
	SECTION 3.5Securities.	11
	ARTICLE IVGuarantee Trustee	11
	SECTION 4.1Guarantee Trustee; Eligibility.	11
	SECTION 4.2Appointment, Removal and Resignation of the Guarantee Trustee.
			12
	ARTICLE VGuarantee	12
	SECTION 5.1Guarantee.	12
	SECTION 5.2Waiver of Notice and Demand.	13
	SECTION 5.3Obligations Not Affected.	13
	SECTION 5.4Rights of Holders.	14
	SECTION 5.5Guarantee of Payment.	14
	SECTION 5.6Subrogation.	14
	SECTION 5.7Independent Obligations.	15
	SECTION 5.8Enforcement.	15
	ARTICLE VICovenants and Subordination	15
	SECTION 6.1Dividends, Distributions and Payments.	15
	SECTION 6.2Subordination.	16
	SECTION 6.3Pari Passu Guarantees. 	16
	ARTICLE VIITermination	17
	SECTION 7.1Termination.	17
	ARTICLE VIIIMiscellaneous	17
	SECTION 8.1Successors and Assigns.	17
	SECTION 8.2Amendments.	17

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	SECTION 8.3Notices.	17
	SECTION 8.4Benefit.	18
	SECTION 8.5Governing Law.	19
	SECTION 8.6Submission to Jurisdiction.	19
	SECTION 8.7Counterparts; Facsimile.	19

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Guarantee Agreement, dated as of March 30, 2007, executed and delivered by Stifel Financial Corp., a Delaware corporation (the "Guarantor") having its principal office at 501 N. Broadway, 9th Floor, St. Louis, MO 63102, and Wilmington Trust Company, a Delaware banking corporation, as trustee (in such capacity, the "Guarantee Trustee"), for the benefit of the Holders (as defined herein) from time to time of the Preferred Securities (as defined herein) of Stifel Financial Capital Trust III, a Delaware statutory trust (the "Issuer").

W i t n e s s e t h :

Whereas, pursuant to an Amended and Restated Trust Agreement, dated as of the date hereof (the "Trust Agreement"), among the Guarantor, as Depositor, the Property Trustee, the Delaware Trustee and the Administrative Trustees named therein and the holders from time to time of the Preferred Securities (as hereinafter defined), the Issuer is issuing $35,000,000 aggregate Liquidation Amount (as defined in the Trust Agreement) of its  Preferred Securities (Liquidation Amount $1,000 per preferred security) (the "Preferred Securities") representing preferred undivided beneficial interests in the assets of the Issuer and having the terms set forth in the Trust Agreement;

Whereas, the Preferred Securities will be issued by the Issuer and the proceeds thereof, together with the proceeds from the issuance of the Issuer's Common Securities (as defined below), will be used to purchase the Notes (as defined in the Trust Agreement) of the Guarantor; and

Whereas, as incentive for the Holders to purchase Preferred Securities the Guarantor desires irrevocably and unconditionally to agree, to the extent set forth herein, to pay to the Holders of the Preferred Securities the Guarantee Payments (as defined herein) and to make certain other payments on the terms and conditions set forth herein.

Now, Therefore, in consideration of the purchase by each Holder of Preferred Securities, which purchase the Guarantor hereby agrees shall benefit the Guarantor, the Guarantor executes and delivers this Guarantee Agreement to provide as follows for the benefit of the Holders from time to time of the Preferred Securities:

 

 

ARTICLE I
Interpretation and Definitions

SECTION 1.1 Interpretation.

In this Guarantee Agreement, unless the context otherwise requires:

(a) capitalized terms used in this Guarantee Agreement but not defined in the preamble hereto have the respective meanings assigned to them in
Section 1.2;

(b) the words "include", "includes" and "including" shall be deemed to be followed by the phrase "without limitation";

(c) all references to "the Guarantee Agreement" or "this Guarantee Agreement" are to this Guarantee Agreement as modified, supplemented or amended from time to time;

(d) all references in this Guarantee Agreement to Articles and Sections are to Articles and Sections of this Guarantee Agreement unless otherwise specified;

(e) the words "hereby", "herein", "hereof" and "hereunder" and other words of similar import refer to this Guarantee Agreement as a whole and not to any particular Article, Section or other subdivision;

(f) a reference to the singular includes the plural and vice versa; and

(g) the masculine, feminine or neuter genders used herein shall include the masculine, feminine and neuter genders.

SECTION 1.2 Definitions.

As used in this Guarantee Agreement, the terms set forth below shall, unless the context otherwise requires, have the following meanings:

"Affiliate" of any specified Person means any other Person directly or indirectly controlling or controlled by or under direct or indirect common control with such specified Person;
provided, that the Issuer shall not be deemed to be an Affiliate of the Guarantor.  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.

"Beneficiaries" means any Person to whom the Issuer is or hereafter becomes indebted or liable.

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"Board of Directors" means either the board of directors of the Guarantor or any duly authorized committee of that board.

"Common Securities" means the securities representing common undivided beneficial interests in the assets of the Issuer.

"Debt" means with respect to any Person, whether recourse is to all or a portion of the assets of such Person, whether currently existing or hereafter incurred, and whether or not contingent and without duplication, (i) every obligation of such Person for money borrowed; (ii) every obligation of such Person evidenced by bonds, debentures, notes or other similar instruments, including obligations incurred in connection with the acquisition of property, assets or businesses; (iii) every reimbursement obligation of such Person with respect to letters of credit, bankers' acceptances or similar facilities issued for the account of such Person; (iv) every obligation of such Person issued or assumed as the deferred purchase price of property or services (but excluding trade accounts payable arising in the ordinary course of business); (v) every capital lease obligation of such Person; (vi) all indebtedness of such Person, whether incurred on or prior to the date of this Guarantee Agreement or thereafter incurred, for claims in respect of derivative products, including interest rate, foreign exchange rate and commodity forward contracts, options, swaps and similar arrangements; (vii) every obligation of the type referred to in clauses (i) through (vi) of another Person and all dividends of another Person the payment of which, in either case, such Person has guaranteed or is responsible or liable for, directly or indirectly, as obligor or otherwise; and (viii) any renewals, extensions, refundings, amendments or modifications of any obligation of the type referred to in clauses (i) through (vii).

"Event of Default" means a default by the Guarantor on any of its payment or other obligations under this Guarantee Agreement; provided, that except with respect to a default in payment of any Guarantee Payments, the Guarantor shall have received notice of default from the Guarantee Trustee and shall not have cured such default within thirty (30) days after receipt of such notice.

"Guarantee Payments" means the following payments or distributions, without duplication, with respect to the Preferred Securities, to the extent not paid or made by or on behalf of the Issuer: (i) any accumulated and unpaid Distributions (as defined in the Trust Agreement) required to be paid on the Preferred Securities, to the extent the Issuer shall have funds on hand available therefor at such time, (ii) the Redemption Price (as defined in the Trust Agreement) with respect to any Preferred Securities to the extent the Issuer shall have funds on hand available therefor at such time, and (iii) upon a voluntary or involuntary termination, winding up or liquidation of the Issuer, unless Notes are distributed to the Holders, the lesser of (a) the aggregate of the Liquidation Amount of $1,000 per Preferred Security plus accumulated and unpaid Distributions on the Preferred Securities to the date of payment, to the extent that the Issuer shall have funds available therefor at such time and (b) the amount of assets of the Issuer remaining available for distribution to Holders in liquidation of the Issuer after satisfaction of liabilities to creditors of the Issuer in accordance with applicable law (in either case, the
"Liquidation Distribution").

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"Guarantee Trustee" means Wilmington Trust Company in its capacity as trustee hereunder, until a Successor Guarantee Trustee, as defined below, has been appointed and has accepted such appointment pursuant to the terms of this Guarantee Agreement, and thereafter means each such Successor Guarantee Trustee.

"Holder" means any holder, as registered on the books and records of the Issuer, of any Preferred Securities;
provided, that, in determining whether the holders of the requisite percentage of Preferred Securities have given any request, notice, consent or waiver hereunder, "Holder" shall not include the Guarantor, the Guarantee Trustee or any Affiliate of the Guarantor or the Guarantee Trustee.

"Indenture" means the Junior Subordinated Indenture, dated as of the date hereof, as supplemented and amended, between the Guarantor and Wilmington Trust Company, as trustee.

"List of Holders" has the meaning specified in
Section 2.1.

"Majority in Liquidation Amount of the Preferred Securities" means a vote by the Holder(s), voting separately as a class, of more than fifty percent (50%) of the aggregate Liquidation Amount of all then outstanding Preferred Securities issued by the Issuer.

"Obligations" means any costs, expenses or liabilities (but not including liabilities related to taxes) of the Issuer, other than obligations of the Issuer to pay to holders of any Trust Securities the amounts due such holders pursuant to the terms of the Trust Securities.

"Officers' Certificate" means, with respect to any Person, a certificate signed by the Chief Executive Officer, Chief Financial Officer, President or a Vice President of such Person, and by the Treasurer, an Assistant Treasurer, the Secretary or an Assistant Secretary of such Person, and delivered to the Guarantee Trustee.  Any Officers' Certificate delivered with respect to compliance with a condition or covenant provided for in this Guarantee Agreement (other than the certificate provided pursuant to
Section 2.4) shall include:

(a) a statement that each officer signing the Officers' Certificate has read the covenant or condition and the definitions relating thereto;

(b) a brief statement of the nature and scope of the examination or investigation undertaken by each officer in rendering the Officers' Certificate;

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(c) a statement that each officer has made such examination or investigation as, in such officer's opinion, is necessary to enable such officer to express an informed opinion as to whether or not such covenant or condition has been complied with; and

(d) a statement as to whether, in the opinion of each officer, such condition or covenant has been complied with.

"Person" means a legal person, including any individual, corporation, estate, partnership, joint venture, association, joint stock company, limited liability company, trust, unincorporated association, government or any agency or political subdivision thereof or any other entity of whatever nature.

"Responsible Officer" means, with respect to the Guarantee Trustee, any Senior Vice President, any Vice President, any Assistant Vice President, the Secretary, any Assistant Secretary, the Treasurer, any Assistant Treasurer, any Financial Services Officer or Assistant Financial Services Officer or any other officer in the Corporate Trust Office of the Guarantee Trustee with direct responsibility for the administration of this Guarantee Agreement and also means, with respect to a particular corporate trust matter, any other officer to whom such matter is referred because of that officer's knowledge of and familiarity with the particular subject.

"Senior Debt" means the principal of and any premium and interest on (including interest accruing on or after the filing of any petition in bankruptcy or for reorganization relating to the Guarantor whether or not such claim for post-petition interest is allowed in such proceeding) all Debt of the Guarantor, whether incurred on or prior to the date of the Indenture or thereafter incurred, unless it is provided in the instrument creating or evidencing the same or pursuant to which the same is outstanding, that such obligations are not superior in right of payment to the Preferred Securities;
provided, however, that if the Guarantor is subject to the regulation and supervision of an "appropriate Federal banking agency" within the meaning of 12 U.S.C. 1813(q), the Guarantor shall have received the approval of such appropriate Federal banking agency prior to issuing any such obligation if not otherwise generally approved;
provided further, that Senior Debt shall not include any other debt securities, and guarantees in respect of such debt securities, issued to any trust other than the Issuer (or a trustee of such trust), partnership or other entity affiliated with the Guarantor that is a financing vehicle of the Guarantor (a "financing entity"), in connection with the issuance by such financing entity of equity securities or other securities that are treated as equity capital for regulatory capital purposes guaranteed by the Guarantor pursuant to an instrument that ranks
pari passu with or junior in right of payment to this Guarantee Agreement, including, without limitation, securities issued to Stifel Financial Capital Trust I and Stifel Financial Capital Trust II.

"Successor Guarantee Trustee" means a successor Guarantee Trustee possessing the qualifications to act as Guarantee Trustee under Section 4.1.

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"Trust Indenture Act" means the Trust Indenture Act of 1939, as amended and as in effect on the date of this Guarantee Agreement.

Capitalized or otherwise defined terms used but not otherwise defined herein shall have the meanings assigned to such terms in the Trust Agreement as in effect on the date hereof.

ARTICLE II
Reports

SECTION 2.1 List of Holders.

The Guarantor shall furnish or cause to be furnished to the Guarantee Trustee at such times as the Guarantee Trustee may request in writing, within thirty (30) days after the receipt by the Guarantor of any such request, a list, in such form as the Guarantee Trustee may reasonably require, of the names and addresses of the Holders (the
"List of Holders") as of a date not more than fifteen (15) days prior to the time such list is furnished, in each case to the extent such information is in the possession or control of the Guarantor and is not identical to a previously supplied list of Holders or has not otherwise been received by the Guarantee Trustee in its capacity as such.  The Guarantee Trustee may destroy any List of Holders previously given to it on receipt of a new List of Holders.

SECTION 2.2. Periodic Reports to the Guarantee Trustee.

The Guarantor shall deliver to the Guarantee Trustee, within one hundred and twenty (120) days after the end of each fiscal year of the Guarantor ending after the date of this Guarantee Agreement, an Officers' Certificate covering the preceding fiscal year, stating whether or not to the knowledge of the signers thereof the Guarantor is in default in the performance or observance of any of the terms or provisions or any of the conditions of this Guarantee Agreement (without regard to any period of grace or requirement of notice provided hereunder) and, if the Guarantor shall be in default thereof, specifying all such defaults and the nature and status thereof of which they have knowledge.

SECTION 2.3 Event of Default; Waiver.

The Holders of a Majority in Liquidation Amount of the Preferred Securities may, on behalf of the Holders, waive any past Event of Default and its consequences.  Upon such waiver, any such Event of Default shall cease to exist, and any Event of Default arising therefrom shall be deemed to have been cured, for every purpose of this Guarantee Agreement, but no such waiver shall extend to any subsequent or other default or Event of Default or impair any right consequent therefrom.

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SECTION 2.4 Event of Default; Notice.

(a) The Guarantee Trustee shall, within ninety (90) days after the occurrence of a default, transmit to the Holders notices of all defaults actually known to the Guarantee Trustee, unless such defaults have been cured or waived before the giving of such notice,
provided, that, except in the case of a default in the payment of a Guarantee Payment, the Guarantee Trustee shall be protected in withholding such notice if and so long as the Board of Directors, the executive committee or a trust committee of directors and/or Responsible Officers of the Guarantee Trustee in good faith determine that the withholding of such notice is in the interests of the Holders.  For the purpose of this
Section 2.4, the term "default" means any event that is, or after notice or lapse of time or both would become, an Event of Default.

(b) The Guarantee Trustee shall not be deemed to have knowledge of any default or Event of Default unless the Guarantee Trustee shall have received written notice, or a Responsible Officer charged with the administration of this Guarantee Agreement shall have received written notice, of such default or Event of Default from the Guarantor or a Holder.

ARTICLE III
Powers, Duties And Rights Of The Guarantee Trustee

SECTION 3.1 Powers and Duties of the Guarantee Trustee.

(a) This Guarantee Agreement shall be held by the Guarantee Trustee for the benefit of the Holders, and the Guarantee Trustee shall not transfer this Guarantee Agreement to any Person except a Holder exercising its rights pursuant to
Section 5.4(d) or to a Successor Guarantee Trustee upon acceptance by such Successor Guarantee Trustee of its appointment to act as Successor Guarantee Trustee.  The right, title and interest of the Guarantee Trustee shall automatically vest in any Successor Guarantee Trustee, upon acceptance by such Successor Guarantee Trustee of its appointment hereunder, and such vesting and cessation of title shall be effective whether or not conveyancing documents have been executed and delivered pursuant to the appointment of such Successor Guarantee Trustee.

(b) The rights, immunities, duties and responsibilities of the Guarantee Trustee shall be as provided by this Guarantee Agreement and there shall be no other duties or obligations, express or implied, of the Guarantee Trustee.  Notwithstanding the foregoing, no provisions of this Guarantee Agreement shall require the Guarantee Trustee to expend or risk its own funds or otherwise incur any financial liability in the performance of any of its duties hereunder, or in the exercise of any of its rights or powers, if it shall have reasonable grounds for believing that repayment of such funds or adequate indemnity against such risk or liability is not reasonably assured to it.  Whether or not herein expressly so provided, every provision of this Guarantee Agreement relating to the conduct or affecting the liability of or affording

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 protection to the Guarantee Trustee shall be subject to the provisions of this
Section 3.1.  To the extent that, at law or in equity, the Guarantee Trustee has duties and liabilities relating to the Guarantor or the Holders, the Guarantee Trustee shall not be liable to any Holder for the Guarantee Trustee's good faith reliance on the provisions of this Guarantee Agreement.  The provisions of this Guarantee Agreement, to the extent that they restrict the duties and liabilities of the Guarantee Trustee otherwise existing at law or in equity, are agreed by the Guarantor and the Holders to replace such other duties and liabilities of the Guarantee Trustee.

(c) No provision of this Guarantee Agreement shall be construed to relieve the Guarantee Trustee from liability for its own negligent action, negligent failure to act or own willful misconduct, except that:

            (i) the Guarantee Trustee shall not be liable for any error of judgment made in good faith by a Responsible Officer of the Guarantee Trustee, unless it shall be proved that the Guarantee Trustee was negligent in ascertaining the pertinent facts upon which such judgment was made; and

            (ii) the Guarantee Trustee shall not be liable with respect to any action taken or omitted to be taken by it in good faith in accordance with the direction of the Holders of not less than a Majority in Liquidation Amount of the Preferred Securities relating to the time, method and place of conducting any proceeding for any remedy available to the Guarantee Trustee, or exercising any trust or power conferred upon the Guarantee Trustee under this Guarantee Agreement.

SECTION 3.2 Certain Rights of the Guarantee Trustee.

(a) Subject to the provisions of Section 3.1:

            (i) the Guarantee Trustee may conclusively rely and shall be fully protected in acting or refraining from acting in good faith and in accordance with the terms hereof upon any resolution, certificate, statement, instrument, opinion, report, notice, request, direction, consent, order, bond, debenture, note, other evidence of indebtedness or other paper or document reasonably believed by it to be genuine and to have been signed, sent or presented by the proper party or parties;

            (ii) any direction or act of the Guarantor contemplated by this Guarantee Agreement shall be sufficiently evidenced by an Officers' Certificate unless otherwise prescribed herein;

            (iii) the Guarantee Trustee may consult with counsel, and the advice of such counsel shall be full and complete authorization and protection in respect of any action taken, suffered or omitted to be taken by it hereunder in good faith and in reliance thereon and in accordance with such advice.  Such counsel may be counsel

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to the Guarantee Trustee, the Guarantor or any of its Affiliates and may be one of its employees.  The Guarantee Trustee shall have the right at any time to seek instructions concerning the administration of this Guarantee Agreement from any court of competent jurisdiction;

            (iv) the Guarantee Trustee shall be under no obligation to exercise any of the rights or powers vested in it by this Guarantee Agreement at the request or direction of any Holder, unless such Holder shall have provided to the Guarantee Trustee reasonable security or indemnity against the costs, expenses (including reasonable attorneys' fees and expenses) and liabilities that might be incurred by it in complying with such request or direction, including such reasonable advances as may be requested by the Guarantee Trustee;
provided, that, nothing contained in this Section 3.2(a)(iv) shall be taken to relieve the Guarantee Trustee, upon the occurrence of an Event of Default, of its obligation to exercise the rights and powers vested in it by this Guarantee Agreement;

            (v) the Guarantee 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, direction, consent, order, bond, debenture, note, other evidence of indebtedness or other paper or document, but the Guarantee Trustee, in its discretion, may make such further inquiry or investigation into such facts or matters as it may see fit, and if the Guarantee Trustee shall determine to make such inquiry or investigation, it shall be entitled to examine the books, records and premises of the Guarantor, personally or by agent or attorney;

            (vi) the Guarantee Trustee may execute any of the trusts or powers hereunder or perform any duties hereunder either directly or by or through its agents, attorneys, custodians or nominees and the Guarantee Trustee shall not be responsible for any misconduct or negligence on the part of any such agent, attorney, custodian or nominee appointed with due care by it hereunder;

            (vii) whenever in the administration of this Guarantee Agreement the Guarantee Trustee shall deem it desirable to receive instructions with respect to enforcing any remedy or right hereunder, the Guarantee Trustee (A) may request instructions from the Holders of a Majority in Liquidation Amount of the Preferred Securities, (B) may refrain from enforcing such remedy or right or taking such other action until such instructions are received and (C) shall be protected in acting in accordance with such instructions;

            (viii) except as otherwise expressly provided by this Guarantee Agreement, the Guarantee Trustee shall not be under any obligation to take any action that is discretionary under the provisions of this Guarantee Agreement; 

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            (ix) whenever, in the administration of this Guarantee Agreement, the Guarantee Trustee shall deem it desirable that a matter be proved or established before taking, suffering or omitting to take any action hereunder, the Guarantee Trustee (unless other evidence is herein specifically prescribed) may, in the absence of bad faith on its part, request and rely upon an Officers' Certificate which, upon receipt of such request from the Guarantee Trustee, shall be promptly delivered by the Guarantor; and

            (x) the Guarantee Trustee shall have no duty to see to any recording, filing or registration of any instrument or other writing (or any rerecording, refiling or reregistration thereof).

(b) No provision of this Guarantee Agreement shall be deemed to impose any duty or obligation on the Guarantee Trustee to perform any act or acts or exercise any right, power, duty or obligation conferred or imposed on it in any jurisdiction in which it shall be illegal, or in which the Guarantee Trustee shall be unqualified or incompetent in accordance with applicable law, to perform any such act or acts or to exercise any such right, power, duty or obligation.  No permissive power or authority available to the Guarantee Trustee shall be construed to be a duty to act in accordance with such power and authority.

SECTION 3.3 Compensation.

The Guarantor agrees to pay to the Guarantee Trustee from time to time reasonable compensation for all services rendered by it hereunder (which compensation shall not be limited by any provisions of law in regard to the compensation of a trustee of an express trust) and to reimburse the Guarantee Trustee upon request for all reasonable expenses, disbursements and advances (including the reasonable fees and expenses of its attorneys and agents) incurred or made by the Guarantee Trustee in accordance with any provisions of this Guarantee Agreement.

SECTION 3.4 Indemnity.

The Guarantor agrees to indemnify and hold harmless the Guarantee Trustee (including in its individual capacity) and any of its Affiliates and any of their officers, directors, shareholders, employees, representatives or agents from and against any loss, damage, liability, tax (other than income, franchise or other taxes imposed on amounts paid pursuant to
Section 3.3), penalty, expense or claim of any kind or nature whatsoever incurred without negligence, bad faith or willful misconduct on its part, arising out of or in connection with the acceptance or administration of this Guarantee Agreement, including the costs and expenses of defending itself against any claim or liability in connection with the exercise or performance of any of its rights, powers or duties hereunder.  The Guarantee Trustee will not claim or exact any lien or charge on any Guarantee Payments as a result of any amount due to it under this Guarantee Agreement.  This indemnity shall survive the termination of this Agreement or the resignation or removal of the Guarantee Trustee.

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In no event shall the Guarantee Trustee be liable for any indirect, special, punitive or consequential loss or damage of any kind whatsoever, including, but not limited to, lost profits, even if the Guarantee Trustee has been advised of the likelihood of such loss or damage and regardless of the form of action.

In no event shall the Guarantee Trustee be liable for any failure or delay in the performance of its obligations hereunder because of circumstances beyond its control, including, but not limited to, acts of God, flood, war (declared or undeclared), terrorism, fire, riot, embargo or government action, including any laws, ordinances, regulations, governmental action or the like which delay, restrict or prohibit the providing of the services contemplated by this Guarantee Agreement.

SECTION 3.5 Securities.

The Guarantee Trustee or any other agent of the Guarantee Trustee, in its individual or any other capacity, may become the owner or pledgee of Common or Preferred Securities.

ARTICLE IV
Guarantee Trustee

SECTION 4.1 Guarantee Trustee; Eligibility.

(a) There shall at all times be a Guarantee Trustee which shall:

            (i) not be an Affiliate of the Guarantor; and

            (ii) be a corporation organized and doing business under the laws of the United States or of any State thereof, authorized to exercise corporate trust powers, having a combined capital and surplus of at least fifty million dollars ($50,000,000), subject to supervision or examination by Federal or State authority and having an office within the United States. If such corporation publishes reports of condition at least annually, pursuant to law or to the requirements of such supervising or examining authority, then, for the purposes of this
Section 4.1, the combined capital and surplus of such corporation shall be deemed to be its combined capital and surplus as set forth in its most recent report of condition so published.

(b) If at any time the Guarantee Trustee shall cease to be eligible to so act under
Section 4.1(a), the Guarantee Trustee shall immediately resign in the manner and with the effect set out in
Section 4.2(c).

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(c) If the Guarantee Trustee has or shall acquire any "conflicting interest" within the meaning of Section 310(b) of the Trust Indenture Act, the Guarantee Trustee shall either eliminate such interest or resign in the manner and with the effect set out in
Section 4.2(c).

SECTION 4.2 Appointment, Removal and Resignation of the Guarantee Trustee.

(a) Subject to Section 4.2(b), the Guarantee Trustee may be appointed or removed without cause at any time by the Guarantor, except during an Event of Default.

(b) The Guarantee Trustee shall not be removed until a Successor Guarantee Trustee has been appointed and has accepted such appointment by written instrument executed by such Successor Guarantee Trustee and delivered to the Guarantor.

(c) The Guarantee Trustee appointed hereunder shall hold office until a Successor Guarantee Trustee shall have been appointed or until its removal or resignation.  The Guarantee Trustee may resign from office (without need for prior or subsequent accounting) by an instrument in writing executed by the Guarantee Trustee and delivered to the Guarantor, which resignation shall not take effect until a Successor Guarantee Trustee has been appointed and has accepted such appointment by instrument in writing executed by such Successor Guarantee Trustee and delivered to the Guarantor and the resigning Guarantee Trustee.

(d) If no Successor Guarantee Trustee shall have been appointed and accepted appointment as provided in this
Section 4.2 within thirty (30) days after delivery to the Guarantor of an instrument of resignation, the resigning Guarantee Trustee may petition, at the expense of the Guarantor, any court of competent jurisdiction for appointment of a Successor Guarantee Trustee.  Such court may thereupon, after prescribing such notice, if any, as it may deem proper, appoint a Successor Guarantee Trustee. 

ARTICLE V
Guarantee

SECTION 5.1 Guarantee.

(a) The Guarantor irrevocably and unconditionally agrees to pay in full to the Holders the Guarantee Payments (without duplication of amounts theretofore paid by or on behalf of the Issuer), as and when due, regardless of any defense (except for the defense of payment by the Issuer), right of set-off or counterclaim which the Issuer may have or assert.  The Guarantor's obligation to make a Guarantee Payment may be satisfied by direct payment of the required amounts by the Guarantor to the Holders or by causing the Issuer to pay such amounts to the Holders.  The Guarantor shall give prompt written notice to the Guarantee Trustee in the event it makes any direct payment to the Holders hereunder.

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(b) The Guarantor hereby also agrees to assume any and all Obligations of the Issuer, and, in the event any such Obligation is not so assumed, subject to the terms and conditions hereof, the Guarantor hereby irrevocably and unconditionally guarantees to each Beneficiary the full payment, when and as due, of any and all Obligations to such Beneficiaries.  This Guarantee is intended to be for the Beneficiaries who have received notice hereof.

SECTION 5.2 Waiver of Notice and Demand.

The Guarantor hereby waives notice of acceptance of the Guarantee Agreement and of any liability to which it applies or may apply, presentment, demand for payment, any right to require a proceeding first against the Guarantee Trustee, Issuer or any other Person before proceeding against the Guarantor, protest, notice of nonpayment, notice of dishonor, notice of redemption and all other notices and demands.

SECTION 5.3 Obligations Not Affected.

The obligations, covenants, agreements and duties of the Guarantor under this Guarantee Agreement shall in no way be affected or impaired by reason of the happening from time to time of any of the following:

(a) the release or waiver, by operation of law or otherwise, of the performance or observance by the Issuer of any express or implied agreement, covenant, term or condition relating to the Preferred Securities to be performed or observed by the Issuer;

(b) the extension of time for the payment by the Issuer of all or any portion of the Distributions (other than an extension of time for payment of Distributions that results from the extension of any interest payment period on the Notes as provided in the Indenture), Redemption Price, Liquidation Distribution or any other sums payable under the terms of the Preferred Securities or the extension of time for the performance of any other obligation under, arising out of, or in connection with, the Preferred Securities;

(c) any failure, omission, delay or lack of diligence on the part of the Holders to enforce, assert or exercise any right, privilege, power or remedy conferred on the Holders pursuant to the terms of the Preferred Securities, or any action on the part of the Issuer granting indulgence or extension of any kind;

(d) the voluntary or involuntary liquidation, dissolution, sale of any collateral, receivership, insolvency, bankruptcy, assignment for the benefit of creditors, reorganization, arrangement, composition or readjustment of debt of, or other similar proceedings affecting, the Issuer or any of the assets of the Issuer;

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(e) any invalidity of, or defect or deficiency in, the Preferred Securities;

(f) the settlement or compromise of any obligation guaranteed hereby or hereby incurred; or

(g) any other circumstance whatsoever that might otherwise constitute a legal or equitable discharge or defense of a guarantor, it being the intent of this
Section 5.3 that the obligations of the Guarantor hereunder shall be absolute and unconditional under any and all circumstances.

There shall be no obligation of the Holders to give notice to, or obtain the consent of, the Guarantor with respect to the happening of any of the foregoing.

SECTION 5.4 Rights of Holders.

The Guarantor expressly acknowledges that: (a) this Guarantee Agreement will be deposited with the Guarantee Trustee to be held for the benefit of the Holders; (b) the Guarantee Trustee has the right to enforce this Guarantee Agreement on behalf of the Holders; (c) the Holders of a Majority in Liquidation Amount of the Preferred Securities have the right to direct the time, method and place of conducting any proceeding for any remedy available to the Guarantee Trustee in respect of this Guarantee Agreement or exercising any trust or power conferred upon the Guarantee Trustee under this Guarantee Agreement; and (d) any Holder may institute a legal proceeding directly against the Guarantor to enforce its rights under this Guarantee Agreement, without first instituting a legal proceeding against the Guarantee Trustee, the Issuer or any other Person.

SECTION 5.5 Guarantee of Payment.

This Guarantee Agreement creates a guarantee of payment and not of collection.  This Guarantee Agreement will not be discharged except by payment of the Guarantee Payments in full (without duplication of amounts theretofore paid by the Issuer) or upon distribution of Notes to Holders as provided in the Trust Agreement.

SECTION 5.6 Subrogation.

The Guarantor shall be subrogated to all (if any) rights of the Holders against the Issuer in respect of any amounts paid to the Holders by the Guarantor under this Guarantee Agreement and shall have the right to waive payment by the Issuer pursuant to
Section 5.1; provided, that, the Guarantor shall not (except to the extent required by mandatory provisions of law) be entitled to enforce or exercise any rights it may acquire by way of subrogation or any indemnity, reimbursement or other agreement, in all cases as a result of payment under this Guarantee Agreement, if, at the time of any such payment, any amounts are due and unpaid under this Guarantee Agreement.  If any amount shall be paid to the Guarantor in violation of the preceding sentence, the Guarantor agrees to hold such amount in trust for the Holders and to pay over such amount to the Holders.

14

 

SECTION 5.7 Independent Obligations.

The Guarantor acknowledges that its obligations hereunder are independent of the obligations of the Issuer with respect to the Preferred Securities and that the Guarantor shall be liable as principal and as debtor hereunder to make Guarantee Payments pursuant to the terms of this Guarantee Agreement notwithstanding the occurrence of any event referred to in subsections (a) through (g), inclusive, of
Section 5.3.

SECTION 5.8 Enforcement.

A Beneficiary may enforce the Obligations of the Guarantor contained in
Section 5.1(b) directly against the Guarantor, and the Guarantor waives any right or remedy to require that any action be brought against the Issuer or any other person or entity before proceeding against the Guarantor.

ARTICLE VI
Covenants and Subordination

SECTION 6.1 Dividends, Distributions and Payments.

So long as any Preferred Securities remain outstanding, if there shall have occurred and be continuing an Event of Default or the Guarantor shall have entered into an Extension Period as provided for in the Indenture and such period, or any extension thereof, shall have commenced and be continuing, then the Guarantor may not (a) declare or pay any dividends or distributions on, or redeem, purchase, acquire or make a liquidation payment with respect to, any of the Guarantor's Equity Interests (as defined in the Indenture), (b) vote in favor of or permit or otherwise allow any of its Subsidiaries (as defined in the Indenture) to declare or pay any dividends or distributions on, or redeem, purchase, acquire or make a liquidation payment with respect to or otherwise retire, any of such Subsidiary's Equity Interests entitling the holders thereof to a stated rate of return other than dividends or distributions on Equity Interests payable to the Guarantor or any Subsidiary thereof (for the avoidance of doubt, whether such Equity Interests are perpetual or otherwise), or (c) make any payment of principal of or any interest or premium on or repay, repurchase or redeem any debt securities of the Guarantor that rank
pari passu in all respects with or junior in interest to the junior subordinated notes issued by the Guarantor pursuant to the Indenture (other than (i) repurchases, redemptions or other acquisitions of Equity Interests of the Guarantor in connection with (1) any employment contract, benefit plan or other similar arrangement with or for the benefit of any one or more employees, officers, directors or consultants, (2) a dividend reinvestment or stockholder stock purchase or similar plan with respect to any Equity Interests or (3) the issuance of Equity Interests of the Guarantor (or securities convertible into or exercisable for such Equity Interests) as consideration in an acquisition transaction entered into prior to the occurrence of such Event of Default or the applicable Extension Period, (ii) as a result of an exchange or conversion of any class or series of the Guarantor's Equity Interests (or any Equity Interests of a Subsidiary of the Guarantor) for any class or series of the Guarantor's Equity Interests or any class of series of the Guarantor's indebtedness

15

 

 for any class or series of the Guarantor's Equity Interests, (iii) the purchase of fractional interests in Equity Interests of the Guarantor pursuant to the conversion or exchange provisions of such Equity Interests or the security being converted or exchanged, (iv) any declaration of a dividend in connection with any rights plan, the issuance of rights, Equity Interests or other property under any rights plan or the redemption or repurchase of rights pursuant thereto, or (v) any dividend in the form of Equity Interests, warrants, options or other rights where the dividend Equity Interests or the Equity Interests issuable upon exercise of such warrants, options or other rights are the same Equity Interests as those on which the dividend is being paid or rank
pari passu with or junior to such Equity Interests).

SECTION 6.2 Subordination.

The obligations of the Guarantor under this Guarantee Agreement will constitute unsecured obligations of the Guarantor and will rank subordinate and junior in right of payment to all Senior Debt of the Guarantor.

SECTION 6.3 Pari Passu Guarantees.

(a) The obligations of the Guarantor under this Guarantee Agreement shall rank
pari passu with the obligations of the Guarantor under any similar guarantee agreements issued by the Guarantor with respect to preferred securities (if any) similar to the Preferred Securities, issued by trusts other than the Issuer established or to be established by the Guarantor (if any), in each case similar to the Issuer, including, without limitation, the guarantee agreements issued by the Guarantor with respect to the preferred securities issued by Stifel Financial Capital Trust I and Stifel Financial Capital Trust II.

(b) The right of the Guarantor to participate in any distribution of assets of any of its subsidiaries upon any such subsidiary's liquidation or reorganization or otherwise is subject to the prior claims of creditors of that subsidiary, except to the extent the Guarantor may itself be recognized as a creditor of that subsidiary.  Accordingly, the Guarantor's obligations under this Guarantee will be effectively subordinated to all existing and future liabilities of the Guarantor's subsidiaries, and claimants should look only to the assets of the Guarantor for payments hereunder. This Guarantee does not limit the incurrence or issuance of other secured or unsecured debt of the Guarantor, including Senior Debt of the Guarantor, under any indenture or agreement that the Guarantor may enter into in the future or otherwise.

16

 

ARTICLE VII
Termination

SECTION 7.1 Termination.

This Guarantee Agreement shall terminate and be of no further force and effect upon (a) full payment of the Redemption Price of all Preferred Securities, (b) the distribution of Notes to the Holders in exchange for all of the Preferred Securities or (c) full payment of the amounts payable in accordance with the Trust Agreement upon liquidation of the Issuer.  Notwithstanding the foregoing, this Guarantee Agreement will continue to be effective or will be reinstated, as the case may be, if at any time any Holder must restore payment of any sums paid with respect to Preferred Securities or this Guarantee Agreement.  The obligations of the Guarantor under
Sections 3.3 and 3.4 shall survive any such termination or the resignation and removal of the Guarantee Trustee.

ARTICLE VIII
Miscellaneous

SECTION 8.1 Successors and Assigns.

All guarantees and agreements contained in this Guarantee Agreement shall bind the successors, assigns, receivers, trustees and representatives of the Guarantor and shall inure to the benefit of the Holders of the Preferred Securities then outstanding.  Except in connection with a consolidation, merger or sale involving the Guarantor that is permitted under Article VIII of the Indenture and pursuant to which the successor or assignee agrees in writing to perform the Guarantor's obligations hereunder, the Guarantor shall not assign its rights or delegate its obligations hereunder without the prior approval of the Holders of a Majority in Liquidation Amount of the Preferred Securities.

SECTION 8.2 Amendments.

Except with respect to any changes that do not adversely affect the rights of the Holders in any material respect (in which case no consent of the Holders will be required), this Guarantee Agreement may only be amended with the prior approval of the Guarantor, the Guarantee Trustee and the Holders of not less than a Majority in Liquidation Amount of the Preferred Securities.  The provisions of Article VI of the Trust Agreement concerning meetings or consents of the Holders shall apply to the giving of such approval.

SECTION 8.3 Notices.

Any notice, request or other communication required or permitted to be given hereunder shall be in writing, duly signed by the party giving such notice, and delivered, telecopied or mailed by first class mail as follows:

17

 

(a) if given to the Guarantor, to the address or facsimile number set forth below or such other address, facsimile number or to the attention of such other Person as the Guarantor may give by notice to the Guarantee Trustee and the Holders:

Stifel Financial Corp.

501 N. Broadway, 9th Floor

St. Louis, MO 63102

Facsimile No.: (314) 342-2775

Attention: Vice President - Investment Banking

(b) if given to the Issuer, at the Issuer's address or facsimile number set forth below or such other address, facsimile number or to the attention of such other Person as the Issuer may give by notice to the Guarantee Trustee and the Holders:

Stifel Financial Capital Trust III

c/o Stifel Financial Corp.

501 N. Broadway, 9th Floor

St. Louis, MO 63102

Facsimile No.: (314) 342-2775

Attention: Administrative Trustee

(c) if given to the Guarantee Trustee, at the address or facsimile number set forth below or such other address, facsimile number or to the attention of such other Person as the Guarantee Trustee may give by notice to the Guarantor and the Holders:

Wilmington Trust Company

Rodney Square North, 1100 North Market Street

Wilmington, Delaware 19890-0001

Facsimile No.: (302) 636-4140

Attention: Corporate Capital Markets

(d) if given to any Holder, at the address set forth on the books and records of the Issuer.

All notices hereunder shall be deemed to have been given when received in person, telecopied with receipt confirmed, or mailed by first class mail, postage prepaid, except that if a notice or other document is refused delivery or cannot be delivered because of a changed address of which no notice was given, such notice or other document shall be deemed to have been delivered on the date of such refusal or inability to deliver.

SECTION 8.4 Benefit.

18

 

This Guarantee Agreement is solely for the benefit of the Holders and is not separately transferable from the Preferred Securities.

SECTION 8.5 Governing Law.

This Guarantee Agreement and the rights and obligations of each party hereto, shall be construed and enforced in accordance with and governed by the laws of the State of New York without reference to its conflict of laws provisions (other than Section 5-1401 of the General Obligations Law).

SECTION 8.6 Submission to Jurisdiction.

ANY LEGAL ACTION OR PROCEEDING BY OR AGAINST ANY PARTY HERETO OR WITH RESPECT TO OR ARISING OUT OF THIS GUARANTEE AGREEMENT MAY BE BROUGHT IN OR REMOVED TO THE COURTS OF THE STATE OF NEW YORK, IN AND FOR THE COUNTY OF NEW YORK, OR OF THE UNITED STATES OF AMERICA FOR THE SOUTHERN DISTRICT OF NEW YORK (IN EACH CASE SITTING IN THE BOROUGH OF MANHATTAN). BY EXECUTION AND DELIVERY OF THIS GUARANTEE AGREEMENT, EACH PARTY ACCEPTS, FOR ITSELF AND IN RESPECT OF ITS PROPERTY, GENERALLY AND UNCONDITIONALLY, THE JURISDICTION OF THE AFORESAID COURTS (AND COURTS OF APPEALS THEREFROM) FOR LEGAL PROCEEDINGS ARISING OUT OF OR IN CONNECTION WITH THIS GUARANTEE AGREEMENT.

SECTION 8.7 Counterparts; Facsimile.

This instrument may be executed in any number of counterparts, each of which so executed shall be deemed to be an original, but all such counterparts shall together constitute but one and the same instrument.  Delivery of an executed signature page of this Guarantee Agreement by facsimile transmission shall be effective as delivery of a manually executed counterpart hereof.

[THE NEXT PAGE IS THE SIGNATURE PAGE]

 

19

 

In Witness Whereof, the undersigned have executed this Guarantee Agreement as of the date first above written.
 

 

Stifel Financial Corp.

By: /s/ James M. Zemlyak

Name:  James M. Zemlyak
Title:  Chief Financial Officer

Wilmington Trust Company, 

not in its individual capacity,
but solely as 
Guarantee Trustee

By: /s/ W. Thomas Morris, II

Name:  W. Thomas Morris, II
Title:  Assistant Vice President

 

 

 

 

 

 

 

 

 

 

 

 

 

 

GuaranteeUnassociated Document

    BEAR
      STEARNS ASSET BACKED SECURITIES I LLC,

     

    Depositor

     

     

    EMC
      MORTGAGE CORPORATION,

     

    Sponsor
      and Company

     

     

    WELLS
      FARGO BANK, NATIONAL ASSOCIATION,

     

    Master
      Servicer and Securities Administrator

     

     

    and

     

     

    U.S.
      BANK
      NATIONAL ASSOCIATION,

     

    Trustee

     

     

    ____________________

     

    AMENDED
      AND RESTATED POOLING AND SERVICING AGREEMENT

     

    Dated
      as
      of August 24, 2006

     

    ________________________________________

     

    BEAR
      STEARNS ASSET BACKED SECURITIES I TRUST 2006-AC3

     

    ASSET-BACKED
      CERTIFICATES, SERIES 2006-AC3

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    TABLE
      OF CONTENTS

     

    
      	 	 
	
              ARTICLE
                I

              DEFINITIONS

               

            
	
              Section
                1.01

            	
              Defined
                Terms.

            
	
              Section
                1.02

            	
              Allocation
                of Certain Interest Shortfalls.

               

            
	
              ARTICLE
                II

              CONVEYANCE
                OF TRUST FUND REPRESENTATIONS AND WARRANTIES

               

            
	
              Section
                2.01

            	
              Conveyance
                of Trust Fund.

            
	
              Section
                2.02

            	
              Acceptance
                of the Mortgage Loans.

            
	
              Section
                2.03

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

            
	
              Section
                2.04

            	
              Representations
                and Warranties of the Depositor.

            
	
              Section
                2.05

            	
              Delivery
                of Opinion of Counsel in Connection with Substitutions and
                Repurchases.

            
	
              Section
                2.06

            	
              Countersignature
                and Delivery of Certificates.

            
	
              Section
                2.07

            	
              Reserved.

               

            
	
              ARTICLE
                III

              ADMINISTRATION
                AND SERVICING OF EMC MORTGAGE LOANS BY COMPANY

               

            
	
              Section
                3.01

            	
              The
                Company.

            
	
              Section
                3.02

            	
              Due-on-Sale
                Clauses; Assumption Agreements.

            
	
              Section
                3.03

            	
              Subservicers.

            
	
              Section
                3.04

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

            
	
              Section
                3.05

            	
              Maintenance
                of Hazard Insurance.

            
	
              Section
                3.06

            	
              Presentment
                of Claims and Collection of Proceeds.

            
	
              Section
                3.07

            	
              Maintenance
                of the Primary Mortgage Insurance Policies.

            
	
              Section
                3.08

            	
              Fidelity
                Bond, Errors and Omissions Insurance.

            
	
              Section
                3.09

            	
              Realization
                Upon Defaulted Mortgage Loans; Determination of Excess Liquidation
                Proceeds and Realized Losses; Repurchases of Certain Mortgage
                Loans.

            
	
              Section
                3.10

            	
              Servicing
                Compensation.

            
	
              Section
                3.11

            	
              REO
                Property.

            
	
              Section
                3.12

            	
              Liquidation
                Reports.

            
	
              Section
                3.13

            	
              Reserved.

            
	
              Section
                3.14

            	
              Reserved.

            
	
              Section
                3.15

            	
              Books
                and Records.

               

            
	
              ARTICLE
                IV

              ADMINISTRATION
                AND MASTER SERVICING OF MORTGAGE LOANS BY MASTER SERVICER

               

            
	
              Section
                4.01

            	
              Master
                Servicer

            
	
              Section
                4.02

            	
              REMIC-Related
                Covenants

            
	
              Section
                4.03

            	
              Monitoring
                of Company and Servicer

            
	
              Section
                4.04

            	
              Fidelity
                Bond.

            
	
              Section
                4.05

            	
              Power
                to Act; Procedures

            
	
              Section
                4.06

            	
              Due-on-Sale
                Clauses; Assumption Agreements

            
	
              Section
                4.07

            	
              Release
                of Mortgage Files

            
	
              Section
                4.08

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

            
	
              Section
                4.09

            	
              Standard
                Hazard Insurance and Flood Insurance Policies.

            
	
              Section
                4.10

            	
              Presentment
                of Claims and Collection of Proceeds.

            
	
              Section
                4.11

            	
              Maintenance
                of the Primary Mortgage Insurance Policies.

            
	
              Section
                4.12

            	
              Trustee
                to Retain Possession of Certain Insurance Policies and
                Documents.

            
	
              Section
                4.13

            	
              Realization
                Upon Defaulted Mortgage Loans.

            
	
              Section
                4.14

            	
              Compensation
                for the Master Servicer.

            
	
              Section
                4.15

            	
              REO
                Property.

            
	
              Section
                4.16

            	
              Annual
                Statement as to Compliance.

            
	
              Section
                4.17

            	
              Assessments
                of Compliance and Attestation Reports.

            
	
              Section
                4.18

            	
              Section
                4.18 Reports Filed with Securities and Exchange
                Commission.

            
	
              Section
                4.19

            	
              Intention
                of the Parties and Interpretation

            
	
              Section
                4.20

            	
              UCC

            
	
              Section
                4.21

            	
              Optional
                Purchase of Certain Mortgage Loans.

               

            
	
              ARTICLE
                V

              ACCOUNTS

               

            
	
              Section
                5.01

            	
              Collection
                of Mortgage Loan Payments; Protected Account.

            
	
              Section
                5.02

            	
              Permitted
                Withdrawals From the Protected Account.

            
	
              Section
                5.03

            	
              Reports
                to Master Servicer.

            
	
              Section
                5.04

            	
              Collection
                of Taxes; Assessments and Similar Items; Escrow
                Accounts.

            
	
              Section
                5.05

            	
              Servicer
                Protected Accounts

            
	
              Section
                5.06

            	
              Reserved.

            
	
              Section
                5.07

            	
              Reserved.

            
	
              Section
                5.08

            	
              Distribution
                Account.

            
	
              Section
                5.09

            	
              Permitted
                Withdrawals and Transfers from the Distribution
                Account.

            
	
              Section
                5.10

            	
              Reserved.

            
	
              Section
                5.11

            	
              Reserved.

               

            
	
              ARTICLE
                VI

              DISTRIBUTIONS
                AND ADVANCES

               

            
	
              Section
                6.01

            	
              Advances.

            
	
              Section
                6.02

            	
              Compensating
                Interest Payments.

            
	
              Section
                6.03

            	
              REMIC
                Distributions.

            
	
              Section
                6.04

            	
              Distributions.

            
	
              Section
                6.05

            	
              Allocation
                of Realized Losses.

            
	
              Section
                6.06

            	
              Monthly
                Statements to Certificateholders.

            
	
              Section
                6.07

            	
              REMIC
                Designations and REMIC I Distributions.

            
	
              Section
                6.08

            	
              Net
                WAC Reserve Fund.

            
	
              Section
                6.09

            	
              Class
                I-A-1/I-A-2 Net WAC Pass-Through Amount; Class I-A-1/I-A-2 Net WAC
                Reserve
                Account.

            
	
              Section
                6.10

            	
              Class
                II-A-1/II-A-2 Net WAC Pass-Through Amount; Class II-A-1/II-A-2 Net
                WAC
                Reserve Account.

            
	
              Section
                6.11

            	
              Class
                P Certificate Account

               

            
	
              ARTICLE
                VII

              THE
                CERTIFICATES

               

            
	
              Section
                7.01

            	
              The
                Certificates.

            
	
              Section
                7.02

            	
              Certificate
                Register; Registration of Transfer and Exchange of
                Certificates.

            
	
              Section
                7.03

            	
              Mutilated,
                Destroyed, Lost or Stolen Certificates.

            
	
              Section
                7.04

            	
              Persons
                Deemed Owners.

            
	
              Section
                7.05

            	
              Access
                to List of Certificateholders’ Names and Addresses.

            
	
              Section
                7.06

            	
              Book-Entry
                Certificates.

            
	
              Section
                7.07

            	
              Notices
                to Depository.

            
	
              Section
                7.08

            	
              Definitive
                Certificates.

            
	
              Section
                7.09

            	
              Maintenance
                of Office or Agency.

               

            
	
              ARTICLE
                VIII

              THE
                COMPANY AND THE MASTER SERVICER

               

            
	
              Section
                8.01

            	
              Liabilities
                of the Depositor, the Company and the Master Servicer

            
	
              Section
                8.02

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

            
	
              Section
                8.03

            	
              Indemnification
                of the Trustee, the Master Servicer and the Securities
                Administrator.

            
	
              Section
                8.04

            	
              Limitations
                on Liability of the Depositor, the Company, the Master Servicer and
                Others

            
	
              Section
                8.05

            	
              Master
                Servicer and Company Not to Resign

            
	
              Section
                8.06

            	
              Successor
                Master Servicer

            
	
              Section
                8.07

            	
              Sale
                and Assignment of Master Servicing

               

            
	
              ARTICLE
                IX

              DEFAULT;
                TERMINATION OF MASTER SERVICER; TERMINATION OF COMPANY

               

            
	
              Section
                9.01

            	
              Events
                of Default.

            
	
              Section
                9.02

            	
              Trustee
                to Act; Appointment of Successor.

            
	
              Section
                9.03

            	
              Notification
                to Certificateholders.

            
	
              Section
                9.04

            	
              Waiver
                of Defaults.

            
	
              Section
                9.05

            	
              Company
                Default.

            
	
              Section
                9.06

            	
              Waiver
                of Company Defaults.

               

            
	
              ARTICLE
                X

              CONCERNING
                THE TRUSTEE AND THE SECURITIES ADMINISTRATOR

               

            
	
              Section
                10.01

            	
              Duties
                of Trustee and Securities Administrator.

            
	
              Section
                10.02

            	
              Certain
                Matters Affecting the Trustee and the Securities
                Administrator.

            
	
              Section
                10.03

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

            
	
              Section
                10.04

            	
              Trustee
                and Securities Administrator May Own Certificates.

            
	
              Section
                10.05

            	
              Trustee’s
                and Securities Administrator’s Fees and Expenses.

            
	
              Section
                10.06

            	
              Eligibility
                Requirements for Trustee and Securities Administrator.

            
	
              Section
                10.07

            	
              Insurance.

            
	
              Section
                10.08

            	
              Resignation
                and Removal of Trustee and Securities Administrator.

            
	
              Section
                10.09

            	
              Successor
                Trustee or Securities Administrator.

            
	
              Section
                10.10

            	
              Merger
                or Consolidation of Trustee or Securities
                Administrator.

            
	
              Section
                10.11

            	
              Appointment
                of Co-Trustee or Separate Trustee.

            
	
              Section
                10.12

            	
              Tax
                Matters.

               

            
	
              ARTICLE
                XI

              TERMINATION

               

            
	
              Section
                11.01

            	
              Termination
                upon Liquidation or Repurchase of all Mortgage Loans.

            
	
              Section
                11.02

            	
              Final
                Distribution on the Certificates.

            
	
              Section
                11.03

            	
              Additional
                Termination Requirements.

               

            
	
              ARTICLE
                XII

              MISCELLANEOUS
                PROVISIONS

               

            
	
              Section
                12.01

            	
              Amendment.

            
	
              Section
                12.02

            	
              Recordation
                of Agreement; Counterparts.

            
	
              Section
                12.03

            	
              Governing
                Law.

            
	
              Section
                12.04

            	
              Intention
                of Parties.

            
	
              Section
                12.05

            	
              Notices.

            
	
              Section
                12.06

            	
              Severability
                of Provisions.

            
	
              Section
                12.07

            	
              Assignment.

            
	
              Section
                12.08

            	
              Limitation
                on Rights of Certificateholders.

            
	
              Section
                12.09

            	
              Inspection
                and Audit Rights

            
	
              Section
                12.10

            	
              Certificates
                Nonassessable and Fully Paid.

            

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

    
      	
              Exhibits

               

            	 
	
              Exhibit
                A-1

            	
              Form
                of Class [__]-A-[1][2] Certificates

            
	
              Exhibit
                A-2

            	
              Form
                of Class M-[1][2][3] Certificates

            
	
              Exhibit
                A-3

            	
              Form
                of Class B-[1][2][3][4] Certificates

            
	
              Exhibit
                A-4

            	
              Form
                of Class C Certificates

            
	
              Exhibit
                A-5

            	
              Form
                of Class P Certificates

            
	
              Exhibit
                A-6

            	
              Form
                of Class R-[1][2][3] Certificates

            
	
              Exhibit
                B

            	
              Mortgage
                Loan Schedule

            
	
              Exhibit
                C

            	
              Form
                of Transfer Affidavit

            
	
              Exhibit
                D

            	
              Form
                of Transferor Certificate

            
	
              Exhibit
                E

            	
              Form
                of Investment Letter (Non-Rule 144A)

            
	
              Exhibit
                F

            	
              Form
                of Rule 144A Investment Letter

            
	
              Exhibit
                G

            	
              Form
                of Request for Release

            
	
              Exhibit
                H

            	
              DTC
                Letter of Representations

            
	
              Exhibit
                I

            	
              Schedule
                of Mortgage Loans with Lost Notes

            
	
              Exhibit
                J

            	
              Form
                of Custodial Agreement

            
	
              Exhibit
                K

            	
              Form
                of Back-Up Certification

            
	
              Exhibit
                L

            	
              Form
                of Mortgage Loan Purchase Agreement

            
	
              Exhibit
                M

            	
              Class
                I-A-1 Corridor Contract Confirmation

            
	
              Exhibit
                N

            	
              Class
                II-A-1 Corridor Contract Confirmation

            
	
              Exhibit
                O

            	
              Servicing
                Criteria to be Addressed in Assessment of Compliance 

            
	
              Exhibit
                P

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

            
	
              Exhibit
                Q

            	
              Additional
                Disclosure Notification

            
	
              Exhibit
                R-1 to R-8

            	
              Servicing
                Agreements

            
	
              Exhibit
                S-1 to S-8

            	
              Assignment,
                Assumption and Recognition Agreements

            
	
              Exhibit
                T

            	
              Form
                of Securities Administrator Certification

            
	
              Exhibit
                U

            	
              Reporting
                Data for Monthly Report

            
	
              Exhibit
                V

            	
              Reporting
                Data for Defaulted Loans

            
	
              Exhibit
                W

            	
              Reporting
                Data for Realized Losses and Gains

            

    

    

    

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    AMENDED
      AND RESTATED POOLING AND SERVICING AGREEMENT, dated as of August 24, 2006,
      among
      BEAR STEARNS ASSET BACKED SECURITIES I LLC, a Delaware limited liability
      company, as depositor (the “Depositor”), EMC MORTGAGE CORPORATION, a Delaware
      corporation, as seller (in such capacity, the “Sponsor”) and as company (in such
      capacity, the “Company”), WELLS FARGO BANK, NATIONAL ASSOCIATION, a national
      banking association, as master servicer (in such capacity, the “Master
      Servicer”) and as securities administrator (in such capacity, the “Securities
      Administrator”) and U.S. BANK NATIONAL ASSOCIATION, a national banking
      association, as trustee (the “Trustee”).

     

    PRELIMINARY
      STATEMENT

     

    The
      Depositor is the owner of the Trust Fund that is hereby conveyed to the Trustee
      in return for the Certificates. 

     

    REMIC
      I

     

    As
      provided herein, the Trustee will make an election to treat the segregated
      pool
      of assets consisting of the Mortgage Loans and certain other related assets
      subject to this Agreement (other than the Net WAC Reserve Fund, the Class
      A-1/A-2 Net WAC Reserve Account, the Class A-3/A-4 Net WAC Reserve Account,
      the
      Corridor Contracts and any Prepayment Charge Waiver Amounts) as a REMIC (as
      defined herein) for federal income tax purposes, and such segregated pool of
      assets will be designated as “REMIC I.” The Class R-1 Certificates will
      represent 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 Uncertificated REMIC I Pass-Through Rate, the initial
      Uncertificated Principal Balance and, for purposes of satisfying Treasury
      Regulation Section 1.860G-1(a)(4)(iii), the “latest possible maturity date” for
      each of the REMIC I Regular Interests (as defined herein). None of the REMIC
      I
      Regular Interests will be certificated.

    

    
      	
              Designation

            	 	
              Initial
                Uncertificated Principal Balance

            	 	
              Uncertificated
                REMIC I 

              Pass-Through
                Rate

            	 	
              Latest
                Possible Maturity Date(1)

            
	
              AA

            	 	
              $
                261,928,138.27

            	 	
              Variable(2)

            	 	
              May
                25, 2036

            
	
              I-A-1

            	 	
              $  
                 1,158,420.00

            	 	
              Variable(2)

            	 	
              May
                25, 2036

            
	
              II-A-1

            	 	
              $      
                883,550.00

            	 	
              Variable(2)

            	 	
              May
                25, 2036

            
	
              M-1

            	 	
              $     
                 156,355.00

            	 	
              Variable(2)

            	 	
              May
                25, 2036

            
	
              M-2

            	 	
              $     
                 105,575.00

            	 	
              Variable(2)

            	 	
              May
                25, 2036

            
	
              M-3

            	 	
              $        
                90,870.00

            	 	
              Variable(2)

            	 	
              May
                25, 2036

            
	
              B-1

            	 	
              $        
                78,845.00

            	 	
              Variable(2)

            	 	
              May
                25, 2036

            
	
              B-2

            	 	
              $       
                 66,820.00

            	 	
              Variable(2)

            	 	
              May
                25, 2036

            
	
              B-3

            	 	
              $       
                 53,455.00

            	 	
              Variable(2)

            	 	
              May
                25, 2036

            
	
              B-4

            	 	
              $       
                 54,790.00

            	 	
              Variable(2)

            	 	
              May
                25, 2036

            
	
              ZZ

            	 	
              $  
                 2,696,792.21

            	 	
              Variable(2)

            	 	
              May
                25, 2036

            
	
              P

            	 	
              $            
                 100.00

            	 	
              0.00%

            	 	
              May
                25, 2036

            
	
              1-Sub

            	 	
              $          
                7,156.72

            	 	
              Variable(2)

            	 	
              May
                25, 2036

            
	
              1-Grp

            	 	
              $        
                30,325.12

            	 	
              Variable(2)

            	 	
              May
                25, 2036

            
	
              2-Sub

            	 	
              $          
                5,458.60

            	 	
              Variable(2)

            	 	
              May
                25, 2036

            
	
              2-Grp

            	 	
              $        
                 23,129.60

            	 	
              Variable(2)

            	 	
              May
                25, 2036

            
	
              XX

            	 	
              $
                267,207,540.43

            	 	
              Variable(2)

            	 	
              May
                25, 2036

            

    

    ___________________

    
      	
              (1)

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

               

            
	
              (2)

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

               

            

    

    

    REMIC
      II

     

    As
      provided herein, the Trustee will make an election to treat the segregated
      pool
      of assets consisting of the REMIC I Regular Interests as a REMIC for federal
      income tax purposes, and such segregated pool of assets will be designated
      as
“REMIC II.” The Class R-2 Certificates will represent the sole class of Residual
      Interests in REMIC II for purposes of the REMIC Provisions. The following table
      irrevocably sets forth the designation, the Uncertificated REMIC II Pass-Through
      Rate, the initial Uncertificated Principal Balance and, for purposes of
      satisfying Treasury Regulation Section 1.860G-1(a)(4)(iii), the “latest possible
      maturity date” for each of the REMIC II Regular Interests (as defined herein).
      None of the REMIC II Regular Interests will be certificated.

     

    
      	
              Designation

            	 	
              Initial
                Uncertificated

              Principal
                Balance

            	 	
              Uncertificated
                REMIC II 

              Pass-Through
                Rate

            	 	
              Latest
                Possible Maturity Date(1)

            
	
              I-A-1

            	 	
              $
                231,684,000.00

            	 	
              (2)

            	 	
              May
                25, 2036

            
	
              II-A-1

            	 	
              $
                176,710,000.00

            	 	
              (2)

            	 	
              May
                25, 2036

            
	
              M-1

            	 	
              $  
                31,271,000.00

            	 	
              (2)

            	 	
              May
                25, 2036

            
	
              M-2

            	 	
              $  
                21,115,000.00

            	 	
              (2)

            	 	
              May
                25, 2036

            
	
              M-3
                

            	 	
              $ 
                 18,174,000.00

            	 	
              (2)

            	 	
              May
                25, 2036

            
	
              B-1

            	 	
              $ 
                 15,769,000.00

            	 	
              (2)

            	 	
              May
                25, 2036

            
	
              B-2

            	 	
              $  
                13,364,000.00

            	 	
              (2)

            	 	
              May
                25, 2036

            
	
              B-3
                

            	 	
              $  
                10,691,000.00

            	 	
              (2)

            	 	
              May
                25, 2036

            
	
              B-4

            	 	
              $  
                10,958,000.00

            	 	
              (2)

            	 	
              May
                25, 2036

            
	
              C

            	 	
              $   
                 4,811,220.95

            	 	
              (2)

            	 	
              May
                25, 2036

            
	
              P

            	 	
              $             
                 100.00

            	 	
              0.00%

            	 	
              May
                25, 2036

            

    

    ___________________

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

     

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

     

    (3) 
       REMIC
      II
      Regular Interest C will not accrue interest on its Uncertificated Principal
      Balance, but will accrue interest at the related Uncertificated REMIC II
      Pass-Through Rate on its Uncertificated Notional Amount which shall equal the
      aggregate Uncertificated Principal Balance of the REMIC I Regular Interests
      other than REMIC I Regular Interest P.

    

     

    REMIC
      III

     

    As
      provided herein, the Trustee will make an election to treat the segregated
      pool
      of assets consisting of the REMIC II Regular Interests as a REMIC for federal
      income tax purposes, and such segregated pool of assets will be designated
      as
“REMIC III.” The Class R-3 Certificates will represent the sole class of
      Residual Interests in REMIC III for purposes of the REMIC
      Provisions.

     

    The
      following table irrevocably sets forth the Class designation, Pass-Through
      Rate
      and Initial Certificate Principal Balance for each Class of Certificates that
      represents one or more of the Regular Interests in REMIC III created
      hereunder.

     

    

    
      	
              Class
                Designation

            	 	
              Initial
                Certificate

              Principal
                Balance

            	 	
              Pass-Through
                Rate

            	 	
              Latest
                Possible Maturity Date(1)

            
	
              Class
                I-A-1(2)

            	 	
              $ 
                231,684,000.00

            	 	
              Class
                I-A-1 Pass-Through Rate

            	 	
              May
                25, 2036

            
	
              Class
                I-A-2(3)

            	 	
              N/A(4)

            	 	
              Class
                I-A-2 Pass-Through Rate

            	 	
              May
                25, 2036

            
	
              Class
                II-A-1(5)

            	 	
              $ 
                176,710,000.00

            	 	
              Class
                II-A-1 Pass-Through Rate

            	 	
              May
                25, 2036

            
	
              Class
                II-A-2(6)

            	 	
              N/A(7)

            	 	
              Class
                II-A-2 Pass-Through Rate

            	 	
              May
                25, 2036

            
	
              Class
                M-1

            	 	
              $ 
                 31,271,000.00

            	 	
              Class
                M-1 Pass-Through Rate

            	 	
              May
                25, 2036

            
	
              Class
                M-2

            	 	
              $ 
                 21,115,000.00

            	 	
              Class
                M-2 Pass-Through Rate

            	 	
              May
                25, 2036

            
	
              Class
                M-3 

            	 	
              $ 
                 18,174,000.00

            	 	
              Class
                M-3 Pass-Through Rate

            	 	
              May
                25, 2036

            
	
              Class
                B-1

            	 	
              $ 
                 15,769,000.00

            	 	
              Class
                B-1 Pass Through Rate

            	 	
              May
                25, 2036

            
	
              Class
                B-2

            	 	
              $ 
                 13,364,000.00

            	 	
              Class
                B-2 Pass-Through Rate

            	 	
              May
                25, 2036

            
	
              Class
                B-3 

            	 	
              $ 
                 10,691,000.00

            	 	
              Class
                B-3 Pass Through Rate

            	 	
              May
                25, 2036

            
	
              Class
                B-4

            	 	
              $ 
                 10,958,000.00

            	 	
              Class
                B-4 Pass Through Rate

            	 	
              May
                25, 2036

            
	
              Class
                C

            	 	
              $ 534,547,220.95

            	 	
              (8)

            	 	
              May
                25, 2036

            
	
              Class
                P

            	 	
              $             
                 100.00

            	 	
              0.00%

            	 	
              May
                25, 2036

            

    

    ___________________

    
      	
              (1)

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

               

            
	
              (2)

            	
              The
                Class I-A-1 Certificates represent ownership of a Regular Interest
                in
                REMIC III, as well as the obligation to make payments in respect
                of the
                Class I-A-1/I-A-2 Net WAC Pass-Through Amount to the Class I-A-1/I-A-2
                Net
                WAC Reserve Account for distribution in respect of the Class I-A-2
                Certificates, which obligation shall not be an interest in any REMIC
                but a
                contractual obligation of the holders of the Class I-A-1 Certificates.
                For
                federal income tax purposes, the Regular Interest the ownership of
                which
                is represented by this Certificate shall accrue interest at the related
                Uncertificated REMIC III Pass-Through Rate instead of the Pass-Through
                Rate applicable to such Certificate. Any amount accrued on each
                Distribution Date by Holders of this Certificate in excess of, or
                less
                than, the amount specified in the foregoing sentence for the Regular
                Interest the ownership of which is represented by this Certificate
                shall
                be treated in accordance with the provisions relating to Class I-A-1/I-A-2
                Net WAC Pass-Through Amounts in Section 6.09.

               

            
	
              (3)

            	
              The
                Class I-A-2 Certificates represent ownership of a Regular Interest
                in
                REMIC III, as well as the right to receive payments from the Class
                I-A-1/I-A-2 Net WAC Reserve Account in respect of Class I-A-1/I-A-2
                Net
                WAC Pass-Through Amount, which payments shall not be in respect of
                an
                interest in any REMIC. For federal income tax purposes, the Regular
                Interest the ownership of which is represented by this Certificate
                shall
                accrue interest at the related Uncertificated REMIC III Pass-Through
                Rate
                instead of the Pass-Through Rate applicable to such Certificate.
                Any
                amount accrued on each Distribution Date by Holders of this Certificate
                in
                excess of, or less than, the amount specified in the foregoing sentence
                for the Regular Interest the ownership of which is represented by
                this
                Certificate shall be treated in accordance with the provisions relating
                to
                Class I-A-1/I-A-2 Net WAC Pass-Through Amounts in Section
                6.09.

               

            
	
              (4)

            	
              The
                Class I-A-2 Certificates will accrue interest at the Class I-A-2
                Pass-Through Rate on a notional amount calculated in accordance with
                the
                definition of “Certificate Notional Amount” herein. The Class I-A-2
                Certificates will not be entitled to distributions in respect of
                principal.

               

            
	
              (5)

            	
              The
                Class II-A-1 Certificates represent ownership of a Regular Interest
                in
                REMIC III, as well as the obligation to make payments in respect
                of the
                Class II-A-1/II-A-2 Net WAC Pass-Through Amount to the Class II-A-1/II-A-2
                Net WAC Reserve Account for distribution in respect of the Class
                II-A-2
                Certificates, which obligation shall not be an interest in any REMIC
                but a
                contractual obligation of the holders of the Class II-A-1 Certificates.
                For federal income tax purposes, the Regular Interest the ownership
                of
                which is represented by this Certificate shall accrue interest at
                the
                related Uncertificated REMIC III Pass-Through Rate instead of the
                Pass-Through Rate applicable to such Certificate. Any amount accrued
                on
                each Distribution Date by Holders of this Certificate in excess of,
                or
                less than, the amount specified in the foregoing sentence for the
                Regular
                Interest the ownership of which is represented by this Certificate
                shall
                be treated in accordance with the provisions relating to Class
                II-A-1/II-A-2 Net WAC Pass-Through Amounts in Section 6.10.

               

            
	
              (6)

            	
              The
                Class II-A-2 Certificates represent ownership of a Regular Interest
                in
                REMIC III, as well as the right to receive payments from the Class
                II-A-1/II-A-2 Net WAC Reserve Account in respect of Class II-A-1/II-A-2
                Net WAC Pass-Through Amount, which payments shall not be in respect
                of an
                interest in any REMIC. For federal income tax purposes, the Regular
                Interest the ownership of which is represented by this Certificate
                shall
                accrue interest at the related Uncertificated REMIC III Pass-Through
                Rate
                instead of the Pass-Through Rate applicable to such Certificate.
                Any
                amount accrued on each Distribution Date by Holders of this Certificate
                in
                excess of, or less than, the amount specified in the foregoing sentence
                for the Regular Interest the ownership of which is represented by
                this
                Certificate shall be treated in accordance with the provisions relating
                to
                Class II-A-1/II-A-2 Net WAC Pass-Through Amounts in Section
                6.10.

               

            
	
              (7)

            	
              The
                Class II-A-2 Certificates will accrue interest at the Class II-A-2
                Pass-Through Rate on a notional amount calculated in accordance with
                the
                definition of “Certificate Notional Amount” herein. The Class II-A-2
                Certificates will not be entitled to distributions in respect of
                principal.

               

            
	
              (8)

            	
              The
                Class C Certificate will not accrue interest on its Certificate Principal
                Balance, but will be entitled to 100% of amount distributed on REMIC
                II
                Regular Interest C. 

            

    

    

     

    The
      Trust
      Fund shall be named, and may be referred to as, the “Bear Stearns Asset Backed
      Securities I Trust 2006-AC3.” The Certificates issued hereunder may be referred
      to as “Asset-Backed Certificates Series 2006-AC3” (including for purposes of any
      endorsement or assignment of a Mortgage Note or Mortgage).

     

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

     

    

     

    ARTICLE
      I

     

    DEFINITIONS

     

    Section
      1.01  Defined
      Terms. 

     

    In
      addition to those terms defined in Section 1.02, whenever used in this
      Agreement, the following words and phrases, unless the context otherwise
      requires, shall have the following meanings:

     

    20%
      Clean-up Call Date:
      Shall
      mean the first Distribution Date upon which the aggregate Stated Principal
      Balance of the Mortgage Loans as of the end of the related Due Period is less
      than or equal to 20% of the aggregate Cut-off Date Principal Balance of the
      Mortgage Loans.

     

    Accepted
      Master Servicing Practices:
      With
      respect to any Mortgage Loan, those customary mortgage servicing practices
      of
      prudent mortgage servicing institutions that master service mortgage loans
      of
      the same type and quality as such Mortgage Loan in the jurisdiction where the
      related Mortgaged Property is located, to the extent applicable to the Trustee
      or the Master Servicer (except in its capacity as successor to the Company
      or
      the related Servicer).

     

    Accepted
      Servicing Practices:
      With
      respect to each EMC Mortgage Loan, those mortgage servicing practices (including
      collection procedures) that are in accordance with all applicable statutes,
      regulations and prudent mortgage banking practices for similar mortgage
      loans.

     

    Accounts:
      The
      Distribution Account, the Net WAC Reserve Fund, the Class I-A-1/I-A-2 Net WAC
      Reserve Account, the Class II-A-1/II-A-2 Net WAC Reserve Account and any
      Protected Account.

     

    Additional
      Disclosure: As defined in Section 4.18. 

     

    Additional
      Interest Amount:
      As to
      the Class I-A-1 Certificates, the amount paid to the Holders of the Class I-A-1
      Certificates from amounts received from the Corridor Contract Counterparty
      in
      respect of the Class I-A-1 Interest Rate Corridor Contract, to the extent
      One-Month LIBOR exceeds 6.100% per annum, subject to a ceiling of 9.100% per
      annum.

     

    As
      to the
      Class II-A-1 Certificates, the amount paid to the Holders of the Class II-A-1
      Certificates from amounts received from the Corridor Contract Counterparty
      in
      respect of the Class II-A-1 Interest Rate Corridor Contract, to the extent
      One-Month LIBOR exceeds 6.000% per annum, subject to a ceiling of 9.000% per
      annum.

     

    Additional
      Master Servicing Compensation:
      The
      meaning specified in Section 4.14.

     

    Additional
      Disclosure:
      As
      defined in Section 4.18. 

     

    Additional
      Form 10-D Disclosure:
      As
      defined in Section 4.18. 

     

    Additional
      Form 10-K Disclosure:
      As
      defined in Section 4.18. 

     

    Advance:
      An
      advance of delinquent payments of principal or interest in respect of a Mortgage
      Loan required to be made by the Company as provided in Section 6.01(a) hereof,
      by the related Servicer in accordance with the related Servicing Agreement
      or by
      the Master Servicer as provided in Section 6.01(b) hereof.

     

    Agreement:
      This
      Pooling and Servicing Agreement and any and all amendments or supplements hereto
      made in accordance with the terms herein.

     

    American
      Home:
      American Home Mortgage Servicing, Inc., and any successor thereto.

     

    American
      Home Assignment Agreement:
      The
      Assignment, Assumption and Recognition Agreement, dated as of April 28, 2006,
      by
      and among the Sponsor, American Home and the Trustee evidencing the assignment
      of the American Home Servicing Agreement to the Trust, attached hereto as
      Exhibit S-1.

     

    American
      Home Mortgage Loans:
      Those
      Mortgage Loans subject to this Agreement which were purchased by the Sponsor
      from American Home pursuant to the American Home Servicing
      Agreement.

     

    American
      Home Servicing Agreement:
      The
      Purchase, Warranties and Servicing Agreement, dated as of March 1, 2006, between
      Sponsor and American Home, attached hereto as Exhibit R-1, as modified by the
      American Home Assignment Agreement. 

     

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

     

    Annual
      Statement of Compliance: As defined in Section 4.16.

     

    Applied
      Realized Loss Amount:
      With
      respect to any Distribution Date and a Class of Subordinate Certificates, the
      sum of the Realized Losses with respect to the Mortgage Loans which have been
      applied in reduction of the Certificate Principal Balance of that Class of
      Certificates pursuant to Section 6.05 of this Agreement, which have not
      previously been reimbursed.

     

    Appraised
      Value:
      With
      respect to any Mortgage Loan originated in connection with a refinancing, the
      appraised value of the Mortgaged Property based upon the appraisal made at
      the
      time of such refinancing or, with respect to any other Mortgage Loan, the lesser
      of (x) the appraised value of the Mortgaged Property based upon the appraisal
      made by a fee appraiser at the time of the origination of the related Mortgage
      Loan, and (y) the sales price of the Mortgaged Property at the time of such
      origination.

     

    Assignment
      Agreement:
      Shall
      mean any of the National City Assignment Agreement, Chevy Chase Assignment
      Agreement, CitiMortgage Assignment Agreement, Harbourside Assignment Agreement,
      Wachovia Assignment Agreement, Wells Fargo Assignment Agreement or the American
      Home Assignment Agreement.

     

    Assessment
      of Compliance:
      As
      defined in Section 4.17.

     

    Attesting
      Party:
      As
      defined in Section 4.17.

     

    Attestation
      Report:
      As
      defined in Section 4.17.

     

    Available
      Funds:
      The sum
      of Interest Funds and Principal Funds with respect to the Mortgage
      Loans.

     

    Bankruptcy
      Code:
      Title
      11 of the United States Code.

     

    Basic
      Principal Distribution Amount:
      Shall
      mean, with respect to any Distribution Date, the lesser of (a) the excess of
      (i)
      the Available Funds for such Distribution Date over (ii) the aggregate Monthly
      Interest Distributable Amount for the Certificates (other than the Class P,
      Class C and Class R Certificates) for such Distribution Date and (b) the excess
      of (i) the Principal Remittance Amount for such Distribution Date over (ii)
      the
      Overcollateralization Release Amount, if any, for such Distribution
      Date.

     

    BSABS
      I:
      Bear
      Stearns Asset Backed Securities I LLC.

     

    Book-Entry
      Certificates:
      Any of
      the Certificates that shall be registered in the name of the Depository or
      its
      nominee, the ownership of which is reflected on the books of the Depository
      or
      on the books of a person maintaining an account with the Depository (directly,
      as a “Depository Participant”, or indirectly, as an indirect participant in
      accordance with the rules of the Depository and as described in Section 7.06).
      As of the Closing Date, each Class of Offered Certificates constitutes a Class
      of Book-Entry Certificates.

     

    Business
      Day:
      Any day
      other than (i) a Saturday or a Sunday, or (ii) a day on which banking
      institutions in The City of New York, New York, Minneapolis, Minnesota,
      Columbia, Maryland or the city in which the Corporate Trust Office of the
      Trustee or the principal office of the Company or the Master Servicer is located
      are authorized or obligated by law or executive order to be closed.

     

    Certificate:
      Any one
      of the certificates of any Class executed and authenticated by the Securities
      Administrator in substantially the forms attached hereto as Exhibits A-1 through
      A-6.

     

    Certificate
      Notional Amount:
      As to
      the Class C Certificates and any Distribution Date, an amount equal to the
      aggregate Stated Principal Balance of the Mortgage Loans. The initial
      Certificate Notional Amount of the Class C Certificates shall be
      $534,547,220.95. As to the Class I-A-2 Certificates and any Distribution Date,
      an amount equal to the Certificate Principal Balance of the Class I-A-1
      Certificate for such Distribution Date. The initial Certificate
      Notional Amount of the Class I-A-2 Certificates shall be $231,684,000.00.
      As to the Class II-A-2 Certificates and any Distribution Date, an amount equal
      to the Certificate Principal Balance of the Class II-A-1 Certificate for such
      Distribution Date. The initial Certificate Notional Amount of the Class
      II-A-2 Certificates shall be $176,710,000.00. For federal income tax purposes,
      however, the Class I-A-2 Certificates will have a Certificate Notional Amount
      equal to the Uncertificated Principal Balance of REMIC II Regular I-A-1, the
      Class II-A-2 Certificates will have a Certificate Notional Amount equal to
      the
      Uncertificated Principal Balance of REMIC II Regular II-A-1, and the Class
      C
      Certificates will have a Certificate Notional Amount equal to the Uncertificated
      Notional Amount of REMIC II Regular Interest C.

     

    Certificate
      Owner:
      With
      respect to a Book-Entry Certificate, the Person that is the beneficial owner
      of
      such Book-Entry Certificate.

     

    Certificate
      Principal Balance:
      As to
      any Certificate (other than any Class R Certificate) and as of any Distribution
      Date, the Initial Certificate Principal Balance of such Certificate plus any
      Subsequent Recoveries added to the Certificate Principal Balance of such
      Certificate pursuant to Section 6.05 less the sum of (i) all amounts distributed
      with respect to such Certificate in reduction of the Certificate Principal
      Balance thereof on previous Distribution Dates pursuant to Section 6.04 and
      (ii)
      any Applied Realized Loss Amounts allocated to such Certificate on previous
      Distribution Dates. As to the Class C Certificates and as of any Distribution
      Date, an amount equal to the Uncertificated Principal Balance of REMIC II
      Regular Interest C.

     

    Certificate
      Register:
      The
      register maintained pursuant to Section 7.02 hereof.

     

    Certificateholder
      or Holder:
      The
      person in whose name a Certificate is registered in the Certificate Register
      (initially, Cede & Co., as nominee for the Depository, in the case of any
      Book-Entry Certificates).

     

    Chevy
      Chase:
      Chevy
      Chase Bank, F.S.B.

     

    Chevy
      Chase Assignment Agreement:
      The
      Assignment, Assumption and Recognition Agreement, dated as of April 28, 2006,
      by
      and among the Sponsor, Chevy Chase, the Trustee and BSABS I evidencing the
      assignment of the Chevy Chase Servicing Agreement to the Trust, attached hereto
      as Exhibit S-2.

     

    Chevy
      Chase Servicing Agreement:
      The
      Purchase, Warranties and Servicing Agreement, dated as of July 1, 2001, between
      the Sponsor and Chevy Chase, as amended, attached hereto as Exhibit R-2, as
      modified by the Chevy Chase Assignment Agreement.

     

    CitiMortgage:
      CitiMortgage,
      Inc., fka Citicorp Mortgage, Inc.

     

    CitiMortgage
      Assignment Agreement:
      The
      Assignment, Assumption and Recognition Agreement, dated as of May 1, 2006,
      by
      and among the Sponsor, CitiMortgage and the Trustee evidencing the assignment
      of
      the CitiMortgage Servicing Agreement to the Trust, attached hereto as Exhibit
      S-3.

     

    CitiMortgage
      Servicing Agreement:
      The
      Mortgage Loan
      Purchase and Servicing Agreement, dated as of August 1, 2003, between the
      Assignor and CitiMortgage,
      attached
      hereto as Exhibit R-3, as
      modified by the CitiMortgage Assignment Agreement.

     

    Class:
      All
      Certificates bearing the same Class designation as set forth in Section 7.01
      hereof.

     

    Class
      A Certificates:
      Any of
      Class I-A-1, Class I-A-2, Class II-A-1 and Class II-A-2
      Certificates.

    

    Class
      I-A-1 Certificate:
      Any
      Certificate designated as a “Class I-A-1 Certificate” on the face thereof, in
      the form of Exhibit A-1 hereto, representing the right to the Percentage
      Interest of distributions provided for the Class I-A-1 Certificates as set
      forth
      herein and evidencing (i) a Regular Interest in REMIC III, (ii) the right to
      receive Net WAC Rate Carryover Amounts, (iii) the obligation to pay Class
      I-A-1/I-A-2 Net WAC Pass-Through Amounts and (iv) the right to receive payments
      under the related Corridor Contract.

    

    Class
      I-A-1 Pass-Through Rate:
      Shall
      mean on any Distribution Date, One-Month LIBOR plus 0.40% per annum, with a
      maximum rate of 6.50% per annum and a minimum rate of 0.40% per annum, subject
      to the applicable Interest Rate Cap.

    

    Class
      I-A-1 Interest Rate Corridor Contract:
      With
      respect to the Class I-A-1 Certificates, the transaction evidenced by the
      Confirmation, a form of which is attached hereto as Exhibit M.

     

    Class
      I-A-2 Certificate:
      Any
      Certificate designated as a “Class I-A-2 Certificate” on the face thereof, in
      the form of Exhibit A-1 hereto, representing the right to the Percentage
      Interest of distributions provided for the Class I-A-2 Certificates as set
      forth
      herein and evidencing (i) a Regular Interest in REMIC III, (ii) the right to
      receive Net WAC Rate Carryover Amounts and (iii) the right to receive Class
      I-A-1/I-A-2 Net WAC Pass-Through Amounts.

    

    Class
      I-A-2 Pass-Through Rate:
      Shall
      mean (i) on any Distribution Date which occurs on or prior to the Optional
      Termination Date, 6.10% per annum minus One-Month LIBOR, with a maximum rate
      of
      6.10% per annum and a minimum rate of 0.00% per annum and (ii) for each
      Distribution Date thereafter, 6.60% per annum minus One-Month LIBOR, with a
      maximum rate of 6.60% per annum and a minimum rate of 0.50% per annum, in each
      case subject to the applicable Interest Rate Cap.

    

    Class
      I-A-1/I-A-2 Net WAC Reserve Account:
      Shall
      mean the separate trust account or subaccount created and maintained by the
      Securities Administrator pursuant to Section 6.09(a) hereof.

     

    Class
      I-A-1/I-A-2 Net WAC Reserve Account Deposit:
      Shall
      mean, with respect to the Class I-A-1/I-A-2 Net WAC Reserve Account, an amount
      equal to $5,000, which the Depositor shall deposit initially into the Class
      I-A-1/I-A-2 Net WAC Reserve Account pursuant to Section 6.09(a)
      hereof.

     

    Class
      I-A-1/I-A-2 Net WAC Pass-Through Amount:
      Shall
      mean, with respect to the Class I-A-1 Certificates and any Distribution Date,
      the excess, if any, of (A) the amount of interest payable on such Distribution
      Date to the Regular Interest the ownership of which is represented by the Class
      I-A-1 Certificates at the related Uncertificated REMIC III Pass-Through Rate,
      over (B) the amount of interest payable on such Distribution Date to the Class
      I-A-1 Certificates at the Class I-A-1 Pass-Through Rate.

     

    Class
      I-A-1/I-A-2 Target Rate:
      Shall
      mean (A) for Distribution Dates on or prior to the Optional Termination Date,
      6.50% per annum and (B) for Distribution Dates thereafter, 7.00% per
      annum.

    

    Class
      II-A-1 Certificate:
      Any
      Certificate designated as a “Class II-A-1 Certificate” on the face thereof, in
      the form of Exhibit A-1 hereto, representing the right to the Percentage
      Interest of distributions provided for the Class II-A-1 Certificates as set
      forth herein and evidencing (i) a Regular Interest in REMIC III, (ii) the right
      to receive Net WAC Rate Carryover Amounts, (iii) the obligation to pay Class
      II-A-1/II-A-2 Net WAC Pass-Through Amounts and (iv) the right to receive
      payments under the related Corridor Contract.

    

    Class
      II-A-1 Interest Rate Corridor Contract:
      With
      respect to the Class II-A-1 Certificates, the transaction evidenced by the
      Confirmation, a form of which is attached hereto as Exhibit N.

     

    Class
      II-A-1 Pass-Through Rate:
      Shall
      mean on any Distribution Date, One-Month LIBOR plus 0.50% per annum, with a
      maximum rate of 6.50% per annum and a minimum rate of 0.50% per annum, subject
      to the applicable Interest Rate Cap.

    

    Class
      II-A-2 Pass-Through Rate:
      Shall
      mean (i) on any Distribution Date which occurs on or prior to the Optional
      Termination Date, 6.00% per annum minus One-Month LIBOR, with a maximum rate
      of
      6.00% per annum and a minimum rate of 0.00% per annum and (ii) for each
      Distribution Date thereafter, 6.50% per annum minus One-Month LIBOR, with a
      maximum rate of 6.50% per annum and a minimum rate of 0.50% per annum, in each
      case subject to the applicable Interest Rate Cap.

    

    Class
      II-A-1/II-A-2 Net WAC Reserve Account:
      Shall
      mean the separate trust account or subaccount created and maintained by the
      Securities Administrator pursuant to Section 6.10(a) hereof.

     

    Class
      II-A-1/II-A-2 Net WAC Reserve Account Deposit:
      Shall
      mean, with respect to the Class I-A-1/I-A-2 Net WAC Reserve Account, an amount
      equal to $5,000, which the Depositor shall deposit initially into the Class
      I-A-1/I-A-2 Net WAC Reserve Account pursuant to Section 6.10(a)
      hereof.

     

    Class
      II-A-1/II-A-2 Net WAC Pass-Through Amount:
      Shall
      mean, with respect to the Class II-A-1 Certificates and any Distribution Date,
      the excess, if any, of (A) the amount of interest payable on such Distribution
      Date to the Regular Interest the ownership of which is represented by the Class
      II-A-1 Certificates at the related Uncertificated REMIC III Pass-Through Rate,
      over (B) the amount of interest payable on such Distribution Date to the Class
      II-A-1 Certificates at the Class II-A-1 Pass-Through Rate.

     

    Class
      II-A-1/II-A-2 Target Rate:
      Shall
mean
      (A)
      for Distributions Dates on or prior to the Optional Termination Date, 6.50%
      per
      annum and (B) for Distribution Dates thereafter, 7.00% per annum.

     

    Class
      B Certificates:
      Any of
      the Class B-1, Class B-2, Class B-3 and Class B-4 Certificates.

     

    Class
      B-1 Certificate:
      Any
      Certificate designated as a “Class B-1 Certificate” on the face thereof, in the
      form of Exhibit A-3 hereto, representing the right to the Percentage Interest
      of
      distributions provided for the Class B-1 Certificates as set forth herein and
      evidencing (i) a Regular Interest in REMIC III and (ii) the right to receive
      Net
      WAC Rate Carryover Amounts.

    

    Class
      B-1 Pass-Through Rate:
      Shall
      mean (i) on any Distribution Date which occurs on or prior to the Optional
      Termination Date, the lesser of (a) 11.00% per annum and (b) One-Month LIBOR
      plus 1.050% per annum and (ii) for each Distribution Date thereafter, the lesser
      of (a) 11.00% and (b) One-Month LIBOR plus 1.575% per annum, in each case
      subject to a cap equal to the related Interest Rate Cap for such Distribution
      Date.

     

    Class
      B-2 Certificate:
      Any
      Certificate designated as a “Class B-2 Certificate” on the face thereof, in the
      form of Exhibit A-3 hereto, representing the right to the Percentage Interest
      of
      distributions provided for the Class B-2 Certificates as set forth herein and
      evidencing (i) a Regular Interest in REMIC III and (ii) the right to receive
      Net
      WAC Rate Carryover Amounts.

    

    Class
      B-2 Pass-Through Rate:
      Shall
      mean (i) on any Distribution Date which occurs on or prior to the Optional
      Termination Date, the lesser of (a) 11.00% per annum and (b) One-Month LIBOR
      plus 1.150% per annum and (ii) for each Distribution Date thereafter,
the
      lesser of (a) 11.00% and (b)
      One-Month LIBOR plus 1.725% per annum, in each case subject to a cap equal
      to
      the related Interest Rate Cap for such Distribution Date.

     

    Class
      B-3 Certificate:
      Any
      Certificate designated as a “Class B-3 Certificate” on the face thereof, in the
      form of Exhibit A-3 hereto, representing the right to the Percentage Interest
      of
      distributions provided for the Class B-3 Certificates as set forth herein and
      evidencing (i) a Regular Interest in REMIC III and (ii) the right to receive
      Net
      WAC Rate Carryover Amounts.

    

    Class
      B-3 Pass-Through Rate:
      Shall
      mean (i) on any Distribution Date which occurs on or prior to the Optional
      Termination Date, the lesser of (a) 11.00% and (b) One-Month LIBOR plus 2.000%
      per annum and (ii) for each Distribution Date thereafter, the lesser of (a)
      11.00% and (b) One-Month LIBOR plus 3.000% per annum, in each case subject
      to a
      cap equal to the related Interest Rate Cap for such Distribution
      Date.

     

    Class
      B-4 Certificate:
      Any
      Certificate designated as a “Class B-4 Certificate” on the face thereof, in the
      form of Exhibit A-3 hereto, representing the right to the Percentage Interest
      of
      distributions provided for the Class B-4 Certificates as set forth herein and
      evidencing (i) a Regular Interest in REMIC III and (ii) the right to receive
      Net
      WAC Rate Carryover Amounts.

    

    Class
      B-4 Pass-Through Rate:
      Shall
      mean (i) on any Distribution Date which occurs on or prior to the Optional
      Termination Date, the lesser of (a) 11.00% and (b) One-Month LIBOR plus 3.000%
      per annum and (ii) for each Distribution Date thereafter, the lesser of (a)
      11.00% and (b) One-Month LIBOR plus 4.500% per annum, in each case subject
      to a
      cap equal to the related Interest Rate Cap for such Distribution
      Date.

     

    Class
      C Certificate:
      Any
      Certificate designated as a “Class C Certificate” on the face thereof, in the
      form of Exhibit A-4 hereto, representing the right to its Percentage Interest
      of
      distributions provided for the Class C Certificates herein and evidencing (i)
      a
      Regular Interest in REMIC III and (ii) the obligation to pay Net WAC Rate
      Carryover Amounts.

    

    Class
      C Distribution Amount:
      With
      respect to any Distribution Date, the sum of (i) the Monthly Interest
      Distributable Amount for the Class C Certificates for such Distribution Date,
      (ii) any Overcollateralization Release Amount for such Distribution Date and
      (iii) without duplication, any Subsequent Recoveries not distributed to the
      Class A, Class M and Class B Certificates on such Distribution Date; provided,
      however, that on and after the Distribution Date on which the Certificate
      Principal Balances of the Offered Certificates and Class B-4 Certificates have
      been reduced to zero, the Class C Distribution Amount shall include the
      Overcollateralized Amount. For federal income tax purposes, the Class C
      Distribution Amount for the Class C Certificates for any Distribution Date
      shall
      be an amount equal to 100% of the amount distributed in respect of REMIC II
      Regular Interest C on such Distribution Date.

     

    Class
      M Certificates:
      Any of
      the Class M-1, Class M-2 and Class M-3 Certificates.

     

    Class
      M-1 Certificate:
      Any
      Certificate designated as a “Class M-1 Certificate” on the face thereof, in the
      form of Exhibit A-2 hereto, representing the right to the Percentage Interest
      of
      distributions provided for the Class M-1 Certificates as set forth herein and
      evidencing (i) a Regular Interest in REMIC III and (ii) the obligation to pay
      Net WAC Rate Carryover Amounts.

    

    Class
      M-1 Pass-Through Rate:
      Shall
      mean (i) on any Distribution Date which occurs on or prior to the Optional
      Termination Date, the lesser of (a) 11.00% and (b) One-Month LIBOR plus 0.350%
      per annum and (ii) for each Distribution Date thereafter, the lesser of (a)
      11.00% and (b) One-Month LIBOR plus 0.525% per annum, in each case subject
      to a
      cap equal to the related Interest Rate Cap for such Distribution
      Date.

     

    Class
      M-2 Certificate:
      Any
      Certificate designated as a “Class M-2 Certificate” on the face thereof, in the
      form of Exhibit A-2 hereto, representing the right to the Percentage Interest
      of
      distributions provided for the Class M-2 Certificates as set forth herein and
      evidencing (i) a Regular Interest in REMIC III and (ii) the obligation to pay
      Net WAC Rate Carryover Amounts.

    

    Class
      M-2 Pass-Through Rate:
      Shall
      mean (i) on any Distribution Date which occurs on or prior to the Optional
      Termination Date, the lesser of (a) 11.00% and (b) One-Month LIBOR plus 0.450%
      per annum and (ii) for each Distribution Date thereafter, the lesser of (a)
      11.00% and (b) One-Month LIBOR plus 0.675% per annum, in each case subject
      to a
      cap equal to the related Interest Rate Cap for such Distribution
      Date.

     

    Class
      M-3 Certificate:
      Any
      Certificate designated as a “Class M-3 Certificate” on the face thereof, in the
      form of Exhibit A-2 hereto, representing the right to the Percentage Interest
      of
      distributions provided for the Class M-3 Certificates as set forth herein and
      evidencing (i) a Regular Interest in REMIC III and (ii) the obligation to pay
      Net WAC Rate Carryover Amounts.

    

    Class
      M-3 Pass-Through Rate:
      Shall
      mean (i) on any Distribution Date which occurs on or prior to the Optional
      Termination Date, the lesser of (a) 11.00% and (b) One-Month LIBOR plus 0.550%
      per annum and (ii) for each Distribution Date thereafter, the lesser of (a)
      11.00% and (b) One-Month LIBOR plus 0.825% per annum, in each case subject
      to a
      cap equal to the related Interest Rate Cap for such Distribution
      Date.

     

    Class
      P Certificate:
      Any
      Certificate designated as a “Class P Certificate” on the face thereof, in the
      form of Exhibit A-5 hereto, representing the right to its Percentage Interest
      of
      distributions provided for the Class P Certificates as set forth herein and
      evidencing (i) a Regular Interest in REMIC III and (ii) the right to receive
      Prepayment Charge Waiver Amounts.

     

    Class
      P Certificate Account:
      The
      account established and maintained by the Securities Administrator pursuant
      to
      Section 6.11 hereof.

     

    Class
      R Certificates:
      Any of
      the Class R-1, Class R-2 and Class R-3 Certificates.

     

    Class
      R-1 Certificate:
      Any
      Certificate designated a “Class R-1 Certificate” on the face thereof, in
      substantially the form set forth in Exhibit A-6 hereto, evidencing the Residual
      Interest in REMIC I and representing the right to the Percentage Interest of
      distributions provided for the Class R-1 Certificates as set forth
      herein.

     

    Class
      R-2 Certificate:
      Any
      Certificate designated a “Class R-2 Certificate” on the face thereof, in
      substantially the form set forth in Exhibit A-6 hereto, evidencing the Residual
      Interest in REMIC II and representing the right to the Percentage Interest
      of
      distributions provided for the Class R-2 Certificates as set forth
      herein.

     

    Class
      R-3 Certificate:
      Any
      Certificate designated a “Class R-3 Certificate” on the face thereof, in
      substantially the form set forth in Exhibit A-6 hereto, evidencing the Residual
      Interest in REMIC III and representing the right to the Percentage Interest
      of
      distributions provided for the Class R-3 Certificates as set forth
      herein.

     

    Closing
      Date:
      April
      28, 2006.

     

    Code:
      The
      Internal Revenue Code of 1986, including any successor or amendatory
      provisions.

     

    Company:
      EMC.

     

    Company
      Information:
      As
      defined in Section 4.18(b).

     

    Compensating
      Interest:
      An
      amount, not to exceed the Servicing Fee, to be deposited in the Distribution
      Account by the Company or the related Servicer to the payment of a Prepayment
      Interest Shortfall on a Mortgage Loan subject to this Agreement; provided that
      in the event the Company or the related Servicer fails to make such payment,
      the
      Master Servicer shall be obligated to do so to the extent provided in Section
      6.02(c) hereof.

     

    Corporate
      Trust Office:
      The
      designated office of the Trustee where at any particular time its corporate
      trust business with respect to this Agreement shall be administered, which
      office at the date of the execution of this Agreement is located at US Bank
      Corporate Trust Services, One Federal Street, 3rd Floor, Boston, Massachusetts
      02110, Attention: Corporate Trust Services/BSABS I 2006-AC3, or at such other
      address as the Trustee may designate from time to time; and with respect to
      the
      Securities Administrator, the designated office of the Securities Administrator
      at which at any particular time its corporate trust business with respect to
      this Agreement shall be administered, which office at the date of the execution
      of this Agreement is located at 9062 Old Annapolis Road, Columbia, MD 21045,
      Attention: Corporate Trust Services, BSABS 2006-AC3 except for purposes of
      certificate transfer purposes, such term shall mean the office or agency of
      the
      Securities Administrator located at Wells Fargo Bank, N.A., Sixth Street and
      Marquette Avenue, Minneapolis, Minnesota 55479, Attention: Corporate Trust
      Services, BSABS 2006-AC3.

     

    Corresponding
      Certificate:
      With
      respect to each REMIC II Regular Interest, the Certificate with the
      corresponding designation.

     

    Corresponding
      Interest:
      With
      respect to each REMIC I Regular Interest (other than REMIC I Regular Interests
      AA, ZZ, 1-Sub, 2-Sub, 1-Grp, 2-Grp, XX, C and P), the REMIC II Regular Interest
      with the corresponding designation.

     

    Corridor
      Contracts:
      Any of
      the Class I-A-1 Interest Rate Corridor Contract and the Class II-A-1 Interest
      Rate Corridor Contract.

     

    Corridor
      Contract Counterparty:
      Bear
      Stearns Financial Products, Inc.

     

    Corridor
      Contract Scheduled Termination Date:
      With
      respect to each of the Class I-A-1 Certificates and Class II-A-1 Certificates,
      the Distribution Date in July 2013.

     

    Cross-Over
      Date:
      The
      first Distribution Date on which the aggregate Certificate Principal Balance
      of
      the related Subordinate Certificates has been reduced to zero (giving effect
      to
      all related distributions on such Distribution Date).

     

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

     

    Custodial
      Agreement:
      An
      agreement, dated as of April 28, 2006, among the Depositor, the Sponsor, the
      Trustee, the Master Servicer and the Custodian in substantially the form of
      Exhibit J hereto.

     

    Custodian:
      Wells
      Fargo Bank, National Association, or any successor custodian appointed pursuant
      to the provisions hereof and the Custodial Agreement.

     

    Cut-off
      Date:
      The
      close of business on April 1, 2006.

     

    Cut-off
      Date Principal Balance:
      As to
      any Mortgage Loan, the unpaid principal balance thereof as of the close of
      business on the Cut-off Date after application of all Principal Prepayments
      received prior to the Cut-off Date and scheduled payments of principal due
      on or
      before the Cut-off Date, whether or not received, but without giving effect
      to
      any installments of principal received in respect of Due Dates after the Cut-off
      Date. The aggregate Cut-off Date Principal Balance of the Mortgage Loans is
      $534,547,220.95.

     

    Debt
      Service Reduction:
      With
      respect to any Mortgage Loan, a reduction by a court of competent jurisdiction
      in a proceeding under the Bankruptcy Code in the Scheduled Payment for such
      Mortgage Loan that became final and non-appealable, except such a reduction
      resulting from a Deficient Valuation or any other reduction that results in
      a
      permanent forgiveness of principal.

     

    Deficient
      Valuation:
      With
      respect to any Mortgage Loan, a valuation by a court of competent jurisdiction
      of the Mortgaged Property in an amount less than the then outstanding
      indebtedness under such Mortgage Loan, or any reduction in the amount of
      principal to be paid in connection with any Scheduled Payment that results
      in a
      permanent forgiveness of principal, which valuation or reduction results from
      an
      order of such court that is final and non-appealable in a proceeding under
      the
      Bankruptcy Code.

     

    Definitive
      Certificates:
      As
      defined in Section 7.06.

     

    Deleted
      Mortgage Loan:
      A
      Mortgage Loan replaced or to be replaced by a Replacement Mortgage
      Loan.

     

    Delinquent:
      A
      Mortgage Loan is “delinquent” if any payment due thereon is not made pursuant to
      the terms of such Mortgage Loan by the close of business on the day such payment
      is scheduled to be due. A Mortgage Loan is “30 days delinquent” if such payment
      has not been received by the close of business on the corresponding day of
      the
      month immediately succeeding the month in which such payment was due, or, if
      there is no such corresponding day (e.g., as when a 30-day month follows a
      31-day month in which a payment was due on the 31st day of such month), then
      on
      the last day of such immediately succeeding month. Similarly for “60 days
      delinquent,” “90 days delinquent” and so on. Delinquent as described in this
      definition is also described as the OTS method.

     

    Denomination:
      With
      respect to each Certificate, the amount set forth on the face thereof as the
      “Initial Principal Balance or Initial Notional Amount”.

     

    Depositor:
      Bear
      Stearns Asset Backed Securities I LLC, a Delaware limited liability company,
      or
      its successor in interest.

     

    Depositor
      Information:
      As
      defined in Section 4.18(b). 

     

    Depository:
      The
      initial Depository shall be The Depository Trust Company (“DTC”), the nominee of
      which is Cede & Co., or any other organization registered as a “clearing
      agency” pursuant to Section 17A of the Securities Exchange Act of 1934, as
      amended. The Depository shall initially be the registered Holder of the
      Book-Entry Certificates. The Depository shall at all times be a “clearing
      corporation” as defined in Section 8-102(a)(5) of the Uniform Commercial Code of
      the State of New York.

     

    Depository
      Agreement:
      With
      respect to the Class of Book-Entry Certificates, the agreement among the
      Depositor, the Trustee and the initial Depository, dated as of the Closing
      Date,
      substantially in the form of Exhibit H.

     

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

     

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

     

    Distribution
      Account:
      The
      separate Eligible Account created and maintained by the Securities Administrator
      pursuant to Section 5.08 in the name of the Trustee for the benefit of the
      Certificateholders and designated “U.S. Bank National Association, in trust for
      registered Holders of Bear Stearns Asset Backed Securities I LLC, Asset-Backed
      Certificates, Series 2006-AC3” shall be held in trust for the Certificateholders
      for the uses and purposes set forth in this Agreement.

     

    Distribution
      Account Deposit Date:
      As to
      any Distribution Date, the Business Day immediately preceding such Distribution
      Date.

     

    Distribution
      Date:
      The
      25th day of each calendar month after the initial issuance of the Certificates,
      or if such 25th day is not a Business Day, the next succeeding Business Day,
      commencing in May 2006.

     

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

     

    Due
      Date:
      As to
      any Mortgage Loan, the date in each month on which the related Scheduled Payment
      is due, as set forth in the related Mortgage Note.

     

    Due
      Period:
      With
      respect to any Distribution Date, the period from the second day of the calendar
      month preceding the calendar month in which such Distribution Date occurs
      through close of business on the first day of the calendar month in which such
      Distribution Date occurs.

     

    Early
      Turbo Payment Date:
      The
      Distribution Date in April 2016.

     

    EDGAR:
      As
      defined in Section 4.18.

     

    Eligible
      Account:
      Any of
      (i) an account or accounts maintained with a federal or state chartered
      depository institution or trust company, the long-term unsecured debt
      obligations and short-term unsecured debt obligations of which (or, in the
      case
      of a depository institution or trust company that is the principal subsidiary
      of
      a holding company, the debt obligations of such holding company, so long as
      Moody’s is not a Rating Agency) are rated by each Rating Agency in one of its
      two highest long-term and its highest short-term rating categories respectively,
      at the time any amounts are held on deposit therein, or (ii) an account or
      accounts in a depository institution or trust company in which such accounts
      are
      insured by the FDIC (to the limits established by the FDIC) and the uninsured
      deposits in which accounts are otherwise secured such that, as evidenced by
      an
      Opinion of Counsel delivered to the Trustee and to each Rating Agency, the
      Certificateholders have a claim with respect to the funds in such account or
      a
      perfected first priority security interest against any collateral (which shall
      be limited to Permitted Investments) securing such funds that is superior to
      claims of any other depositors or creditors of the depository institution or
      trust company in which such account is maintained, or (iii) a trust account
      or
      accounts maintained with the corporate trust department of a federal or state
      chartered depository institution or trust company having capital and surplus
      of
      not less than $50,000,000, acting in its fiduciary capacity or (iv) any other
      account acceptable to the Rating Agencies. Eligible Accounts may bear interest,
      and may include, if otherwise qualified under this definition, accounts
      maintained with the Trustee.

     

    EMC:
      EMC
      Mortgage Corporation, a Delaware corporation.

     

    EMC
      Mortgage Loans:
      Those
      Mortgage Loans serviced by the Company pursuant to the terms of this
      Agreement.

     

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

     

    ERISA
      Restricted Certificates:
      Any of
      the Class C, Class P and Residual Certificates.

     

    Event
      of Default:
      As
      defined in Section 9.01 hereof.

     

    Excess
      Liquidation Proceeds:
      To the
      extent not required by law to be paid to the related Mortgagor, the excess,
      if
      any, of any Liquidation Proceeds with respect to a Mortgage Loan over the Stated
      Principal Balance of such Mortgage Loan and accrued and unpaid interest at
      the
      related Mortgage Rate through the last day of the month in which the Mortgage
      Loan has been liquidated.

     

    Excess
      Spread:
      With
      respect to any Distribution Date is the excess, if any, of the Interest Funds
      for such Distribution Date over the Monthly Interest Distributable Amounts
      payable to the Offered Certificates on such Distribution Date.

     

    Exemption:
      Prohibited Transaction Exemption 90-30, as amended from time to
      time.

     

    Exchange
      Act:
      Securities Exchange Act of 1934, as amended.

     

    Exchange
      Act Reports:
      Any
      reports required to be filed pursuant to Section 4.18 of this
      Agreement.

     

    Extra
      Principal Distribution Amount:
      With
      respect to any Distribution Date (a) on or prior to the earlier of (1) the
      20%
      Clean-Up Call Date and (2) the Distribution Date in April 2016, the lesser
      of
      (x) the Excess Spread for such Distribution Date and (y) the
      Overcollateralization Increase Amount for such Distribution Date; and (b)
      thereafter, the Excess Spread for such Distribution Date; provided that, the
      Excess Spread in clause (b) will be used first to pay the Overcollateralization
      Increase Amount, any Unpaid Interest Shortfalls and any Net WAC Rate Carryover
      Amounts on such Distribution Date.

    

    Fannie
      Mae:
      Fannie
      Mae (formerly, Federal National Mortgage Association), or any successor
      thereto.

     

    FDIC:
      The
      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 Sponsor or the Class C
      Certificateholder pursuant to or as contemplated by Section 2.03(c) or Section
      11.01), a determination made by the Company pursuant to this Agreement or the
      applicable Servicer pursuant to the related Servicing Agreement that all
      Insurance Proceeds, Liquidation Proceeds and other payments or recoveries which
      the Company or such 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, based solely on information provided by each
      Servicer, of each Final Recovery Determination made thereby.

     

    Final
      Scheduled Distribution Date:
      With
      respect to the Group I Certificates and the Group II Certificates, May 25,
      2036.

     

    Fiscal
      Quarter:
      December 1 to February 29 (or the last day in such month), March 1 to May 31,
      June 1 to August 31, or September to November 30, as applicable.

     

    Form
      8-K Disclosure Information:
      As
      defined in Section 3.18(a)(ii)(A).

     

    Freddie
      Mac:
      Freddie
      Mac (formerly The Federal Home Loan Mortgage Corporation), or any successor
      thereto.

     

    Global
      Certificate:
      Any
      Private Certificate registered in the name of the Depository or its nominee,
      beneficial interests in which are reflected on the books of the Depository
      or on
      the books of a Person maintaining an account with such Depository (directly
      or
      as an indirect participant in accordance with the rules of such
      depository).

     

    Group
      I Certificates:
      The
      Class I-A-1 Certificates and Class I-A-2 Certificates.

     

    Group
      I Loans:
      The
      Mortgage Loans identified as such on the Mortgage Loan Schedule.

     

    Group
      I Principal Distribution Amount:
      With
      respect to any Distribution Date, the product of the Principal Distribution
      Amount for such Distribution Date and a fraction, the numerator of which is
      the
      Principal Funds for Loan Group I for such Distribution Date and the denominator
      of which is the Principal Funds for both Loan Groups for such Distribution
      Date.

     

    Group
      II Certificates:
      The
      Class II-A-1 Certificates and Class II-A-2 Certificates.

     

    Group
      II Loans:
      The
      Mortgage Loans identified as such on the Mortgage Loan Schedule.

     

    Group
      II Principal Distribution Amount:
      With
      respect to any Distribution Date, the product of the Principal Distribution
      Amount for such Distribution Date and a fraction, the numerator of which is
      the
      Principal Funds for Loan Group II for such Distribution Date and the denominator
      of which is the Principal Funds for both Loan Groups for such Distribution
      Date.

     

    Harbourside:
      Savannah Bank, NA dba Harbourside Mortgage Corporation.

     

    Harbourside
      Assignment Agreement:
      The
      Assignment, Assumption and Recognition Agreement, dated as of April 28, 2006,
      by
      and among the Sponsor, Harbourside and the Trustee evidencing the assignment
      of
      the Harbourside Servicing Agreement to the Trust, attached hereto as Exhibit
      S-5.

     

    Harbourside
      Servicing Agreement:
      The
      Purchase, Warranties and Servicing Agreement, dated as of April 1, 2005, between
      the Sponsor and Harbourside, as amended, attached hereto as Exhibit R-5, as
      modified by the Harbourside Assignment Agreement.

     

    Indemnified
      Persons:
      The
      Trustee, the Master Servicer, the Company, the Trust Fund and the Securities
      Administrator and their officers, directors, agents and employees and, with
      respect to the Trustee, any separate co-trustee and its officers, directors,
      agents and employees.

     

    Individual
      Certificate:
      Any
      Private Certificate registered in the name of the Holder other than the
      Depository or its nominee.

     

    Initial
      Certification:
      The
      certification substantially in the form of Exhibit One to the Custodial
      Agreement.

     

    Initial
      Certificate Principal Balance:
      With
      respect to any Certificate, the Certificate Principal Balance of such
      Certificate or any predecessor Certificate on the Closing Date.

     

    Institutional
      Accredited Investor:
      Any
      Person meeting the requirements of Rule 501(a)(l), (2), (3) or (7) of Regulation
      D under the Securities Act or any entity all of the equity Holders in which
      come
      within such paragraphs.

     

    Insurance
      Policy:
      With
      respect to any Mortgage Loan included in the Trust Fund, any insurance policy
      or
      LPMI Policy, including all riders and endorsements thereto in effect with
      respect to such Mortgage Loan, including any replacement policy or policies
      for
      any Insurance Policies.

     

    Insurance
      Proceeds:
      Proceeds paid in respect of the Mortgage Loans pursuant to any Insurance Policy
      or any other insurance policy covering a Mortgage Loan, to the extent such
      proceeds are payable to the mortgagee under the Mortgage, the Company, the
      related Servicer or the trustee under the deed of trust and are not applied
      to
      the restoration of the related Mortgaged Property or released to the Mortgagor
      in accordance with the procedures that the Company or the related Servicer
      would
      follow in servicing mortgage loans held for its own account, in each case other
      than any amount included in such Insurance Proceeds in respect of Insured
      Expenses.

     

    Insured
      Expenses:
      Expenses covered by an Insurance Policy or any other insurance policy with
      respect to the Mortgage Loans.

     

    Interest
      Accrual Period:
      With
      respect to the Class A, Class B and Class M Certificates and any Distribution
      Date, the period from and including the 25th day of the calendar month preceding
      the calendar month in which the Distribution Date occurs (or, with respect
      to
      the first Interest Accrual Period for the Class M Certificates and Class B
      Certificates, the Closing Date), to and including the 24th day of the calendar
      month in which such Distribution Date occurs. All calculations of interest
      on
      the Class A Certificates and Class C Certificates will be made on the basis
      of a
      360-day year consisting of twelve 30-day months. All calculations of interest
      on
      the Class M Certificates and Class B Certificates will be made on the basis
      of
      the actual number of days elapsed in the related Interest Accrual
      Period.

     

    Interest
      Determination Date:
      Shall
      mean the second LIBOR Business Day preceding the commencement of each Interest
      Accrual Period.

    

    Interest
      Funds:
      For any
      Distribution Date, (i) the sum, without duplication, of (a) all scheduled
      interest during the related Due Period with respect to the related Mortgage
      Loans less the Servicing Fee, the Master Servicing Fee and the LPMI Fee, if
      any,
      (b) all Advances relating to interest with respect to the related Mortgage
      Loans
      made on or prior to the related Distribution Account Deposit Date, (c) all
      Compensating Interest with respect to the related Mortgage Loans required to
      be
      remitted by the Company or the Master Servicer pursuant to this Agreement or
      the
      related Servicer pursuant to the related Servicing Agreement with respect to
      such Distribution Date, (d) Liquidation Proceeds and Subsequent Recoveries
      with
      respect to the related Mortgage Loans collected during the related Prepayment
      Period (to the extent such Liquidation Proceeds and Subsequent Recoveries relate
      to interest), (e) all amounts relating to interest with respect to each Mortgage
      Loan repurchased by the Sponsor pursuant to Sections 2.02 and 2.03 and by EMC
      pursuant to Section 4.20 and (f) all amounts in respect of interest paid by
      the
      Master Servicer pursuant to Section 11.01, in each case to the extent remitted
      by the Company or the related Servicer, as applicable, to the Distribution
      Account pursuant to this Agreement or the related Servicing Agreement, minus
      (ii) all amounts required to be reimbursed pursuant to Sections 5.02, 5.05
      and
      5.09 or as otherwise set forth in this Agreement.

     

    Interest
      Rate Cap:
      With
      respect to the Class I-A-1 Certificates and Class I-A-2 Certificates, will
      be
      calculated based on an assumed certificate with a Certificate Principal Balance
      equal to the Certificate Principal Balance of the Class I-A-1 Certificates
      and a
      fixed pass-through rate of 6.50% per annum and a rate increase of 0.50% per
      annum after the Optional Termination Date. If the weighted average of the Net
      Mortgage Rates on the Group I Loans is less than 6.50% per annum (or, after
      the
      Optional Termination Date, 7.00% per annum), the amount of the shortfall which
      would occur with respect to the assumed certificate will be allocated between
      the Class I-A-1 Certificates and Class I-A-2 Certificates in proportion to
      their
      current entitlements to interest calculated without regard to this cap, and
      the
      Interest Rate Cap for each such Class for such Distribution Date will be equal
      to the Pass-Through Rate for such Class for such Distribution Date (determined
      without regard to the related Interest Rate Cap) reduced by the shortfall for
      such Distribution Date allocable to such Class as determined pursuant to this
      sentence. For the avoidance of doubt, the Interest Rate Cap will not be
      applicable to the Class I-A-1 Certificates and Class I-A-2 Certificates for
      any
      Distribution Date on which the weighted average of the Net Mortgage Rates on
      the
      Mortgage Loans is equal to or greater than 6.50% per annum (or, after the
      Optional Termination Date, 7.00% per annum).

     

    With
      respect to the Class II-A-1 Certificates and Class II-A-2 Certificates, will
      be
      calculated based on an assumed certificate with a Certificate Principal Balance
      equal to the Certificate Principal Balance of the Class II-A-1 Certificates
      and
      a fixed pass-through rate of 6.50% per annum and a rate increase of 0.50% per
      annum after the Optional Termination Date. If the weighted average of the Net
      Mortgage Rates on the Mortgage Loans in Loan Group II is less than 6.50% per
      annum (or, after the Optional Termination Date, 7.00% per annum), the amount
      of
      the shortfall which would occur with respect to the assumed certificate will
      be
      allocated between the Class II-A-1 Certificates and Class II-A-2 Certificates
      in
      proportion to their current entitlements to interest calculated without regard
      to this cap, and the Interest Rate Cap for each such Class for such Distribution
      Date will be equal to the Pass-Through Rate for such Class for such Distribution
      Date (determined without regard to the related Interest Rate Cap) reduced by
      the
      shortfall for such Distribution Date allocable to such Class as determined
      pursuant to this sentence. For the avoidance of doubt, the Interest Rate Cap
      will not be applicable to the Class II-A-1 Certificates and Class II-A-2
      Certificates for any Distribution Date on which the weighted average of the
      Net
      Mortgage Rates on the Mortgage Loans is equal to or greater than 6.50% per
      annum
      (or, after the Optional Termination Date, 7.00% per annum).

     

    With
      respect to the Class M Certificates and Class B Certificates, a per annum rate
      equal to the weighted average of the weighted average of the Net Mortgage Rates
      on the Mortgage Loans in each Loan Group as of the first day of the month
      preceding the month in which such Distribution Date occurs, weighted in
      proportion to the results of subtracting from the aggregate Stated Principal
      Balance of the Mortgage Loans in each Loan Group, the aggregate Certificate
      Principal Balance of the related Senior Certificates, adjusted for the actual
      numbers of days elapsed in the Interest Accrual Period. 

     

    For
      federal income tax purposes, the Interest Rate Cap with respect to each of
      the
      Class A Certificates and any Distribution Date shall be equal to the
      Uncertificated REMIC III Pass-Through Rate for such Distribution Date for the
      Regular Interest the ownership of which is represented by such Certificate.
      For
      federal income tax purposes, the Interest Rate Cap with respect to each Class
      M
      Certificate and Class B Certificate and any Distribution Date shall be a rate
      equal to the weighted average of the Uncertificated REMIC II Pass-Through Rate
      for such Distribution Date for the REMIC II Regular Interest for which such
      Certificate is the Corresponding Certificate. 

     

    Interest
      Shortfall:
      With
      respect to any Distribution Date, means the aggregate shortfall, if any, in
      collections of interest (adjusted to the related Net Mortgage Rates) on Mortgage
      Loans resulting from (a) Principal Prepayments in full received during the
      related Prepayment Period, (b) the partial Principal Prepayments received during
      the related Prepayment Period to the extent applied prior to the Due Date in
      the
      month of the Distribution Date and (c) interest payments on certain of the
      Mortgage Loans being limited pursuant to the provisions of the Relief Act or
      similar state laws.

     

    Last
      Scheduled Distribution Date:
      May 25,
      2036.

     

    Issuing
      Entity:
      Bear
      Stearns Asset Backed Securities I Trust 2006-AC3.

     

    Latest
      Possible Maturity Date:
      The
      Distribution Date following the final scheduled maturity date of the Mortgage
      Loan in the Trust Fund having the latest scheduled maturity date as of the
      Cut-off Date. For purposes of the Treasury regulations under Code Section 860A
      through 860G, the latest possible maturity date of each Regular Interest issued
      by REMIC I, REMIC II and REMIC III shall be the Latest Possible Maturity
      Date.

     

    LIBOR
      Business Day:
      Shall
      mean a day on which banks are open for dealing in foreign currency and exchange
      in London and New York City.

     

    LIBOR
      Certificates:
      Any of
      the Offered Certificates and Private Certificates. 

     

    Liquidated
      Loan:
      With
      respect to any Distribution Date, a defaulted Mortgage Loan that has been
      liquidated through deed-in-lieu of foreclosure, foreclosure sale, trustee’s sale
      or other realization as provided by applicable law governing the real property
      subject to the related Mortgage and any security agreements and as to which
      the
      Company or the related Servicer has made a Final Recovery Determination with
      respect thereto.

     

    Liquidation
      Proceeds:
      Amounts, other than Insurance Proceeds, received in connection with the partial
      or complete liquidation of a Mortgage Loan, whether through trustee’s sale,
      foreclosure sale or otherwise, or in connection with any condemnation or partial
      release of a Mortgaged Property and any other proceeds received with respect
      to
      an REO Property, less the sum of related unreimbursed Advances, Servicing Fees
      and Servicing Advances and all expenses of liquidation, including property
      protection expenses and foreclosure and sale costs, including court and
      reasonable attorneys fees.

     

    Loan
      Group:
      Any of
      Loan Group I and Loan Group II.

     

    Loan
      Group I:
      The
      group of Mortgage Loans included as such on the Mortgage Loan
      Schedule.

     

    Loan
      Group II:
      The
      group of Mortgage Loans included as such on the Mortgage Loan
      Schedule.

     

    Loan-to-Value
      Ratio:
      The
      fraction, expressed as a percentage, the numerator of which is the original
      principal balance of the related Mortgage Loan and the denominator of which
      is
      the Appraised Value of the related Mortgaged Property.

     

    Loss
      Allocation Limitation:
      The
      meaning specified in Section 6.05(c)
      hereof.

     

    LPMI
      Fee:
      Shall
      mean the fee payable to the insurer for each Mortgage Loan subject to an LPMI
      Policy as set forth in such LPMI Policy.

     

    LPMI
      Policy:
      A
      policy of mortgage guaranty insurance issued by an insurer meeting the
      requirements of Fannie Mae and Freddie Mac in which the Company or the related
      Servicer of the related Mortgage Loan is responsible for the payment of the
      LPMI
      Fee thereunder from collections on the related Mortgage Loan.

     

    Majority
      Class C Certificateholder:
      Shall
      mean the Holder of a 50.01% or greater Percentage Interest in the Class C
      Certificates.

     

    Marker
      Rate:
      With
      respect to REMIC II Regular Interest C and any Distribution Date, a per annum
      rate equal to two (2) times the weighted average of the Uncertificated REMIC
      I
      Pass-Through Rates for the REMIC I Regular Interests (other than REMIC I Regular
      Interests AA, 1-Sub, 1-Grp, 2-Sub, 2-Grp, XX and P), with the rate on each
      such
      REMIC I Regular Interest (other than REMIC I Regular Interest ZZ) subject to
      a
      cap equal to the the Uncertificated REMIC II Pass-Through Rate for the
      Corresponding Interest for the purpose of this calculation for such Distribution
      Date, and with the rate on REMIC I Regular Interest ZZ subject to a cap of
      zero
      for the purpose of this calculation; provided, however, that solely for this
      purpose, the related cap with respect to each REMIC I Regular Interest (other
      than REMIC I Regular Interests AA, ZZ, 1-Sub, 1-Grp, 2-Sub, 2-Grp and P) shall
      be multiplied by a fraction, the numerator of which is 30 and the denominator
      of
      which is the actual number of days in the related Accrual Period.

     

    Master
      Servicer:
      Wells
      Fargo Bank, National Association, in its capacity as master servicer, and its
      successors and assigns.

     

    Master
      Servicing Compensation:
      For any
      Distribution Date, the Master Servicing Fee for such Distribution Date and
      any
      amounts earned on Permitted Investments in the Distribution
      Account.

     

    Master
      Servicing Fee:
      As to
      each Mortgage Loan and any Distribution Date, an amount equal to 1/12th of
      the
      Master Servicing Fee Rate multiplied by the Stated Principal Balance of such
      Mortgage Loan as of the last day of the related Due Period.

     

    Master
      Servicing Fee Rate:
      0.0085%
      per annum.

     

    Master
      Servicing Information:
      As
      defined in Section 4.18(b).

     

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

     

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

     

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

     

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

     

    Monthly
      Interest Distributable Amount:
      With
      respect to the Certificates (other than the Class P Certificates and Class
      R
      Certificates) for any Distribution Date, means an amount equal to the interest
      accrued during the related Interest Accrual Period at the applicable
      Pass-Through Rate on the Certificate Principal Balance or Certificate Notional
      Amount of such Certificate, or otherwise distributable thereto, immediately
      prior to such Distribution Date less such Certificate’s share of any Unpaid
      Interest Shortfall and the interest portion of any Realized Losses on the
      Mortgage Loans allocated to such Certificate pursuant to Section 1.02. The
      Monthly Interest Distributable Amount with respect to the Class A Certificates
      and Class C Certificates is calculated on the basis of a 360-day year consisting
      of twelve 30-day months. The Monthly Interest Distributable Amount with respect
      to the Subordinate Certificates is calculated on the basis of a 360-day year
      and
      the actual number of days elapsed during the related Interest Accrual Period.
      No
      Monthly Interest Distributable Amount will be payable with respect to any Class
      of Certificates after the Distribution Date on which the outstanding Certificate
      Principal Balance or Certificate Notional Amount of such Certificate has been
      reduced to zero.

     

    Monthly
      Statement:
      The
      statement delivered to the Certificateholders pursuant to Section
      6.06.

     

    Moody’s:
      Moody’s
      Investors Service, Inc.

     

    Mortgage:
      The
      mortgage, deed of trust or other instrument creating a first lien on or first
      priority ownership interest in an estate in fee simple in real property securing
      a Mortgage Note.

     

    Mortgage
      File:
      The
      mortgage documents listed in Section 2.01 hereof pertaining to a particular
      Mortgage Loan and any additional documents delivered to the Trustee or the
      Custodian on its behalf to be added to the Mortgage File pursuant to this
      Agreement.

     

    Mortgage
      Loans:
      Such of
      the Mortgage Loans transferred and assigned to the Trustee pursuant to the
      provisions hereof, as from time to time are held as a part of the Trust Fund
      (including any REO Property), the mortgage loans so held being identified in
      the
      Mortgage Loan Schedule, notwithstanding foreclosure or other acquisition of
      title of the related Mortgaged Property. Any mortgage loan that was intended
      by
      the parties hereto to be transferred to the Trust Fund as indicated by such
      Mortgage Loan Schedule which is in fact not so transferred for any reason
      including, without limitation, a breach of the representation contained in
      Section 2.03(b)(v) hereof, shall continue to be a Mortgage Loan hereunder until
      the Purchase Price with respect thereto has been paid to the Trust
      Fund.

     

    Mortgage
      Loan Purchase Agreement:
      Shall
      mean the Mortgage Loan Purchase Agreement, dated as of April 28, 2006, between
      the Sponsor, as seller and the Depositor, as purchaser.

     

    Mortgage
      Loan Purchase Price:
      The
      price, calculated as set forth in Section 11.01, to be paid in connection with
      the repurchase of the Mortgage Loans pursuant to Section 11.01.

     

    Mortgage
      Loan Schedule:
      The
      list of Mortgage Loans (as from time to time amended by the Seller to reflect
      the deletion of Deleted Mortgage Loans and the addition of Replacement Mortgage
      Loans pursuant to the provisions of this Agreement) transferred to the Trustee
      as part of the Trust Fund and from time to time subject to this Agreement,
      the
      initial Mortgage Loan Schedule being attached hereto as Exhibit B, setting
      forth
      the following information with respect to each Mortgage Loan:

     

    
      	 	
              (i)

            	
              the
                loan number; 

            

    

     

    
      	 	
              (ii)

            	
              the
                Loan Group;

            

    

     

    
      	 	
              (iii)

            	
              the
                Mortgage Rate in effect as of the Cut-off
                Date;

            

    

     

    
      	 	
              (iv)

            	
              the
                Servicer (or the Company, if it services the Mortgage Loan), the
                Servicing
                Fee Rate;

            

    

     

    
      	 	
              (v)

            	
              the
                LPMI Fee, if applicable;

            

    

     

    
      	 	
              (vi)

            	
              the
                Net Mortgage Rate in effect as of the Cut-off
                Date;

            

    

     

    
      	 	
              (vii)

            	
              the
                maturity date;

            

    

     

    
      	 	
              (viii)

            	
              the
                original principal balance;

            

    

     

    
      	 	
              (ix)

            	
              the
                Cut-off Date Principal Balance;

            

    

     

    
      	 	
              (x)

            	
              the
                original term;

            

    

     

    
      	 	
              (xi)

            	
              the
                remaining term;

            

    

     

    
      	 	
              (xii)

            	
              the
                property type; and

            

    

     

    
      	 	
              (xiii)

            	
              the
                MIN with respect to each Mortgage
                Loan.

            

    

     

    Such
      schedule shall also set forth the aggregate Cut-off Date Principal Balance
      for
      all of the Mortgage Loans in each Loan Group.

     

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

     

    Mortgage
      Rate:
      The
      annual rate of interest borne by a Mortgage Note.

     

    Mortgaged
      Property:
      The
      underlying property securing a Mortgage Loan.

     

    Mortgagor:
      The
      obligors on a Mortgage Note.

     

    National
      City:
      Savannah Bank, NA dba Harbourside Mortgage Corporation.

     

    National
      City Assignment Agreement:
      The
      Assignment, Assumption and Recognition Agreement, dated as of April 28, 2006,
      by
      and among the Sponsor, National City, BSABS I and the Trustee evidencing the
      assignment of the National City Servicing Agreement to the Trust, attached
      hereto as Exhibit S-6.

     

    National
      City Servicing Agreement:
      The
      Purchase, Warranties and Servicing Agreement, dated as of October
      1, 2001,
      between
      the Sponsor and National City, as amended, attached hereto as Exhibit R-6,
      as
      modified by the National City Assignment Agreement.

     

    Net
      Interest Shortfalls:
      Shall
      mean Interest Shortfalls net of payments by the Company, the Servicer or the
      Master Servicer in respect of Compensating Interest.

     

    Net
      Monthly Excess Cashflow:
      With
      respect to any Distribution Date, the sum of (a) any Overcollateralization
      Release Amount for such Distribution Date and (b) the Remaining Excess Spread
      for such Distribution Date. 

     

    Net
      Mortgage Rate:
      As to
      each Mortgage Loan, and at any time, the per annum rate equal to the related
      Mortgage Rate less the sum of (i) the Servicing Fee Rate, (ii) the Master
      Servicing Fee Rate and (iii) the rate at which the LPMI Fee is calculated,
      if
      any.

     

    Net
      WAC Rate Carryover Amount:
      With
      respect to each Class of Offered Certificates and the Class B-4 Certificates
      and
      any Distribution Date, an amount equal to the sum of (i) the excess, if any,
      of
      (x) the amount of interest such Class would have been entitled to receive on
      such Distribution Date at the Pass-Through Rate applicable to such Class if
      such
      Pass-Through Rate would not have been reduced by the applicable Interest Rate
      Cap on such Distribution Date over (y) the amount of interest paid to such
      Class
      on such Distribution Date plus (ii) the related Net WAC Rate Carryover Amount
      for the previous Distribution Date for such Class not previously distributed
      together with interest thereon at a rate equal to the Pass-Through Rate for
      such
      Class for the most recently ended Interest Accrual Period.

     

    Net
      WAC Reserve Fund:
      Shall
      mean the separate trust account created and maintained by the Securities
      Administrator pursuant to Section 6.08 hereof.

     

    Net
      WAC Reserve Fund Deposit:
      With
      respect to the Net
      WAC
Reserve
      Fund, an amount equal to $5,000, which the Depositor shall deposit initially
      into the Net WAC Reserve Fund pursuant to Section 6.08 hereof.

    

    Non-Book-Entry
      Certificate:
      Any
      Certificate other than a Book-Entry Certificate.

    

    Nonrecoverable
      Advance:
      Any
      portion of an Advance previously made or proposed to be made by the Company
      or
      the Master Servicer pursuant to this Agreement or the related Servicer pursuant
      to the related Servicing Agreement, that, in the good faith judgment of the
      Company, the Master Servicer or the related Servicer, will not or, in the case
      of a proposed advance, would not, be ultimately recoverable by it from the
      related Mortgagor, related Liquidation Proceeds, Insurance Proceeds or
      otherwise.

     

    Offered
      Certificates:
      Any of
      the Class I-A-1, Class I-A-2, Class II-A-1, Class II-A-2, Class M-1, Class
      M-2,
      Class M-3, Class B-1, Class B-2 and Class B-3 Certificates.

     

    Officer’s
      Certificate:
      A
      certificate (i) signed by the Chairman of the Board, the Vice Chairman of the
      Board, the President, a Vice President (however denominated), an Assistant
      Vice
      President, the Treasurer, the Secretary, or one of the assistant treasurers
      or
      assistant secretaries of the Depositor or the Master Servicer (or any other
      officer customarily performing functions similar to those performed by any
      of
      the above designated officers and also to whom, with respect to a particular
      matter, such matter is referred because of such officer’s knowledge of and
      familiarity with a particular subject) or (ii), if provided for in this
      Agreement, signed by a Servicing Officer, as the case may be, and delivered
      to
      the Depositor, the Sponsor, the Securities Administrator, the Master Servicer
      and/or the Trustee, as the case may be, as required by this
      Agreement.

     

    One-Month
      LIBOR:
      With
      respect to any Interest Accrual Period and the LIBOR Certificates, the rate
      determined by the Securities Administrator on the related Interest Determination
      Date on the basis of the rate for U.S. dollar deposits for one month that
      appears on Telerate Screen Page 3750 as of 11:00 a.m. (London time) on such
      Interest Determination Date. If
      such
      rate does not appear on such page (or such other page as may replace that page
      on that service, or if such service is no longer offered, such other service
      for
      displaying One-Month LIBOR or comparable rates as may be reasonably selected
      by
      the Securities Administrator), One-Month LIBOR for the applicable Interest
      Accrual Period will be the Reference Bank Rate. If no such quotations can be
      obtained by the Securities Administrator and no Reference Bank Rate is
      available, One-Month LIBOR shall be One-Month LIBOR applicable to the preceding
      Interest Accrual Period. The establishment of One-Month LIBOR on each Interest
      Determination Date by the Securities Administrator and the Securities
      Administrator’s calculation of the rate of interest applicable to the LIBOR
      Certificates for the related Interest Accrual Period shall, in the absence
      of
      manifest error, be final and binding. One-Month LIBOR for the Class I-A-1
      Certificates and Class I-A-2 Certificates and the first Interest Accrual Period
      will be approximately 4.88% per annum and 4.92% with regard to the Class II-A-1
      Certificates and Class II-A-2 Certificates. One-Month LIBOR for the other LIBOR
      Certificates and any Interest Accrual Period shall be calculated as described
      above.

     

    Opinion
      of Counsel:
      A
      written opinion of counsel, who may be counsel for the Sponsor, the Depositor,
      the Company or the Master Servicer, reasonably acceptable to each addressee
      of
      such opinion; provided that with respect to Section 2.05, 8.05, 8.07 or 12.01,
      or the interpretation or application of the REMIC Provisions, such counsel
      must
      (i) in fact be independent of the Sponsor, Depositor, the Company and the Master
      Servicer, (ii) not have any direct financial interest in the Sponsor, Depositor,
      the Company or the Master Servicer or in any affiliate of either, and (iii)
      not
      be connected with the Sponsor, Depositor, the Company or the Master Servicer
      as
      an officer, employee, promoter, underwriter, trustee, partner, director or
      person performing similar functions.

     

    Optional
      Termination:
      The
      termination of the Trust Fund created hereunder as a result of the purchase
      of
      all of the Mortgage Loans and any REO Property pursuant to the last sentence
      of
      Section 11.01 hereof.

     

    Optional
      Termination Date:
      The
      first Distribution Date on which the Trust Fund may be terminated at the option
      of the Majority Class C Certificateholder as described under Section
      11.01.

     

    Original
      Value:
      The
      value of the property underlying a Mortgage Loan based, in the case of the
      purchase of the underlying Mortgaged Property, on the lower of an appraisal
      or
      the sales price of such property or, in the case of a refinancing, on an
      appraisal.

     

    Originator:
      With
      respect to each Mortgage Loan, shall mean the originator set forth in the
      Mortgage Loan Schedule for such Mortgage Loan.

     

    OTS:
      The
      Office of Thrift Supervision.

     

    Outstanding:
      With
      respect to the Certificates as of any date of determination, all Certificates
      theretofore executed and authenticated under this Agreement except:

     

    (a) Certificates
      theretofore canceled by the Securities Administrator or delivered to the
      Securities Administrator for cancellation; and

     

    (b) Certificates
      in exchange for which or in lieu of which other Certificates have been executed
      and delivered by the Securities Administrator pursuant to this
      Agreement.

     

    Outstanding
      Mortgage Loan:
      As of
      any date of determination, a Mortgage Loan with a Stated Principal Balance
      greater than zero that was not the subject of a Principal Prepayment in full,
      and that did not become a Liquidated Loan, prior to the end of the related
      Prepayment Period.

     

    Overcollateralization
      Increase Amount:
      As of
      any Distribution Date, the lesser of (a) the excess, if any, of (i) the
      Overcollateralization Target Amount over (ii) the Overcollateralized Amount
      on
      such Distribution Date (after taking into account payments to the Offered
      Certificates of the Basic Principal Distribution Amount on such Distribution
      Date) and (b) the Excess Spread for such Distribution Date.

     

    Overcollateralization
      Release Amount:
      With
      respect to any Distribution Date, the lesser of (x) the Principal Remittance
      Amount for such Distribution Date and (y) the excess, if any, of (i) the
      Overcollateralized Amount for such Distribution Date (assuming that 100% of
      the
      Principal Remittance Amount is applied as a principal payment on such
      Distribution Date) over (ii) the Overcollateralization Target Amount for such
      Distribution Date (with the amount pursuant to clause (y) deemed to be $0 if
      the
      Overcollateralized Amount is less than or equal to the Overcollateralization
      Target Amount on that Distribution Date).

     

    Overcollateralization
      Target Amount:
      With
      respect to any Distribution Date, $4,810,924.99.

     

    Overcollateralized
      Amount:
      With
      respect to any Distribution Date, is the excess, if any, of (a) the aggregate
      Stated Principal Balance of the Mortgage Loans as of the last day of the related
      Due Period over (b) the aggregate Certificate Principal Balance of the Offered
      Certificates and the Class B-4 Certificates on such Distribution Date (after
      taking into account the payment of principal other than any Extra Principal
      Distribution Amount on such Certificates).

     

    Ownership
      Interest:
      As to
      any Certificate, any ownership 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.

     

    Pass-Through
      Rate:
      With
      respect to each Class of Certificates (other than the Class C, Class P and
      Class
      R Certificates), the Class I-A-1 Pass-Through Rate, Class I-A-2 Pass-Through
      Rate, Class II-A-1 Pass-Through Rate, Class II-A-2 Pass-Through Rate, Class
      M-1
      Pass-Through Rate, Class M-2 Pass-Through Rate, Class M-3 Pass-Through Rate,
      Class B-1 Pass-Through Rate, Class B-2 Pass-Through Rate, Class B-3 Pass-Through
      Rate or Class B-4 Pass-Through Rate, as applicable. 

     

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

     

    With
      respect to the Class P Certificate, 0.00% per annum.

     

    Pass-Through
      Transfer:
      Any
      transaction involving either (1) a sale or other transfer of mortgage loans
      directly or indirectly to an issuing entity in connection with an issuance
      of
      publicly offered or privately placed, rated or unrated mortgage-backed
      securities or (2) an issuance of publicly offered or privately placed, rated
      or
      unrated securities, the payments on which are determined primarily by reference
      to one or more portfolios of residential mortgage loans.

     

    Paying
      Agent:
      The
      Securities Administrator will act as the initial paying agent, and its
      successors and assigns.

     

    Percentage
      Interest:
      With
      respect to any Certificate of a specified Class, the Percentage Interest set
      forth on the face thereof or the percentage obtained by dividing the
      Denomination of such Certificate by the aggregate of the Denominations of all
      Certificates of such Class.

     

    Permitted
      Investments:
      At any
      time, any one or more of the following obligations and securities:

     

    (i) obligations
      of
      the United States or any agency thereof, provided such obligations are backed
      by
      the full faith and credit of the United States;

     

    (ii) general
      obligations of or obligations guaranteed by any state of the United States
      or
      the District of Columbia receiving the highest long-term debt rating of each
      Rating Agency, or such lower rating as will not result in the downgrading or
      withdrawal of the ratings then assigned to the Certificates by each Rating
      Agency;

     

    (iii) commercial
      or finance company paper which is then receiving the highest commercial or
      finance company paper rating of each Rating Agency, or such lower rating as
      will
      not result in the downgrading or withdrawal of the ratings then assigned to
      the
      Certificates by each Rating Agency;

     

    (iv) certificates
      of deposit, demand or time deposits, or bankers’ acceptances issued by any
      depository institution or trust company incorporated under the laws of the
      United States or of any state thereof and subject to supervision and examination
      by federal and/or state banking authorities (including the Trustee in its
      commercial banking capacity), provided that the commercial paper and/or long
      term unsecured debt obligations of such depository institution or trust company
      are then rated one of the two highest long-term and the highest short-term
      ratings of each such Rating Agency for such securities, or such lower ratings
      as
      will not result in the downgrading or withdrawal of the rating then assigned
      to
      the Certificates by any Rating Agency;

     

    (v) demand
      or
      time deposits or certificates of deposit issued by any bank or trust company
      or
      savings institution to the extent that such deposits are fully insured by the
      FDIC;

     

    (vi) guaranteed
      reinvestment agreements issued by any bank, insurance company or other
      corporation containing, at the time of the issuance of such agreements, such
      terms and conditions as will not result in the downgrading or withdrawal of
      the
      rating then assigned to the Certificates by any such Rating Agency;

     

    (vii) repurchase
      obligations with respect to any security described in clauses (i) and (ii)
      above, in either case entered into with a depository institution or trust
      company (acting as principal) described in clause (iv) above;

     

    (viii) securities
      (other than stripped bonds, stripped coupons or instruments sold at a purchase
      price in excess of 115% of the face amount thereof) bearing interest or sold
      at
      a discount issued by any corporation incorporated under the laws of the United
      States or any state thereof which, at the time of such investment, have one
      of
      the two highest long term ratings of each Rating Agency (except if the Rating
      Agency is Moody’s, such rating shall be the highest commercial paper rating of
      Moody’s for any such securities), or such lower rating as will not result in the
      downgrading or withdrawal of the rating then assigned to the Certificates by
      any
      Rating Agency, as evidenced by a signed writing delivered by each Rating
      Agency;

     

    (ix) interests
      in any money market fund (including any such fund managed or advised by the
      Trustee or Master Servicer or any affiliate thereof) which at the date of
      acquisition of the interests in such fund and throughout the time such interests
      are held in such fund has the highest applicable long term rating by each Rating
      Agency rating such fund or such lower rating as will not result in the
      downgrading or withdrawal of the ratings then assigned to the Certificates
      by
      each Rating Agency;

     

    (x) short
      term investment funds sponsored by any trust company or banking association
      incorporated under the laws of the United States or any state thereof (including
      any such fund managed or advised by the Trustee or any affiliate thereof) which
      on the date of acquisition has been rated by each Rating Agency in their
      respective highest applicable rating category or such lower rating as will
      not
      result in the downgrading or withdrawal of the ratings then assigned to the
      Certificates by each Rating Agency; and

     

    (xi) such
      other investments having a specified stated maturity and bearing interest or
      sold at a discount acceptable to each Rating Agency as will not result in the
      downgrading or withdrawal of the rating then assigned to the Certificates by
      any
      Rating Agency, as evidenced by a signed writing delivered by each Rating
      Agency;

     

    provided,
      that no such instrument shall be a Permitted Investment if such instrument
      (i)
      evidences the right to receive interest only payments with respect to the
      obligations underlying such instrument, (ii) is purchased at a premium or (iii)
      is purchased at a deep discount; provided further that no such instrument shall
      be a Permitted Investment (A) if such instrument evidences principal and
      interest payments derived from obligations underlying such instrument and the
      interest payments with respect to such instrument provide a yield to maturity
      of
      greater than 120% of the yield to maturity at par of such underlying
      obligations, or (B) if it may be redeemed at a price below the purchase price
      (the foregoing clause (B) not to apply to investments in units of money market
      funds pursuant to clause (vi) above); provided further that no amount
      beneficially owned by any REMIC may be invested in investments (other than
      money
      market funds) treated as equity interests for federal income tax purposes,
      unless the Master Servicer shall receive an Opinion of Counsel, at the expense
      of the Master Servicer, to the effect that such investment will not adversely
      affect the status of any such REMIC as a REMIC under the Code or result in
      imposition of a tax on any such REMIC. Permitted Investments that are subject
      to
      prepayment or call may not be purchased at a price in excess of
      par.

     

    Permitted
      Transferee:
      Any
      Person (x) other than (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, (ii) a foreign government, International Organization
      or
      any agency or instrumentality of either of the foregoing, (iii) an organization
      (except certain farmers’ cooperatives described in Section 521 of the Code) that
      is exempt from tax imposed by Chapter 1 of the Code (including the tax imposed
      by Section 511 of the Code on unrelated business taxable income) on any excess
      inclusions (as defined in Section 860E(c)(1) of the Code) with respect to any
      Residual Certificate, (iv) rural electric and telephone cooperatives described
      in Section 1381(a)(2)(C) of the Code or (v) an electing large partnership within
      the meaning of Section 775(a) of the Code, (y) that is a citizen or resident
      of
      the United States, a corporation, partnership (other than a partnership that
      has
      any direct or indirect foreign partners) or other entity (treated as a
      corporation or a partnership for federal income tax purposes) created or
      organized in or under the laws of the United States, any State thereof or the
      District of Columbia, an estate whose income from sources without the United
      States is includible in gross income for United States federal income tax
      purposes regardless of its connection with the conduct of a trade or business
      within the United States, 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 authority to control all substantial decisions
      of the trust or if it has a valid election in effect under applicable U.S.
      Treasury regulations to be treated as a United States person and (z) other
      than
      any other Person so designated by the Trustee based upon an Opinion of Counsel
      addressed to the Trustee (which shall not be an expense of the Trustee) that
      states that the Transfer of an Ownership Interest in a Residual Certificate
      to
      such Person may cause REMIC I, REMIC II or REMIC III to fail to qualify as
      a
      REMIC at any time that any Certificates are Outstanding. The terms “United
      States,” “State” and “International Organization” shall have the meanings set
      forth in Section 7701 of the Code or successor provisions. A corporation will
      not be treated as an instrumentality of the United States or of any State or
      political subdivision thereof for these purposes if all of its activities are
      subject to tax and, with the exception of Freddie Mac, a majority of its board
      of directors is not selected by such government unit.

     

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

     

    Prepayment
      Assumption:
      The
      applicable rate of prepayment, as described in the Prospectus Supplement
      relating to each Class of Offered Certificates.

     

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

     

    Prepayment
      Charge Waiver Amount:
      Any
      amount paid by the Company or related Servicer to the Master Servicer in respect
      of waived Prepayment Charges pursuant to Section 5.01(a).

     

    Prepayment
      Interest Excess:
      With
      respect to any Distribution Date, for each EMC Mortgage Loan that was the
      subject of a Principal Prepayment in full or in part during the portion of
      the
      related Prepayment Period occurring between the first day of the 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.

     

    Prepayment
      Interest Shortfall:
      With
      respect to any Distribution Date, for each Mortgage Loan that was the subject
      of
      a partial Principal Prepayment, a Principal Prepayment in full, or that became
      a
      Liquidated Loan during the related Prepayment Period, (other than a Principal
      Prepayment in full resulting from the purchase of a Mortgage Loan pursuant
      to
      Section 2.02, 2.03, 4.20 or 11.01 hereof), the amount, if any, by which (i)
      one
      month’s interest at the applicable Net Mortgage Rate on the Stated Principal
      Balance of such Mortgage Loan immediately prior to such prepayment (or
      liquidation), or in the case of a partial Principal Prepayment, on the amount
      of
      such prepayment (or liquidation proceeds) exceeds (ii) the amount of interest
      paid or collected in connection with such Principal Prepayment or such
      liquidation proceeds less the sum of (a) the related Servicing Fee, (b) the
      Master Servicing Fee and (c) the LPMI Fee, if any.

     

    Prepayment
      Period:
      As to
      any Distribution Date and (i) each EMC Mortgage Loan, the period commencing
      on
      the 16th
      day of
      the month prior to the month in which the related Distribution Date occurs
      and
      ending on the 15th
      day of
      the month in which such Distribution Date occurs and (ii) any other Mortgage
      Loan, the period set forth in the related Servicing Agreement.

     

    Primary
      Mortgage Insurance Policy:
      Any
      primary mortgage guaranty insurance policy issued in connection with a Mortgage
      Loan which provides compensation to a Mortgage Note holder in the event of
      default by the obligor under such Mortgage Note or the related security
      instrument, if any or any replacement policy therefor through the related
      Interest Accrual Period for such Class relating to a Distribution
      Date.

     

    Principal
      Distribution Amount:
      With
      respect to each Distribution Date, the sum of (a) the Basic Principal
      Distribution Amount for such Distribution Date and (b) any Extra Principal
      Distribution Amount for such Distribution Date.

     

    Principal
      Funds:
      With
      respect to any Distribution Date, (i) the sum, without duplication, of (a)
      all
      scheduled principal collected during the related Due Period, (b) all Advances
      relating to principal made on or prior to the Distribution Account Deposit
      Date,
      (c) Principal Prepayments exclusive of Prepayment Charges or penalties collected
      during the related Prepayment Period, (d) the Stated Principal Balance of each
      Mortgage Loan in the related Loan Group that was repurchased by the Sponsor
      pursuant to Sections 2.02 or 2.03, by EMC pursuant to Section 4.20 or the
      related Servicer (e) the aggregate of all Substitution Adjustment Amounts for
      the related Determination Date in connection with the substitution of Mortgage
      Loans pursuant to Section 2.03(c), (f) all Liquidation Proceeds and Subsequent
      Recoveries collected during the related Prepayment Period (to the extent such
      Liquidation Proceeds and Subsequent Recoveries relate to principal), less all
      non-recoverable advances relating to principal reimbursed during the related
      Due
      Period, and remitted by the Company or the related Servicer to the Distribution
      Account pursuant to this Agreement or the related Servicing Agreement and (g)
      amounts in respect of principal paid by the Majority Class C Certificateholder
      pursuant to Section 11.01, minus (ii) all amounts required to be reimbursed
      pursuant to Sections 5.02, 5.05 and 5.09 or as otherwise set forth in this
      Agreement.

     

    Principal
      Remittance Amount:
      With
      respect to each Distribution Date, the sum of the amounts listed in clauses
      (a)
      through (e) of the definition of Principal Funds.

     

    Principal
      Prepayment:
      Any
      Mortgagor payment or other recovery of (or proceeds with respect to) principal
      on a Mortgage Loan (including loans purchased or repurchased under Sections
      2.02, 2.03, 4.20 and 11.01 hereof) that is received in advance of its scheduled
      Due Date and is not accompanied by an amount as to interest representing
      scheduled interest due on any date or dates in any month or months subsequent
      to
      the month of prepayment. Partial Principal Prepayments shall be applied by
      the
      Company or the related Servicer, as appropriate, in accordance with the terms
      of
      the related Mortgage Note.

     

    Private
      Certificate:
      Any of
      the Class B-4, Class P, Class C and Residual Certificates.

     

    Prospectus
      Supplement:
      The
      Prospectus Supplement dated April 27, 2006 relating to the public offering
      of
      the Offered Certificates.

     

    Protected
      Account:
      Each
      account established and maintained by the Company with respect to receipts
      on
      the Mortgage Loans and REO Property in accordance with Section 5.01 hereof
      or by
      the related Servicer in accordance with the related Servicing
      Agreement.

     

    PUD:
      A
      Planned Unit Development.

     

    Purchase
      Price:
      With
      respect to any Mortgage Loan required to be repurchased by the Sponsor pursuant
      to Section 2.02 or 2.03 hereof, an amount equal to the sum of (i) 100% of the
      outstanding principal balance of the Mortgage Loan as of the date of such
      purchase plus (ii) accrued interest thereon at the applicable Mortgage Rate
      through the first day of the month in which the Purchase Price is to be
      distributed to Certificateholders, reduced by any portion of the Servicing
      Fee,
      Servicing Advances and Advances payable to the purchaser of the Mortgage Loan
      plus and (iii) any costs and damages (if any) incurred by the Trust in
      connection with any violation of such Mortgage Loan of any predatory lending
      laws.

     

    Rating
      Agency:
      Each of
      Moody’s and S&P. If any such organization or its successor is no longer in
      existence, “Rating Agency” shall be a nationally recognized statistical rating
      organization, or other comparable Person, designated by the Depositor, notice
      of
      which designation shall be given to the Trustee. References herein to a given
      rating category of a Rating Agency shall mean such rating category without
      giving effect to any modifiers.

     

    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 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, minus (v) 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 Company pursuant to this Agreement or the applicable Servicer pursuant
      to
      the related Servicing Agreement. In addition, to the extent the Master Servicer
      receives Subsequent Recoveries with respect to any Mortgage Loan, the amount
      of
      the Realized Loss with respect to that Mortgage Loan will be reduced to the
      extent such recoveries are distributed to any Class of Subordinate Certificates
      or applied to increase Excess Spread 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 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, minus (iv) the aggregate of all unreimbursed Advances and Servicing
      Advances.

     

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

     

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

     

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

     

    Record
      Date:
      With
      respect to any Distribution Date and the Class I-A-1, Class I-A-2, Class II-A-1,
      Class II-A-2, Class M-1, Class M-2, Class M-3, Class B-1, Class B-2, Class
      B-3
      Certificates, so long as such Certificates are Book-Entry Certificates, the
      Business Day preceding such Distribution Date, and otherwise, the close of
      business on the last Business Day of the month preceding the month in which
      such
      Distribution Date occurs. With respect to the Class B-4, Class C, Class P and
      Class R Certificates and any Distribution Date, the close of business on the
      last Business Day of the month preceding the month in which such Distribution
      Date occurs.

     

    Reference
      Banks:
      Shall
      mean leading banks selected by the Securities Administrator and engaged in
      transactions in Eurodollar deposits in the international Eurocurrency market
      (i)
      with an established place of business in London, (ii) which have been designated
      as such by the Securities Administrator and (iii) which are not controlling,
      controlled by, or under common control with, the Depositor, the Sponsor or
      the
      Master Servicer.

     

    Reference
      Bank Rate:
      With
      respect to any Interest Accrual Period shall mean the arithmetic mean, rounded
      upwards, if necessary, to the nearest whole multiple of 0.03125%, of the offered
      rates for United States dollar deposits for one month that are quoted by the
      Reference Banks as of 11:00 a.m., New York City time, on the related Interest
      Determination Date to prime banks in the London interbank market for a period
      of
      one month in an amount approximately equal to the aggregate Certificate
      Principal Balance of the LIBOR Certificates for such Interest Accrual Period,
      provided that at least two such Reference Banks provide such rate. If fewer
      than
      two offered rates appear, the Reference Bank Rate will be the arithmetic mean,
      rounded upwards, if necessary, to the nearest whole multiple of 0.03125%, of
      the
      rates quoted by one or more major banks in New York City, selected by the
      Securities Administrator, as of 11:00 a.m., New York City time, on such date
      for
      loans in United States dollars to leading European banks for a period of one
      month in amounts approximately equal to the aggregate Certificate Principal
      Balance of the Class M-1, Class M-2, Class M-3, Class B-1, Class B-2, Class
      B-3
      and Class B-4 Certificates for such Interest Accrual Period.

     

    Regular
      Certificate:
      Any
      Certificate other than a Residual Certificate.

     

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

     

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

     

    Relief
      Act:
      The
      Servicemembers Civil Relief Act, as amended or any similar state
      law.

     

    Remaining
      Excess Spread:
      With
      respect to any Distribution Date is the Excess Spread less any Extra Principal
      Distribution Amount, in each case for such Distribution Date.

     

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

     

    REMIC
      I:
      The
      segregated pool of assets described in Section 6.07(a).

     

    REMIC
      I Interest Loss Allocation Amount:
      With
      respect to any Distribution Date, an amount (subject to adjustment based on
      the
      actual number of days elapsed in the respective Accrual Period) 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 Uncertificated REMIC
      I
      Pass-Through Rate for REMIC I Regular Interest AA minus the Marker Rate, divided
      by (b) 12.

     

    REMIC
      I Interests:
      The
      REMIC I Regular Interests and the Class R-1 Certificates.

     

    REMIC
      I Marker Allocation Percentage:
      50% of
      any amount payable or loss allocable from the Mortgage Loans, which shall be
      allocated to REMIC I Regular Interest AA, REMIC I Regular Interest ZZ and each
      REMIC I Regular Interest for which a REMIC II Regular Interest is a
      Corresponding Interest.

     

    REMIC
      I Overcollateralization Amount:
      With
      respect to any date of determination, (i) 0.50% of the aggregate Uncertificated
      Principal Balance of the REMIC I Regular Interests (other than REMIC I Regular
      Interest P) minus (ii) the aggregate Uncertificated Principal Balance of each
      REMIC I Regular Interest for which a REMIC II Regular Interest is a
      Corresponding Interest, in each case, as of such date of
      determination.

     

    REMIC
      I Overcollateralization Target Amount:
      0.50%
      of the Overcollateralization Target Amount.

     

    REMIC
      I 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) 1 minus a fraction, the numerator of which is two
      (2)
      times the aggregate Uncertificated Principal Balance of each REMIC I Regular
      Interest for which a REMIC II Regular Interest is a Corresponding Interest,
      and
      the denominator of which is the aggregate Uncertificated Principal Balance
      of
      each REMIC I Regular Interest for which a REMIC II Regular Interest is a
      Corresponding Interest and REMIC II Regular Interest ZZ.

     

    REMIC
      I Sub WAC Allocation Percentage:
      50% of
      any amount payable or loss allocable from the Mortgage Loans, which shall be
      allocated to REMIC I Regular Interest 1-Sub, REMIC I Regular Interest 1-Grp,
      REMIC I Regular Interest 2-Sub, REMIC I Regular Interest 2-Grp and REMIC I
      Regular Interest XX.

     

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

     

    REMIC
      I Regular Interest ZZ Maximum Interest Deferral Amount:
      With
      respect to any Distribution Date, the excess of (i) accrued interest at the
      Uncertificated REMIC I Pass-Through Rate applicable to REMIC I Regular Interest
      ZZ for such Distribution Date on a balance equal to the Uncertificated Principal
      Balance of REMIC I Regular Interest ZZ minus the REMIC I Overcollateralization
      Amount, in each case for such Distribution Date, over (ii) the Uncertificated
      Accrued Interest on each REMIC I Regular Interest for which a REMIC II Regular
      Interest is a Corresponding Interest for the purpose of this calculation for
      such Distribution Date, with the rate on each such REMIC I Regular Interest
      subject to a cap equal to the Uncertificated REMIC II Pass-Through Rate for
      the
      Corresponding Interest; provided, however, that solely for this purpose, the
      related cap with respect to each REMIC I Regular Interest for which a REMIC
      II
      Regular Interest is a Corresponding Interest shall be multiplied by a fraction,
      the numerator of which is 30 and the denominator of which is the actual number
      of days in the related Accrual Period.

     

    REMIC
      I Regular Interests:
      REMIC I
      Regular Interest AA, REMIC I Regular Interest I-A-1, REMIC I Regular Interest
      II-A-1, REMIC I Regular Interest M-1, REMIC I Regular Interest M-2, REMIC I
      Regular Interest M-3, REMIC I Regular Interest B-1, REMIC I Regular Interest
      B-2, REMIC I Regular Interest B-3, REMIC I Regular Interest B-4, REMIC I Regular
      Interest ZZ, REMIC I Regular Interest P, REMIC I Regular Interest 1-Sub, REMIC
      I
      Regular Interest 1-Grp, REMIC I Regular Interest 2-Sub, REMIC I Regular Interest
      2-Grp and REMIC I Regular Interest XX.

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

    REMIC
      I Regular Interest P:
      One of
      the separate non-certificated beneficial ownership interests in REMIC I issued
      hereunder and designated as a Regular Interest in REMIC I. REMIC I Regular
      Interest P will not accrue interest and shall be entitled to distributions
      of
      principal, subject to the terms and conditions hereof, in an aggregate amount
      equal to its initial Uncertificated Principal Balance as set forth in the
      Preliminary Statement hereto.

     

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

     

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

     

    REMIC
      II:
      The
      segregated pool of assets described in the Preliminary Statement consisting
      of
      the REMIC I Regular Interests.

     

    REMIC
      II Interests:
      The
      REMIC II Regular Interests and the Class R-2 Certificates.

     

    REMIC
      II Regular Interests:
      REMIC
      II Regular Interest I-A-1, REMIC II Regular Interest II-A-1, REMIC II Regular
      Interest M-1, REMIC II Regular Interest M-2, REMIC II Regular Interest M-3,
      REMIC II Regular Interest B-1, REMIC II Regular Interest B-2, REMIC II Regular
      Interest B-3, REMIC II Regular Interest B-4 and REMIC II Regular Interest
      P.

     

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

     

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

     

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

     

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

     

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

     

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

     

    REMIC
      II Regular Interest C:
      One of
      the separate non-certificated beneficial ownership interests in REMIC II issued
      hereunder and designated as a Regular Interest in REMIC II. REMIC II Regular
      Interest C shall accrue interest at the related Uncertificated REMIC II
      Pass-Through Rate in effect from time to time.

     

    REMIC
      II Regular Interest C Distribution Amount:
      With
      respect to any Distribution Date, the sum of (i) the Uncertificated Accrued
      Interest for REMIC II Regular Interest C for such Distribution Date, (ii) any
      Overcollateralization Release Amount for such Distribution Date and (iii)
      without duplication, any Subsequent Recoveries not distributed to the Class
      A,
      Class M and Class B Certificates on such Distribution Date; provided, however,
      that on and after the Distribution Date on which the Certificate Principal
      Balance of the Offered Certificates and Class B-4 Certificates has been reduced
      to zero, the REMIC II Regular Interest C Distribution Amount shall include
      the
      Overcollateralized Amount. 

     

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

     

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

     

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

     

    REMIC
      II Regular Interest P:
      One of
      the separate non-certificated beneficial ownership interests in REMIC II issued
      hereunder and designated as a Regular Interest in REMIC II. REMIC II Regular
      Interest P will not accrue interest and shall be entitled to distributions
      of
      principal, subject to the terms and conditions hereof, in an aggregate amount
      equal to its initial Uncertificated Principal Balance as set forth in the
      Preliminary Statement hereto.

     

    REMIC
      III:
      The
      segregated pool of assets described in the Preliminary Statement consisting
      of
      the REMIC II Regular Interests.

     

    REMIC
      Opinion:
      Shall
      mean an Opinion of Counsel to the effect that the proposed action will not
      have
      an adverse affect on any REMIC created hereunder.

     

    REMIC
      Provisions:
      Provisions of the federal income tax law relating to real estate mortgage
      investment conduits, which appear at Sections 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 as well as provisions of applicable state
      laws.

     

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

     

    Remittance
      Date:
      Shall
      mean (i) with respect to the Company, the Business Day immediately preceding
      the
      Distribution Account Deposit Date and (ii) with respect to the related Servicer,
      the date specified in the related Servicing Agreement.

     

    Remittance
      Report:
      As
      defined in Section 6.04(e).

     

    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
      Property:
      A
      Mortgaged Property acquired by the Company or the related Servicer through
      foreclosure or deed-in-lieu of foreclosure in connection with a defaulted
      Mortgage Loan.

     

    Replacement
      Mortgage Loan:
      A
      Mortgage Loan or Mortgage Loans in the aggregate substituted by the Sponsor
      for
      a Deleted Mortgage Loan, which must, on the date of such substitution, as
      confirmed in a Request for Release, (i) have a Stated Principal Balance, after
      deduction of the principal portion of the Scheduled Payment due in the month
      of
      substitution, not in excess of, and not less than 90% of, the Stated Principal
      Balance of the Deleted Mortgage Loan; (ii) have a fixed Mortgage Rate not less
      than or more than 1% per annum higher than the Mortgage Rate of the Deleted
      Mortgage Loan; (iii) have the same or higher credit quality characteristics
      than
      that of the Deleted Mortgage Loan; (iv) have a Loan-to-Value Ratio no higher
      than that of the Deleted Mortgage Loan; (v) have a remaining term to maturity
      no
      greater than (and not more than one year less than) that of the Deleted Mortgage
      Loan; (vi) not permit conversion of the Mortgage Rate from a fixed rate to
      a
      variable rate; (vii) have the same lien priority as the Deleted Mortgage Loan;
      (viii) constitute the same occupancy type as the Deleted Mortgage Loan or be
      owner occupied; and (ix) comply with each representation and warranty set forth
      in Section 2.03 hereof.

     

    Reportable
      Event:
      As
      defined in Section 4.18. 

     

    Repurchase
      Price:
      With
      respect to each Mortgage Loan, a price equal to (i) the outstanding principal
      balance of such Mortgage Loan, plus (ii) interest on such outstanding principal
      balance at the Mortgage Rate (net of the Servicing Fee Rate) from the last
      date
      through which interest has been paid to the end of the month of repurchase,
      less
      (iii) amounts advanced by the Company or the related Servicer in respect of
      such
      repurchased Mortgage Loan which are being held in the Distribution Account
      for
      remittance to the Securities Administrator plus (iv) any costs and damages
      (if
      any) incurred by the Trust in connection with any violation of such Mortgage
      Loan of any anti-predatory lending laws.

     

    Request
      for Release:
      The
      Request for Release to be submitted by the Sponsor, the Company, the related
      Servicer or the Master Servicer to the Custodian substantially in the form
      of
      Exhibit G. Each Request for Release furnished to the Custodian by the Sponsor,
      the Company, the related Servicer or the Master Servicer shall be in duplicate
      and shall be executed by an officer of such Person or a Servicing Officer (or,
      if furnished electronically to the Custodian, shall be deemed to have been
      sent
      and executed by an officer of such Person or a Servicing Officer) of the Company
      or the related Servicer, as applicable.

     

    Required
      Insurance Policy:
      With
      respect to any Mortgage Loan, any insurance policy that is required to be
      maintained from time to time under this Agreement or the related Servicing
      Agreement.

     

    Residual
      Certificates:
      Any of
      the Class R Certificates, each evidencing the sole class of Residual Interests
      in the related REMIC.

     

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

     

    Responsible
      Officer:
      With
      respect to the Trustee, any Vice President, any Assistant Vice President, the
      Secretary, any Assistant Secretary, or any Trust Officer with specific
      responsibility for the transactions contemplated hereby, any other officer
      customarily performing functions similar to those performed by any of the above
      designated officers or other officers of the Trustee specified by the Trustee,
      as to whom, with respect to a particular matter, such matter is referred because
      of such officer’s knowledge of and familiarity with the particular
      subject.

     

    Rolling
      Three Month Delinquency Rate:
      With
      respect to any Distribution Date, the average of the Delinquency Rates for
      each
      of the three (or one and two, in the case of the first and second Distribution
      Dates, respectively) immediately preceding months. 

     

    S&P:
      Standard & Poor’s, a division of The McGraw-Hill Companies,
      Inc.

     

    Scheduled
      Payment:
      The
      scheduled monthly payment on a Mortgage Loan due on any Due Date allocable
      to
      principal and/or interest on such Mortgage Loan.

     

    Securities
      Act:
      The
      Securities Act of 1933, as amended.

     

    Securities
      Administrator:
      Wells
      Fargo Bank, National Association, in its capacity as securities administrator,
      transfer agent and paying agent hereunder, and its successors and
      assigns.

     

    Securities
      Administrator Information:
      As
      defined in Section 4.18(b). 

     

    Significance
      Estimate:
      With
      respect to any Distribution Date, and in accordance with Item 1115 of Regulation
      AB, shall be an amount determined based on the reasonable good-faith estimate
      by
      the Sponsor or its affiliate of the aggregate maximum probable exposure of
      the
      outstanding Certificates to the Corridor Contracts. 

     

    Significance
      Percentage:
      With
      respect to any Distribution Date, and in accordance with Item 1115 of Regulation
      AB, shall be an percentage equal to the Significance Estimate divided by the
      aggregate outstanding Certificate Principal Balance of the Adjustable Rate
      Certificates, prior to the distribution of the Principal Distribution Amount
      on
      such Distribution Date.

     

    Sponsor:
      EMC
      Mortgage Corporation, a Delaware corporation, and its successors and assigns,
      in
      its capacity as seller of the Mortgage Loans to the Depositor.

     

    Senior
      Certificates:
      Any of
      the Class I-A-1, Class I-A-2, Class II-A-1 and Class II-A-2
      Certificates.

     

    Servicer:
      Shall
      mean any of American Home, National City, Chevy Chase, CitiMortgage, EMC,
      Harbourside, Union Federal, Wachovia or Wells Fargo.

     

    Servicing
      Trigger Event:
      A
      Servicing Trigger Event is in effect with respect to American Home as a Servicer
      and with respect to any Distribution Date if either:

     

    (a) the
      Rolling Three Month Delinquency Rate for the Group II Loans is greater than
      6%;
      or

     

    (b) the
      cumulative amount of Realized Losses incurred on the Group II Loans from the
      Cut-off Date through the end of the calendar month immediately preceding such
      Distribution Date exceeds the applicable percentage set forth below of the
      aggregate balance Group II Loans as of the Cut-off Date:

     

    
      	
              0.75%
                with respect to each month up to April 2009,

            
	
              0.75%
                with respect to May 2009, plus an additional 1/12th of 0.55% for
                each
                month thereafter until April 2010,

            
	
              1.30%
                with respect to May 2010, plus an additional 1/12th of 0.55% for
                each
                month thereafter until April 2011,

            
	
              1.85%
                with respect to May 2011, plus an additional 1/12th of 0.30% for
                each
                month thereafter until April 2012,

            
	
              2.15%
                with respect to May 2012, plus an additional 1/12th of 0.05% for
                each
                month thereafter until April 2013, and

            
	
              2.20%
                with respect to May 2013, and each month
                thereafter

            

    

    

    provided,
      however, if American Home as a servicer is rated “SQ2-” or better by Moody’s on
      any date, the Servicing Trigger Event will no longer be in effect with respect
      to any Distribution Date thereafter.

     

    Servicing
      Advances:
      All
      customary, reasonable and necessary “out of pocket” costs and expenses
      (including reasonable legal fees) incurred in the performance by the Company
      or
      the related Servicer of its servicing obligations hereunder or under the related
      Servicing Agreement, 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, and including
      any
      expenses incurred in relation to any such proceedings that result from the
      Mortgage Loan being registered in the MERS® System, (iii) the management and
      liquidation of any REO Property (including, without limitation, realtor’s
      commissions) and (iv) compliance with any obligations under Section 3.07 hereof
      to cause insurance to be maintained.

     

    Servicing
      Agreement:
      Shall
      mean either the Amercian Home Servicing Agreement, National City Servicing
      Agreement, Chevy Chase Servicing Agreement, CitiMortgage Servicing Agreement,
      Harbourside Servicing Agreement, Wachovia Servicing Agreement or Wells Fargo
      Servicing Agreement.

     

    Servicing
      Criteria:
      The
“servicing criteria” set forth in Item 1122(d) of Regulation AB, as such may be
      amended from time to time, or those Servicing Criteria otherwise mutually agreed
      to by EMC, the Master Servicer, the Trustee and the applicable Servicer in
      response to evolving interpretations of Regulation AB and incorporated into
      a
      revised Exhibit O.

     

    Servicing
      Fee:
      As to
      each Mortgage Loan and any Distribution Date, an amount equal to 1/12th of
      the
      Servicing Fee Rate multiplied by the Stated Principal Balance of such Mortgage
      Loan as of the last day of the related Due Period.

     

    Servicing
      Fee Rate:
      0.250%
      per annum.

     

    Servicing
      Modification:
      With
      respect to any Mortgage Loan that is in default or, in the reasonable judgment
      of the Company or the related Servicer, as to which default is reasonably
      foreseeable, any modification which is effected by the Company or the related
      Servicer in accordance with the terms of this Agreement or the related Servicing
      Agreement which results in any change in the outstanding Stated Principal
      Balance, any change in the Mortgage Rate or any extension of the term of such
      Mortgage Loan.

     

    Servicing
      Officer:
      Any
      officer of the Company or the related Servicer involved in, or responsible
      for,
      the administration and servicing of the Mortgage Loans (i) in the case of the
      Company, whose name and facsimile signature appear on a list of servicing
      officers furnished to the Trustee by the Company on the Closing Date pursuant
      to
      this Agreement, as such list may from time to time be amended and (ii) in the
      case of the related Servicer, as to which evidence reasonably acceptable to
      the
      Trustee, as applicable, of due authorization, by such party has been furnished
      from time to time to the Trustee.

     

    Startup
      Day:
      The
      Startup Day for each REMIC formed hereunder shall be the Closing
      Date.

     

    Stated
      Principal Balance:
      With
      respect to any Mortgage Loan or related REO Property and any Distribution Date,
      the Cut-off Date Principal Balance thereof minus the sum of (i) the principal
      portion of the Scheduled Payments due with respect to such Mortgage Loan during
      each Due Period ending prior to such Distribution Date (and irrespective of
      any
      delinquency in their payment), (ii) all Principal Prepayments with respect
      to
      such Mortgage Loan received prior to or during the related Prepayment Period,
      and all Liquidation Proceeds to the extent applied by the Company or the related
      Servicer as recoveries of principal in accordance with Section 3.09 or the
      related Servicing Agreement with respect to such Mortgage Loan, that were
      received by the Company or the related Servicer as of the close of business
      on
      the last day of the Prepayment Period related to such Distribution Date and
      (iii) any Realized Losses on such Mortgage Loan incurred during the related
      Prepayment Period. The Stated Principal Balance of a Liquidated Loan equals
      zero.

     

    Subordinate
      Certificates:
      Any of
      the Class M-1, Class M-2, Class M-3, Class B-1, Class B-2, Class B-3 and Class
      B-4 Certificates.

     

    Subsequent
      Recoveries:
      As of
      any Distribution Date, amounts received by the Master Servicer during the
      related Due Period or surplus amounts held by the Master Servicer to cover
      estimated expenses (including, but not limited to, recoveries in respect of
      the
      representations and warranties made by the Sponsor pursuant to the Mortgage
      Loan
      Purchase Agreement) specifically related to a Liquidated Mortgage Loan or
      disposition of an REO Property prior to the related Prepayment Period that
      resulted in a Realized Loss, after the liquidation or disposition of such
      Mortgage Loan.

     

    Subservicing
      Agreement:
      Any
      agreement entered into between the Company and a subservicer with respect to
      the
      subservicing of any Mortgage Loan hereunder by such subservicer.

     

    Substitution
      Adjustment Amount:
      The
      meaning ascribed to such term pursuant to Section 2.03(d).

     

    Successor
      Master Servicer:
      The
      meaning ascribed to such term pursuant to Section 9.01.

     

    Tax
      Matters Person:
      The
      person designated as “tax matters person” in the manner provided under Treasury
      Regulation Sections 1.860F-4(d) and 301.6231(a)(7)-1T. The holder of the
      greatest Percentage Interest in a Class of Residual Certificates shall be the
      Tax Matters Person for the related REMIC. The Securities Administrator, or
      any
      successor thereto or assignee thereof, shall serve as tax administrator
      hereunder and as agent for the related Tax Matters Person.

     

    Transfer
      Affidavit:
      As
      defined in Section 7.02(c).

     

    Transfer:
      Any
      direct or indirect transfer or sale of any Ownership Interest in a
      Certificate.

     

    Trust
      Fund:
      The
      corpus of the trust created hereunder consisting of (i) the Mortgage Loans
      and
      all interest accruing and principal due with respect thereto after the Cut-off
      Date to the extent not applied in computing the Cut-off Date Principal Balance
      thereof; (ii) the Class P Certificate Account, the Net WAC Reserve Fund, the
      Class I-A-1/I-A-2 Net WAC Reserve Account, the Class II-A-1/II-A-2 Net WAC
      Reserve Account, the Distribution Account maintained by the Securities
      Administrator and the Protected Accounts maintained by the Company and the
      Servicers and all amounts deposited therein pursuant to the applicable
      provisions of this Agreement and the Servicing Agreements; (iii) property that
      secured a Mortgage Loan and has been acquired by foreclosure, deed in lieu
      of
      foreclosure or otherwise; (iv) the mortgagee’s rights under the Insurance
      Policies with respect to the Mortgage Loans; (v) the Servicing Agreements and
      the Assignment Agreements; (vi) the rights under the Mortgage Loan Purchase
      Agreement, and (vii) all proceeds of the foregoing, including proceeds of
      conversion, voluntary or involuntary, of any of the foregoing into cash or
      other
      liquid property. The Net WAC Reserve Fund, the Class I-A-1/I-A-2 Net WAC Reserve
      Account, the Class II-A-1/II-A-2 Net WAC Reserve Account and the Prepayment
      Charge Waiver Amounts shall constitute assets of the Trust Fund but will not
      be
      included in REMIC I, REMIC II or REMIC III.

     

    Trustee:
      U.S.
      Bank National Association, a national banking association, not in its individual
      capacity, but solely in its capacity as trustee for the benefit of the
      Certificateholders under this Agreement, and any successor thereto, and any
      corporation or national banking association resulting from or surviving any
      consolidation or merger to which it or its successors may be a party and any
      successor trustee as may from time to time be serving as successor trustee
      hereunder.

     

    Uncertificated
      Accrued Interest:
      With
      respect to each REMIC Regular Interest on each Distribution Date, an amount
      equal to one month’s interest at the related Uncertificated REMIC I Pass-Through
      Rate or Uncertificated REMIC II Pass-Through Rate on the Uncertificated
      Principal Balance or Uncertificated Notional Amount, as applicable, of such
      REMIC Regular Interest. In each case, Uncertificated Accrued Interest will
      be
      reduced by any Unpaid Interest Shortfalls and interest portion of Realized
      Losses (allocated to such REMIC Regular Interests as set forth in Sections
      1.02
      and 6.05).

     

    Uncertificated
      Notional Amount:
      With
      respect to REMIC II Regular Interest C, the aggregate Uncertificated Principal
      Balance of the REMIC I Regular Interests (other than REMIC I Regular Interest
      P).

     

    Uncertificated
      Principal Balance:
      With
      respect to each REMIC Regular Interest, the principal amount of such REMIC
      Regular Interest outstanding as of any date of determination. As of the Closing
      Date, the Uncertificated Principal Balance of each REMIC Regular Interest shall
      equal the amount set forth in the Preliminary Statement hereto as its initial
      Uncertificated Principal Balance. On each Distribution Date, the Uncertificated
      Principal Balance of each REMIC Regular Interest shall be reduced by all
      distributions of principal made on such REMIC Regular Interest on such
      Distribution Date pursuant to Section 6.07 and, if and to the extent necessary
      and appropriate, shall be further reduced on such Distribution Date by Realized
      Losses as provided in Section 6.05, and the Uncertificated Principal Balance
      of
      REMIC I Regular Interest ZZ shall be increased by interest deferrals as provided
      in Section 6.07(b)(i). The Uncertificated Principal Balance of each REMIC
      Regular Interest shall never be less than zero. With respect to REMIC II Regular
      Interest C as of any date of determination, an amount equal to the excess,
      if
      any, of (A) the then aggregate Uncertificated
      Principal Balance of
      the
      REMIC I Regular Interests over (B) the then aggregate Certificate Principal
      Balance of the Class A, Class M, Class B and Class P Certificates then
      outstanding.

     

    Uncertificated
      REMIC I Pass-Through Rate:
      With
      respect to any REMIC I Regular Interest other than REMIC I Regular Interest
      P,
      REMIC I Regular Interest 1-Grp and REMIC I Regular Interest 2-Grp, and any
      Distribution Date, a per annum rate equal to the weighted average of the Net
      Mortgage Rates of the Mortgage Loans as of the first day of the related Due
      Period, weighted on the basis of the Stated Principal Balances thereof as of
      the
      first day of the related Due Period. With respect to REMIC I Regular Interest
      P
      and any Distribution Date, 0.00% per annum. With respect to REMIC I Regular
      Interest 1-Grp, a per annum rate equal to the weighted average of the Net
      Mortgage Rates of the Mortgage Loans in Loan Group I as of the first day of
      the
      related Due Period, weighted on the basis of the Stated Principal Balances
      thereof as of the first day of the related Due Period. With respect to REMIC
      I
      Regular Interest 2-Grp, a per annum rate equal to the weighted average of the
      Net Mortgage Rates of the Mortgage Loans in Loan Group II as of the first day
      of
      the related Due Period, weighted on the basis of the Stated Principal Balances
      thereof as of the first day of the related Due Period.

     

    Uncertificated
      REMIC II Pass-Through Rate:
      With
      respect to any Distribution Date and each REMIC II Regular Interest other than
      REMIC II Regular Interest C, REMIC II Regular Interest I-A-1 and REMIC II
      Regular Interest II-A-1, a rate per annum equal to the Pass-Through Rate
      indicated for the Class of Corresponding Certificates for such Distribution
      Date; provided, however, that for this purpose the Interest Rate Cap with
      respect to each such Class of Corresponding Certificates shall be equal to
      the
      weighted average of the Uncertificated REMIC I Pass-Through Rates for the REMIC
      I Regular Interests (other than REMIC I Regular Interests 1-Sub, 2-Sub, 1-Grp,
      2-Grp, XX and P), weighted on the basis of the Uncertificated Principal Balances
      of each such REMIC I Regular Interest, for such Distribution Date.

     

    With
      respect to REMIC II Regular Interest I-A-1 and (i) any Distribution Date which
      occurs on or prior to the Optional Termination Date, the lesser of (a) 6.50%
      per
      annum and (b) the weighted average of the Uncertificated REMIC I Pass-Through
      Rate on REMIC I Regular Interest 1-Grp, weighted on the basis of the
      Uncertificated Principal Balance of such REMIC I Regular Interest, for such
      Distribution Date, and (ii) any Distribution Date thereafter, the lesser of
      (a)
      7.00% per annum and (b) the weighted average of the REMIC I Pass-Through Rate
      on
      REMIC I Regular Interest 1-Grp, weighted on the basis of the Uncertificated
      Principal Balance of such REMIC I Regular Interest, for such Distribution
      Date.

     

    With
      respect to REMIC II Regular Interest II-A-1 and (i) any Distribution Date which
      occurs on or prior to the Optional Termination Date, the lesser of (a) 6.50%
      per
      annum and (b) the weighted average of the Uncertificated REMIC I Pass-Through
      Rate on REMIC I Regular Interest 2-Grp, weighted on the basis of the
      Uncertificated Principal Balance of such REMIC I Regular Interest, for such
      Distribution Date, and (ii) any Distribution Date thereafter, the lesser of
      (a)
      7.00% per annum and (b) the weighted average of the REMIC I Pass-Through Rate
      on
      REMIC I Regular Interest 2-Grp, weighted on the basis of the Uncertificated
      Principal Balance of such REMIC I Regular Interest, for such Distribution
      Date.

     

    With
      respect to REMIC II Regular Interest C, a rate per annum equal to the percentage
      equivalent of a fraction, the numerator of which is the sum of the amount
      determined for each REMIC I Regular Interest (other than REMIC I Regular
      Interests 1-Sub, 1-Grp, 2-Sub, 2-Grp, XX and P) equal to the product of (a)
      the
      excess, if any, of the Uncertificated REMIC I Pass-Through Rate for such REMIC
      I
      Regular Interest over the Marker Rate and (y) a notional amount equal to the
      Uncertificated Principal Balance of such REMIC I Regular Interest, and the
      denominator of which is the aggregate Uncertificated Principal Balance of such
      REMIC I Regular Interests.

     

    Uncertificated
      REMIC III Pass-Through Rate:
      With
      respect to the Regular Interest the ownership of which is represented by the
      Class I-A-1 Certificates and any Distribution Date, a per annum rate equal
      to
      One-Month LIBOR plus 0.40% per annum, subject to a cap equal to the weighted
      average Uncertificated REMIC II Pass-Through Rate for REMIC II Regular Interest
      I-A-1, weighted on the basis of the Uncertificated Principal Balance thereof
      immediately prior to such Distribution Date. 

     

    With
      respect to the Regular Interest the ownership of which is represented by the
      Class I-A-2 Certificates and any Distribution Date, a per annum rate equal
      to
      the excess, if any, of (A) the Uncertificated REMIC II Pass-Through Rate for
      REMIC II Regular Interest I-A-1 over (B) the lesser of (x) One-Month LIBOR
      plus
      0.40% per annum and (y) the weighted average Uncertificated REMIC II
      Pass-Through Rate for REMIC II Regular Interest I-A-1, weighted on the basis
      of
      the Uncertificated Principal Balance thereof immediately prior to such
      Distribution Date.

     

    With
      respect to the Regular Interest the ownership of which is represented by the
      Class II-A-1 Certificates and any Distribution Date, a per annum rate equal
      to
      One-Month LIBOR plus 0.50% per annum, subject to a cap equal to the weighted
      average Uncertificated REMIC II Pass-Through Rate for REMIC II Regular Interest
      II-A-1, weighted on the basis of the Uncertificated Principal Balance thereof
      immediately prior to such Distribution Date.

     

    With
      respect to the Regular Interest the ownership of which is represented by the
      Class II-A-2 Certificates and any Distribution Date, a per annum rate equal
      to
      the excess, if any, of (A) the Uncertificated REMIC II Pass-Through Rate for
      REMIC II Regular Interest II-A-1 over (B) the lesser of (x) One-Month LIBOR
      plus
      0.50% per annum and (y) the weighted average Uncertificated REMIC II
      Pass-Through Rate for REMIC II Regular Interest II-A-1, weighted on the basis
      of
      the Uncertificated Principal Balance thereof immediately prior to such
      Distribution Date.

     

    Union
      Federal:
      Union
      Federal Bank of Indianapolis.

     

    Unpaid
      Interest Shortfalls:
      Shall
      mean Interest Shortfalls net of payments by the Company, the related Servicer
      or
      the Master Servicer in respect of Compensating Interest.

     

    Voting
      Rights:
      The
      portion of the voting rights of all the Certificates that is allocated to any
      Certificate for purposes of the voting provisions hereunder. Voting Rights
      shall
      be allocated (i) 94.50% to the Certificates (other than the Class C, Class
      P and
      the Residual Certificates), (ii) 1% to the Class P Certificates, (iii) 3% to
      the
      Class C Certificates and (iv) 0.50% to each Class of Residual Certificates,
      with
      the allocation among the Certificates other than the Class C, Class P and
      Residual Certificates to be in proportion to the Certificate Principal Balance
      of each Class relative to the Certificate Principal Balance of all other such
      Classes. Voting Rights will be allocated among the Certificates of each such
      Class in accordance with their respective Percentage Interests.

     

    Wachovia:
      Wachovia
      Mortgage Corporation.

     

    Wachovia
      Assignment Agreement:
      The
      Assignment, Assumption and Recognition Agreement, dated as of April 28, 2006,
      by
      and among the Sponsor, Wachovia and the Trustee evidencing the assignment of
      the
      Wachovia Servicing Agreement to the Trust, attached hereto as Exhibit
      S-7.

     

    Wachovia
      Servicing Agreement:
      Seller’s
      Purchase, Warranties and Servicing Agreement, dated as of July 1, 2005, between
      the Sponsor and Wachovia,
      as
      amended, attached hereto as Exhibit R-7, as modified by the Wachovia Assignment
      Agreement.

     

    Wells
      Fargo:
      Wells
      Fargo Bank, N.A.

     

    Wells
      Fargo Assignment Agreement:
      The
      Assignment, Assumption and Recognition Agreement, dated as of April 28, 2006,
      by
      and among the Sponsor, Wells Fargo and the Trustee evidencing the assignment
      of
      the Wells Fargo Servicing Agreement to the Trust, attached hereto as Exhibit
      S-8.

     

    Wells
      Fargo Servicing Agreement:
      Amended
      and Restated Master Seller’s Warranties and Servicing Agreement dated as of
      November 1, 2005,
      between
      the Sponsor and Wells Fargo,
      as
      amended, attached hereto as Exhibit R-8, as modified by the Wells Fargo
      Assignment Agreement.

     

    Section
      1.02  Allocation
      of Certain Interest Shortfalls. 

     

    For
      purposes of calculating the amount of the Monthly Interest Distributable Amount
      for the Class I-A-1, Class I-A-2, Class II-A-1, Class II-A-2, Class M-1, Class
      M-2, Class M-3, Class B-1, Class B-2, Class B-3, Class B-4 and Class C
      Certificates for any Distribution Date, (1) the aggregate amount of any Unpaid
      Interest Shortfalls in respect of the Mortgage Loans for any Distribution Date
      shall be allocated first, in reduction of amounts otherwise distributable to
      the
      Class C Certificates, and thereafter, among the Offered Certificates and the
      Class B-4 Certificates in proportion to the amount of the Monthly Interest
      Distributable Amount that would have been allocated to such Certificates in
      the
      absence of such Unpaid Interest Shortfalls, and (2) the interest portion of
      Realized Losses for the Mortgage Loans will be allocated first, to the Class
      C
      Certificates, based on, and to the extent of, one month’s interest at the then
      applicable Pass-Through Rate on the Certificate Notional Amount thereof, second
      to the Class B-4 Certificates, third to the Class B-3 Certificates, fourth
      to
      the Class B-2 Certificates, fifth to the Class B-1 Certificates, sixth to the
      Class M-3 Certificates, seventh to the Class M-2 Certificates, eighth to the
      Class M-1 Certificates, and following the Cross-Over Date, ninth to the Senior
      Certificates in each case, 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.

     

    The
      REMIC
      I Marker Allocation Percentage of the aggregate amount of any Unpaid Interest
      Shortfalls incurred in respect of the Mortgage Loans for any Distribution Date
      shall be allocated first,
      to
      Uncertificated Accrued Interest payable to REMIC I Regular Interest AA and
      REMIC
      I Regular Interest ZZ up to an aggregate amount equal to the REMIC I Interest
      Loss Allocation Amount, 98% and 2%, respectively, and thereafter among REMIC
      I
      Regular Interest AA, each REMIC I Regular Interest for which a REMIC II Regular
      Interest is the Corresponding Interest and REMIC I Regular Interest ZZ, in
      proportion to the amount of the Uncertificated Accrued Interest that would
      have
      been allocated to such REMIC I Regular Interests in the absence of such Unpaid
      Interest Shortfalls.

     

    The
      REMIC
      I Sub WAC Allocation Percentage of the aggregate amount of any Unpaid Interest
      Shortfalls incurred in respect of the Mortgage Loans for any Distribution Date
      shall be allocated to Uncertificated Accrued Interest payable to REMIC I Regular
      Interest 1-Sub, REMIC I Regular Interest 1-Grp, REMIC I Regular Interest 2-Sub,
      REMIC I Regular Interest 2-Grp and REMIC I Regular Interest XX, in proportion
      to
      the amount of the Uncertificated Accrued Interest that would have been allocated
      to such REMIC I Regular Interests in the absence of such Unpaid Interest
      Shortfalls.

     

    The
      aggregate amount of any Unpaid Interest Shortfalls incurred in respect of the
      Mortgage Loans for any Distribution Date shall be allocated among the REMIC
      II
      Regular Interests in the same manner and priority as such amounts are allocable
      to the Corresponding Certificates; provided, however, that solely for purposes
      of the foregoing, any shortfalls allocable to the Class I-A-2 Certificates
      and
      Class II-A-2 shall be deemed to be allocated to the Class I-A-1 Certificates
      and
      Class II-A-1 Certificates, respectively.

    

     

    

     

    ARTICLE
      II

     

    CONVEYANCE
      OF TRUST FUND

    REPRESENTATIONS
      AND WARRANTIES

     

    Section
      2.01  Conveyance
      of Trust Fund. 

     

    Pursuant
      to the Mortgage Loan Purchase Agreement, the Sponsor sold, transferred,
      assigned, set over and otherwise conveyed to the Depositor, without recourse,
      all the right, title and interest of the Sponsor in and to the assets in the
      Trust Fund.

     

    The
      Sponsor has entered into this Agreement in consideration for the purchase of
      the
      Mortgage Loans by the Depositor pursuant to the Mortgage Loan Purchase Agreement
      and has agreed to take the actions specified herein.

     

    The
      Depositor, concurrently with the execution and delivery hereof, hereby sells,
      transfers, assigns, sets over and otherwise conveys to the Trustee for the
      use
      and benefit of the Certificateholders, without recourse, all the right, title
      and interest of the Depositor in and to the Trust Fund.

     

    In
      connection with such sale, the Depositor has delivered to, and deposited with,
      the Trustee or the Custodian, as its agent, the following documents or
      instruments with respect to each Mortgage Loan so assigned: (i) the original
      Mortgage Note, including any riders thereto, endorsed without recourse (A)
      to
      the order of “U.S. Bank National Association, as Trustee for certificateholders
      of Bear Stearns Asset Backed Securities I LLC, Asset Backed Certificates, Series
      2006-AC3,” or (B) in the case of a loan registered on the MERS system, in blank,
      and in each case showing to the extent available to the Sponsor an unbroken
      chain of endorsements from the original payee thereof to the Person endorsing
      it
      to the Trustee, (ii) the original Mortgage and, if the related Mortgage Loan
      is
      a MOM Loan, noting the presence of the MIN and language indicating that such
      Mortgage Loan is a MOM Loan, which shall have been recorded (or if the original
      is not available, a copy), with evidence of such recording indicated thereon
      (or
      if clause (x) in the proviso below applies, shall be in recordable form), (iii)
      unless the Mortgage Loan is a MOM Loan, the assignment (either an original
      or a
      copy, which may be in the form of a blanket assignment if permitted in the
      jurisdiction in which the Mortgaged Property is located) to the Trustee of
      the
      Mortgage with respect to each Mortgage Loan in the name of “U.S. Bank National
      Association, as Trustee for certificateholders of Bear Stearns Asset Backed
      Securities I LLC, Asset Backed Certificates, Series 2006-AC3,” which shall have
      been recorded (or if clause (x) in the proviso below applies, shall be in
      recordable form) (iv) an original or a copy of all intervening assignments
      of
      the Mortgage, if any, to the extent available to the Sponsor, with evidence
      of
      recording thereon, (v) the original policy of title insurance or mortgagee’s
      certificate of title insurance or commitment or binder for title insurance,
      if
      available, or a copy thereof, or, in the event that such original title
      insurance policy is unavailable, a photocopy thereof, or in lieu thereof, a
      current lien search on the related Mortgaged Property and (vi) originals or
      copies of all available assumption, modification or substitution agreements,
      if
      any; provided, however, that in lieu of the foregoing, the Sponsor may deliver
      the following documents, under the circumstances set forth below: (x) if any
      Mortgage, assignment thereof to the Trustee or intervening assignments thereof
      have been delivered or are being delivered to recording offices for recording
      and have not been returned in time to permit their delivery as specified above,
      the Depositor may deliver a true copy thereof with a certification by the
      Sponsor or the title company issuing the commitment for title insurance, on
      the
      face of such copy, substantially as follows: “Certified to be a true and correct
      copy of the original, which has been transmitted for recording”; and (y) in lieu
      of the Mortgage Notes relating to the Mortgage Loans identified in the list
      set
      forth in Exhibit I, the Depositor may deliver a lost note affidavit and
      indemnity and a copy of the original note, if available; and provided, further,
      however, that in the case of Mortgage Loans which have been prepaid in full
      after the Cut-off Date and prior to the Closing Date, the Depositor, in lieu
      of
      delivering the above documents, may deliver to the Trustee and its Custodian
      a
      certification of a Servicing Officer to such effect and in such case shall
      deposit all amounts paid in respect of such Mortgage Loans, in the Distribution
      Account on the Closing Date. In the case of the documents referred to in clause
      (x) above, the Depositor shall deliver such documents to the Trustee or its
      Custodian promptly after they are received. The Sponsor shall cause, at its
      expense, the Mortgage and intervening assignments, if any, and to the extent
      required in accordance with the foregoing, the assignment of the Mortgage to
      the
      Trustee to be submitted for recording promptly after the Closing Date; provided
      that the Sponsor need not cause to be recorded any assignment (a) in any
      jurisdiction under the laws of which, as evidenced by an Opinion of Counsel
      addressed to the Trustee delivered by the Sponsor to the Trustee and the Rating
      Agencies, the recordation of such assignment is not necessary to protect the
      Trustee’s interest in the related Mortgage Loan or (b) if MERS is identified on
      the Mortgage or on a properly recorded assignment of the Mortgage as mortgagee
      of record solely as nominee for Sponsor and its successors and assigns. In
      the
      event that the Sponsor, the Depositor or the Master Servicer gives written
      notice to the Trustee that a court has recharacterized the sale of the Mortgage
      Loans as a financing, the Sponsor shall submit or cause to be submitted for
      recording as specified above or, should the Sponsor fail to perform such
      obligations, the Master Servicer shall cause each such previously unrecorded
      assignment to be submitted for recording as specified above at the expense
      of
      the Trust. In the event a Mortgage File is released to the Company or the
      Servicer as a result of such Person having completed a Request for Release,
      the
      Custodian shall, if not so completed, complete the assignment of the related
      Mortgage in the manner specified in clause (iii) above.

     

    In
      connection with the assignment of any Mortgage Loan registered on the MERS®
System, the Sponsor further agrees that it will cause, at the Sponsor’s own
      expense, within 30 days after the Closing Date, the MERS® System to indicate
      that such Mortgage Loans have been assigned by the Sponsor to the Depositor
      and
      by the Depositor to the Trustee in accordance with this Agreement for the
      benefit of the Certificateholders by including (or deleting, in the case of
      Mortgage Loans which are repurchased in accordance with this Agreement) in
      such
      computer files (a) the code in the field which identifies the specific Trustee
      and (b) the code in the field “Pool Field” which identifies the series of the
      Certificates issued in connection with such Mortgage Loans. The Sponsor further
      agrees that it will not, and will not permit the Company, any Servicer or the
      Master Servicer to, and the Master Servicer agrees that it will not, alter
      the
      codes referenced in this paragraph with respect to any Mortgage Loan during
      the
      term of this Agreement unless and until such Mortgage Loan is repurchased in
      accordance with the terms of this Agreement or the Mortgage Loan Purchase
      Agreement.

     

    The
      Depositor shall not be required to deliver intervening assignments or Mortgage
      Note endorsements between the related Underlying Sponsor and the Sponsor,
      between the Sponsor and the Depositor, and between the Depositor and the
      Trustee. and provided, further, however, that in the case of Mortgage Loans
      which have been prepaid in full after the Cut-off Date and prior to the Closing
      Date, the Depositor, in lieu of delivering the above documents, may deliver
      to
      the Trustee or the Custodian, as its agent, a certification to such effect
      and
      shall deposit all amounts paid in respect of such Mortgage Loans in the
      Distribution Account on the Closing Date.

     

    Section
      2.02  Acceptance
      of the Mortgage Loans. 

     

    (a)  Based
      on
      the Initial Certification received by it from the Custodian, the Trustee
      acknowledges receipt of, subject to the further review and exceptions reported
      by the Custodian pursuant to the procedures described below, the documents
      (or
      certified copies thereof) delivered to the Trustee or the Custodian on its
      behalf pursuant to Section 2.01 and declares that it holds and will continue
      to
      hold directly or through a custodian those documents and any amendments,
      replacements or supplements thereto and all other assets of the Trust Fund
      delivered to it in trust for the use and benefit of all present and future
      Holders of the Certificates. On the Closing Date, with respect to the Mortgage
      Loans, the Trustee or the Custodian on its behalf will deliver to the Sponsor
      and the Trustee an Initial Certification confirming whether or not it has
      received the Mortgage File for each Mortgage Loan, but without review of such
      Mortgage File, except to the extent necessary to confirm whether such Mortgage
      File contains the original Mortgage Note or a lost note affidavit and indemnity
      in lieu thereof. No later than 90 days after the Closing Date, the Trustee
      or
      the Custodian on its behalf shall, for the benefit of the Certificateholders,
      review each Mortgage File delivered to it and execute and deliver to the Sponsor
      and, if reviewed by the Custodian, the Trustee, an Interim Certification. In
      conducting such review, the Trustee or the Custodian on its behalf will
      ascertain whether all required documents have been executed and received and
      whether those documents relate, determined on the basis of the Mortgagor name,
      original principal balance and loan number, to the Mortgage Loans identified
      in
      Exhibit B to this Agreement, (provided, however, that with respect to those
      documents described in subclauses (iv) and (vi) of Section 2.01, such
      obligations shall extend only to documents actually delivered pursuant to such
      subclauses). In performing any such review, the Trustee and the Custodian may
      conclusively rely on the purported due execution and genuineness of any such
      document and on the purported genuineness of any signature thereon. If the
      Trustee or the Custodian on its behalf finds any document constituting part
      of
      the Mortgage File not to have been executed or received, or to be unrelated
      to
      the Mortgage Loans identified in Exhibit B or to appear to be defective on
      its
      face, the Trustee or the Custodian on its behalf shall include such information
      in the exception report. The Sponsor shall correct or cure any such defect
      or,
      if prior to the end of the second anniversary of the Closing Date, the Sponsor
      may substitute for the related Mortgage Loan a Replacement Mortgage Loan, which
      substitution shall be accomplished in the manner and subject to the conditions
      set forth in Section 2.03 or shall deliver to the Trustee an Opinion of Counsel
      addressed to the Trustee to the effect that such defect does not materially
      or
      adversely affect the interests of the Certificateholders in such Mortgage Loan
      within 60 days from the date of notice from the Trustee of the defect and if
      the
      Sponsor fails to correct or cure the defect or deliver such opinion within
      such
      period, the Sponsor will, subject to Section 2.03, within 90 days from the
      notification of the Trustee purchase such Mortgage Loan at the Purchase Price;
      provided, however, that if such defect relates solely to the inability of the
      Sponsor to deliver the Mortgage, assignment thereof to the Trustee, or
      intervening assignments thereof with evidence of recording thereon because
      such
      documents have been submitted for recording and have not been returned by the
      applicable jurisdiction, the Sponsor shall not be required to purchase such
      Mortgage Loan if the Sponsor delivers such documents promptly upon receipt,
      but
      in no event later than 360 days after the Closing Date.

     

    (b)  No
      later
      than 180 days after the Closing Date, the Trustee or the Custodian on its behalf
      will review, for the benefit of the Certificateholders, the Mortgage Files
      and
      will execute and deliver or cause to be executed and delivered to the Sponsor
      and, if reviewed by the Custodian, the Trustee, a Final Certification. In
      conducting such review, the Trustee or the Custodian on its behalf will
      ascertain whether each document required to be recorded has been returned from
      the recording office with evidence of recording thereon and the Trustee or
      the
      Custodian on its behalf has received either an original or a copy thereof,
      as
      required in Section 2.01 (provided, however, that with respect to those
      documents described in subclauses (iv) and (vi) of Section 2.01, such
      obligations shall extend only to documents actually delivered pursuant to such
      subclauses). If the Trustee or the Custodian on its behalf finds any document
      with respect to a Mortgage Loan has not been received, or to be unrelated,
      determined on the basis of the Mortgagor name, original principal balance and
      loan number, to the Mortgage Loans identified in Exhibit B or to appear
      defective on its face, the Trustee or the Custodian on its behalf shall note
      such defect in the exception report attached to the Final Certification and
      shall promptly notify the Sponsor. The Sponsor shall correct or cure any such
      defect or, if prior to the end of the second anniversary of the Closing Date,
      the Sponsor may substitute for the related Mortgage Loan a Replacement Mortgage
      Loan, which substitution shall be accomplished in the manner and subject to
      the
      conditions set forth in Section 2.03 or shall deliver to the Trustee an Opinion
      of Counsel addressed to the Trustee to the effect that such defect does not
      materially or adversely affect the interests of Certificateholders in such
      Mortgage Loan within 60 days from the date of notice from the Trustee of the
      defect and if the Sponsor is unable within such period to correct or cure such
      defect, or to substitute the related Mortgage Loan with a Replacement Mortgage
      Loan or to deliver such opinion, the Sponsor shall, subject to Section 2.03,
      within 90 days from the notification of the Trustee, purchase such Mortgage
      Loan
      at the Purchase Price; provided, however, that if such defect relates solely
      to
      the inability of the Sponsor to deliver the Mortgage, assignment thereof to
      the
      Trustee or intervening assignments thereof with evidence of recording thereon,
      because such documents have not been returned by the applicable jurisdiction,
      the Sponsor shall not be required to purchase such Mortgage Loan, if the Sponsor
      delivers such documents promptly upon receipt, but in no event later than 360
      days after the Closing Date.

     

    (c)  In
      the
      event that a Mortgage Loan is purchased by the Sponsor in accordance with
      Subsections 2.02(a) or (b) above or Section 2.03, the Sponsor shall remit the
      applicable Purchase Price to the Securities Administrator for deposit in the
      Distribution Account and shall provide written notice to the Trustee detailing
      the components of the Purchase Price, signed by a Servicing Officer. Upon
      deposit of the Purchase Price in the Distribution Account and upon receipt
      of a
      Request for Release with respect to such Mortgage Loan, the Trustee or the
      Custodian will release to the Sponsor the related Mortgage File and the Trustee
      shall execute and deliver all instruments of transfer or assignment, without
      recourse, representation or warranty furnished to it by the Sponsor, as are
      necessary to vest in the Sponsor title to and rights under the Mortgage Loan.
      Such purchase shall be deemed to have occurred on the date on which the deposit
      into the Distribution Account was made. The Trustee shall promptly notify the
      Rating Agencies of such repurchase. The obligation of the Sponsor to cure,
      repurchase or substitute for any Mortgage Loan as to which a defect in a
      constituent document exists shall be the sole remedies respecting such defect
      available to the Certificateholders or to the Trustee on their
      behalf.

     

    (d)  The
      Sponsor shall deliver to the Trustee or the Custodian on its behalf, and Trustee
      agrees to accept the Mortgage Note and other documents constituting the Mortgage
      File with respect to any Replacement Mortgage Loan, which the Trustee or the
      Custodian will review as provided in Subsections 2.02(a) and 2.02(b), provided,
      that the Closing Date referred to therein shall instead be the date of delivery
      of the Mortgage File with respect to each Replacement Mortgage
      Loan.

     

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

     

    (a)  The
      Company hereby represents and warrants to the Master Servicer, the Depositor,
      the Securities Administrator and the Trustee as follows, as of the Closing
      Date:

     

    (i)  It
      is
      duly organized and is 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 it in any state
      in which a Mortgaged Property related to an EMC Mortgage Loan is located or
      is
      otherwise not required under applicable law to effect such qualification and,
      in
      any event, is in compliance with the doing business laws of any such state,
      to
      the extent necessary to ensure its ability to enforce each EMC Mortgage Loan,
      to
      master service the EMC Mortgage Loans in accordance with the terms of this
      Agreement and to perform any of its other obligations under this Agreement
      in
      accordance with the terms hereof.

     

    (ii)  It
      has
      the full corporate power and authority to service each EMC 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 its part the execution, delivery and performance of this
      Agreement; and this Agreement, assuming the due authorization, execution and
      delivery hereof by the other parties hereto, constitutes its legal, valid and
      binding obligation, enforceable against it in accordance with its terms, except
      that (a) the enforceability hereof 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 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 it, the servicing of the EMC
      Mortgage Loans by it under this Agreement, the consummation of any other of
      the
      transactions contemplated by this Agreement, and the fulfillment of or
      compliance with the terms hereof are in its ordinary course of business and
      will
      not (A) result in a material breach of any term or provision of its charter
      or
      by-laws or (B) materially conflict with, result in a material breach, violation
      or acceleration of, or result in a material default under, the terms of any
      other material agreement or instrument to which it is a party or by which it
      may
      be bound, or (C) constitute a material violation of any statute, order or
      regulation applicable to it of any court, regulatory body, administrative agency
      or governmental body having jurisdiction over it; and it is not in breach or
      violation of any material indenture or other material agreement or instrument,
      or in violation of any statute, order or regulation of any court, regulatory
      body, administrative agency or governmental body having jurisdiction over it
      which breach or violation may materially impair its ability to perform or meet
      any of its obligations under this Agreement.

     

    (iv)  It
      is an
      approved servicer of conventional mortgage loans for Fannie Mae or Freddie
      Mac
      and is a mortgagee approved by the Secretary of Housing and Urban Development
      pursuant to Sections 203 and 211 of the National Housing Act.

     

    (v)  No
      litigation is pending or, to the best of its knowledge, threatened, against
      it
      that would materially and adversely affect the execution, delivery or
      enforceability of this Agreement or its ability to service the EMC Mortgage
      Loans or to perform any of its other obligations under this Agreement in
      accordance with the terms hereof.

     

    (vi)  No
      consent, approval, authorization or order of any court or governmental agency
      or
      body is required for its execution, delivery and performance of, or compliance
      with, this Agreement or the consummation of the transactions contemplated
      hereby, or if any such consent, approval, authorization or order is required,
      it
      has obtained the same.

     

    (vii)  The
      Company has delivered to the Depositor and the Master Servicer financial
      statements of its parent, for its last two complete fiscal years. All such
      financial information fairly presents the pertinent results of operations and
      financial position for the period identified and has been prepared in accordance
      with GAAP consistently applied throughout the periods involved, except as set
      forth in the notes thereto. There has been no change in the servicing policies
      and procedures (outside of the normal changes warranted by regulatory and
      product type changes in the portfolio), business, operations, financial
      condition, properties or assets of the Company since the date of the Company’s
      financial information that would have a material adverse effect on its ability
      to perform its obligations under this Agreement.

     

    (b)  The
      Company hereby covenants to the Master Servicer, the Depositor, the Securities
      Administrator and the Trustee as follows, as of the Closing Date:

     

    (i)  As
      of the
      Closing Date and except as has been otherwise disclosed to the Master Servicer
      and the Depositor, or disclosed in any public filing: (1) no default or
      servicing related performance trigger has occurred as to any other Pass-Through
      Transfer due to any act or failure to act of the Company; (2) no material
      noncompliance with applicable servicing criteria as to any other Pass-Through
      Transfer has occurred, been disclosed or reported by the Company; (3) the
      Company has not been terminated as servicer in a residential mortgage loan
      Pass-Through Transfer, either due to a servicing default or to application
      of a
      servicing performance test or trigger; (4) no material changes to the Company’s
      servicing policies and procedures for similar loans have occurred in the
      preceding three years; (5) there are no aspects of the Company’s financial
      condition that could have a material adverse impact on the performance by the
      Company of its obligations hereunder; (6) there are no legal proceedings
      pending, or known to be contemplated by governmental authorities, against the
      Company that could be material to investors in the securities issued in such
      Pass-Through Transfer; and (7) there are no affiliations, relationships or
      transactions relating to the Company of a type that are described under Item
      1119 of Regulation AB.

     

    (ii)  If
      so
      requested by the Depositor or the Master Servicer on any date, the Company
      shall, within five Business Days following such request, confirm in writing
      the
      accuracy of the representations and warranties set forth in clause (b)(i) of
      this Section or, if any such representation and warranty is not accurate as
      of
      the date of such request, provide reasonably adequate disclosure of the
      pertinent facts, in writing, to the requesting party.

     

    (iii)  As
      a
      condition to the succession to the Company or any subservicer as servicer or
      subservicer under this Agreement by any Person (i) into which the Company or
      such subservicer may be merged or consolidated, or (ii) which may be appointed
      as a successor to the Company or any subservicer, the Company shall provide
      to
      the Master Servicer and the Depositor, at least 15 calendar days prior to the
      effective date of such succession or appointment, (x) written notice to the
      Master Servicer and the Depositor of such succession or appointment and (y)
      in
      writing and in form and substance reasonably satisfactory to the Master Servicer
      and the Depositor, all information reasonably requested by the Master Servicer
      or the Depositor in order to comply with its reporting obligation under Item
      6.02 of Form 8-K with respect to any class of asset-backed
      securities.

     

    (c)  Wells
      Fargo Bank, National Association, in its capacity as Master Servicer and
      Securities Administrator hereby represents and warrants to the Sponsor, the
      Depositor and the Trustee as follows, as of the Closing Date:

     

    (i)  It
      is a
      national banking association duly formed, validly existing and in good standing
      under the laws of the United States of America and is duly authorized and
      qualified to transact any and all business contemplated by this Agreement to
      be
      conducted by the Master Servicer and the Securities Administrator 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, to service the Mortgage Loans
      in accordance with the terms of this Agreement and to perform any of its other
      obligations under this Agreement in accordance with the terms
      hereof;

     

    (ii)  It
      has
      the full corporate power and authority 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 its part the execution,
      delivery and performance of this Agreement; and this Agreement, assuming the
      due
      authorization, execution and delivery hereof by the other parties hereto,
      constitutes its legal, valid and binding obligation, enforceable against it
      in
      accordance with its terms, except that (a) the enforceability hereof 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
      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 it, the consummation of any other
      of
      the transactions contemplated by this Agreement, and the fulfillment of or
      compliance with the terms hereof are in its ordinary course of business and
      will
      not (A) result in a material breach of any term or provision of its charter
      or
      by-laws or (B) materially conflict with, result in a material breach, violation
      or acceleration of, or result in a material default under, the terms of any
      other material agreement or instrument to which it is a party or by which it
      may
      be bound, or (C) constitute a material violation of any statute, order or
      regulation applicable to it of any court, regulatory body, administrative agency
      or governmental body having jurisdiction over it; and it is not in breach or
      violation of any material indenture or other material agreement or instrument,
      or in violation of any statute, order or regulation of any court, regulatory
      body, administrative agency or governmental body having jurisdiction over it
      which breach or violation may materially impair its ability to perform or meet
      any of its obligations under this Agreement.

     

    (iv)  No
      litigation is pending or, to the best of its knowledge, threatened, against
      it
      that would materially and adversely affect the execution, delivery or
      enforceability of this Agreement or its ability to perform any of its other
      obligations under this Agreement in accordance with the terms
      hereof.

     

    (v)  No
      consent, approval, authorization or order of any court or governmental agency
      or
      body is required for its execution, delivery and performance of, or compliance
      with, this Agreement or the consummation of the transactions contemplated
      hereby, or if any such consent, approval, authorization or order is required,
      it
      has obtained the same.

     

    (d)  The
      Sponsor hereby represents and warrants to the Depositor, the Securities
      Administrator, the Master Servicer and the Trustee as follows, as of the Closing
      Date:

     

    (i)  The
      Sponsor is duly organized as a Delaware corporation and is 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 Sponsor 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, to sell the Mortgage Loans in accordance with the terms of this
      Agreement and to perform any of its other obligations under this Agreement
      in
      accordance with the terms hereof.

     

    (ii)  The
      Sponsor has the full corporate power and authority to sell 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 Sponsor the execution, delivery
      and performance of this Agreement; and this Agreement, assuming the due
      authorization, execution and delivery hereof by the other parties hereto,
      constitutes a legal, valid and binding obligation of the Sponsor, enforceable
      against the Sponsor in accordance with its terms, except that (a) the
      enforceability hereof 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 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 Sponsor, the sale of the
      Mortgage Loans by the Sponsor under the Mortgage Loan Purchase Agreement, the
      consummation of any other of the transactions contemplated by this Agreement,
      and the fulfillment of or compliance with the terms hereof and thereof are
      in
      the ordinary course of business of the Sponsor and will not (A) result in a
      material breach of any term or provision of the charter or by-laws of the
      Sponsor or (B) materially conflict with, result in a material breach, violation
      or acceleration of, or result in a material default under, the terms of any
      other material agreement or instrument to which the Sponsor is a party or by
      which it may be bound, or (C) constitute a material violation of any statute,
      order or regulation applicable to the Sponsor of any court, regulatory body,
      administrative agency or governmental body having jurisdiction over the Sponsor;
      and the Sponsor is not in breach or violation of any material indenture or
      other
      material agreement or instrument, or in violation of any statute, order or
      regulation of any court, regulatory body, administrative agency or governmental
      body having jurisdiction over it which breach or violation may materially impair
      the Sponsor’s ability to perform or meet any of its obligations under this
      Agreement.

     

    (iv)  The
      Sponsor is an approved seller of conventional mortgage loans for Fannie Mae
      or
      Freddie Mac and is a mortgagee approved by the Secretary of Housing and Urban
      Development pursuant to Sections 203 and 211 of the National Housing
      Act.

     

    (v)  No
      litigation is pending or, to the best of the Sponsor’s knowledge, threatened,
      against the Sponsor that would materially and adversely affect the execution,
      delivery or enforceability of this Agreement or the ability of the Sponsor
      to
      sell the Mortgage Loans or to perform any of its other obligations under this
      Agreement 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 Sponsor
      of,
      or compliance by the Sponsor with, this Agreement or the consummation of the
      transactions contemplated hereby, or if any such consent, approval,
      authorization or order is required, the Sponsor has obtained the
      same.

     

    (vii)  As
      of the
      Closing Date, the representations and warranties concerning the Mortgage Loans
      set forth in Section 7 of the Mortgage Loan Purchase Agreement are true and
      correct in all material respects.

     

    (e)  Upon
      discovery by any of the parties hereto of a breach of a representation or
      warranty set forth in Section 7 of the Mortgage Loan Purchase Agreement that
      materially and adversely affects the interests of the Certificateholders in
      any
      Mortgage Loan, the party discovering such breach shall give prompt written
      notice thereof to the other parties. The Sponsor hereby covenants with respect
      to the representations and warranties set forth in Section 7 of the Mortgage
      Loan Purchase Agreement, that within 90 days of the discovery of a breach of
      any
      representation or warranty set forth therein that materially and adversely
      affects the interests of the Certificateholders in any Mortgage Loan, it shall
      cure such breach in all material respects and, if such breach is not so cured,
      (i) if such 90-day period expires prior to the second anniversary of the Closing
      Date, remove such Mortgage Loan (a “Deleted Mortgage Loan”) from the Trust Fund
      and substitute in its place a Replacement Mortgage Loan, in the manner and
      subject to the conditions set forth in this Section; or (ii) repurchase the
      affected Mortgage Loan or Mortgage Loans from the Trustee at the Purchase Price
      in the manner set forth below; provided that any such substitution pursuant
      to
      (i) above or repurchase pursuant to (ii) above shall not be effected prior
      to
      the delivery to the Trustee of an Opinion of Counsel if required by Section
      2.05
      hereof and any such substitution pursuant to (i) above shall not be effected
      prior to the additional delivery to the Custodian of a Request for Release.
      The
      Sponsor shall, or cause the related Servicer to, furnish to the Securities
      Administrator and the Trustee the Officer’s Certificate required under Section
      2.03(e) relating to such cure. If the Trustee has received (or has given, as
      the
      case may be) written notice of such a breach of a representation or warranty,
      the Trustee shall give prompt written notice to the Master Servicer, the
      Securities Administrator and the Sponsor, if within 90 days of its receipt
      (or
      giving, as the case may be) of such notice of breach, the Trustee does not
      receive an Officer’s Certificate as described in the preceding sentence
      certifying as to the cure of such breached representation or warranty. The
      Sponsor shall promptly reimburse the Trustee for any expenses reasonably
      incurred by the Trustee in respect of enforcing the remedies for such breach.
      To
      enable the Sponsor to amend the Mortgage Loan Schedule, the Sponsor shall,
      unless it cures such breach in a timely fashion pursuant to this Section 2.03,
      promptly notify the Trustee whether it intends either to repurchase, or to
      substitute for, the Mortgage Loan affected by such breach. With respect to
      the
      representations and warranties in Section 7 of the Mortgage Loan Purchase
      Agreement that are made to the best of the Sponsor’s knowledge, if it is
      discovered by any of the Depositor, the Master Servicer, the Sponsor, the
      Securities Administrator or the Trustee that the substance of such
      representation and warranty is inaccurate and such inaccuracy materially and
      adversely affects the value of the related Mortgage Loan, notwithstanding the
      Sponsor’s lack of knowledge with respect to the substance of such representation
      or warranty, the Sponsor shall nevertheless be required to cure, substitute
      for
      or repurchase the affected Mortgage Loan in accordance with the
      foregoing.

     

    With
      respect to any Replacement Mortgage Loan or Loans, the Sponsor shall deliver
      to
      the Trustee (or the Custodian on its behalf) for the benefit of the
      Certificateholders such documents and agreements as are required by Section
      2.01. No substitution will be made in any calendar month after the Determination
      Date for such month. Scheduled Payments due with respect to Replacement Mortgage
      Loans in the Due Period related to the Distribution Date on which such proceeds
      are to be distributed shall not be part of the Trust Fund and will be retained
      by the Sponsor. For the month of substitution, distributions to
      Certificateholders will include the Scheduled Payment due on any Deleted
      Mortgage Loan for the related Due Period and thereafter the Sponsor shall be
      entitled to retain all amounts received in respect of such Deleted Mortgage
      Loan. The Sponsor shall amend the Mortgage Loan Schedule for the benefit of
      the
      Certificateholders to reflect the removal of such Deleted Mortgage Loan and
      the
      substitution of the Replacement Mortgage Loan or Loans and the Sponsor shall
      deliver the amended Mortgage Loan Schedule to the Trustee, the Master Servicer,
      the Securities Administrator and the Custodian. Upon such substitution, the
      Replacement Mortgage Loan or Loans shall be subject to the terms of this
      Agreement in all respects, and the Sponsor shall be deemed to have made with
      respect to such Replacement Mortgage Loan or Loans, as of the date of
      substitution, the representations and warranties set forth in Section 7 of
      the
      Mortgage Loan Purchase Agreement with respect to such Mortgage Loan. Upon any
      such substitution and the deposit into the Distribution Account of the amount
      required to be deposited therein in connection with such substitution as
      described in the following paragraph and receipt by the Trustee of a Request
      for
      Release for such Mortgage Loan, the Trustee or the Custodian shall release
      to
      the Sponsor the Mortgage File relating to such Deleted Mortgage Loan and held
      for the benefit of the Certificateholders and the Trustee shall execute and
      deliver at the Sponsor’s direction such instruments of transfer or assignment as
      have been prepared by the Sponsor, in each case without recourse, representation
      or warranty as shall be necessary to vest in the Sponsor, or its respective
      designee, title to the Trustee’s interest in any Deleted Mortgage Loan
      substituted for pursuant to this Section 2.03.

     

    For
      any
      month in which the Sponsor substitutes one or more Replacement Mortgage Loans
      for a Deleted Mortgage Loan, the Master Servicer will determine the amount
      (if
      any) by which the aggregate principal balance of all the Replacement Mortgage
      Loans as of the date of substitution is less than the Stated Principal Balance
      (after application of the principal portion of the Scheduled Payment due in
      the
      month of substitution) of such Deleted Mortgage Loan. An amount equal to the
      aggregate of such deficiencies, described in the preceding sentence for any
      Distribution Date (such amount, the “Substitution Adjustment Amount”) shall be
      deposited into the Distribution Account, by the Securities Administrator upon
      receipt from the Sponsor delivering such Replacement Mortgage Loan on the
      Determination Date for the Distribution Date relating to the Prepayment Period
      during which the related Mortgage Loan became required to be purchased or
      replaced hereunder.

     

    In
      the
      event that the Sponsor shall have repurchased a Mortgage Loan, the Purchase
      Price therefor shall be deposited into the Distribution Account maintained
      by
      the Securities Administrator, on the Determination Date for the Distribution
      Date in the month following the month during which the Sponsor became obligated
      to repurchase or replace such Mortgage Loan and upon such deposit of the
      Purchase Price, the delivery of an Opinion of Counsel if required by Section
      2.05 and the receipt of a Request for Release, the Trustee or the Custodian
      shall release the related Mortgage File held for the benefit of the
      Certificateholders to the Sponsor, and the Trustee shall execute and deliver
      at
      such Person’s direction the related instruments of transfer or assignment
      prepared by the Sponsor, in each case without recourse, representation or
      warranty as shall be necessary to transfer title from the Trustee for the
      benefit of the Certificateholders and transfer the Trustee’s interest to the
      Sponsor to any Mortgage Loan purchased pursuant to this Section 2.03. In
      connection with any repurchase or substitution of a Mortgage Loan or the cure
      of
      a breach of a representation or warranty set forth in Section 7 of the Mortgage
      Loan Purchase Agreement pursuant to this Section 2.03, the Seller shall promptly
      furnish to the Securities Administrator and the Trustee an officer’s
      certificate, signed by a duly authorized officer of the Seller to the effect
      that such repurchase, substitution or cure has been made in accordance with
      the
      terms and conditions of this Agreement and that all conditions precedent to
      such
      repurchase, substitution or cure have been satisfied, including the delivery
      to
      the Securities Administrator of the Purchase Price or Substitution Adjustment
      Amount, as applicable, for deposit into the Distribution Account, together
      with
      copies of any Opinion of Counsel required to be delivered pursuant to this
      Agreement and the related Request for Release, in which the Securities
      Administrator and the Trustee may rely. Solely for purposes of the Securities
      Administrator providing an Assessment of Compliance, upon receipt of such
      documentation, the Securities Administrator shall approve such repurchase,
      substitution or cure, as applicable, and which approval shall consist solely
      of
      the Securities Administrator’s receipt of such documentation and deposits. It is
      understood and agreed that the obligation under this Agreement of the Sponsor
      to
      cure, the breach of a representation or warranty set forth in Section 7 of
      the
      Mortgage Loan Purchase Agreement or to repurchase or replace any Mortgage Loan
      as to which a breach has occurred and is continuing shall constitute the sole
      remedies against the Sponsor respecting such breach available to
      Certificateholders, the Depositor or the Trustee.

     

    (f)  The
      representations and warranties set forth in Section 2.03 hereof shall survive
      delivery of the respective Mortgage Loans and Mortgage Files to the Trustee
      or
      the Custodian for the benefit of the Certificateholders.

     

    Section
      2.04  Representations
      and Warranties of the Depositor. 

     

    The
      Depositor hereby represents and warrants to the Master Servicer, the Securities
      Administrator and the Trustee as follows, as of the date hereof and as of the
      Closing Date:

     

    (i)  The
      Depositor is duly organized and is validly existing as limited liability company
      in good standing under the laws of the State of Delaware and has full power
      and
      authority necessary to own or hold its properties and to conduct its business
      as
      now conducted by it and to enter into and perform its obligations under this
      Agreement.

     

    (ii)  The
      Depositor has the full power and authority to execute, deliver and perform,
      and
      to enter into and consummate the transactions contemplated by, this Agreement
      and has duly authorized, by all necessary action on its part, the execution,
      delivery and performance of this Agreement; and this Agreement, assuming the
      due
      authorization, execution and delivery hereof by the other parties hereto,
      constitutes a legal, valid and binding obligation of the Depositor, enforceable
      against the Depositor in accordance with its terms, subject, as to
      enforceability, to (i) bankruptcy, insolvency, reorganization, moratorium and
      other similar laws affecting creditors’ rights generally and (ii) general
      principles of equity, regardless of whether enforcement is sought in a
      proceeding in equity or at law.

     

    (iii)  The
      execution and delivery of this Agreement by the Depositor, the consummation
      of
      the transactions contemplated by this Agreement, and the fulfillment of or
      compliance with the terms hereof are in the ordinary course of business of
      the
      Depositor and will not (A) result in a material breach of any term or provision
      of the organizational documents of the Depositor or (B) materially conflict
      with, result in a material breach, violation or acceleration of, or result
      in a
      material default under, the terms of any other material agreement or instrument
      to which the Depositor is a party or by which it may be bound or (C) constitute
      a material violation of any statute, order or regulation applicable to the
      Depositor of any court, regulatory body, administrative agency or governmental
      body having jurisdiction over the Depositor; and the Depositor is not in breach
      or violation of any material indenture or other material agreement or
      instrument, or in violation of any statute, order or regulation of any court,
      regulatory body, administrative agency or governmental body having jurisdiction
      over it which breach or violation may materially impair the Depositor’s ability
      to perform or meet any of its obligations under this Agreement.

     

    (iv)  No
      litigation is pending, or, to the best of the Depositor’s knowledge, threatened,
      against the Depositor that would materially and adversely affect the execution,
      delivery or enforceability of this Agreement or the ability of the Depositor
      to
      perform its obligations under this Agreement in accordance with the terms
      hereof.

     

    (v)  No
      consent, approval, authorization or order of any court or governmental agency
      or
      body is required for the execution, delivery and performance by the Depositor
      of, or compliance by the Depositor with, this Agreement or the consummation
      of
      the transactions contemplated hereby, or if any such consent, approval,
      authorization or order is required, the Depositor has obtained the
      same.

     

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

     

    The
      Depositor hereby represents and warrants to the Trustee as of the Closing Date,
      following the transfer of the Mortgage Loans to it by the Sponsor, the Depositor
      had good title to the Mortgage Loans and the related Mortgage Notes were subject
      to no offsets, claims, defenses or counterclaims.

     

    It
      is
      understood and agreed that the representations and warranties set forth in
      the
      immediately preceding paragraph shall survive delivery of the Mortgage Files
      to
      the Trustee or the Custodian for the benefit of the Certificateholders. Upon
      discovery by the Depositor or the Trustee of a breach of such representations
      and warranties, the party discovering such breach shall give prompt written
      notice to the others and to each Rating Agency.

     

    Section
      2.05  Delivery
      of Opinion of Counsel in Connection with Substitutions and
      Repurchases.

     

    (a)  Notwithstanding
      any contrary provision of this Agreement, with respect to any Mortgage Loan
      that
      is not in default or as to which default is not imminent, no repurchase or
      substitution pursuant to Sections 2.02 or 2.03 shall be made unless the Sponsor
      delivers to the Trustee and Securities Administrator an Opinion of Counsel,
      addressed to the Trustee and Securities Administrator, to the effect that such
      repurchase or substitution would not (i) result in the imposition of the tax
      on
“prohibited transactions” of REMIC I, REMIC II or REMIC III or contributions
      after the Closing Date, as defined in Sections 860F(a)(2) and 860G(d) of the
      Code, respectively or (ii) cause any of REMIC I, REMIC II or REMIC III to fail
      to qualify as a REMIC at any time that any Certificates are outstanding. Any
      Mortgage Loan as to which repurchase or substitution was delayed pursuant to
      this paragraph shall be repurchased or the substitution therefor shall occur
      (subject to compliance with Sections 2.02 or 2.03) upon the earlier of (a)
      the
      occurrence of a default or imminent default with respect to such Mortgage Loan
      and (b) receipt by the Trustee of an Opinion of Counsel addressed to the Trustee
      to the effect that such repurchase or substitution, as applicable, will not
      result in the events described in clause (i) or clause (ii) of the preceding
      sentence.

     

    (b)  Upon
      discovery by the Depositor, the Sponsor, the Custodian or the Master Servicer
      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
      promptly (and in any event within 5 Business Days of discovery) give written
      notice thereof to the other parties and the Trustee. In connection therewith,
      the Trustee, or the Custodian on its behalf, shall require the Sponsor, at
      the
      Sponsor’s option, to either (i) substitute, if the conditions in Section 2.03(c)
      with respect to substitutions are satisfied, a Replacement Mortgage Loan for
      the
      affected Mortgage Loan, or (ii) repurchase the affected Mortgage Loan within
      90
      days of such discovery in the same manner as it would a Mortgage Loan for a
      breach of representation or warranty contained in Section 2.03. The Trustee,
      or
      the Custodian on its behalf, shall reconvey to the Sponsor the Mortgage Loan
      to
      be released pursuant hereto (and the Custodian shall deliver the related
      Mortgage File) 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
      contained in Section 2.03.

     

    Section
      2.06  Countersignature
      and Delivery of Certificates. 

     

    (a)  The
      Trustee acknowledges the sale, transfer and assignment to it of the Trust Fund
      and, concurrently with such transfer and assignment, the Securities
      Administrator has executed, countersigned and delivered, to or upon the order
      of
      the Depositor, the Certificates in authorized denominations evidencing the
      entire ownership of the Trust Fund. The Trustee agrees to hold the Trust Fund
      and exercise the rights referred to above for the benefit of all present and
      future Holders of the Certificates and to perform the duties set forth in this
      Agreement in accordance with its terms.

     

    (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 and the other assets of REMIC II for the benefit of the
      holders of the REMIC II Interests. The Trustee acknowledges receipt of the
      REMIC
      I Regular Interests (which are uncertificated) and the other assets of REMIC
      II
      and declares that it holds and will hold the same in trust for the exclusive
      use
      and benefit of the holders of the REMIC II Interests.

     

    (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 and the other assets of REMIC III for the benefit of the
      holders of the Regular Certificates and Class R-3 Certificates. The Trustee
      acknowledges receipt of the REMIC II Regular Interests (which are
      uncertificated) and the other assets of REMIC III and declares that it holds
      and
      will hold the same in trust for the exclusive use and benefit of the holders
      of
      the Regular Certificates and Class R-3 Certificates.

     

    Section
      2.07  Reserved.

     

    

    ARTICLE
      III

     

    ADMINISTRATION
      AND SERVICING OF EMC MORTGAGE LOANS BY COMPANY

     

    Section
      3.01  The
      Company. 

     

    The
      Company shall service and administer the EMC Mortgage Loans in accordance with
      customary and usual standards of practice of prudent mortgage loan servicers
      in
      the respective states in which the related Mortgaged Properties are located.
      In
      connection with such servicing and administration, the Company shall have full
      power and authority, acting alone and/or through subservicers as provided in
      Section 3.03, to do or cause to be done any and all things that it may deem
      necessary or desirable in connection with such servicing and administration,
      including but not limited to, the power and authority, subject to the terms
      hereof (i) to execute and deliver, on behalf of the Certificateholders and
      the
      Trustee, customary consents or waivers and other instruments and documents,
      (ii)
      to consent to transfers of any related Mortgaged Property and assumptions of
      the
      Mortgage Notes and related Mortgages (but only in the manner provided herein),
      (iii) to collect any Insurance Proceeds and other Liquidation Proceeds, and
      (iv)
      subject to Section 3.09, to effectuate foreclosure or other conversion of the
      ownership of the Mortgaged Property securing any EMC Mortgage Loan; provided
      that the Company shall take no action that is inconsistent with or prejudices
      the interests of the Trust Fund or the Certificateholders in any EMC Mortgage
      Loan or the rights and interests of the Depositor and the Trustee under this
      Agreement.

     

    Without
      limiting the generality of the foregoing, the Company, in its own name or in
      the
      name of the Trust, the Depositor or the Trustee, is hereby authorized and
      empowered by the Trust, the Depositor and the Trustee, when the Company believes
      it appropriate in its reasonable judgment, to execute and deliver, on behalf
      of
      the Trustee, the Depositor, the Certificateholders or any of them, any and
      all
      instruments of satisfaction or cancellation, or of partial or full release
      or
      discharge and all other comparable instruments, with respect to the EMC Mortgage
      Loans, and with respect to the related Mortgaged Properties held for the benefit
      of the Certificateholders. The Company shall prepare and deliver to the
      Depositor and/or the Trustee such documents requiring execution and delivery
      by
      any or all of them as are necessary or appropriate to enable the Company to
      service and administer the EMC Mortgage Loans. Upon receipt of such documents,
      the Depositor and/or the Trustee shall execute such documents and deliver them
      to the Company.

     

    In
      accordance with the standards of the first paragraph of this Section 3.01,
      the
      Company shall advance or cause to be advanced funds as necessary for the purpose
      of effecting the payment of taxes and assessments on the Mortgaged Properties
      relating to the EMC Mortgage Loans, which advances shall be reimbursable in
      the
      first instance from related collections from the Mortgagors pursuant to Section
      5.04, and further as provided in Section 5.02. All costs incurred by the
      Company, if any, in effecting the timely payments of taxes and assessments
      on
      the Mortgaged Properties relating to the EMC Mortgage Loans and related
      insurance premiums shall not, for the purpose of calculating monthly
      distributions to the Certificateholders, be added to the Stated Principal
      Balance under the related EMC Mortgage Loans, notwithstanding that the terms
      of
      such Mortgage Loans so permit.

     

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

     

    (a)  Except
      as
      otherwise provided in this Section 3.02, when any property subject to a Mortgage
      has been or is about to be conveyed by the Mortgagor, the Company shall to
      the
      extent that it has knowledge of such conveyance, enforce any due-on-sale clause
      contained in any Mortgage Note or Mortgage, to the extent permitted under
      applicable law and governmental regulations, but only to the extent that such
      enforcement will not adversely affect or jeopardize coverage under any Required
      Insurance Policy. Notwithstanding the foregoing, the Company is not required
      to
      exercise such rights with respect to an EMC Mortgage Loan if the Person to
      whom
      the related Mortgaged Property has been conveyed or is proposed to be conveyed
      satisfies the terms and conditions contained in the Mortgage Note and Mortgage
      related thereto and the consent of the mortgagee under such Mortgage Note or
      Mortgage is not otherwise so required under such Mortgage Note or Mortgage
      as a
      condition to such transfer. In the event that the Company is prohibited by
      law
      from enforcing any such due-on-sale clause, or if coverage under any Required
      Insurance Policy would be adversely affected, or if nonenforcement is otherwise
      permitted hereunder, the Company is authorized, subject to Section 3.02(b),
      to
      take or enter into an assumption and modification agreement from or with the
      person to whom such property has been or is about to be conveyed, pursuant
      to
      which such person becomes liable under the Mortgage Note and, unless prohibited
      by applicable state law, the Mortgagor remains liable thereon, provided that
      the
      Mortgage Loan shall continue to be covered (if so covered before the Company
      enters such agreement) by the applicable Required Insurance Policies. The
      Company, subject to Section 3.02(b), is also authorized with the prior approval
      of the insurers under any Required Insurance Policies 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
      Mortgagor and becomes liable under the Mortgage Note. Notwithstanding the
      foregoing, the Company shall not be deemed to be in default under this Section
      3.02(a) by reason of any transfer or assumption that the Company reasonably
      believes it is restricted by law from preventing.

     

    (b)  Subject
      to the Company’s duty to enforce any due-on-sale clause to the extent set forth
      in Section 3.02(a), in any case in which a Mortgaged Property has been conveyed
      to a Person by a Mortgagor, and such Person is to enter into an assumption
      agreement or modification agreement or supplement to the Mortgage Note or
      Mortgage that requires the signature of the Trustee, or if an instrument of
      release signed by the Trustee is required releasing the Mortgagor from liability
      on the related EMC Mortgage Loan, the Company shall prepare and deliver or
      cause
      to be prepared and delivered to the Trustee for signature and shall direct,
      in
      writing, the Trustee to execute the assumption agreement with the Person to
      whom
      the Mortgaged Property is to be conveyed and such modification agreement or
      supplement to the Mortgage Note or Mortgage or other instruments as are
      reasonable or necessary to carry out the terms of the Mortgage Note or Mortgage
      or otherwise to comply with any applicable laws regarding assumptions or the
      transfer of the Mortgaged Property to such Person. In connection with any such
      assumption, no material term of the Mortgage Note (including, but not limited
      to, the Mortgage Rate, the amount of the Scheduled Payment and any other term
      affecting the amount or timing of payment on the EMC Mortgage Loan) may be
      changed. In addition, the substitute Mortgagor and the Mortgaged Property must
      be acceptable to the Company in accordance with its servicing standards as
      then
      in effect. The Company shall notify the Trustee that any such substitution
      or
      assumption agreement has been completed by forwarding to the Trustee the
      original of such substitution or assumption agreement, which in the case of
      the
      original 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. Any fee collected
      by the Company for entering into an assumption or substitution of liability
      agreement will be retained by the Company as additional servicing
      compensation.

     

    Section
      3.03  Subservicers. 

     

    The
      Company shall perform all of its servicing responsibilities hereunder or may
      cause a subservicer to perform any such servicing responsibilities on its
      behalf, but the use by the Company of a subservicer shall not release the
      Company from any of its obligations hereunder and the Company shall remain
      responsible hereunder for all acts and omissions of each subservicer as fully
      as
      if such acts and omissions were those of the Company. The Company shall pay
      all
      fees of each subservicer from its own funds, and a subservicer’s fee shall not
      exceed the Servicing Fee payable to the Company hereunder.

     

    At
      the
      cost and expense of the Company, without any right of reimbursement from its
      Protected Account, the Company shall be entitled to terminate the rights and
      responsibilities of a subservicer and arrange for any servicing responsibilities
      to be performed by a successor subservicer; provided, however, that nothing
      contained herein shall be deemed to prevent or prohibit the Company, at the
      Company’s option, from electing to service the related EMC Mortgage Loans
      itself. In the event that the Company’s responsibilities and duties under this
      Agreement are terminated pursuant to Section 9.05, the Company shall at its
      own
      cost and expense terminate the rights and responsibilities of each subservicer
      effective as of the date of termination of the Company. The Company shall pay
      all fees, expenses or penalties necessary in order to terminate the rights
      and
      responsibilities of each subservicer from the Company’s own funds without
      reimbursement from the Trust Fund.

     

    Notwithstanding
      the foregoing, the Company shall not be relieved of its obligations hereunder
      and shall be obligated to the same extent and under the same terms and
      conditions as if it alone were servicing and administering the EMC Mortgage
      Loans. The Company shall be entitled to enter into an agreement with a
      subservicer for indemnification of the Company by the subservicer and nothing
      contained in this Agreement shall be deemed to limit or modify such
      indemnification.

     

    Any
      Subservicing Agreement and any other transactions or services relating to the
      EMC Mortgage Loans involving a subservicer shall be deemed to be between such
      subservicer and the Company alone, and neither the Master Servicer nor the
      Trustee shall have any obligations, duties or liabilities with respect to such
      subservicer including any obligation, duty or liability of either the Master
      Servicer or the Trustee to pay such subservicer’s fees and expenses. For
      purposes of remittances to the Master Servicer pursuant to this Agreement,
      the
      Company shall be deemed to have received a payment on an EMC Mortgage Loan
      when
      a subservicer has received such payment.

     

    Section
      3.04  Documents,
      Records and Funds in Possession of Company To Be Held for
      Trustee. 

     

    Notwithstanding
      any other provisions of this Agreement, the Company shall transmit to the
      Trustee as required by this Agreement all documents and instruments in respect
      of an EMC Mortgage Loan coming into the possession of the Company from time
      to
      time and shall account fully to the Trustee for any funds received by the
      Company or that otherwise are collected by the Company as Liquidation Proceeds
      or Insurance Proceeds in respect of any such Mortgage Loan. All Mortgage Files
      and funds collected or held by, or under the control of, the Company in respect
      of any EMC Mortgage Loans, whether from the collection of principal and interest
      payments or from Liquidation Proceeds, including but not limited to, any funds
      on deposit in the Protected Account maintained by the Company, shall be held
      by
      the Company for and on behalf of the Trustee and shall be and remain the sole
      and exclusive property of the Trustee, subject to the applicable provisions
      of
      this Agreement. The Company also agrees that it shall not create, incur or
      subject any Mortgage File or any funds that are deposited in the Protected
      Account maintained by the Company or the Distribution Account or in any Escrow
      Account, or any funds that otherwise are or may become due or payable to the
      Trustee for the benefit of the Certificateholders, to any claim, lien, security
      interest, judgment, levy, writ of attachment or other encumbrance, or assert
      by
      legal action or otherwise any claim or right of set off against any Mortgage
      File or any funds collected on, or in connection with, an EMC Mortgage Loan,
      except, however, that the Company shall be entitled to set off against and
      deduct from any such funds any amounts that are properly due and payable to
      the
      Company under this Agreement.

     

    Section
      3.05  Maintenance
      of Hazard Insurance. 

     

    The
      Company shall cause to be maintained, for each EMC Mortgage Loan, hazard
      insurance on buildings upon, or comprising part of, the Mortgaged Property
      against loss by fire, hazards of extended coverage and such other hazards as
      are
      customary in the area where the related Mortgaged Property is located with
      an
      insurer which is licensed to do business in the state where the related
      Mortgaged Property is located. Each such policy of standard hazard insurance
      shall contain, or have an accompanying endorsement that contains, a standard
      mortgagee clause. The Company shall also cause flood insurance to be maintained
      on property acquired upon foreclosure or deed in lieu of foreclosure of any
      EMC
      Mortgage Loan, to the extent described below. Pursuant to Section 5.01, any
      amounts collected by the Company under any such policies (other than the amounts
      to be applied to the restoration or repair of the related Mortgaged Property
      or
      property thus acquired or amounts released to the Mortgagor in accordance with
      the Company’s normal servicing procedures) shall be deposited in the Protected
      Account maintained by the Company. Any cost incurred by the Company in
      maintaining any such insurance shall not, for the purpose of calculating monthly
      distributions to the Certificateholders or remittances to the Securities
      Administrator for their benefit, be added to the principal balance of the
      Mortgage Loan, notwithstanding that the terms of the EMC Mortgage Loan so
      permit. Such costs shall be recoverable by the Company out of late payments
      by
      the related Mortgagor or out of Liquidation Proceeds to the extent permitted
      by
      Section 5.02. It is understood and agreed that no earthquake or other additional
      insurance is to be required of any Mortgagor or maintained on property acquired
      in respect of a Mortgage 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 is located at the time of
      origination of the related EMC Mortgage Loan in a federally designated special
      flood hazard area and such area is participating in the national flood insurance
      program, the Company shall cause flood insurance to be maintained with respect
      to such EMC Mortgage Loan. Such flood insurance shall be in an amount equal
      to
      the least of (i) the Stated Principal Balance of the related EMC Mortgage Loan,
      (ii) minimum amount required to compensate for damage or loss on a replacement
      cost basis or (iii) the maximum amount of such insurance available for the
      related Mortgaged Property under the Flood Disaster Protection Act of 1973,
      as
      amended.

     

    In
      the
      event that the Company shall obtain and maintain a blanket policy insuring
      against hazard losses on all of the EMC Mortgage Loans, it shall conclusively
      be
      deemed to have satisfied its obligations as set forth in the first sentence
      of
      this Section 3.05, it being understood and agreed that such policy may contain
      a
      deductible clause on terms substantially equivalent to those commercially
      available and maintained by comparable servicers. If such policy contains a
      deductible clause, the Company shall, in the event that there shall not have
      been maintained on the related Mortgaged Property a policy complying with the
      first sentence of this Section 3.05, and there shall have been a loss that
      would
      have been covered by such policy, deposit in the Protected Account maintained
      by
      the Company the amount not otherwise payable under the blanket policy because
      of
      such deductible clause. Such deposit shall be from the Company’s own funds
      without reimbursement therefor. In connection with its activities as
      administrator and servicer of the EMC Mortgage Loans, the Company agrees to
      present, on behalf of itself, the Depositor and the Trustee for the benefit
      of
      the Certificateholders, claims under any such blanket policy.

     

    Section
      3.06  Presentment
      of Claims and Collection of Proceeds. 

     

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

     

    Section
      3.07  Maintenance
      of the Primary Mortgage Insurance Policies. 

     

    (a)  The
      Company shall not take any action that would result in noncoverage under any
      applicable Primary Mortgage Insurance Policy of any loss which, but for the
      actions of the Company would have been covered thereunder. The Company shall
      use
      its best efforts to keep in force and effect (to the extent that the EMC
      Mortgage Loan requires the Mortgagor to maintain such insurance), Primary
      Mortgage Insurance applicable to each EMC Mortgage Loan. The Company shall
      not
      cancel or refuse to renew any such Primary Mortgage Insurance Policy that is
      in
      effect at the date of the initial issuance of the related Mortgage Note and
      is
      required to be kept in force hereunder.

     

    (b)  The
      Company agrees to present on behalf of the Trustee and the Certificateholders,
      claims to the insurer under any Primary Mortgage Insurance Policies relating
      to
      the EMC Mortgage Loans and, in this regard, to take such reasonable action
      as
      shall be necessary to permit recovery under any Primary Mortgage Insurance
      Policies respecting defaulted EMC Mortgage Loans. Pursuant to Section 5.01,
      any
      amounts collected by the Company under any Primary Mortgage Insurance Policies
      shall be deposited in the Protected Account maintained by the Company, subject
      to withdrawal pursuant to Section 5.02 hereof.

     

    Section
      3.08  Fidelity
      Bond, Errors and Omissions Insurance. 

     

    The
      Company shall maintain, at its own expense, a blanket fidelity bond and an
      errors and omissions insurance policy, with broad coverage with responsible
      companies on all officers, employees or other persons acting in any capacity
      with regard to the EMC Mortgage Loans and who handle funds, money, documents
      and
      papers relating to the EMC Mortgage Loans. The fidelity bond and errors and
      omissions insurance shall be in the form of the Mortgage Banker’s Blanket Bond
      and shall protect and insure the Company against losses, including forgery,
      theft, embezzlement, fraud, errors and omissions and negligent acts of such
      persons. Such fidelity bond shall also protect and insure the Company against
      losses in connection with the failure to maintain any insurance policies
      required pursuant to this Agreement and the release or satisfaction of an EMC
      Mortgage Loan which is not in accordance with Accepted Servicing Practices.
      No
      provision of this Section 3.08 requiring the fidelity bond and errors and
      omissions insurance shall diminish or relieve the Company from its duties and
      obligations as set forth in this Agreement. The minimum coverage under any
      such
      bond and insurance policy shall be at least equal to the corresponding amounts
      required by Accepted Servicing Practices. The Company shall deliver to the
      Master Servicer a certificate from the surety and the insurer as to the
      existence of the fidelity bond and errors and omissions insurance policy and
      shall obtain a statement from the surety and the insurer that such fidelity
      bond
      or insurance policy shall in no event be terminated or materially modified
      without thirty days prior written notice to the Master Servicer and the Trustee.
      The Company shall notify the Master Servicer and the Trustee within five
      business days of receipt of notice that such fidelity bond or insurance policy
      will be, or has been, materially modified or terminated. The Trustee for the
      benefit of the Certificateholders must be named as loss payees on the fidelity
      bond and as additional insured on the errors and omissions policy.

     

    The
      Company shall provide to the Master Servicer and the Depositor evidence of
      the
      authorization of the person signing any certification or statement, copies
      or
      other evidence of fidelity bond and errors and omissions insurance, financial
      information and reports, and such other information related to the Company
      or
      any subservicer engaged by it or the Company’s or such subservicer’s performance
      hereunder or under the related Subservicing Agreement as may be reasonably
      requested by the Master Servicer or the Depositor.

     

    Section
      3.09  Realization
      Upon Defaulted Mortgage Loans; Determination of Excess Liquidation Proceeds
      and
      Realized Losses; Repurchases of Certain Mortgage Loans. 

     

    (a)  The
      Company shall use reasonable efforts to foreclose upon or otherwise comparably
      convert the ownership of properties securing such of the EMC Mortgage Loans
      as
      come into and continue in default and as to which no satisfactory arrangements
      can be made for collection of delinquent payments. In connection with such
      foreclosure or other conversion, the Company shall follow such practices and
      procedures as it shall deem necessary or advisable and as shall be normal and
      usual in its general mortgage servicing activities and the requirements of
      the
      insurer under any Required Insurance Policy; provided that the Company shall
      not
      be required to expend its own funds in connection with any foreclosure or
      towards the restoration of any property unless it shall determine (i) that
      such
      restoration and/or foreclosure will increase the proceeds of liquidation of
      the
      EMC Mortgage Loan after reimbursement to itself of such expenses and (ii) that
      such expenses will be recoverable to it through Insurance Proceeds or
      Liquidation Proceeds (respecting which it shall have priority for purposes
      of
      withdrawals from the Protected Account maintained by the Company pursuant to
      Section 5.02). If the Company reasonably believes that Liquidation Proceeds
      with
      respect to any such EMC Mortgage Loan would not be increased as a result of
      such
      foreclosure or other action, such EMC Mortgage Loan will be charged-off and
      will
      become a Liquidated Loan. The Company will give notice of any such charge-off
      to
      the Trustee and the Securities Administrator. The Company shall be responsible
      for all other costs and expenses incurred by it in any such proceedings;
      provided that such costs and expenses shall be Servicing Advances and that
      it
      shall be entitled to reimbursement thereof from the proceeds of liquidation
      of
      the related Mortgaged Property, as contemplated in Section 5.02. If the Company
      has knowledge that a Mortgaged Property that the Company is contemplating
      acquiring in foreclosure or by deed- in-lieu of foreclosure is located within
      a
      one-mile radius of any site with environmental or hazardous waste risks known
      to
      the Company, the Company will, prior to acquiring the related Mortgaged
      Property, consider such risks and only take action in accordance with its
      established environmental review procedures.

     

    With
      respect to any REO Property relating to an EMC Mortgage Loan, the deed or
      certificate of sale shall be taken in the name of the Trustee for the benefit
      of
      the Certificateholders (or the Trustee’s nominee on behalf of the
      Certificateholders). The Trustee’s name shall be placed on the title to such REO
      Property solely as the Trustee hereunder and not in its individual capacity.
      The
      Company shall ensure that the title to such REO Property references this
      Agreement and the Trustee’s capacity hereunder. Pursuant to its efforts to sell
      such REO Property, the Company shall either itself or through an agent selected
      by the Company protect and conserve such REO Property in the same manner and
      to
      such extent as is customary in the locality where such REO Property is located
      and may, incident to its conservation and protection of the interests of the
      Certificateholders, rent the same, or any part thereof, as the Company deems
      to
      be in the best interest of the Company and the Certificateholders for the period
      prior to the sale of such REO Property. The Company shall prepare for and
      deliver to the Trustee and the Securities Administrator a statement with respect
      to each such REO Property that has been rented showing the aggregate rental
      income received and all expenses incurred in connection with the management
      and
      maintenance of such REO Property at such times as is necessary to enable the
      Trustee to comply with the reporting requirements of the REMIC Provisions.
      The
      net monthly rental income, if any, from such REO Property shall be deposited
      in
      the Protected Account maintained by the Company no later than the close of
      business on each Determination Date. The Company shall perform the tax reporting
      and withholding related to foreclosures, abandonments and cancellation of
      indebtedness income as specified by Sections 1445, 6050J and 6050P of the Code
      by preparing and filing such tax and information returns, as may be
      required.

     

    In
      the
      event that the Trust Fund acquires any Mortgaged Property as aforesaid or
      otherwise in connection with a default or imminent default on an EMC Mortgage
      Loan, the Company shall dispose of such Mortgaged Property prior to three years
      after its acquisition by the Trust Fund or, at the expense of the Trust Fund,
      request more than 60 days prior to the day on which such three-year period
      would
      otherwise expire, an extension of the three-year grace period unless the Trustee
      shall have been supplied with an Opinion of Counsel addressed to the Trustee
      (such opinion not to be an expense of the Trustee) to the effect that the
      holding by the Trust Fund of such Mortgaged Property subsequent to such
      three-year period will not result in the imposition of taxes on “prohibited
      transactions” of REMIC I, REMIC II or REMIC III as defined in Section 860F of
      the Code or cause either REMIC I, REMIC II or REMIC III to fail to qualify
      as a
      REMIC at any time that any Certificates are outstanding, in which case the
      Trust
      Fund may continue to hold such Mortgaged Property (subject to any conditions
      contained in such Opinion of Counsel). Notwithstanding any other provision
      of
      this Agreement, no Mortgaged Property acquired by the Trust Fund shall be rented
      (or allowed to continue to be rented) or otherwise used for the production
      of
      income by or on behalf of the Trust Fund in such a manner or pursuant to any
      terms that would (i) cause such Mortgaged Property to fail to qualify as
“foreclosure property” within the meaning of Section 860G(a)(8) of the Code or
      (ii) subject any of REMIC I, REMIC II or REMIC III to the imposition of any
      federal, state or local income taxes on the income earned from such Mortgaged
      Property under Section 860G(c) of the Code or otherwise, unless the Company
      has
      agreed to indemnify and hold harmless the Trust Fund with respect to the
      imposition of any such taxes.

     

    The
      decision of the Company to foreclose on a defaulted EMC Mortgage Loan shall
      be
      subject to a determination by the Company that the proceeds of such foreclosure
      would exceed the costs and expenses of bringing such a proceeding. The income
      earned from the management of any Mortgaged Properties acquired through
      foreclosure or other judicial proceeding, net of reimbursement to the Company
      for expenses incurred (including any property or other taxes) in connection
      with
      such management and net of unreimbursed Servicing Fees, Advances, Servicing
      Advances and any management fee paid or to be paid with respect to the
      management of such Mortgaged Property, shall be applied to the payment of
      principal of, and interest on, the related defaulted EMC Mortgage Loans (with
      interest accruing as though such Mortgage Loans were still current) and all
      such
      income shall be deemed, for all purposes in the Agreement, to be payments on
      account of principal and interest on the related Mortgage Notes and shall be
      deposited into the Protected Account maintained by the Company. To the extent
      the income received during a Prepayment Period is in excess of the amount
      attributable to amortizing principal and accrued interest at the related
      Mortgage Rate on the related EMC Mortgage Loan, such excess shall be considered
      to be a partial Principal Prepayment for all purposes hereof.

     

    The
      Liquidation Proceeds from any liquidation of an EMC Mortgage Loan, net of any
      payment to the Company as provided above, shall be deposited in the Protected
      Account maintained by the Company on the next succeeding Determination Date
      following receipt thereof for distribution on the related Distribution Date,
      except that any Excess Liquidation Proceeds shall be retained by the Company
      as
      additional servicing compensation.

     

    The
      proceeds of any Liquidated Loan, as well as any recovery resulting from a
      partial collection of Liquidation Proceeds or any income from an REO Property,
      will be applied in the following order of priority: first, to reimburse the
      Company for any related unreimbursed Servicing Advances and Servicing Fees,
      pursuant to Section 5.02 or this Section 3.09; second, to reimburse the Company
      for any unreimbursed Advances, pursuant to Section 5.02 or this Section 3.09;
      third, to accrued and unpaid interest (to the extent no Advance has been made
      for such amount) on the EMC Mortgage Loan or related REO Property, at the Net
      Mortgage Rate to the first day of the month in which such amounts are required
      to be distributed; and fourth, as a recovery of principal of the EMC Mortgage
      Loan.

     

    (b)  On
      each
      Determination Date, the Company shall determine the respective aggregate amounts
      of Excess Liquidation Proceeds and Realized Losses, if any, for the related
      Prepayment Period.

     

    (c)  The
      Company has no intent to foreclose on any EMC Mortgage Loan based on the
      delinquency characteristics as of the Closing Date; provided, that the foregoing
      does not prevent the Company from initiating foreclosure proceedings on any
      date
      hereafter if the facts and circumstances of such EMC Mortgage Loans including
      delinquency characteristics in the Company’s discretion so warrant such
      action.

     

    Section
      3.10  Servicing
      Compensation. 

     

    As
      compensation for its activities hereunder, the Company shall be entitled to
      retain or withdraw from its Protected Account out of each payment of interest
      on
      an EMC Mortgage Loan included in the Trust Fund an amount equal to the Servicing
      Fee.

     

    Additional
      servicing compensation in the form of any Excess Liquidation Proceeds,
      assumption fees, late payment charges, all Prepayment Interest Excess on any
      EMC
      Mortgage Loan, all income and gain net of any losses realized from Permitted
      Investments with respect to funds in or credited to the Protected Account
      maintained by the Company shall be retained by the Company to the extent not
      required to be deposited in the Protected Account maintained by the Company
      pursuant to Section 5.02. The Company shall be required to pay all expenses
      incurred by it in connection with its servicing activities hereunder (including
      payment of any premiums for hazard insurance, as required by Section 3.05 and
      maintenance of the other forms of insurance coverage required by Section 3.07)
      and shall not be entitled to reimbursement therefor except as specifically
      provided in Section 5.02.

     

    EMC
      will
      be entitled to retain any Prepayment Interest Excess pursuant to Section
      5.02(a).

     

    Section
      3.11  REO
      Property. 

     

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

     

    (b)  The
      Company shall deposit all funds collected and received in connection with the
      operation of any REO Property in respect of any EMC Mortgage Loan into the
      Protected Account maintained by the Company.

     

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

     

    Section
      3.12  Liquidation
      Reports. 

     

    Upon
      the
      foreclosure of any Mortgaged Property relating to an EMC Mortgage Loan or the
      acquisition thereof by the Trust Fund pursuant to a deed-in-lieu of foreclosure,
      the Company shall submit a liquidation report to the Master Servicer containing
      such information as shall be mutually acceptable to the Company and the Master
      Servicer with respect to such Mortgaged Property.

     

    Section
      3.13  Reserved. 

     

    Section
      3.14  Reserved. 

     

    Section
      3.15  Books
      and
      Records. 

     

    The
      Company shall be responsible for maintaining, and shall maintain, a complete
      set
      of books and records for the EMC Mortgage Loans which shall be appropriately
      identified in the Company’s computer system to clearly reflect the ownership of
      the EMC Mortgage Loans by the Trust. In particular, the Company shall maintain
      in its possession, available for inspection by the Master Servicer and the
      Trustee and shall deliver to Master Servicer and the Trustee upon demand,
      evidence of compliance with all federal, state and local laws, rules and
      regulations. To the extent that original documents are not required for purposes
      of realization of Liquidation Proceeds or Insurance Proceeds, documents
      maintained by the Company may be in the form of microfilm or microfiche or
      such
      other reliable means of recreating original documents, including, but not
      limited to, optical imagery techniques so long as the Company complies with
      the
      requirements of Accepted Servicing Practices.

     

    The
      Company shall maintain with respect to each EMC Mortgage Loan and shall make
      available for inspection by the Master Servicer and the Trustee the related
      servicing file during the time such EMC Mortgage Loan is subject to this
      Agreement and thereafter in accordance with applicable law.

     

    

    ARTICLE
      IV

     

    ADMINISTRATION
      AND MASTER SERVICING OF MORTGAGE LOANS BY MASTER SERVICER

     

    Section
      4.01  Master
      Servicer.
      The
      Master Servicer shall, beginning on the Closing Date, supervise, monitor and
      oversee the obligation of the Company and the related Servicer to service and
      administer their respective Mortgage Loans in accordance with the terms of
      this
      Agreement and the related Servicing Agreement and shall have full power and
      authority to do any and all things which it may deem necessary or desirable
      in
      connection with such master servicing and administration. In performing its
      obligations hereunder, the Master Servicer shall act in a manner consistent
      with
      Accepted Master Servicing Practices. Furthermore, the Master Servicer shall
      oversee and consult with the Company and the related Servicer as necessary
      from
      time-to-time to carry out the Master Servicer’s obligations hereunder, shall
      receive, review and evaluate all reports, information and other data provided
      to
      the Master Servicer by the Company and the related Servicer and shall cause
      the
      Company and related Servicer to perform and observe the covenants, obligations
      and conditions to be performed or observed by such Person under this Agreement
      and the related Servicing Agreement. The Master Servicer shall independently
      and
      separately monitor the Company and the related Servicer’s servicing activities
      with respect to each related Mortgage Loan, reconcile the results of such
      monitoring with such information provided in the previous sentence on a monthly
      basis and coordinate corrective adjustments to the Company’s, the related
      Servicer’s and Master Servicer’s records, and based on such reconciled and
      corrected information, the Master Servicer shall provide such information to
      the
      Securities Administrator as shall be necessary in order for it to prepare the
      statements specified in Section 6.06 and any other information and statements
      required hereunder. The Master Servicer shall reconcile the results of its
      Mortgage Loan monitoring with the actual remittances of the Company to the
      Securities Administrator and each Servicer pursuant to this Agreement and the
      related Servicing Agreement.

     

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

     

    The
      Trustee shall furnish the Company, the Servicers and the Master Servicer with
      any powers of attorney and other documents in form as provided to it necessary
      or appropriate to enable the Company, the Servicer and the Master Servicer
      to
      service and administer the related Mortgage Loans and REO Property.

     

    The
      Trustee or the Custodian on its behalf, the Company or the related Servicer
      shall provide access to the records and documentation in possession of the
      Trustee or the Custodian on its behalf, the Company or the related Servicer
      regarding the related Mortgage Loans and REO Property and the servicing thereof
      to the Certificateholders, the FDIC, and the supervisory agents and examiners
      of
      the FDIC, such access being afforded only upon reasonable prior written request
      and during normal business hours at the office of the Trustee, the Custodian,
      the Company or the related Servicer; provided, however, that, unless otherwise
      required by law, neither the Trustee, the Custodian, the Company nor the related
      Servicer shall be required to provide access to such records and documentation
      if the provision thereof would violate the legal right to privacy of any
      Mortgagor. The Trustee, the Custodian, the Company and the related Servicer
      shall allow representatives of the above entities to photocopy any of the
      records and documentation and shall provide equipment for that purpose at a
      charge that covers the Trustee’s, the Custodian’s, the Company’s or the related
      Servicer’s actual costs.

     

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

     

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

     

    Section
      4.03  Monitoring
      of Company and Servicer. (a)
      The
      Master Servicer shall be responsible for reporting to the Trustee and the
      Sponsor the compliance by the Company and the related Servicer with its duties
      under this Agreement and the related Servicing Agreement. In the review of
      the
      Company’s and the related Servicer’s activities, the Master Servicer may rely
      upon an Officer’s Certificate of the Company and the related Servicer with
      regard to such Person’s compliance with the terms of this Agreement or the
      related Servicing Agreement. In the event that the Master Servicer, in its
      judgment, determines that the Company or the related Servicer (other than Wells
      Fargo) should be terminated in accordance with this Agreement or the related
      Servicing Agreement, or that a notice should be sent pursuant to this Agreement
      or the related Servicing Agreement with respect to the occurrence of an event
      that, unless cured, would constitute grounds for such termination, the Master
      Servicer shall notify the Sponsor and the Trustee thereof and the Master
      Servicer shall issue such notice or take such other action as it deems
      appropriate. In the event that the Master Servicer, in its judgment, determines
      that Wells Fargo should be terminated in accordance with the Wells Fargo
      Servicing Agreement, or that a notice should be sent pursuant to the Wells
      Fargo
      Servicing Agreement with respect to the occurrence of an event that, unless
      cured, would constitute grounds for such termination, the Master Servicer shall
      notify the Sponsor and the Trustee thereof in writing. Pursuant to its receipt
      of such written notification from the Master Servicer, the Trustee shall issue
      such notice of termination to Wells Fargo or take such other action as it deems
      appropriate.

     

    (b)  The
      Master Servicer, for the benefit of the Trustee and the Certificateholders,
      shall enforce the obligations of the Company under this Agreement and the
      related Servicer under the related Servicing Agreement, and shall, in the event
      that the Company or the related Servicer other than Wells Fargo fails to perform
      its obligations in accordance with this Agreement or the related Servicing
      Agreement, subject to the preceding paragraph, terminate the rights and
      obligations of such Person thereunder and act as servicer of the related
      Mortgage Loans or to cause the Trustee to enter into a new Servicing Agreement
      with a successor Servicer selected by the Master Servicer; provided, however,
      it
      is understood and acknowledged by the parties hereto that there will be a period
      of transition (not to exceed 90 days) before the actual servicing functions
      can
      be fully transferred to such successor Servicer. In the event that Wells Fargo
      fails to perform its obligations in accordance with the Wells Fargo Servicing
      Agreement, subject to the preceeding paragraph, the Master Servicer shall notify
      the Trustee in writing of such failure. Pursuant to its receipt of such
      notification from the Master Servicer, the Trustee shall terminate the rights
      and obligations of Wells Fargo under the Wells Fargo Servicing Agreement and
      enter into a new servicing agreement with a successor servicer selected by
      the
      Trustee or, in the case where it cannot find a successor servicer, it shall
      become the successor servicer; provided, however, it is understood and
      acknowledged by the parties hereto that there will be a period of transition
      (not to exceed 90 days) before the actual servicing functions can be fully
      transferred to such successor servicer. In either event, such enforcement,
      including, without limitation, the legal prosecution of claims, termination
      of
      the related Servicing Agreement and the pursuit of other appropriate remedies,
      shall be in such form and carried out to such an extent and at such time as
      the
      Master Servicer (or in the case Wells Fargo is terminated as the Servicer,
      the
      Successor Servicer or the Trustee, as applicable) 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,
      subject to its right of reimbursement pursuant to the provisions of this
      Agreement or the related Servicing Agreement, provided that the Master Servicer
      shall not be required to prosecute or defend any legal action except to the
      extent that the Master Servicer shall have received reasonable indemnity for
      its
      costs and expenses in pursuing such action. In the event that Wells Fargo is
      terminated as the Servicer, the Trustee shall pay the costs of such enforcement
      at its own expense, subject to its right to be reimbursed for such costs from
      the Distribution Account pursuant to Section 5.09; provided that, the Trustee
      shall not be required to prosecute or defend any legal action except to the
      extent that the Trustee shall have received reasonable indemnity for its costs
      and expenses in pursuing such action. Nothing herein shall impose any obligation
      on the part of the Trustee to assume or succeed to the duties or obligations
      of
      Wells Fargo as Servicer or the Master Servicer, unless the Trustee has not
      been
      able to find a successor servicer or a successor master servicer. 

     

    (c)  To
      the
      extent that the costs and expenses of the Master Servicer or the Trustee, as
      applicable, related to any termination of a Servicer, or the enforcement or
      prosecution of related claims, rights or remedies or the appointment of a
      successor Servicer or the transfer and assumption of servicing by the Master
      Servicer or the Trustee, as applicable, with respect to this Agreement or the
      related Servicing Agreement (including, without limitation, (i) all legal costs
      and expenses and all due diligence costs and expenses associated with an
      evaluation of the potential termination of the Company or the related Servicer
      as a result of an event of default by such Person and (ii) all costs and
      expenses associated with the complete transfer of servicing, including all
      servicing files and all servicing data and the completion, correction or
      manipulation of such servicing data as may be required by the successor servicer
      to correct any errors or insufficiencies in the servicing data or otherwise
      to
      enable the successor service to service the Mortgage Loans in accordance with
      this Agreement or the related Servicing Agreement) are not fully and timely
      reimbursed by the terminated Servicer, the Master Servicer or the Trustee,
      as
      applicable, shall be entitled to reimbursement of such costs and expenses from
      the Distribution Account, pursuant to Section 5.09.

     

    (d)  The
      Master Servicer shall require the Company and the related Servicer to comply
      with the remittance requirements and other obligations set forth in this
      Agreement or the related Servicing Agreement, as applicable.

     

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

     

    Section
      4.04  Fidelity
      Bond. 

     

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

     

    Section
      4.05  Power
      to Act; Procedures.
      The
      Master Servicer shall master service the Mortgage Loans and shall have full
      power and authority, subject to the REMIC Provisions and the provisions of
      Article XI hereof, to do any and all things that it may deem necessary or
      desirable in connection with the master servicing and administration of the
      Mortgage Loans, including but not limited to the power and authority (i) to
      execute and deliver, on behalf of the Certificateholders and the Trustee,
      customary consents or waivers and other instruments and documents, (ii) to
      consent to transfers of any Mortgaged Property and assumptions of the Mortgage
      Notes and related Mortgages, (iii) to collect any Insurance Proceeds and
      Liquidation Proceeds, and (iv) to effectuate foreclosure or other conversion
      of
      the ownership of the Mortgaged Property securing any Mortgage Loan, in each
      case, in accordance with the provisions of this Agreement and the related
      Servicing Agreement, as applicable; provided, however, that the Master Servicer
      shall not (and, consistent with its responsibilities under Section 4.03, shall
      not authorize the Company or the related Servicer to) knowingly or intentionally
      take any action, or fail to take (or fail to cause to be taken) any action
      reasonably within its control and the scope of duties more specifically set
      forth herein, that, under the REMIC Provisions, if taken or not taken, as the
      case may be, may cause REMIC I, REMIC II or REMIC III to fail to qualify as
      a
      REMIC or result in the imposition of a tax upon the Trust Fund (including but
      not limited to the tax on prohibited transactions as defined in Section
      860F(a)(2) of the Code and the tax on contributions to a REMIC set forth in
      Section 860G(d) of the Code), unless the Master Servicer has received an Opinion
      of Counsel (but not at the expense of the Master Servicer) to the effect that
      the contemplated action, or failure to take action, will not cause REMIC I,
      REMIC II or REMIC III to fail to qualify as a REMIC or result in the imposition
      of a tax upon REMIC I, REMIC II or REMIC III, as the case may be. The Trustee
      shall furnish the Master Servicer, upon written request from a Servicing
      Officer, with any powers of attorney empowering the Master Servicer, the Company
      or the related Servicer to execute and deliver instruments of satisfaction
      or
      cancellation, or of partial or full release or discharge, and to foreclose
      upon
      or otherwise liquidate Mortgaged Property, and to appeal, prosecute or defend
      in
      any court action relating to the Mortgage Loans or the Mortgaged Property,
      in
      accordance with the related Servicing Agreement and this Agreement, and the
      Trustee shall execute and deliver such other documents, as the Master Servicer
      may request, to enable the Master Servicer to master service and administer
      the
      Mortgage Loans and carry out its duties hereunder, in each case in accordance
      with Accepted Master Servicing Practices (and the Trustee shall have no
      liability for misuse of any such powers of attorney by the Master Servicer,
      the
      Company or the related Servicer). If the Master Servicer or the Trustee has
      been
      advised that it is likely that the laws of the state in which action is to
      be
      taken prohibit such action if taken in the name of the Trustee or that the
      Trustee would be adversely affected under the “doing business” or tax laws of
      such state if such action is taken in its name, the Master Servicer shall join
      with the Trustee in the appointment of a co-trustee pursuant to Section 10.11
      hereof. In the performance of its duties hereunder, the Master Servicer shall
      be
      an independent contractor and shall not, except in those instances where it
      is
      taking action in the name of the Trust, be deemed to be the agent of the
      Trust.

     

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

     

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

     

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

     

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

     

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

     

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

     

    Section
      4.09  Standard
      Hazard Insurance and Flood Insurance Policies. 

     

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

     

    (b)  Pursuant
      to Sections 5.01, 5.04 and 5.05 any amounts collected by the Company, the
      Servicers or the Master Servicer, or by the Company or the Servicers, under
      any
      insurance policies (other than amounts to be applied to the restoration or
      repair of the property subject to the related Mortgage or released to the
      Mortgagor in accordance with this Agreement or the Servicing Agreements) shall
      be deposited by the Company in its Protected Account or by the related Servicer
      or the Master Servicer into the Distribution Account, subject to withdrawal
      pursuant to Sections 5.02, 5.04, 5.05 and 5.09, as applicable. Any cost incurred
      by the Master Servicer, the Company or the related Servicer in maintaining
      any
      such insurance if the Mortgagor defaults in its obligation to do so shall be
      added to the amount owing under the Mortgage Loan where the terms of the
      Mortgage Loan so authorize; provided, however, that the addition of any such
      cost shall not be taken into account for purposes of calculating the
      distributions to be made to Certificateholders and shall be recoverable by
      the
      Master Servicer, the Company or the related Servicer pursuant to Sections 5.02,
      5.04, 5.05 and 5.09, as applicable.

     

    Section
      4.10  Presentment
      of Claims and Collection of Proceeds. 

     

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

     

    Section
      4.11  Maintenance
      of the Primary Mortgage Insurance Policies. 

     

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

     

    (b)  The
      Master Servicer agrees to cause the Company and the related Servicer (to the
      extent required under this Agreement and the related Servicing Agreement) to
      present, on behalf of the Trustee and the Certificateholders, claims to the
      insurer under any Primary Mortgage Insurance Policies and, in this regard,
      to
      take such reasonable action as shall be necessary to permit recovery under
      any
      Primary Mortgage Insurance Policies respecting defaulted Mortgage Loans.
      Pursuant to Sections 5.01, 5.04 and 5.05, any amounts collected by the Company
      or the related Servicer under any Primary Mortgage Insurance Policies shall
      be
      deposited by the Company in its Protected Account or by the related Servicer
      in
      the Distribution Account, subject to withdrawal pursuant to Section 5.04 or
      5.05, as applicable.

     

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

     

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

     

    Section
      4.13  Realization
      Upon Defaulted Mortgage Loans. 

     

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

     

    Section
      4.14  Compensation
      for the Master Servicer. 

     

    The
      Master Servicer will be entitled to receive the Master Servicing Fee as
      compensation for its activities under this Agreement; provided, that the
      aggregate Master Servicing Fee with respect to any Distribution Date shall
      be
      reduced by an amount equal to the Compensating Interest to the extent payable
      by
      the Master Servicer for such Distribution Date pursuant to Section 6.02 hereof.
      The Master Servicer will also be entitled to all income and gain realized from
      any investment of funds in the Distribution Account for the performance of
      its
      activities hereunder. The Master Servicer shall be required to pay all expenses
      incurred by it in connection with its activities hereunder and shall not be
      entitled to reimbursement therefor except as provided in this
      Agreement.

     

    Section
      4.15  REO
      Property. 

     

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

     

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

     

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

     

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

     

    Section
      4.16  Annual
      Statement
      as to Compliance. 

     

    The
      Company as a Servicer, the Master Servicer and the Securities Administrator
      shall deliver (or otherwise make available) to the Depositor, the Securities
      Administrator not later than March 15th of each calendar year beginning in
      2007,
      an Officer’s Certificate (an “Annual Statement of Compliance”) stating, as to
      each signatory thereof, that (i) a review of the activities of each such party
      during the preceding calendar year and of its performance under this Agreement
      or other applicable servicing agreement has been made under such officer’s
      supervision and (ii) to the best of such officer’s knowledge, based on such
      review, such party has fulfilled all of its obligations under this Agreement
      or
      other applicable servicing 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 the cure provisions thereof. Such Annual Statement of
      Compliance shall contain no restrictions or limitations on its use. The Master
      Servicer shall enforce the obligations of each Servicer, to the extent set
      forth
      in the related Servicing Agreement, to deliver a similar Annual Statement of
      Compliance by that Servicer to the Depositor, the Securities Administrator
      as
      described above as and when required with respect to the Master Servicer. In
      the
      event that certain servicing responsibilities with respect to any Mortgage
      Loan
      have been delegated by the Company, the Master Servicer, the Securities
      Administrator or a Servicer to a subservicer or subcontractor, each such entity
      shall cause such subservicer or subcontractor (and with respect to each
      Servicer, the Master Servicer shall enforce the obligation of such Servicer
      to
      the extent required under the related Servicing Agreement) to deliver a similar
      Annual Statement of Compliance by such subservicer or subcontractor to the
      Depositor, the Securities Administrator as described above as and when required
      with respect to the Master Servicer or the related Servicer (as the case may
      be).

    

    Failure
      of the Company to comply with this Section 4.16 (including with respect to
      the
      timeframes required herein) shall be deemed a Company Default, and the Master
      Servicer shall, in addition to whatever rights the Master Servicer may have
      under this Agreement and at law or equity or to damages, including injunctive
      relief and specific performance, upon notice immediately terminate all of the
      rights and obligations of the Company under this Agreement and in and to the
      Mortgage Loans and the proceeds thereof without compensating the Company for
      the
      same. Failure of the Master Servicer to comply with this Section 4.16 (including
      with respect to the timeframes required herein) shall be deemed an Event of
      Default, and at the written direction of the Depositor the Trustee shall, in
      addition to whatever rights the Trustee may have under this Agreement and at
      law
      or equity or to damages, including injunctive relief and specific performance,
      upon notice immediately terminate all of the rights and obligations of the
      Master Servicer under this Agreement and in and to the Mortgage Loans and the
      proceeds thereof without compensating the Master Servicer for the same. Failure
      of the Securities Administrator to comply with this Section 4.16 (including
      with
      respect to the timeframes required in this Section) which failure results in
      a
      failure to timely file the related Form 10-K, shall be deemed a default and
      the
      Trustee at the written direction of the Depositor shall, in addition to whatever
      rights the Trustee may have under this Agreement and at law or equity or to
      damages, including injunctive relief and specific performance, upon notice
      immediately terminate all of the rights and obligations of the Securities
      Administrator under this Agreement and in and to the Mortgage Loans and the
      proceeds thereof without compensating the Securities Administrator for the
      same.
      This paragraph shall supersede any other provision in this Agreement or any
      other agreement to the contrary.

     

    Section
      4.17  Assessments
      of Compliance and Attestation Reports. 

     

    Pursuant
      to Rules 13a-18 and 15d-18 of the Exchange Act and Item 1122 of Regulation
      AB,
      each of the Company as a Servicer, the Master Servicer, the Securities
      Administrator and the Custodian (to the extent set forth in this Section) (each,
      an “Attesting Party”) shall deliver (or otherwise make available) to the Master
      Servicer, the Securities Administrator and the Depositor on or before March
      15th
      of each
      calendar year beginning in 2007, a report regarding such Attesting Party’s
      assessment of compliance (an “Assessment of Compliance”) with the Servicing
      Criteria during the preceding calendar year. The Assessment of Compliance,
      as
      set forth in Regulation AB, must contain the following:

     

    (a)  A
      statement by an authorized officer of such Attesting Party of its authority
      and
      responsibility for assessing compliance with the Servicing Criteria applicable
      to the related Attesting Party;

     

    (b)  A
      statement by an authorized officer that such Attesting Party used the Servicing
      Criteria attached as Exhibit O hereto, and which will also be attached to the
      Assessment of Compliance, to assess compliance with the Servicing Criteria
      applicable to the related Attesting Party;

     

    (c)  An
      assessment by such officer of the related Attesting Party’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 such Attesting Party performs with respect to asset-backed securities
      transactions taken as a whole involving the related Attesting Party, 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 related Attesting Party’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
      related Attesting
      Party, which statement shall be based on the activities such Attesting Party
      performs with respect to asset-backed securities transactions taken as a whole
      involving such Attesting Party, 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 O hereto which are indicated as applicable to the related Attesting
      Party.

     

    On
      or
      before March 15th
      of each
      calendar year beginning in 2007, each Attesting Party shall furnish to the
      Master Servicer, the Depositor and the Securities Administrator a report (an
      “Attestation Report”) by a registered public accounting firm that attests to,
      and reports on, the Assessment of Compliance made by the related Attesting
      Party, 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 enforce the obligation of each Servicer to deliver to
      the
      Securities Administrator, the Master Servicer and the Depositor an Assessment
      of
      Compliance and Attestation Report as and when provided in the related Servicing
      Agreement. Each of the Company, the Master Servicer and the Securities
      Administrator shall cause, and the Master Servicer shall enforce the obligation
      (as and when provided in the related Servicing Agreement) of each Servicer
      to
      cause, any subservicer and each subcontractor (to the extent such subcontractor
      is determined by the Company, the Master Servicer or the Securities
      Administrator, as applicable, to be “participating in the servicing function”
within the meaning of Item 1122 of Regulation AB) that is engaged by the
      Company, such Servicer, the Master Servicer or the Securities Administrator,
      as
      applicable, to deliver to the Securities Administrator, the Master Servicer
      and
      the Depositor an Assessment of Compliance and Attestation Report as and when
      provided above. Such Assessment of Compliance, as to any subservicer or
      subcontractor, shall at a minimum address the applicable Servicing Criteria
      specified on Exhibit O hereto which are indicated as applicable to any “primary
      servicer” to the extent such subservicer or subcontractor is performing any
      servicing function for the party who engages it and to the extent such party
      is
      not itself addressing the Servicing Criteria related to such servicing function
      in its own Assessment of Compliance. The Securities Administrator shall confirm
      that each of the Assessments of Compliance delivered to it, taken as a whole,
      address all of the Servicing Criteria and taken individually address the
      Servicing Criteria for each party as set forth in Exhibit O and notify the
      Depositor of any exceptions. 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.

     

    In
      addition, for the avoidance of doubt and without duplication, the Company as
      a
      Servicer shall (and shall cause each subservicer engaged by it to) provide
      the
      following information to the Depositor and the Securities Administrator: (A)
      any
      Company Default hereunder and any subservicer event of default under the terms
      of the related Subservicing Agreement, (B) any merger, consolidation or sale
      of
      substantially all of the assets of the Company or, to the best of the Company’s
      knowledge, any such subservicer, and (C) the Company’s entry into an agreement
      with a subservicer to perform or assist in the performance of any of the
      Company’s obligations as Servicer. 

     

    In
      addition, the Company as a Servicer, shall cause each subservicer engaged by
      it
      to provide the following information to the Depositor and the Securities
      Administrator, to the extent applicable, within the timeframes that the Company
      would otherwise have to provide such information:

     

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

     

    (B)  material
      breaches of pool asset representations or warranties or transaction covenants
      (Item 1121(a)(12) of Regulation AB); and

     

    (C)  information
      regarding new asset-backed securities issuances backed by the same pool assets,
      any pool asset changes (such as, additions, substitutions or repurchases),
      and
      any material changes in origination, underwriting or other criteria for
      acquisition or selection of pool assets (Item 1121(a)(14) of Regulation
      AB).

     

    The
      Custodian shall deliver to the Master Servicer, the Securities Administrator
      and
      the Depositor an Assessment of Compliance and Attestation Report, as and when
      provided above, which shall at a minimum address each of the Servicing Criteria
      specified on Exhibit O hereto which are indicated as applicable to a
“custodian”. Notwithstanding the foregoing, an Assessment of Compliance or
      Attestation Report is not required to be delivered by any Custodian unless
      it is
      required as part of a Form 10-K with respect to the Trust Fund.

     

    Failure
      of the Company to comply with this Section 4.17 (including with respect to
      the
      timeframes required herein) shall be deemed a Company Default, and the Master
      Servicer shall, in addition to whatever rights the Master Servicer may have
      under this Agreement and at law or equity or to damages, including injunctive
      relief and specific performance, upon notice immediately terminate all of the
      rights and obligations of the Company under this Agreement and in and to the
      Mortgage Loans and the proceeds thereof without compensating the Company for
      the
      same. Failure of the Master Servicer to comply with this Section 4.17 (including
      with respect to the timeframes required herein) shall, constitute an Event
      of
      Default, and at the written direction of the Depositor the Trustee shall, in
      addition to whatever rights the Trustee may have under this Agreement and at
      law
      or equity or to damages, including injunctive relief and specific performance,
      upon notice immediately terminate all of the rights and obligations of the
      Master Servicer under this Agreement and in and to the Mortgage Loans and the
      proceeds thereof without compensating the Master Servicer for the same (but
      subject to the Master Servicer’s rights to payment of any Master Servicing
      Compensation and reimbursement of all amounts for which it is entitled to be
      reimbursed prior to the date of termination). Failure of the Securities
      Administrator to comply with this Section 4.17 (including with respect to the
      timeframes required in this Section) which failure results in a failure to
      timely file the related Form 10-K, shall, constitute a default and at the
      written direction of the Depositor, the Trustee shall, in addition to whatever
      rights the Trustee may have under this Agreement and at law or equity or to
      damages, including injunctive relief and specific performance, upon notice
      immediately terminate all of the rights and obligations of the Securities
      Administrator under this Agreement and in and to the Mortgage Loans and the
      proceeds thereof without compensating the Securities Administrator for the
      same
      (but subject to the Securities Administrator’s right to reimbursement of all
      amounts for which it is entitled to be reimbursed prior to the date of
      termination). This paragraph shall supersede any other provision in this
      Agreement or any other agreement to the contrary.

     

    Section
      4.18  Section
      4.18Reports
      Filed with Securities and Exchange Commission.

     

    (a)  (i)
      (A)
      Within 15 days after each Distribution Date, the Securities Administrator shall,
      in accordance with industry standards, prepare and file with the Commission
      via
      the Electronic Data Gathering and Retrieval System (“EDGAR”), a Distribution
      Report on Form 10-D, signed by the Master Servicer, with a copy of the Monthly
      Statement to be furnished by the Securities Administrator to the
      Certificateholders for such Distribution Date; provided that, the Securities
      Administrator shall have received no later than five (5) calendar days after
      the
      related Distribution Date, all information required to be provided to the
      Securities Administrator as described in clause (a)(iv) below. Any disclosure
      that is in addition to the Monthly Statement and that is required to be included
      on Form 10-D (“Additional Form 10-D Disclosure”) shall
      be,
      pursuant to the paragraph immediately below, reported by the parties set forth
      on Exhibit Q to the Securities Administrator and the Depositor and approved
      for
      inclusion by the Depositor, and the Securities Administrator will have no duty
      or liability for any failure hereunder to determine or prepare any Additional
      Form 10-D Disclosure absent such reporting (other than in the case where the
      Securities Administrator is the reporting party as set forth in Exhibit P)
      and
      approval.

     

    (B)  Within
      five (5) calendar days after the related Distribution Date, (i) the parties
      set
      forth in Exhibit P shall be required to provide, and the Master Servicer shall
      enforce the obligations of each Servicer (to the extent provided in the related
      Servicing Agreement) to provide, pursuant to Section 4.18(a)(iv) below, to
      the
      Securities Administrator and the Depositor, to the extent known by a responsible
      officer thereof, in EDGAR-compatible format, or in such other form as otherwise
      agreed upon by the Securities Administrator and the Depositor and such party,
      the form and substance of any Additional Form 10-D Disclosure, if applicable,
      and (ii) the Depositor will approve, as to form and substance, or disapprove,
      as
      the case may be, the inclusion of the Additional Form 10-D Disclosure on Form
      10-D. The Depositor shall be responsible for any reasonable fees and expenses
      assessed or incurred by the Securities Administrator in connection with
      including any Additional Form 10-D Disclosure on Form 10-D pursuant to this
      Section.

     

    (C)  After
      preparing the Form 10-D, the Securities Administrator shall forward
      electronically a copy of the Form 10-D to the Depositor (in the case of any
      Additional 10-D Disclosure and otherwise if requested by the Depositor) and
      the
      Master Servicer for review. Within
      two Business Days after receipt of such copy, but no later than the 12th
      calendar day after the Distribution Date (provided that, the Securities
      Administrator forwards a copy of the Form 10-D no later than the 10th calendar
      after the Distribution Date), the Depositor shall notify the Securities
      Administrator in writing (which may be furnished electronically) of any changes
      to or approval of such Form 10-D. In the absence of receipt of any written
      changes or approval, the Securities Administrator shall be entitled to assume
      that such Form 10-D is in final form and the Securities Administrator may
      proceed with the execution and filing of the Form 10-D. No later than the 13th
      calendar day after the related Distribution Date, a duly authorized officer
      of
      the Master Servicer shall sign the Form 10-D and, in the case where the Master
      Servicer and the Securities Administrator are not affiliated, return an
      electronic or fax copy of such signed Form 10-D (with an original executed
      hard
      copy to follow by overnight mail) to the Securities Administrator. If a Form
      10-D cannot be filed on time or if a previously filed Form 10-D needs to be
      amended, the Securities Administrator shall follow the procedures set forth
      in
      Section 4.18(a)(v)(B). Promptly (but no later than one (1) Business Day) after
      filing with the Commission, the Securities Administrator shall make available
      on
      its internet website identified in Section 6.06 a final executed copy of each
      Form 10-D filed by the Securities Administrator. The signing party at the Master
      Servicer can be contacted as set forth in Section 12.05. Form 10-D requires
      the
      registrant to indicate (by checking “yes” or “no”) that it (1) has filed all
      reports required to be filed by Section 13 or 15(d) of the Exchange Act during
      the preceding 12 months (or for such shorter period that the registrant was
      required to file such reports), and (2) has been subject to such filing
      requirements for the past 90 days. The Depositor shall notify the Securities
      Administrator in writing, no later than the fifth calendar day after the related
      Distribution Date with respect to the filing of a report on Form 10-D if the
      answer to the questions should be “no”. The Securities Administrator shall be
      entitled to rely on the representations in Section 2.04(vi) and in any such
      notice in preparing, executing and/or filing any such report. The parties to
      this Agreement acknowledge that the performance by the Master Servicer and
      the
      Securities Administrator of their respective duties under Sections 4.18(a)(i)
      and (v) related to the timely preparation, execution and filing of Form 10-D
      is
      contingent upon such parties strictly observing all applicable deadlines in
      the
      performance of their duties under such Sections. Neither the Master Servicer
      nor
      the Securities Administrator shall have any liability for any loss, expense,
      damage, claim arising out of or with respect to any failure to properly prepare,
      execute and/or timely file such Form 10-D, where such failure results from
      a
      party’s failure to deliver on a timely basis, any information from such party
      needed to prepare, arrange for execution or file such Form 10-D, not resulting
      from its own negligence, bad faith or willful misconduct.

     

      (ii)
      (A)
      Within four (4) Business Days after the occurrence of an event requiring
      disclosure on Form 8-K (each such event, a “Reportable Event”), the Securities
      Administrator shall prepare and file, at the direction of the Depositor, 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 disclosure or information related to a
      Reportable Event or that is otherwise required to be included on Form 8-K (“Form
      8-K Disclosure Information”) shall be, pursuant to the paragraph immediately
      below, reported by the parties set forth on Exhibit O to the Securities
      Administrator and the Depositor and approved for inclusion by the Depositor,
      and
      the Securities Administrator will have no duty or liability for any failure
      hereunder to determine or prepare any Form 8-K Disclosure information absent
      such reporting (other than in the case where the Securities Administrator is
      the
      reporting party as set forth in Exhibit O) and approval.

     

    (B)  For
      so
      long as the Trust is subject to the Exchange Act reporting requirements, no
      later than the close of business on the 2nd Business Day after the occurrence
      of
      a Reportable Event (i) the parties set forth in Exhibit O shall be required
      pursuant to Section 4.18(a)(iv) below to provide, and the Master Servicer will
      enforce the obligations of each Servicer (to the extent provided in the related
      Servicing Agreement) to provide, to the Securities Administrator and the
      Depositor, to the extent known by a responsible officer thereof, in
      EDGAR-compatible format, or in such other form as otherwise agreed upon by
      the
      Securities Administrator and the Depositor and such party, the form and
      substance of any Form 8-K Disclosure Information, if applicable, and (ii) the
      Depositor shall 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 shall be responsible for any reasonable fees and expenses assessed
      or
      incurred by the Securities Administrator in connection with including any Form
      8-K Disclosure Information on Form 8-K pursuant to this Section. 

     

    (C)  After
      preparing the Form 8-K, the Securities Administrator shall forward
      electronically a copy of the Form 8-K to the Depositor and the Master Servicer
      for review. No later than the close of business New York City time on the 3rd
      Business Day after the Reportable Event, or in the case where the Master
      Servicer and Securities Administrator are affiliated, no later than noon New
      York City time on the 4th Business Day after the Reportable Event, a duly
      authorized officer of the Master Servicer shall sign the Form 8-K and, in the
      case where the Master Servicer and the Securities Administrator are not
      affiliated, return an electronic or fax copy of such signed Form 8-K (with
      an
      original executed hard copy to follow by overnight mail) to the Securities
      Administrator. Promptly, but no later than the close of business on the 3rd
      Business Day after the Reportable Event (provided that, the Securities
      Administrator forwards a copy of the Form 8-K no later than noon New York time
      on the third Business Day after the Reportable Event), the Depositor shall
      notify the Securities Administrator in writing (which may be furnished
      electronically) of any changes to or approval of such Form 8-K. In the absence
      of receipt of any written changes or approval, the Securities Administrator
      shall be entitled to assume that such Form 8-K is in final form and the
      Securities Administrator may proceed with the execution and filing of the Form
      8-K. If a Form 8-K cannot be filed on time or if a previously filed Form 8-K
      needs to be amended, the Securities Administrator shall follow the procedures
      set forth in Section 4.18(a)(v)(B). Promptly (but no later than one (1) Business
      Day) after filing with the Commission, the Securities Administrator shall,
      make
      available on its internet website a final executed copy of each Form 8-K filed
      by the Securities Administrator. The signing party at the Master Servicer can
      be
      contacted as set forth in Section 12.05. The parties to this Agreement
      acknowledge that the performance by Master Servicer and the Securities
      Administrator of their respective duties under this Section 4.18(a)(ii) related
      to the timely preparation, execution and filing of Form 8-K is contingent upon
      such parties strictly observing all applicable deadlines in the performance
      of
      their duties under this Section 4.18(a)(ii). Neither the Master Servicer nor
      the
      Securities Administrator shall have any liability for any loss, expense, damage,
      claim arising out of or with respect to any failure to properly prepare, execute
      and/or timely file such Form 8-K, where such failure results from a party’s
      failure to deliver on a timely basis, any information from such party needed
      to
      prepare, arrange for execution or file such Form 8-K, not resulting from its
      own
      negligence, bad faith or willful misconduct.

     

    (iii)
      (A)
      Within 90 days after the end of each fiscal year of the Trust or such earlier
      date as may be required by the Exchange Act (the “10-K Filing Deadline”) (it
      being understood that the fiscal year for the Trust ends on December 31st of
      each year), commencing in March 2007, the Securities Administrator shall prepare
      and file on behalf of the Trust a Form 10-K, in form and substance as required
      by the Exchange Act. Each such Form 10-K shall include the following items,
      in
      each case to the extent they have been delivered to the Securities Administrator
      within the applicable time frames set forth in this Agreement, (I) an annual
      compliance statement for the Company as a Servicer, each Servicer, the Master
      Servicer, the Securities Administrator and any subservicer or subcontractor,
      as
      applicable, as described under Section 4.16, (II)(A) the annual reports on
      assessment of compliance with Servicing Criteria for the Company as a Servicer,
      each Servicer, the Master Servicer, each subservicer and subcontractor
      participating in the servicing function, the Securities Administrator and the
      Custodian, as described under Section 4.17, and (B) if any such report on
      assessment of compliance with Servicing Criteria described under Section 4.17
      identifies any material instance of noncompliance, disclosure identifying such
      instance of noncompliance, or if any such report on assessment of compliance
      with Servicing Criteria described under Section 4.17 is not included as an
      exhibit to such Form 10-K, disclosure that such report is not included and
      an
      explanation why such report is not included, (III)(A) the registered public
      accounting firm attestation report for the Company, the Master Servicer, each
      Servicer, the Securities Administrator, each subservicer, each subcontractor,
      as
      applicable, and the Custodian, as described under Section 4.17, and (B) if
      any
      registered public accounting firm attestation report described under Section
      4.17 identifies any material instance of noncompliance, disclosure identifying
      such instance of noncompliance, or if any such registered public accounting
      firm
      attestation report is not included as an exhibit to such Form 10-K, disclosure
      that such report is not included and an explanation why such report is not
      included, and (IV) a Sarbanes-Oxley Certification as described in Section
      4.18(a)(iii)(D) below (provided, however, that the Securities Administrator,
      at
      its discretion, may omit from the Form 10-K any annual compliance statement,
      assessment of compliance or attestation report that is not required to be filed
      with such Form 10-K pursuant to Regulation AB). Any disclosure or information
      in
      addition to (I) through (IV) above that is required to be included on Form
      10-K
      (“Additional Form 10-K Disclosure”) shall be, pursuant to the paragraph
      immediately below, reported by the parties set forth on Exhibit O to the
      Securities Administrator and the Depositor and approved for inclusion by the
      Depositor, and the Securities Administrator will have no duty or liability
      for
      any failure hereunder to determine or prepare any Additional Form 10-K
      Disclosure absent such reporting (other than in the case where the Securities
      Administrator is the reporting party as set forth in Exhibit O) and
      approval.

     

    (B)  No
      later
      than March 15th of each year that the Trust is subject to the Exchange Act
      reporting requirements, commencing in 2007, (i) the parties set forth in Exhibit
      O shall be required to provide, and the Master Servicer shall enforce the
      obligations of each Servicer (to the extent provided in the related Servicing
      Agreement) to provide, pursuant to Section 4.18(a)(iv) below to the Securities
      Administrator and the Depositor, to the extent known by a responsible officer
      thereof, in EDGAR-compatible format, or in such other form as otherwise agreed
      upon by the Securities Administrator and the Depositor and such party, the
      form
      and substance of any Additional Form 10-K Disclosure, if applicable, and (ii)
      the Depositor will approve, as to form and substance, or disapprove, as the
      case
      may be, the inclusion of the Additional Form 10-K Disclosure on Form 10-K.
      The
      Depositor shall be responsible for any reasonable fees and expenses assessed
      or
      incurred by the Securities Administrator in connection with including any
      Additional Form 10-K Disclosure on Form 10-K pursuant to this
      Section.

     

    (C)  After
      preparing the Form 10-K, the Securities Administrator shall forward
      electronically a copy of the Form 10-K to the Depositor (only in the case where
      such Form 10-K includes Additional Form 10-K Disclosure and otherwise if
      requested by the Depositor) and the Master Servicer for review. Within three
      Business Days after receipt of such copy, but no later than March 25th (provided
      that, the Securities Administrator forwards a copy of the Form 10-K no later
      than the third Business Day prior to March 25th), the Depositor shall notify
      the
      Securities Administrator in writing (which may be furnished electronically)
      of
      any changes to or approval of such Form 10-K. In the absence of receipt of
      any
      written changes or approval, the Securities Administrator shall be entitled
      to
      assume that such Form 10-K is in final form and the Securities Administrator
      may
      proceed with the execution and filing of the Form 10-K. No later than the close
      of business Eastern Standard time on the 4th Business Day prior to the 10-K
      Filing Deadline, an officer of the Master Servicer in charge of the master
      servicing function shall sign the Form 10-K and, in the case where the Master
      Servicer and the Securities Administrator are unaffiliated, return an electronic
      or fax copy of such signed Form 10-K (with an original executed hard copy to
      follow by overnight mail) to the Securities Administrator. If a Form 10-K cannot
      be filed on time or if a previously filed Form 10-K needs to be amended, the
      Securities Administrator will follow the procedures set forth in Section
      4.18(a)(v)(B). Promptly (but no later than one (1) Business Day) after filing
      with the Commission, the Securities Administrator shall make available on its
      internet website a final executed copy of each Form 10-K filed by the Securities
      Administrator. The signing party at the Master Servicer can be contacted as
      set
      forth in Section 12.05. Form 10-K requires the registrant to indicate (by
      checking “yes” or “no”) that it (1) has filed all reports required to be filed
      by Section 13 or 15(d) of the Exchange Act during the preceding 12 months (or
      for such shorter period that the registrant was required to file such reports),
      and (2) has been subject to such filing requirements for the past 90 days.
      The
      Depositor shall notify the Securities Administrator in writing, no later than
      March 15th of each year in which the Trust is subject to the reporting
      requirements of the Exchange Act with respect to the filing of a report on
      Form
      10-K, if the answer to the questions should be “no”. The Securities
      Administrator shall be entitled to rely on the representations in Section
      2.04(vi) and in any such notice in preparing, executing and/or filing any such
      report. The parties to this Agreement acknowledge that the performance by the
      Master Servicer and the Securities Administrator of their respective duties
      under Sections 4.18(a)(iv) and (v) related to the timely preparation, execution
      and filing of Form 10-K is contingent upon such parties strictly observing
      all
      applicable deadlines in the performance of their duties under such Sections
      and
      Sections 4.16 and Section 4.17. Neither the Master Servicer nor the Securities
      Administrator shall have any liability for any loss, expense, damage, claim
      arising out of or with respect to any failure to properly prepare, execute
      and/or timely file such Form 10-K, where such failure results from the Master
      Servicer’s or the Securities Administrator’s inability or failure to receive, on
      a timely basis, any information from any other party hereto needed to prepare,
      arrange for execution or file such Form 10-K, not resulting from its own
      negligence, bad faith or willful misconduct. 

     

    (D)  Each
      Form
      10-K shall include a certification (the “Sarbanes-Oxley Certification”) required
      to be included therewith pursuant to the Sarbanes-Oxley Act which shall be
      signed by the Certifying Person and delivered to the Securities Administrator
      no
      later than March 15th of each year in which the Trust is subject to the
      reporting requirements of the Exchange Act. The Master Servicer shall cause
      any
      Servicer, and any subservicer or subcontractor engaged by it to, provide to
      the
      Person who signs the Sarbanes-Oxley Certification (the “Certifying Person”), by
      March 10th of each year in which the Trust is subject to the reporting
      requirements of the Exchange Act (or such other date specified in the related
      Servicing Agreement) and otherwise within a reasonable period of time upon
      request, a certification (each, a “Back-Up Certification”), in the form attached
      hereto as Exhibit K, upon which the Certifying Person, the entity for which
      the
      Certifying Person acts as an officer, and such entity’s officers, directors and
      Affiliates (collectively with the Certifying Person, “Certification Parties”)
      can reasonably rely. In addition, the Company as a Servicer and, in the case
      where the Master Servicer and Securities Administrator are not affiliated,
      the
      Securities Administrator shall sign a Back-Up Certification substantially in
      the
      form of Exhibit T; provided, however, that the Company and the Securities
      Administrator shall not be required to undertake an analysis of any accountant’s
      report attached as an exhibit to the Form 10-K. An officer of the Master
      Servicer in charge of the master servicing function shall serve as the
      Certifying Person on behalf of the Trust. Such officer of the Certifying Person
      can be contacted as set forth in Section 12.05.

     

    (iv)
      With
      respect to any Additional Form 10-D Disclosure, Additional Form 10-K Disclosure
      or any Form 8-K Disclosure Information (collectively, the “Additional
      Disclosure”) relating to the Trust Fund, the Securities Administrator’s
      obligation to include such Additional Information in the applicable Exchange
      Act
      report is subject to receipt from the entity that is indicated in Exhibit O
      as
      the responsible party for providing that information, if other than the
      Securities Administrator, as and when required as described in Section
      4.18(a)(i) through (iii) above. Such Additional Disclosure shall be accompanied
      by a notice substantially in the form of Exhibit P. Each of the Company as
      a
      Servicer, the Master Servicer, the Sponsor, the Securities Administrator and
      the
      Depositor hereby agrees to notify and provide, and the Master Servicer agrees
      to
      enforce the obligations (to the extent provided in the related Servicing
      Agreement) of each Servicer to notify and provide, to the extent known to the
      Company as a Servicer, the Master Servicer, the Sponsor, the Securities
      Administrator and the Depositor all Additional Disclosure relating to the Trust
      Fund, with respect to which such party is indicated in Exhibit O as the
      responsible party for providing that information. Within five Business Days
      of
      each Distribution Date of each year that the Trust is subject to the Exchange
      Act reporting requirements, the Depositor shall make available to the Securities
      Administrator the related Significance Estimate and the Securities Administrator
      shall use such information to calculate the related Significance Percentage.
      If
      the Significance Percentage meets either of the threshold levels detailed in
      Item 1115(b)(1) or 1115(b)(2) of Regulation AB, the Securities Administrator
      shall deliver written notification to the Depositor and the Corridor Contract
      Counterparty to that effect, which notification shall include a request that
      the
      Corridor Contract Counterparty provide Regulation AB information to the
      Depositor in accordance with the Corridor Contract. The Depositor shall be
      obligated to obtain from the Corridor Contract Counterparty any information
      required under Regulation AB to the extent required under the Corridor Contracts
      and to provide to the Securities Administrator any information that may be
      required to be included in any Form 10-D, Form 8-K or Form 10-K relating to
      the
      Corridor Contract Counterparty or written notification instructing the
      Securities Administrator that such Additional Disclosure regarding the Corridor
      Contract Counterparty is not necessary for such Distribution Date. The Depositor
      shall be responsible for any reasonable fees and expenses assessed or incurred
      by the Securities Administrator in connection with including any Additional
      Disclosure information pursuant to this Section.

     

    So
      long
      as the Depositor is subject to the filing requirements of the Exchange Act
      with
      respect to the Trust Fund, the Trustee shall notify the Securities Administrator
      and the Depositor of any bankruptcy or receivership with respect to the Trustee
      or of any proceedings of the type described under Item 1117 of Regulation AB
      that have occurred as of the related Due Period, together with a description
      thereof, no later than the date on which such information is required of other
      parties hereto as set forth under this Section 4.18. In addition, the Trustee
      shall notify the Securities Administrator and the Depositor of any affiliations
      or relationships that develop after the Closing Date between the Trustee and
      the
      Depositor, the Sponsor, the Securities Administrator, the Master Servicer or
      the
      Custodian of the type described under Item 1119 of Regulation AB, together
      with
      a description thereof, no later than March 15 of each year that the Trust is
      subject to the Exchange Act reporting requirements, commencing in 2007. Should
      the identification of any of the Depositor, the Sponsor, the Securities
      Administrator, the Master Servicer or the Custodian change, the Depositor shall
      promptly notify the Trustee.

     

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

     

    (B)  In
      the
      event that the Securities Administrator is unable to timely file with the
      Commission all or any required portion of any Form 8-K, 10-D or 10-K required
      to
      be filed by this Agreement because required disclosure information was either
      not delivered to it or delivered to it after the delivery deadlines set forth
      in
      this Agreement or for any other reason, the Securities Administrator shall
      promptly notify the Depositor and the Master Servicer. In the case of Form
      10-D
      and 10-K, the Depositor, the Master Servicer and the Securities Administrator
      shall cooperate to prepare and file a Form 12b-25 and a 10-DA and 10-KA as
      applicable, pursuant to Rule 12b-25 of the Exchange Act. In the case of Form
      8-K, the Securities Administrator will, upon receipt of all required Form 8-K
      Disclosure Information and upon the approval and direction of the Depositor,
      include such disclosure information on the next Form 10-D. In the event that
      any
      previously filed Form 8-K, 10-D or 10-K needs to be amended, and such amendment
      relates to any Additional Disclosure, the Securities Administrator shall notify
      the Depositor and the parties affected thereby and such parties will cooperate
      to prepare any necessary Form 8-K, 10-DA or 10-KA. Any Form 15, Form 12b-25
      or
      any amendment to Form 8-K, 10-D or 10-K shall be signed by an appropriate
      officer of the Master Servicer. The parties hereto acknowledge that the
      performance by the Master Servicer and the Securities Administrator of their
      respective duties under this Section 4.18(a)(v) related to the timely
      preparation, execution and filing of Form 15, a Form 12b-25 or any amendment
      to
      Form 8-K, 10-D or 10-K is contingent upon the Master Servicer and the Depositor
      timely performing their duties under this Section. Neither the Master Servicer
      nor the Securities Administrator shall have any liability for any loss, expense,
      damage or claim arising out of or with respect to any failure to properly
      prepare, execute and/or timely file any such Form 15, Form 12b-25 or any
      amendments to Form 8-K, 10-D or 10-K, where such failure results from a party’s
      failure to deliver on a timely basis, any information from such party needed
      to
      prepare, arrange for execution or file such Form 15, Form 12b-25 or any
      amendments to Form 8-K, 10-D or 10-K, not resulting from its own negligence,
      bad
      faith or willful misconduct.

     

    The
      Depositor agrees to promptly furnish to the Securities Administrator, from
      time
      to time upon request, such further information, reports and financial statements
      within its control related to this Agreement, the Mortgage Loans as the
      Securities Administrator reasonably deems appropriate to prepare and file all
      necessary reports with the Commission. The Securities Administrator shall have
      no responsibility to file any items other than those specified in this Section
      4.18; provided, however, the Securities Administrator shall cooperate with
      the
      Depositor in connection with any additional filings with respect to the Trust
      Fund as the Depositor deems necessary under the Exchange Act. Fees and expenses
      incurred by the Securities Administrator in connection with this Section 4.18
      shall not be reimbursable from the Trust Fund.

     

    The
      Securities Administrator shall indemnify and hold harmless, the Company, the
      Depositor and the Master Servicer and each of its officers, directors and
      affiliates from and against any losses, damages, penalties, fines, forfeitures,
      reasonable and necessary legal fees and related costs, judgments and other
      costs
      and expenses arising out of or based upon a breach of the Securities
      Administrator’s obligations under Sections 4.16, 4.17 and 4.18 or the Securities
      Administrator’s negligence, bad faith or willful misconduct in connection
      therewith. In addition, the Securities Administrator shall indemnify and hold
      harmless the Depositor and the Master Servicer and each of their respective
      officers, directors and affiliates from and against any losses, damages,
      penalties, fines, forfeitures, reasonable and necessary legal fees and related
      costs, judgments and other costs and expenses arising out of or based upon
      (i)
      any untrue statement or alleged untrue statement of any material fact contained
      in any Back-Up Certification, any Annual Statement of Compliance, any Assessment
      of Compliance or any Additional Disclosure provided by the Securities
      Administrator on its behalf or on behalf of any subservicer or subcontractor
      engaged by the Securities Administrator pursuant to Section 4.16, 4.17 or 4.18
      (the “Securities Administrator Information”), or (ii) any omission or alleged
      omission to state therein a material fact required to be stated therein or
      necessary to make the statements therein, in light of the circumstances in
      which
      they were made, not misleading; provided, by way of clarification, that this
      paragraph shall be construed solely by reference to the Securities Administrator
      Information and not to any other information communicated in connection with
      the
      Certificates, without regard to whether the Securities Administrator Information
      or any portion thereof is presented together with or separately from such other
      information.

     

    The
      Depositor shall indemnify and hold harmless the Securities Administrator and
      the
      Master Servicer and each of its officers, directors and affiliates from and
      against any losses, damages, penalties, fines, forfeitures, reasonable and
      necessary legal fees and related costs, judgments and other costs and expenses
      arising out of or based upon a breach of the obligations of the Depositor under
      Sections 4.16, 4.17 and 4.18 or the Depositor’s negligence, bad faith or willful
      misconduct in connection therewith. In addition, the Depositor shall indemnify
      and hold harmless the Master Servicer, the Securities Administrator and each
      of
      their respective officers, directors and affiliates from and against any losses,
      damages, penalties, fines, forfeitures, reasonable and necessary legal fees
      and
      related costs, judgments and other costs and expenses arising out of or based
      upon (i) any untrue statement or alleged untrue statement of any material fact
      contained in any Additional Disclosure provided by the Depositor that is
      required to be filed pursuant to this Section 4.18 (the “Depositor
      Information”), or (ii) any omission or alleged omission to state therein a
      material fact required to be stated therein or necessary to make the statements
      therein, in light of the circumstances in which they were made, not misleading;
      provided, by way of clarification, that this paragraph shall be construed solely
      by reference to the Depositor Information that is required to be filed and
      not
      to any other information communicated in connection with the Certificates,
      without regard to whether the Depositor Information or any portion thereof
      is
      presented together with or separately from such other information.

     

    (b)  The
      Master Servicer shall indemnify and hold harmless the Company, the Securities
      Administrator and the Depositor and each of its respective officers, directors
      and affiliates from and against any losses, damages, penalties, fines,
      forfeitures, reasonable and necessary legal fees and related costs, judgments
      and other costs and expenses arising out of or based upon a breach of the
      obligations of the Master Servicer under Sections 4.16, 4.17 and 4.18 or the
      Master Servicer’s negligence, bad faith or willful misconduct in connection
      therewith. In addition, the Master Servicer shall indemnify and hold harmless
      the Depositor and each of its officers, directors and affiliates from and
      against any losses, damages, penalties, fines, forfeitures, reasonable and
      necessary legal fees and related costs, judgments and other costs and expenses
      arising out of or based upon (i) any untrue statement or alleged untrue
      statement of any material fact contained in any Annual Statement of Compliance,
      any Assessment of Compliance or any Additional Disclosure provided by the Master
      Servicer on its behalf or on behalf of any subservicer or subcontractor engaged
      by the Master Servicer pursuant to Section 4.16, 4.17 or 4.18 (the “Master
      Servicer Information”), or (ii) any omission or alleged omission to state
      therein a material fact required to be stated therein or necessary to make
      the
      statements therein, in light of the circumstances in which they were made,
      not
      misleading; provided, by way of clarification, that this paragraph shall be
      construed solely by reference to the Master Servicer Information and not to
      any
      other information communicated in connection with the Certificates, without
      regard to whether the Master Servicer Information or any portion thereof is
      presented together with or separately from such other information.

     

    The
      Company shall indemnify and hold harmless the Depositor, the Securities
      Administrator and the Master Servicer and each of its officers, directors and
      affiliates from and against any losses, damages, penalties, fines, forfeitures,
      reasonable and necessary legal fees and related costs, judgments and other
      costs
      and expenses arising out of or based upon a breach of the obligations of the
      Company under Sections 4.16, 4.17 and 4.18 or the Company’s negligence, bad
      faith or willful misconduct in connection therewith including any failure by
      the
      Company to identify any subcontractor “participating in the servicing function”
within the meaning of Item 1122 of Regulation AB. In addition, the Company
      shall
      indemnify and hold harmless the Depositor and the Master Servicer and each
      of
      their respective officers, directors and affiliates and the Master Servicer
      from
      and against any losses, damages, penalties, fines, forfeitures, reasonable
      and
      necessary legal fees and related costs, judgments and other costs and expenses
      arising out of or based upon (i) any untrue statement or alleged untrue
      statement of any material fact contained in any Back-Up Certification, any
      Annual Statement of Compliance, any Assessment of Compliance or any Additional
      Disclosure provided by the Company on its behalf or on behalf of any subservicer
      or subcontractor pursuant to Section 4.16, 4.17 or 4.18 (the “Company
      Information”), (ii) any breach by the Company of a representation, warranty or
      covenant set forth in Section 2.03(a)(vii) and Section 2.03(b)(i-iii) or (iii)
      any omission or alleged omission to state therein a material fact required
      to be
      stated therein or necessary to make the statements therein, in light of the
      circumstances in which they were made, not misleading; provided, by way of
      clarification, that this paragraph shall be construed solely by reference to
      the
      Company Information and not to any other information communicated in connection
      with the Certificates, without regard to whether the Company Information or
      any
      portion thereof is presented together with or separately from such other
      information.

     

    If
      the
      indemnification provided for herein is unavailable or insufficient to hold
      harmless the Company, the Depositor, the Securities Administrator or the Master
      Servicer, as applicable, then the defaulting party, in connection with any
      conduct for which it is providing indemnification under this Section 4.18(b),
      agrees that it shall contribute to the amount paid or payable by the other
      parties as a result of the losses, claims, damages or liabilities of the other
      party in such proportion as is appropriate to reflect the relative fault and
      the
      relative benefit of the respective parties.

     

    The
      indemnification provisions set forth in this Section 4.18(b) shall survive
      the
      termination of this Agreement or the termination of any party to this
      Agreement.

     

    (c)  Failure
      of the Company to comply with this Section 4.18 (including with respect to
      the
      timeframes required herein) shall be deemed a Company Default, and the Master
      Servicer shall, in addition to whatever rights the Master Servicer may have
      under this Agreement and at law or equity or to damages, including injunctive
      relief and specific performance, upon notice immediately terminate all of the
      rights and obligations of the Company under this Agreement and in and to the
      Mortgage Loans and the proceeds thereof without compensating the Company for
      the
      same. Failure of the Master Servicer to comply with this Section 4.18 (including
      with respect to the timeframes required herein) shall, constitute an Event
      of
      Default, and at the written direction of the Depositor the Trustee shall, in
      addition to whatever rights the Trustee may have under this Agreement and at
      law
      or equity or to damages, including injunctive relief and specific performance,
      upon notice immediately terminate all of the rights and obligations of the
      Master Servicer under this Agreement and in and to the Mortgage Loans and the
      proceeds thereof without compensating the Master Servicer for the same (but
      subject to the Master Servicer rights to payment of any Master Servicing
      Compensation and reimbursement of all amounts for which it is entitled to be
      reimbursed prior to the date of termination). Failure of the Securities
      Administrator to comply with this Section 4.18 (including with respect to the
      timeframes required in this Section) which failure results in a failure to
      timely file the related Form 10-K, shall, at the written direction of the
      Depositor, constitute a default and the Trustee shall, in addition to whatever
      rights the Trustee may have under this Agreement and at law or equity or to
      damages, including injunctive relief and specific performance, upon notice
      immediately terminate all of the rights and obligations of the Securities
      Administrator under this Agreement and in and to the Mortgage Loans and the
      proceeds thereof without compensating the Securities Administrator for the
      same
      (but subject to the Securities Administrator’s right to reimbursement of all
      amounts for which it is entitled to be reimbursed prior to the date of
      termination). This paragraph shall supersede any other provision in this
      Agreement or any other agreement to the contrary. In connection with the
      termination of the Master Servicer or the Securities Administrator pursuant
      to
      this Section 4.18(d), the Trustee shall be entitled to reimbursement of all
      costs and expenses associated with such termination to the extent set forth
      in
      Section 10.05. Notwithstanding anything to the contrary in this Agreement,
      no
      Event of Default by the Master Servicer or default by the Securities
      Administrator shall have occurred with respect to any failure to properly
      prepare, execute and/or timely file any report on Form 8-K, Form 10-D or Form
      10-K, any Form 15 or Form 12b-25 or any amendments to Form 8-K, 10-D or 10-K,
      where such failure results from any party’s failure to deliver, on a timely
      basis, any information from such party needed to prepare, arrange for execution
      or file any such report, Form or amendment, and does not result from its own
      negligence, bad faith or willful misconduct.

     

    In
      the
      case of any failure of performance described above, the Company shall promptly
      reimburse the Depositor, the Master Servicer and the Securities Administrator
      for all costs reasonably incurred by each such party in order to obtain the
      information, report, certification, accountants’ letter or other material not
      delivered pursuant to this Section 4.18 as required by the Company, any
      subservicer or any subcontractor.

     

    (d)  Notwithstanding
      the provisions of Section 12.01, this Section 4.18 may be amended without the
      consent of the Certificateholders.

     

    (e)  Any
      report, notice or notification to be delivered by the Company, the Master
      Servicer or the Securities Administrator to the Depositor pursuant to this
      Section 4.18, may be delivered via email to RegABNotifications@bear.com or,
      in
      the case of a notification, telephonically by calling Reg AB Compliance Manager
      at 212-272-7525. 

     

    Section
      4.19  Intention
      of the Parties and Interpretation.
      Each
      of
      the parties acknowledges and agrees that the purpose of Sections 4.16, 4.17
      and
      4.18 of this Agreement is to facilitate compliance by the Sponsor, the Depositor
      and the Master Servicer with the provisions of Regulation AB. Therefore, each
      of
      the parties agrees that (a) the obligations of the parties hereunder shall
      be
      interpreted in such a manner as to accomplish that purpose, (b) the parties’
obligations hereunder will be supplemented and modified as necessary to be
      consistent with any such amendments, interpretive advice or guidance, convention
      or consensus among active participants in the asset-backed securities markets,
      advice of counsel, or otherwise in respect of the requirements of Regulation
      AB,
      (c) the parties shall comply with reasonable requests made by the Sponsor,
      the
      Depositor, the Master Servicer or the Securities Administrator for delivery
      of
      additional or different information as the Sponsor, the Depositor, the Master
      Servicer or the Securities Administrator 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
      obligations of the parties to this transaction as are necessary to accommodate
      evolving interpretations of the provisions of Regulation AB. 

     

    Section
      4.20  UCC.
      The
      Sponsor shall file any financing statements, continuation statements or
      amendments thereto required by any change in the Uniform Commercial
      Code.

     

    Section
      4.21  Optional
      Purchase of Certain Mortgage Loans. 

     

    With
      respect to any Mortgage Loans which as of the first day of a Fiscal Quarter
      is
      delinquent in payment by 90 days or more or is an REO Property, EMC shall have
      the right to purchase any Mortgage Loan from the Trust which becomes 90 days
      or
      more delinquent or becomes an REO Property at a price equal to the Repurchase
      Price; provided however (i) that such Mortgage Loan is still 90 days or more
      delinquent or is an REO Property as of the date of such purchase and (ii) this
      purchase option, if not theretofore exercised, shall terminate on the date
      prior
      to the last day of the related Fiscal Quarter. This purchase option, if not
      exercised, shall not be thereafter reinstated unless the delinquency is cured
      and the Mortgage Loan thereafter again becomes 90 days or more delinquent or
      becomes an REO Property, in which case the option shall again become exercisable
      as of the first day of the related Fiscal Quarter.

     

    In
      addition, EMC shall, at its option, purchase any Mortgage Loan from the Trust
      if
      the first Due Date for such Mortgage Loan is subsequent to the Cut-off Date
      and
      the initial Monthly Payment is not made within thirty (30) days of such Due
      Date. Such purchase shall be made at a price equal to the Repurchase Price.
      

     

    If
      at any
      time EMC remits to the Securities Administrator a payment for deposit in the
      Distribution
      Account
      covering the amount of the Repurchase Price for such a Mortgage Loan, and EMC
      provides to the Trustee a certification signed by a Servicing Officer stating
      that the amount of such payment has been deposited in the Distribution
      Account,
      then the Trustee shall execute the assignment of such Mortgage Loan prepared
      and
      delivered to the Trustee, at the request of EMC, without recourse,
      representation or warranty, to EMC which shall succeed to all the Trustee’s
      right, title and interest in and to such Mortgage Loan, and all security and
      documents relative thereto. Such assignment shall be an assignment outright
      and
      not for security. EMC will thereupon own such Mortgage, and all such security
      and documents, free of any further obligation to the Trustee or the
      Certificateholders with respect thereto.

     

     

     

    ARTICLE
      V

     

    ACCOUNTS

     

    Section
      5.01  Collection
      of Mortgage Loan Payments; Protected Account. 

     

    (a)  The
      Company shall make reasonable efforts in accordance with customary and usual
      standards of practice of prudent mortgage lenders in the respective states
      in
      which the Mortgaged Properties related to the EMC Mortgage Loans are located
      to
      collect all payments called for under the terms and provisions of the EMC
      Mortgage Loans to the extent such procedures shall be consistent with this
      Agreement and the terms and provisions of any related Required Insurance Policy.
      Consistent with the foregoing, the Company may in its discretion (i) waive
      any
      late payment charge and (ii) extend the due dates for payments due on a Mortgage
      Note related to an EMC Mortgage Loan for a period not greater than 125 days.
      In
      the event of any such arrangement, the Company shall make Advances on the
      related EMC Mortgage Loan during the scheduled period in accordance with the
      amortization schedule of such EMC Mortgage Loan without modification thereof
      by
      reason of such arrangements, and shall be entitled to reimbursement therefor
      in
      accordance with Section 6.01. The Company shall not be required to institute
      or
      join in litigation with respect to collection of any payment (whether under
      a
      Mortgage, Mortgage Note or otherwise or against any public or governmental
      authority with respect to a taking or condemnation) if it reasonably believes
      that enforcing the provision of the Mortgage or other instrument pursuant to
      which such payment is required is prohibited by applicable law. In addition,
      if
      (x) an EMC Mortgage Loan is in default or default is imminent or (y) the Company
      delivers to the Trustee a certification addressed to the Trustee, based on
      the
      advice of counsel or certified public accountants, in either case, that have
      a
      national reputation with respect to taxation of REMICs, that a modification
      of
      such EMC Mortgage Loan will not result in the imposition of taxes on or
      disqualify any of REMIC I, REMIC II or REMIC III, the Company may, (A) amend
      the
      related Mortgage Note to reduce the Mortgage Rate applicable thereto, provided
      that such reduced Mortgage Rate shall in no event be lower than 5.00% with
      respect to any EMC Mortgage Loan and (B) amend any Mortgage Note related to
      an
      EMC Mortgage Loan to extend the maturity thereof.

     

    With
      respect to Mortgage Loans affected by Hurricane Katrina, if the Mortgaged
      Property is located in public and individual assistance counties as designated
      by FEMA (as set forth on its website www.fema.gov),
      the
      Company may cease charging of late fees and credit reporting activity for
      Mortgators in such counties until May 1, 2006 and if reasonably prudent, may
      extend such period as long as necessary.  In addition, the Company may
      suspend foreclosure and bankruptcy activity relating to certain Mortgage Loans
      and if reasonably prudent, may extend such period as long as
      necessary.

     

    In
      accordance with the standards of the first paragraph of Section 3.01, the
      Company shall not waive (or permit a sub-servicer to waive) any Prepayment
      Charge related to an EMC Mortgage Loan unless: (i) the enforceability thereof
      shall have been limited by bankruptcy, insolvency, moratorium, receivership
      and
      other similar laws relating to creditors’ rights generally, (ii) the enforcement
      thereof is illegal, or any local, state or federal agency has threatened legal
      action if the prepayment penalty is enforced, (iii) the collectability thereof
      shall have been limited due to acceleration in connection with a foreclosure
      or
      other involuntary payment or (iv) such waiver is standard and customary in
      servicing similar Mortgage Loans and relates to a default or a reasonably
      foreseeable default and would, in the reasonable judgment of the Company,
      maximize recovery of total proceeds taking into account the value of such
      Prepayment Charge and the related EMC Mortgage Loan. If a Prepayment Charge
      is
      waived, but does not meet the standards described above, then the Company is
      required to pay the amount of such waived Prepayment Charge, for the benefit
      of
      the related Class P Certificates, by remitting such amount the Securities
      Administrator (or to the Master Servicer, if the Securities Administrator is
      no
      longer related to the Master Servicer) by the Remittance Date.

     

    (b)  The
      Company shall establish and maintain a Protected Account (which shall at all
      times be an Eligible Account) with a depository institution in the name of
      the
      Company for the benefit of the Trustee on behalf of the Certificateholders
      and
      designated “U.S. Bank National Association, in trust for registered Holders of
      Bear Stearns Asset Backed Securities I LLC, Asset-Backed Certificates Series
      2006-AC3”. The Company shall deposit or cause to be deposited into the Protected
      Account on a daily basis within one Business Day of receipt, except as otherwise
      specifically provided herein, the following payments and collections remitted
      by
      subservicers or received by it in respect of the EMC Mortgage Loans subsequent
      to the Cut-off Date (other than in respect of principal and interest due on
      the
      EMC Mortgage Loans on or before the Cut-off Date) and the following amounts
      required to be deposited hereunder:

     

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

     

    (ii)  all
      payments on account of interest on the EMC Mortgage Loans net of the related
      Servicing Fee permitted under Section 3.10 and LPMI Fees, if any;

     

    (iii)  all
      Liquidation Proceeds and Insurance Proceeds with respect to any EMC Mortgage
      Loans, other than proceeds to be applied to the restoration or repair of the
      Mortgaged Property or released to the Mortgagor in accordance with the Company’s
      normal servicing procedures;

     

    (iv)  any
      amount required to be deposited by the Company pursuant to Section 5.01(c)
      in
      connection with any losses on Permitted Investments;

     

    (v)  any
      amounts required to be deposited by the Company pursuant to Section
      3.05;

     

    (vi)  any
      Prepayment Charges collected on the EMC Mortgage Loans; and

     

    (vii)  any
      other
      amounts required to be deposited hereunder.

     

    The
      foregoing requirements for remittance by the Company into the Protected 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
      or
      assumption fees, if collected, need not be remitted by the Company. In the
      event
      that the Company shall remit any amount not required to be remitted and not
      otherwise subject to withdrawal pursuant to Section 5.02, it may at any time
      withdraw or direct the institution maintaining the Protected Account, to
      withdraw such amount from the Protected Account, any provision herein to the
      contrary notwithstanding. Such withdrawal or direction may be accomplished
      by
      delivering written notice thereof to the institution maintaining the Protected
      Account, that describes the amounts deposited in error in the Protected Account.
      The Company shall maintain adequate records with respect to all withdrawals
      made
      pursuant to this Section. All funds deposited in the Protected Account shall
      be
      held in trust for the Certificateholders until withdrawn in accordance with
      Section 5.02.

     

    (c)  The
      institution that maintains the Protected Account shall invest the funds in
      the
      Protected Account, in the manner directed by the Company, in Permitted
      Investments which shall mature not later than the Remittance Date and shall
      not
      be sold or disposed of prior to its maturity. All such Permitted Investments
      shall be made in the name of the Trustee, for the benefit of the
      Certificateholders. All income and gain net of any losses realized from any
      such
      investment shall be for the benefit of the Company as servicing compensation
      and
      shall be remitted to it monthly as provided herein. The amount of any losses
      incurred in the Protected Account in respect of any such investments shall
      be
      deposited by the Company into the Protected Account, out of the Company’s own
      funds.

     

    (d)  The
      Company shall give at least 30 days advance notice to the Trustee, the Sponsor,
      the Master Servicer, each Rating Agency and the Depositor of any proposed change
      of location of the Protected Account prior to any change thereof.

     

    (e)  In
      the
      event that the Master Servicer and Securities Administrator are no longer
      affiliated, the Master Servicer shall establish and maintain an account separate
      from the Distribution Account into which any funds remitted by the Company
      and
      Servicers will be deposited. No later than noon New York time on the Business
      Day prior to each Distribution Date, the Master Servicer shall remit any such
      funds to the Paying Agent for deposit in the Distribution Account. The Master
      Servicer shall make the following permitted withdrawals and transfers from
      such
      account:

     

    (i)  The
      Master Servicer will, from time to time on demand of the Company, a Servicer
      or
      the Securities Administrator, make or cause to be made such withdrawals or
      transfers from the account as the Master Servicer has designated for such
      transfer or withdrawal pursuant to this Agreement and the related Servicing
      Agreement. The Master Servicer may clear and terminate the account pursuant
      to
      Section 11.01 and remove amounts from time to time deposited in
      error.

     

    (ii)  On
      an
      ongoing basis, the Master Servicer shall withdraw from the account (i) any
      expenses, costs and liabilities recoverable by the Trustee, the Master Servicer
      or the Securities Administrator or the Custodian pursuant to Sections 4.03,
      8.04
      and 10.05 and (ii) any amounts payable to the Master Servicer as set forth
      in
      Section 4.14; provided, however, that the Master Servicer shall be obligated
      to
      pay from its own funds any amounts which it is required to pay under Section
      8.03(a).

     

    (iii)  In
      addition, on or before each Business Day prior to each Distribution Date, the
      Master Servicer shall deposit in the Distribution Account (or remit to the
      Trustee for deposit therein) any Monthly Advances required to be made by the
      Master Servicer with respect to the Mortgage Loans.

     

    (iv)  No
      later
      than noon New York time on each Business Day prior to each Distribution Date,
      the Master Servicer will transfer all Available Funds on deposit in the account
      with respect to the related Distribution Date to the Paying Agent for deposit
      in
      the Distribution Account. 

     

    Section
      5.02  Permitted
      Withdrawals From the Protected Account. 

     

    (a)  The
      Company may from time to time make withdrawals from the Protected Account for
      the following purposes:

     

    (i)  to
      pay
      itself (to the extent not previously paid to or withheld by the Company), as
      servicing compensation in accordance with Section 3.10, that portion of any
      payment of interest that equals the Servicing Fee for the period with respect
      to
      which such interest payment was made, and, as additional servicing compensation,
      those other amounts set forth in Section 3.10;

     

    (ii)  to
      reimburse the Company for Advances made by it with respect to the Mortgage
      Loans, provided, however, that the Company’s right of reimbursement pursuant to
      this subclause (ii) shall be limited to amounts received on particular EMC
      Mortgage Loan(s) (including, for this purpose, Liquidation Proceeds and
      Insurance Proceeds) that represent late recoveries of payments of principal
      and/or interest on such particular EMC Mortgage Loan(s) in respect of which
      any
      such Advance was made;

     

    (iii)  to
      reimburse the Company for any previously made portion of a Servicing Advance
      or
      an Advance made by the Company that, in the good faith judgment of the Company,
      will not be ultimately recoverable by it from the related Mortgagor, any related
      Liquidation Proceeds, Insurance Proceeds or otherwise (a “Nonrecoverable
      Advance”), to the extent not reimbursed pursuant to clause (ii) or clause
      (v);

     

    (iv)  to
      reimburse the Company from Insurance Proceeds for Insured Expenses covered
      by
      the related Insurance Policy;

     

    (v)  to
      pay
      the Company any unpaid Servicing Fees and to reimburse it for any unreimbursed
      Servicing Advances, provided, however, that the Company’s right to reimbursement
      for Servicing Advances pursuant to this subclause (v) with respect to any EMC
      Mortgage Loan shall be limited to amounts received on particular EMC Mortgage
      Loan(s) (including, for this purpose, Liquidation Proceeds, Insurance Proceeds
      and purchase and repurchase proceeds) that represent late recoveries of the
      payments for which such Servicing Advances were made;

     

    (vi)  to
      pay to
      the Sponsor, the Depositor or itself, as applicable, with respect to each EMC
      Mortgage Loan or property acquired in respect thereof that has been purchased
      pursuant to Section 2.02, 2.03 or 4.21 of this Agreement, all amounts received
      thereon and not taken into account in determining the related Stated Principal
      Balance of such repurchased EMC Mortgage Loan;

     

    (vii)  to
      pay
      any expenses recoverable by the Company pursuant to Section 8.04 of this
      Agreement;

     

    (viii)  to
      withdraw pursuant to Section 5.01 any amount deposited in the Protected Account
      and not required to be deposited therein; and

     

    (ix)  to
      clear
      and terminate the Protected Account upon termination of this Agreement pursuant
      to Section 11.01 hereof.

     

    In
      addition, no later than 1:00 p.m. Eastern time on the Remittance Date, the
      Company shall withdraw from the Protected Account and remit to the Securities
      Administrator the amount required to be withdrawn therefrom pursuant to Section
      5.05 hereof. With respect to any remittance received by the Securities
      Administrator from EMC after the date on which such remittance was due, EMC
      shall pay to the Securities Administrator interest on any such late remittance
      at an annual rate equal to the prime rate announced to be in effect from time
      to
      time as published as the average rate in The Wall Street Journal (Northeast
      Edition), plus two percentage points, but in no event greater than the maximum
      amount permitted by applicable law. Such interest shall be deposited in EMC’s
      Protected Account by EMC on the date such late payment is made and shall cover
      the period commencing with the day following the date on which such remittance
      was due and ending with the Business Day on which such remittance is made,
      both
      inclusive. Such interest shall be remitted along with the distribution payable
      on the next succeeding Remittance Date. The payment by EMC of any such interest
      shall not be deemed an extension of time for payment or a waiver of any Event
      of
      Default with respect to EMC.

     

    The
      Company shall keep and maintain separate accounting, on a Mortgage Loan by
      Mortgage Loan basis, for the purpose of justifying any withdrawal from the
      Protected Account pursuant to subclauses (i), (ii), (iv), (v) and (vi) above.
      Prior to making any withdrawal from the Protected Account pursuant to subclause
      (iii), the Company shall deliver to the Trustee an Officer’s Certificate of a
      Servicing Officer indicating the amount of any previous Advance or Servicing
      Advance determined by the Company to be a Nonrecoverable Advance and identifying
      the related EMC Mortgage Loan(s), and their respective portions of such
      Nonrecoverable Advance.

     

    Section
      5.03  Reports
      to Master Servicer. 

     

    On
      or
      before the tenth calendar day of each month, the Company shall furnish to the
      Master Servicer electronically in a format acceptable to the Master Servicer
      loan accounting reports in the investor’s assigned loan number order to document
      the payment activity on each EMC Mortgage Loan on an individual mortgage loan
      basis and containing the data required by the forms attached hereto as Exhibit
      U, Exhibit V and Exhibit W or in a format mutually agreed upon between the
      Company and the Master Servicer.

     

    Section
      5.04  Collection
      of Taxes; Assessments and Similar Items; Escrow Accounts. 

     

    With
      respect to each EMC Mortgage Loan, to the extent required by the related
      Mortgage Note, the Company shall establish and maintain one or more accounts
      (each, an “Escrow Account”) and deposit and retain therein all collections from
      the Mortgagors (or advances by the Company) for the payment of taxes,
      assessments, hazard insurance premiums or comparable items for the account
      of
      the Mortgagors. Nothing herein shall require the Company to compel a Mortgagor
      to establish an Escrow Account in violation of applicable law.

     

    Withdrawals
      of amounts so collected from the Escrow Accounts may be made only to effect
      timely payment of taxes, assessments, hazard insurance premiums, condominium
      or
      PUD association dues, or comparable items, to reimburse the Company out of
      related collections for any payments made with respect to each EMC Mortgage
      Loan
      pursuant to Section 3.01 (with respect to taxes and assessments and insurance
      premiums) and Section 3.05 (with respect to hazard insurance), to refund to
      any
      Mortgagors for any EMC Mortgage Loans any sums as may be determined to be
      overages, to pay interest, if required by law or the terms of the related
      Mortgage or Mortgage Note, to such Mortgagors on balances in the Escrow Account
      or to clear and terminate the Escrow Account at the termination of this
      Agreement in accordance with Section 11.01 thereof. The Escrow Account shall
      not
      be a part of the Trust Fund.

     

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

     

    (b)  To
      the
      extent provided in this Agreement or any Servicing Agreement, amounts on deposit
      in a Protected Account may be invested in Permitted Investments in the name
      of
      the Trustee for the benefit of Certificateholders and, except as provided in
      the
      preceding paragraph, not commingled with any other funds, such Permitted
      Investments to mature, or to be subject to redemption or withdrawal, no later
      than the date on which such funds are required to be withdrawn for deposit
      in
      the Distribution Account, and shall be held until required for such deposit.
      The
      income earned from Permitted Investments made pursuant to this Section 5.05
      shall be paid to the Company or the related Servicer under this Agreement or
      the
      related Servicing Agreement, and the risk of loss of moneys required to be
      distributed to the Certificateholders resulting from such investments shall
      be
      borne by and be the risk of the Company or the related Servicer, as the case
      may
      be. The Company or the related Servicer (to the extent provided in this
      Agreement or the related Servicing Agreement) shall deposit the amount of any
      such loss in the Protected Account within two Business Days of receipt of
      notification of such loss but not later than the second Business Day prior
      to
      the Distribution Date on which the moneys so invested are required to be
      distributed to the Certificateholders.

     

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

     

    (i)  Scheduled
      Payments on the Mortgage Loans received or any related portion thereof advanced
      by the Company or the related Servicer pursuant to the related Servicing
      Agreement which were due on or before the related Due Date, net of the amount
      thereof comprising the Servicing Fees;

     

    (ii)  Full
      Principal Prepayments and any Liquidation Proceeds received by the Company
      or
      the related Servicer with respect to such Mortgage Loans in the related
      Prepayment Period, with interest to the date of prepayment or liquidation,
      net
      of the amount thereof comprising the Servicing Fees and LPMI Fees, if
      any;

     

    (iii)  Partial
      Principal Prepayments received by the Company or the related Servicer for such
      Mortgage Loans in the related Prepayment Period;

     

    (iv)  Any
      amount to be used as an Advance or any Compensating Interest required to paid
      to
      the Company or related Servicer; and

     

    (v)  The
      amount of any Prepayment Charges collected with respect to the Mortgage Loans
      and the amount of any Prepayment Charges paid by the Company or the related
      Servicer in connection with the waiver of a Prepayment Charge in a manner that
      is not permitted under this Agreement or the related Servicing
      Agreement.

     

    (d)  Withdrawals
      may be made from a Protected Account by the Company as described in Section
      5.02
      hereof and by the Master Servicer or the related Servicer only to make
      remittances as provided in Section 5.05(c), 5.08 and 5.09; to reimburse the
      Master Servicer or the Servicer for Advances which have been recovered by
      subsequent collection from the related Mortgagor; to remove amounts deposited
      in
      error; to remove fees, charges or other such amounts deposited on a temporary
      basis; or to clear and terminate the account at the termination of this
      Agreement in accordance with Section 11.01. As provided in Section 5.05(c)
      certain amounts otherwise due to the related Servicer may be retained by the
      related Servicer and need not be deposited in the Distribution
      Account.

     

    Section
      5.06  Reserved. 

     

    Section
      5.07  Reserved. 

     

    Section
      5.08  Distribution
      Account. 

     

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

     

    (i)  with
      respect to each Loan Group, any Advance and any Compensating Interest
      Payments;

     

    (ii)  with
      respect to each Loan Group, any Insurance Proceeds, Liquidation Proceeds or
      Subsequent Recoveries received by or on behalf of the Master Servicer or which
      were not deposited in a Protected Account;

     

    (iii)  with
      respect to each Loan Group, the Repurchase Price with respect to any Mortgage
      Loans purchased by the Sponsor or Section 2.02 or 2.03, any amounts which are
      to
      be treated pursuant to Section 5.09 of this Agreement as the payment of such
      a
      Repurchase Price, the Repurchase Price with respect to any Mortgage Loans
      purchased by EMC pursuant to Section 4.20, and all proceeds of any Mortgage
      Loans or property acquired with respect thereto repurchased by the Sponsor
      or
      its designee pursuant to Section 11.01;

     

    (iv)  with
      respect to each Loan Group, any amounts required to be deposited with respect
      to
      losses on investments of deposits in an Account; and

     

    (v)  with
      respect to each Loan Group, any other amounts received by or on behalf of the
      Master Servicer or the Trustee and required to be deposited in the Distribution
      Account pursuant to this Agreement.

     

    (b)  All
      amounts deposited to the Distribution Account shall be held by the Securities
      Administrator in the name of the Trustee in trust for the benefit of the
      Certificateholders in accordance with the terms and provisions of this
      Agreement. The requirements for crediting the Distribution Account shall be
      exclusive, it being understood and agreed that, without limiting the generality
      of the foregoing, payments in the nature of late payment charges or assumption,
      tax service, statement account or payoff, substitution, satisfaction, release
      and other like fees and charges, need not be credited by the Master Servicer
      or
      the related Servicer to the Distribution Account. In the event that the Master
      Servicer shall deposit or cause to be deposited to the Distribution Account
      any
      amount not required to be credited thereto, the Securities Administrator, upon
      receipt of a written request therefor signed by a Servicing Officer of the
      Master Servicer, shall promptly transfer such amount to the Master Servicer,
      any
      provision herein to the contrary notwithstanding.

     

    (c)  The
      Distribution Account shall constitute an Eligible Account of the Trust Fund
      segregated on the books of the Securities Administrator and held by the
      Securities Administrator and the Distribution Account and the funds deposited
      therein shall not be subject to, and shall be protected from, all claims, liens,
      and encumbrances of any creditors or depositors of the Securities Administrator
      (whether made directly, or indirectly through a liquidator or receiver of the
      Securities Administrator). The amount at any time credited to the Distribution
      Account may be, as directed by the Master Servicer, held either uninvested
      in a
      trust or deposit account of the Securities Administrator with no liability
      for
      interest or other compensation thereof, except as otherwise agreed in writing
      with the Master Servicer, or invested in the name of the Trustee, in such
      Permitted Investments as may be selected by the Master Servicer on such
      direction which mature not later than the Business Day next preceding the
      succeeding Distribution Date, except if such Permitted Investment is an
      obligation of or is managed by the institution that maintains such fund or
      account, then such Permitted Investment shall mature not later than such
      Distribution Date. Permitted Investments in respect of the Distribution Account
      shall not be sold or disposed of prior to their maturity. All investment
      earnings on amounts on deposit in the Distribution Account or benefit from
      funds
      uninvested therein from time to time shall be for the account of the Master
      Servicer. The Master Servicer shall be permitted to receive distribution of
      any
      and all investment earnings from the Distribution Account on each Distribution
      Date. If there is any loss on a Permitted Investment or demand deposit, the
      Master Servicer shall deposit the amount of the loss in the Distribution
      Account. With respect to the Distribution Account and the funds deposited
      therein, the Securities Administrator shall take such action as may be necessary
      to ensure that the Certificateholders shall be entitled to the priorities
      afforded to such a trust account (in addition to a claim against the estate
      of
      the Securities Administrator) as provided by 12 U.S.C. § 92a(e), and applicable
      regulations pursuant thereto, if applicable, or any applicable comparable state
      statute applicable to state chartered banking corporations.

     

    Section
      5.09  Permitted
      Withdrawals and Transfers from the Distribution Account. 

     

    (a)  The
      Securities Administrator will, from time to time on demand of the Master
      Servicer, make or cause to be made such withdrawals or transfers from the
      Distribution Account as the Master Servicer has designated for such transfer
      or
      withdrawal pursuant to this Agreement or any Servicing Agreement (limited in
      the
      case of amounts due the Master Servicer to those not withdrawn from the
      Distribution Account in accordance with the terms of this Agreement; provided
      that the Securities Administrator shall not be responsible for such
      determination and may rely on the Master Servicer’s instructions under this
      Section 5.09):

     

    (i)  to
      reimburse the Master Servicer, the Company or the related Servicer for any
      Advance or Servicing Advance of its own funds, the right of the Master Servicer,
      the Company or the related Servicer to reimbursement pursuant to this subclause
      (i) being limited to amounts received on a particular Mortgage Loan (including,
      for this purpose, the Repurchase Price therefor, Insurance Proceeds and
      Liquidation Proceeds) which represent late payments or recoveries of the
      principal of or interest on such Mortgage Loan respecting which such Advance
      or
      Servicing Advance was made;

     

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

     

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

     

    (iv)  to
      reimburse the Master Servicer, the Company or a Servicer for advances of funds
      pursuant to this Agreement or the related Servicing Agreement, and the right
      to
      reimbursement pursuant to this subclause being limited to amounts received
      on
      the related Mortgage Loan (including, for this purpose, the Repurchase Price
      therefor, Insurance Proceeds and Liquidation Proceeds) which represent late
      recoveries of the payments for which such advances were made;

     

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

     

    (vi)  to
      pay
      the Master Servicer as set forth in Section 4.14;

     

    (vii)  to
      reimburse the Master Servicer for expenses, costs and liabilities incurred
      by
      and reimbursable to it pursuant to Sections 4.03, 8.04(c) and (d) and 12.02
      or
      otherwise reimbursable to it pursuant to this Agreement;

     

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

     

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

     

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

     

    (xi)  to
      remove
      amounts deposited in error; and

     

    (xii)  to
      clear
      and terminate the Distribution Account pursuant to Section 11.01.

     

    (b)  The
      Master Servicer shall keep and maintain separate accounting, on a Mortgage
      Loan
      by Mortgage Loan basis, for the purpose of accounting for any reimbursement
      from
      the Distribution Account pursuant to subclauses (i) through (iv), inclusive,
      and
      (vi) or with respect to any such amounts which would have been covered by such
      subclauses had the amounts not been retained by the Master Servicer without
      being deposited in the Distribution Account under Section 5.08.

     

    (c)  On
      each
      Distribution Date, the Securities Administrator shall distribute the Available
      Funds to the extent of funds on deposit in the Distribution Account to the
      Holders of the Certificates in accordance with the Remittance Report upon which
      the Securities Administrator may conclusively rely.

     

    Section
      5.10  Reserved.

     

    Section
      5.11  Reserved.

     

     

     

     

    ARTICLE
      VI

     

    DISTRIBUTIONS
      AND ADVANCES

     

    Section
      6.01  Advances. 

     

    (a)  The
      Company shall make an Advance with respect to any EMC Mortgage Loan and remit
      such Advance to the Securities Administrator for deposit in the Distribution
      Account no later than 1:00 p.m. Eastern time on the Remittance Date in
      immediately available funds. The Master Servicer shall cause the related
      Servicer to remit any such Advance required pursuant to the terms of the related
      Servicing Agreement. The Company or the related Servicer, as applicable, shall
      be obligated to make any such Advance only to the extent that such advance
      would
      not be a Nonrecoverable Advance. If the Company or the related Servicer shall
      have determined that it has made a Nonrecoverable Advance or that a proposed
      Advance or a lesser portion of such Advance would constitute a Nonrecoverable
      Advance, the Company or the related Servicer, as the case may be, shall deliver
      (i) to the Securities Administrator for the benefit of the Certificateholders
      funds constituting the remaining portion of such Advance, if applicable, and
      (ii) to the Depositor, the Master Servicer, each Rating Agency and the Trustee
      an Officer’s Certificate setting forth the basis for such determination. Subject
      to the Master Servicer’s recoverability determination, in the event that a
      Servicer (other than Wells Fargo) fails to make a required Advance, the Master
      Servicer, as successor servicer, shall be required to remit the amount of such
      Advance to the Distribution Account. Subject to the Securities Administrator’s
      recoverability determination, in the event that the Master Servicer fails to
      make a required Advance, the Securities Administrator shall be required to
      remit
      the amount of such Advance to the Distribution Account. If Wells Fargo, as
      a
      Servicer, the Master Servicer or the Securities Administrator was required
      to
      make an Advance but failed to do so, the Trustee upon receiving notice or
      becoming aware of the such failure, and pursuant to the applicable terms of
      this
      Agreement, shall appoint a successor servicer who will make such Advance, or
      the
      Trustee as successor master servicer shall be required to remit the amount
      of
      such Advance to the Distribution Account, unless the Trustee shall have
      determined that such Advance is a Nonrecoverable Advance. If the Trustee cannot
      find a successor servicer to replace Wells Fargo as Servicer the Trustee shall
      become the successor servicer and shall be required to remit the amount of
      such
      Advance to the Distribution Account, unless the Trustee shall have determined
      that such Advance is a Nonrecoverable Advance.

     

    In
      lieu
      of making all or a portion of such Advance from its own funds, the Company
      may
      (i) cause to be made an appropriate entry in its records relating to the
      Protected Account that any Amounts Held for Future Distribution has been used
      by
      the Company in discharge of its obligation to make any such Advance and (ii)
      transfer such funds from the Protected Account to the Distribution Account.
      Any
      funds so applied and transferred shall be replaced by the Company by deposit
      in
      the Distribution Account, no later than the close of business on the Remittance
      Date immediately preceding the Distribution Date on which such funds are
      required to be distributed pursuant to this Agreement.

     

    The
      Company shall be entitled to be reimbursed from the Protected Account for all
      Advances of its own funds made pursuant to this Section as provided in Section
      5.02. The obligation to make Advances with respect to any EMC Mortgage Loan
      shall continue until such EMC Mortgage Loan is paid in full or the related
      Mortgaged Property or related REO Property has been liquidated or until the
      purchase or repurchase thereof (or substitution therefor) from the Trust Fund
      pursuant to any applicable provision of this Agreement, except as otherwise
      provided in this Section 6.01.

     

    (b)  If
      the
      Company or the related Servicer was required to make an Advance pursuant to
      this
      Agreement or the related Servicing Agreement and fails to make any required
      Advance, in whole or in part, the Master Servicer, as successor servicer, or
      an
      other successor servicer appointed by it, will remit to the Securities
      Administrator, who in turn will deposit in the Distribution Account not later
      than the Distribution Account Deposit Date immediately preceeding the related
      Distribution Date an amount equal to such required Advance to the extent not
      otherwise paid by the related Servicer, net of the Servicing Fee for such
      Mortgage Loan except to the extent the Master Servicer determines any such
      Advance to be nonrecoverable from Liquidation Proceeds, Insurance Proceeds
      or
      future payments on the Mortgage Loan for which such Advance was made. Subject
      to
      the foregoing, the Master Servicer shall continue to make such Advances through
      the date that the Company or the related Servicer is required to do so under
      this Agreement or the related Servicing Agreement, as applicable. If applicable,
      on the Distribution Account Deposit Date, the Master Servicer shall present
      an
      Officer’s Certificate to the Trustee (i) stating that the Master Servicer elects
      not to make an Advance in a stated amount and (ii) detailing the reason it
      deems
      the advance to be nonrecoverable.

     

    Subject
      to and in accordance with the provisions of Article IX hereof, in the event
      the
      Master Servicer fails to make such Advance, then the Trustee, as Successor
      Master Servicer, shall be obligated to make such Advance, subject to the
      provisions of this Section 6.01, in accordance with and subject to the terms
      of
      this Agreement (including its rights of reimbursement hereunder).

     

    Section
      6.02  Compensating
      Interest Payments. 

     

    (a)  In
      the
      event that there is a Prepayment Interest Shortfall arising from a voluntary
      Principal Prepayment in part or in full by the Mortgagor with respect to any
      EMC
      Mortgage Loan, the Company shall, to the extent of the Servicing Fee for such
      Distribution Date, deposit into the Distribution Account, as a reduction of
      the
      Servicing Fee for such Distribution Date, no later than the close of business
      on
      the Remittance Date immediately preceding such Distribution Date, an amount
      equal to the Prepayment Interest Shortfall; and in case of such deposit, the
      Company shall not be entitled to any recovery or reimbursement from the
      Depositor, the Trustee, the Sponsor, the Master Servicer, the Securities
      Administrator, the Trust Fund or the Certificateholders.

     

    (b)  The
      Master Servicer shall cause each Servicer under the related Servicing Agreement
      to remit any required Compensating Interest Payments to the Distribution Account
      on the Remittance Date.

     

    (c)  The
      Master Servicer shall be required to remit the amount of any such Prepayment
      Interest Shortfalls required to be paid by the related Servicer pursuant to
      Section 6.02(a), to the extent of the Master Servicing Compensation for such
      Distribution Date, in the event the Company or the related Servicer fails to
      do
      so.

     

    Section
      6.03  REMIC
      Distributions. 

     

    On
      each
      Distribution Date the Securities Administrator, as agent for the Trustee, shall
      be deemed to make distributions to the REMIC Regular Interests and each Regular
      Interest the ownership of which is represented by the Class A Certificates
      in
      accordance with Section 6.07 hereof.

     

    Section
      6.04  Distributions. 

     

    (a)  On
      each
      Distribution Date, the Available Funds for such Distribution Date shall be
      withdrawn by the Securities Administrator to the extent of funds on deposit
      in
      the Distribution Account and distributed as directed in accordance with the
      Remittance Report for such Distribution Date, in the following order of
      priority:

     

    first,
      (a)
      Interest Funds in respect of the Group I Loans, to the holders of the Class
      I-A
      Certificates, concurrently on a pro rata basis, the Monthly Interest
      Distributable Amount for such classes for such distribution date and (b)
      Interest Funds in respect of the Group II Loans, to the holders of the Class
      II-A Certificates, concurrently on a pro rata basis, the Monthly Interest
      Distributable Amount for such classes for such distribution date;

     

    (i)  to
      the
      holders of the Class M-1 Certificates, the Monthly Interest Distributable Amount
      for such class for such distribution date; 

     

    (ii)  to
      the
      holders of the Class M-2 Certificates, the Monthly Interest Distributable Amount
      for such class for such distribution date;

     

    (iii)  to
      the
      holders of the Class M-3 Certificates, the Monthly Interest Distributable Amount
      for such class for such distribution date;

     

    (iv)  to
      the
      holders of the Class B-1 Certificates, the Monthly Interest Distributable Amount
      for such class for such distribution date;

     

    (v)  to
      the
      holders of the Class B-2 Certificates, the Monthly Interest Distributable Amount
      for such class for such distribution date; 

     

    (vi)  to
      the
      holders of the Class B-3 Certificates, the Monthly Interest Distributable Amount
      for such class for such distribution date; and

     

    (vii)  to
      the
      holders of the Class B-4 Certificates, the Monthly Interest Distributable Amount
      for such class for such distribution date.

     

    On
      each
      distribution date, any shortfalls resulting from the application of the Relief
      Act and any Prepayment Interest Shortfalls to the extent not covered by
      Compensating Interest will reduce the amount of the interest payable to the
      Offered Certificates and Class B-4 Certificates on such distribution date as
      described in the definition of Monthly Interest Distributable Amount. The
      holders of the Offered Certificates and Class B-4 Certificates will be entitled
      to reimbursement for any such interest shortfalls with interest thereon solely
      from the Net Monthly Excess Cashflow to the extent of funds available
pursuant
      to clause third
      below.

     

    On
      any
      Distribution Date, any Unpaid Interest Shortfalls will be allocated to the
      Certificates (other than the Class P Certificates) as set forth in the
      definition of “Monthly Interest Distributable Amount” in Section 1.01 and in
      Section 1.02.

     

    Any
      Excess Spread to the extent necessary to restore or maintain a level of
      overcollateralization equal to the Overcollateralization Target Amount will
      be
      the Overcollateralization Increase Amount and will be included as part of the
      Principal Distribution Amount for the Offered Certificates and Class B-4
      Certificates and distributed pursuant to the second
      and
      third clause
      below. 

     

    second,
      the
      Principal Distribution Amount for any Distribution Date shall be distributed
      concurrently
      as follows:

     

    (i)  with
      respect to the Class I-A (other than the Class I-A-2 Certificates), Class M
      and
      Class B Certificates, the Group I Principal Distribution Amount for such
      distribution date, on a pro rata basis, based on the Certificate Principal
      Balance of each such Class, until the Certificate Principal Balances thereof
      have been reduced to zero; and

     

    (ii)  with
      respect to the Class II-A (other than the Class II-A-2 Certificates), Class
      M
      and Class B Certificates, the Group II Principal Distribution Amount for such
      distribution date, on a pro rata basis, based on the Certificate Principal
      Balance of each such Class, until the Certificate Principal Balances thereof
      have been reduced to zero. 

     

    third, On
      each
      distribution date, Excess Spread will be required to be applied as a Extra
      Principal Distribution Amount and distributed as part of the Principal
      Distribution Amount with respect to the Offered Certificates and Class B-4
      Certificates whenever the Overcollateralized Amount is less than the
      Overcollateralization Target Amount; provided that, after the earlier of (1)
      the
      20% Clean-Up Call Date and (2) the Early Turbo Payment Date, such Excess Spread
      will be used first to pay the Overcollateralization Increase Amount, any Net
      Interest Shortfalls and any Net WAC Rate Carryover Amounts, in that order,
      on
      such distribution date, and the remainder will be applied as part of the Extra
      Principal Distribution Amount. The amount of any Net Monthly Excess Cashflow
      in
      loan with respect to each distribution date will be distributed as
      follows:

     

    (i)  to
      the
      Holders of the Senior Certificates, on a pro rata basis, based on the
      entitlement of each such Class, then to the Holders of the Class M-1
      Certificates, then to the holders of the Class M-2 Certificates, then to the
      holders of the Class M-3 Certificates, then to the holders of the Class B-1
      Certificates, then to the holders of the Class B-2 Certificates, then to the
      holders of the Class B-3 Certificates and then to the holders of the Class
      B-4
      Certificates, any Unpaid Interest Shortfall for such Classes of Certificates
      on
      such Distribution Date, to the extent not previously reimbursed;

     

    (ii)  from
      remaining Net Monthly Excess Cashflow, to the holders of the Class M-1
      Certificates, in an amount equal to the Applied Realized Loss Amount for such
      class;

     

    (iii)  from
      remaining Net Monthly Excess Cashflow, to the holders of the Class M-2
      Certificates, in an amount equal to the Applied Realized Loss Amount for such
      class;

     

    (iv)  from
      remaining Net Monthly Excess Cashflow, to the holders of the Class M-3
      Certificates, in an amount equal to the Applied Realized Loss Amount for such
      class;

     

    (v)  from
      remaining Net Monthly Excess Cashflow, to the holders of the Class B-1
      Certificates, in an amount equal to the Applied Realized Loss Amount for such
      class;

     

    (vi)  from
      remaining Net Monthly Excess Cashflow, to the holders of the Class B-2
      Certificates, in an amount equal to the Applied Realized Loss Amount for such
      class;

     

    (vii)  from
      remaining Net Monthly Excess Cashflow, to the holders of the Class B-3
      Certificates, in an amount equal to the Applied Realized Loss Amount for such
      class;

     

    (viii)  from
      remaining Net Monthly Excess Cashflow, to the holders of the Class B-4
      Certificates, in an amount equal to the Applied Realized Loss Amount for such
      class;

     

    (ix)  from
      amounts otherwise distributable to the Class C Certificates, to the Net WAC
      Reserve Fund, in respect of the Senior Certificates, on a pro rata basis, based
      on the entitlement of each such Class, the Net WAC Rate Carryover Amount for
      each such Class for such Distribution Date to the extent such amount exceeds
      the
      amount then on deposit in the Net WAC Reserve Fund;

     

    (x)  from
      amounts otherwise distributable to the Class C Certificates, to the Net WAC
      Reserve Fund, in respect of the Class M-1 Certificates, the Net WAC Rate
      Carryover Amount for such Class for such Distribution Date to the extent such
      amount exceeds the amount then on deposit in the Net WAC Reserve
      Fund;

     

    (xi)  from
      amounts otherwise distributable to the Class C Certificates, to the Net WAC
      Reserve Fund, in respect of the Class M-2 Certificates, the Net WAC Rate
      Carryover Amount for such Class for such Distribution Date to the extent such
      amount exceeds the amount then on deposit in the Net WAC Reserve
      Fund;

     

    (xii)  from
      amounts otherwise distributable to the Class C Certificates, to the Net WAC
      Reserve Fund, in respect of the Class M-3 Certificates, the Net WAC Rate
      Carryover Amount for such Class for such Distribution Date to the extent such
      amount exceeds the amount then on deposit in the Net WAC Reserve
      Fund;

     

    (xiii)  from
      amounts otherwise distributable to the Class C Certificates, to the Net WAC
      Reserve Fund, in respect of the Class B-1 Certificates, the Net WAC Rate
      Carryover Amount for such Class for such Distribution Date to the extent such
      amount exceeds the amount then on deposit in the Net WAC Reserve
      Fund;

     

    (xiv)  from
      amounts otherwise distributable to the Class C Certificates, to the Net WAC
      Reserve Fund, in respect of the Class B-2 Certificates, the Net WAC Rate
      Carryover Amount for such Class for such Distribution Date to the extent such
      amount exceeds the amount then on deposit in the Net WAC Reserve
      Fund;

     

    (xv)  from
      amounts otherwise distributable to the Class C Certificates, to the Net WAC
      Reserve Fund, in respect of the Class B-3 Certificates, the Net WAC Rate
      Carryover Amount for such Class for such Distribution Date to the extent such
      amount exceeds the amount then on deposit in the Net WAC Reserve
      Fund;

     

    (xvi)  from
      amounts otherwise distributable to the Class C Certificates, to the Net WAC
      Reserve Fund, in respect of the Class B-4 Certificates, the Net WAC Rate
      Carryover Amount for such Class for such Distribution Date to the extent such
      amount exceeds the amount then on deposit in the Net WAC Reserve
      Fund;

     

    (xvii)  from
      amounts otherwise distributable to the Class C Certificates, to the Net WAC
      Reserve Fund, to maintain a balance equal to the Net WAC Reserve Fund
      Deposit;

     

    (xviii)  to
      the
      Holders of the Class C Certificates, the Class C Distribution Amount less
      amounts distributed pursuant to items (ix) through (xvii) of this clause
third;
      and

     

    (xix)  to
      the
      Holders of the Class R Certificates, any amounts of Net Monthly Excess Cashflow
      remaining after distributions pursuant to items (i) through (xviii) of this
      clause third,
      based
      on the related REMIC in which such amounts remain.

     

    (b)  In
      addition, notwithstanding the foregoing, on any distribution date after the
      distribution date on which the Certificate Principal Balance of a class of
      certificates has been reduced to zero, that class of certificates will be
      retired and will no longer be entitled to distributions, including distributions
      in respect of Net Interest Shortfalls or Net WAC Rate Carryover
      Amounts.

     

    (c)  On
      each
      Distribution Date, all amounts representing Prepayment Charges in respect of
      the
      Mortgage Loans received during the related Prepayment Period and deposited
      in
      the Distribution Account will be withdrawn from the Distribution Account and
      distributed by the Securities Administrator in accordance with the Remittance
      Report to the Class P Certificates and shall not be available for distribution
      to the Holders of any other Class of Certificates. The payment of such
      Prepayment Charges shall not reduce the Certificate Principal Balance of the
      Class P Certificates.

     

    (d)  Subject
      to Section 11.02 hereof respecting the final distribution, on each Distribution
      Date the Securities Administrator shall make distributions to each
      Certificateholder of record on the preceding Record Date either by wire transfer
      in immediately available funds to the account of such Holder at a bank or other
      entity having appropriate facilities therefor, if (i) such Holder has so
      notified the Securities Administrator at least 5 Business Days prior to the
      related Record Date and (ii) such Holder shall hold Regular Certificates with
      aggregate principal denominations of not less than $1,000,000 or evidencing
      a
      Percentage Interest aggregating 10% or more with respect to such Class or,
      if
      not, by check mailed by first class mail to such Certificateholder at the
      address of such Holder appearing in the Certificate Register. Notwithstanding
      the foregoing, but subject to Section 11.02 hereof respecting the final
      distribution, distributions with respect to Certificates registered in the
      name
      of a Depository shall be made to such Depository in immediately available
      funds.

     

    (e)  Prior
      to
      each Distribution Date, or if the Master Servicer and the Securities
      Administrator are no linger affiliated, on or before 5:00 p.m. Eastern time
      on
      the fifth Business Day immediately preceding each Distribution Date, the Master
      Servicer shall deliver a report to the Securities Administrator in the form
      of a
      computer readable magnetic tape (or by such other means as the Master Servicer
      and the Securities Administrator may agree from time to time) containing such
      data and information, as agreed to by the Master Servicer and the Securities
      Administrator such as to permit the Securities Administrator to prepare the
      Monthly Statement to Certificateholders and to direct the Securities
      Administrator in writing to make the required distributions for the related
      Distribution Date (the “Remittance Report”). 

     

    Section
      6.05  Allocation
      of Realized Losses. 

     

    (a)  On
      or
      prior to each Determination Date, the Master Servicer shall determine the amount
      of any Realized Loss in respect of each Mortgage Loan that occurred during
      the
immediately
      preceding calendar month.

     

    (b)  The
      interest portion of Realized Losses shall be allocated to the Certificates
      (other than the Class P Certificates) as described in Section 1.02
      hereof.

     

    (c)  The
      principal portion of all Realized Losses on the Mortgage Loans shall be
      allocated on each Distribution Date as follows: first, to Net Monthly Excess
      Cashflow as part of the payment of the Extra Principal Distribution Amount,
      second, in reduction of the Overcollateralization Amount, until reduced to
      zero;
      third, to the Class B-4 Certificates, until the Certificate Principal Balance
      thereof has been reduced to zero; fourth, to the Class B-3 Certificates, until
      the Certificate Principal Balance thereof has been reduced to zero; fifth,
      to
      the Class B-2 Certificates, until the Certificate Principal Balance thereof
      has
      been reduced to zero; sixth, to the Class B-1 Certificates, until the
      Certificate Principal Balance thereof has been reduced to zero; seventh, to
      the
      Class M-3 Certificates, until the Certificate Principal Balance thereof has
      been
      reduced to zero; eighth, to the Class M-2 Certificates, until the Certificate
      Principal Balance thereof has been reduced to zero; and ninth, to the Class
      M-1
      Certificates, until the Certificate Principal Balance thereof has been reduced
      to zero. All such Realized Losses to be allocated to the Certificate Principal
      Balances of all Classes on any Distribution Date shall be so allocated after
      the
      actual distributions to be made on such date as provided above. All references
      above to the Certificate Principal Balance of any Class of Certificates shall
      be
      to the Certificate Principal Balance of such Class immediately prior to the
      relevant Distribution Date, before reduction thereof by any Realized Losses,
      in
      each case to be allocated to such Class of Certificates, on such Distribution
      Date.

     

    Any
      allocation of the principal portion of Realized Losses to a Subordinate
      Certificate on any Distribution Date shall be made by reducing the Certificate
      Principal Balance thereof by the amount so allocated; any allocation of Realized
      Losses to the Net Monthly Excess Cashflow shall be made by reducing the amount
      otherwise payable in respect of the Class C Certificates pursuant to Section
      6.04(a) clause third;
      and any
      allocation of Realized Losses to the Overcollateralized Amount shall be made
      by
      reducing the Certificate Principal Balance of the Class C Certificates. No
      allocations of any Realized Losses shall be made to the Certificate Principal
      Balances of the Senior Certificates or the Class P Certificates.

     

    All
      such
      Realized Losses and all other losses allocated to a Class of Certificates
      hereunder will be allocated among the Certificates of such Class in proportion
      to the Percentage Interests evidenced thereby.

     

    Notwithstanding
      the foregoing, no such allocation of any Realized Loss shall be made on a
      Distribution Date to any Class of Subordinate Certificates to the extent that
      such allocation would result in the reduction of the aggregate Certificate
      Principal Balance of all the Certificates (other than the Class P Certificates)
      as of such Distribution Date, after giving effect to all distributions and
      prior
      allocations of Realized Losses on the Mortgage Loans on such date, to an amount
      less than the aggregate Stated Principal Balance of all of the Mortgage Loans
      as
      of the first day of the month of such Distribution Date (such limitation, the
      “Loss Allocation Limitation”). In
      addition in no event will the Certificate Principal Balance of any Subordinate
      Certificate be reduced more than once in respect of any particular amount both
      (i) allocable to such Certificate in respect of Realized Losses and (ii) payable
      as principal to the Holder of such Certificate from Remaining Excess
      Spread.

     

    In
      addition, in the event that the Master Servicer receives any Subsequent
      Recoveries from the Company or the related Servicer, the Master Servicer shall
      deposit such funds into the Distribution Account pursuant to Section 5.08.
      If,
      after taking into account such Subsequent Recoveries, the amount of a Realized
      Loss is reduced, the amount of such Subsequent Recoveries will be applied to
      increase the Certificate Principal Balance of the Class of Subordinate
      Certificates with the highest payment priority to which Realized Losses have
      been allocated, but not by more than the amount of Realized Losses previously
      allocated to that Class of Subordinate Certificates pursuant to this Section
      6.05 and not previously reimbursed to such Class of Subordinate Certificates
      with Net Monthly Excess Cashflow pursuant to clause third
      of
      Section 6.04(a); provided, however, to the extent that no reductions to a
      Certificate Principal Balance of any Class of Subordinate Certificates currently
      exists as the result of a prior allocation of a Realized Loss, such Subsequent
      Recoveries will be applied as Excess Spread. The amount of any remaining
      Subsequent Recoveries will be applied to sequentially increase the Certificate
      Principal Balance of the Subordinate Certificates, beginning with the Class
      of
      Subordinate Certificates with the next highest payment priority, up to the
      amount of such Realized Losses previously allocated to such Class of Subordinate
      Certificates pursuant to this Section 6.05 and not previously reimbursed to
      such
      Class of Subordinate Certificates with Net Monthly Excess Cashflow pursuant
      to
      clause third
      of
      Section 6.04(a). Holders of such Certificates will not be entitled to any
      payment in respect of current interest on the amount of such increases for
      any
      Interest Accrual Period preceding the Distribution Date on which such increase
      occurs. Any such increases shall be applied to the Certificate Principal Balance
      of each Subordinate Certificate of such Class in accordance with its respective
      Percentage Interest.

     

    (d)  (i)
      The
      REMIC
      I Marker Allocation Percentage of the aggregate amount of any interest portion
      of Realized Losses on the Mortgage Loans shall be allocated on each Distribution
      Date first, to Uncertificated Accrued Interest payable to REMIC I Regular
      Interest AA and REMIC I Regular Interest ZZ up to an aggregate amount equal
      to
      the REMIC I Interest Loss Allocation Amount (without duplication of any such
      amount attributable to allocations of Unpaid Interest Shortfalls on such
      Distribution Date pursuant to Section 1.02), 98% and 2%, respectively, and
      thereafter, to Uncertificated Accrued Interest payable to the REMIC I Regular
      Interests (other than REMIC I Regular Interests P, 1-Sub, 1-Grp, 2-Sub, 2-Grp
      and XX), pro rata, based on the Uncertificated Accrued Interest for each such
      REMIC I Regular Interest prior to such allocation. The REMIC I Marker Allocation
      Percentage of the aggregate amount of any principal portion of Realized Losses
      on the Mortgage Loans shall be allocated on each Distribution Date to the
      following REMIC I Regular Interests in the specified percentages, as follows:
      first, to Uncertificated Accrued Interest payable to REMIC I Regular Interest
      AA
      and REMIC I Regular Interest ZZ up to an aggregate amount equal to the REMIC
      I
      Interest Loss Allocation Amount (without duplication of any such amount
      attributable to allocations of Unpaid Interest Shortfalls or the interest
      portion of Realized Losses on such Distribution Date pursuant to Section 1.02
      or
      the preceding sentence), 98% and 2%, respectively; second, to the Uncertificated
      Principal Balances of the REMIC I Regular Interest AA and REMIC I Regular
      Interest ZZ up to an aggregate amount equal to the REMIC I Principal Loss
      Allocation Amount, 98% and 2%, respectively; third, to the Uncertificated
      Principal Balances of REMIC I Regular Interest AA, REMIC I Regular Interest
      B-4
      and REMIC I Regular Interest ZZ, 98%, 1% and 1%, respectively, until the
      Uncertificated Principal Balance of REMIC I Regular Interest B-4 has been
      reduced to zero; fourth, to the Uncertificated Principal Balances of REMIC
      I
      Regular Interest AA, REMIC I Regular Interest B-3 and REMIC I Regular Interest
      ZZ, 98%, 1% and 1%, respectively, until the Uncertificated Principal Balance
      of
      REMIC I Regular Interest B-3 has been reduced to zero; fifth, to the
      Uncertificated Principal Balances of REMIC I Regular Interest AA, REMIC I
      Regular Interest B-2 and REMIC I Regular Interest ZZ, 98%, 1% and 1%,
      respectively, until the Uncertificated Principal Balance of REMIC I Regular
      Interest B-2 has been reduced to zero; sixth, to the Uncertificated Principal
      Balances of REMIC I Regular Interest AA, REMIC I Regular Interest B-1 and REMIC
      I Regular Interest ZZ, 98%, 1% and 1%, respectively, until the Uncertificated
      Principal Balance of REMIC I Regular Interest B-1 has been reduced to zero;
      seventh, to the Uncertificated Principal Balances of REMIC I Regular Interest
      AA, REMIC I Regular Interest M-3 and REMIC I Regular Interest ZZ, 98%, 1% and
      1%, respectively, until the Uncertificated Principal Balance of REMIC I Regular
      Interest M-3 has been reduced to zero; eighth, to the Uncertificated Principal
      Balances of REMIC I Regular Interest AA, REMIC I Regular Interest M-2 and REMIC
      I Regular Interest ZZ, 98%, 1% and 1%, respectively, until the Uncertificated
      Principal Balance of REMIC I Regular Interest M-2 has been reduced to zero;
      and
      ninth, to the Uncertificated Principal Balances of REMIC I Regular Interest
      AA,
      REMIC I Regular Interest M-1 and REMIC I Regular Interest ZZ, 98%, 1% and 1%,
      respectively, until the Uncertificated Principal Balance of REMIC I Regular
      Interest M-1 has been reduced to zero.

     

    (ii) The
      REMIC
      I Sub WAC Allocation Percentage of the aggregate amount of any interest portion
      of Realized Losses on the Mortgage Loans shall be allocated on each Distribution
      Date to Uncertificated Accrued Interest payable to the REMIC I Regular Interests
      1-Sub, 1-Grp, 2-Sub, 2-Grp and XX, pro rata, based on the Uncertificated Accrued
      Interest for each such REMIC I Regular Interest prior to such allocation. The
      REMIC I Marker Allocation Percentage of the aggregate amount of any principal
      portion of Realized Losses on the Mortgage Loans shall be allocated on each
      Distribution Date first, so as to keep the Uncertificated Principal Balance
      of
      each REMIC I 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 I Regular Interest ending with the designation
      “Sub” so that the Uncertificated Principal Balance of each such REMIC I 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
      aggregate Certificate Principal Balance of the Class A Certificates related
      to
      such 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 I Regular Interests such that the REMIC I Subordinated
      Balance Ratio is maintained); and third, any remaining Realized Losses shall
      be
      allocated to REMIC I Regular Interest XX.

     

    (e) All
      Realized Losses on the Mortgage Loans shall be allocated on each Distribution
      Date to the REMIC II Regular Interests in the same manner and priority as
      Realized Losses are allocated to the Corresponding Certificates pursuant to
      Sections 1.02, 6.05(b) and 6.05(c);
      provided, however, that solely for purposes of allocating such Realized Losses
      to the REMIC II Regular Interests, any such losses allocable to the Class I-A-2
      Certificates and Class II-A-2 Certificates shall be deemed to be allocated
      to
      the Class I-A-1 Certificates and Class II-A-1 Certificates,
      respectively.

     

    Section
      6.06  Monthly
      Statements to Certificateholders. 

     

    (a)  Not
      later
      than each Distribution Date, the Securities Administrator shall prepare and
      make
      available to each Holder of Certificates, the Trustee, the Master Servicer
      and
      the Depositor a statement setting forth for the Certificates:

     

    (i)  with
      respect to each loan group, the amount of the related distribution to holders
      of
      the offered certificates (by class), other than the Class I-A-2 Certificates
      and
      Class II-A-2 Certificates, allocable to principal, separately identifying (A)
      the aggregate amount of any principal prepayments included therein, (B) the
      aggregate of all scheduled payments of principal included therein and (C) any
      Extra Principal Distribution Amount included therein;

     

    (ii)  with
      respect to each loan group, the total cash flows received and the general
      sources thereof;

     

    (iii)  with
      respect to each loan group, the amount of such distribution to Holders of each
      Class allocable to interest and with respect to the Class I-A-1 Certificates
      and
      the Class II-A-1 Certificates, the amount allocable to interest and the portion
      thereof, if any, provided by the related interest rate corridor
      contract;

     

    (iv)  the
      applicable accrual periods for calculating distributions and general
      distribution dates;

     

    (v)  with
      respect to each loan group, the Net WAC Rate Carryover Amount and any accrued
      but unpaid interest for each Class of Certificates and the amount on deposit
      in
      the Net WAC Reserve Fund;

     

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

     

    (vii)  with
      respect to each loan group, the aggregate of the Stated Principal Balances
      of
      all of the Mortgage Loans for the following Distribution Date;

     

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

     

    (ix)  with
      respect to each loan group, the cumulative amount of Applied Realized Loss
      Amounts to date;

     

    (x)  with
      respect to each loan group, whether a stepdown date or a trigger event is in
      effect;

     

    (xi)  with
      respect to each loan group and any Mortgage Loan that was liquidated during
      the
      preceding calendar month, the loan number and Stated Principal Balance of,
      and
      Realized Loss on, such Mortgage Loan as of the end of the related Prepayment
      Period;

     

    (xii)  with
      respect to each loan group, the total number and principal balance of any real
      estate owned or REO Properties as of the end of the related Prepayment
      Period;

     

    (xiii)  with
      respect to each loan group and if applicable, material modifications, extensions
      or waivers to pool asset terms, fees, penalties or payments during the
      distribution period or that have become material over time;

     

    (xiv)  with
      respect to each loan group, the amount of the Prepayment Charges remitted by
      each Servicer and the amount on deposit in the related reserve
      fund;

     

    (xv)  with
      respect to each loan group, the Realized Losses during the related Prepayment
      Period and the cumulative Realized Losses through the end of the preceding
      month; and

     

    (xvi)  the
      special hazard amount, fraud loss amount and bankruptcy amount, if applicable,
      as of the close of business on the applicable distribution date.

     

    The
      Securities Administrator may make the foregoing Monthly Statement (and, at
      its
      option, any additional files containing the same information in an alternative
      format) available each month to Certificateholders via the Securities
      Administrator’s internet website. The Securities Administrator’s internet
      website shall initially be located at “www.ctslink.com”. Assistance in using the
      website can be obtained by calling the Securities Administrator’s customer
      service desk at (301) 815-6600. Parties that are unable to use the above
      distribution options are entitled to have a paper copy mailed to them via first
      class mail by calling the customer service desk and indicating such. The
      Securities Administrator may change the way Monthly Statements are distributed
      in order to make such distributions more convenient or more accessible to the
      above parties.

     

    (b)  The
      Securities Administrator’s responsibility for making the above information
      available to the Certificateholders is limited to the availability, timeliness
      and accuracy of the information derived from the Master Servicer, the Company
      and the Servicers. The Securities Administrator will make available a copy
      of
      each statement provided pursuant to this Section 6.05 to each Rating
      Agency.

     

    (c)  Within
      a
      reasonable period of time after the end of each calendar year, the Securities
      Administrator shall furnish upon request to each Person who at any time during
      the calendar year was a Certificateholder, the information set forth in clauses
      (a)(i) and (a)(ii) of this Section 6.06 aggregated for such calendar year or
      applicable portion thereof during which such Person was a Certificateholder.
      Such obligation of the Securities Administrator shall be deemed to have been
      satisfied to the extent that substantially comparable information shall be
      provided by the Trustee or the Securities Administrator pursuant to any
      requirements of the Code as from time to time in effect.

     

    (d)  Upon
      filing with the Internal Revenue Service, the Securities Administrator shall
      furnish to the Holders of the Residual Certificates the applicable Form 1066
      and
      each applicable Form 1066Q and shall respond promptly to written requests made
      not more frequently than quarterly by any Holder of a Residual Certificate
      with
      respect to the following matters:

     

    (i)  The
      original projected principal and interest cash flows on the Closing Date on
      each
      class of Regular Interests and Residual Interests created hereunder and on
      the
      Mortgage Loans, based on the Prepayment Assumption;

     

    (ii)  The
      projected remaining principal and interest cash flows as of the end of any
      calendar quarter with respect to each class of Regular Interests and Residual
      Interests created hereunder and the Mortgage Loans, based on the Prepayment
      Assumption;

     

    (iii)  The
      applicable Prepayment Assumption and any interest rate assumptions used in
      determining the projected principal and interest cash flows described
      above;

     

    (iv)  The
      original issue discount (or, in the case of the Mortgage Loans, market discount)
      or premium accrued or amortized through the end of such calendar quarter with
      respect to each class of Regular Interests created hereunder and to the Mortgage
      Loans, together with each constant yield to maturity used in computing the
      same;

     

    (v)  The
      treatment of losses realized with respect to the Mortgage Loans or the Regular
      Interests created hereunder, including the timing and amount of any cancellation
      of indebtedness income of a REMIC with respect to such Regular Interests or
      bad
      debt deductions claimed with respect to the Mortgage Loans;

     

    (vi)  The
      amount and timing of any non-interest expenses of a REMIC; and

     

    (vii)  Any
      taxes
      (including penalties and interest) imposed on the REMIC, including, without
      limitation, taxes on “prohibited transactions,” “contributions” or “net income
      from foreclosure property” or state or local income or franchise
      taxes.

     

    The
      information pursuant to clauses (i), (ii), (iii) and (iv) above shall be
      provided by the Depositor pursuant to Section 10.12.

     

    Section
      6.07  REMIC
      Designations and REMIC I Distributions. 

     

    (a)  The
      Trustee shall elect that each of REMIC I, REMIC II and REMIC III shall be
      treated as a REMIC under Section 860D of the Code. Any inconsistencies or
      ambiguities in this Agreement or in the administration of this Agreement shall
      be resolved in a manner that preserves the validity of such REMIC elections.
      The
      assets of REMIC I shall include the Mortgage Loans and all interest owing in
      respect of and principal due thereon, the Distribution Account, the Protected
      Accounts maintained by the Company and the Servicers, any REO Property, any
      proceeds of the foregoing and any other assets subject to this Agreement (other
      than the Net WAC Reserve Fund, the Class I-A-1/I-A-2 Net WAC Reserve Account,
      the Class II-A-1/II-A-2 Net WAC Reserve Account and any Prepayment Charge Waiver
      Amounts). The
      REMIC
      I Regular Interests shall constitute the assets of REMIC II.
      The
      REMIC II Regular Interests shall constitute the assets of REMIC
      III.

     

    (b)  On
      each
      Distribution Date, the Available Funds, in the following order of priority
      and
      in accordance with the Remittance Report, shall be deemed distributed by REMIC
      I
      to REMIC II on account of the REMIC I Regular Interests (other than REMIC I
      Regular Interest P) or withdrawn from the Distribution Account and distributed
      to the Holders of the Class R-1 Certificates, as the case may be:

     

    (i)  to
      the
      extent of the REMIC I Marker Allocation Percentage of the Interest Funds, to
      the
      holders of REMIC I Regular Interests (other than REMIC I Regular Interests
      1-Sub, 1-Grp, 2-Sub, 2-Grp, XX and P), pro rata, in an amount equal to (A)
      the
      Uncertificated Accrued Interest for each such REMIC I Regular Interest for
      such
      Distribution Date, plus (B) any amounts in respect thereof remaining unpaid
      from
      previous Distribution Dates. Amounts payable as Uncertificated Accrued Interest
      in respect of REMIC I Regular Interest ZZ shall be reduced and deferred when
      the
      REMIC I Overcollateralization Amount is less than the REMIC I
      Overcollateralization Target Amount by the lesser of (x) the amount of such
      difference and (y) the REMIC I Regular Interest ZZ Maximum Interest Deferral
      Amount, and such amount will be payable to the holders of each REMIC I Regular
      Interest for which a REMIC II Regular Interest is the Corresponding Interest
      in
      the same proportion as the Extra Principal Distribution Amount is allocated
      to
      the Corresponding Certificates for the Corresponding Interests, and the
      Uncertificated Principal Balance of REMIC I Regular Interest ZZ shall be
      increased by such amount;

     

    (ii)  to
      the
      extent of the REMIC I Sub WAC Allocation Percentage of the Interest Funds,
      to
      the holders of REMIC I Regular Interest 1-Sub, REMIC I Regular Interest 1-Grp,
      REMIC I Regular Interest 2-Sub, REMIC I Regular Interest 2-Grp and REMIC I
      Regular Interest XX, pro rata, an amount equal to (A) the Uncertificated Accrued
      Interest for such Distribution Date, plus (B) any amounts in respect thereof
      remaining unpaid from previous Distribution Dates;

     

    (iii)  to
      the
      holders of REMIC I Regular Interests, in an amount equal to the REMIC I Marker
      Allocation Percentage of the remainder of the Available Funds for such
      Distribution Date after the distributions made pursuant to clauses (i) and
      (ii)
      above, allocated as follows:

     

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

     

    (B)  2.00%
      of
      such remainder, first, to the holders of each REMIC I Regular Interest for
      which
      a REMIC II Regular Interest is the Corresponding Interest, in an aggregate
      amount equal to 1.00% of and in the same proportion as principal payments are
      allocated to the Corresponding Certificates for the Corresponding Interests,
      until the Uncertificated Principal Balances of such REMIC I Regular Interests
      are reduced to zero, and second, to the holders of REMIC I Regular Interest
      ZZ,
      until the Uncertificated Principal Balance of such REMIC I Regular Interest
      is
      reduced to zero; then

     

    (C)  any
      remaining amount to the Holders of the Class R-1 Certificates; and

     

    (iv) to
      the
      holders of REMIC I Regular Interest 1-Sub, REMIC I Regular Interest 1-Grp,
      REMIC
      I Regular Interest 2-Sub, REMIC I Regular Interest 2-Grp and REMIC I Regular
      Interest XX, in an amount equal to the REMIC I Sub WAC Allocation Percentage
      of
      the remainder of the Available Funds for such Distribution Date after the
      distributions made pursuant to clauses (i) and (ii) above, first, so as to
      keep
      the Uncertificated Principal Balance of each REMIC I 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
      I
      Regular Interest ending with the designation “Sub,” so that the Uncertificated
      Principal Balance of each such REMIC I 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 aggregate Certificate Principal
      Balance of the Class A Certificates related to such 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 I Regular
      Interests such that the REMIC I Subordinated Balance Ratio is maintained);
      and
      third, any remaining amount to REMIC I Regular Interest XX.

     

    (c)  On
      each
      Distribution Date, all amounts representing Prepayment Charges deemed
      distributed in respect of Class P Certificates shall be deemed distributed
      in
      respect of REMIC I Regular Interest P, provided that such amounts shall not
      reduce the Uncertificated Principal Balance of REMIC I Regular Interest P.
      On
      the Distribution Date immediately following the expiration of the latest
      Prepayment Charge term as identified on the Mortgage Loan Schedule, $100 shall
      be deemed distributed in respect of REMIC I Regular Interest P in reduction
      of
      the Uncertificated Principal Balance thereof.

     

    (d)  On
      each
      Distribution Date, the Available Funds related to each Loan Group, in the
      following order of priority and in accordance with the Remittance Report, shall
      be deemed distributed by REMIC II to REMIC III on account of the REMIC II
      Regular Interests (other than REMIC II Regular Interest P) or withdrawn from
      the
      Distribution Account and distributed to the Holders of the Class R-2
      Certificates:

     

    (i)  (i)to
      the
      holders of the REMIC II Regular Interests (other than REMIC II Regular Interest
      P), in the same manner and priority as paid to the Corresponding
      Certificates,

     

    
      	 	
              (A)

            	
              the
                Uncertificated Accrued Interest (or, in the case of REMIC II Regular
                Interest C, the REMIC II Regular Interest C Distribution Amount)
                for such
                Distribution Date, plus

            

    

     

    
      	 	
              (B)

            	
              any
                amounts in respect thereof remaining unpaid from previous Distribution
                Dates; and

            

    

     

    (ii)  (ii)to
      the
      holders of the REMIC II Regular Interests (other than REMIC II Regular Interest
      P), in an amount equal to the remainder of the Available Funds related to each
      Loan Group for such Distribution Date after the distributions made pursuant
      to
      clause (i) above, allocated in the same manner and priority as paid to the
      Corresponding Certificates, and any remaining amount to the Holders of the
      Class
      R-2 Certificates.

     

    (e)  On
      each
      Distribution Date, all amounts representing Prepayment Charges distributed
      in
      respect of the Class P Certificates shall be deemed distributed in respect
      of
      REMIC II Regular Interest P, provided that such amounts shall not reduce the
      Uncertificated Principal Balance of REMIC II Regular Interest P. On the
      Distribution Date immediately following the expiration of the latest Prepayment
      Charge term as identified on the Mortgage Loan Schedule, $100 shall be deemed
      distributed in respect of REMIC II Regular Interest P in reduction of the
      Uncertificated Principal Balance thereof.

     

    (f)  On
      each
      Distribution Date, for federal income tax purposes, (1) (i) each of the Regular
      Interests the ownership of which is represented by the Class I-A-1 Certificates
      and Class II-A-1 Certificates shall be deemed to receive (x) accrue interest
      at
      the related Uncertificated REMIC III Pass-Through Rate on an amount equal to
      the
      then current Certificate Principal Balances of the Class I-A-1 and Class II-A-1
      Certificates, respectively, and (y) any amounts in respect thereof remaining
      unpaid from previous Distribution Dates for each such Regular Interest, (ii)
      each of the Regular Interests the ownership of which is represented by the
      Class
      I-A-2 Certificates and Class II-A-2 Certificates shall be deemed to receive
      (x)
      accrue interest at the related Uncertificated REMIC III Pass-Through Rate on
      an
      amount equal to the then current Certificate Notional Amounts of the Class
      I-A-2
      and Class II-A-2 Certificates, respectively, and (y) any amounts in respect
      thereof remaining unpaid from previous Distribution Dates for each such Regular
      Interest, and (2) amounts distributable in reduction of the Certificate
      Principal Balance of the Class I-A-1 Certificates and Class II-A-1 Certificates
      shall be deemed distributed to each of the Regular Interests the ownership
      of
      which is represented by such Certificates in reduction of the related principal
      balance thereof. Any amounts received on each Distribution Date by Holders
      of
      the Class A Certificates at a rate equal to the related Pass-Through Rate which
      is in excess of, or less than, the amounts above in the related clauses (x)
      for
      the Regular Interests the ownership of which is represented by such Certificates
      shall be treated in accordance with the provisions relating to Class I-A-1/I-A-2
      Net WAC Pass-Through Amounts and Class II-A-1/II-A-2 Net WAC Pass-Through
      Amounts in Sections 6.09 and 6.10, as applicable.

     

    Section
      6.08  Net
      WAC Reserve Fund. 

     

    (a)  The
      Securities Administrator shall establish a Net WAC Reserve Fund on behalf of
      the
      holders of the Offered Certificates and the Class B-4 Certificates. The Net
      WAC
      Reserve Fund shall be an Eligible Account. The Net WAC Reserve Fund shall be
      entitled “Net WAC Reserve Fund, U.S. Bank National Association as Trustee for
      the benefit of Holders of Bear Stearns Asset Backed Securities I LLC,
      Asset-Backed Certificates, Series 2006-AC3, Class I-A-1, Class I-A-2, Class
      II-A-1, Class II-A-2, Class M-1, Class M-2, Class M-3, Class B-1, Class B-2,
      Class B-3 and Class B-4”. On the Closing Date, the Depositor will deposit, or
      cause to be deposited, into the Net WAC Reserve Fund an amount equal to the
      Net
      WAC Reserve Fund Deposit. On each Distribution Date as to which there is a
      Net
      WAC Rate Carryover Amount payable to any Class of Certificates, the Securities
      Administrator shall, in accordance with the Remittance Report for such
      Distribution Date, deposit the amounts pursuant to paragraphs (ix) through
      (xvii) of clause third
      of
      Section 6.04(a) into the Net WAC Reserve Fund, and the Securities Administrator
      has been directed by the Class C Certificateholder to distribute any amounts
      then on deposit in the Net WAC Reserve Fund to the Holders of the Offered
      Certificates and Class B-4 Certificates in respect of the Net WAC Rate Carryover
      Amount for each such Class in the priorities set forth in clause third
      of
      Section 6.04(a).

     

    (b)  The
      Net
      WAC Reserve Fund is an “outside reserve fund” within the meaning of Treasury
      Regulation Section 1.860G-2(h) and shall be an asset of the Trust Fund but
      not
      an asset of any REMIC. The Trustee on behalf of the Trust shall be the nominal
      owner of the Net WAC Reserve Fund. The Class C Certificateholders shall be
      the
      beneficial owners of the Net WAC Reserve Fund, subject to the power of the
      Securities Administrator to transfer amounts under Section 6.04(a). Amounts
      in
      the Net WAC Reserve Fund shall be held either uninvested in a trust or deposit
      account of the Securities Administrator with no liability for interest or other
      compensation thereof or, at the direction of the Majority Class C
      Certificateholder, be invested in Permitted Investments that mature no later
      than the Business Day prior to the next succeeding Distribution Date. All net
      income and gain from such investments shall be distributed to the Majority
      Class
      C Certificateholder, not as a distribution in respect of any interest in any
      REMIC, on such Distribution Date. All amounts earned on amounts on deposit
      in
      the Net WAC Reserve Fund shall be taxable to the Majority Class C
      Certificateholder. Any losses on such investments shall be deposited in the
      Net
      WAC Reserve Fund by the Majority Class C Certificateholder out of its own funds
      immediately as realized. In the event that the Majority Class C
      Certificateholder shall fail to provide investment instructions to the
      Securities Administrator, the amounts on deposit in the Net WAC Reserve Fund
      shall be held uninvested.

     

    (c)  For
      federal tax return and information reporting, the right of the Holders of the
      Offered Certificates and Class B-4 Certificates to receive payments from the
      Net
      WAC Reserve Fund in respect of any Net WAC Rate Carryover Amount shall be
      assigned a value of zero.

     

    Section
      6.09  Class
      I-A-1/I-A-2 Net WAC Pass-Through Amount; Class I-A-1/I-A-2 Net WAC Reserve
      Account.

     

    (a) The
      Securities Administrator shall establish a Class I-A-1/I-A-2 Net WAC Reserve
      Account on behalf of the Holders of the Class I-A-1 Certificates and Class
      I-A-2
      Certificates. The Class I-A-1/I-A-2 Net WAC Reserve Account shall be an Eligible
      Account. The Class I-A-1/I-A-2 Net WAC Reserve Account shall be entitled “Class
      I-A-1/I-A-2 Net WAC Reserve Account, U.S. Bank National Association, as Trustee
      for the benefit of Holders of Bear Stearns Asset Backed Securities I LLC,
      Asset-Backed Certificates, Series 2006-AC3, Class I-A-1 Certificates and Class
      I-A-2 Certificates”. On the Closing Date, the Depositor will deposit, or cause
      to be deposited, into the Class I-A-1/I-A-2 Net WAC Reserve Account an amount
      equal to the Class I-A-1/I-A-2 Net WAC Reserve Account Deposit. 

     

    (b) On
      each
      Distribution Date on which the weighted average of the Net Mortgage Rates on
      the
      Mortgage Loans is less than the Class I-A-1/I-A-2 Target Rate, the
      Uncertificated Accrued Interest in respect of the REMIC III Regular Interest
      the
      ownership of which is represented by the Class I-A-1 Certificates will include
      the Class I-A-1/I-A-2 Net WAC Pass-Through Amount for such Distribution Date.
      On
      each such Distribution Date, the Securities Administrator shall deposit into
      the
      Class I-A-1/I-A-2 Net WAC Reserve Account the Class I-A-1/I-A-2 Net WAC
      Pass-Through Amount rather than distributing such amount to the Class I-A-1
      Certificateholders. Notwithstanding the foregoing, such Class I-A-1/I-A-2Net
      WAC
      Pass-Through Amount shall for federal, state and local tax purposes be deemed
      distributed to the Class I-A-1 Certificateholders in respect of the Regular
      Interest the ownership of which is represented by the Class I-A-1 Certificates.
      On each such Distribution Date, the Securities Administrator shall hold the
      Class I-A-1/I-A-2A Net WAC Pass-Through Amount for the benefit of the Holders
      of
      the Class I-A-2 Certificates, and shall distribute such amount to the Holders
      of
      the Class A-2 Certificates. Payments to the Holders of the Class A-2
      Certificates of any Class I-A-1/I-A-2 Net WAC Pass-Through Amount will not
      be
      payments with respect to a Regular Interest in a REMIC within the meaning of
      Code Section 860G(a)(1).

    

    (c) By
      accepting a Class A-1 Certificate, each Class I-A-1
      Certificateholder thereby agrees to direct the Securities
      Administrator,
      and the
Securities
      Administrator
      is
      hereby directed, to deposit into the Class
      I-A-1/I-A-2 Net WAC Reserve Account any
      Class
I-A-1/I-A-2
      Net
      WAC
      Pass-Through Amount rather than distributing such amounts to the Class A-1
      Certificateholders and further agrees that such direction is given for good
      and
      valuable consideration, the receipt and sufficiency of which is acknowledged
      by
      such acceptance. By accepting a Class I-A-1
      Certificate, each Class I-A-1
      Certificateholder acknowledges that any such Class I-A-1/I-A-2
      Net
      WAC
      Pass-Through Amount shall for federal, state and local tax purposes be deemed
      distributed in respect of the
      Regular Interest the ownership of which is represented by the Class A-1
      Certificates. By
      accepting a Class I-A-2
      Certificate, each Class I-A-2
      Certificateholder acknowledges that for federal, state and local tax purposes
      any payments of such Class I-A-1/I-A-2
      Net
      WAC
      Pass-Through Amount shall not be payments with respect to a Regular Interest
      in
      a REMIC within the meaning of Code Section 860G(a)(1).

     

    (d) The
      Class
      I-A-1/I-A-2 Net WAC Reserve Account is an “outside reserve fund” within the
      meaning of Treasury Regulation Section 1.860G-2(h) and shall be an asset of
      the
      Trust Fund but not an asset of any REMIC. The Securities Administrator on behalf
      of the Trust shall be the nominal owner of the Class I-A-1/I-A-2 Net WAC Reserve
      Account. The Class I-A-1 Certificateholder shall be the beneficial owner of
      the
Class
      I-A-1/I-A-2 Net WAC Reserve Account,
      subject
      to the power of the Securities Administrator to transfer amounts under clause
      (b) above. Amounts in the Class I-A-1/I-A-2 Net WAC Reserve Account shall be
      held uninvested. 

     

    (e)
       The
      Securities Administrator, on behalf of the Trustee, shall demand payment of
      all
      money payable by the Corridor Contract Counterparty under the Class I-A-1
      Interest Rate Corridor Contract. The Securities Administrator shall deposit
      in
      the Net WAC Reserve Fund all payments received by the Corridor Contract
      Counterparty pursuant to the Class I-A-1 Interest Rate Corridor Contract. On
      each Distribution Date the Securities Administrator shall remit amounts received
      from the Corridor Contract Counterparty to the Holders of the Class I-A-1
      Certificates and Class C Certificates in the following manner and order of
      priority: 

     

    first,
      to
      the
      Class I-A-1 Certificates, any Additional Interest Amount for
      such
      Class of Certificates for such Distribution Date; and

     

    second,
      any
      remaining amounts received under the Class I-A-1 Interest Rate Corridor
      Contract, to the Class C Certificates.

     

    Section
      6.10  Class
      II-A-1/II-A-2 Net WAC Pass-Through Amount; Class II-A-1/II-A-2 Net WAC Reserve
      Account.

     

    (a) The
      Securities Administrator shall establish a Class II-A-1/II-A-2 Net WAC Reserve
      Account on behalf of the Holders of the Class II-A-1 Certificates and Class
      II-A-2 Certificates. The Group I Carryover Shortfall Reserve Fund shall be
      an
      Eligible Account. The Class II-A-1/II-A-2 Net WAC Reserve Account shall be
      entitled “Class II-A-1/II-A-2 Net WAC Reserve Account, U.S. Bank National
      Association, as Trustee for the benefit of Holders of Bear Stearns Asset Backed
      Securities I LLC, Asset-Backed Certificates, Series 2006-AC1, Class II-A-1
      Certificates and Class II-A-2 Certificates”. On the Closing Date, the Depositor
      will deposit, or cause to be deposited, into the Class II-A-1/II-A-2 Net WAC
      Reserve Account an amount equal to the Class II-A-1/II-A-2 Net WAC Reserve
      Account Deposit. 

     

    (b) On
      each
      Distribution Date on which the weighted average of the Net Mortgage Rates on
      the
      Mortgage Loans is less than the Class II-A-1/Class II-A-2 Target Rate, the
      Uncertificated Accrued Interest in respect of the REMIC III Regular Interest
      the
      ownership of which is represented by the Class II-A-1 Certificates will include
      the Class II-A-1/II-A-2 Net WAC Pass-Through Amount for such Distribution Date.
      On each such Distribution Date, the Securities Administrator shall deposit
      into
      the Class II-A-1/II-A-2 Net WAC Reserve Account the Class II-A-1/II-A-2 Net
      WAC
      Pass-Through Amount rather than distributing such amount to the Class II-A-1
      Certificateholders. Notwithstanding the foregoing, such Class II-A-1/II-A-2
      Net
      WAC Pass-Through Amount shall for federal, state and local tax purposes be
      deemed distributed to the Class II-A-1 Certificateholders in respect of the
      Regular Interest the ownership of which is represented by the Class II-A-1
      Certificates. On each such Distribution Date, the Securities Administrator
      shall
      hold the Class II-A-1/II-A-2 Net WAC Pass-Through Amount for the benefit of
      the
      Holders of the Class II-A-2 Certificates, and shall distribute such amount
      to
      the Holders of the Class II-A-2 Certificates. Payments to the Holders of the
      Class II-A-2 Certificates of any Class II-A-1/II-A-2 Net WAC Pass-Through Amount
      will not be payments with respect to a Regular Interest in a REMIC within the
      meaning of Code Section 860G(a)(1).

    

    (c) By
      accepting a Class II-A-1 Certificate, each Class II-A-1 Certificateholder
      thereby agrees to direct the Securities
      Administrator,
      and the
Securities
      Administrator
      is
      hereby directed, to deposit into the Class
      II-A-1/II-A-2 Net WAC Reserve Account any
      Class
      II-A-1/II-A-2 Net
      WAC
      Pass-Through Amount rather than distributing such amounts to the Class II-A-1
      Certificateholders and further agrees that such direction is given for good
      and
      valuable consideration, the receipt and sufficiency of which is acknowledged
      by
      such acceptance. By accepting a Class II-A-1 Certificate, each Class II-A-1
      Certificateholder acknowledges that any such Class II-A-1/II-A-2 Net
      WAC
      Pass-Through Amount shall for federal, state and local tax purposes be deemed
      distributed in respect of the
      Regular Interest the ownership of which is represented by the Class II-A-1
      Certificates. By
      accepting a Class II-A-2 Certificate, each Class II-A-2 Certificateholder
      acknowledges that for federal, state and local tax purposes any payments of
      such
      Class II-A-1/II-A-2 Net
      WAC
      Pass-Through Amount shall not be payments with respect to a Regular Interest
      in
      a REMIC within the meaning of Code Section 860G(a)(1).

     

    (d) The
      Class
      II-A-1/II-A-2 Net WAC Reserve Account is an “outside reserve fund” within the
      meaning of Treasury Regulation Section 1.860G-2(h) and shall be an asset of
      the
      Trust Fund but not an asset of any REMIC. The Securities Administrator on behalf
      of the Trust shall be the nominal owner of the Class II-A-1/II-A-2 Net WAC
      Reserve Account. The Class II-A-1 Certificateholder shall be the beneficial
      owner of the Class II-A-1/II-A-2 Net WAC Reserve Account, subject to the power
      of the Securities Administrator to transfer amounts under clause (b) above.
      Amounts in the Class II-A-1/II-A-2 Net WAC Reserve Account shall be held
      uninvested. 

     

    (e) The
      Securities Administrator, on behalf of the Trustee, shall demand payment of
      all
      money payable by the Corridor Contract Counterparty under the Class II-A-1
      Interest Rate Corridor Contract. The Securities Administrator shall deposit
      in
      the Net WAC Reserve Fund all payments received by the Corridor Contract
      Counterparty pursuant to the Class II-A-1 Interest Rate Corridor Contract.
      On
      each Distribution Date the Securities Administrator shall remit amounts received
      from the Corridor Contract Counterparty to the Holders of the Class II-A-1
      Certificates and Class C Certificates in the following manner and order of
      priority: 

     

    first,
      to
      the
      Class II-A-1 Certificates, any Additional Interest Amount for
      such
      Class of Certificates for such Distribution Date; and

     

    second,
      any
      remaining amounts received under the Class II-A-1 Interest Rate Corridor
      Contract, to the Class C Certificates.

     

    Section
      6.11  Class
      P Certificate Account.
      The
      Securities Administrator shall establish and maintain with itself a separate,
      segregated trust account titled “Bear Stearns Asset-Backed Securities I Trust
      2006-AC3 Class P Certificate Account”. On the Closing Date, the Depositor will
      deposit, or cause to be deposited, in the Class P Certificate Account $100.00.
      The amount on deposit in the Class P Certificate Account shall be held
      uninvested. On the Distribution Date immediately following the expiration of
      the
      latest Prepayment Charge term as identified on the Mortgage Loan Schedule,
      the
      Securities Administrator shall withdraw the amount on deposit in the Class
      P
      Certificate Account and remit such amount to the Holders of the Class P
      Certificates in reduction of the Certificate Principal Balance
      thereof.

     

     

     

     

    ARTICLE
      VII

     

    THE
      CERTIFICATES

     

    Section
      7.01  The
      Certificates.

     

    The
      Certificates shall be substantially in the forms attached hereto as Exhibits
      A-1
      through A-6. The Certificates shall be issuable in registered form, in the
      minimum dollar denominations, integral dollar multiples in excess thereof
      (except that one Certificate of each Class may be issued in a different amount
      which must be in excess of the applicable minimum dollar denomination) and
      aggregate dollar denominations as set forth in the following table:

     

    
      	
               Class

            	 	
              Minimum
                Denomination

            	 	
              Integral
                Multiple in 

              Excess
                of Minimum

            	 	
              Original
                Certificate Principal 

              Balance
                or Notional Amount

            	 	
              Pass-Through
                Rate

            
	
              I-A-1

            	 	
              $

            	
              100,000

            	 	
              $

            	
              1

            	 	
              $

            	
              231,684,000.00

            	 	
              Class
                I-A-1 Pass—Through Rate

            
	
              I-A-2

            	 	
              $

            	
              100,000

            	 	
              $

            	
              1

            	 	
              $

            	
              N/A

            	 	
              Class
                I-A-2 Pass—Through Rate

            
	
              II-A-1

            	 	
              $

            	
              100,000

            	 	
              $

            	
              1

            	 	
              $

            	
              176,710,000.00

            	 	
              Class
                II-A-1 Pass—Through Rate

            
	
              II-A-2

            	 	
              $

            	
              100,000

            	 	
              $

            	
              1

            	 	
              $

            	
              N/A

            	 	
              Class
                II-A-2 Pass—Through Rate

            
	
              M-1

            	 	
              $

            	
              100,000

            	 	
              $

            	
              1

            	 	
              $

            	
              31,271,000.00

            	 	
              Class
                M-1 Pass—Through Rate

            
	
              M-2

            	 	
              $

            	
              100,000

            	 	
              $

            	
              1

            	 	
              $

            	
              21,115,000.00

            	 	
              Class
                M-2 Pass—Through Rate

            
	
              M-3

            	 	
              $

            	
              100,000

            	 	
              $

            	
              1

            	 	
              $

            	
              18,174,000.00

            	 	
              Class
                M-3 Pass—Through Rate

            
	
              B-1

            	 	
              $

            	
              100,000

            	 	
              $

            	
              1

            	 	
              $

            	
              15,769,000.00

            	 	
              Class
                B-1 Pass—Through Rate

            
	
              B-2

            	 	
              $

            	
              100,000

            	 	
              $

            	
              1

            	 	
              $

            	
              13,364,000.00

            	 	
              Class
                B-2 Pass—Through Rate

            
	
              B-3

            	 	
              $

            	
              100,000

            	 	
              $

            	
              1

            	 	
              $

            	
              10,691,000.00

            	 	
              Class
                B-3 Pass—Through Rate

            
	
              B-4

            	 	
              $

            	
              100,000

            	 	
              $

            	
              1

            	 	
              $

            	
              10,958,000.00

            	 	
              Class
                B-4 Pass—Through Rate

            
	
              C

            	 	
              $

            	
              100,000

            	 	
              $

            	
              1

            	 	
              $

            	
              534,547,220.95(1)

            	 	
              Defined
                in “Pass-Through Rate”

            
	
              P

            	 	
              $

            	
              100

            	 	 	
              N/A

            	 	
              $

            	
              100.00

            	 	
              0.00%

            
	
              R-1

            	 	 	
              100

            	
              %

            	 	
              N/A

            	 	 	
              N/A

            	 	
              N/A

            
	
              R-2

            	 	 	
              100

            	
              %

            	 	
              N/A

            	 	 	
              N/A

            	 	
              N/A

            
	
              R-3

            	 	 	
              100

            	
              %

            	 	
              N/A

            	 	 	
              N/A

            	 	
              N/A

            

    

    (1)
      This
      is a
      notional amount.

    

    The
      Certificates shall be executed by manual or facsimile signature on behalf of
      the
      Securities Administrator by an authorized officer. Certificates bearing the
      manual or facsimile signatures of individuals who were, at the time when such
      signatures were affixed, authorized to sign on behalf of the Securities
      Administrator shall bind the Securities Administrator, notwithstanding that
      such
      individuals or any of them have ceased to be so authorized prior to the
      authentication and delivery of such Certificates or did not hold such offices
      at
      the date of such authentication and delivery. No Certificate shall be entitled
      to any benefit under this Agreement, or be valid for any purpose, unless there
      appears on such Certificate the countersignature of the Securities Administrator
      by manual signature, and such countersignature upon any Certificate shall be
      conclusive evidence, and the only evidence, that such Certificate has been
      duly
      countersigned and delivered hereunder. All Certificates shall be dated the
      date
      of their countersignature. On the Closing Date, the Securities Administrator
      shall authenticate the Certificates to be issued at the written direction of
      the
      Depositor, or any affiliate thereof.

     

    The
      Depositor shall provide, or cause to be provided, to the Securities
      Administrator on a continuous basis, an adequate inventory of Certificates
      to
      facilitate transfers.

     

    Section
      7.02  Certificate
      Register; Registration of Transfer and Exchange of Certificates. 

     

    (a)  The
      Securities Administrator shall maintain, or cause to be maintained in accordance
      with the provisions of Section 7.09 hereof, a Certificate Register for the
      Trust
      Fund in which, subject to the provisions of Subsections (b) and (c) below and
      to
      such reasonable regulations as it may prescribe, the Securities Administrator
      shall provide for the registration of Certificates and of Transfers and
      exchanges of Certificates as herein provided. Upon surrender for registration
      of
      Transfer of any Certificate, the Securities Administrator shall authenticate
      and
      deliver, in the name of the designated transferee or transferees, one or more
      new Certificates of the same Class and of like aggregate Percentage
      Interest.

     

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

     

    No
      service charge to the Certificateholders shall be made for any registration
      of
      Transfer or exchange of Certificates, but 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 may be required.

     

    All
      Certificates surrendered for registration of Transfer or exchange shall be
      canceled and subsequently destroyed by the Securities Administrator in
      accordance with the Securities Administrator’s customary
      procedures.

     

    (b)  No
      Transfer of a Private Certificate shall be made unless such Transfer is made
      pursuant to an effective registration statement under the Securities Act and
      any
      applicable state securities laws or is exempt from the registration requirements
      under the Securities Act and such state securities laws. In the event that
      a
      Transfer is to be made in reliance upon an exemption from the Securities Act
      and
      such laws, in order to assure compliance with the Securities Act and such laws,
      the Certificateholder desiring to effect such Transfer and such
      Certificateholder’s prospective transferee shall each certify to the Securities
      Administrator in writing the facts surrounding the Transfer in substantially
      the
      forms set forth in Exhibit D (the “Transferor Certificate”) and (x) deliver a
      letter in substantially the form of either Exhibit E (the “Investment Letter”)
      or Exhibit F (the “Rule 144A Letter”) or (y) there shall be delivered to the
      Securities Administrator an Opinion of Counsel addressed to the Securities
      Administrator that such Transfer may be made pursuant to an exemption from
      the
      Securities Act, which Opinion of Counsel shall not be an expense of the
      Depositor, the Sponsor, the Master Servicer, the Securities Administrator or
      the
      Trustee. The Depositor shall provide to any Holder of a Private Certificate
      and
      any prospective transferee designated by any such Holder, information regarding
      the related Certificates and the Mortgage Loans and such other information
      as
      shall be necessary to satisfy the condition to eligibility set forth in Rule
      144A(d)(4) for Transfer of any such Certificate without registration thereof
      under the Securities Act pursuant to the registration exemption provided by
      Rule
      144A. The Securities Administrator and the Master Servicer shall cooperate
      with
      the Depositor in providing the Rule 144A information referenced in the preceding
      sentence, including providing to the Depositor such information regarding the
      Certificates, the Mortgage Loans and other matters regarding the Trust Fund
      as
      the Depositor shall reasonably request to meet its obligation under the
      preceding sentence. Each Holder of a Private Certificate desiring to effect
      such
      Transfer shall, and does hereby agree to, indemnify the Trustee, the Depositor,
      the Sponsor, the Securities Administrator 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 a Private Certificate shall be made unless either (i) the Master
      Servicer and the Securities Administrator shall have received a representation
      from the transferee of such Certificate acceptable to and in form and substance
      satisfactory to the Master Servicer and the Securities Administrator, to the
      effect that such transferee is not an employee benefit plan subject to Section
      406 of ERISA and/or a plan subject to Section 4975 of the Code, or a Person
      acting on behalf of any such plan or using the assets of any such plan, or
      (ii)
      in the case of any such Private Certificate presented for registration in the
      name of an employee benefit plan subject to ERISA, or a plan subject to Section
      4975 of the Code (or comparable provisions of any subsequent enactments), or
      a
      trustee of any such plan or any other person acting on behalf of any such plan,
      the Securities
      Administrator
      shall
      have received an Opinion of Counsel for the benefit of the Trustee, the Master
      Servicer and the Securities Administrator and on which they may rely,
      satisfactory to the Securities
      Administrator,
      to the
      effect that the purchase and holding of such Private Certificate is permissible
      under applicable law, will not constitute or result in any prohibited
      transactions under ERISA or Section 4975 of the Code and will not subject the
      Trustee, the Master Servicer, the Depositor or the Securities Administrator
      to
      any obligation in addition to those expressly undertaken in this Agreement,
      which Opinion of Counsel shall not be an expense of the Trustee, the Master
      Servicer, the Depositor or the Securities Administrator or, in the case of
      a
      Class B-4 Certificate, the transferee provides a representation, or deemed
      representation in the case of the Global Certificate or an Opinion of Counsel
      to
      the effect that the proposed transfer and holding of such Certificate and the
      servicing, management and operation of the Trustee and its assets: (I) will
      not
      result in any prohibited transaction which is not covered under an individual
      or
      class prohibited transaction exemption, including, but not limited to,
      Prohibited Transaction Class Exemption (“PTCE”) 84-14, PTCE 91-38, PTCE 90-1,
      PTCE 95-60 or PTCE 96-23 and (II) will not give rise to any additional
      obligations on the part of the Depositor, the Securities Administrator, the
      Master Servicer or the Trustee. Notwithstanding anything else to the contrary
      herein, any purported transfer of a Private Certificate to or on behalf of
      an
      employee benefit plan subject to Section 406 of ERISA and/or a plan subject
      to
      Section 4975 of the Code without a representation, deemed representation or
      the
      delivery of the Opinion of Counsel as described above shall be void and of
      no
      effect. None of the Trustee, the Securities Administrator or the Master Servicer
      shall be required to monitor, determine or inquire as to compliance with the
      transfer restrictions with respect to any Private Certificate that is a
      Book-Entry Certificate, and none of the Trustee, the Securities Administrator
      or
      the Master Servicer shall have any liability for transfers of any such
      Book-Entry Certificates made through the book-entry facilities of any Depository
      or between or among participants of the Depository or Certificate Owners made
      in
      violation of the transfer restrictions set forth herein. None of the Trustee,
      the Securities Administrator or the Master Servicer shall be under any liability
      to any Person for any registration of transfer of any Private Certificate that
      is in fact not permitted by this Section 7.02(b) or for making any payments
      due
      on such Certificate to the Holder thereof or taking any other action with
      respect to such Holder under the provisions of this Agreement. The Trustee
      and
      the Securities Administrator shall each be entitled, but not obligated, to
      recover from any Holder of any Private Certificate that was in fact an employee
      benefit plan subject to Section 406 of ERISA or a plan subject to Section 4975
      of the Code or a Person acting on behalf of any such plan at the time it became
      a Holder or, at such subsequent time as it became such a plan or Person acting
      on behalf of such a plan, all payments made on such Private Certificate at
      and
      after either such time. Any such payments so recovered by the Trustee or the
      Securities Administrator shall be paid and delivered by the Trustee or the
      Securities Administrator to the last preceding Holder of such Certificate that
      is not such a plan or Person acting on behalf of a plan.

     

    Each
      beneficial owner of a Subordinate Certificate or any interest therein shall
      be
      deemed to have represented, by virtue of its acquisition or holding of that
      certificate or interest therein, that either (i) it is not a Plan or investing
      with “Plan Assets”, (ii) it has acquired and is holding such certificate in
      reliance on the Exemption, and that it understands that there are certain
      conditions to the availability of the Exemption, including that the certificate
      must be rated, at the time of purchase, not lower than “BBB-” (or its
      equivalent) by S&P, Fitch Ratings or Moody’s, and the certificate is so
      rated or (iii) (1) it is an insurance company, (2) the source of funds used
      to
      acquire or hold the certificate or interest therein is an “insurance company
      general account,” as such term is defined in Prohibited Transaction Class
      Exemption (“PTCE”) 95-60, and (3) the conditions in Sections I and III of PTCE
      95-60 have been satisfied.

     

    (c)  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 the rights of each
      Person acquiring any Ownership Interest in a Residual Certificate are expressly
      subject to the following provisions:

     

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

     

    (ii)  No
      Ownership Interest in a Residual Certificate may be registered on the Closing
      Date or thereafter transferred, and the Securities Administrator shall not
      register the Transfer of any Residual Certificate unless, in addition to the
      certificates required to be delivered to the Securities Administrator under
      subparagraph (b) above, the Securities Administrator shall have been furnished
      with an affidavit (a “Transfer Affidavit”) of the initial owner or the proposed
      transferee in the form attached hereto as Exhibit C.

     

    (iii)  Each
      Person holding or acquiring any Ownership Interest in a Residual Certificate
      shall agree (A) to obtain a Transfer Affidavit from any other Person to whom
      such Person attempts to Transfer its Ownership Interest in a Residual
      Certificate, (B) to obtain a Transfer Affidavit from any Person for whom such
      Person is acting as nominee, trustee or agent in connection with any Transfer
      of
      a Residual Certificate and (C) not to Transfer its Ownership Interest in a
      Residual Certificate or to cause the Transfer of an Ownership Interest in a
      Residual Certificate to any other Person if it has actual knowledge that such
      Person is not a Permitted Transferee.

     

    (iv)  Any
      attempted or purported Transfer of any Ownership Interest in a Residual
      Certificate in violation of the provisions of this Section 7.02(c) shall be
      absolutely null and void and shall vest no rights in the purported Transferee.
      If any purported transferee shall become a Holder of a Residual Certificate
      in
      violation of the provisions of this Section 7.02(c), then the last preceding
      Permitted Transferee shall be restored to all rights as Holder thereof
      retroactive to the date of registration of Transfer of such Residual
      Certificate. The Trustee and Securities Administrator shall be under no
      liability to any Person for any registration of Transfer of a Residual
      Certificate that is in fact not permitted by Section 7.02(b) and this Section
      7.02(c) or for making any payments due on such Certificate to the Holder thereof
      or taking any other action with respect to such Holder under the provisions
      of
      this Agreement so long as the Transfer was registered after receipt of the
      related Transfer Affidavit. The Trustee and the Securities Administrator shall
      be entitled but not obligated to recover from any Holder of a Residual
      Certificate that was in fact not a Permitted Transferee at the time it became
      a
      Holder or, at such subsequent time as it became other than a Permitted
      Transferee, all payments made on such Residual Certificate at and after either
      such time. Any such payments so recovered by the Securities Administrator shall
      be paid and delivered by the Securities Administrator to the last preceding
      Permitted Transferee of such Certificate.

     

    (v)  The
      Master Servicer shall make available within 60 days of written request from
      the
      Securities Administrator, all information necessary to compute any tax imposed
      under Section 860E(e) of the Code as a result of a Transfer of an Ownership
      Interest in a Residual Certificate to any Holder who is not a Permitted
      Transferee.

     

    The
      restrictions on Transfers of a Residual Certificate set forth in this Section
      7.02(c) shall cease to apply (and the applicable portions of the legend on
      a
      Residual Certificate may be deleted) with respect to Transfers occurring after
      delivery to the Securities
      Administrator
      of an
      Opinion of Counsel addressed to the Securities
      Administrator,
      which
      Opinion of Counsel shall not be an expense of the Trustee, the Securities
      Administrator, the Sponsor or the Master Servicer to the effect that the
      elimination of such restrictions will not cause REMIC I, REMIC II and/or REMIC
      III, as applicable, to fail to qualify as a REMIC at any time that the
      Certificates are outstanding or result in the imposition of any tax on the
      Trust
      Fund, a Certificateholder or another Person. Each Person holding or acquiring
      any ownership Interest in a Residual Certificate hereby consents to any
      amendment of this Agreement that, based on an Opinion of Counsel addressed
      to
      the
      Securities Administrator
      and
      furnished to the Securities
      Administrator,
      is
      reasonably necessary (a) to ensure that the record ownership of, or any
      beneficial interest in, a Residual Certificate is not transferred, directly
      or
      indirectly, to a Person that is not a Permitted Transferee and (b) to provide
      for a means to compel the Transfer of a Residual Certificate that is held by
      a
      Person that is not a Permitted Transferee to a Holder that is a Permitted
      Transferee.

     

    (d)  The
      preparation and delivery of all certificates and opinions referred to above
      in
      this Section 7.02 shall not be an expense of the Trust Fund, the Trustee, the
      Depositor, the Sponsor, the Securities Administrator or the Master
      Servicer.

     

    Section
      7.03  Mutilated,
      Destroyed, Lost or Stolen Certificates. 

     

    If
      (a)
      any mutilated Certificate is surrendered to the Securities
      Administrator,
      or the
Securities
      Administrator
      receives
      evidence to its satisfaction of the destruction, loss or theft of any
      Certificate and of the ownership thereof and (b) there is delivered to the
      Securities Administrator and the Securities Administrator such security or
      indemnity as may be required by them to save each of them harmless, then, in
      the
      absence of notice to the Securities Administrator that such Certificate has
      been
      acquired by a bona fide purchaser, the Securities Administrator shall execute,
      authenticate and deliver, in exchange for or in lieu of any such mutilated,
      destroyed, lost or stolen Certificate, a new Certificate of like Class, tenor
      and Percentage Interest. In connection with the issuance of any new Certificate
      under this Section 7.03, the Securities Administrator may require the payment
      of
      a sum sufficient to cover any tax or other governmental charge that may be
      imposed in relation thereto and any other expenses (including the fees and
      expenses of the Securities Administrator) connected therewith. Any replacement
      Certificate issued pursuant to this Section 7.03 shall constitute complete
      and
      indefeasible evidence of ownership in the Trust Fund, as if originally issued,
      whether or not the lost, stolen or destroyed Certificate shall be found at
      any
      time. All Certificates surrendered to the Securities Administrator under the
      terms of this Section 7.03 shall be canceled and destroyed by the Securities
      Administrator in accordance with its standard procedures without liability
      on
      its part.

     

    Section
      7.04  Persons
      Deemed Owners. 

     

    The
      Securities Administrator, the Trustee and any agent of the Securities
      Administrator or the Trustee may treat the person in whose name any Certificate
      is registered as the owner of such Certificate for the purpose of receiving
      distributions as provided in this Agreement and for all other purposes
      whatsoever, and neither the Securities Administrator, the Trustee nor any agent
      of the Securities Administrator or the Trustee shall be affected by any notice
      to the contrary.

     

    Section
      7.05  Access
      to List of Certificateholders’ Names and Addresses. 

     

    If
      three
      or more Certificateholders (a) request such information in writing from the
      Securities Administrator, (b) state that such Certificateholders desire to
      communicate with other Certificateholders with respect to their rights under
      this Agreement or under the Certificates, and (c) provide a copy of the
      communication that such Certificateholders propose to transmit or if the
      Depositor or the Master Servicer shall request such information in writing
      from
      the Securities Administrator, then the Securities Administrator shall, within
      ten Business Days after the receipt of such request, provide the Depositor,
      the
      Master Servicer or such Certificateholders at such recipients’ expense the most
      recent list of the Certificateholders of the Trust Fund held by the Securities
      Administrator, if any. The Depositor and every Certificateholder, by receiving
      and holding a Certificate, agree that the Securities Administrator shall not
      be
      held accountable by reason of the disclosure of any such information as to
      the
      list of the Certificateholders hereunder, regardless of the source from which
      such information was derived.

     

    Section
      7.06  Book-Entry
      Certificates. 

     

    The
      Regular Certificates, upon original issuance, shall be issued in the form of
      one
      or more typewritten Certificates representing the Book-Entry Certificates,
      to be
      delivered to the Depository by or on behalf of the Depositor. Such Certificates
      shall initially be registered on the Certificate Register in the name of the
      Depository or its nominee, and no Certificate Owner of such Certificates will
      receive a definitive certificate representing such Certificate Owner’s interest
      in such Certificates, except as provided in Section 7.08. Unless and until
      definitive, fully registered Certificates (“Definitive Certificates”) have been
      issued to the Certificate Owners of such Certificates pursuant to Section
      7.08:

     

    (a)  the
      provisions of this Section shall be in full force and effect;

     

    (b)  the
      Depositor, the Securities Administrator and the Trustee may deal with the
      Depository and the Depository Participants for all purposes (including the
      making of distributions) as the authorized representative of the respective
      Certificate Owners of such Certificates;

     

    (c)  registration
      of the Book-Entry Certificates may not be transferred by the Securities
      Administrator except to another Depository;

     

    (d)  the
      rights of the respective Certificate Owners of such Certificates shall be
      exercised only through the Depository and the Depository Participants and shall
      be limited to those established by law and agreements between the Owners of
      such
      Certificates and the Depository and/or the Depository Participants. Pursuant
      to
      the Depository Agreement, unless and until Definitive Certificates are issued
      pursuant to Section 7.08, the Depository will make book-entry transfers among
      the Depository Participants and receive and transmit distributions of principal
      and interest on the related Certificates to such Depository
      Participants;

     

    (e)  the
      Depository may collect its usual and customary fees, charges and expenses from
      its Depository Participants;

     

    (f)  the
      Securities Administrator may rely and shall be fully protected in relying upon
      information furnished by the Depository with respect to its Depository
      Participants; and

     

    (g)  to
      the
      extent that the provisions of this Section conflict with any other provisions
      of
      this Agreement, the provisions of this Section shall control.

     

    For
      purposes of any provision of this Agreement requiring or permitting actions
      with
      the consent of, or at the direction of, Certificateholders evidencing a
      specified percentage of the aggregate unpaid principal amount of any Class
      of
      Certificates, such direction or consent may be given by Certificate Owners
      (acting through the Depository and the Depository Participants) owning
      Book-Entry Certificates evidencing the requisite percentage of principal amount
      of such Class of Certificates.

     

    Section
      7.07  Notices
      to Depository. 

     

    Whenever
      any notice or other communication is required to be given to Certificateholders
      of a Class with respect to which Book-Entry Certificates have been issued,
      unless and until Definitive Certificates shall have been issued to the related
      Certificate Owners, the Securities Administrator shall give all such notices
      and
      communications to the Depository.

     

    Section
      7.08  Definitive
      Certificates. 

     

    If,
      after
      Book-Entry Certificates have been issued with respect to any Certificates,
      (a)
      the Depositor or the Depository advises the Securities Administrator that the
      Depository is no longer willing or able to discharge properly its
      responsibilities under the Depository Agreement with respect to such
      Certificates and the Depositor is unable to locate a qualified successor, (b)
      the Depositor, at its sole option, advises the Securities Administrator that
      it
      elects to terminate the book-entry system with respect to such Certificates
      through the Depository or (c) after the occurrence and continuation of an Event
      of Default, Certificate Owners of such Book-Entry Certificates having not less
      than 51% of the Voting Rights evidenced by any Class of Book-Entry Certificates
      advise the Securities Administrator and the Depository in writing through the
      Depository Participants that the continuation of a book-entry system with
      respect to Certificates of such Class through the Depository (or its successor)
      is no longer in the best interests of the Certificate Owners of such Class,
      then
      the Securities Administrator shall notify all Certificate Owners of such
      Certificates, through the Depository, of the occurrence of any such event and
      of
      the availability of Definitive Certificates to applicable Certificate Owners
      requesting the same. The Depositor shall provide the Securities Administrator
      with an adequate inventory of certificates to facilitate the issuance and
      transfer of Definitive Certificates. Upon surrender to the Securities
      Administrator of any such Certificates by the Depository, accompanied by
      registration instructions from the Depository for registration, the Securities
      Administrator shall countersign and deliver such Definitive Certificates.
      Neither the Depositor nor the Securities Administrator shall be liable for
      any
      delay in delivery of such instructions and each may conclusively rely on, and
      shall be protected in relying on, such instructions. Upon the issuance of such
      Definitive Certificates, all references herein to obligations imposed upon
      or to
      be performed by the Depository shall be deemed to be imposed upon and performed
      by the Securities Administrator, to the extent applicable with respect to such
      Definitive Certificates and the Securities Administrator shall recognize the
      Holders of such Definitive Certificates as Certificateholders
      hereunder.

     

    Section
      7.09  Maintenance
      of Office or Agency. 

     

    The
      Securities Administrator will maintain or cause to be maintained at its expense
      an office or offices or agency or agencies at Wells
      Fargo Bank, National Association, Sixth Street and Marquette Avenue,
      Minneapolis, Minnesota 55479
      where
      Certificates may be surrendered for registration of transfer or exchange. The
      Securities Administrator will give prompt written notice to the
      Certificateholders of any change in such location of any such office or
      agency.

     

    
 

    ARTICLE
      VIII

     

    THE
      COMPANY AND THE MASTER SERVICER

     

    Section
      8.01  Liabilities
      of the Depositor, the Company and the Master Servicer.
      Each of
      the Depositor, the Company and the Master Servicer shall be liable in accordance
      herewith only to the extent of the obligations specifically imposed upon and
      undertaken by it herein.

     

    Section
      8.02  Merger
      or
      Consolidation of the Depositor, the Company or the Master Servicer. 

     

    (a)  Each
      of
      the Depositor, the Company and the Master Servicer will keep in full force
      and
      effect its existence, rights and franchises as a corporation under the laws
      of
      the state of its incorporation, and will obtain and preserve its qualification
      to do business as a foreign corporation in each jurisdiction in which such
      qualification is or shall be necessary to protect the validity and
      enforceability of this Agreement, the Certificates or any of the Mortgage Loans
      and to perform its duties under this Agreement.

     

    (b)  Any
      Person into which the Depositor, the Company or the Master Servicer may be
      merged or consolidated, or any corporation resulting from any merger or
      consolidation to which the Depositor, the Company or the Master Servicer shall
      be a party, or any Person succeeding to the business of the Depositor, the
      Company or the Master Servicer, shall be the successor of the Depositor, the
      Company or the Master Servicer hereunder, without the execution or filing of
      any
      paper or further act on the part of any of the parties hereto, anything herein
      to the contrary notwithstanding.

     

    Section
      8.03  Indemnification
      of the Trustee, the Master Servicer and the Securities
      Administrator. 

     

    (a)  The
      Master Servicer agrees to indemnify the Indemnified Persons for, and to hold
      them harmless against, any loss, liability or expense (including reasonable
      legal fees and disbursements of counsel) incurred on their part that may be
      sustained in connection with, arising out of, or relating to, any claim or
      legal
      action (including any pending or threatened claim or legal action) relating
      to
      this Agreement, including the powers of attorney delivered pursuant to Sections
      4.01 and 4.05 hereof, the Assignment Agreements, the Custodial Agreement or
      the
      Certificates (i) related to the Master Servicer’s failure to perform its duties
      in compliance with this Agreement (except as any such loss, liability or expense
      shall be otherwise reimbursable pursuant to this Agreement) or (ii) incurred
      by
      reason of the Master Servicer’s willful misfeasance, bad faith or gross
      negligence in the performance of duties hereunder or by reason of reckless
      disregard of obligations and duties hereunder, provided, in each case, that
      with
      respect to any such claim or legal action (or pending or threatened claim or
      legal action), the Trustee shall have given the Master Servicer and the Sponsor
      written notice thereof promptly after a responsible officer of the Trustee
      shall
      have with respect to such claim or legal action actual knowledge thereof;
      provided, however the failure to give such notice shall not relieve the Master
      Servicer of its indemnification obligations hereunder. This indemnity shall
      survive the resignation or removal of the Trustee, Master Servicer or the
      Securities Administrator and the termination of this Agreement.

     

    (b)  The
      Company agrees to indemnify the Indemnified Persons and to hold them harmless
      from and against any and all claims, losses, damages, penalties, fines,
      forfeitures, legal fees and related costs, judgments, and any other costs,
      fees
      and expenses that the Indemnified Persons may sustain in any way related to
      the
      failure of the Company to perform in any way its duties and service the EMC
      Mortgage Loans in strict compliance with the terms of this Agreement and for
      breach of any representation or warranty of the Company contained herein. The
      Company shall immediately notify the Master Servicer and the Trustee if a claim
      is made by a third party with respect to this Agreement or the EMC Mortgage
      Loans, assume (with the consent of the Master Servicer and the Trustee and
      with
      counsel reasonably satisfactory to the Master Servicer and the Trustee) the
      defense of any such claim and pay all expenses in connection therewith,
      including counsel fees, and promptly pay, discharge and satisfy any judgment
      or
      decree which may be entered against it or any Indemnified Person in respect
      of
      such claim but failure to so notify the Company shall not limit its obligations
      hereunder. The Company agrees that it will not enter into any settlement of
      any
      such claim without the consent of the Indemnified Persons unless such settlement
      includes an unconditional release of such Indemnified Persons from all liability
      that is the subject matter of such claim. The provisions of this Section 8.03(b)
      shall survive termination of this Agreement.

     

    (c)  The
      Sponsor will indemnify any Indemnified Person for any loss, liability or expense
      of any Indemnified Person not otherwise paid or covered pursuant to Subsections
      (a) or (b) above.

     

    Section
      8.04  Limitations
      on Liability of the Depositor, the Company, the Master Servicer and
      Others.
      Subject
      to the obligation of the Sponsor, the Company and the Master Servicer to
      indemnify the Indemnified Persons pursuant to Section 8.03:

     

    (a)  Neither
      the Depositor, the Company, the Master Servicer nor any of the directors,
      officers, employees or agents of the Depositor, the Company and the Master
      Servicer shall be under any liability to the Indemnified Persons, the Trust
      Fund
      or the Certificateholders for taking any action or for refraining from taking
      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
      Company, the Master Servicer or any such Person against any breach of warranties
      or representations made herein or any liability which would otherwise be imposed
      by reason of such Person’s willful misfeasance, bad faith or gross negligence in
      the performance of duties or by reason of reckless disregard of obligations
      and
      duties hereunder.

     

    (b)  The
      Depositor, the Company, the Master Servicer and any director, officer, employee
      or agent of the Depositor, the Company and the Master Servicer may rely in
      good
      faith on any document of any kind prima facie properly executed and submitted
      by
      any Person respecting any matters arising hereunder.

     

    (c)  The
      Depositor, the Company, the Master Servicer the Securities Administrator, the
      Trustee, the Custodian and any director, officer, employee or agent of the
      Depositor, the Company, the Master Servicer, the Securities Administrator,
      the
      Trustee or the Custodian shall be indemnified by the Trust and held harmless
      thereby against any loss, liability or expense (including reasonable legal
      fees
      and disbursements of counsel) incurred on their part that may be sustained
      in
      connection with, arising out of, or related to, any claim or legal action
      (including any pending or threatened claim or legal action) relating to this
      Agreement, the Assignment Agreements, the Custodial Agreement, the Certificates
      or the Servicing Agreements (except with respect to the Master Servicer only,
      to
      the extent that the Master Servicer is indemnified by the Company under this
      Agreement or by the related Servicer under the related Servicing Agreement),
      other than (i) any such loss, liability or expense related to the Company’s or
      the Master Servicer’s failure to perform its respective duties in compliance
      with this Agreement (except as any such loss, liability or expense shall be
      otherwise reimbursable pursuant to this Agreement), or to the Custodian’s
      failure to perform its duties under the Custodial Agreement, or (ii) any such
      loss, liability or expense incurred by reason of the Company’s, the Master
      Servicer’s or the Custodian’s willful misfeasance, bad faith or gross negligence
      in the performance of duties hereunder or under the Custodial Agreement, as
      applicable, or by reason of reckless disregard of obligations and duties
      hereunder or under the Custodial Agreement, as applicable.

     

    (d)  Neither
      the Depositor, the Company nor the Master Servicer shall be under any obligation
      to appear in, prosecute or defend any legal action that is not incidental to
      its
      duties under this Agreement and that in its opinion may involve it in any
      expense or liability; provided, however, the Master Servicer may in its
      discretion, with the consent of the Trustee (which consent shall not be
      unreasonably withheld), undertake any such action which it may deem necessary
      or
      desirable with respect to this Agreement and the rights and duties of the
      parties hereto and the interests of the Certificateholders hereunder. In such
      event, the legal expenses and costs of such action and any liability resulting
      therefrom shall be expenses, costs and liabilities of the Trust Fund, and the
      Master Servicer shall be entitled to be reimbursed therefor out of the
      Distribution Account as provided by Section 5.05. Nothing in this Subsection
      8.04(d) shall affect the Master Servicer’s obligation to supervise, or to take
      such actions as are necessary to ensure, the servicing and administration of
      the
      Mortgage Loans pursuant to Subsection 4.01(a).

     

    (e)  In
      taking
      or recommending any course of action pursuant to this Agreement, unless
      specifically required to do so pursuant to this Agreement, the Master Servicer
      shall not be required to investigate or make recommendations concerning
      potential liabilities which the Trust might incur as a result of such course
      of
      action by reason of the condition of the Mortgaged Properties but shall give
      notice to the Trustee if it has notice of such potential
      liabilities.

     

    (f)  The
      Master Servicer shall not be liable for any acts or omissions of the Company
      or
      the Servicers, except as otherwise expressly provided herein.

     

    Section
      8.05  Master
      Servicer and Company Not to Resign.
      (a)
      Except
      as provided in Section 8.07, the Master Servicer shall not resign from the
      obligations and duties hereby imposed on it except (i) with the prior written
      consent of the Trustee (which consent shall not be unreasonably withheld) or
      (ii) upon a determination that any such duties hereunder are no longer
      permissible under applicable law and such impermissibility cannot be cured.
      Any
      such determination permitting the resignation of the Master Servicer shall
      be
      evidenced by an Opinion of Counsel to such effect, addressed to and delivered
      to, the Trustee. No such resignation by the Master Servicer shall become
      effective until EMC or the Trustee or a successor to the Master Servicer
      reasonably satisfactory to the Trustee shall have assumed the responsibilities
      and obligations of the Master Servicer in accordance with Section 9.02 hereof.
      The Trustee shall notify the Rating Agencies of the resignation of the Master
      Servicer.

     

    (b)  The
      Company shall not resign from the obligations and duties hereby imposed on
      it
      except (i) upon the assignment of its servicing duties with respect to all
      or a
      portion of the EMC Mortgage Loans to an institution that is a Fannie Mae and
      Freddie Mac approved seller/servicer in good standing that has a net worth
      of
      not less than $10,000,000 and with the prior written consent of the Master
      Servicer (which consent shall not be unreasonably withheld) or (ii) upon the
      determination that its duties hereunder are no longer permissible under
      applicable law and such incapacity cannot be cured by the Company. Any
      determination permitting the resignation of the Company shall be evidenced
      by an
      Opinion of Counsel to such effect addressed to and delivered, to the Master
      Servicer and the Trustee which Opinion of Counsel shall be in form and substance
      acceptable to the Master Servicer and the Trustee. No appointment of a successor
      to the Company shall be effective hereunder unless (a) the Rating Agencies
      have
      confirmed in writing that such appointment will not result in a downgrade,
      qualification or withdrawal of the then current ratings assigned to the
      Certificates, (b) such successor shall have represented that it is meets the
      eligibility criteria set forth in clause (i) above and (c) such successor has
      agreed to assume the obligations of the Company hereunder to the extent of
      the
      EMC Mortgage Loans to be serviced by such successor. The Company shall provide
      a
      copy of the written confirmation of the Rating Agencies and the agreement
      executed by such successor to the Master Servicer and the Trustee. No such
      resignation shall become effective until a Qualified Successor or the Master
      Servicer shall have assumed the Company’s responsibilities and obligations
      hereunder. The Company shall notify the Master Servicer, the Trustee and the
      Rating Agencies of the resignation of the Company or the assignment of all
      or a
      portion of its servicing duties hereunder in accordance with this Section
      8.05.

     

    Section
      8.06  Successor
      Master Servicer.
      In
      connection with the appointment of any successor Master Servicer or the
      assumption of the duties of the Master Servicer, EMC or the Trustee may make
      such arrangements for the compensation of such successor master servicer out
      of
      payments on the Mortgage Loans as EMC or the Trustee and such successor master
      servicer shall agree. If the successor master servicer does not agree that
      such
      market value is a fair price, such successor master servicer shall obtain two
      quotations of market value from third parties actively engaged in the servicing
      of single-family mortgage loans. In no event shall the compensation of any
      successor master servicer exceed that permitted the Master Servicer without
      the
      consent of all of the Certificateholders.

     

    Section
      8.07  Sale
      and
      Assignment of Master Servicing.
      The
      Master Servicer may sell and assign its rights and delegate its duties and
      obligations in its entirety as Master Servicer under this Agreement and EMC
      may
      terminate the Master Servicer without cause and select a new Master Servicer;
      provided, however, that: (i) the purchaser or transferee accepting such
      assignment and delegation (a) shall be a Person which (or an Affiliate thereof
      the primary business of which is the servicing of conventional residential
      mortgage loans) shall be qualified to service mortgage loans for Fannie Mae
      or
      Freddie Mac; (b) shall have a net worth of not less than $10,000,000 (unless
      otherwise approved by each Rating Agency pursuant to clause (ii) below); (c)
      shall be reasonably satisfactory to the Trustee (as evidenced in a writing
      signed by the Trustee); and (d) shall execute and deliver to the Trustee an
      agreement, in form and substance reasonably satisfactory to the Trustee, which
      contains an assumption by such Person of the due and punctual performance and
      observance of each covenant and condition to be performed or observed by it
      as
      master servicer under this Agreement, any custodial agreement from and after
      the
      effective date of such agreement; (ii) each Rating Agency shall be given prior
      written notice of the identity of the proposed successor to the Master Servicer
      and each Rating Agency’s rating of the Certificates in effect immediately prior
      to such assignment, sale and delegation will not be downgraded, qualified or
      withdrawn as a result of such assignment, sale and delegation, as evidenced
      by a
      letter to such effect delivered to the Master Servicer and the Trustee; (iii)
      the Master Servicer assigning and selling the master servicing shall deliver
      to
      the Trustee an Officer’s Certificate and an Opinion of Counsel addressed to the
      Trustee, each stating that all conditions precedent to such action under this
      Agreement have been completed and such action is permitted by and complies
      with
      the terms of this Agreement; and (iv) in the event the Master Servicer is
      terminated without cause by EMC, EMC shall pay, from its own funds and without
      any right of reimbursement, the terminated Master Servicer a termination fee
      equal to 0.25% of the aggregate Stated Principal Balance of the Mortgage Loans
      at the time the master servicing of the Mortgage Loans is transferred to the
      successor Master Servicer. No such assignment or delegation shall affect any
      liability of the Master Servicer arising prior to the effective date
      thereof.

     

     

     

     

    ARTICLE
      IX

     

    DEFAULT;
      TERMINATION OF MASTER SERVICER;

    TERMINATION
      OF COMPANY

     

    Section
      9.01  Events
      of Default. 

     

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

     

    (i)  any
      failure by the Master Servicer to remit to the Securities Administrator any
      amounts received or collected by the Master Servicer in respect of the Mortgage
      Loans and required to be remitted by it (other than any Advance) pursuant to
      this Agreement, which failure shall continue unremedied for one Business Day
      after the date on which written notice of such failure shall have been given
      to
      the Master Servicer by the Trustee or the Depositor, or to the Trustee and
      the
      Master Servicer by the Holders of Certificates evidencing not less than 25%
      of
      the Voting Rights evidenced by the Certificates; or

     

    (ii)  any
      failure by the Master Servicer to observe or perform in any material respect
      any
      other of the covenants or agreements on the part of the Master Servicer
      contained in this Agreement or any breach of a representation or warranty by
      the
      Master Servicer, which failure or breach shall continue unremedied for a period
      of 60 days after the date on which written notice of such failure shall have
      been given to Master Servicer by the Trustee or the Depositor, or to the Trustee
      and the Master Servicer by the Holders of Certificates evidencing not less
      than
      25% of the Voting Rights evidenced by the Certificates; or

     

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

     

    (iv)  the
      Master Servicer shall consent to the appointment of a receiver or liquidator
      in
      any insolvency, readjustment of debt, marshalling of assets and liabilities
      or
      similar proceedings of or relating to the Master Servicer or all or
      substantially all of the property of the Master Servicer; or

     

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

     

    (vi)  the
      Master Servicer assigns or delegates its duties or rights under this Agreement
      in contravention of the provisions permitting such assignment or delegation
      under Sections 8.05 or 8.07.

     

    If
      an
      Event of Default shall occur, then, and in each and every such case, so long
      as
      such Event of Default shall not have been remedied, the Trustee may, and at
      the
      direction of the Holders of Certificates evidencing not less than 25% of the
      Voting Rights evidenced by the Certificates, the Trustee shall, by notice in
      writing to the Master Servicer,
      with a
      copy to the Rating Agencies, and with the consent of the Company, may terminate
      all of the rights and obligations (but not the liabilities)
      of the
      Master Servicer (and the Securities Administrator if the Master Servicer and
      the
      Securities Administrator are the same entity) under this Agreement and in and
      to
      the Mortgage Loans and the proceeds thereof, other than its rights as a
      Certificateholder hereunder. On or after the receipt by the Master Servicer
      of
      such written notice, all authority and power of the Master Servicer (and, if
      applicable, the Securities Administrator) hereunder, whether with respect to
      the
      Mortgage Loans or otherwise, shall pass to and be vested in the Trustee, or
      any
      successor appointed pursuant to Section 9.02 (a “Successor Master Servicer” and,
      if applicable, “Successor Securities Administrator”). Such Successor Master
      Servicer shall thereupon if such Successor Master Servicer is a successor to
      the
      Master Servicer, make any Advance required by Article VI, subject, in the case
      of the Trustee, to Section 9.02. The Trustee is hereby authorized and empowered
      to execute and deliver, on behalf of the terminated Master Servicer and, if
      applicable, the terminated Securities Administrator, as attorney- in-fact or
      otherwise, any and all documents and other instruments, and to do or accomplish
      all other acts or things necessary or appropriate to effect the purposes of
      such
      notice of termination, whether to complete the transfer and endorsement or
      assignment of any Mortgage Loans and related documents, or otherwise. Unless
      expressly provided in such written notice, no such termination shall affect
      any
      obligation of the Master Servicer to pay amounts owed pursuant to Article VIII
      or Article X. The Master Servicer and, if applicable, the Securities
      Administrator agrees to cooperate with the Trustee in effecting the termination
      of the Master Servicer’s and, if applicable, the Securities Administrator’s
      responsibilities and rights hereunder, including, without limitation, the
      transfer to the applicable Successor Master Servicer of all cash amounts which
      shall at the time be credited to the Distribution Account maintained pursuant
      to
      Section 5.08, or thereafter be received with respect to the applicable Mortgage
      Loans. The Trustee shall promptly notify the Rating Agencies of the occurrence
      of an Event of Default known to the Trustee. The Securities Administrator shall
      promptly notify the Trustee in writing of the occurrence of an Event of Default
      under clauses (i) or (vii) above.

     

    Notwithstanding
      any termination of the activities of the Master Servicer hereunder, the Master
      Servicer shall be entitled to receive, out of any late collection of a Scheduled
      Payment on a Mortgage Loan that was due prior to the notice terminating the
      Master Servicer’s rights and obligations as Master Servicer hereunder and
      received after such notice, that portion thereof to which the Master Servicer
      would have been entitled pursuant to Sections 5.05 and to receive any other
      amounts payable to the Master Servicer hereunder the entitlement to which arose
      prior to the termination of its activities hereunder.

     

    Section
      9.02  Trustee
      to Act; Appointment of Successor. 

     

    On
      and
      after the time the Master Servicer receives a notice of termination pursuant
      to
      Section 9.01 hereof the Trustee shall automatically become the successor to
      the
      Master Servicer with respect to the transactions set forth or provided for
      herein and after a transition period (not to exceed 90 days), shall have all
      the
      rights and powers of, and be subject to all the responsibilities, duties and
      liabilities relating thereto placed on the Master Servicer by the terms and
      provisions hereof; provided,
      however, that the Company shall have the right to either (a) immediately assume
      the duties of the Master Servicer or (b) select a successor Master
      Servicer;
      provided, further, however that, pursuant to Article VI hereof, the Trustee
      in
      its capacity as successor Master Servicer shall be responsible for making any
      Advances required to be made by the Master Servicer immediately upon the
      termination of the Master Servicer and any such Advance shall be made on the
      Distribution Date on which such Advance was required to be made by the
      predecessor Master Servicer. Effective on the date of such notice of
      termination, as compensation therefor, the Trustee shall be entitled to all
      compensation, reimbursement of expenses and indemnifications that the Master
      Servicer would have been entitled to if it had continued to act hereunder,
      provided, however, that the Trustee shall not be (i) liable for any acts or
      omissions of the Master Servicer, (ii) obligated to make Advances if it is
      prohibited from doing so under applicable law, (iii) responsible for expenses
      of
      the Master Servicer pursuant to Section 2.03 or (iv) obligated to deposit losses
      on any Permitted Investment directed by the Master Servicer. Notwithstanding
      the
      foregoing, the Trustee may, if it shall be unwilling to so act, or shall, if
      it
      is prohibited by applicable law from making Advances pursuant to Article VI
      or
      if it is otherwise unable to so act, appoint, or petition a court of competent
      jurisdiction to appoint, any established mortgage loan servicing institution
      the
      appointment of which does not adversely affect the then current rating of the
      Certificates by each Rating Agency as the successor to the Master Servicer
      hereunder in the assumption of all or any part of the responsibilities, duties
      or liabilities of the Master Servicer hereunder. Any Successor Master Servicer
      shall (i) be an institution that is a Fannie Mae and Freddie Mac approved
      seller/servicer in good standing, that has a net worth of at least $15,000,000
      and (ii) be willing to act as successor servicer of any Mortgage Loans under
      this Agreement or the related Servicing Agreement with respect to which the
      Company or the original Servicer has been terminated as servicer, and shall
      have
      executed and delivered to the Depositor and the Trustee an agreement accepting
      such delegation and assignment, that contains an assumption by such Person
      of
      the rights, powers, duties, responsibilities, obligations and liabilities of
      the
      Master Servicer (other than any liabilities of the Master Servicer hereof
      incurred prior to termination of the Master Servicer under Section 9.01 or
      as
      otherwise set forth herein), with like effect as if originally named as a party
      to this Agreement, provided that each Rating Agency shall have acknowledged
      in
      writing that its rating of the Certificates in effect immediately prior to
      such
      assignment and delegation will not be qualified or reduced as a result of such
      assignment and delegation. If the Trustee assumes the duties and
      responsibilities of the Master Servicer in accordance with this Section 9.02,
      the Trustee shall not resign as Master Servicer until a Successor Master
      Servicer has been appointed and has accepted such appointment. Pending
      appointment of a successor to the Master Servicer hereunder, the Trustee, unless
      the Trustee is prohibited by law from so acting, shall, subject to Section
      4.04
      hereof, act in such capacity as hereinabove provided. In connection with such
      appointment and assumption, the Trustee may make such arrangements for the
      compensation of such successor out of payments on Mortgage Loans or otherwise
      as
      it and such successor shall agree; provided that no such compensation unless
      agreed to by the Certificateholders shall be in excess of that permitted the
      Master Servicer hereunder. The Trustee and such successor shall take such
      action, consistent with this Agreement, as shall be necessary to effectuate
      any
      such succession. Neither the Trustee nor any other Successor Master Servicer
      shall be deemed to be in default hereunder by reason of any failure to make,
      or
      any delay in making, any distribution hereunder or any portion thereof or any
      failure to perform, or any delay in performing, any duties or responsibilities
      hereunder, in either case caused by the failure of the Master Servicer and
      the
      Securities Administrator to deliver or provide, or any delay in delivering
      or
      providing, any cash, information, documents or records to it.

     

    The
      costs
      and expenses of the Trustee in connection with the termination of the Master
      Servicer, appointment of a Successor Master Servicer and, if applicable, any
      transfer of servicing, including, without limitation, all costs and 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 or the Successor Master Servicer to service
      the
      related Mortgage Loans properly and effectively, to the extent not paid by
      the
      terminated Master Servicer, shall be payable to the Trustee pursuant to Section
      10.05. Any successor to the Master Servicer as successor servicer under any
      Subservicing Agreement shall give notice to the applicable Mortgagors of such
      change of servicer and shall, during the term of its service as successor
      servicer maintain in force the policy or policies that the Master Servicer
      is
      required to maintain pursuant to Section 4.04.

     

    Section
      9.03  Notification
      to Certificateholders. 

     

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

     

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

     

    Section
      9.04  Waiver
      of Defaults. 

     

    The
      Trustee shall transmit by mail to all Certificateholders, within 60 days after
      the occurrence of any Event of Default actually known to a Responsible Officer
      of the Trustee, unless such Event of Default shall have been cured, notice
      of
      each such Event of Default hereunder known to the Trustee. The Holders of
      Certificates evidencing not less than 51% of the Voting Rights may, on behalf
      of
      all Certificateholders, waive any default by the Master Servicer in the
      performance of its obligations hereunder and the consequences thereof, except
      a
      default in the making of or the causing to be made of any required distribution
      on the Certificates. Upon any such waiver of a past default, such default shall
      be deemed to cease to exist, and any Event of Default arising therefrom shall
      be
      deemed to have been timely remedied for every purpose of this Agreement. No
      such
      waiver shall extend to any subsequent or other default or impair any right
      consequent thereon except to the extent expressly so waived. The Trustee shall
      give notice of any such waiver to the Rating Agencies.

     

    Section
      9.05  Company
      Default. 

     

    In
      case
      one or more of the following events of default by the Company (each, a “Company
      Default”) shall occur and be continuing, that is to say:

     

    (i)  any
      failure by the Company to remit to the Securities Administrator any payment
      required to be made under the terms of this Agreement on any Remittance Date;
      or

     

    (ii)  failure
      on the part of the Company duly to observe or perform in any material respect
      any other of the covenants or agreements (other than Section 3.13, Section
      3.14
      and Section 4.16) on the part of the Company set forth in this Agreement, the
      breach of which has a material adverse effect and which continue unremedied
      for
      a period of sixty days (except that such number of days shall be fifteen in
      the
      case of a failure to pay any premium for any insurance policy required to be
      maintained under this Agreement and such failure shall be deemed to have a
      material adverse effect) after the date on which written notice of such failure,
      requiring the same to be remedied, shall have been given to the Company by
      the
      Master Servicer; or

     

    (iii)  a
      decree
      or order of a court or agency or supervisory authority having jurisdiction
      for
      the appointment of a conservator or receiver or liquidator in any insolvency,
      bankruptcy, readjustment of debt, marshaling of assets and liabilities or
      similar proceedings, or for the winding-up or liquidation of its affairs, shall
      have been entered against the Company and such decree or order shall have
      remained in force undischarged or unstayed for a period of sixty days;
      or

     

    (iv)  the
      Company shall consent to the appointment of a conservator or receiver or
      liquidator in any insolvency, bankruptcy, readjustment of debt, marshaling
      of
      assets and liabilities or similar proceedings of or relating to the Company
      or
      of or relating to all or substantially all of its property; or

     

    (v)  the
      Company 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)  the
      Company attempts to assign its right to servicing compensation hereunder or
      the
      Company attempts to sell or otherwise dispose of all or substantially all of
      its
      property or assets or to assign this Agreement or the servicing responsibilities
      hereunder or to delegate its duties hereunder or any portion thereof except
      as
      otherwise permitted herein; or

     

    (vii)  the
      Company ceases to be qualified to transact business in any jurisdiction where
      it
      is currently so qualified, but only to the extent such non-qualification
      materially and adversely affects the Company’s ability to perform its
      obligations hereunder;

     

    (viii)  failure
      by the Company to duly perform, within the required time period, its obligations
      under Section 4.16, 4.17 or Section 4.18. 

     

    then,
      and
      in each and every such case, so long as a Company Default shall not have been
      remedied, the Master Servicer, by notice in writing to the Company may, in
      addition to whatever rights the Master Servicer and the Trustee on behalf of
      the
      Certificateholders may have under Section 8.03 and at law or equity to damages,
      including injunctive relief and specific performance, terminate all the rights
      and obligations of the Company under this Agreement and in and to the EMC
      Mortgage Loans and the proceeds thereof without compensating the Company for
      the
      same. On or after the receipt by the Company of such written notice, all
      authority and power of Company under this Agreement, whether with respect to
      the
      EMC Mortgage Loans or otherwise, shall pass to and be vested in the Master
      Servicer. Upon written request from the Master Servicer, the Company shall
      prepare, execute and deliver, any and all documents and other instruments,
      place
      in the Master Servicer’s possession all Mortgage Files relating to the EMC
      Mortgage Loans, and 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 EMC Mortgage Loans
      and related documents, or otherwise, at the Company’s sole expense. The Company
      agrees to pay any costs and expenses incurred by the Master Servicer in
      accordance with Section 4.03(c) and to cooperate with the Master Servicer in
      effecting the termination of the Company’s responsibilities and rights
      hereunder, including, without limitation, the transfer to such successor for
      administration by it of all cash amounts which shall at the time be credited
      by
      the Company to its Protected Account or Escrow Account or thereafter received
      with respect to the EMC Mortgage Loans or any related REO Property.

     

    Section
      9.06  Waiver
      of Company Defaults. 

     

    The
      Master Servicer, with the consent of the Trustee, may waive only by written
      notice any default by the Company in the performance of its obligations
      hereunder and its consequences. Upon any such waiver of a past default, such
      default shall cease to exist, and any Company Default arising therefrom shall
      be
      deemed to have been remedied for every purpose of this Agreement. No such waiver
      shall extend to any subsequent or other default or impair any right consequent
      thereon except to the extent expressly so waived in writing.

     

    
 

    

    ARTICLE
      X

     

    CONCERNING
      THE TRUSTEE AND THE SECURITIES ADMINISTRATOR

     

    Section
      10.01  Duties
      of Trustee and Securities Administrator. 

     

    (a)  The
      Trustee, prior to the occurrence of an Event of Default and after the curing
      or
      waiver of all Events of Default which may have occurred, and the Securities
      Administrator each undertake to perform such duties and only such duties as
      are
      specifically set forth in this Agreement as duties of the Trustee and the
      Securities Administrator, respectively. If an Event of Default has occurred
      and
      has not been cured or waived, the Trustee shall exercise such of the rights
      and
      powers vested in it by this Agreement, and the same degree of care and skill
      in
      their exercise, as a prudent person would exercise under the circumstances
      in
      the conduct of such Person’s own affairs.

     

    (b)  Upon
      receipt of all resolutions, certificates, statements, opinions, reports,
      documents, orders or other instruments which are specifically required to be
      furnished to the Trustee or the Securities Administrator pursuant to any
      provision of this Agreement, the Trustee or the Securities Administrator,
      respectively, shall examine them to determine whether they are, on their face,
      in the form required by this Agreement; provided, however, that neither the
      Trustee nor the Securities Administrator shall be responsible for the accuracy
      or content of any resolution, certificate, statement, opinion, report, document,
      order or other instrument furnished by the Master Servicer; provided, further,
      that neither the Trustee nor the Securities Administrator shall be responsible
      for the accuracy or verification of any calculation provided to it pursuant
      to
      this Agreement.

     

    (c)  On
      each
      Distribution Date, the Securities Administrator shall make monthly distributions
      and the final distribution to the Certificateholders from funds in the
      Distribution Account as provided in Sections 6.04 and 11.01 herein based solely
      on the applicable Remittance Report.

     

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

     

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

     

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

     

    (iii)  Neither
      the Trustee nor the Securities Administrator shall be liable with respect to
      any
      action taken, suffered or omitted to be taken by it in good faith in accordance
      with the directions of the Holders of Certificates evidencing not less than
      25%
      of the aggregate Voting Rights of the Certificates, if such action or non-action
      relates to the time, method and place of conducting any proceeding for any
      remedy available to the Trustee or the Securities Administrator, respectively,
      or exercising any trust or other power conferred upon the Trustee or the
      Securities Administrator, respectively, under this Agreement;

     

    (iv)  The
      Trustee shall not be required to take notice or be deemed to have notice or
      knowledge of any default or Event of Default unless a Responsible Officer of
      the
      Trustee shall have actual knowledge thereof. In the absence of such notice,
      the
      Trustee may conclusively assume there is no such default or Event of
      Default;

     

    (v)  The
      Securities Administrator shall not in any way be liable by reason of any
      insufficiency in any Account held by or in the name of Securities Administrator
      unless it is determined by a court of competent jurisdiction in a non-appealable
      judgment that the Securities Administrator’s gross negligence or willful
      misconduct was the primary cause of such insufficiency (except to the extent
      that the Securities Administrator is obligor and has defaulted
      thereon);

     

    (vi)  Anything
      in this Agreement to the contrary notwithstanding, in no event shall the Trustee
      or the Securities Administrator be liable for special, indirect or consequential
      loss or damage of any kind whatsoever (including but not limited to lost
      profits), even if the Trustee or the Securities Administrator, respectively,
      has
      been advised of the likelihood of such loss or damage and regardless of the
      form
      of action; and

     

    (vii)  None
      of
      the Securities Administrator, the Master Servicer, the Sponsor, the Depositor
      or
      the Trustee shall be responsible for the acts or omissions of the other, it
      being understood that this Agreement shall not be construed to render them
      partners, joint venturers or agents of one another.

     

    Neither
      the Trustee nor the Securities Administrator shall be required to expend or
      risk
      its own funds or otherwise incur financial liability in the performance of
      any
      of its duties hereunder, or in the exercise of any of its rights or powers,
      if
      there is reasonable ground for believing that the repayment of such funds or
      adequate indemnity against such risk or liability is not reasonably assured
      to
      it, and none of the provisions contained in this Agreement shall in any event
      require the Trustee or the Securities Administrator to perform, or be
      responsible for the manner of performance of, any of the obligations of the
      Master Servicer or the Company hereunder or any Servicer under the related
      Servicing Agreement.

     

    (d)  All
      funds
      received by the Securities Administrator and required to be deposited in the
      Distribution Account pursuant to this Agreement will be promptly so deposited
      by
      the Securities Administrator.

     

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

     

    (a)  Except
      as
      otherwise provided in Section 10.01:

     

    (i)  The
      Trustee and the Securities Administrator may rely and shall be protected in
      acting or refraining from acting in reliance on any resolution or certificate
      of
      the Sponsor, the Company, the Master Servicer or the related Servicer, any
      certificates of auditors or any other certificate, statement, instrument,
      opinion, report, notice, request, consent, order, appraisal, bond or other
      paper
      or document believed by it to be genuine and to have been signed or presented
      by
      the proper party or parties;

     

    (ii)  The
      Trustee and the Securities Administrator may consult with counsel and any advice
      of such counsel or any Opinion of Counsel shall be full and complete
      authorization and protection with respect to any action taken or suffered or
      omitted by it hereunder in good faith and in accordance with such advice or
      Opinion of Counsel;

     

    (iii)  Neither
      the Trustee nor the Securities Administrator shall be under any obligation
      to
      exercise any of the trusts or powers vested in it by this Agreement, other
      than
      its obligation to give notices pursuant to this Agreement, or to institute,
      conduct or defend any litigation hereunder or in relation hereto at the request,
      order or direction of any of the Certificateholders pursuant to the provisions
      of this Agreement, unless such Certificateholders shall have offered to the
      Trustee or the Securities Administrator, as applicable, reasonable security
      or
      indemnity 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 an Event of Default of which a
      Responsible Officer of the Trustee has actual knowledge (which has not been
      cured or waived), to exercise such of the rights and powers vested in it by
      this
      Agreement, and to use the same degree of care and skill in their exercise,
      as a
      prudent person would exercise under the circumstances in the conduct of his
      own
      affairs;

     

    (iv)  Prior
      to
      the occurrence of an Event of Default hereunder and after the curing or waiver
      of all Events of Default which may have occurred with respect to the Trustee
      and
      at all times with respect to the Securities Administrator, neither the Trustee
      nor the Securities Administrator shall be liable in its individual capacity
      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)  Neither
      the Trustee nor the Securities Administrator shall be bound to make any
      investigation into the facts or matters stated in any resolution, certificate,
      statement, instrument, opinion, report, notice, request, consent, order,
      approval, bond or other paper or document, unless requested in writing to do
      so
      by Holders of Certificates evidencing not less than 25% of the aggregate Voting
      Rights of the Certificates and provided that the payment within a reasonable
      time to the Trustee or the Securities Administrator, as applicable, of the
      costs, expenses or liabilities likely to be incurred by it in the making of
      such
      investigation is, in the opinion of the Trustee or the Securities Administrator,
      as applicable, reasonably assured to the Trustee or the Securities
      Administrator, as applicable, by the security afforded to it by the terms of
      this Agreement. The Trustee or the Securities Administrator may require
      reasonable indemnity against such expense or liability as a condition to taking
      any such action. The reasonable expense of every such examination shall be
      paid
      by the Certificateholders requesting the investigation;

     

    (vi)  The
      Trustee and the Securities Administrator may execute any of the trusts or powers
      hereunder or perform any duties hereunder either directly or through Affiliates,
      agents or attorneys; provided, however, that the Trustee may not appoint any
      paying agent other than the Securities Administrator to perform any paying
      agent
      functions under this Agreement without the express written consent of the Master
      Servicer, which consent will not be unreasonably withheld. Neither the Trustee
      nor the Securities Administrator shall be liable or responsible for the
      misconduct or negligence of any of the Trustee’s or the Securities
      Administrator’s agents or attorneys or paying agent appointed hereunder by the
      Trustee or the Securities Administrator with due care and, when required, with
      the consent of the Master Servicer;

     

    (vii)  Should
      the Trustee or the Securities Administrator deem the nature of any action
      required on its part to be unclear, the Trustee or the Securities Administrator,
      respectively, may require prior to such action that it be provided by the
      Depositor with reasonable further instructions; the right of the Trustee or
      the
      Securities Administrator to perform any discretionary act enumerated in this
      Agreement shall not be construed as a duty, and neither the Trustee nor the
      Securities Administrator shall be accountable for other than its negligence
      or
      willful misconduct in the performance of any such act;

     

    (viii)  Neither
      the Trustee nor the Securities Administrator shall be required to give any
      bond
      or surety with respect to the execution of the trust created hereby or the
      powers granted hereunder, except as provided in Subsection 10.07;
      and

     

    (ix)  Neither
      the Trustee nor the Securities Administrator shall have any duty to conduct
      any
      affirmative investigation as to the occurrence of any condition requiring the
      repurchase of any Mortgage Loan by any Person pursuant to this Agreement, or
      the
      eligibility of any Mortgage Loan for purposes of this Agreement.

     

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

     

    The
      recitals contained herein and in the Certificates (other than the signature
      and
      countersignature of the Securities
      Administrator on
      the
      Certificates) shall be taken as the statements of the Depositor, and neither
      the
      Trustee nor the Securities Administrator shall have any responsibility for
      their
      correctness. Neither the Trustee nor the Securities Administrator makes any
      representation as to the validity or sufficiency of the Certificates (other
      than
      the signature and countersignature of the Securities
      Administrator on
      the
      Certificates) or of any Mortgage Loan except as expressly provided in Sections
      2.02 and 2.06 hereof; provided, however, that the foregoing shall not relieve
      the Trustee, or the Custodian on its behalf, of the obligation to review the
      Mortgage Files pursuant to Section 2.02 of this Agreement. Neither the Trustee
      or the Securities Administrator shall be accountable for the use or application
      by the Depositor of any of the Certificates or of the proceeds of such
      Certificates, or for the use or application of any funds paid to the Depositor
      with respect to the Mortgage Loans. Subject to Section 2.06, neither the Trustee
      nor the Securities Administrator shall be responsible for the legality or
      validity of this Agreement or any document or instrument relating to this
      Agreement, the validity of the execution of this Agreement or of any supplement
      hereto or instrument of further assurance, or the validity, priority, perfection
      or sufficiency of the security for the Certificates issued hereunder or intended
      to be issued hereunder. Neither the Trustee nor the Securities Administrator
      shall at any time have any responsibility or liability for or with respect
      to
      the legality, validity and enforceability of any Mortgage or any Mortgage Loan,
      or the perfection and priority of any Mortgage or the maintenance of any such
      perfection and priority, or for or with respect to the sufficiency of the Trust
      Fund or its ability to generate the payments to be distributed to
      Certificateholders, under this Agreement. Neither the Trustee nor the Securities
      Administrator shall have any responsibility for filing any financing or
      continuation statement in any public office at any time or to otherwise perfect
      or maintain the perfection of any security interest or lien granted to it
      hereunder or to record this Agreement.

     

    Section
      10.04  Trustee
      and Securities Administrator May Own Certificates. 

     

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

     

    Section
      10.05  Trustee’s
      and Securities Administrator’s Fees and Expenses. 

     

    The
      fees
      and expenses of the Trustee and the Securities Administrator shall be paid
      in
      accordance with a side letter agreement with the Master Servicer and at the
      expense of the Master Servicer. In addition, the Trustee and the Securities
      Administrator will be entitled to recover from the Distribution Account pursuant
      to Section 5.09 all reasonable out-of-pocket expenses, disbursements and
      advances and the expenses of the Trustee and the Securities Administrator,
      respectively, in connection with any Event of Default, any breach of this
      Agreement or any claim or legal action (including any pending or threatened
      claim or legal action) incurred or made by the Trustee or the Securities
      Administrator, respectively, in the administration of the trusts hereunder
      (including the reasonable compensation, expenses and disbursements of its
      counsel) except any such expense, disbursement or advance as may arise from
      its
      negligence or intentional misconduct or which is the responsibility of the
      Certificateholders or the Trust Fund hereunder. If funds in the Distribution
      Account are insufficient therefor, the Trustee and the Securities Administrator
      shall recover such expenses, disbursements or advances from the Depositor and
      the Depositor hereby agrees to pay such expenses, disbursements or advances
      upon
      demand. Such compensation and reimbursement obligation shall not be limited
      by
      any provision of law in regard to the compensation of a trustee of an express
      trust.

     

    Section
      10.06  Eligibility
      Requirements for Trustee and Securities Administrator. 

     

    The
      Trustee and any successor Trustee and the Securities Administrator and any
      successor Securities Administrator shall during the entire duration of this
      Agreement be a state bank or trust company or a national banking association
      organized and doing business under the laws of a state or the United States
      of
      America, authorized under such laws to exercise corporate trust powers, having
      a
      combined capital and surplus and undivided profits of at least $40,000,000
      or,
      in the case of a successor Trustee, $50,000,000, subject to supervision or
      examination by federal or state authority and, in the case of the Trustee,
      rated
“BBB” or higher by Fitch, Inc. Ratings with respect to their long-term rating
      and rated “BBB” or higher by Standard & Poor’s and “Baa2” or higher by
      Moody’s with respect to any outstanding long-term unsecured unsubordinated debt,
      and, in the case of a successor Trustee or successor Securities Administrator
      other than pursuant to Section 10.10, rated in one of the two highest long-term
      debt categories of, or otherwise acceptable to, each of the Rating Agencies.
      The
      Trustee shall not be an Affiliate of the Master Servicer. If the Trustee
      publishes reports of condition at least annually, pursuant to law or to the
      requirements of the aforesaid supervising or examining authority, then for
      the
      purposes of this Section 10.06 the combined capital and surplus of such
      corporation shall be deemed to be its total equity capital (combined capital
      and
      surplus) as set forth in its most recent report of condition so published.
      In
      case at any time the Trustee or the Securities Administrator, as applicable,
      shall cease to be eligible in accordance with the provisions of this Section
      10.06, the Trustee or the Securities Administrator shall resign immediately
      in
      the manner and with the effect specified in Section 10.08.

     

    Section
      10.07  Insurance. 

     

    The
      Trustee and the Securities Administrator, at their own expense, shall at all
      times maintain and keep in full force and effect: (i) fidelity insurance, (ii)
      theft of documents insurance and (iii) forgery insurance (which may be
      collectively satisfied by a “Financial Institution Bond” and/or a “Bankers’
Blanket Bond”). All such insurance shall be in amounts, with standard coverage
      and subject to deductibles, as are customary for insurance typically maintained
      by banks or their affiliates which act as custodians for investor-owned mortgage
      pools. A certificate of an officer of the Trustee or the Securities
      Administrator as to the Trustee’s or the Securities Administrator’s,
      respectively, compliance with this Section 10.07 shall be furnished to any
      Certificateholder upon reasonable written request.

     

    Section
      10.08  Resignation
      and Removal of Trustee and Securities Administrator. 

     

    The
      Trustee and the Securities Administrator may at any time resign (including,
      in
      the case of the Securities Administrator, in connection with the resignation
      or
      termination of the Master Servicer) and be discharged from the Trust hereby
      created by giving written notice thereof to the Depositor, the Sponsor, the
      Securities Administrator (or the Trustee, if the Securities Administrator
      resigns) and the Master Servicer, with a copy to the Rating Agencies. Upon
      receiving such notice of resignation, the Depositor shall promptly appoint
      a
      successor trustee or successor securities administrator, as applicable, by
      written instrument, in triplicate, one copy of which instrument shall be
      delivered to each of the resigning trustee or securities administrator, as
      applicable, and the successor trustee or securities administrator, as
      applicable. If no successor trustee or successor securities administrator shall
      have been so appointed and have accepted appointment within 30 days after the
      giving of such notice of resignation, the resigning Trustee or Securities
      Administrator may petition any court of competent jurisdiction for the
      appointment of a successor trustee or securities administrator.

     

    If
      at any
      time (i) the Trustee or the Securities Administrator shall cease to be eligible
      in accordance with the provisions of Section 10.06 hereof and shall fail to
      resign after written request thereto by the Depositor, (ii) the Trustee or
      the
      Securities Administrator shall become incapable of acting, or shall be adjudged
      as bankrupt or insolvent, or a receiver of the Trustee or the Securities
      Administrator or of its property shall be appointed, or any public officer
      shall
      take charge or control of the Trustee or the Securities Administrator or of
      its
      property or affairs for the purpose of rehabilitation, conservation or
      liquidation, or (iii)(A) a tax is imposed with respect to the Trust Fund by
      any
      state in which the Trustee or the Securities Administrator or the Trust Fund
      is
      located, (B) the imposition of such tax would be avoided by the appointment
      of a
      different trustee or securities administrator and (C) the Trustee or the
      Securities Administrator, as applicable fails to indemnify the Trust Fund
      against such tax, then the Depositor or the Master Servicer may remove the
      Trustee or the Securities Administrator, as applicable, and appoint a successor
      trustee or successor securities administrator, as applicable, by written
      instrument, in multiple copies, a copy of which instrument shall be delivered
      to
      the Trustee, the Securities Administrator, each Master Servicer and the
      successor trustee or successor securities administrator, as
      applicable.

     

    The
      Holders evidencing at least 51% of the Voting Rights of each Class of
      Certificates may at any time remove the Trustee or Securities Administrator
      and
      appoint a successor trustee or securities administrator by written instrument
      or
      instruments, in multiple copies, signed by such Holders or their
      attorneys-in-fact duly authorized, one complete set of which instruments shall
      be delivered by the successor trustee or successor securities administrator
      to
      each of the Master Servicer, the Trustee or Securities Administrator so removed
      and the successor trustee or securities administrator so appointed. Notice
      of
      any removal of the Trustee or Securities Administrator shall be given to each
      Rating Agency by the Trustee or successor trustee.

     

    Any
      resignation or removal of the Trustee or Securities Administrator and
      appointment of a successor trustee or securities administrator pursuant to
      any
      of the provisions of this Section 10.08 shall become effective upon acceptance
      of appointment by the successor trustee or securities administrator as provided
      in Section 10.09 hereof.

     

    Section
      10.09  Successor
      Trustee or Securities Administrator. 

     

    Any
      successor trustee or securities administrator appointed as provided in Section
      10.08 hereof shall execute, acknowledge and deliver to the Depositor and to
      its
      predecessor trustee or predecessor securities administrator, as applicable,
      and
      the Master Servicer an instrument accepting such appointment hereunder and
      thereupon the resignation or removal of the predecessor trustee or securities
      administrator shall become effective and such successor trustee or securities
      administrator, without any further act, deed or conveyance, shall become fully
      vested with all the rights, powers, duties and obligations of its predecessor
      hereunder, with the like effect as if originally named as trustee or securities
      administrator herein.

     

    No
      successor trustee or securities administrator shall accept appointment as
      provided in this Section 10.09 unless at the time of such acceptance such
      successor trustee or securities administrator shall be eligible under the
      provisions of Section 10.06 hereof and its appointment shall not adversely
      affect the then current rating of the Certificates.

     

    Upon
      acceptance of appointment by a successor trustee or securities administrator
      as
      provided in this Section 10.09, the successor trustee or securities
      administrator shall mail notice of the succession of such trustee or securities
      administrator hereunder to all Holders of Certificates. If the successor trustee
      or securities administrator fails to mail such notice within ten days after
      acceptance of appointment, the Depositor shall cause such notice to be mailed
      at
      the expense of the Trust Fund.

     

    Section
      10.10  Merger
      or Consolidation of Trustee or Securities Administrator. 

     

    Any
      corporation, state bank or national banking association into which the Trustee
      or the Securities Administrator may be merged or converted or with which it
      may
      be consolidated or any corporation, state bank or national banking association
      resulting from any merger, conversion or consolidation to which the Trustee
      or
      the Securities Administrator shall be a party, or any corporation, state bank
      or
      national banking association succeeding to substantially all of the corporate
      trust business of the Trustee or of the business of the Securities
      Administrator, shall be the successor of the Trustee or the Securities
      Administrator hereunder, provided that such corporation shall be eligible under
      the provisions of Section 10.06 hereof without the execution or filing of any
      paper or further act on the part of any of the parties hereto, anything herein
      to the contrary notwithstanding.

     

    Section
      10.11  Appointment
      of Co-Trustee or Separate Trustee. 

     

    Notwithstanding
      any other provisions of this Agreement, at any time, for the purpose of meeting
      any legal requirements of any jurisdiction in which any part of the Trust Fund
      or property securing any Mortgage Note may at the time be located, the Master
      Servicer and the Trustee acting jointly shall have the power and shall execute
      and deliver all instruments to appoint one or more Persons approved by the
      Trustee to act as co-trustee or co-trustees jointly with the Trustee, or
      separate trustee or separate trustees, of all or any part of the Trust Fund,
      and
      to vest in such Person or Persons, in such capacity and for the benefit of
      the
      Certificateholders, such title to the Trust Fund or any part thereof, whichever
      is applicable, and, subject to the other provisions of this Section 10.11,
      such
      powers, duties, obligations, rights and trusts as the Master Servicer and the
      Trustee may consider necessary or desirable. If the Master Servicer shall not
      have joined in such appointment within 15 days after the receipt by it of a
      request to do so, or in the case an 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 10.06 and no notice to
      Certificateholders of the appointment of any co-trustee or separate trustee
      shall be required under Section 10.09.

     

    Every
      separate trustee and co-trustee shall, to the extent permitted by law, be
      appointed and act subject to the following provisions and
      conditions:

     

    (i)  All
      rights, powers, duties and obligations conferred or imposed upon the Trustee,
      except for the obligation of the Trustee under this Agreement to advance funds
      on behalf of the Master Servicer, shall be conferred or imposed upon and
      exercised or performed by the Trustee and such separate trustee or co-trustee
      jointly (it being understood that such separate trustee or co-trustee is not
      authorized to act separately without the Trustee joining in such act), except
      to
      the extent that under any law of any jurisdiction in which any particular act
      or
      acts are to be performed (whether a Trustee hereunder or as a Successor Master
      Servicer hereunder), the Trustee shall be incompetent or unqualified to perform
      such act or acts, in which event such rights, powers, duties and obligations
      (including the holding of title to the Trust Fund or any portion thereof in
      any
      such jurisdiction) shall be exercised and performed singly by such separate
      trustee or co-trustee, but solely at the direction of the Trustee;

     

    (ii)  No
      trustee hereunder shall be held personally liable by reason of any act or
      omission of any other trustee hereunder; and

     

    (iii)  The
      Trustee may at any time accept the resignation of or remove any separate trustee
      or co-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
      X.
      Each separate trustee and co-trustee, upon its acceptance of the trusts
      conferred, shall be vested with the estates or property specified in its
      instrument of appointment, either jointly with the Trustee or separately, as
      may
      be provided therein, subject to all the provisions of this Agreement,
      specifically including every provision of this Agreement relating to the conduct
      of, affecting the liability of, or affording protection to, the Trustee. Every
      such instrument shall be filed with the Trustee and a copy thereof given to
      the
      Master Servicer and the Depositor.

     

    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
      10.12  Tax
      Matters. 

     

    It
      is
      intended that the Trust Fund shall constitute, and that the affairs of the
      Trust
      Fund shall be conducted so that each REMIC formed hereunder qualifies as, a
      “real estate mortgage investment conduit” as defined in and in accordance with
      the REMIC Provisions. In furtherance of such intention, the Securities
      Administrator covenants and agrees that it shall act as agent for so long as
      it
      is also Master Servicer (and the Securities Administrator is hereby appointed
      to
      act as agent) on behalf of the Trust Fund. The Trustee and/or the Securities
      Administrator, as agent on behalf of the Trust Fund, shall do or refrain from
      doing, as applicable, the following: (a) the Securities Administrator shall
      prepare and file, or cause to be prepared and filed, in a timely manner, U.S.
      Real Estate Mortgage Investment Conduit Income Tax Returns (Form 1066 or any
      successor form adopted by the Internal Revenue Service) and prepare and file
      or
      cause to be prepared and filed with the Internal Revenue Service and applicable
      state or local tax authorities income tax or information returns for each
      taxable year with respect to each such REMIC containing such information and
      at
      the times and in the manner as may be required by the Code or state or local
      tax
      laws, regulations, or rules, and furnish or cause to be furnished to
      Certificateholders the schedules, statements or information at such times and
      in
      such manner as may be required thereby; (b) the Securities Administrator shall
      apply for an employer identification number with the Internal Revenue Service
      via a Form SS-4 or other comparable method for each REMIC that is or becomes
      a
      taxable entity, and within thirty days of the Closing Date, furnish or cause
      to
      be furnished to the Internal Revenue Service, on Form 8811 or as otherwise
      may
      be required by the Code, the name, title, address, and telephone number of
      the
      person that the Holders of the Certificates may contact for tax information
      relating thereto, together with such additional information as may be required
      by such form, and update such information at the time or times in the manner
      required by the Code for the Trust Fund; (c) the Trustee shall make or cause
      to
      be made elections, on behalf of each REMIC formed hereunder to be treated as
      a
      REMIC on the federal tax return of such REMIC for its first taxable year (and,
      if necessary, under applicable state law); (d) the Securities Administrator
      shall prepare and forward, or cause to be prepared and forwarded, to the
      Certificateholders and to the Internal Revenue Service and, if necessary, state
      tax authorities, all information returns and reports as and when required to
      be
      provided to them in accordance with the REMIC Provisions, including without
      limitation, the calculation of any original issue discount using the Prepayment
      Assumption; (e) the Securities Administrator shall provide information necessary
      for the computation of tax imposed on the transfer of a Residual Certificate
      to
      a Person that is not a Permitted Transferee, or an agent (including a broker,
      nominee or other middleman) of a Person that is not a Permitted Transferee,
      or a
      pass-through entity in which a Person that is not a Permitted Transferee is
      the
      record holder of an interest (the reasonable cost of computing and furnishing
      such information may be charged to the Person liable for such tax); (f) each
      of
      the Securities Administrator and the Trustee shall, to the extent under its
      control, conduct the affairs of the Trust Fund at all times that any
      Certificates are outstanding so as to maintain the status of each REMIC formed
      hereunder as a REMIC under the REMIC Provisions; (g) neither the Trustee nor
      the
      Securities Administrator shall knowingly or intentionally take any action or
      omit to take any action that would cause the termination of the REMIC status
      of
      any REMIC formed hereunder; (h) the Securities
      Administrator shall
      pay, from the sources specified in the penultimate paragraph of this Section
      10.12, the amount of any federal, state and local taxes, including prohibited
      transaction taxes as described below, imposed on any REMIC formed hereunder
      prior to the termination of the Trust Fund when and as the same shall be due
      and
      payable (but such obligation shall not prevent the Trustee, the Securities
      Administrator at the written request of the Trustee, or any other appropriate
      Person from contesting any such tax in appropriate proceedings and shall not
      prevent the Securities Administrator from withholding payment of such tax,
      if
      permitted by law, pending the outcome of such proceedings); (i) the Trustee
      shall sign or cause to be signed federal, state or local income tax or
      information returns or any other document prepared by the Securities
      Administrator pursuant to this Section 10.12 requiring a signature thereon
      by
      the Trustee; (j) the Securities Administrator shall maintain records relating
      to
      each REMIC formed hereunder including but not limited to the income, expenses,
      assets and liabilities of each such REMIC and adjusted basis of the Trust Fund
      property determined at such intervals as may be required by the Code, as may
      be
      necessary to prepare the foregoing returns, schedules, statements or
      information; (k) the Securities Administrator shall, for federal income tax
      purposes, maintain books and records with respect to the REMICs on a calendar
      year and on an accrual basis; (l) neither the Trustee nor the Master Servicer
      shall enter into any arrangement not otherwise provided for in this Agreement
      by
      which the REMICs will receive a fee or other compensation for services nor
      permit the REMICs to receive any income from assets other than “qualified
      mortgages” as defined in Section 860G(a)(3) of the Code or “permitted
      investments” as defined in Section 860G(a)(5) of the Code; and (m) as and when
      necessary and appropriate, the Trustee, or at the written request of the
      Trustee, the Securities Administrator, shall represent the Trust Fund in any
      administrative or judicial proceedings relating to an examination or audit
      by
      any governmental taxing authority, request an administrative adjustment as
      to
      any taxable year of any REMIC formed hereunder, enter into settlement agreements
      with any governmental taxing agency, extend any statute of limitations relating
      to any tax item of the Trust Fund, and otherwise act on behalf of each REMIC
      formed hereunder in relation to any tax matter involving any such
      REMIC.

     

    In
      order
      to enable each of the Trustee and the Securities Administrator to perform its
      duties as set forth herein, the Depositor shall provide, or cause to be
      provided, to the Trustee or the Securities Administrator within 10 days after
      the Closing Date all information or data that the Trustee or the Securities
      Administrator requests in writing and determines to be relevant for tax purposes
      to the valuations and offering prices of the Certificates, including, without
      limitation, the price, yield, Prepayment Assumption and projected cash flows
      of
      the Certificates and the Mortgage Loans. Thereafter, the Depositor shall provide
      to the Trustee or the Securities Administrator promptly upon written request
      therefor, any such additional information or data that the Trustee or the
      Securities Administrator may, from time to time, request in order to enable
      the
      Trustee or the Securities Administrator to perform its duties as set forth
      herein. The Depositor hereby indemnifies each of Trustee and the Securities
      Administrator for any losses, liabilities, damages, claims or expenses of the
      Trustee or the Securities Administrator arising from any errors or
      miscalculations of the Trustee or the Securities Administrator, as applicable,
      that result from any failure of the Depositor to provide, or to cause to be
      provided, accurate information or data to the Trustee or the Securities
      Administrator, as applicable, on a timely basis.

     

    In
      the
      event that any tax is imposed on “prohibited transactions” of any of REMIC I,
      REMIC II, REMIC III as defined in Section 860F(a)(2) of the Code, on the “net
      income from foreclosure property” of the Trust Fund as defined in Section
      860G(c) of the Code, on any contribution to any of REMIC I, REMIC II, REMIC
      III
      as after the Startup Day pursuant to Section 860G(d) of the Code, or any other
      tax is imposed, including, without limitation, any federal, state or local
      tax
      or minimum tax imposed upon any of REMIC I, REMIC II, REMIC III as, and is
      not
      paid as otherwise provided for herein, such tax shall be paid by (i) the Trustee
      or the Securities Administrator, if any such other tax arises out of or results
      from a breach by the Trustee or the Securities Administrator, respectively,
      of
      any of its obligations under this Agreement, (ii) any party hereto (other than
      the Trustee or the Securities Administrator) to the extent any such other tax
      arises out of or results from a breach by such other party of any of its
      obligations under this Agreement or (iii) in all other cases, or in the event
      that any liable party hereto fails to honor its obligations under the preceding
      clauses (i) or (ii), any such tax will be paid first with amounts otherwise
      to
      be distributed to the Class R Certificateholders, and second with amounts
      otherwise to be distributed to the following other Certificates in the following
      order of priority: first, to the Class B-4 Certificates, second, to the Class
      B-3 Certificates, third, to the Class B-2 Certificates, fourth, to the Class
      B-1
      Certificates, fifth, to the Class M-3 Certificates, sixth, to the Class M-2
      Certificates, seventh, to the Class M-1 Certificates, and eighth, to the Class
      A
      Certificates, pro rata, based on the amounts to be distributed. 

     

    Notwithstanding
      anything to the contrary contained herein, to the extent that such tax is
      payable by the Holder of any Certificates, the Securities Administrator is
      hereby authorized to retain on any Distribution Date, from the Holders of the
      Class R Certificates (and, if necessary, second, from the Holders of the other
      Certificates in the priority specified in the preceding sentence), funds
      otherwise distributable to such Holders in an amount sufficient to pay such
      tax.
      The Securities Administrator shall include in its Remittance Report instructions
      as to distributions to such parties taking into account the priorities described
      in the second preceding sentence. The Securities Administrator, on written
      request by the Trustee, agrees to promptly notify in writing the party liable
      for any such tax of the amount thereof and the due date for the payment
      thereof.

     

    The
      Trustee and the Securities Administrator each agree that, in the event it should
      obtain any information necessary for the other party to perform its obligations
      pursuant to this Section 10.12, it will promptly notify and provide such
      information to such other party. Notwithstanding anything in this Agreement
      to
      the contrary, the Trustee agrees that, in the event that the Trustee obtains
      actual knowledge that the Securities Administrator has breached any of its
      obligations pursuant to this Section 10.12, the Trustee shall perform such
      obligations on its behalf to the extent that the Trustee possesses all documents
      necessary to so perform and receives reasonable compensation therefor, provided,
      however, that the Trustee shall not be liable for any losses resulting from
      any
      such breach.

    ARTICLE
      XI  

     

     

    TERMINATION

     

    Section
      11.01  Termination
      upon Liquidation or Repurchase of all Mortgage Loans. 

     

    Subject
      to Section 11.03, the obligations and responsibilities of the Depositor, the
      Master Servicer, the Securities Administrator, the Sponsor and the Trustee
      created hereby with respect to the Trust Fund shall terminate upon the earlier
      of (a) the purchase by the Majority Class C Certificateholder of all of the
      Mortgage Loans (and REO Properties) remaining in the Trust Fund at a price
      (the
“Mortgage Loan Purchase Price”) equal to the sum of (i) 100% of the Stated
      Principal Balance of each Mortgage Loan (other than in respect of REO Property),
      (ii) accrued interest thereon at the applicable Mortgage Rate to, but not
      including, the first day of the month of such purchase, (iii) the appraised
      value of any REO Property in the Trust Fund (up to the Stated Principal Balance
      of the related Mortgage Loan), such appraisal to be conducted by an appraiser
      mutually agreed upon by the Master Servicer and the Trustee and (iv)
      unreimbursed out-of pocket costs of the Company, the Servicers or the Master
      Servicer, including unreimbursed servicing advances and the principal portion
      of
      any unreimbursed Advances, made on the Mortgage Loans prior to the exercise
      of
      such repurchase right and (v) any unreimbursed costs and expenses of the Trustee
      and the Securities Administrator payable pursuant to Section 10.05 and (b)
      the
      later of (i) the maturity or other liquidation (or any Advance with respect
      thereto) of the last Mortgage Loan remaining in the Trust Fund and the
      disposition of all REO Property and (ii) the distribution to Certificateholders
      of all amounts required to be distributed to them pursuant to this Agreement,
      as
      applicable. In no event shall the trusts created hereby continue beyond the
      earlier of (i) the expiration of 21 years from the death of the last survivor
      of
      the descendants of Joseph P. Kennedy, the late Ambassador of the United States
      to the Court of St. James, living on the date hereof and (ii) the Latest
      Possible Maturity Date.

     

    The
      right
      to repurchase all Mortgage Loans and REO Properties pursuant to clause (a)
      in
      the preceding paragraph shall be exercisable on or after the earlier of (i)
      the
      20% Clean-Up Call Date and (ii) the Distribution Date in April
      2016.

     

    Section
      11.02  Final
      Distribution on the Certificates. 

     

    If
      on any
      Determination Date, (i) the Master Servicer determines that there are no
      Outstanding Mortgage Loans and no other funds or assets in the Trust Fund other
      than the funds in the Distribution
      Account,
      the Master Servicer shall direct the Securities Administrator to send a final
      distribution notice promptly to each Certificateholder or (ii) the Securities
      Administrator determines that a Class of Certificates shall be retired after
      a
      final distribution on such Class, the Securities Administrator shall notify
      the
      Certificateholders within five (5) Business Days after such Determination Date
      that the final distribution in retirement of such Class of Certificates is
      scheduled to be made on the immediately following Distribution Date. Any final
      distribution made pursuant to the immediately preceding sentence will be made
      only upon presentation and surrender of the related Certificates at the office
      of the Securities
      Administrator
      specified in the final distribution notice to Certificateholders. If the Class
      C
      Certificateholder elects to terminate the Trust Fund pursuant to Section 11.01,
      at least 20 days prior to the date notice is to be mailed to the
      Certificateholders, the Majority Class C Certificateholder shall notify the
      Depositor, the Securities Administrator, the Trustee of the date the Majority
      Class C Certificateholder intends to terminate the Trust Fund. The Majority
      Class C Certificateholder or EMC or its designee, as applicable, shall remit
      the
      Mortgage Loan Purchase Price to the Securities
      Administrator
      on the
      Business Day prior to the Distribution Date for such Optional Termination by
      the
      Majority Class C Certificateholder.

     

    Notice
      of
      any termination of the Trust Fund, specifying the Distribution Date on which
      Certificateholders may surrender their Certificates for payment of the final
      distribution and cancellation, shall be given promptly by the Securities
      Administrator by letter to Certificateholders mailed not earlier than the 10th
      day and no later than the 15th day of the month immediately preceding the month
      of such final distribution. Any such notice shall specify (a) the Distribution
      Date upon which final distribution on the Certificates will be made upon
      presentation and surrender of Certificates at the office therein designated,
      (b)
      the amount of such final distribution, (c) the location of the office or agency
      at which such presentation and surrender must be made and (d) that the Record
      Date otherwise applicable to such Distribution Date is not applicable,
      distributions being made only upon presentation and surrender of the
      Certificates at the office therein specified. The Securities Administrator
      will
      give such notice to each Rating Agency at the time such notice is given to
      Certificateholders.

     

    In
      the
      event such notice is given, the Master Servicer shall cause all related funds
      to
      be remitted to the Securities Administrator for deposit in the Distribution
      Account on the Business Day prior to the applicable Distribution Date in an
      amount equal to the final distribution in respect of the Certificates. Upon
      such
      final deposit with respect to the Trust Fund and the receipt by the Trustee
      of a
      Request for Release therefor, the Trustee or the Custodian shall promptly
      release to the Master Servicer, as applicable the Mortgage Files for the
      Mortgage Loans and the Trustee shall execute and deliver any documents prepared
      and delivered to it which are necessary to transfer any REO
      Property.

     

    Upon
      presentation and surrender of the Certificates, the Securities
      Administrator
      shall
      cause to be distributed to Certificateholders of each Class in accordance with
      the Remittance Report the amounts allocable to such Certificates held in the
      Distribution Account in the order and priority set forth in Section 6.04 hereof
      on the final Distribution Date and in proportion to their respective Percentage
      Interests.

     

    In
      the
      event that any affected Certificateholders shall not surrender Certificates
      for
      cancellation within six months after the date specified in the above mentioned
      written notice, the Securities Administrator shall give a second written notice
      to the remaining Certificateholders to surrender their Certificates for
      cancellation and receive the final distribution with respect thereto. If within
      six months after the second notice all the applicable Certificates shall not
      have been surrendered for cancellation, the Securities Administrator may take
      appropriate steps, or may appoint an agent to take appropriate steps, to contact
      the remaining Certificateholders concerning surrender of their Certificates,
      and
      the cost thereof shall be paid out of the funds and other assets that remain
      a
      part of the Trust Fund. If within one year after the second notice all
      Certificates shall not have been surrendered for cancellation, the Class R
      Certificateholders shall be entitled to all unclaimed funds and other assets
      of
      the Trust Fund that remain subject hereto.

     

    Section
      11.03  Additional
      Termination Requirements. 

     

    Upon
      exercise by the Majority Class C Certificateholder of its purchase option as
      provided in Section 11.01, the Trust Fund shall be terminated in accordance
      with
      the following additional requirements, unless each of the Trustee and the
      Securities Administrator have been supplied with an Opinion of Counsel addressed
      to the Trustee, at the expense of the Majority Class C Certificateholder, to
      the
      effect that the failure of the Trust Fund to comply with the requirements of
      this Section 11.03 will not (i) result in the imposition of taxes on “prohibited
      transactions” of a REMIC, or (ii) cause a REMIC to fail to qualify as a REMIC at
      any time that any Certificates are outstanding:

     

    (1) The
      Majority Class C Certificateholder shall establish a 90-day liquidation period
      and notify the Trustee and Securities Administrator thereof, and the Securities
      Administrator shall in turn specify the first day of such period in a statement
      attached to the tax return for each of REMIC I, REMIC II and REMIC III as
      pursuant to Treasury Regulation Section 1.860F-1. The Majority Class C
      Certificateholder shall satisfy all the requirements of a qualified liquidation
      under Section 860F of the Code and any regulations thereunder, as evidenced
      by
      an Opinion of Counsel addressed to the Trustee obtained at the expense of the
      Majority Class C Certificateholder;

     

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

     

    (3) At
      the
      time of the making of the final payment on the Certificates, the Securities
      Administrator, as agent for the Trustee, shall distribute or credit, or cause
      to
      be distributed or credited, to the Holders of the Residual Certificates all
      cash
      on hand (other than cash retained to meet claims), and REMIC I shall terminate
      at that time;

     

    (4) By
      their
      acceptance of the Certificates, the Holders thereof hereby authorize the
      adoption of a
      90-day
      liquidation period for REMIC
      I,
      REMIC II and REMIC III,
      which
      authorization shall be binding upon all successor Certificateholders;
      and

     

    (5) The
      Securities Administrator, as agent for each REMIC, hereby agrees to adopt and
      sign such a plan of complete liquidation upon the written request of the
      Majority Class C Certificateholder and the receipt of the Opinion of Counsel
      referred to in Section 11.03(a)(1), and to take such other action in connection
      therewith as may be reasonably requested by the Majority Class C
      Certificateholder.

     

     

     

    ARTICLE
      XII

     

    MISCELLANEOUS
      PROVISIONS

     

    Section
      12.01  Amendment. 

     

    This
      Agreement may be amended from time to time by parties hereto, without the
      consent of any of the Certificateholders to cure any ambiguity, to correct
      or
      supplement any provisions herein (including to give effect to the expectations
      of investors), to comply with any changes in the Code, to revise any provisions
      to reflect the obligations of the parties to this Agreement as they relate
      to
      Regulation AB, to change the manner in which the Distribution
      Account
      maintained by the Securities Administrator or the Protected Account maintained
      by the Company is maintained or to make such other provisions with respect
      to
      matters or questions arising under this Agreement as shall not be inconsistent
      with any other provisions herein if such action shall not, as evidenced by
      an
      Opinion of Counsel addressed to the Trustee, adversely affect in any material
      respect the interests of any Certificateholder; provided that any such amendment
      shall be deemed not to adversely affect in any material respect the interests
      of
      the Certificateholders and no such Opinion of Counsel shall be required if
      the
      Person requesting such amendment obtains a letter from each Rating Agency
      stating that such amendment would not result in the downgrading or withdrawal
      of
      the respective ratings then assigned to the Certificates.

     

    Notwithstanding
      the foregoing, without the consent of the Certificateholders, the parties hereto
      may at any time and from time to time amend this Agreement to modify, eliminate
      or add to any of its provisions to such extent as shall be necessary or
      appropriate to maintain the qualification of each of REMIC I, REMIC II and
      REMIC
      III as a REMIC under the Code or to avoid or minimize the risk of the imposition
      of any tax on any of REMIC I, REMIC II or REMIC III pursuant to the Code that
      would be a claim against any of REMIC
      I,
      REMIC II or REMIC III at
      any
      time prior to the final redemption of the Certificates, provided that the
      Trustee and Securities Administrator has been provided an Opinion of Counsel
      addressed to the Trustee and the Securities Administrator, which opinion shall
      be an expense of the party requesting such opinion but in any case shall not
      be
      an expense of the Trustee, the Securities Administrator or the Trust Fund,
      to
      the effect that such action is necessary or appropriate to maintain such
      qualification or to avoid or minimize the risk of the imposition of such a
      tax.

     

    This
      Agreement may also be amended from time to time by the parties hereto and the
      Holders of each Class of Certificates affected thereby evidencing over 50%
      of
      the Voting Rights of such Class or Classes for the purpose of adding any
      provisions to or changing in any manner or eliminating any of the provisions
      of
      this Agreement or of modifying in any manner the rights of the Holders of
      Certificates; provided that no such amendment shall (i) reduce in any manner
      the
      amount of, or delay the timing of, payments required to be distributed on any
      Certificate without the consent of the Holder of such Certificate, (ii) cause
      any of REMIC I, REMIC II or REMIC III to cease to qualify as a REMIC or (iii)
      reduce the aforesaid percentages of Certificates of each Class the Holders
      of
      which are required to consent to any such amendment without the consent of
      the
      Holders of all Certificates of such Class then outstanding.

     

    Notwithstanding
      any contrary provision of this Agreement, the Trustee shall not consent to
      any
      amendment to this Agreement unless it shall have first received an Opinion
      of
      Counsel addressed to the Trustee , which opinion shall be an expense of the
      party requesting such amendment but in any case shall not be an expense of
      the
      Trustee or the Securities Administrator, to the effect that such amendment
      will
      not (other than an amendment pursuant to clause (ii) of, and in accordance
      with,
      the preceding paragraph) cause the imposition of any tax on REMIC I, REMIC
      II,
      REMIC III or the Certificateholders or cause REMIC I, REMIC II or REMIC III
      to
      cease to qualify as a REMIC at any time that any Certificates are outstanding.
      Further, nothing in this Agreement shall require the Trustee to enter into
      an
      amendment without receiving an Opinion of Counsel, satisfactory to the Trustee
      (i) that such amendment is permitted and is not prohibited by this Agreement
      and
      (ii) that all requirements for amending this Agreement (including any consent
      of
      the applicable Certificateholders) have been complied with.

     

    Promptly
      after the execution of any amendment to this Agreement requiring the consent
      of
      Certificateholders, the Trustee shall furnish written notification of the
      substance of such amendment to each Certificateholder and each Rating
      Agency.

     

    It
      shall
      not be necessary for the consent of Certificateholders under this Section 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.

     

    Section
      12.02  Recordation
      of Agreement; Counterparts. 

     

    To
      the
      extent permitted by applicable law, this Agreement is subject to recordation
      in
      all appropriate public offices for real property records in all of the counties
      or other comparable jurisdictions in which any or all of the Mortgaged
      Properties are situated, and in any other appropriate public recording office
      or
      elsewhere. The Master Servicer shall effect such recordation at the Trust’s
      expense upon the request in writing of a Certificateholder, but only if such
      direction is accompanied by an Opinion of Counsel (provided at the expense
      of
      the Certificateholder requesting recordation) to the effect that such
      recordation would materially and beneficially affect the interests of the
      Certificateholders or is required by law.

     

    For
      the
      purpose of facilitating the recordation of this Agreement as herein provided
      and
      for other purposes, this Agreement may be executed simultaneously in any number
      of counterparts, each of which counterparts shall be deemed to be an original,
      and such counterparts shall constitute but one and the same
      instrument.

     

    Section
      12.03  Governing
      Law. 

     

    THIS
      AGREEMENT SHALL BE CONSTRUED IN ACCORDANCE WITH AND GOVERNED BY THE SUBSTANTIVE
      LAWS OF THE STATE OF NEW YORK APPLICABLE TO AGREEMENTS MADE AND TO BE PERFORMED
      IN THE STATE OF NEW YORK AND THE OBLIGATIONS, RIGHTS AND REMEDIES OF THE PARTIES
      HERETO AND THE CERTIFICATEHOLDERS SHALL BE DETERMINED IN ACCORDANCE WITH SUCH
      LAWS WITHOUT REGARD TO THE CONFLICTS OF LAWS PRINCIPLES THEREOF (OTHER THAN
      SECTION 5-1401 OF THE GENERAL OBLIGATIONS LAWS).

     

    Section
      12.04  Intention
      of Parties. 

     

    It
      is the
      express intent of the parties hereto that the conveyance of the Mortgage Notes,
      Mortgages, assignments of Mortgages, title insurance policies and any
      modifications, extensions and/or assumption agreements and private mortgage
      insurance policies relating to the Mortgage Loans by the Sponsor to the
      Depositor, and by the Depositor to the Trustee be, and be construed as, an
      absolute sale thereof to the Depositor or the Trustee, as applicable. It is,
      further, not the intention of the parties that such conveyance be deemed a
      pledge thereof by the Sponsor to the Depositor, or by the Depositor to the
      Trustee. However, in the event that, notwithstanding the intent of the parties,
      such assets are held to be the property of the Sponsor or the Depositor, as
      applicable, or if for any other reason the Mortgage Loan Purchase Agreement
      or
      this Agreement is held or deemed to create a security interest in such assets,
      then (i) the Mortgage Loan Purchase Agreement and this Agreement shall each
      be
      deemed to be a security agreement within the meaning of the Uniform Commercial
      Code of the State of New York and (ii) the conveyance provided for in the
      Mortgage Loan Purchase Agreement from the Sponsor to the Depositor, and the
      conveyance provided for in this Agreement from the Depositor to the Trustee,
      shall be deemed to be an assignment and a grant by the Sponsor or the Depositor,
      as applicable, for the benefit of the Certificateholders, of a security interest
      in all of the assets that constitute the Trust Fund, whether now owned or
      hereafter acquired.

     

    The
      Depositor for the benefit of the Certificateholders 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 assets
      of the Trust Fund, such security interest would be deemed to be a perfected
      security interest of first priority under applicable law and will be maintained
      as such throughout the term of the Agreement.

     

    Section
      12.05  Notices. 

     

    (a)  The
      Trustee shall use its best efforts to promptly provide notice to each Rating
      Agency with respect to each of the following of which a Responsible Officer
      of
      the Trustee has actual knowledge:

     

    (i)  Any
      material change or amendment to this Agreement;

     

    (ii)  The
      occurrence of any Event of Default that has not been cured;

     

    (iii)  The
      resignation or termination of the Master Servicer, the Securities Administrator
      or the Trustee and the appointment of any successor;

     

    (iv)  The
      repurchase or substitution of Mortgage Loans pursuant to Sections 2.02, 2.03,
      4.20 and 11.01; and

     

    (v)  The
      final
      payment to Certificateholders.

     

    (b)  All
      directions, demands and notices hereunder shall be in writing and shall be
      deemed to have been duly given when delivered at or mailed by registered mail,
      return receipt requested, postage prepaid, or by recognized overnight courier,
      or by facsimile transmission to a number provided by the appropriate party
      if
      receipt of such transmission is confirmed to (i) in the case of the Depositor,
      Bear Stearns Asset Backed Securities I LLC, 383 Madison Avenue, New York, New
      York 10179, Attention: Chief Counsel; (ii) in the case of the Sponsor or the
      Company, EMC Mortgage Corporation, 909 Hidden Ridge Drive, Irving, Texas 75038,
      Attention: Ralene Ruyle or such other address as may be hereafter furnished
      to
      the other parties hereto by the Master Servicer in writing; (iv) in the case
      of
      the Trustee, at each Corporate Trust Office or such other address as the Trustee
      may hereafter furnish to the other parties hereto; (v) in the case of the Master
      Servicer or the Securities Administrator, P. O. Box 98, Columbia, Maryland
      21046
      (or, for overnight deliveries, 9062 Old Annapolis Road, Columbia, Maryland
      21045), Attention: BSABS I 2006-AC3 or such other address as may be hereafter
      furnished to the other parties hereto by the Securities Administrator in writing
      and (vi) in the case of the Rating Agencies, (x) Moody’s Investors Service,
      Inc., 99 Church Street, New York, New York 10007, Attention: Home Equity
      Monitoring and (y) Standard & Poor’s, 55 Water Street, 41st Floor, New York,
      New York 10041, Attention: Mortgage Surveillance Group. Any notice delivered
      to
      the Sponsor, the Master Servicer, the Securities Administrator or the Trustee
      under this Agreement shall be effective only upon receipt. Any notice required
      or permitted to be mailed to a Certificateholder, unless otherwise provided
      herein, shall be given by first-class mail, postage prepaid, at the address
      of
      such Certificateholder as shown in the Certificate Register; any notice so
      mailed within the time prescribed in this Agreement shall be conclusively
      presumed to have been duly given, whether or not the Certificateholder receives
      such notice.

     

    Section
      12.06  Severability
      of Provisions. 

     

    If
      any
      one or more of the covenants, agreements, provisions or terms of this Agreement
      shall be for any reason whatsoever held invalid, then such covenants,
      agreements, provisions or terms shall be deemed severable from the remaining
      covenants, agreements, provisions or terms of this Agreement and shall in no
      way
      affect the validity or enforceability of the other provisions of this Agreement
      or of the Certificates or the rights of the Holders thereof.

     

    Section
      12.07  Assignment. 

     

    Notwithstanding
      anything to the contrary contained herein, except as provided pursuant to
      Section 8.07, this Agreement may not be assigned by the Master Servicer, the
      Sponsor or the Depositor.

     

    Section
      12.08  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
      representative or heirs to claim an accounting or to take any action or commence
      any proceeding in any court for a petition or winding up of the Trust Fund,
      or
      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 provided 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 the Certificates be construed so as to constitute
      the
      Certificateholders from time to time as partners or members of an association;
      nor shall any Certificateholder be under any liability to any third party by
      reason of any action taken by the parties to this Agreement pursuant to any
      provision hereof.

     

    No
      Certificateholder shall have any right by virtue or by availing itself of any
      provisions of this Agreement to institute any suit, action or proceeding in
      equity or at law upon or under or with respect to this Agreement, unless such
      Holder previously shall have given to the Trustee or the Securities
      Administrator, as appropriate, a written notice of an Event of Default and
      of
      the continuance thereof, as hereinbefore provided, the Holders of Certificates
      evidencing not less than 25% of the Voting Rights evidenced by the Certificates
      shall also have made written request to the Trustee or the Securities
      Administrator, as appropriate to institute such action, suit or proceeding
      in
      its own name as Trustee or the Securities Administrator, as appropriate,
      hereunder and shall have offered to the Trustee or the Securities Administrator,
      as appropriate, such reasonable indemnity as it may require against the costs,
      expenses, and liabilities to be incurred therein or thereby, and the Trustee
      or
      the Securities Administrator, as appropriate, for 60 days after its receipt
      of
      such notice, request and offer of indemnity shall have neglected or refused
      to
      institute any such action, suit or proceeding; it being understood and intended,
      and being expressly covenanted by each Certificateholder with every other
      Certificateholder and the Trustee, that no one or more Holders of Certificates
      shall have any right in any manner whatever by virtue or by availing itself
      or
      themselves of any provisions of this Agreement to affect, disturb or prejudice
      the rights of the Holders of any other of the 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
      common benefit of all Certificateholders. For the protection and enforcement
      of
      the provisions of this Section 12.08, each and every Certificateholder, the
      Trustee or the Securities Administrator shall be entitled to such relief as
      can
      be given either at law or in equity.

     

    Section
      12.09  Inspection
      and Audit Rights.
      The
      Master Servicer agrees that, on reasonable prior notice, it will permit any
      representative of the Depositor or the Trustee during the Master Servicer’s
      normal business hours, to examine all the books of account, records, reports
      and
      other papers of the Master Servicer relating to the Mortgage Loans, to make
      copies and extracts therefrom, to cause such books to be audited by independent
      certified public accountants selected by the Depositor or the Trustee and to
      discuss its affairs, finances and accounts relating to such Mortgage Loans
      with
      its officers, employees and independent public accountants (and by this
      provision the Master Servicer hereby authorizes such accountants to discuss
      with
      such representative such affairs, finances and accounts), all at such reasonable
      times and as often as may be reasonably requested. Any out-of-pocket expense
      incident to the exercise by the Depositor or the Trustee of any right under
      this
      Section 12.09 shall be borne by the party requesting such inspection, subject
      to
      such party’s right to reimbursement hereunder (in the case of the Trustee,
      pursuant to Section 10.05 hereof).

     

    Section
      12.10  Certificates
      Nonassessable and Fully Paid. 

     

    It
      is the
      intention of the Depositor that Certificateholders shall not be personally
      liable for obligations of the Trust Fund, that the interests in the Trust Fund
      represented by the Certificates shall be nonassessable for any reason
      whatsoever, and that the Certificates, upon due authentication thereof by the
      Securities Administrator pursuant to this Agreement, are and shall be deemed
      fully paid.

     

    *
      *
      *

    

     

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

     

    
      	 	 	 	 	 	 	 	
              BEAR
                STEARNS ASSET BACKED SECURITIES I LLC,

              as
                Depositor

            
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	
              By:

            	 
	 	 	 	 	 	 	 	
              Name:

            	 
	 	 	 	 	 	 	 	
              Title:

            	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	
              EMC
                MORTGAGE CORPORATION,

              as
                Sponsor and Company

            
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	
              By:

            	 
	 	 	 	 	 	 	 	
              Name:

            	 
	 	 	 	 	 	 	 	
              Title:

            	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	
              WELLS
                FARGO BANK, NATIONAL ASSOCIATION,

              as
                Securities Administrator and Master Servicer

            
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	
              By:

            	 
	 	 	 	 	 	 	 	
              Name:

            	 
	 	 	 	 	 	 	 	
              Title:

            	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	
              U.S.
                BANK NATIONAL ASSOCIATION,

              as
                Trustee

            
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	
              By:

            	 
	 	 	 	 	 	 	 	
              Name:

            	 
	 	 	 	 	 	 	 	
              Title:

            	 

    

    

     

    

    

    
      	
              STATE
                OF
                NEW YORK

            	
              )

            	 
	 	
              )

            	
              ss.:

            
	
              COUNTY
                OF
                NEW YORK

            	
              )

            	 

    

    

    On
      this
      24th
      day of
      August, 2006,
      before
      me, a notary public in and for said State, appeared ____________________,
      personally known to me on the basis of satisfactory evidence to be an authorized
      representative of Bear Stearns Asset Backed Securities I LLC, one of the
      companies that executed the within instrument, and also known to me to be the
      person who executed it on behalf of such limited liability company and
      acknowledged to me that such limited liability company executed the within
      instrument.

     

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

     

    
      	 	 
	 	
              Notary
                Public

            

    

    

     

    [Notarial
      Seal]

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

    
      	
              STATE
                OF
                MARYLAND

            	
              )

            	 
	 	
              )

            	
              ss.:

            
	
              COUNTY
                OF
                BALTIMORE

            	
              )

            	 

    

    

     

    On
      this
      24th
      day of
      August, 2006, before me, a notary public in and for said State, appeared
      ____________________, personally known to me on the basis of satisfactory
      evidence to be an authorized representative of Wells Fargo Bank, National
      Association, one of the national banking associations that executed the within
      instrument, and also known to me to be the person who executed it on behalf
      of
      such national banking association, and acknowledged to me that such national
      banking association executed the within instrument.

     

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

     

    
      	 	 
	 	
              Notary
                Public

            

    

    

     

    [Notarial
      Seal]

    

    
      	
              STATE
                OF
                TEXAS

            	
              )

            	 
	 	
              )

            	
              ss.:

            
	
              COUNTY
                OF
                DALLAS

            	
              )

            	 

    

    

     

    On
      this
      24th
      day of
      August, 2006, before me, a notary public in and for said State, appeared
      ________________________, personally known to me on the basis of satisfactory
      evidence to be an authorized representative of EMC Mortgage Corporation, one
      of
      the corporations that executed the within instrument, and also known to me
      to be
      the person who executed it on behalf of such corporation and acknowledged to
      me
      that such corporation executed the within instrument.

     

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

     

    
      	 	 
	 	
              Notary
                Public

            

    

    

     

    ____________________________

    Notary
      Public

     

    [Notarial
      Seal]

    

    

    
      	
              STATE
                OF
                MASSACHUSETTS

            	
              )

            	 
	 	
              )

            	
              ss.:

            
	
              COUNTY
                OF
                SUFFOLK

            	
              )

            	 

    

    

     

    On
      this
      24th
      day of
      August, 2006, before me, a notary public in and for said State, appeared
      _______________________, personally known to me on the basis of satisfactory
      evidence to be an authorized representative of U.S. Bank National Association,
      one of the national banking associations that executed the within instrument,
      and also known to me to be the person who executed it on behalf of such national
      banking association, and acknowledged to me that such national banking
      association executed the within instrument.

     

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

     

    
      	 	 
	 	
              Notary
                Public

            

    

    

     

    ____________________________

    Notary
      Public

     

    [Notarial
      Seal]

     

    

    
      
         

      

      
         

        
          

        

      

      
         

      

    

     

    
       

       

       

      EXHIBIT
        A-1

      

      FORM
        OF CLASS [_]-A-[1][2] CERTIFICATES

       

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

       

      THE
        CERTIFICATE PRINCIPAL BALANCE OF THIS CERTIFICATE WILL BE DECREASED BY THE
        PRINCIPAL PAYMENTS HEREON. ACCORDINGLY, FOLLOWING THE INITIAL ISSUANCE OF
        THE
        CERTIFICATES, THE CERTIFICATE PRINCIPAL BALANCE OF THIS CERTIFICATE WILL
        BE
        DIFFERENT FROM THE DENOMINATION SHOWN BELOW. ANYONE ACQUIRING THIS CERTIFICATE
        MAY ASCERTAIN ITS CERTIFICATE PRINCIPAL BALANCE BY INQUIRY OF THE SECURITIES
        ADMINISTRATOR NAMED HEREIN.

       

      UNLESS
        THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY
        TRUST COMPANY TO THE DEPOSITOR OR ITS AGENT FOR REGISTRATION OF TRANSFER,
        EXCHANGE OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME
        OF
        CEDE & CO. OR SUCH OTHER NAME AS REQUESTED BY AN AUTHORIZED REPRESENTATIVE
        OF THE DEPOSITORY TRUST COMPANY AND ANY PAYMENT IS MADE TO CEDE & CO., ANY
        TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY
        PERSON
        IS WRONGFUL SINCE THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST
        HEREIN.

       

       

      
        	
                Certificate
                  No.1

                 

              	
                Variable
                  Pass-Through Rate

                 

              
	
                 

                Class
                  [_]-A-[1][2] Senior

                 

              	 
	
                 

                Date
                  of Pooling and Servicing Agreement and 

                Cut-off
                  Date:

                April
                  1, 2006

                 

              	
                 

                Aggregate
                  Initial Certificate [Principal 

                Balance]
                  [Notional Amount] of this Certificate 

                as
                  of the Cut-off Date:

                $[_____________]

                 

              
	
                 

                First
                  Distribution Date:

                May
                  25, 2006

                 

              	
                 

                Initial
                  Certificate [Principal Balance] [Notional 

                Amount]
                  of this Certificate as of the Cut-off 

                Date:
                  $[_____________]

                 

              
	
                 

                Master
                  Servicer:

                Wells
                  Fargo Bank, National Association

                 

              	
                 

                CUSIP:
                  [___________]

                 

              
	
                 

                Assumed
                  Final Distribution Date:

                May
                  25, 2036

                 

              	 

      

      

      ASSET-BACKED
        CERTIFICATE

       

      SERIES
        2006-AC3

       

      evidencing
        a percentage interest in the distributions allocable to the Class [_]-A-[1][2]
        Certificates with respect to a Trust Fund consisting primarily of a pool
        of
        conventional, one- to four-family, fixed interest rate mortgage loans sold
        by
        BEAR STEARNS ASSET BACKED SECURITIES I LLC.

       

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

       

      This
        certifies that Cede & Co. is the registered owner of the Percentage Interest
        evidenced hereby in the beneficial ownership interest of Certificates of
        the
        same Class as this Certificate in a trust (the “Trust Fund”) generally
        consisting of conventional, first lien, fixed rate mortgage loans secured
        by
        one- to four- family residences (collectively, the “Mortgage Loans”) sold by
        Bear Stearns Asset Backed Securities I LLC (“BSABS I”). The Mortgage Loans were
        sold by EMC Mortgage Corporation (“EMC”) to BSABS I. Wells Fargo Bank, National
        Association will act as master servicer of the Mortgage Loans (the “Master
        Servicer,” which term includes any successors thereto under the Agreement
        referred to below). The Trust Fund was created pursuant to the Pooling and
        Servicing Agreement, dated as of the Cut-off Date specified above (the
“Agreement”), among BSABS I, as depositor (the “Depositor”), EMC Mortgage
        Corporation, as sponsor and company, Wells Fargo Bank, National Association,
        as
        Master Servicer and securities administrator (the “Securities Administrator”)
        and U.S. Bank National Association, as trustee (the “Trustee”), a summary of
        certain of the pertinent provisions of which is set forth hereafter. To the
        extent not defined herein, capitalized terms used herein shall have the meaning
        ascribed to them 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 its acceptance hereof
        assents and by which such Holder is bound.

       

      Interest
        on this Certificate will accrue from and including the 25th day of the calendar
        month preceding the month in which a Distribution Date (as hereinafter defined)
        occurs to and including the 24th day of the calendar month in which that
        Distribution Date occurs on the [For Class I-A-1 and Class II-A-1] [Certificate
        Principal Balance] [For Class I-A-2 and Class II-A-2] [Notional Amount] hereof
        at a per annum rate equal to the Pass-Through Rate set forth above. The
        Securities Administrator will distribute on the 25th day of each month, or,
        if
        such 25th day is not a Business Day, the immediately following Business Day
        (each, a “Distribution Date”), commencing on the First Distribution Date
        specified above, to the Person in whose name this Certificate is registered
        at
        the close of business on the Business Day immediately preceding such
        Distribution Date, an amount equal to the product of the Percentage Interest
        evidenced by this Certificate and the amount (of interest and principal,
        if any)
        required to be distributed to the Holders of Certificates of the same Class
        as
        this Certificate. The Assumed Final Distribution Date is the Distribution
        Date
        in the month following the latest scheduled maturity date of any Mortgage
        Loan
        [For Class I-A-1 and Class II-A-1] [and is not likely to be the date on which
        the Certificate Principal Balance of this Class of Certificates will be reduced
        to zero.]

       

      Distributions
        on this Certificate will be made by the Securities Administrator by check
        mailed
        to the address of the Person entitled thereto as such name and address shall
        appear on the Certificate Register or, if such Person so requests by notifying
        the Securities Administrator in writing as specified in the Agreement.
        Notwithstanding the above, the final distribution on this Certificate will
        be
        made after due notice by the Securities Administrator of the pendency of
        such
        distribution and only upon presentation and surrender of this Certificate
        at the
        office or agency appointed by the Securities Administrator for that purpose
        and
        designated in such notice. [For Class I-A-1 and Class II-A-1] [The Initial
        Certificate Principal Balance of this Certificate is set forth above. The
        Certificate Principal Balance hereof will be reduced to the extent of
        distributions allocable to principal hereon and any Realized Losses allocable
        thereto.] [For
        Class I-A-2 and Class II-A-2]
        [The
        Initial Notional Amount of this Certificate is set forth above.]

       

      This
        Certificate is one of a duly authorized issue of Certificates designated
        as set
        forth on the face hereof (the “Certificates”). The Certificates, in the
        aggregate, evidence the entire beneficial ownership interest in the Trust
        Fund
        formed pursuant to the Agreement.

       

      The
        Certificateholder, by its acceptance of this Certificate, agrees that it
        will
        look solely to the Trust Fund for payment hereunder and that the Trustee
        or the
        Securities Administrator is not liable to the Certificateholders for any
        amount
        payable under this Certificate or the Agreement or, except as expressly provided
        in the Agreement, subject to any liability under the Agreement.

       

      This
        Certificate does not purport to summarize the Agreement and reference is
        made to
        the Agreement for the interests, rights and limitations of rights, benefits,
        obligations and duties evidenced hereby, and the rights, duties and immunities
        of the Trustee and the Securities Administrator.

       

      The
        Agreement permits, with certain exceptions therein provided, the amendment
        thereof and the modification of the rights and obligations of the Depositor
        and
        the rights of the Certificateholders under the Agreement from time to time
        by
        the parties thereto with the consent of the Holders of the Class or Classes
        of
        Certificates affected thereby evidencing over 50% of the Voting Rights of
        such
        Class or Classes. 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
        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 with the Securities
        Administrator upon surrender of this Certificate for registration of transfer
        at
        the offices or agencies maintained by the Securities Administrator for such
        purposes, duly endorsed by, or accompanied by a written instrument of transfer
        in form satisfactory to the Securities Administrator duly executed by the
        Holder
        hereof or such Holder’s attorney duly authorized in writing, and thereupon one
        or more new Certificates in authorized denominations representing a like
        aggregate Percentage Interest will be issued to the designated
        transferee.

       

      The
        Certificates are issuable only as registered Certificates without coupons
        in the
        Classes and denominations specified in the Agreement. As provided in the
        Agreement and subject to certain limitations therein set forth, this Certificate
        is exchangeable for one or more new Certificates evidencing the same Class
        and
        in the same aggregate Percentage Interest, as requested by the Holder
        surrendering the same.

       

      No
        service charge will be made to the Certificateholders for any such registration
        of transfer, but the Securities Administrator may require payment of a sum
        sufficient to cover any tax or other governmental charge payable in connection
        therewith. The Depositor, the Master Servicer, the Securities Administrator,
        the
        Trustee and any agent of any of them may treat the Person in whose name this
        Certificate is registered as the owner hereof for all purposes, and none
        of
        Depositor, the Master Servicer, the Securities Administrator, the Trustee
        or any
        such agent shall be affected by notice to the contrary.

       

      The
        obligations created by the Agreement and the Trust Fund created thereby (other
        than the obligations to make payments to Certificateholders with respect
        to the
        termination of the Agreement) shall terminate upon the earlier of (i) the
        later
        of (A) the maturity or other liquidation (or Advance with respect thereto)
        of
        the last Mortgage Loan remaining in the Trust Fund and disposition of all
        property acquired upon foreclosure or deed in lieu of foreclosure of any
        Mortgage Loan and (B) the remittance of all funds due under the Agreement,
        or
        (ii) the optional repurchase by the party named in the Agreement of all the
        Mortgage Loans and other related assets of the Trust Fund in accordance with
        the
        terms of the Agreement. Such optional repurchase may be made only on or after
        the earlier of (i) the first Distribution Date on which the aggregate Stated
        Principal Balance of the Mortgage Loans is less than or equal to 20% of the
        aggregate Stated Principal Balance of the Mortgage Loans as of the Cut-off
        Date
        and (ii) the Distribution Date in April 2016. The exercise of such right
        will
        effect the early retirement of the Certificates. In no event, however, will
        the
        Trust Fund created by the Agreement continue beyond the earlier of (i) the
        expiration of 21 years after the death of certain persons identified in the
        Agreement and (ii) the Latest Possible Maturity Date specified in the
        Agreement.

       

      Unless
        this Certificate has been countersigned by an authorized signatory of the
        Securities Administrator by manual signature, this Certificate shall not
        be
        entitled to any benefit under the Agreement, or be valid for any
        purpose.

      
 

      IN
        WITNESS WHEREOF, the Securities Administrator has caused this

      Certificate
        to be duly executed.

      
        	 	 	 
	Dated:
                April 28, 2006	
                WELLS
                  FARGO BANK,

                NATIONAL
                  ASSOCIATION,

                as
                  Securities Administrator

              
	 
 	 
 	 
 
	 	By:  	 
	 	
                

              
	 	
                Authorized
                  Signatory

              

      

       

      
 

      

      CERTIFICATE
        OF AUTHENTICATION

      

      This
        is
        one of the Class
        [_]-A-[1][2] Certificates referred to in the within-mentioned
        Agreement.

       

      
        	 	 	 
	 	
                WELLS
                  FARGO BANK,

                NATIONAL
                  ASSOCIATION,

                as
                  Securities Administrator

              
	 
 	 
 	 
 
	 	By:  	 
	 	
                

              
	 	
                Authorized
                  Signatory

              

      ASSIGNMENT

      

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

      

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

      
        	 

      

      
        	 	 	 
	 	 
	 
 	 
 	 
 
	Dated: 	  	 
	 	
                

              
	 	
                Signature
                  by or on behalf of assignor

              

      

      
        	 	 	 
	 	 
	 
 	 
 	 
 
	 	 	 
	 	
                

              
	 	
                Signature
                  Guaranteed

              

      

       

       

      DISTRIBUTION
        INSTRUCTIONS

      

      This
        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-2

      

      FORM
        OF CLASS M-[1][2][3] CERTIFICATES

       

      THIS
        CERTIFICATE IS SUBORDINATED IN RIGHT OF PAYMENT TO THE SENIOR CERTIFICATES
        [,]
        [AND] [CLASS M-1 CERTIFICATES] [,] [AND] [CLASS M-2 CERTIFICATES] AS DESCRIBED
        IN THE AGREEMENT (AS DEFINED BELOW).

       

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

       

      THE
        CERTIFICATE PRINCIPAL BALANCE OF THIS CERTIFICATE WILL BE DECREASED BY THE
        PRINCIPAL PAYMENTS HEREON AND REALIZED LOSSES ALLOCABLE HERETO AS DESCRIBED
        IN
        THE AGREEMENT. ACCORDINGLY, FOLLOWING THE INITIAL ISSUANCE OF THE CERTIFICATES,
        THE CERTIFICATE PRINCIPAL BALANCE OF THIS CERTIFICATE WILL BE DIFFERENT FROM
        THE
        DENOMINATION SHOWN BELOW. ANYONE ACQUIRING THIS CERTIFICATE MAY ASCERTAIN
        ITS
        CERTIFICATE PRINCIPAL BALANCE BY INQUIRY OF THE SECURITIES ADMINISTRATOR
        NAMED
        HEREIN.

       

      UNLESS
        THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY
        TRUST COMPANY TO THE DEPOSITOR OR ITS AGENT FOR REGISTRATION OF TRANSFER,
        EXCHANGE OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME
        OF
        CEDE & CO. OR SUCH OTHER NAME AS REQUESTED BY AN AUTHORIZED REPRESENTATIVE
        OF THE DEPOSITORY TRUST COMPANY AND ANY PAYMENT IS MADE TO CEDE & CO., ANY
        TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY
        PERSON
        IS WRONGFUL SINCE THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST
        HEREIN.

       

      EACH
        HOLDER OF A CERTIFICATE OR BENEFICIAL OWNERSHIP SHALL BE DEEMED TO HAVE MADE
        THE
        REPRESENTATIONS SET FORTH IN SECTION 7.02(b) OF THE
        AGREEMENT.

       

      
        	
                 

                Certificate
                  No.1

                 

              	
                 

                Variable
                  Pass-Through Rate

                 

              
	 	 
	
                 

                Class
                  M-[1][2][3] Subordinate

                 

              	 
	 	 
	
                 

                Date
                  of Pooling and Servicing Agreement and 

                Cut-off
                  Date:

                April
                  1, 2006

                 

              	
                 

                Aggregate
                  Initial Certificate Principal Balance 

                of
                  this Certificate as of the Cut-off Date:

                $[________________]

                 

              
	 	 
	
                 

                First
                  Distribution Date:

                May
                  25, 2006

                 

              	
                 

                Initial
                  Certificate Principal Balance of this 

                Certificate
                  as of the Cut-off Date: 

                $[________________]

                 

              
	 	 
	
                 

                Master
                  Servicer:

                Wells
                  Fargo Bank, National Association

                 

              	
                 

                CUSIP:
                  [_______________]

                 

              
	 	 
	
                 

                Assumed
                  Final Distribution Date:

                May
                  25, 2036

                 

              	 

      

       

      ASSET-BACKED
        CERTIFICATE

      SERIES
        2006-AC3

       

      evidencing
        a percentage interest in the distributions allocable to the Class M-[1][2][3]
        Certificates with respect to a Trust Fund consisting primarily of a pool
        of
        conventional, one- to four-family, fixed interest rate mortgage loans sold
        by
        BEAR STEARNS ASSET BACKED SECURITIES I LLC.

       

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

       

      This
        certifies that Cede & Co. is the registered owner of the Percentage Interest
        evidenced hereby in the beneficial ownership interest of Certificates of
        the
        same Class as this Certificate in a trust (the “Trust Fund”) generally
        consisting of conventional, first lien, fixed rate mortgage loans secured
        by
        one- to four- family residences (collectively, the “Mortgage Loans”) sold by
        Bear Stearns Asset Backed Securities I LLC (“BSABS I”). The Mortgage Loans were
        sold by EMC Mortgage Corporation (“EMC”) to BSABS I. Wells Fargo Bank, National
        Association will act as master servicer of the Mortgage Loans (the “Master
        Servicer,” which term includes any successors thereto under the Agreement
        referred to below). The Trust Fund was created pursuant to the Pooling and
        Servicing Agreement dated as of the Cut-off Date specified above (the
“Agreement”), among BSABS I, as depositor (the “Depositor”), EMC Mortgage
        Corporation, as sponsor and company, Wells Fargo Bank, National Association,
        as
        Master Servicer and securities administrator (the “Securities Administrator”)
        and U.S. Bank National Association as trustee (the “Trustee”), a summary of
        certain of the pertinent provisions of which is set forth hereafter. To the
        extent not defined herein, capitalized terms used herein shall have the meaning
        ascribed to them 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 its acceptance hereof
        assents and by which such Holder is bound.

       

      Interest
        on this Certificate will accrue from and including the 25th day of the calendar
        month preceding the month in which a Distribution Date (as hereinafter defined)
        occurs (or, with respect to the first accrual period, the Closing Date) to
        and
        including the 24th day of the calendar month in which that Distribution Date
        occurs on the Certificate Principal Balance hereof at a per annum rate equal
        to
        the Pass-Through Rate set forth above and as further described in the Agreement.
        The Securities Administrator will distribute on the 25th day of each month,
        or,
        if such 25th day is not a Business Day, the immediately following Business
        Day
        (each, a “Distribution Date”), commencing on the First Distribution Date
        specified above, to the Person in whose name this Certificate is registered
        at
        the close of business on the Business Day immediately preceding such
        Distribution Date, an amount equal to the product of the Percentage Interest
        evidenced by this Certificate and the amount (of interest and principal,
        if any)
        required to be distributed to the Holders of Certificates of the same Class
        as
        this Certificate. The Assumed Final Distribution Date is the Distribution
        Date
        in the month immediately following the month of the latest scheduled maturity
        date of any Mortgage Loan and is not likely to be the date on which the
        Certificate Principal Balance of this Class of Certificates will be reduced
        to
        zero.

       

      Distributions
        on this Certificate will be made by the Securities Administrator by check
        mailed
        to the address of the Person entitled thereto as such name and address shall
        appear on the Certificate Register or, if such Person so requests by notifying
        the Securities Administrator in writing as specified in the Agreement.
        Notwithstanding the above, the final distribution on this Certificate will
        be
        made after due notice by the Securities Administrator of the pendency of
        such
        distribution and only upon presentation and surrender of this Certificate
        at the
        office or agency appointed by the Securities Administrator for that purpose
        and
        designated in such notice. The Initial Certificate Principal Balance of this
        Certificate is set forth above. The Certificate Principal Balance hereof
        will be
        reduced to the extent of distributions allocable to principal hereon and
        any
        Realized Losses allocable hereto.

       

      This
        Certificate is one of a duly authorized issue of Certificates designated
        as set
        forth on the face hereof (the “Certificates”). The Certificates, in the
        aggregate, evidence the entire beneficial ownership interest in the Trust
        Fund
        formed pursuant to the Agreement.

       

      Each
        holder of a Certificate or beneficial ownership shall be deemed to have made
        the
        representations set forth in section 7.02(b) of the Agreement.

       

      The
        Certificateholder, by its acceptance of this Certificate, agrees that it
        will
        look solely to the Trust Fund for payment hereunder and that the Trustee
        or the
        Securities Administrator is not liable to the Certificateholders for any
        amount
        payable under this Certificate or the Agreement or, except as expressly provided
        in the Agreement, subject to any liability under the Agreement.

       

      This
        Certificate does not purport to summarize the Agreement and reference is
        made to
        the Agreement for the interests, rights and limitations of rights, benefits,
        obligations and duties evidenced hereby, and the rights, duties and immunities
        of the Trustee and the Securities Administrator.

       

      The
        Agreement permits, with certain exceptions therein provided, the amendment
        thereof and the modification of the rights and obligations of the Depositor
        and
        the rights of the Certificateholders under the Agreement from time to time
        by
        the parties thereto with the consent of the Holders of the Class or Classes
        of
        Certificates affected thereby evidencing over 50% of the Voting Rights of
        such
        Class or Classes. 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
        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 with the Securities
        Administrator upon surrender of this Certificate for registration of transfer
        at
        the offices or agencies maintained by the Securities Administrator for such
        purposes, duly endorsed by, or accompanied by a written instrument of transfer
        in form satisfactory to the Securities Administrator duly executed by the
        Holder
        hereof or such Holder’s attorney duly authorized in writing, and thereupon one
        or more new Certificates in authorized denominations representing a like
        aggregate Percentage Interest will be issued to the designated
        transferee.

       

      The
        Certificates are issuable only as registered Certificates without coupons
        in the
        Classes and denominations specified in the Agreement. As provided in the
        Agreement and subject to certain limitations therein set forth, this Certificate
        is exchangeable for one or more new Certificates evidencing the same Class
        and
        in the same aggregate Percentage Interest, as requested by the Holder
        surrendering the same.

       

      No
        service charge will be made to the Certificateholders for any such registration
        of transfer, but the Securities Administrator may require payment of a sum
        sufficient to cover any tax or other governmental charge payable in connection
        therewith. The Depositor, the Master Servicer, the Securities Administrator,
        the
        Trustee and any agent of any of them 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 Securities Administrator, the Trustee
        or any
        such agent shall be affected by notice to the contrary.

       

      The
        obligations created by the Agreement and the Trust Fund created thereby (other
        than the obligations to make payments to Certificateholders with respect
        to the
        termination of the Agreement) shall terminate upon the earlier of (i) the
        later
        of (A) the maturity or other liquidation (or Advance with respect thereto)
        of
        the last Mortgage Loan remaining in the Trust Fund and disposition of all
        property acquired upon foreclosure or deed in lieu of foreclosure of any
        Mortgage Loan and (B) the remittance of all funds due under the Agreement,
        or
        (ii) the optional repurchase by the party named in the Agreement of all the
        Mortgage Loans and other related assets of the Trust Fund in accordance with
        the
        terms of the Agreement. Such optional repurchase may be made only on or after
        the earlier of (i) the first Distribution Date on which the aggregate Stated
        Principal Balance of the Mortgage Loans is less than or equal to 20% of the
        aggregate Stated Principal Balance of the Mortgage Loans as of the Cut-off
        Date
        and (ii) the Distribution Date in April 2016. The exercise of such right
        will
        effect the early retirement of the Certificates. In no event, however, will
        the
        Trust Fund created by the Agreement continue beyond the earlier of (i) the
        expiration of 21 years after the death of certain persons identified in the
        Agreement and (ii) the Latest Possible Maturity Date specified in the
        Agreement.

       

      Unless
        this Certificate has been countersigned by an authorized signatory of the
        Securities Administrator by manual signature, this Certificate shall not
        be
        entitled to any benefit under the Agreement, or be valid for any
        purpose.

      
 

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

      
        	 	 	 
	Dated:
                April 28, 2006	
                WELLS
                  FARGO BANK, NATIONAL 

                ASSOCIATION,
                  

                as
                  Securities Administrator

              
	 
 	 
 	 
 
	 	By:  	 
	 	
                

              
	 	
                Authorized
                  Signatory

              

      CERTIFICATE
        OF AUTHENTICATION

      

      This
        is
        one of the Class M-[1][2][3] Certificates referred to in the within-mentioned
        Agreement.

      
        	 	 	 
	 	
                WELLS
                  FARGO BANK, NATIONAL 

                ASSOCIATION,
                  as Securities Administrator

              
	 
 	 
 	 
 
	 	By:  	 
	 	
                

              
	 	
                Authorized
                  Signatory

              

      

       

       

      ASSIGNMENT

      

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

      

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

      
        	
              

      

      
        	 	 	 
	 	 
	 
 	 
 	 
 
	
                Dated:

              	 	 
	 	
                

              
	 	
                Signature
                  by or on behalf of assignor

              

      

      
        	 	 	 
	 	 
	 
 	 
 	 
 
	 	 	 
	 	
                

              
	 	
                Signature
                  Guaranteed

              

      

       

      

      DISTRIBUTION
        INSTRUCTIONS

      

      This
        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-3

      

      FORM
        OF CLASS B-[1][2][3][4] CERTIFICATES

       

      THIS
        CERTIFICATE IS SUBORDINATED IN RIGHT OF PAYMENT TO THE SENIOR CERTIFICATES
        [,]
        [AND] [CLASS M-1 CERTIFICATES] [,] [AND] [CLASS M-2 CERTIFICATES] [,] [AND]
        [CLASS M-3 CERTIFICATES] [,] [AND] [CLASS B-1 CERTIFICATES] [,] [AND] [CLASS
        B-2
        CERTIFICATES] [,] [AND] [CLASS B-3 CERTIFICATES] AS DESCRIBED IN THE AGREEMENT
        (AS DEFINED BELOW).

       

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

       

      THE
        CERTIFICATE PRINCIPAL BALANCE OF THIS CERTIFICATE WILL BE DECREASED BY THE
        PRINCIPAL PAYMENTS HEREON AND REALIZED LOSSES ALLOCABLE HERETO AS DESCRIBED
        IN
        THE AGREEMENT. ACCORDINGLY, FOLLOWING THE INITIAL ISSUANCE OF THE CERTIFICATES,
        THE CERTIFICATE PRINCIPAL BALANCE OF THIS CERTIFICATE WILL BE DIFFERENT FROM
        THE
        DENOMINATION SHOWN BELOW. ANYONE ACQUIRING THIS CERTIFICATE MAY ASCERTAIN
        ITS
        CERTIFICATE PRINCIPAL BALANCE BY INQUIRY OF THE SECURITIES ADMINISTRATOR
        NAMED
        HEREIN.

       

      [For
        Class B-1, ClassB-2 and Class B-3] [UNLESS THIS CERTIFICATE IS PRESENTED
        BY AN
        AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY TO THE DEPOSITOR
        OR
        ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY CERTIFICATE
        ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR SUCH OTHER NAME AS
        REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY
        AND
        ANY PAYMENT IS MADE TO CEDE & CO., ANY TRANSFER, PLEDGE OR OTHER USE HEREOF
        FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL SINCE THE REGISTERED
        OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.]

       

      [For
        Class B-1, ClassB-2 and Class B-3] [EACH HOLDER OF A CERTIFICATE OR BENEFICIAL
        OWNERSHIP SHALL BE DEEMED TO HAVE MADE THE REPRESENTATIONS SET FORTH IN SECTION
        7.02(b) OF THE AGREEMENT.]

       

      [For
        Class B-4] [THIS CERTIFICATE HAS NOT BEEN AND WILL NOT BE REGISTERED UNDER
        THE
        SECURITIES ACT OF 1933, AS AMENDED (THE “ACT”), OR UNDER ANY STATE SECURITIES
        LAWS. THE HOLDER HEREOF, BY PURCHASING THIS CERTIFICATE, AGREES THAT THIS
        CERTIFICATE MAY BE REOFFERED, RESOLD, PLEDGED OR OTHERWISE TRANSFERRED ONLY
        IN
        COMPLIANCE WITH THE ACT AND OTHER APPLICABLE LAWS AND ONLY (1) PURSUANT TO
        RULE
        144A UNDER THE ACT (“RULE 144A”) TO A PERSON THAT THE HOLDER REASONABLY BELIEVES
        IS A QUALIFIED INSTITUTIONAL BUYER WITHIN THE MEANING OF RULE 144A (A “QIB”),
        PURCHASING FOR ITS OWN ACCOUNT OR A QIB PURCHASING FOR THE ACCOUNT OF A QIB,
        WHOM THE HOLDER HAS INFORMED, IN EACH CASE, THAT THE REOFFER, RESALE, PLEDGE
        OR
        OTHER TRANSFER IS BEING MADE IN RELIANCE ON RULE 144A, (2) PURSUANT TO AN
        EXEMPTION FROM REGISTRATION PROVIDED BY RULE 144 UNDER THE ACT (IF AVAILABLE)
        OR
        (3) IN CERTIFICATED FORM TO AN “INSTITUTIONAL ACCREDITED INVESTOR” WITHIN THE
        MEANING THEREOF IN RULE 501(a)(1), (2),(3) OR (7) (OR ANY ENTITY IN WHICH
        ALL OF
        THE EQUITY HOLDERS COME WITHIN SUCH PARAGRAPHS) OF REGULATION D UNDER THE
        ACT
        PURCHASING NOT FOR DISTRIBUTION IN VIOLATION OF THE ACT, SUBJECT TO (A) THE
        RECEIPT BY THE SECURITIES ADMINISTRATOR OF A LETTER SUBSTANTIALLY IN THE
        FORM
        PROVIDED IN THE AGREEMENT AND (B) THE RECEIPT BY THE SECURITIES ADMINISTRATOR
        OF
        AN OPINION OF COUNSEL AS TO COMPLIANCE WITH ALL APPLICABLE SECURITIES LAWS
        OF
        THE UNITED STATES. THIS CERTIFICATE MAY NOT BE ACQUIRED DIRECTLY OR INDIRECTLY
        BY, OR ON BEHALF OF, AN EMPLOYEE BENEFIT PLAN OR OTHER RETIREMENT ARRANGEMENT
        WHICH IS SUBJECT TO TITLE I OF THE EMPLOYEE RETIREMENT INCOME SECURITY ACT
        OF
        1974, AS AMENDED, OR SECTION 4975 OF THE INTERNAL REVENUE CODE OF 1986, AS
        AMENDED, UNLESS THE TRANSFEREE CERTIFIES OR REPRESENTS THAT THE PROPOSED
        TRANSFER AND HOLDING OF A CERTIFICATE AND THE SERVICING, MANAGEMENT AND
        OPERATION OF THE TRUST AND ITS ASSETS: (I) WILL NOT RESULT IN ANY PROHIBITED
        TRANSACTION WHICH IS NOT COVERED UNDER AN INDIVIDUAL OR CLASS PROHIBITED
        TRANSACTION EXEMPTION, INCLUDING, BUT NOT LIMITED TO, PROHIBITED TRANSACTION
        EXEMPTION (“PTE”) 84-14, PTE 91-38, PTE 90-1, PTE 95-60 OR PTE 96-23 AND (II)
        WILL NOT GIVE RISE TO ANY ADDITIONAL OBLIGATIONS ON THE PART OF THE DEPOSITOR,
        THE SECURITIES ADMINISTRATOR, THE MASTER SERVICER OR THE TRUSTEE, WHICH WILL
        BE
        DEEMED REPRESENTED BY AN OWNER OF A BOOK-ENTRY CERTIFICATE OR A GLOBAL
        CERTIFICATE, OR PROVIDES AN OPINION OF COUNSEL TO SUCH
        EFFECT.]

       

      
        	
                 

                Certificate
                  No.1

                 

              	
                 

                Variable
                  Pass-Through Rate

                 

              
	 	 
	
                 

                Class
                  B-[1][2][3][4] Subordinate

                 

              	 
	 	 
	
                 

                Date
                  of Pooling and Servicing Agreement and 

                Cut-off
                  Date:

                April
                  1, 2006

                 

              	
                 

                Aggregate
                  Initial Certificate Principal Balance 

                of
                  this Certificate as of the Cut-off Date:

                $[________________]

                 

              
	 	 
	
                 

                First
                  Distribution Date:

                May
                  25, 2006

                 

              	
                 

                Initial
                  Certificate Principal Balance of this 

                Certificate
                  as of the Cut-off Date: 

                $[________________]

                 

              
	 	 
	
                 

                Master
                  Servicer:

                Wells
                  Fargo Bank, National Association

                 

              	
                 

                CUSIP:
                  [_______________]

                 

              
	 	 
	
                 

                Assumed
                  Final Distribution Date:

                May
                  25, 2036

                 

              	 

      

       

      ASSET-BACKED
        CERTIFICATE

      SERIES
        2006-AC3

       

      evidencing
        a percentage interest in the distributions allocable to the Class B-[1][2][3][4]
        Certificates with respect to a Trust Fund consisting primarily of a pool
        of
        conventional, one- to four-family, fixed interest rate mortgage loans sold
        by
        BEAR STEARNS ASSET BACKED SECURITIES I LLC.

       

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

       

      This
        certifies that [___________] is the registered owner of the Percentage Interest
        evidenced hereby in the beneficial ownership interest of Certificates of
        the
        same Class as this Certificate in a trust (the “Trust Fund”) generally
        consisting of conventional, first lien, fixed rate mortgage loans secured
        by
        one- to four- family residences (collectively, the “Mortgage Loans”) sold by
        Bear Stearns Asset Backed Securities I LLC (“BSABS I”). The Mortgage Loans were
        sold by EMC Mortgage Corporation (“EMC”) to BSABS I. Wells Fargo Bank, National
        Association will act as master servicer of the Mortgage Loans (the “Master
        Servicer,” which term includes any successors thereto under the Agreement
        referred to below). The Trust Fund was created pursuant to the Pooling and
        Servicing Agreement dated as of the Cut-off Date specified above (the
“Agreement”), among BSABS I, as depositor (the “Depositor”), EMC Mortgage
        Corporation, as sponsor and company, Wells Fargo Bank, National Association,
        as
        Master Servicer and securities administrator (the “Securities Administrator”)
        and U.S. Bank National Association as trustee (the “Trustee”), a summary of
        certain of the pertinent provisions of which is set forth hereafter. To the
        extent not defined herein, capitalized terms used herein shall have the meaning
        ascribed to them 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 its acceptance hereof
        assents and by which such Holder is bound.

       

      [For
        Class B-1, Class B-2 and Class B-3] [Interest on this Certificate will accrue
        from and including the 25th day of the calendar month preceding the month
        in
        which a Distribution Date (as hereinafter defined) occurs (or, with respect
        to
        the first accrual period, the Closing Date) to and including the 24th day
        of the
        calendar month in which that Distribution Date occurs on the Certificate
        Principal Balance hereof at a per annum rate equal to the Pass-Through Rate
        set
        forth above and as further described in the Agreement. The Securities
        Administrator will distribute on the 25th day of each month, or, if such
        25th
        day is not a Business Day, the immediately following Business Day (each,
        a
“Distribution Date”), commencing on the First Distribution Date specified above,
        to the Person in whose name this Certificate is registered at the close of
        business on the Business Day immediately preceding such Distribution Date,
        an
        amount equal to the product of the Percentage Interest evidenced by this
        Certificate and the amount (of interest and principal, if any) required to
        be
        distributed to the Holders of Certificates of the same Class as this
        Certificate. The Assumed Final Distribution Date is the Distribution Date
        in the
        month immediately following the month of the latest scheduled maturity date
        of
        any Mortgage Loan and is not likely to be the date on which the Certificate
        Principal Balance of this Class of Certificates will be reduced to
        zero.]

       

      [For
        Class B-4] [Interest on this Certificate will accrue from and including the
        immediately preceding Distribution Date (or with respect to the First
        Distribution Date, the Closing Date) to and including the day prior to the
        current Distribution Date on the Certificate Principal Balance hereof at
        a per
        annum rate equal to the Pass-Through Rate set forth above. The Securities
        Administrator will distribute on the 25th day of each month, or, if such
        25th
        day is not a Business Day, the immediately following Business Day (each,
        a
“Distribution Date”), commencing on the First Distribution Date specified above,
        to the Person in whose name this Certificate is registered at the close of
        business on the last Business Day of the month immediately preceding the
        month
        of such Distribution date so long as this Certificate remains in non book-entry
        form (and otherwise, the close of business on the Business Day immediately
        preceding such Distribution Date) an amount equal to the product of the
        Percentage Interest evidenced by this Certificate and the amount (of interest
        and principal, if any) required to be distributed to the Holders of Certificates
        of the same Class as this Certificate. The Assumed Final Distribution Date
        is
        the Distribution Date in the month following the latest scheduled maturity
        date
        of any Mortgage Loan.]

       

      Distributions
        on this Certificate will be made by the Securities Administrator by check
        mailed
        to the address of the Person entitled thereto as such name and address shall
        appear on the Certificate Register or, if such Person so requests by notifying
        the Securities Administrator in writing as specified in the Agreement.
        Notwithstanding the above, the final distribution on this Certificate will
        be
        made after due notice by the Securities Administrator of the pendency of
        such
        distribution and only upon presentation and surrender of this Certificate
        at the
        office or agency appointed by the Securities Administrator for that purpose
        and
        designated in such notice. The Initial Certificate Principal Balance of this
        Certificate is set forth above. The Certificate Principal Balance hereof
        will be
        reduced to the extent of distributions allocable to principal hereon and
        any
        Realized Losses allocable hereto.

       

      [For
        Class B-4] [No transfer of this Class B-4 Certificate will be made unless
        such
        transfer is (i) exempt from the registration requirements of the Securities
        Act
        of 1933, as amended, and any applicable state securities laws or is made
        in
        accordance with said Act and laws and (ii) made in accordance with Section
        7.02
        of the Agreement. In the event that such transfer is to be made the Securities
        Administrator shall register such transfer if, (i) made to a transferee who
        has
        provided the Securities Administrator with evidence as to its QIB status;
        or
        (ii) (A) the transferor has advised the Securities Administrator in writing
        that
        the Certificate is being transferred to an Institutional Accredited Investor
        and
        (B) prior to such transfer the transferee furnishes to the Securities
        Administrator an Investment Letter; provided that if based upon an Opinion
        of
        Counsel to the effect that (A) and (B) above are not sufficient to confirm
        that
        such transfer is being made pursuant to an exemption from, or in a transaction
        not subject to, the registration requirements of the Securities Act and other
        applicable laws, the Securities Administrator shall as a condition of the
        registration of any such transfer require the transferor to furnish such
        other
        certifications, legal opinions or other information prior to registering
        the
        transfer of this Certificate as shall be set forth in such Opinion of
        Counsel.]

       

      This
        Certificate is one of a duly authorized issue of Certificates designated
        as set
        forth on the face hereof (the “Certificates”). The Certificates, in the
        aggregate, evidence the entire beneficial ownership interest in the Trust
        Fund
        formed pursuant to the Agreement.

       

      Each
        holder of a Certificate or beneficial ownership shall be deemed to have made
        the
        representations set forth in section 7.02(b) of the Agreement.

       

      [For
        Class B-4] [This Certificate may not be acquired directly or indirectly by,
        or
        on behalf of, an employee benefit plan or other retirement arrangement which
        is
        subject to Title I of the Employee Retirement Income Security Act of 1974,
        as
        amended, or Section 4975 of the Internal Revenue Code of 1986, as amended,
        unless the transferee certifies or represents that the proposed transfer
        and
        holding of a Certificate and the servicing, management and operation of the
        trust and its assets: (i) will not result in any prohibited transaction which
        is
        not covered under an individual or class prohibited transaction exemption,
        including, but not limited to, Prohibited Transaction Exemption (“PTE”) 84-14,
        PTE 91-38, PTE 90-1, PTE 95-60 or PTE 96-23 and (ii) will not give rise to
        any
        additional obligations on the part of the Depositor, the Master Servicer,
        the
        Securities Administrator or the Trustee, which will be deemed represented
        by an
        owner of a Book-Entry Certificate or a Global Certificate, or an Opinion
        of
        Counsel specified in section 7.02 of the Agreement is provided. This Certificate
        is one of a duly authorized issue of Certificates designated as set forth
        on the
        face hereof (the “Certificates”). The Certificates, in the aggregate, evidence
        the entire beneficial ownership interest in the Trust Fund formed pursuant
        to
        the Agreement.]

       

      The
        Certificateholder, by its acceptance of this Certificate, agrees that it
        will
        look solely to the Trust Fund for payment hereunder and that the Trustee
        or the
        Securities Administrator is not liable to the Certificateholders for any
        amount
        payable under this Certificate or the Agreement or, except as expressly provided
        in the Agreement, subject to any liability under the Agreement.

       

      This
        Certificate does not purport to summarize the Agreement and reference is
        made to
        the Agreement for the interests, rights and limitations of rights, benefits,
        obligations and duties evidenced hereby, and the rights, duties and immunities
        of the Trustee and the Securities Administrator.

       

      The
        Agreement permits, with certain exceptions therein provided, the amendment
        thereof and the modification of the rights and obligations of the Depositor
        and
        the rights of the Certificateholders under the Agreement from time to time
        by
        the parties thereto with the consent of the Holders of the Class or Classes
        of
        Certificates affected thereby evidencing over 50% of the Voting Rights of
        such
        Class or Classes. 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
        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 with the Securities
        Administrator upon surrender of this Certificate for registration of transfer
        at
        the offices or agencies maintained by the Securities Administrator for such
        purposes, duly endorsed by, or accompanied by a written instrument of transfer
        in form satisfactory to the Securities Administrator duly executed by the
        Holder
        hereof or such Holder’s attorney duly authorized in writing, and thereupon one
        or more new Certificates in authorized denominations representing a like
        aggregate Percentage Interest will be issued to the designated
        transferee.

       

      The
        Certificates are issuable only as registered Certificates without coupons
        in the
        Classes and denominations specified in the Agreement. As provided in the
        Agreement and subject to certain limitations therein set forth, this Certificate
        is exchangeable for one or more new Certificates evidencing the same Class
        and
        in the same aggregate Percentage Interest, as requested by the Holder
        surrendering the same.

       

      No
        service charge will be made to the Certificateholders for any such registration
        of transfer, but the Securities Administrator may require payment of a sum
        sufficient to cover any tax or other governmental charge payable in connection
        therewith. The Depositor, the Master Servicer, the Securities Administrator,
        the
        Trustee and any agent of any of them 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 Securities Administrator, the Trustee
        or any
        such agent shall be affected by notice to the contrary.

       

      The
        obligations created by the Agreement and the Trust Fund created thereby (other
        than the obligations to make payments to Certificateholders with respect
        to the
        termination of the Agreement) shall terminate upon the earlier of (i) the
        later
        of (A) the maturity or other liquidation (or Advance with respect thereto)
        of
        the last Mortgage Loan remaining in the Trust Fund and disposition of all
        property acquired upon foreclosure or deed in lieu of foreclosure of any
        Mortgage Loan and (B) the remittance of all funds due under the Agreement,
        or
        (ii) the optional repurchase by the party named in the Agreement of all the
        Mortgage Loans and other related assets of the Trust Fund in accordance with
        the
        terms of the Agreement. Such optional repurchase may be made only on or after
        the earlier of (i) the first Distribution Date on which the aggregate Stated
        Principal Balance of the Mortgage Loans is less than or equal to 20% of the
        aggregate Stated Principal Balance of the Mortgage Loans as of the Cut-off
        Date
        and (ii) the Distribution Date in April 2016. The exercise of such right
        will
        effect the early retirement of the Certificates. In no event, however, will
        the
        Trust Fund created by the Agreement continue beyond the earlier of (i) the
        expiration of 21 years after the death of certain persons identified in the
        Agreement and (ii) the Latest Possible Maturity Date specified in the
        Agreement.

       

      Unless
        this Certificate has been countersigned by an authorized signatory of the
        Securities Administrator by manual signature, this Certificate shall not
        be
        entitled to any benefit under the Agreement, or be valid for any
        purpose.

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

      
        	 	 	 
	Dated:
                April 28, 2006	
                WELLS
                  FARGO BANK, NATIONAL 

                ASSOCIATION,

                as
                  Securities Administrator

              
	 
 	 
 	 
 
	 	By:  	 
	 	
                

              
	 	
                Authorized
                  Signatory

              

      

       

      
 

      CERTIFICATE
        OF AUTHENTICATION

      

      This
        is
        one of the Class B-[1][2][3][4] Certificates referred to in the within-mentioned
        Agreement.

      
        	 	 	 
	 	
                WELLS
                  FARGO BANK, NATIONAL 

                ASSOCIATION,
                  as Securities Administrator

              
	 
 	 
 	 
 
	 	By:  	 
	 	
                

              
	 	
                Authorized
                  Signatory

              

      

      
 

      ASSIGNMENT

      

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

      

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

      
        	 

      

      
        	 	 	 
	 	 
	 
 	 
 	 
 
	
                Dated:

              	 	 
	 	
                

              
	 	
                Signature
                  by or on behalf of assignor

              

      

      
        	 	 	 
	 	 
	 
 	 
 	 
 
	 	 	 
	 	
                

              
	 	
                Signature
                  Guaranteed

              

      

       

       

      DISTRIBUTION
        INSTRUCTIONS

      

      This
        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-4

      

      FORM
        OF CLASS
        C CERTIFICATEs

       

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

       

      THIS
        CERTIFICATE HAS NOT BEEN AND WILL NOT BE REGISTERED UNDER THE SECURITIES
        ACT OF
        1933, AS AMENDED (THE “ACT”), OR UNDER ANY STATE SECURITIES LAWS. THE HOLDER
        HEREOF, BY PURCHASING THIS CERTIFICATE, AGREES THAT THIS CERTIFICATE MAY
        BE
        REOFFERED, RESOLD, PLEDGED OR OTHERWISE TRANSFERRED ONLY IN COMPLIANCE WITH
        THE
        ACT AND OTHER APPLICABLE LAWS AND ONLY (1) PURSUANT TO RULE 144A UNDER THE
        ACT
        (“RULE 144A”) TO A PERSON THAT THE HOLDER REASONABLY BELIEVES IS A QUALIFIED
        INSTITUTIONAL BUYER WITHIN THE MEANING OF RULE 144A (A “QIB”), PURCHASING FOR
        ITS OWN ACCOUNT OR A QIB PURCHASING FOR THE ACCOUNT OF A QIB, WHOM THE HOLDER
        HAS INFORMED, IN EACH CASE, THAT THE REOFFER, RESALE, PLEDGE OR OTHER TRANSFER
        IS BEING MADE IN RELIANCE ON RULE 144A, (2) PURSUANT TO AN EXEMPTION FROM
        REGISTRATION PROVIDED BY RULE 144 UNDER THE ACT (IF AVAILABLE) OR (3) IN
        CERTIFICATED FORM TO AN “INSTITUTIONAL ACCREDITED INVESTOR” WITHIN THE MEANING
        THEREOF IN RULE 501(a)(1), (2),(3) OR (7) (OR ANY ENTITY IN WHICH ALL OF
        THE
        EQUITY HOLDERS COME WITHIN SUCH PARAGRAPHS) OF REGULATION D UNDER THE ACT
        PURCHASING NOT FOR DISTRIBUTION IN VIOLATION OF THE ACT, SUBJECT TO (A) THE
        RECEIPT BY THE SECURITIES ADMINISTRATOR OF A LETTER SUBSTANTIALLY IN THE
        FORM
        PROVIDED IN THE AGREEMENT (as defined below) AND (B) THE RECEIPT BY THE
        SECURITIES ADMINISTRATOR OF AN OPINION OF COUNSEL AS TO COMPLIANCE WITH ALL
        APPLICABLE SECURITIES LAWS OF THE UNITED STATES.

       

      NO
        TRANSFER OF THIS CERTIFICATE SHALL BE MADE TO ANY PERSON, UNLESS THE TRANSFEREE
        PROVIDES EITHER (I) A CERTIFICATION PURSUANT TO SECTION 7.02(b) OF THE AGREEMENT
        OR (II) AN OPINION OF COUNSEL PURSUANT TO 7.02(b) OF THE AGREEMENT, SATISFACTORY
        TO THE SECURITIES ADMINISTRATOR THAT THE PURCHASE AND HOLDING OF THIS
        CERTIFICATE ARE PERMISSIBLE UNDER APPLICABLE LAW, WILL NOT CONSTITUTE OR
        RESULT
        IN ANY NON-EXEMPT PROHIBITED TRANSACTIONS UNDER SECTION 406 OF THE EMPLOYEE
        RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED (“ERISA”) OR SECTION 4975 OF
        THE CODE AND WILL NOT SUBJECT THE TRUSTEE, MASTER SERVICER, THE SECURITIES
        ADMINISTRATOR, OR THE DEPOSITOR TO ANY OBLIGATION OR LIABILITY IN ADDITION
        TO
        THOSE UNDERTAKEN IN THE AGREEMENT.

      
 

      
        	
                Certificate
                  No. 1

                 

              	
                Percentage
                  Interest: 100%

                 

              
	 	 
	
                Class
                  C

                 

              	
                Variable
                  Pass-Through Rate

                 

              
	 	 
	
                Date
                  of Pooling and Servicing Agreement 

                and
                  Cut-off Date:

                April
                  1, 2006

                 

              	
                Aggregate
                  Certificate Notional Amount of this 

                Certificate
                  as of the Cut-off Date:

                $[____________]

                 

              
	 	 
	
                First
                  Distribution Date:

                May
                  25, 2006

                 

              	
                Initial
                  Certificate Notional Amount of this 

                Certificate
                  as of the Cut-off Date:

                $[____________]

                 

              
	 	 
	
                Master
                  Servicer:

                Wells
                  Fargo Bank, National Association

                 

              	
                CUSIP:
                  [_______________]

                 

              
	 	 
	
                Assumed
                  Final Distribution Date:

                May
                  25, 2036

                 

              	 
	 	 

      

      

      ASSET-BACKED
        CERTIFICATE

      SERIES
        2006-AC3

       

      evidencing
        a percentage interest in the distributions allocable to the Class C Certificates
        with respect to a Trust Fund consisting primarily of a pool of conventional,
        one- to four-family, fixed interest rate mortgage loans sold by BEAR STEARNS
        ASSET BACKED SECURITIES I LLC.

       

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

       

      This
        certifies that [________________] is the registered owner of the Percentage
        Interest evidenced hereby in the beneficial ownership interest of Certificates
        of the same Class as this Certificate in a trust (the “Trust Fund”) generally
        consisting of conventional, first lien, fixed rate mortgage loans secured
        by
        one- to four- family residences (collectively, the “Mortgage Loans”) sold by
        Bear Stearns Asset Backed Securities I LLC (“BSABS I”). The Mortgage Loans were
        sold by EMC Mortgage Corporation (“EMC”) to BSABS I. Wells Fargo Bank, National
        Association will act as master servicer of the Mortgage Loans (the “Master
        Servicer,” which term includes any successors thereto under the Agreement
        referred to below). The Trust Fund was created pursuant to the Pooling and
        Servicing Agreement, dated as of the Cut-off Date specified above (the
“Agreement”), among BSABS I, as depositor (the “Depositor”), EMC Mortgage
        Corporation, as sponsor and company, Wells Fargo Bank, National Association,
        as
        Master Servicer and securities administrator (the “Securities Administrator”)
        and U.S. Bank National Association, as trustee (the “Trustee”), a summary of
        certain of the pertinent provisions of which is set forth hereafter. To the
        extent not defined herein, capitalized terms used herein shall have the meaning
        ascribed to them 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 its acceptance hereof
        assents and by which such Holder is bound.

       

      The
        Securities Administrator will distribute on the 25th day of each month, or,
        if
        such 25th day is not a Business Day, the immediately following Business Day
        (each, a “Distribution Date”), commencing on the First Distribution Date
        specified above, to the Person in whose name this Certificate is registered
        at
        the close of business on the last day (or if such last day is not a Business
        Day, the Business Day immediately preceding such last day) of the calendar
        month
        immediately preceding the month in which the Distribution Date occurs, an
        amount
        equal to the product of the Percentage Interest evidenced by this Certificate
        and the amounts required to be distributed to the Holders of Certificates
        of the
        same Class as this Certificate. The Assumed Final Distribution Date is the
        Distribution Date in the month following the latest scheduled maturity date
        of
        any Mortgage Loan.

       

      Distributions
        on this Certificate will be made by the Securities Administrator by check
        mailed
        to the address of the Person entitled thereto as such name and address shall
        appear on the Certificate Register or, if such Person so requests by notifying
        the Securities Administrator in writing as specified in the Agreement.
        Notwithstanding the above, the final distribution on this Certificate will
        be
        made after due notice by the Securities Administrator of the pendency of
        such
        distribution and only upon presentation and surrender of this Certificate
        at the
        office or agency appointed by the Securities Administrator for that purpose
        and
        designated in such notice.

       

      No
        transfer of this Certificate shall be made unless the transfer is made pursuant
        to an effective registration statement under the Securities Act of 1933,
        as
        amended (the “1933 Act”), and an effective registration or qualification under
        applicable state securities laws, or is made in a transaction that does not
        require such registration or qualification. In the event that such a transfer
        of
        this Certificate is to be made without registration or qualification, the
        Securities Administrator shall require receipt of (i) if such transfer is
        purportedly being made in reliance upon Rule 144A under the 1933 Act, written
        certifications from the Holder of the Certificate desiring to effect the
        transfer, and from such Holder’s prospective transferee, substantially in the
        forms attached to the Agreement as Exhibit D and either Exhibit E or Exhibit
        F,
        as applicable, and (ii) in all other cases, an Opinion of Counsel satisfactory
        to it that such transfer may be made without such registration or qualification
        (which Opinion of Counsel shall not be an expense of the Trust Fund or of
        the
        Depositor, the Trustee, the Securities Administrator 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. Neither the Depositor nor the Securities Administrator
        is
        obligated to register or qualify the Class of Certificates specified on the
        face
        hereof under the 1933 Act or any other securities law or to take any action
        not
        otherwise required under the Agreement to permit the transfer of such
        Certificates without registration or qualification. Any Holder desiring to
        effect a transfer of this Certificate shall be required to indemnify the
        Trustee, the Securities Administrator, the Depositor, the Seller 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 shall be made to any person, unless the transferee
        provides either (i) a certification pursuant to section 7.02(b) of the Agreement
        or an (ii) Opinion of Counsel pursuant to section 7.02(b) of the Agreement,
        satisfactory to the Securities Administrator that the purchase and holding
        of
        this Certificate are permissible under applicable law, will not constitute
        or
        result in any non-exempt prohibited transactions under Section 406 ERISA
        or
        Section 4975 of the Code and will not subject the Trustee, Master Servicer,
        the
        Securities Administrator, or the Depositor to any obligation or liability
        in
        addition to those undertaken in the Agreement.

       

      This
        Certificate is one of a duly authorized issue of Certificates designated
        as set
        forth on the face hereof (the “Certificates”). The Certificates, in the
        aggregate, evidence the entire beneficial ownership interest in the Trust
        Fund
        formed pursuant to the Agreement.

       

      The
        Certificateholder, by its acceptance of this Certificate, agrees that it
        will
        look solely to the Trust Fund for payment hereunder and that the Trustee
        or the
        Securities Administrator is not liable to the Certificateholders for any
        amount
        payable under this Certificate or the Agreement or, except as expressly provided
        in the Agreement, subject to any liability under the Agreement.

       

      This
        Certificate does not purport to summarize the Agreement and reference is
        made to
        the Agreement for the interests, rights and limitations of rights, benefits,
        obligations and duties evidenced hereby, and the rights, duties and immunities
        of the Trustee and the Securities Administrator.

       

      The
        Agreement permits, with certain exceptions therein provided, the amendment
        thereof and the modification of the rights and obligations of the Depositor
        and
        the rights of the Certificateholders under the Agreement from time to time
        by
        the parties thereto with the consent of the Holders of the Class or Classes
        of
        Certificates affected thereby evidencing over 50% of the Voting Rights of
        such
        Class or Classes. 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
        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 with the Securities
        Administrator upon surrender of this Certificate for registration of transfer
        at
        the offices or agencies maintained by the Securities Administrator for such
        purposes, duly endorsed by, or accompanied by a written instrument of transfer
        in form satisfactory to the Securities Administrator duly executed by the
        Holder
        hereof or such Holder’s attorney duly authorized in writing, and thereupon one
        or more new Certificates in authorized denominations representing a like
        aggregate Percentage Interest will be issued to the designated
        transferee.

       

      The
        Certificates are issuable only as registered Certificates without coupons
        in the
        Classes and denominations specified in the Agreement. As provided in the
        Agreement and subject to certain limitations therein set forth, this Certificate
        is exchangeable for one or more new Certificates evidencing the same Class
        and
        in the same aggregate Percentage Interest, as requested by the Holder
        surrendering the same.

       

      No
        service charge will be made to the Certificateholders for any such registration
        of transfer, but the Securities Administrator may require payment of a sum
        sufficient to cover any tax or other governmental charge payable in connection
        therewith. The Depositor, the Master Servicer, the Securities Administrator
        and
        the Trustee and any agent of any of them 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 Securities Administrator, the Trustee
        or any
        such agent shall be affected by notice to the contrary.

       

      The
        obligations created by the Agreement and the Trust Fund created thereby (other
        than the obligations to make payments to Certificateholders with respect
        to the
        termination of the Agreement) shall terminate upon the earlier of (i) the
        later
        of (A) the maturity or other liquidation (or Advance with respect thereto)
        of
        the last Mortgage Loan remaining in the Trust Fund and disposition of all
        property acquired upon foreclosure or deed in lieu of foreclosure of any
        Mortgage Loan and (B) the remittance of all funds due under the Agreement,
        or
        (ii) the optional repurchase by the party named in the Agreement of all the
        Mortgage Loans and other related assets of the Trust Fund in accordance with
        the
        terms of the Agreement. Such optional repurchase may be made only on or after
        the earlier of (i) the first Distribution Date on which the aggregate Stated
        Principal Balance of the Mortgage Loans is less than or equal to 20% of the
        aggregate Stated Principal Balance of the Mortgage Loans as of the Cut-off
        Date
        and (ii) the Distribution Date in April 2016. The exercise of such right
        will
        effect the early retirement of the Certificates. In no event, however, will
        the
        Trust Fund created by the Agreement continue beyond the earlier of (i) the
        expiration of 21 years after the death of certain persons identified in the
        Agreement and (ii) the Latest Possible Maturity Date specified in the
        Agreement.

       

      Unless
        this Certificate has been countersigned by an authorized signatory of the
        Securities Administrator by manual signature, this Certificate shall not
        be
        entitled to any benefit under the Agreement, or be valid for any
        purpose.

      
 

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

      
        	 	 	 
	
                Dated:
                  April 28, 2006

              	
                WELLS
                  FARGO BANK, NATIONAL 

                ASSOCIATION,

                as
                  Securities Administrator

              
	 
 	 
 	 
 
	 	By:  	 
	 	
                

              
	 	
                Authorized
                  Signatory

              

      

      
 

      CERTIFICATE
        OF AUTHENTICATION

       

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

      
        	 	 	 
	 	
                WELLS
                  FARGO BANK, NATIONAL 

                ASSOCIATION,

                as
                  Securities Administrator

              
	 
 	 
 	 
 
	 	By:  	 
	 	
                

              
	 	
                Authorized
                  Signatory

              

      

      
 

      ASSIGNMENT

      

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

      

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

      
        	 

      

      
        	 	 	 
	 	 
	 
 	 
 	 
 
	
                Dated:

              	 	 
	 	
                

              
	 	
                Signature
                  by or on behalf of assignor

              

      

      
        	 	 	 
	 	 
	 
 	 
 	 
 
	 	 	 
	 	
                

              
	 	
                Signature
                  Guaranteed

              

      

      
 

      DISTRIBUTION
        INSTRUCTIONS

      

      This
        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-5

      

      FORM
        OF CLASS P CERTIFICATES

       

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

       

      THE
        CERTIFICATE PRINCIPAL BALANCE OF THIS CERTIFICATE WILL BE DECREASED BY THE
        PRINCIPAL PAYMENTS HEREON. ACCORDINGLY, FOLLOWING THE INITIAL ISSUANCE OF
        THE
        CERTIFICATES, THE CERTIFICATE PRINCIPAL BALANCE OF THIS CERTIFICATE WILL
        BE
        DIFFERENT FROM THE DENOMINATION SHOWN BELOW. ANYONE ACQUIRING THIS CERTIFICATE
        MAY ASCERTAIN ITS CERTIFICATE PRINCIPAL BALANCE BY INQUIRY OF THE SECURITIES
        ADMINISTRATOR NAMED HEREIN.

       

      THIS
        CERTIFICATE HAS NOT BEEN AND WILL NOT BE REGISTERED UNDER THE SECURITIES
        ACT OF
        1933, AS AMENDED (THE “ACT”), OR UNDER ANY STATE SECURITIES LAWS. THE HOLDER
        HEREOF, BY PURCHASING THIS CERTIFICATE, AGREES THAT THIS CERTIFICATE MAY
        BE
        REOFFERED, RESOLD, PLEDGED OR OTHERWISE TRANSFERRED ONLY IN COMPLIANCE WITH
        THE
        ACT AND OTHER APPLICABLE LAWS AND ONLY (1) PURSUANT TO RULE 144A UNDER THE
        ACT
        (“RULE 144A”) TO A PERSON THAT THE HOLDER REASONABLY BELIEVES IS A QUALIFIED
        INSTITUTIONAL BUYER WITHIN THE MEANING OF RULE 144A (A “QIB”), PURCHASING FOR
        ITS OWN ACCOUNT OR A QIB PURCHASING FOR THE ACCOUNT OF A QIB, WHOM THE HOLDER
        HAS INFORMED, IN EACH CASE, THAT THE REOFFER, RESALE, PLEDGE OR OTHER TRANSFER
        IS BEING MADE IN RELIANCE ON RULE 144A, (2) PURSUANT TO AN EXEMPTION FROM
        REGISTRATION PROVIDED BY RULE 144 UNDER THE ACT (IF AVAILABLE) OR (3) IN
        CERTIFICATED FORM TO AN “INSTITUTIONAL ACCREDITED INVESTOR” WITHIN THE MEANING
        THEREOF IN RULE 501(a)(1), (2),(3) OR (7) (OR ANY ENTITY IN WHICH ALL OF
        THE
        EQUITY HOLDERS COME WITHIN SUCH PARAGRAPHS) OF REGULATION D UNDER THE ACT
        PURCHASING NOT FOR DISTRIBUTION IN VIOLATION OF THE ACT, SUBJECT TO (A) THE
        RECEIPT BY THE SECURITIES ADMINISTRATOR OF A LETTER SUBSTANTIALLY IN THE
        FORM
        PROVIDED IN THE AGREEMENT (AS DEFINED BELOW) AND (B) THE RECEIPT BY THE
        SECURITIES ADMINISTRATOR OF AN OPINION OF COUNSEL AS TO COMPLIANCE WITH ALL
        APPLICABLE SECURITIES LAWS OF THE UNITED STATES.

       

      NO
        TRANSFER OF THIS CERTIFICATE SHALL BE MADE TO ANY PERSON, UNLESS THE TRANSFEREE
        PROVIDES EITHER (I) A CERTIFICATION PURSUANT TO SECTION 7.02(b) OF THE AGREEMENT
        OR (II) AN OPINION OF COUNSEL PURSUANT TO 7.02(b) OF THE AGREEMENT, SATISFACTORY
        TO THE SECURITIES ADMINISTRATOR THAT THE PURCHASE AND HOLDING OF THIS
        CERTIFICATE ARE PERMISSIBLE UNDER APPLICABLE LAW, WILL NOT CONSTITUTE OR
        RESULT
        IN ANY NON-EXEMPT PROHIBITED TRANSACTIONS UNDER SECTION 406 OF THE EMPLOYEE
        RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED (“ERISA”) OR SECTION 4975 OF
        THE CODE AND WILL NOT SUBJECT THE TRUSTEE, MASTER SERVICER, THE SECURITIES
        ADMINISTRATOR, OR THE DEPOSITOR TO ANY OBLIGATION OR LIABILITY IN ADDITION
        TO
        THOSE UNDERTAKEN IN THE AGREEMENT.

       

      
        	
                 

                Certificate
                  No.1

                 

              	
                 

                Percentage
                  Interest: 100%

                 

              
	 	 
	
                 

                Class
                  P

                 

              	 
	 	 
	
                 

                Date
                  of Pooling and Servicing Agreement and 

                Cut-off
                  Date:

                April
                  1, 2006

                 

              	
                 

                Aggregate
                  Initial Certificate Principal Balance 

                of
                  this Certificate as of the Cut-off Date:

                $100.00

                 

              
	 	 
	
                 

                First
                  Distribution Date:

                May
                  25, 2006

                 

              	
                 

                Initial
                  Certificate Principal Balance of this 

                Certificate
                  as of the Cut-off Date: 

                $100.00

                 

              
	 	 
	
                 

                Master
                  Servicer:

                Wells
                  Fargo Bank, National Association

                 

              	
                 

                CUSIP:
                  [_________________]

                 

              
	 	 
	
                 

                Assumed
                  Final Distribution Date:

                May
                  25, 2036

                 

              	 

      

      

      ASSET-BACKED
        CERTIFICATE

      SERIES
        2006-AC3

       

      evidencing
        a percentage interest in the distributions allocable to the Class P Certificates
        with respect to a Trust Fund consisting primarily of a pool of conventional,
        one- to four-family, fixed interest rate mortgage loans sold by BEAR STEARNS
        ASSET BACKED SECURITIES I LLC.

       

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

       

      This
        certifies that [________________] is the registered owner of the Percentage
        Interest evidenced hereby in the beneficial ownership interest of Certificates
        of the same Class as this Certificate in a trust (the “Trust Fund”) generally
        consisting of conventional, first lien, fixed rate mortgage loans secured
        by
        one- to four- family residences (collectively, the “Mortgage Loans”) sold by
        Bear Stearns Asset Backed Securities I LLC (“BSABS I”). The Mortgage Loans were
        sold by EMC Mortgage Corporation (“EMC”) to BSABS I. Wells Fargo Bank, National
        Association will act as master servicer of the Mortgage Loans (the “Master
        Servicer,” which term includes any successors thereto under the Agreement
        referred to below). The Trust Fund was created pursuant to the Pooling and
        Servicing Agreement dated as of the Cut-off Date specified above (the
“Agreement”), among BSABS I, as depositor (the “Depositor”), EMC Mortgage
        Corporation, as sponsor and company, Wells Fargo Bank, National Association,
        as
        Master Servicer and securities administrator (the “Securities Administrator”)
        and U.S. Bank National Association, as trustee (the “Trustee”), a summary of
        certain of the pertinent provisions of which is set forth hereafter. To the
        extent not defined herein, capitalized terms used herein shall have the meaning
        ascribed to them 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 its acceptance hereof
        assents and by which such Holder is bound.

       

      Each
        Holder of this Certificate will be deemed to have agreed to be bound by the
        restrictions set forth in the Agreement to the effect that (i) each person
        holding or acquiring any Ownership Interest in this Certificate must be a
        United
        States Person and a Permitted Transferee, (ii) the transfer of any Ownership
        Interest in this Certificate will be conditioned upon the delivery to the
        Securities Administrator of, among other things, an affidavit to the effect
        that
        it is a United States Person and Permitted Transferee, (iii) any attempted
        or
        purported transfer of any Ownership Interest in this Certificate in violation
        of
        such restrictions will be absolutely null and void and will vest no rights
        in
        the purported transferee, and (iv) if any person other than a United States
        Person and a Permitted Transferee acquires any Ownership Interest in this
        Certificate in violation of such restrictions, then the Depositor will have
        the
        right, in its sole discretion and without notice to the Holder of this
        Certificate, to sell this Certificate to a purchaser selected by the Depositor,
        which purchaser may be the Depositor, or any affiliate of the Depositor,
        on such
        terms and conditions as the Depositor may choose.

       

      The
        Securities Administrator will distribute on the 25th
        day of
        each month, or, if such 25th day is not a Business Day, the immediately
        following Business Day (each, a “Distribution Date”), commencing on the First
        Distribution Date specified above, to the Person in whose name this Certificate
        is registered at the close of business on the last day (or if such last day
        is
        not a Business Day, the Business Day immediately preceding such last day)
        of the
        calendar month immediately preceding the month in which the Distribution
        Date
        occurs, an amount equal to the product of the Percentage Interest evidenced
        by
        this Certificate and the amounts required to be distributed to the Holders
        of
        Certificates of the same Class as this Certificate. The Assumed Final
        Distribution Date is the Distribution Date in the month following the latest
        scheduled maturity date of any Mortgage Loan.

       

      Distributions
        on this Certificate will be made by the Securities Administrator by check
        mailed
        to the address of the Person entitled thereto as such name and address shall
        appear on the Certificate Register or, if such Person so requests by notifying
        the Securities Administrator in writing as specified in the Agreement.
        Notwithstanding the above, the final distribution on this Certificate will
        be
        made after due notice by the Securities Administrator of the pendency of
        such
        distribution and only upon presentation and surrender of this Certificate
        at the
        office or agency appointed by the Securities Administrator for that purpose
        and
        designated in such notice.

       

      No
        transfer of this Certificate shall be made unless the transfer is made pursuant
        to an effective registration statement under the Securities Act of 1933,
        as
        amended (the “1933 Act”), and an effective registration or qualification under
        applicable state securities laws, or is made in a transaction that does not
        require such registration or qualification. In the event that such a transfer
        of
        this Certificate is to be made without registration or qualification, the
        Securities Administrator shall require receipt of (i) if such transfer is
        purportedly being made in reliance upon Rule 144A under the 1933 Act, written
        certifications from the Holder of the Certificate desiring to effect the
        transfer, and from such Holder’s prospective transferee, substantially in the
        forms attached to the Agreement as Exhibit D and either E or F, as applicable,
        and (ii) in all other cases, an Opinion of Counsel satisfactory to it that
        such
        transfer may be made without such registration or qualification (which Opinion
        of Counsel shall not be an expense of the Trust Fund or of the Depositor,
        the
        Trustee, the Securities Administrator 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. Neither
        the
        Depositor nor the Securities Administrator is obligated to register or qualify
        the Class of Certificates specified on the face hereof under the 1933 Act
        or any
        other securities law or to take any action not otherwise required under the
        Agreement to permit the transfer of such Certificates without registration
        or
        qualification. Any Holder desiring to effect a transfer of this Certificate
        shall be required to indemnify the Trustee, the Securities Administrator,
        the
        Depositor, the Sponsor 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 shall be made to any person, unless the transferee
        provides either (i) a certification pursuant to section 7.02(b) of the Agreement
        or an (ii) Opinion of Counsel pursuant to section 7.02(b) of the Agreement,
        satisfactory to the Securities Administrator that the purchase and holding
        of
        this Certificate are permissible under applicable law, will not constitute
        or
        result in any non-exempt prohibited transactions under Section 406 ERISA
        or
        Section 4975 of the Code and will not subject the Trustee, Master Servicer,
        the
        Securities Administrator, or the Depositor to any obligation or liability
        in
        addition to those undertaken in the Agreement.

       

      This
        Certificate is one of a duly authorized issue of Certificates designated
        as set
        forth on the face hereof (the “Certificates”). The Certificates, in the
        aggregate, evidence the entire beneficial ownership interest in the Trust
        Fund
        formed pursuant to the Agreement.

       

      The
        Certificateholder, by its acceptance of this Certificate, agrees that it
        will
        look solely to the Trust Fund for payment hereunder and that the Trustee
        or the
        Securities Administrator is not liable to the Certificateholders for any
        amount
        payable under this Certificate or the Agreement or, except as expressly provided
        in the Agreement, subject to any liability under the Agreement.

       

      This
        Certificate does not purport to summarize the Agreement and reference is
        made to
        the Agreement for the interests, rights and limitations of rights, benefits,
        obligations and duties evidenced hereby, and the rights, duties and immunities
        of the Trustee and the Securities Administrator.

       

      The
        Agreement permits, with certain exceptions therein provided, the amendment
        thereof and the modification of the rights and obligations of the Depositor
        and
        the rights of the Certificateholders under the Agreement from time to time
        by
        the parties thereto with the consent of the Holders of the Class or Classes
        of
        Certificates affected thereby evidencing over 50% of the Voting Rights of
        such
        Class or Classes. 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
        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 with the Securities
        Administrator
        upon
        surrender of this Certificate for registration of transfer at the offices
        or
        agencies maintained by the Securities Administrator for such purposes, duly
        endorsed by, or accompanied by a written instrument of transfer in form
        satisfactory to the Securities Administrator duly executed by the Holder
        hereof
        or such Holder’s attorney duly authorized in writing, and thereupon one or more
        new Certificates in authorized denominations representing a like aggregate
        Percentage Interest will be issued to the designated transferee.

       

      The
        Certificates are issuable only as registered Certificates without coupons
        in the
        Classes and denominations specified in the Agreement. As provided in the
        Agreement and subject to certain limitations therein set forth, this Certificate
        is exchangeable for one or more new Certificates evidencing the same Class
        and
        in the same aggregate Percentage Interest, as requested by the Holder
        surrendering the same.

       

      No
        service charge will be made to the Certificateholders for any such registration
        of transfer, but the Securities Administrator may require payment of a sum
        sufficient to cover any tax or other governmental charge payable in connection
        therewith. The Depositor, the Master Servicer, the Securities Administrator,
        the
        Trustee and any agent of any of them 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 Securities Administrator, the Trustee
        or any
        such agent shall be affected by notice to the contrary.

       

      The
        obligations created by the Agreement and the Trust Fund created thereby (other
        than the obligations to make payments to Certificateholders with respect
        to the
        termination of the Agreement) shall terminate upon the earlier of (i) the
        later
        of (A) the maturity or other liquidation (or Advance with respect thereto)
        of
        the last Mortgage Loan remaining in the Trust Fund and disposition of all
        property acquired upon foreclosure or deed in lieu of foreclosure of any
        Mortgage Loan and (B) the remittance of all funds due under the Agreement,
        or
        (ii) the optional repurchase by the party named in the Agreement of all the
        Mortgage Loans and other related assets of the Trust Fund in accordance with
        the
        terms of the Agreement. Such optional repurchase may be made only on or after
        the earlier of (i) the first Distribution Date on which the aggregate Stated
        Principal Balance of the Mortgage Loans is less than or equal to 20% of the
        aggregate Stated Principal Balance of the Mortgage Loans as of the Cut-off
        Date
        and (ii) the Distribution Date in April 2016. The exercise of such right
        will
        effect the early retirement of the Certificates. In no event, however, will
        the
        Trust Fund created by the Agreement continue beyond the earlier of (i) the
        expiration of 21 years after the death of certain persons identified in the
        Agreement and (ii) the Latest Possible Maturity Date specified in the
        Agreement.

       

      Unless
        this Certificate has been countersigned by an authorized signatory of the
        Securities Administrator by manual signature, this Certificate shall not
        be
        entitled to any benefit under the Agreement, or be valid for any
        purpose.

       

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

      
        	 	 	 
	
                Dated:
                  April 28, 2006

              	
                WELLS
                  FARGO BANK, NATIONAL 

                ASSOCIATION,

                as
                  Securities Administrator

              
	 
 	 
 	 
 
	Date: 	By:  	 
	 	
                

              
	 	
                Authorized
                  Signatory

              

      

      

      

      

      CERTIFICATE
        OF AUTHENTICATION

      

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

      
        	 	 	 
	 	
                WELLS
                  FARGO BANK, NATIONAL 

                ASSOCIATION,
                  

                as
                  Securities Administrator

              
	 
 	 
 	 
 
	 	By:  	 
	 	
                

              
	 	
                Authorized
                  Signatory

              

      ASSIGNMENT

      

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

      

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

      
        	 

      

      
        	 	 	 
	 	 
	 
 	 
 	 
 
	
                Dated:

              	 	 
	 	
                

              
	 	
                Signature
                  by or on behalf of assignor

              

      

      
        	 	 	 
	 	 
	 
 	 
 	 
 
	 	 	 
	 	
                

              
	 	
                Signature
                  Guaranteed

              

      

      

      

      DISTRIBUTION
        INSTRUCTIONS

      

      This
        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-6

      

      FORM
        OF CLASS R-[1][2][3] CERTIFICATES

       

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

       

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

       

      NO
        TRANSFER OF THIS CERTIFICATE SHALL BE MADE TO ANY PERSON, UNLESS THE TRANSFEREE
        PROVIDES EITHER (I) A CERTIFICATION PURSUANT TO SECTION 7.02(b) OF THE AGREEMENT
        (AS DEFINED BELOW) OR (II) AN OPINION OF COUNSEL PURSUANT TO 7.02(b) OF THE
        AGREEMENT, SATISFACTORY TO THE SECURITIES ADMINISTRATOR THAT THE PURCHASE
        AND
        HOLDING OF THIS CERTIFICATE ARE PERMISSIBLE UNDER APPLICABLE LAW, WILL NOT
        CONSTITUTE OR RESULT IN ANY NON-EXEMPT PROHIBITED TRANSACTIONS UNDER SECTION
        406
        OF THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED (“ERISA”) OR
        SECTION 4975 OF THE CODE AND WILL NOT SUBJECT THE TRUSTEE, MASTER SERVICER,
        THE
        SECURITIES ADMINISTRATOR, OR THE DEPOSITOR TO ANY OBLIGATION OR LIABILITY
        IN
        ADDITION TO THOSE UNDERTAKEN IN THE AGREEMENT.

       

      ANY
        RESALE, TRANSFER OR OTHER DISPOSITION OF THIS CERTIFICATE MAY BE MADE ONLY
        IF
        THE PROPOSED TRANSFEREE PROVIDES A TRANSFER AFFIDAVIT TO THE SECURITIES
        ADMINISTRATOR THAT (1) SUCH TRANSFEREE IS NOT (A) 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), (B) A FOREIGN GOVERNMENT, ANY INTERNATIONAL ORGANIZATION,
        OR
        ANY AGENCY OR INSTRUMENTALITY OF EITHER OF THE FOREGOING, (C) ANY ORGANIZATION
        (OTHER THAN CERTAIN FARMERS’ COOPERATIVES DESCRIBED IN SECTION 521 OF THE CODE)
        WHICH IS EXEMPT FROM THE TAX IMPOSED BY CHAPTER 1 OF THE CODE UNLESS SUCH
        ORGANIZATION IS SUBJECT TO THE TAX IMPOSED BY SECTION 511 OF THE CODE (INCLUDING
        THE TAX IMPOSED BY SECTION 511 OF THE CODE ON UNRELATED BUSINESS TAXABLE
        INCOME), (D) RURAL ELECTRIC AND TELEPHONE COOPERATIVES DESCRIBED IN SECTION
        1381(a)(2)(C) OF THE CODE, (E) AN ELECTING LARGE PARTNERSHIP UNDER SECTION
        775(a) OF THE CODE (ANY SUCH PERSON DESCRIBED IN THE FOREGOING CLAUSES (A),
        (B),
        (C), (D) OR (E) BEING HEREIN REFERRED TO AS A “DISQUALIFIED ORGANIZATION”), OR
        (F) AN AGENT OF A DISQUALIFIED ORGANIZATION, (2) NO PURPOSE OF SUCH TRANSFER
        IS
        TO IMPEDE THE ASSESSMENT OR COLLECTION OF TAX, (3) SUCH TRANSFEREE SATISFIES
        CERTAIN ADDITIONAL CONDITIONS RELATING TO THE FINANCIAL CONDITION OF THE
        PROPOSED TRANSFEREE AND (4) SUCH TRANSFEREE IS A UNITED STATES PERSON.
        NOTWITHSTANDING THE REGISTRATION IN THE CERTIFICATE REGISTER OR ANY TRANSFER,
        SALE OR OTHER DISPOSITION OF THIS CERTIFICATE TO A DISQUALIFIED ORGANIZATION
        OR
        AN AGENT OF A DISQUALIFIED ORGANIZATION OR A NON-UNITED STATES PERSON, SUCH
        REGISTRATION SHALL BE DEEMED TO BE OF NO LEGAL FORCE OR EFFECT WHATSOEVER
        AND
        SUCH PERSON SHALL NOT BE DEEMED TO BE A CERTIFICATEHOLDER FOR ANY PURPOSE
        HEREUNDER, INCLUDING, BUT NOT LIMITED TO, THE RECEIPT OF DISTRIBUTIONS ON
        THIS
        CERTIFICATE. EACH HOLDER OF THIS CERTIFICATE BY ACCEPTANCE OF THIS CERTIFICATE
        SHALL BE DEEMED TO HAVE CONSENTED TO THE PROVISIONS OF THIS
        PARAGRAPH.

      

      
        	
                 

                Certificate
                  No.1

                 

              	 
	 	 
	
                 

                Class
                  R-[_]

                 

              	 
	
              	
                Percentage
                  Interest: 100%

              
	
                 

                Date
                  of Pooling and Servicing Agreement and 

                Cut-off
                  Date:

                April
                  1, 2006

                 

              	 
	 	 
	
                 

                First
                  Distribution Date:

                May
                  25, 2006

                 

              	 
	 	 
	
                 

                Master
                  Servicer:

                Wells
                  Fargo Bank, National Association

                 

              	 
	
              	
                CUSIP:
                  [____________]

              
	
                 

                Assumed
                  Final Distribution Date:

                May
                  25, 2036

                 

              	 

      

      

      ASSET-BACKED
        CERTIFICATE

      SERIES
        2006-AC3

       

      evidencing
        a percentage interest in the distributions allocable to the Class R-[_]
        Certificates with respect to a Trust Fund consisting primarily of a pool
        of
        conventional, one- to four-family, fixed interest rate mortgage loans sold
        by
        BEAR STEARNS ASSET BACKED SECURITIES I LLC.

       

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

       

      This
        certifies that [________________] is the registered owner of the Percentage
        Interest evidenced hereby in the beneficial ownership interest of Certificates
        of the same Class as this Certificate in a trust (the “Trust Fund”) generally
        consisting of conventional, first lien, fixed rate mortgage loans secured
        by
        one- to four- family residences (collectively, the “Mortgage Loans”) sold by
        Bear Stearns Asset Backed Securities I LLC (“BSABS I”). The Mortgage Loans were
        sold by EMC Mortgage Corporation (“EMC”) to BSABS I. Wells Fargo Bank, National
        Association will act as master servicer of the Mortgage Loans (the “Master
        Servicer,” which term includes any successors thereto under the Agreement
        referred to below). The Trust Fund was created pursuant to the Pooling and
        Servicing Agreement dated as of the Cut-off Date specified above (the
“Agreement”), among BSABS I, as depositor (the “Depositor”), EMC Mortgage
        Corporation, as sponsor and company, Wells Fargo Bank, National Association,
        as
        Master Servicer and securities administrator (the “Securities Administrator”)
        and U.S. Bank National Association, as trustee (the “Trustee”), a summary of
        certain of the pertinent provisions of which is set forth hereafter. To the
        extent not defined herein, capitalized terms used herein shall have the meaning
        ascribed to them 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 its acceptance hereof
        assents and by which such Holder is bound.

       

      Each
        Holder of this Certificate will be deemed to have agreed to be bound by the
        restrictions set forth in the Agreement to the effect that (i) each person
        holding or acquiring any Ownership Interest in this Certificate must be a
        United
        States Person and a Permitted Transferee, (ii) the transfer of any Ownership
        Interest in this Certificate will be conditioned upon the delivery to the
        Securities Administrator of, among other things, an affidavit to the effect
        that
        it is a United States Person and Permitted Transferee, (iii) any attempted
        or
        purported transfer of any Ownership Interest in this Certificate in violation
        of
        such restrictions will be absolutely null and void and will vest no rights
        in
        the purported transferee, and (iv) if any person other than a United States
        Person and a Permitted Transferee acquires any Ownership Interest in this
        Certificate in violation of such restrictions, then the Depositor will have
        the
        right, in its sole discretion and without notice to the Holder of this
        Certificate, to sell this Certificate to a purchaser selected by the Depositor,
        which purchaser may be the Depositor, or any affiliate of the Depositor,
        on such
        terms and conditions as the Depositor may choose.

       

      The
        Securities Administrator will distribute on the 25th day of each month, or,
        if
        such 25th day is not a Business Day, the immediately following Business Day
        (each, a “Distribution Date”), commencing on the First Distribution Date
        specified above, to the Person in whose name this Certificate is registered
        at
        the close of business on the last day (or if such last day is not a Business
        Day, the Business Day immediately preceding such last day) of the calendar
        month
        immediately preceding the month in which the Distribution Date occurs, an
        amount
        equal to the product of the Percentage Interest evidenced by this Certificate
        and the amounts required to be distributed to the Holders of Certificates
        of the
        same Class as this Certificate. The Assumed Final Distribution Date is the
        Distribution Date in the month following the latest scheduled maturity date
        of
        any Mortgage Loan.

       

      Distributions
        on this Certificate will be made by the Securities Administrator by check
        mailed
        to the address of the Person entitled thereto as such name and address shall
        appear on the Certificate Register or, if such Person so requests by notifying
        the Securities Administrator in writing as specified in the Agreement.
        Notwithstanding the above, the final distribution on this Certificate will
        be
        made after due notice by the Securities Administrator of the pendency of
        such
        distribution and only upon presentation and surrender of this Certificate
        at the
        office or agency appointed by the Securities Administrator for that purpose
        and
        designated in such notice.

       

      No
        transfer of this Certificate shall be made to any person, unless the transferee
        provides either (i) a certification pursuant to section 7.02(b) of the Agreement
        or an (ii) Opinion of Counsel pursuant to section 7.02(b) of the Agreement,
        satisfactory to the Securities Administrator that the purchase and holding
        of
        this Certificate are permissible under applicable law, will not constitute
        or
        result in any non-exempt prohibited transactions under Section 406 ERISA
        or
        Section 4975 of the Code and will not subject the Trustee, Master Servicer,
        the
        Securities Administrator, or the Depositor to any obligation or liability
        in
        addition to those undertaken in the Agreement.

       

      This
        Certificate is one of a duly authorized issue of Certificates designated
        as set
        forth on the face hereof (the “Certificates”). The Certificates, in the
        aggregate, evidence the entire beneficial ownership interest in the Trust
        Fund
        formed pursuant to the Agreement.

       

      The
        Certificateholder, by its acceptance of this Certificate, agrees that it
        will
        look solely to the Trust Fund for payment hereunder and that the Trustee
        or the
        Securities Administrator is not liable to the Certificateholders for any
        amount
        payable under this Certificate or the Agreement or, except as expressly provided
        in the Agreement, subject to any liability under the Agreement.

       

      This
        Certificate does not purport to summarize the Agreement and reference is
        made to
        the Agreement for the interests, rights and limitations of rights, benefits,
        obligations and duties evidenced hereby, and the rights, duties and immunities
        of the Trustee and the Securities Administrator.

       

      The
        Agreement permits, with certain exceptions therein provided, the amendment
        thereof and the modification of the rights and obligations of the Depositor
        and
        the rights of the Certificateholders under the Agreement from time to time
        by
        the parties thereto with the consent of the Holders of the Class or Classes
        of
        Certificates affected thereby evidencing over 50% of the Voting Rights of
        such
        Class or Classes. Any such consent by the 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
        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 with the Securities
        Administrator upon surrender of this Certificate for registration of transfer
        at
        the offices or agencies maintained by the Securities Administrator for such
        purposes, duly endorsed by, or accompanied by a written instrument of transfer
        in form satisfactory to the Securities Administrator duly executed by the
        Holder
        hereof or such Holder’s attorney duly authorized in writing, and thereupon one
        or more new Certificates in authorized denominations representing a like
        aggregate Percentage Interest will be issued to the designated
        transferee.

       

      The
        Certificates are issuable only as registered Certificates without coupons
        in the
        Classes and denominations specified in the Agreement. As provided in the
        Agreement and subject to certain limitations therein set forth, this Certificate
        is exchangeable for one or more new Certificates evidencing the same Class
        and
        in the same aggregate Percentage Interest, as requested by the Holder
        surrendering the same.

       

      No
        service charge will be made to the Certificateholders for any such registration
        of transfer, but the Securities Administrator may require payment of a sum
        sufficient to cover any tax or other governmental charge payable in connection
        therewith. The Depositor, the Master Servicer, the Securities Administrator,
        the
        Trustee and any agent of any of them may treat the Person in whose name this
        Certificate is registered as the owner hereof for all purposes, and none
        of
        Depositor, the Master Servicer, the Securities Administrator, the Trustee
        or any
        such agent shall be affected by notice to the contrary.

       

      The
        obligations created by the Agreement and the Trust Fund created thereby (other
        than the obligations to make payments to Certificateholders with respect
        to the
        termination of the Agreement) shall terminate upon the earlier of (i) the
        later
        of (A) the maturity or other liquidation (or Advance with respect thereto)
        of
        the last Mortgage Loan remaining in the Trust Fund and disposition of all
        property acquired upon foreclosure or deed in lieu of foreclosure of any
        Mortgage Loan and (B) the remittance of all funds due under the Agreement,
        or
        (ii) the optional repurchase by the party named in the Agreement of all the
        Mortgage Loans and other related assets of the Trust Fund in accordance with
        the
        terms of the Agreement. Such optional repurchase may be made only on or after
        the earlier of (i) the first Distribution Date on which the aggregate Stated
        Principal Balance of the Mortgage Loans is less than or equal to 20% of the
        aggregate Stated Principal Balance of the Mortgage Loans as of the Cut-off
        Date
        and (ii) the Distribution Date in April 2016. The exercise of such right
        will
        effect the early retirement of the Certificates. In no event, however, will
        the
        Trust Fund created by the Agreement continue beyond the earlier of (i) the
        expiration of 21 years after the death of certain persons identified in the
        Agreement and (ii) the Latest Possible Maturity Date specified in the
        Agreement.

       

      Unless
        this Certificate has been countersigned by an authorized signatory of the
        Securities Administrator by manual signature, this Certificate shall not
        be
        entitled to any benefit under the Agreement, or be valid for any
        purpose.

      
 

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

      

      
        	
                Dated:
                  April 28, 2006

              	 	
                WELLS
                  FARGO BANK, NATIONAL ASSOCIATION,

                as
                  Securities Administrator

              
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	
                By:

              	 
	 	 	 	 	 	 	 	 	
                Authorized
                  Signatory

              

      

      

      

      

      

      CERTIFICATE
        OF AUTHENTICATION

      

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

      

      
        	 	 	
                WELLS
                  FARGO BANK, NATIONAL 

                ASSOCIATION,
                  

                as
                  Securities Administrator

              
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	
                By:

              	 
	 	 	 	 	 	 	 	 	
                Authorized
                  Signatory

              

      

      

       

      ASSIGNMENT

      

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

      

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

      
        	 

      

      
        	 	 	 
	 	 
	 
 	 
 	 
 
	Dated:	 	 
	 	
                

              
	 	
                Signature
                  by or on behalf of assignor

              

      

      
        	 	 	 
	 	 
	 
 	 
 	 
 
	 	 	 
	 	
                

              
	 	
                Signature
                  Guaranteed

              

      

       

       

      DISTRIBUTION
        INSTRUCTIONS

      

      This
        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

      

      MORTGAGE
        LOAN SCHEDULE

CITY1                                         STATE                   ZIP_CODE            PROPTYPE
---------------------------------------------------------------------------------------------------------------
HIALEAH                                       FL                        33016          Single Family
MCCLOUD                                       CA                        96057          Single Family
BETHESDA                                      MD                        20816          Single Family
Seymour                                       IN                        47274          Single Family
ARVADA                                        CO                        80005          Single Family
GARDEN CITY                                   MI                        48135          Single Family
CICERO                                        IN                        46034          Single Family
NORTH LAS VEGAS                               NV                        89031          Single Family
GLEN ALLEN                                    VA                        23060          Single Family
HAMPTON                                       VA                        23666          Single Family
HICKORY CREEK                                 TX                        75065          PUD
MIDDLEBURG                                    FL                        32068          PUD
SACRAMENTO                                    CA                        95826          PUD
ASHBURN                                       VA                        20147          Condominium
PORTLAND                                      OR                        97206          Single Family
SURPRISE                                      AZ                        85388          PUD
MIDLAND                                       TX                        79701          Single Family
PORTLAND                                      OR                        97225          Single Family
Holly Springs                                 NC                        27540          PUD
MONROE                                        LA                        71203          Single Family
Edison                                        NJ                        08820          Single Family
ALLEN                                         TX                        75002          PUD
PAINESVILLE                                   OH                        44077          Single Family
NEWBERG                                       OR                        97132          Single Family
GOOSE CREEK                                   SC                        29445          Single Family
PLANTATION                                    FL                        33317          Single Family
RALEIGH                                       NC                        27603          Single Family
MARICOPA                                      AZ                        85239          PUD
MOUNTAIN TOP                                  PA                        18707          Single Family
BOISE                                         ID                        83709          Single Family
ALBANY                                        OR                        97321          Single Family
BIRMINGHAM                                    AL                        35214          Single Family
BROOKLYN                                      NY                        11214          2-4 Family
WARREN                                        MI                        48089          Single Family
Ridgeland                                     MS                        39157          Single Family
MONROE                                        LA                        71203          Single Family
AVONDALE                                      AZ                        85323          PUD
MONROE                                        LA                        71203          Single Family
SAN ANTONIO                                   TX                        78220          Single Family
SPARTANBURG                                   SC                        29307          Single Family
Crown Point                                   IN                        46307          Single Family
Nicholasville                                 KY                        40356          Single Family
Auburn                                        IN                        46706          Single Family
Auburn                                        IN                        46706          Single Family
CHESAPEAKE BEACH                              MD                        20732          Single Family
WASHINGTON                                    DC                        20002          Single Family
MIAMI                                         FL                        33016          Single Family
WELLINGTON                                    FL                        33467          PUD
HOUSTON                                       TX                        77077          Single Family
MEMPHIS                                       TN                        38118          Condominium
HAYDEN LAKE                                   ID                        83835          Single Family
Eatontown                                     NJ                        07724          Single Family
FAIRFAX                                       VA                        22032          Single Family
SIMPSONVILLE                                  SC                        29681          PUD
Las Cruces                                    NM                        88001          Single Family
TOLEDO                                        OH                        43614          Single Family
Seaside Heights                               NJ                        08751          Single Family
OLD ORCHARD BEACH                             ME                        04064          Condominium
LEXINGTON PARK                                MD                        20653          Single Family
ROCKVILLE                                     MD                        20852          Condominium
RICHMOND                                      VA                        23237          Single Family
Paterson                                      NJ                        07524          2-4 Family
HARRISBURG                                    PA                        17110          Condominium
COLORADO SPRINGS                              CO                        80910          Single Family
SAN ANTONIO                                   TX                        78210          2-4 Family
ERIE                                          PA                        16508          2-4 Family
HAWLEY                                        PA                        18428          PUD
ORLANDO                                       FL                        32814          PUD
SAFETY HARBOR                                 FL                        34695          Single Family
Trenton                                       NJ                        08611          Single Family
KALAMAZOO                                     MI                        49001          Single Family
RIO RANCHO                                    NM                        87124          Single Family
CHICAGO                                       IL                        60647          Condominium
SILVERTON                                     OR                        97381          2-4 Family
EAST HAMPTON                                  NY                        11937          Single Family
PIEDMONT                                      SC                        29673          Single Family
AKRON                                         OH                        44301          2-4 Family
CHICAGO                                       IL                        60622          2-4 Family
HOUSTON                                       TX                        77075          Single Family
CYPRESS                                       TX                        77433          PUD
BARTLETT                                      NH                        03838          Single Family
SALT LAKE CITY                                UT                        84105          Single Family
INDIANAPOLIS                                  IN                        46201          2-4 Family
WACO                                          TX                        76707          2-4 Family
WINTER PARK                                   FL                        32789          Condominium
SALEM                                         OR                        97305          Single Family
TAMPA                                         FL                        33612          2-4 Family
LAKE CITY                                     GA                        30260          Single Family
MOUNT PLEASANT                                SC                        29464          Single Family
TAKOMA PARK                                   MD                        20912          2-4 Family
GARDNER                                       KS                        66030          2-4 Family
SYRACUSE                                      NY                        13204          2-4 Family
WASHINGTON                                    DC                        20003          Single Family
MUKILTEO                                      WA                        98275          Single Family
CHICAGO                                       IL                        60657          2-4 Family
MEMPHIS                                       TN                        38118          Condominium
BRIARWOOD                                     NY                        11435          CO-OP
WACO                                          TX                        76707          2-4 Family
BRANDON                                       FL                        33510          2-4 Family
LOUISVILLE                                    KY                        40215          Single Family
MARGATE                                       FL                        33063          PUD
SYRACUSE                                      NY                        13210          2-4 Family
Louisville                                    KY                        40211          Single Family
MESA                                          AZ                        85203          PUD
CHICAGO                                       IL                        60647          2-4 Family
VIRGINIA BEACH                                VA                        23455          Single Family
LOS BANOS                                     CA                        93635          Single Family
ORANGE PARK                                   FL                        32073          Single Family
LAS VEGAS                                     NV                        89178          PUD
CLEVELAND                                     OH                        44108          Single Family
COTTAGE GROVE                                 OR                        97424          Single Family
TWIN FALLS                                    ID                        83301          Single Family
CHANTILLY                                     VA                        20151          PUD
BOURBONNAIS                                   IL                        60914          Single Family
PASADENA                                      MD                        21122          PUD
CHICAGO                                       IL                        60646          Condominium
DRAPER                                        UT                        84020          Single Family
CHICAGO                                       IL                        60804          Single Family
CINCINNATI                                    OH                        45231          2-4 Family
PLAINFIELD                                    IL                        60585          PUD
BOILING SPRINGS                               SC                        29316          2-4 Family
Delhi                                         CA                        95315          Single Family
Montebello                                    CA                        90640          2-4 Family
CLEVELAND                                     OH                        44108          Single Family
DENVER                                        CO                        80211          Single Family
GARDEN VALLEY                                 ID                        83622          PUD
CHICAGO                                       IL                        60611          Condominium
PEMBROKE PINES                                FL                        33028          Single Family
BURKE                                         VA                        22015          PUD
NASHVILLE                                     TN                        37211          PUD
GARFIELD HEIGHTS                              OH                        44105          Single Family
CAPE CORAL                                    FL                        33909          Single Family
Hendersonville                                NC                        28739          Single Family
EVERETT                                       WA                        98208          Single Family
SILVER SPRING                                 MD                        20903          Single Family
OVIEDO                                        FL                        32765          Single Family
JOHNSTON                                      RI                        02919          Single Family
PORTLAND                                      OR                        97203          Single Family
BROOKLYN                                      NY                        11238          2-4 Family
PEORIA                                        AZ                        85381          Single Family
PANAMA CITY BEACH                             FL                        32413          Single Family
CHESTER                                       SC                        29706          Single Family
DETROIT                                       MI                        48228          Single Family
Charlotte                                     NC                        28215          PUD
FORT LAUDERDALE                               FL                        33315          2-4 Family
MESA                                          AZ                        85202          PUD
DANBURY                                       CT                        06810          2-4 Family
MARRERO                                       LA                        70072          Single Family
Indianapolis                                  IN                        46241          Single Family
HYATTSVILLE                                   MD                        20783          Single Family
Louisville                                    KY                        40218          Condominium
LOUISVILLE                                    KY                        40245          Condominium
LINCOLNTON                                    NC                        28092          Single Family
Lawrenceville                                 GA                        30043          Single Family
SANGER                                        CA                        93657          Single Family
PHOENIX                                       AZ                        85037          PUD
STERLING HEIGHTS                              MI                        48313          Single Family
ABINGDON                                      MD                        21009          PUD
GERMANTOWN                                    MD                        20874          PUD
AURORA                                        CO                        80012          Condominium
TUCSON                                        AZ                        85747          Single Family
Lafayette                                     IN                        47905          2-4 Family
MESA                                          AZ                        85203          Single Family
WINTER HAVEN                                  FL                        33884          PUD
NORCROSS                                      GA                        30092          Single Family
KAWKAWLIN                                     MI                        48631          Single Family
CORONA                                        CA                        92883          PUD
GRAVETTE                                      AR                        72736          Single Family
Charlotte                                     NC                        28210          Single Family
QUEEN CREEK                                   AZ                        85242          PUD
CHANDLER                                      AZ                        85249          PUD
BURTON                                        MI                        48529          Single Family
STREAMWOOD                                    IL                        60107          PUD
MECHANICSBURG                                 PA                        17050          PUD
OAKLAND                                       CA                        94608          Single Family
LAKE WORTH                                    FL                        33467          PUD
SAINT LOUIS                                   MO                        63118          Single Family
FORT LAUDERDALE                               FL                        33311          Single Family
Flowery Branch                                GA                        30542          PUD
MIAMI BEACH                                   FL                        33139          Condominium
Brooklyn                                      NY                        11238          2-4 Family
ATLANTIC BEACH                                FL                        32233          PUD
DETROIT                                       MI                        48239          Single Family
SAINT LOUIS                                   MO                        63110          2-4 Family
PANAMA CITY                                   FL                        32408          Single Family
COLUMBUS                                      OH                        43211          Single Family
Garner                                        NC                        27529          PUD
STOCKTON                                      CA                        95215          Single Family
PANAMA CITY BEACH                             FL                        32413          Single Family
DETROIT                                       MI                        48227          Single Family
NAPLES                                        FL                        34105          Condominium
AURORA                                        CO                        80010          2-4 Family
WOODBRIDGE                                    VA                        22193          Single Family
PORT SAINT LUCIE                              FL                        34953          Single Family
Newark                                        NJ                        07106          2-4 Family
SCOTTSDALE                                    AZ                        85253          Condominium
GRANDVIEW                                     MO                        64030          2-4 Family
GARNER                                        NC                        27529          PUD
PHOENIX                                       AZ                        85018          Single Family
ORLANDO                                       FL                        32825          PUD
MOORE                                         OK                        73160          PUD
OCOEE                                         FL                        34761          PUD
MEMPHIS                                       TN                        38106          Single Family
WACO                                          TX                        76707          2-4 Family
TAMPA                                         FL                        33612          PUD
PROVIDENCE                                    RI                        02906          2-4 Family
CHICAGO                                       IL                        60652          Single Family
Raleigh                                       NC                        27612          Single Family
PAHRUMP                                       NV                        89048          2-4 Family
JOHNSON CITY                                  NY                        13790          2-4 Family
ROCHESTER                                     NY                        14609          2-4 Family
KENOSHA                                       WI                        53140          2-4 Family
DAVIS                                         OK                        73030          Single Family
CHICAGO                                       IL                        60609          2-4 Family
BURBANK                                       IL                        60459          Single Family
SALEM                                         OR                        97302          Single Family
FLAGSTAFF                                     AZ                        86001          Single Family
SILVER SPRING                                 MD                        20906          Condominium
SOUTH PADRE ISLAND                            TX                        78597          Single Family
TAMPA                                         FL                        33603          Single Family
Hyde Park                                     MA                        02136          2-4 Family
LAKELAND                                      FL                        33801          Single Family
LONGMONT                                      CO                        80503          PUD
WOODBRIDGE                                    VA                        22191          PUD
NORTH CHARLESTON                              SC                        29405          Single Family
STEVENSVILLE                                  MT                        59870          Single Family
LADSON                                        SC                        29456          Single Family
BROUSSARD                                     LA                        70518          Single Family
GERMANTOWN                                    MD                        20874          PUD
VISTA                                         CA                        92083          PUD
MAPLE GLEN                                    PA                        19002          Single Family
VISALIA                                       CA                        93291          Single Family
SAINT JOSEPH                                  MO                        64506          PUD
TAMPA                                         FL                        33613          PUD
BALTIMORE                                     MD                        21215          Single Family
POMPANO BEACH                                 FL                        33060          Single Family
CARSON                                        CA                        90745          Single Family
NORFOLK                                       VA                        23504          2-4 Family
STAFFORD                                      VA                        22554          PUD
PHILADELPHIA                                  PA                        19115          2-4 Family
KISSIMMEE                                     FL                        34744          PUD
DAYTON                                        OH                        45429          Single Family
CHANDLER                                      AZ                        85249          PUD
KENNESAW                                      GA                        30144          PUD
CHICAGO                                       IL                        60612          2-4 Family
POQUOSON                                      VA                        23662          Single Family
STERLING                                      VA                        20164          PUD
BROOKLYN                                      NY                        11212          2-4 Family
CINCINNATI                                    OH                        45245          Single Family
PASCO                                         WA                        99301          Single Family
ELGIN                                         IL                        60123          Single Family
MISSOULA                                      MT                        59801          2-4 Family
Pikeville                                     NC                        27863          Single Family
LEWISVILLE                                    TX                        75067          Single Family
WEST WARWICK                                  RI                        02893          2-4 Family
Passaic                                       NJ                        07055          2-4 Family
LAND O LAKES                                  FL                        34639          PUD
CARSON CITY                                   NV                        89706          Single Family
EASLEY                                        SC                        29640          2-4 Family
SPRING HILL                                   FL                        34608          2-4 Family
DEERFIELD BEACH                               FL                        33441          Single Family
CLARKSTON                                     WA                        99403          2-4 Family
SLIDELL                                       LA                        70461          Single Family
NASHUA                                        NH                        03060          2-4 Family
LAS VEGAS                                     NV                        89148          PUD
CHICAGO                                       IL                        60636          2-4 Family
Alameda                                       CA                        94501          2-4 Family
Bloomfield                                    NJ                        07003          2-4 Family
DETROIT                                       MI                        48228          Single Family
MIDDLETOWN                                    VA                        22645          Single Family
GREENVILLE                                    SC                        29611          Single Family
REYNOLDSBURG                                  OH                        43068          Single Family
CANTON                                        OH                        44709          Single Family
SUN CITY WEST                                 AZ                        85375          PUD
BAKERSFIELD                                   CA                        93307          Single Family
CHICKASAW                                     AL                        36611          Single Family
TAMPA                                         FL                        33647          PUD
ROCHESTER                                     NY                        14621          2-4 Family
Greensboro                                    NC                        27405          Single Family
Albuquerque                                   NM                        87108          2-4 Family
MARICOPA                                      AZ                        85239          PUD
OVIEDO                                        FL                        32765          PUD
CHICAGO                                       IL                        60631          Single Family
South Plainfield                              NJ                        07080          Single Family
MEMPHIS                                       TN                        38115          Condominium
LOS ANGELES                                   CA                        90059          Single Family
NORTH WEBSTER                                 IN                        46555          2-4 Family
INDIO                                         CA                        92201          PUD
HENDERSON                                     NV                        89044          PUD
SPRINGDALE                                    AR                        72764          2-4 Family
BROOKLYN                                      NY                        11207          2-4 Family
SPRINGFIELD                                   MA                        01119          Single Family
CLINTON                                       MD                        20735          Single Family
Hampton                                       GA                        30228          PUD
Wendell                                       NC                        27591          Single Family
CLINTON                                       MD                        20735          PUD
SAINT PETERSBURG                              FL                        33705          2-4 Family
JACKSONVILLE                                  FL                        32254          Single Family
Louisville                                    KY                        40241          Single Family
SUMMERVILLE                                   SC                        29483          PUD
Newburgh                                      IN                        47630          2-4 Family
SYRACUSE                                      NY                        13210          2-4 Family
SYRACUSE                                      NY                        13210          2-4 Family
TOPEKA                                        KS                        66605          Single Family
EVANSTON                                      IL                        60202          Single Family
SILVER SPRING                                 MD                        20904          Single Family
BRONX                                         NY                        10462          2-4 Family
PARKLAND                                      FL                        33076          PUD
Louisville                                    KY                        40299          Single Family
WOONSOCKET                                    RI                        02895          2-4 Family
Waxhaw                                        NC                        28173          PUD
AUBURN                                        WA                        98001          Single Family
CAMDEN                                        DE                        19934          Single Family
BELTSVILLE                                    MD                        20705          Condominium
CHICAGO                                       IL                        60651          2-4 Family
PHOENIXVILLE                                  PA                        19460          Single Family
MIAMI                                         FL                        33157          PUD
VALLEJO                                       CA                        94591          Single Family
SPRINGFIELD                                   IL                        62703          2-4 Family
LARGO                                         FL                        33773          PUD
PORT TOBACCO                                  MD                        20677          Single Family
HIALEAH                                       FL                        33010          Condominium
MORENO VALLEY                                 CA                        92553          2-4 Family
CHICAGO                                       IL                        60632          2-4 Family
Worcester                                     MA                        01603          Single Family
PEORIA                                        AZ                        85381          Single Family
DETROIT                                       MI                        48204          Single Family
COLUMBUS                                      OH                        43204          Single Family
BIRCHRUNVILLE                                 PA                        19421          Single Family
OAKTON                                        VA                        22124          PUD
Newark                                        NJ                        07104          2-4 Family
Atlanta                                       GA                        30317          Single Family
ROCHESTER                                     WA                        98579          2-4 Family
ROCHESTER                                     WA                        98579          2-4 Family
BROWNS VALLEY                                 CA                        95918          Single Family
QUEEN CREEK                                   AZ                        85242          PUD
DENVER                                        CO                        80218          PUD
MAGNOLIA                                      TX                        77354          PUD
HENDERSON                                     NV                        89011          PUD
MISSION                                       TX                        78572          PUD
Lawrenceville                                 GA                        30043          Single Family
Beverly                                       MA                        01915          Single Family
HOUSTON                                       TX                        77007          Single Family
PALM BAY                                      FL                        32908          Single Family
WASHINGTON                                    DC                        20024          Condominium
GARLAND                                       TX                        75040          Single Family
GARLAND                                       TX                        75040          Single Family
GARLAND                                       TX                        75040          Single Family
PORT SAINT LUCIE                              FL                        34953          Single Family
WYANDANCH                                     NY                        11798          Single Family
CERES                                         CA                        95307          Single Family
DESERT HILLS                                  AZ                        85086          Single Family
Nantucket                                     MA                        02554          Single Family
West Springfield                              MA                        01089          2-4 Family
PHILADELPHIA                                  PA                        19120          2-4 Family
LIVERPOOL                                     NY                        13090          Single Family
BOSTON                                        MA                        02122          2-4 Family
ORLANDO                                       FL                        32835          Condominium
PHOENIX                                       AZ                        85040          PUD
MARCO ISLAND                                  FL                        34145          Single Family
LAS VEGAS                                     NV                        89115          Single Family
TAMPA                                         FL                        33612          2-4 Family
THE DALLES                                    OR                        97058          Single Family
COLUMBUS                                      OH                        43213          Single Family
CHICAGO                                       IL                        60621          2-4 Family
BEND                                          OR                        97702          Single Family
CINCINNATI                                    OH                        45239          Condominium
JACKSONVILLE                                  FL                        32258          PUD
Visalia                                       CA                        93277          Single Family
NAPLES                                        FL                        34104          Condominium
SUN CITY                                      CA                        92586          Single Family
SUMMERVILLE                                   SC                        29483          Single Family
INDIANAPOLIS                                  IN                        46235          Single Family
DETROIT                                       MI                        48239          Single Family
COPIAGUE                                      NY                        11726          Single Family
STUART                                        FL                        34997          Single Family
LEBANON                                       OR                        97355          Single Family
ANTHEM                                        AZ                        85086          PUD
ROYAL PALM BEACH                              FL                        33411          Single Family
DUMFRIES                                      VA                        22026          PUD
CLEVELAND                                     OH                        44102          2-4 Family
CHICAGO                                       IL                        60639          Single Family
BRONX                                         NY                        10462          2-4 Family
GLENDALE                                      NY                        11385          2-4 Family
MORENO VALLEY                                 CA                        92553          Single Family
CHESTERFIELD                                  VA                        23838          Single Family
Newark                                        NJ                        07106          2-4 Family
SALEM                                         OR                        97301          Single Family
ANNAPOLIS                                     MD                        21403          Single Family
WAYNESBORO                                    VA                        22980          Single Family
Powder Springs                                GA                        30127          PUD
TEMPE                                         AZ                        85282          Single Family
QUEEN CREEK                                   AZ                        85242          PUD
TAMPA                                         FL                        33634          PUD
DELAND                                        FL                        32724          Single Family
WOODBRIDGE                                    VA                        22193          Single Family
FALLON                                        NV                        89406          Single Family
STREAMWOOD                                    IL                        60107          Single Family
MCLEAN                                        VA                        22102          Condominium
YORK                                          PA                        17404          Single Family
VISALIA                                       CA                        93291          2-4 Family
MIDVALE                                       UT                        84047          2-4 Family
ANDERSON                                      SC                        29625          Condominium
PROVIDENCE                                    RI                        02905          Single Family
HOLLYWOOD                                     FL                        33020          Condominium
BUCKEYE                                       AZ                        85326          PUD
Charlotte                                     NC                        28205          Single Family
EASTON                                        MD                        21601          Single Family
SARASOTA                                      FL                        34240          PUD
QUEEN CREEK                                   AZ                        85242          PUD
LITHIA                                        FL                        33547          PUD
FALLON                                        NV                        89406          Single Family
Louisville                                    KY                        40207          Single Family
PORTLAND                                      OR                        97266          Single Family
RIVIERA BEACH                                 FL                        33404          2-4 Family
CHICAGO                                       IL                        60621          2-4 Family
CHICAGO                                       IL                        60628          Single Family
COATESVILLE                                   PA                        19320          PUD
GREENFIELD                                    MN                        55373          PUD
KNOXVILLE                                     TN                        37917          Single Family
SEVERN                                        MD                        21144          Condominium
CITRUS HEIGHTS                                CA                        95610          Single Family
BOWIE                                         MD                        20720          Single Family
BRONX                                         NY                        10471          2-4 Family
QUEEN CREEK                                   AZ                        85242          PUD
BALTIMORE                                     MD                        21215          Single Family
JOHNSTON                                      RI                        02919          Single Family
PROVIDENCE                                    RI                        02908          Condominium
EDGEWATER                                     MD                        21037          Single Family
SILVER SPRING                                 MD                        20906          PUD
Provo                                         UT                        84604          PUD
LACEY                                         WA                        98503          2-4 Family
roxboro                                       NC                        27573          Single Family
COCKEYSVILLE                                  MD                        21030          Single Family
GERMANTOWN                                    TN                        38138          Single Family
NEILTON                                       WA                        98566          Single Family
COLUMBIA                                      SC                        29203          Single Family
HAZEL CREST                                   IL                        60429          Single Family
SIMPSONVILLE                                  SC                        29681          Single Family
MAYWOOD                                       IL                        60153          Single Family
LAKE WORTH                                    FL                        33462          Single Family
SIMPSONVILLE                                  SC                        29681          PUD
OGDEN                                         UT                        84401          2-4 Family
JACKSONVILLE                                  FL                        32209          Single Family
VERO BEACH                                    FL                        32966          Single Family
CASA GRANDE                                   AZ                        85222          Single Family
DANA POINT                                    CA                        92629          PUD
SILVER SPRING                                 MD                        20904          Condominium
LINDENHURST                                   NY                        11757          Single Family
TAYLOR                                        MI                        48180          Single Family
LOS ANGELES                                   CA                        90002          Single Family
MOUNT POCONO                                  PA                        18344          Single Family
WARWICK                                       RI                        02888          Single Family
METAMORA                                      IL                        61548          Single Family
MEMPHIS                                       TN                        38108          Single Family
FRISCO                                        TX                        75034          PUD
PHOENIX                                       AZ                        85050          PUD
SPARTANBURG                                   SC                        29301          2-4 Family
COLUMBUS                                      OH                        43230          Single Family
SPARTANBURG                                   SC                        29306          Single Family
TRAVELERS REST                                SC                        29690          Single Family
ALSTEAD                                       NH                        03602          Single Family
SPRING BRANCH                                 TX                        78070          Single Family
Plainfield                                    NJ                        07060          2-4 Family
BROOKLYN                                      NY                        11217          2-4 Family
PHOENIX                                       AZ                        85050          PUD
BROOKLYN                                      NY                        11219          2-4 Family
CHICAGO                                       IL                        60612          Condominium
SPRING BRANCH                                 TX                        78070          PUD
PHOENIX                                       AZ                        85050          PUD
PHOENIX                                       AZ                        85014          Condominium
DETROIT                                       MI                        48234          Single Family
BROOKLYN                                      NY                        11233          2-4 Family
WASHINGTON                                    DC                        20002          Single Family
COVINGTON                                     LA                        70435          Single Family
PUYALLUP                                      WA                        98375          Single Family
Apollo Beach                                  FL                        33572          PUD
MORENO VALLEY                                 CA                        92553          Single Family
TREASURE ISLAND                               FL                        33706          PUD
MERRITT ISLAND                                FL                        32953          PUD
STERLING                                      VA                        20164          PUD
BALTIMORE                                     MD                        21223          Single Family
Atlanta                                       GA                        30310          Single Family
DERWOOD                                       MD                        20855          Single Family
COOPER CITY                                   FL                        33328          Single Family
MIDLOTHIAN                                    VA                        23112          Single Family
WALTON                                        KY                        41094          Single Family
WEST PALM BEACH                               FL                        33411          PUD
JOLIET                                        IL                        60435          Single Family
SPARTANBURG                                   SC                        29301          Single Family
GAINESVILLE                                   FL                        32601          Single Family
BATON ROUGE                                   LA                        70820          PUD
GREENVILLE                                    SC                        29611          Single Family
PHILADELPHIA                                  PA                        19144          Single Family
CHARDON                                       OH                        44024          Single Family
MESA                                          AZ                        85204          PUD
Billings                                      MT                        59102          Single Family
CINCINNATI                                    OH                        45207          Single Family
GIBSONTON                                     FL                        33534          PUD
MOBILE                                        AL                        36605          Single Family
WEST PALM BEACH                               FL                        33407          PUD
Fall River                                    MA                        02724          2-4 Family
TUCSON                                        AZ                        85706          PUD
RICHMOND                                      VA                        23222          Single Family
JACKSON                                       TN                        38301          Single Family
HEFLIN                                        AL                        36264          Single Family
PHOENIX                                       AZ                        85009          2-4 Family
PANAMA CITY BEACH                             FL                        32408          Single Family
Charlotte                                     NC                        28278          Single Family
SPRINGFIELD                                   VA                        22151          Single Family
AMITYVILLE                                    NY                        11701          Single Family
DETROIT                                       MI                        48204          Single Family
BELLINGHAM                                    WA                        98229          PUD
ORLANDO                                       FL                        32825          Condominium
SARASOTA                                      FL                        34235          Single Family
COLUMBIA                                      SC                        29209          PUD
WASHINGTON                                    DC                        20011          Single Family
TRENTON                                       NJ                        08610          Single Family
RAYTOWN                                       MO                        64133          Single Family
SYRACUSE                                      NY                        13210          2-4 Family
CHANTILLY                                     VA                        20152          PUD
SAN CLEMENTE                                  CA                        92672          2-4 Family
PONTIAC                                       MI                        48342          Single Family
WESTFIELD                                     NC                        27053          Single Family
DETROIT                                       MI                        48238          2-4 Family
BELTON                                        SC                        29627          Single Family
DETROIT                                       MI                        48224          Single Family
DETROIT                                       MI                        48224          Single Family
KANSAS CITY                                   MO                        64132          Single Family
HOUSTON                                       TX                        77078          Single Family
SUPERIOR                                      AZ                        85273          Single Family
LISLE                                         IL                        60532          Single Family
REDFORD                                       MI                        48239          Single Family
Noblesville                                   IN                        46060          PUD
Noblesville                                   IN                        46060          PUD
Woodstock                                     GA                        30188          PUD
SALT LAKE CITY                                UT                        84118          Single Family
MEMPHIS                                       TN                        38106          2-4 Family
KANSAS CITY                                   MO                        64130          Single Family
Rio Rancho                                    NM                        87124          Condominium
SCOTTSDALE                                    AZ                        85257          Single Family
HORN LAKE                                     MS                        38637          PUD
Winston Salem                                 NC                        27105          Single Family
BALTIMORE                                     MD                        21216          Single Family
COVINGTON                                     KY                        41011          Single Family
BATON ROUGE                                   LA                        70811          2-4 Family
PALM BEACH GARDENS                            FL                        33410          Single Family
CANTON                                        OH                        44714          Single Family
BATON ROUGE                                   LA                        70811          2-4 Family
OCALA                                         FL                        34482          2-4 Family
PORTLAND                                      OR                        97209          Condominium
KANSAS CITY                                   MO                        64130          Single Family
KANSAS CITY                                   MO                        64132          Single Family
WINSTON SALEM                                 NC                        27107          Single Family
RAYTOWN                                       MO                        64133          Single Family
SAN BERNARDINO                                CA                        92410          Single Family
Charlotte                                     NC                        28211          Single Family
DALLAS                                        TX                        75227          Single Family
Winston Salem                                 NC                        27127          Single Family
MEMPHIS                                       TN                        38106          Single Family
Winston Salem                                 NC                        27104          Condominium
Winston Salem                                 NC                        27104          Condominium
GALVESTON                                     TX                        77550          2-4 Family
MEMPHIS                                       TN                        38111          Single Family
MEMPHIS                                       TN                        38107          Single Family
FALLS CHURCH                                  VA                        22041          PUD
RICHMOND                                      VA                        23222          2-4 Family
SOUND BEACH                                   NY                        11789          Single Family
AUGUSTA                                       GA                        30904          Single Family
Trenton                                       NJ                        08611          Single Family
TRENTON                                       NJ                        08610          Single Family
KANNAPOLIS                                    NC                        28083          Single Family
TRENTON                                       NJ                        08611          Single Family
OCOEE                                         FL                        34761          PUD
Concord                                       NC                        28025          Single Family
Pompton Plains                                NJ                        07444          Single Family
KNOXVILLE                                     TN                        37920          Single Family
COLUMBIA                                      SC                        29203          2-4 Family
SAN LEANDRO                                   CA                        94577          Single Family
TEMPE                                         AZ                        85282          Condominium
ROCHESTER HILLS                               MI                        48307          Single Family
Bradenton Beach                               FL                        34217          Condominium
OAKLAND                                       CA                        94621          Single Family
ROSELLE                                       IL                        60172          PUD
FLAT ROCK                                     MI                        48134          Single Family
MADRAS                                        OR                        97741          PUD
KANSAS CITY                                   KS                        66102          Single Family
MADRAS                                        OR                        97741          PUD
ELK GROVE                                     CA                        95624          Single Family
DETROIT                                       MI                        48219          Single Family
PORTSMOUTH                                    NH                        03801          Condominium
HIALEAH                                       FL                        33015          Condominium
MOLINE                                        IL                        61265          Single Family
MANCHESTER                                    NH                        03102          Condominium
ARVERNE                                       NY                        11692          2-4 Family
WOBURN                                        MA                        01801          Condominium
PHOENIX                                       AZ                        85023          PUD
LAS VEGAS                                     NV                        89123          PUD
OCEANSIDE                                     CA                        92056          Condominium
SPRING                                        TX                        77379          PUD
PHOENIX                                       AZ                        85014          Single Family
LAREDO                                        TX                        78041          Single Family
ROCKVALE                                      TN                        37153          PUD
NORTH BELLMORE                                NY                        11710          Single Family
Los Angeles                                   CA                        90041          2-4 Family
SPARTANBURG                                   SC                        29301          Single Family
Acworth                                       GA                        30101          PUD
COLUMBUS                                      OH                        43205          Single Family
LAS VEGAS                                     NV                        89149          PUD
COACHELLA                                     CA                        92236          Single Family
Lumberton                                     NC                        28358          Single Family
BILLINGS                                      MT                        59102          2-4 Family
SCHENECTADY                                   NY                        12303          2-4 Family
BILOXI                                        MS                        39532          2-4 Family
GULFPORT                                      MS                        39501          2-4 Family
SPARTANBURG                                   SC                        29303          Single Family
BALTIMORE                                     MD                        21229          Single Family
SPARTANBURG                                   SC                        29302          Single Family
WALDORF                                       MD                        20603          PUD
ROUND LAKE                                    IL                        60073          Single Family
Decatur                                       GA                        30032          Single Family
DES PLAINES                                   IL                        60016          Condominium
CHICAGO                                       IL                        60707          Single Family
PIEDMONT                                      SC                        29673          Single Family
PORTLAND                                      OR                        97218          Single Family
SAN ANTONIO                                   TX                        78214          2-4 Family
SAN ANTONIO                                   TX                        78220          Single Family
SAN ANTONIO                                   TX                        78239          Single Family
CRANSTON                                      RI                        02920          2-4 Family
HOUSTON                                       TX                        77004          2-4 Family
QUEEN CREEK                                   AZ                        85242          PUD
DAYTON                                        OH                        45406          Single Family
Atlanta                                       GA                        30315          Single Family
EASTPOINTE                                    MI                        48021          Single Family
LITTLE ROCK                                   AR                        72223          Single Family
MILFORD                                       CT                        06460          Condominium
SURPRISE                                      AZ                        85388          PUD
ROEBUCK                                       SC                        29376          Single Family
SEVIERVILLE                                   TN                        37876          Single Family
NEW HAVEN                                     CT                        06511          2-4 Family
GATLINBURG                                    TN                        37738          Single Family
WASHINGTON                                    DC                        20011          2-4 Family
SOUTHFIELD                                    MI                        48075          Single Family
LINCOLNWOOD                                   IL                        60712          2-4 Family
COLUMBUS                                      OH                        43211          Single Family
DOVER                                         NH                        03820          Condominium
Buckeye                                       AZ                        85326          PUD
QUEEN CREEK                                   AZ                        85243          Single Family
MESA                                          AZ                        85203          Single Family
Everett                                       MA                        02149          2-4 Family
PROVIDENCE                                    UT                        84332          Single Family
Atlanta                                       GA                        30314          Single Family
Chickamauga                                   GA                        30707          Single Family
JACKSONVILLE                                  FL                        32210          2-4 Family
North Bethesda                                MD                        20852          PUD
BRENTWOOD                                     NY                        11717          Single Family
Glendale                                      CA                        91201          Single Family
PEMBROKE                                      NH                        03275          Single Family
PHOENIX                                       AZ                        85008          Single Family
TAMPA                                         FL                        33624          Single Family
MIAMI BEACH                                   FL                        33139          Condominium
JERSEY CITY                                   NJ                        07307          2-4 Family
SIOUX FALLS                                   SD                        57104          2-4 Family
MARICOPA                                      AZ                        85239          PUD
AURORA                                        MN                        55705          Single Family
Corrales                                      NM                        87048          Single Family
BOLINGBROOK                                   IL                        60440          Single Family
SPARTANBURG                                   SC                        29306          Single Family
NEW YORK                                      NY                        10030          2-4 Family
DOUGLASSVILLE                                 PA                        19548          Single Family
Albuquerque                                   NM                        87123          Single Family
HILTON HEAD ISLAND                            SC                        29928          Condominium
ASTORIA                                       NY                        11102          2-4 Family
WHEATON                                       IL                        60187          Condominium
PLATTSBURG                                    MO                        64477          Single Family
FORT ATKINSON                                 WI                        53538          2-4 Family
MIDDLETOWN                                    MD                        21769          Single Family
BROOKLYN                                      NY                        11206          2-4 Family
LAS VEGAS                                     NV                        89120          Single Family
FORT LAUDERDALE                               FL                        33319          Single Family
FALLS CHURCH                                  VA                        22041          PUD
OXNARD                                        CA                        93033          Single Family
DETROIT                                       MI                        48219          Single Family
CHESTER                                       VA                        23831          Single Family
NORFOLK                                       VA                        23509          Single Family
SANDPOINT                                     ID                        83864          Single Family
PARADISE                                      CA                        95969          Single Family
CAPE CORAL                                    FL                        33909          Single Family
SEDONA                                        AZ                        86336          Single Family
PAWLEYS ISLAND                                SC                        29585          Single Family
COUNTRY CLUB HILLS                            IL                        60478          Single Family
Passaic                                       NJ                        07055          2-4 Family
Franklin                                      MA                        02038          2-4 Family
SAN ANTONIO                                   TX                        78218          PUD
BRIDGEPORT                                    CT                        06610          2-4 Family
SANDY                                         UT                        84093          Single Family
SURPRISE                                      AZ                        85388          PUD
CHICAGO                                       IL                        60649          Single Family
LAKE FOREST                                   IL                        60045          Single Family
FARMINGVILLE                                  NY                        11738          Single Family
PALM BAY                                      FL                        32907          Single Family
BIRMINGHAM                                    AL                        35218          Single Family
WALDORF                                       MD                        20602          PUD
West New York                                 NJ                        07093          2-4 Family
PHOENIX                                       AZ                        85022          Single Family
DETROIT                                       MI                        48227          2-4 Family
CONWAY                                        SC                        29526          Condominium
HUNTLEY                                       IL                        60142          Single Family
INDIO                                         CA                        92201          Single Family
WESTWOOD                                      MA                        02090          Single Family
TEHACHAI                                      CA                        93561          2-4 Family
CLEVELAND                                     OH                        44128          Single Family
BAKERSFIELD                                   CA                        93305          Single Family
SWANSEA                                       IL                        62226          2-4 Family
SCOTTSDALE                                    AZ                        85259          Single Family
BUCKEYE                                       AZ                        85326          PUD
WILLOWBROOK                                   IL                        60527          Condominium
KANSAS CITY                                   MO                        64124          Single Family
MARICOPA                                      AZ                        85239          PUD
FOREST GROVE                                  OR                        97116          PUD
MARICOPA                                      AZ                        85239          PUD
RIDGELY                                       MD                        21660          Single Family
CEDAR POINT                                   NC                        28584          Condominium
FREDERICKSBURG                                VA                        22407          PUD
BALTIMORE                                     MD                        21206          Single Family
LAS VEGAS                                     NV                        89146          Single Family
PEORIA                                        AZ                        85381          Single Family
Ahoskie                                       NC                        27910          Single Family
JACKSONVILLE                                  FL                        32246          PUD
Evansville                                    IN                        47713          2-4 Family
BRYANS ROAD                                   MD                        20616          PUD
WALDORF                                       MD                        20602          PUD
JACKSONVILLE                                  FL                        32246          PUD
MEMPHIS                                       TN                        38114          Single Family
LORTON                                        VA                        22079          PUD
SALISBURY                                     NC                        28144          2-4 Family
SAINT LOUIS                                   MO                        63115          Single Family
Trenton                                       NJ                        08611          Single Family
REDMOND                                       OR                        97756          Single Family
MEMPHIS                                       TN                        38108          Single Family
TOLEDO                                        OH                        43607          Single Family
TAMPA                                         FL                        33634          Single Family
SAINT LOUIS                                   MO                        63120          Single Family
PROVIDENCE                                    RI                        02909          Single Family
RICHMOND                                      VA                        23221          Single Family
ISLE OF PALMS                                 SC                        29451          Condominium
CENTEREACH                                    NY                        11720          Single Family
SAINT LOUIS                                   MO                        63136          Single Family
LANCASTER                                     PA                        17602          2-4 Family
NORTH LAS VEGAS                               NV                        89084          PUD
Woodstock                                     GA                        30188          PUD
LONG BEACH                                    CA                        90805          Condominium
EVANSTON                                      IL                        60201          Single Family
PEYTON                                        CO                        80831          Single Family
Marietta                                      GA                        30060          Single Family
EVANSTON                                      IL                        60201          Single Family
INDIANAPOLIS                                  IN                        46241          Single Family
Sunbury                                       NC                        27979          Single Family
Rome                                          GA                        30161          2-4 Family
ORLANDO                                       FL                        32822          Single Family
EVANSTON                                      IL                        60201          Single Family
AMSTERDAM                                     NY                        12010          2-4 Family
MIAMI                                         FL                        33177          Single Family
EL PASO                                       TX                        79911          Single Family
FALLS CHURCH                                  VA                        22041          PUD
TYLER                                         TX                        75707          Single Family
LADYS ISLAND                                  SC                        29907          Single Family
JAMAICA                                       NY                        11435          Single Family
CHICAGO                                       IL                        60619          Single Family
Fort Wayne                                    IN                        46806          Single Family
BALTIMORE                                     MD                        21206          Single Family
PALM COAST                                    FL                        32137          PUD
Hillsborough                                  NJ                        08844          Single Family
ALEXANDRIA                                    VA                        22309          Condominium
CRYSTAL SPRINGS                               MS                        39059          Single Family
PHOENIX                                       AZ                        85033          Single Family
VIRGINIA BEACH                                VA                        23451          Condominium
PORT JEFFERSON STATION                        NY                        11776          Single Family
DAYTON                                        OH                        45405          2-4 Family
BAYONNE                                       NJ                        07002          Single Family
WELLINGTON                                    FL                        33467          PUD
AKRON                                         OH                        44320          Single Family
MARYVILLE                                     TN                        37804          Single Family
WARRENTON                                     OR                        97146          Single Family
OGDEN                                         UT                        84401          2-4 Family
EL PASO                                       TX                        79932          Single Family
SOUTH PADRE ISLAND                            TX                        78597          Condominium
FARMINGTON                                    MN                        55024          Condominium
FARMINGTON                                    MN                        55024          Condominium
GRANDVILLE                                    MO                        64030          2-4 Family
BAY SHORE                                     NY                        11706          Single Family
BURNSVILLE                                    MN                        55337          Single Family
Evansville                                    IN                        47710          Single Family
KIRKLAND                                      WA                        98034          PUD
DUNELLEN                                      NJ                        08812          Single Family
HOLLYWOOD                                     FL                        33020          2-4 Family
Tigard                                        OR                        97224          Single Family
PORT SAINT LUCIE                              FL                        34984          Single Family
PALISADES                                     NY                        10964          Single Family
MERCED                                        CA                        95340          Single Family
SAINT ALBANS                                  NY                        11412          Single Family
DAYTON                                        OH                        45406          Single Family
EL MONTE                                      CA                        91732          Single Family
SIDNEY                                        OH                        45365          Single Family
JACKSONVILLE                                  FL                        32254          Single Family
BRIDGEPORT                                    CT                        06604          2-4 Family
LAWRENCEVILLE                                 GA                        30043          PUD
WATERFORD                                     CT                        06385          Single Family
MONROE                                        LA                        71203          Single Family
Atlantic Beach                                NC                        28512          Condominium
Kalamazoo                                     MI                        49009          Single Family
WINCHESTER                                    VA                        22602          PUD
SPOKANE                                       WA                        99218          Single Family
West Sacramento                               CA                        95605          Single Family
FORT WORTH                                    TX                        76135          PUD
SUNRISE                                       FL                        33322          Single Family
MARYSVILLE                                    CA                        95901          Single Family
CONCORD                                       CA                        94520          Single Family
SIOUX FALLS                                   SD                        57104          2-4 Family
COLUMBUS                                      OH                        43202          Single Family
NEWBERG                                       OR                        97132          Single Family
BELLEROSE                                     NY                        11426          Single Family
Paterson                                      NJ                        07504          2-4 Family
LEWES                                         DE                        19958          PUD
Boston                                        MA                        02127          Condominium
BOOTHWYN                                      PA                        19061          Single Family
TUCSON                                        AZ                        85706          Single Family
CHICAGO                                       IL                        60609          2-4 Family
CHARLOTTE                                     NC                        28216          PUD
WHEATON                                       IL                        60187          Single Family
FORT MYERS                                    FL                        33908          PUD
TINLEY PARK                                   IL                        60477          Condominium
GRANTS PASS                                   OR                        97526          Single Family
RIGBY                                         ID                        83442          Single Family
STREAMWOOD                                    IL                        60107          Single Family
MILTON                                        NH                        03851          Single Family
Toms River                                    NJ                        08757          Single Family
SAINT GEORGE                                  UT                        84790          Single Family
PATASKALA                                     OH                        43062          Single Family
LOVELAND                                      CO                        80538          Single Family
Boston                                        MA                        02121          2-4 Family
VIRGINIA BEACH                                VA                        23454          Single Family
APPLE VALLEY                                  CA                        92307          Single Family
BOYNTON BEACH                                 FL                        33436          Single Family
PONTIAC                                       MI                        48341          Single Family
CHICAGO                                       IL                        60651          Single Family
NEWBURGH                                      NY                        12550          2-4 Family
Mcdonough                                     GA                        30253          Single Family
Boston                                        MA                        02118          2-4 Family
CONWAY                                        SC                        29526          Condominium
Durham                                        NC                        27703          Single Family
FORT MYERS                                    FL                        33905          Single Family
DETROIT                                       MI                        48205          Single Family
SURPRISE                                      AZ                        85379          PUD
LEES SUMMIT                                   MO                        64064          PUD
AVONDALE                                      AZ                        85323          PUD
LITHIA                                        FL                        33547          PUD
SURPRISE                                      AZ                        85388          PUD
FAIRVIEW                                      OR                        97024          Single Family
SHOW LOW                                      AZ                        85901          PUD
Charlotte                                     NC                        28213          PUD
OKLAHOMA CITY                                 OK                        73127          Single Family
CLEVELAND                                     OH                        44102          2-4 Family
ALAMEDA                                       CA                        94501          Single Family
ORMOND BEACH                                  FL                        32174          Single Family
EWING                                         NJ                        08618          Single Family
SAN ANTONIO                                   TX                        78209          Condominium
FORT PIERCE                                   FL                        34950          Single Family
RICHMOND                                      VA                        23234          Single Family
DAYTON                                        OH                        45406          Single Family
INDEPENDENCE                                  MO                        64055          Single Family
LARGO                                         FL                        33773          PUD
SURPRISE                                      AZ                        85388          PUD
HANFORD                                       CA                        93230          Single Family
BRONX                                         NY                        10460          2-4 Family
BRANSON                                       MO                        65616          Single Family
ASHBURN                                       VA                        20147          PUD
Belmont                                       MA                        02478          2-4 Family
LYNCHBURG                                     VA                        24501          2-4 Family
LYNCHBURG                                     VA                        24501          2-4 Family
DAYTON                                        OH                        45406          Single Family
HARLINGEN                                     TX                        78552          Single Family
LAWSON                                        MO                        64062          Single Family
EAST DURHAM                                   NY                        12423          2-4 Family
STOCKTON                                      CA                        95206          Single Family
ODENTON                                       MD                        21113          Single Family
WOODSIDE                                      NY                        11377          Single Family
CANTON                                        OH                        44718          Single Family
SAINT LOUIS                                   MO                        63118          2-4 Family
Camden                                        NJ                        08103          2-4 Family
COLUMBUS                                      OH                        43220          Single Family
NORTH MIAMI                                   FL                        33161          Condominium
VIRGINIA BEACH                                VA                        23452          Single Family
KANSAS CITY                                   MO                        64134          Single Family
AKRON                                         OH                        44301          Single Family
SAINT LOUIS                                   MO                        63118          2-4 Family
Belton                                        SC                        29627          Single Family
TOPEKA                                        KS                        66604          2-4 Family
GREENVILLE                                    SC                        29615          Single Family
VIENNA                                        VA                        22182          Single Family
OZONE PARK                                    NY                        11417          Single Family
AURORA                                        CO                        80010          Single Family
GOODLETTSVILLE                                TN                        37072          Single Family
CHICAGO                                       IL                        60636          2-4 Family
APPLE VALLEY                                  CA                        92307          Single Family
Irvington                                     NJ                        07111          2-4 Family
MURRIETA                                      CA                        92562          Single Family
HENDERSON                                     NV                        89074          Single Family
ZEPHYRHILLS                                   FL                        33543          PUD
MERIDEN                                       CT                        06451          2-4 Family
PHILADELPHIA                                  PA                        19104          Single Family
SANTA ROSA                                    CA                        95401          Single Family
PROVIDENCE                                    RI                        02907          2-4 Family
WASHINGTON                                    DC                        20011          2-4 Family
GLENDALE                                      AZ                        85302          Single Family
UPPER MARLBORO                                MD                        20772          Single Family
RESTON                                        VA                        20190          Condominium
East Boston                                   MA                        02128          2-4 Family
CHICAGO                                       IL                        60613          Condominium
AURORA                                        IL                        60505          Single Family
PHOENIX                                       AZ                        85016          PUD
Cottonwood                                    CA                        96022          Single Family
HOMESTEAD                                     FL                        33032          Single Family
KANSAS CITY                                   MO                        64127          Single Family
HILLSBORO                                     MO                        63050          PUD
LAKE OSWEGO                                   OR                        97035          PUD
NEW LONDON                                    CT                        06320          Condominium
GRANTS PASS                                   OR                        97527          Single Family
WARREN                                        RI                        02885          2-4 Family
AIKEN                                         SC                        29805          Single Family
BUFFALO                                       MO                        65622          Single Family
CLERMONT                                      FL                        34711          PUD
Louisville                                    KY                        40204          Single Family
NEWPORT NEWS                                  VA                        23602          Single Family
LOS ANGELES                                   CA                        90066          Single Family
MIAMI                                         FL                        33176          Single Family
HOFFMAN ESTATES                               IL                        60194          Single Family
NAMPA                                         ID                        83687          PUD
POWDER SPRINGS                                GA                        30127          Single Family
Alpharetta                                    GA                        30004          Single Family
DETROIT                                       MI                        48228          Single Family
JACKSONVILLE BEACH                            FL                        32250          Single Family
ANGOLA                                        NY                        14006          Single Family
BOILING SPRINGS                               SC                        29316          Single Family
Apopka                                        FL                        32703          Single Family
BRONX                                         NY                        10455          2-4 Family
SPOKANE                                       WA                        99202          Single Family
ORLANDO                                       FL                        32829          Single Family
BROOKLYN                                      NY                        11224          2-4 Family
TYLER                                         TX                        75703          Single Family
PHILADELPHIA                                  PA                        19104          Single Family
Alpharetta                                    GA                        30005          PUD
TOPEKA                                        KS                        66605          Single Family
CHICAGO                                       IL                        60626          Condominium
TOPEKA                                        KS                        66605          Single Family
TOPEKA                                        KS                        66605          Single Family
E FALLOWFIELD                                 PA                        19320          PUD
MESA                                          AZ                        85213          PUD
GREENVILLE                                    SC                        29609          Single Family
RENTON                                        WA                        98059          Single Family
LANSING                                       MI                        48910          Single Family
EL PASO                                       TX                        79912          Single Family
Raleigh                                       NC                        27606          2-4 Family
BIRMINGHAM                                    AL                        35217          Single Family
BARTOW                                        FL                        33830          Single Family
OKLAHOMA CITY                                 OK                        73141          Single Family
CHICAGO                                       IL                        60612          Single Family
ORMOND BEACH                                  FL                        32174          Single Family
DETROIT                                       MI                        48213          Single Family
HOLLYWOOD                                     FL                        33020          Single Family
NORTH CHARLESTON                              SC                        29418          PUD
VANCOUVER                                     WA                        98662          Single Family
AVONDALE                                      AZ                        85323          PUD
JACKSONVILLE                                  FL                        32210          Single Family
SEGUIN                                        TX                        78155          Single Family
SOUTHFIELD                                    MI                        48075          Single Family
KENT                                          WA                        98031          PUD
ROWESVILLE                                    SC                        29133          Single Family
MASPETH                                       NY                        11378          2-4 Family
Mutttontown                                   NY                        11791          Single Family
GLEN OAKS                                     NY                        11004          Single Family
DARLINGTON                                    MD                        21034          Single Family
NORTH HOLLYWOOD                               CA                        91606          Single Family
NEW DURHAM                                    NH                        03855          Single Family
RANCHO PALOS VERDES                           CA                        90275          Single Family
SAN ANTONIO                                   TX                        78218          Single Family
PORT SAINT LUCIE                              FL                        34953          Single Family
COLUMBUS                                      OH                        43224          Single Family
KANSAS CITY                                   KS                        66102          2-4 Family
NORTH CHARLESTON                              SC                        29406          PUD
FOUNTAIN                                      CO                        80817          2-4 Family
BALTIMORE                                     MD                        21230          Single Family
LAWRENCEVILLE                                 GA                        30044          Single Family
HOMESTEAD                                     FL                        33033          Single Family
LA VERGNE                                     TN                        37086          Single Family
NORTH LAS VEGAS                               NV                        89086          PUD
WASHINGTON                                    DC                        20019          Single Family
ATLANTA                                       GA                        30315          Single Family
Cumming                                       GA                        30040          PUD
HILLSBORO                                     MO                        63050          Single Family
JACKSONVILLE                                  FL                        32207          Single Family
Wilmington                                    NC                        28409          PUD
Las Cruces                                    NM                        88001          2-4 Family
VISALIA                                       CA                        93292          2-4 Family
SCAPPOOSE                                     OR                        97056          Single Family
SALEM                                         OR                        97305          Single Family
Santa Maria                                   CA                        93458          Single Family
JACKSONVILLE                                  FL                        32209          Single Family
OZARK                                         MO                        65721          Single Family
CHICAGO                                       IL                        60622          2-4 Family
SCOTTSDALE                                    AZ                        85259          Single Family
HOUSTON                                       TX                        77078          Single Family
ELMHURST                                      NY                        11373          2-4 Family
WASHINGTON                                    DC                        20010          Single Family
CHICAGO                                       IL                        60620          2-4 Family
CALDWELL                                      ID                        83605          Single Family
Powder Springs                                GA                        30127          PUD
PHOENIX                                       AZ                        85020          Condominium
GLENDALE                                      AZ                        85302          Single Family
MODESTO                                       CA                        95355          Single Family
LAS VEGAS                                     NV                        89110          PUD
WALDORF                                       MD                        20601          Single Family
LISLE                                         IL                        60532          Condominium
SALEM                                         OR                        97306          Single Family
SPARTANBURG                                   SC                        29303          2-4 Family
SPOKANE                                       WA                        99207          Single Family
RIDGE                                         NY                        11961          Single Family
PHOENIX                                       AZ                        85029          Single Family
WAKE FOREST                                   NC                        27587          PUD
KANSAS CITY                                   KS                        66102          2-4 Family
REDMOND                                       OR                        97756          Single Family
MINNEAPOLIS                                   MN                        55407          Single Family
SPRING CITY                                   PA                        19475          2-4 Family
PINE BLUFFS                                   WY                        82082          Single Family
WASHINGTON                                    DC                        20001          Single Family
MARICOPA                                      AZ                        85239          Single Family
GIBSONTON                                     FL                        33534          PUD
CHEYENNE                                      WY                        82001          Single Family
ANNAPOLIS                                     MD                        21401          Single Family
SEAFORD                                       VA                        23696          PUD
ESSEX                                         VT                        05452          Condominium
DES MOINES                                    WA                        98198          Single Family
KANSAS CITY                                   KS                        66102          2-4 Family
Scottsdale                                    AZ                        85254          Condominium
MARYSVILLE                                    CA                        95901          Single Family
FORT LAUDERDALE                               FL                        33310          2-4 Family
LIBERTY LAKE                                  WA                        99019          Single Family
Raleigh                                       NC                        27603          Single Family
SILVER SPRING                                 MD                        20902          Single Family
MIRA LOMA                                     CA                        91752          Single Family
KATONAH                                       NY                        10536          Single Family
Cary                                          NC                        27513          PUD
EVERETT                                       WA                        98208          Single Family
PROVIDENCE                                    RI                        02909          2-4 Family
WOODBRIDGE                                    VA                        22191          PUD
CAPE CORAL                                    FL                        33991          Single Family
Atlanta                                       GA                        30314          Single Family
RENO                                          NV                        89511          Single Family
RANDALLSTOWN                                  MD                        21133          Townhouse
PERINTON                                      NY                        14450          2-4 Family
FRAMINGHAM                                    MA                        01701          Single Family
Vienna                                        VA                        22181          Condominium
Phippsburg                                    ME                        04562          2-4 Family
Detroit                                       MI                        48228          Single Family
Detroit                                       MI                        48205          Single Family
Washington                                    DC                        20015          Single Family
Fort Washington                               MD                        20744          Single Family
Clermont                                      FL                        34711          PUD
Manassas                                      VA                        20110          Single Family
Fort Washington                               MD                        20744          Single Family
Sterling                                      VA                        20164          PUD
Washington                                    DC                        20008          Hi-Rise Condo
Suisun City                                   CA                        94585          Single Family
Manassas                                      VA                        20109          Single Family
Woodbridge                                    VA                        22191          Single Family
Centreville                                   VA                        20120          PUD
Fairfax                                       VA                        22032          Single Family
Culpeper                                      VA                        22701          PUD
Fredericksburg                                VA                        22407          Townhouse
Hamilton                                      VA                        20158          PUD
Fredericksburg                                VA                        22407          Single Family
Cooksville                                    MD                        21723          Single Family
Manassas                                      VA                        20110          PUD
Manassas                                      VA                        20111          Single Family
Winston Salem                                 NC                        27127          PUD
Temple Hills                                  MD                        20748          Single Family
Germantown                                    MD                        20876          Condominium
Manassas                                      VA                        20111          Single Family
Richmond                                      VA                        23224          Single Family
Alexandria                                    VA                        22304          Condominium
Clinton                                       MD                        20735          Single Family
Upper Marlboro                                MD                        20774          PUD
Gaithersburg                                  MD                        20882          Single Family
Arlington                                     VA                        22204          Single Family
Beltsville                                    MD                        20705          Condominium
Manassas                                      VA                        20111          PUD
Woodbridge                                    VA                        22192          Single Family
Capitol Heights                               MD                        20743          Single Family
Culpeper                                      VA                        22701          Single Family
Alexandria                                    VA                        22304          Condominium
Woodbridge                                    VA                        22191          Single Family
Manassas                                      VA                        20109          Single Family
Takoma Park                                   MD                        20912          Single Family
Woodbridge                                    VA                        22193          PUD
Leesburg                                      VA                        20176          PUD
Aldie                                         VA                        20105          PUD
TAMARAC                                       FL                        33319          PUD
Reston                                        VA                        20191          Condominium
Manassas                                      VA                        20110          Townhouse
Woodbridge                                    VA                        22193          Single Family
Falls Church                                  VA                        22042          Single Family
Baltimore                                     MD                        21215          Single Family
PORT REPUBLIC                                 MD                        20676          Single Family
STREAMWOOD                                    IL                        60107          Single Family
LOUISVILLE                                    KY                        40228          Single Family
BALTIMORE                                     MD                        21215          2-4 Family
Fargo                                         ND                        58103          Single Family
BEALETON                                      VA                        22712          PUD
COLUMBIA                                      PA                        17512          Townhouse
DOVER                                         DE                        19904          Single Family
BALTIMORE                                     MD                        21213          Single Family
CARENCRO                                      LA                        70520          Single Family
BALTIMORE                                     MD                        21218          Townhouse
BALTIMORE                                     MD                        21213          Single Family
BALTIMORE                                     MD                        21205          Single Family
WALDORF                                       MD                        20602          Single Family
ARLINGTON                                     MD                        21215          Townhouse
Pasadena                                      MD                        21122          Single Family
ARLINGTON                                     MD                        21215          Single Family
BALTIMORE                                     MD                        21213          Single Family
ARLINGTON                                     MD                        21215          2-4 Family
DAVIDSONVILLE                                 MD                        21035          Single Family
NEW CASTLE                                    PA                        16101          2-4 Family
YORK                                          PA                        17404          2-4 Family
VIRGINIA BEACH                                VA                        23462          Single Family
RICHMOND                                      VA                        23231          PUD
CUMBERLAND                                    MD                        21502          2-4 Family
POTTSTOWN                                     PA                        19464          2-4 Family
POTTSTOWN                                     PA                        19464          2-4 Family
BALTIMORE                                     MD                        21230          Single Family
Baltimore                                     MD                        21230          Townhouse
SOUDERTON                                     PA                        18964          2-4 Family
Grant                                         MI                        49327          Single Family
MIAMI                                         FL                        33141          2-4 Family
ELMA                                          WA                        98541          PUD
TAMPA                                         FL                        33612          2-4 Family
Romulus                                       MI                        47174          Single Family
Lakeland                                      FL                        33809          PUD
West Palm Beach                               FL                        33406          2-4 Family
UPPER MARLBORO                                MD                        20774          Single Family
Albertson                                     NY                        11507          2-4 Family
Brooklyn                                      NY                        11206          2-4 Family
Wyandanch                                     NY                        11798          Single Family
ALTURA                                        MN                        55910          Single Family
Alexandria                                    VA                        22307          Single Family
APACHE JUNCTION                               AZ                        85220          Condominium
MOUNT LAUREL TOWNSHIP                         NJ                        08054          2-4 Family
IRVINGTON TOWNSHIP                            NJ                        07111          2-4 Family
NEW BRUNSWICK                                 NJ                        08901          2-4 Family
PATERSON                                      NJ                        07501          2-4 Family
BAYONNE                                       NJ                        07002          2-4 Family
Trenton                                       NJ                        08611          Single Family
WOODBRIDGE                                    NJ                        08832          2-4 Family
MT OLIVE TOWNSHIP                             NJ                        07828          Single Family
TRENTON                                       NJ                        08611          2-4 Family
JERSEY CITY                                   NJ                        07305          2-4 Family
NORTH BERGEN TWP                              NJ                        07047          2-4 Family
PASSAIC                                       NJ                        07055          2-4 Family
EAST ORANGE                                   NJ                        07108          2-4 Family
EAST ORANGE                                   NJ                        07018          2-4 Family
JERSEY CITY                                   NJ                        07307          2-4 Family
MENDHAM TOWNSHIP                              NJ                        07945          Single Family
Miami                                         FL                        33032          Single Family
Hialeah                                       FL                        33015          Condominium
Hillsborough                                  NJ                        08844          PUD
Maurice River Township                        NJ                        08327          Single Family
Elizabeth                                     NJ                        07202          2-4 Family
Newark                                        NJ                        07108          2-4 Family
Fitchburg                                     MA                        01420          2-4 Family
Lawrence                                      MA                        01841          2-4 Family
Orange                                        NJ                        07051          2-4 Family
Newark                                        NJ                        07105          2-4 Family
Jersey City                                   NJ                        07307          Single Family
Lynn                                          MA                        01905          2-4 Family
Antioch                                       TN                        37013          PUD
New Port Richey                               FL                        34655          PUD
Mobile                                        AL                        36618          Single Family
Nashville                                     TN                        37215          PUD
Dunedin                                       FL                        34698          Single Family
Seminole                                      FL                        33778          PUD
Largo                                         FL                        33774          Hi-Rise Condo
Mandeville                                    LA                        70448          Single Family
Dunedin                                       FL                        34698          Condominium
Clearwater                                    FL                        33756          2-4 Family
Ocala                                         FL                        34476          PUD
Clearwater                                    FL                        33756          PUD
Chattanooga                                   TN                        37406          Single Family
Hendersonville                                TN                        37075          Single Family
Iuka                                          MS                        38852          Single Family
Auburn                                        AL                        36830          Single Family
Cape Coral                                    FL                        33991          PUD
Jackson                                       TN                        38305          2-4 Family
Celebration                                   FL                        34747          PUD
Orlando                                       FL                        32821          PUD
Gulf Breeze                                   FL                        32561          Single Family
Nashville                                     TN                        37216          Single Family
Birmingham                                    AL                        35242          PUD
JONESBORO                                     GA                        30236          Single Family
LITHONIA                                      GA                        30038          PUD
Cincinnati                                    OH                        45211          2-4 Family
LAKE ALFRED                                   FL                        33850          2-4 Family
MIAMI                                         FL                        33131          Condominium
Cincinnati                                    OH                        45237          2-4 Family
MARIETTA                                      GA                        30067          Single Family
Kennesaw                                      GA                        30144          Single Family
BLUE RIDGE                                    GA                        30513          Single Family
HIGH POINT                                    NC                        27260          Single Family
ATLANTA                                       GA                        30331          Single Family
Cincinnati                                    OH                        45219          Single Family
Port Chester                                  NY                        10573          2-4 Family
Bayside                                       NY                        11360          Condominium
Fresh Meadows                                 NY                        11365          Single Family
Philadelphia                                  PA                        19133          2-4 Family
Westampton                                    NJ                        08060          Townhouse
Philadelphia                                  PA                        19146          Single Family
Northfield                                    NJ                        08225          PUD
Woodbury                                      NJ                        08096          PUD
Ocean City                                    NJ                        08226          Condominium
BROOKLYN                                      NY                        11235          CO-OP
Brooklyn                                      NY                        11226          2-4 Family
College Point                                 NY                        11356          Single Family
Laurel                                        MD                        20723          Single Family
Chicago                                       IL                        60608          2-4 Family
JERSEY CITY                                   NJ                        07302          2-4 Family
NOGALES                                       AZ                        85621          Single Family
PLACENTIA                                     CA                        92870          Condominium
SURPRISE                                      AZ                        85374          Single Family
UPLAND                                        CA                        91784          Single Family
CHINO                                         CA                        91710          Single Family
PLACENTIA                                     CA                        92870          Single Family
EL CENTRO                                     CA                        92243          Single Family
YUMA                                          AZ                        85364          Single Family
Laredo                                        TX                        78045          Condominium
GREELEY                                       CO                        80631          Single Family
GREELEY                                       CO                        80634          Single Family
GREELEY                                       CO                        80634          Single Family
PALM SPRINGS                                  CA                        92264          Single Family
Rio Rico                                      AZ                        85648          Single Family
Richardson                                    TX                        75080          Single Family
Chicago                                       IL                        60623          2-4 Family
Minneapolis                                   MN                        55412          Single Family
Chicago                                       IL                        60624          2-4 Family
Little Rock                                   AR                        72227          Single Family
Murphy                                        TX                        75094          Single Family
Brighton                                      CO                        80601          PUD
KINGSVILLE                                    MD                        21087          Single Family
Chicago                                       IL                        60624          2-4 Family
Florissant                                    MO                        63033          Single Family
Atlanta                                       GA                        30318          Single Family
Orlando                                       FL                        32818          PUD
Orlando                                       FL                        32809          Single Family
Ellijay                                       GA                        30536          Single Family
Tampa                                         FL                        33607          Single Family
New River                                     AZ                        85087          Single Family
Millington                                    TN                        38053          Single Family
Savannah                                      GA                        31404          Single Family
Arvada                                        CO                        80005          Single Family
Davie Beach                                   FL                        33312          Condominium
York                                          PA                        17404          Single Family
Granbury                                      TX                        76049          PUD
Chicago                                       IL                        60651          2-4 Family
WASHINGTON                                    DC                        20020          Single Family
ELLICOTT CITY                                 MD                        21042          Single Family
FORKED RIVER                                  NJ                        08731          Single Family
EASTON                                        PA                        18045          Single Family
LAREDO                                        TX                        78045          PUD
MESA                                          AZ                        85204          2-4 Family
LANHAM                                        MD                        20706          Single Family
MISSION                                       TX                        78572          PUD
PHOENIX                                       AZ                        85029          Single Family
BELLEVUE                                      WA                        98007          Single Family
ORANGE                                        CA                        92869          Condominium
MCALLEN                                       TX                        78501          PUD
HIGLEY                                        AZ                        85236          PUD
SEVERNA PARK                                  MD                        21146          PUD
SUN CITY WEST                                 AZ                        85375          PUD
WESLACO                                       TX                        78596          Single Family
CEDAR PARK                                    TX                        78613          PUD
DECATUR                                       GA                        30032          2-4 Family
FORT WORTH                                    TX                        76119          Single Family
LEESBURG                                      VA                        20176          PUD
DAVENPORT                                     FL                        33897          PUD
GREAT FALLS                                   VA                        22066          Single Family
SILVER SPRING                                 MD                        20902          Single Family
ATHENS                                        GA                        30605          Single Family
SILVER SPRING                                 MD                        20904          PUD
MIDDLETOWN                                    NJ                        07748          Single Family
CAPITOL HEIGHTS                               MD                        20743          Single Family
MESA                                          AZ                        85204          2-4 Family
ROUND ROCK                                    TX                        78664          PUD
MCALLEN                                       TX                        78504          Single Family
CEDAR PARK                                    TX                        78613          PUD
GILBERT                                       AZ                        85233          Single Family
MESA                                          AZ                        85205          2-4 Family
CLAREMONT                                     CA                        91711          Single Family
ORANGE                                        NJ                        07050          Single Family
CHANDLER                                      AZ                        85248          PUD
SAN FRANCISCO                                 CA                        94121          Single Family
KELLER                                        TX                        76248          PUD
MISSION                                       TX                        78572          Single Family
SANTA ANA                                     CA                        92703          Single Family
SAN ANTONIO                                   TX                        78255          Single Family
PHOENIX                                       AZ                        85035          Single Family
GREAT FALLS                                   VA                        22066          PUD
TOMS RIVER                                    NJ                        08753          Single Family
SPRING LAKE                                   NJ                        07762          Single Family
HOLLYWOOD                                     MD                        20636          Single Family
HILLSDALE                                     NJ                        07642          Single Family
MINNEAPOLIS                                   MN                        55411          2-4 Family
BROWNSVILLE                                   TX                        78520          Condominium
MINNEAPOLIS                                   MN                        55411          Single Family
LAREDO                                        TX                        78045          PUD
PHOENIX                                       AZ                        85013          Single Family
BIG BEAR LAKE                                 CA                        92315          PUD
YONKERS                                       NY                        10703          2-4 Family
WASHINGTON                                    DC                        20002          Single Family
TOTOWA                                        NJ                        07512          Single Family
BELLINGHAM                                    WA                        98225          Single Family
RICHMOND                                      VA                        23223          Single Family
TAKOMA PARK                                   MD                        20912          Hi-Rise Condo
CORONA                                        CA                        92882          PUD
WESLACO                                       TX                        78596          Single Family
MCALLEN                                       TX                        78504          Single Family
ARIZONA CITY                                  AZ                        85223          2-4 Family
WASHINGTON                                    DC                        20007          Single Family
MESA                                          AZ                        85204          2-4 Family
REMINGTON                                     VA                        22734          Single Family
PHOENIX                                       AZ                        85040          Townhouse
BALTIMORE                                     MD                        21214          Single Family
Encino                                        CA                        91436          Single Family
San Antonio                                   TX                        78229          Condominium
OAK POINT                                     TX                        76227          PUD
Dallas                                        TX                        75244          Single Family
OAK POINT                                     TX                        76227          PUD
Bethlehem                                     GA                        30620          PUD
Stockbridge                                   GA                        30281          PUD
Frisco                                        TX                        75035          PUD
Bryan                                         TX                        77808          Single Family
Ellenwood                                     GA                        30294          Single Family
Loris                                         SC                        29569          Single Family
Round Rock                                    TX                        78664          PUD
Plano                                         TX                        75075          Single Family
Stockbridge                                   GA                        30281          2-4 Family
Rockport                                      TX                        78382          Single Family
Hapeville                                     GA                        30354          2-4 Family
Dallas                                        TX                        75219          Condominium
San Diego                                     CA                        92129          Single Family
Dallas                                        TX                        75211          Single Family
Prescott                                      AZ                        86303          Single Family
Lincoln                                       DE                        19960          Single Family
Pflugerville                                  TX                        78660          PUD
FT WORTH                                      TX                        76248          PUD
Dacula                                        GA                        30019          Single Family
Aubrey                                        TX                        76227          PUD
San Diego                                     CA                        92116          2-4 Family
Mckinney                                      TX                        75069          Single Family
Mesquite                                      TX                        75149          Single Family
Midway City                                   CA                        92655          Single Family
Mcdonough                                     GA                        30253          PUD
Los Angeles                                   CA                        90043          Single Family
San Diego                                     CA                        92115          Single Family
Grand Prairie                                 TX                        75050          Single Family
Houston                                       TX                        77089          PUD
Dallas                                        TX                        75232          PUD
Vista                                         CA                        92081          Single Family
Marietta                                      GA                        30060          Single Family
FATE                                          TX                        75132          Single Family
Lewisville                                    TX                        75057          Single Family
Abingdon                                      MD                        21009          PUD
Valdosta                                      GA                        31601          2-4 Family
Mcallen                                       TX                        78503          Single Family
Albuquerque                                   NM                        87112          2-4 Family
Riverdale                                     GA                        30296          Single Family
San Antonio                                   TX                        78207          Single Family
Douglasville                                  GA                        30135          PUD
Deer Park                                     TX                        77536          Single Family
Myrtle Beach                                  SC                        29577          2-4 Family
Valdosta                                      GA                        31601          Single Family
Spring                                        TX                        77373          PUD
Forney                                        TX                        75126          PUD
Forney                                        TX                        75126          Single Family
DENTON                                        TX                        76226          PUD
Mesquite                                      TX                        75150          Single Family
Irving                                        TX                        75062          Condominium
Eden Prairie                                  MN                        55347          Condominium
Houston                                       TX                        77094          PUD
Stockbridge                                   GA                        30281          PUD
OAK POINT                                     TX                        76227          PUD
Dallas                                        TX                        75214          Single Family
Jefferson                                     TX                        75657          Single Family
Arlington                                     TX                        76002          Single Family
Houston                                       TX                        77057          Condominium
OAK POINT                                     TX                        76227          PUD
Farmers Branch                                TX                        75234          Single Family
Albuquerque                                   NM                        87113          Single Family
Oklahoma City                                 OK                        73135          Single Family
Honolulu                                      HI                        96821          Single Family
Las Vegas                                     NV                        89147          Single Family
Pasadena                                      CA                        91104          Single Family
ANTIOCH                                       CA                        94509          Single Family
SAN MARCOS                                    CA                        92078          PUD
COEUR D ALENE                                 ID                        83815          Single Family
DUARTE                                        CA                        91010          Single Family
SPOKANE                                       WA                        99208          Single Family
CARMEL VALLEY                                 CA                        93924          Single Family
Muldrow                                       OK                        74948          Single Family
Carrollton                                    TX                        75006          Townhouse
ALPINE FOREST                                 CA                        93561          Single Family
CERES                                         CA                        95307          Single Family
Indianapolis                                  IN                        46201          Single Family
HOPKINSVILLE                                  KY                        42240          Single Family
CAMPBELL                                      OH                        44405          Single Family
INDIANAPOLIS                                  IN                        46208          Single Family
COSHOCTON                                     OH                        43812          Single Family
HOPKINSVILLE                                  KY                        42240          Single Family
INDIANAPOLIS                                  IN                        46228          Single Family
LOUISVILLE                                    KY                        40217          2-4 Family
HOPKINSVILLE                                  KY                        42240          Single Family
HOPKINSVILLE                                  KY                        42240          Single Family
HOPKINSVILLE                                  KY                        42240          Single Family
HOPKINSVILLE                                  KY                        42240          Single Family
Aurora                                        CO                        80015          Single Family
Milwaukee                                     WI                        53216          2-4 Family
Cape Coral                                    FL                        33904          Single Family
Keystone                                      CO                        80435          Condominium
Kenosha                                       WI                        53143          2-4 Family
Milwaukee                                     WI                        53216          2-4 Family
Thorton                                       CO                        80233          Single Family
Coral Gables                                  FL                        33134          Single Family
Ashburn                                       VA                        20148          Condominium
Shelter Island                                NY                        11964          Single Family
Alexandria                                    VA                        22314          Hi-Rise Condo
Manassas                                      VA                        20111          Single Family
Silver Spring                                 MD                        20905          Single Family
Alexandria                                    VA                        22310          Single Family
Alexandria                                    VA                        22312          2-4 Family
Falls Church                                  VA                        22044          Hi-Rise Condo
Cape Coral                                    FL                        33914          Single Family
Washington                                    DC                        20007          Single Family
Manassas                                      VA                        20112          Single Family
CLEVELAND                                     OH                        44121          Single Family
KAILUA                                        HI                        96734          Single Family
PINEVILLE                                     LA                        71360          2-4 Family
Honolulu                                      HI                        96822          Single Family
PLEASANT HILL                                 MO                        64080          2-4 Family
HENDERSON                                     NV                        89052          PUD
Chapin                                        SC                        29036          Single Family
Elberton                                      GA                        30635          Single Family
Ventura                                       CA                        93001          2-4 Family
Gilbert                                       AZ                        85233          Single Family
Mesa                                          AZ                        85210          Condominium
Tucson                                        AZ                        85735          Single Family
Sun City                                      AZ                        85351          PUD
Myrtle                                        MO                        65778          Single Family
Scottsdale                                    AZ                        85254          Single Family
Tempe                                         AZ                        85282          Condominium
Olathe                                        KS                        66061          Single Family
Phoenix                                       AZ                        85032          Single Family
Phoenix                                       AZ                        85037          PUD
Tucson                                        AZ                        85742          Single Family
Paradise Valley                               AZ                        85253          Single Family
Cottonwood                                    AZ                        86326          Single Family
Kansas City                                   MO                        64109          Single Family
Phoenix                                       AZ                        85041          Single Family
Kansas City                                   MO                        64108          Single Family
Phoenix                                       AZ                        85053          Single Family
Apache Junction                               AZ                        85220          Single Family
Yuma                                          AZ                        85364          Single Family
Phoenix                                       AZ                        85018          Single Family
Phoenix                                       AZ                        85027          Single Family
WEST FARGO                                    ND                        58078          Single Family
SPRING                                        TX                        77373          PUD
HOUSTON                                       TX                        77073          PUD
SPRING                                        TX                        77373          PUD
SAN ANTONIO                                   TX                        78227          Townhouse
HOUSTON                                       TX                        77073          Single Family
GROSSE POINTE FARMS                           MI                        48236          Single Family
SPRING                                        TX                        77373          PUD
Palm Bay                                      FL                        32907          Single Family
Titusville                                    FL                        32780          PUD
palmbay                                       FL                        32935          Single Family
San Diego                                     CA                        92117          Single Family
San Diego                                     CA                        92111          2-4 Family
Hiram                                         GA                        30141          Single Family
Cincinnati                                    OH                        45240          Single Family
West Springfield                              MA                        01089          2-4 Family
Columbus                                      OH                        43231          Single Family
Acosta                                        PA                        15520          Single Family
Newark                                        OH                        43055          Single Family
Fredericktown                                 OH                        43019          Single Family
Pittsburgh                                    PA                        15227          Single Family
Columbus                                      OH                        43085          Condominium
Pennsburg                                     PA                        18073          Single Family
Fredericktown                                 OH                        43019          Single Family
Harrisburg                                    PA                        17110          Single Family
Union                                         KY                        41091          Condominium
BETHEL                                        CT                        06801          Single Family
Westbury                                      NY                        11590          Single Family
Bay Shore                                     NY                        11706          Single Family
WATERTOWN                                     MA                        02472          Single Family
Freeport                                      NY                        11520          Single Family
Elmont                                        NY                        11003          Single Family
Fort Worth                                    TX                        76135          Single Family
Denton                                        TX                        76208          Single Family
Kellyville                                    OK                        74039          Single Family
Lithia                                        FL                        33547          PUD
CLAYTON                                       NC                        27527          Single Family
BETHESDA                                      MD                        20817          Single Family
Jessup                                        MD                        20794          Single Family
SILVER SPRING                                 MD                        20904          Single Family
Clayton                                       NC                        27527          PUD
LAUREL                                        MD                        20708          Condominium
Leesburg                                      VA                        20176          Single Family
GERMANTOWN                                    MD                        20874          Condominium
Clayton                                       NC                        27527          PUD
Lewiston                                      ME                        04240          Single Family
Portland                                      TX                        78374          Single Family
Harrison Township                             MI                        48045          Condominium
Chicopee                                      MA                        01013          2-4 Family
Highland                                      CA                        92346          Single Family
Converse                                      TX                        78109          Single Family
Emerald Isle                                  NC                        28594          Single Family
Crowley                                       TX                        76036          PUD
Saint Petersburg                              FL                        33713          2-4 Family
Derby                                         KS                        67037          Single Family
Washington                                    DC                        20020          Single Family
PERRYVILLE                                    MD                        21093          PUD
Waukegan                                      IL                        60085          Single Family
Wilmington                                    MA                        01887          Single Family
Charlotte                                     NC                        28286          Single Family
Lebanon                                       NH                        03766          2-4 Family
Denver                                        CO                        80221          Single Family
Raynham                                       MA                        02767          Single Family
San Antonio                                   TX                        78249          Single Family
Freedom                                       ME                        04941          Single Family
San Antonio                                   TX                        78254          PUD
Chicopee                                      MA                        01013          2-4 Family
Pleasant View                                 TN                        37146          PUD
SULLIVAN                                      NH                        03773          Single Family
Weymouth                                      MA                        02191          Hi-Rise Condo
Charlotte                                     NC                        28277          PUD
Dorchester                                    MA                        02124          2-4 Family
Matthews                                      NC                        28104          Single Family
Elkton                                        MD                        21921          Single Family
SAN ANTONIO                                   TX                        78239          Single Family
Assonet                                       MA                        02702          Single Family
Brewer                                        ME                        04412          Single Family
Mashpee                                       MA                        02649          Single Family
GOSHEN                                        CA                        93227          Single Family
TULARE                                        CA                        93274          Single Family
VISALIA                                       CA                        93292          Single Family
FRESNO                                        CA                        93702          Single Family
Las Vegas                                     NV                        89108          Condominium
Las Vegas                                     NV                        89106          Single Family
MURRIETA                                      CA                        92563          Single Family
Maineville                                    OH                        45039          PUD
HAGERSTOWN                                    MD                        21740          Single Family
CHARLOTTESVILLE                               VA                        22901          Condominium
LAUREL                                        MD                        20707          Single Family
CHARLOTTESVILLE                               VA                        22901          Condominium
CHARLOTTESVILLE                               VA                        22901          Condominium
CHARLOTTESVILLE                               VA                        22901          Condominium
CHARLOTTESVILLE                               VA                        22901          Condominium
WICHITA                                       KS                        67205          PUD
CHARLOTTESVILLE                               VA                        22901          Condominium
Charlottesville                               VA                        22901          Condominium
Washington                                    DC                        20002          Single Family
CHARLOTTESVILLE                               VA                        22901          Condominium
MIAMI                                         FL                        33134          2-4 Family
WICHITA                                       KS                        67205          PUD
VIENNA                                        VA                        22180          Single Family
Temple                                        TX                        76501          2-4 Family
Myrtle Beach                                  SC                        29579          PUD
Macon                                         GA                        31211          Single Family
Jacksonville                                  FL                        32259          PUD
San Bernardino                                CA                        92410          2-4 Family
Grand Rapids                                  MI                        49505          Single Family
Weatherford                                   TX                        76088          Single Family
Grand Rapids                                  MI                        49504          Single Family
Myrtle Beach                                  SC                        29588          2-4 Family
Elkmont                                       AL                        35620          Single Family
Kansas City                                   KS                        66102          2-4 Family
Miami                                         FL                        33127          Single Family
Macon                                         GA                        31201          2-4 Family
Rochester                                     NY                        14613          2-4 Family
Saint Augustine                               FL                        32080          Single Family
Riverside Area                                CA                        92504          Single Family
SOUTH LAKE TAHOE                              CA                        96150          Single Family
BELL                                          CA                        90201          2-4 Family
PICO RIVERA                                   CA                        90660          Single Family
KOLOA                                         HI                        96756          Condominium
CASA GRANDE                                   AZ                        85222          Single Family
SHOREVIEW                                     MN                        55126          Condominium
POMONA                                        CA                        91766          Single Family
SANTA ANA                                     CA                        92706          Single Family
N LAS VEGAS                                   NV                        89031          PUD
HENDERSON                                     NV                        89044          PUD
MIDWAY CITY                                   CA                        92655          Single Family
REDLANDS                                      CA                        92374          Single Family
Bay Shore                                     NY                        11706          Single Family
Clifton                                       NJ                        07011          2-4 Family
East Elmhurst                                 NY                        11369          2-4 Family
North Bergen                                  NJ                        07047          Single Family
West Orange                                   NJ                        07052          Single Family
Jamaica                                       NY                        11432          2-4 Family
Passaic                                       NJ                        07055          Single Family
Far Rockaway                                  NY                        11692          2-4 Family
Hyattsville                                   MD                        20784          Single Family
Hyattsville                                   MD                        20781          Single Family
Hyattsville                                   MD                        20782          Single Family
Hahira                                        GA                        31632          Single Family
Coral Springs                                 FL                        33076          Condominium
Beulaville                                    NC                        28518          Single Family
Columbus                                      OH                        43211          Single Family
Lake Oswego                                   OR                        97034          Single Family
WILLINGBORO                                   NJ                        08054          Single Family
Minneapolis                                   MN                        55406          2-4 Family
DOVE CANYON                                   CA                        92679          PUD
VISALIA                                       CA                        93291          Single Family
SAN FRANCISCO                                 CA                        94110          2-4 Family
Concord                                       NC                        28027          Single Family
West New York                                 NJ                        07093          2-4 Family
LAS VEGAS                                     NV                        89123          Single Family
Miami                                         FL                        33133          Single Family
Hialeah                                       FL                        33016          Condominium
Tampa                                         FL                        33615          Condominium
Melbourne                                     FL                        32905          Single Family
Miami Beach                                   FL                        33139          Hi-Rise Condo
MIAMI                                         FL                        33018          Single Family
LOS ANGELES                                   CA                        90022          2-4 Family
MILPITAS                                      CA                        95035          Single Family
GREENFIELD                                    CA                        93927          Single Family
SANTA ANA                                     CA                        92707          Condominium
SAN JOSE                                      CA                        95126          Condominium
ORANGE PARK                                   FL                        32065          PUD
Columbia                                      SC                        29223          Single Family
Savannah                                      GA                        31410          2-4 Family
Jacksonville                                  FL                        32209          Single Family
Jacksonville                                  FL                        32206          Single Family
Jacksonville                                  FL                        32258          PUD
Baltimore                                     MD                        21217          2-4 Family
Easley                                        SC                        29640          Single Family
Mount Pleasant                                SC                        29466          PUD
BRISTOW                                       VA                        20136          PUD
CULPEPER                                      VA                        22701          Single Family
QUEEN CREEK                                   AZ                        85242          PUD
UPPER MARLBORO                                MD                        20774          PUD
LAVEEN                                        AZ                        85339          PUD
LANCASTER                                     CA                        93535          Single Family
SURPRISE                                      AZ                        85379          Single Family
TEMECULA                                      CA                        92591          Single Family
FAIRFIELD                                     CA                        94534          Single Family
Ponte Vedra Beach                             FL                        32082          Single Family
Davie                                         FL                        33314          Condominium
Kennesaw                                      GA                        30144          Single Family
Conyers                                       GA                        30013          Single Family
Orlando                                       FL                        32836          PUD
Covington                                     GA                        30016          PUD
Davie                                         FL                        33325          PUD
Milner                                        GA                        30257          Single Family
Athens                                        GA                        30606          PUD
Hoschton                                      GA                        30548          PUD
Peachtree City                                GA                        30269          Single Family
Pompano Beach                                 FL                        33060          2-4 Family
Pompano Beach                                 FL                        33060          2-4 Family
Atlanta                                       GA                        30342          Single Family
Lawrenceville                                 GA                        30043          Single Family
Boone                                         NC                        28607          Condominium
Monroe                                        GA                        30655          2-4 Family
Stockbridge                                   GA                        30281          Single Family
Maitland                                      FL                        32751          Condominium
Lake Wylie                                    SC                        29710          Single Family
Alpharetta                                    GA                        30004          PUD
Monroe                                        NC                        28110          PUD
Orlando                                       FL                        32839          Condominium
Jacksonville                                  FL                        32256          Condominium
Bradenton                                     FL                        34203          PUD
Brandon                                       FL                        33511          Single Family
Dunedin                                       FL                        34698          Single Family
Tampa                                         FL                        33606          Single Family
Marietta                                      GA                        30008          Condominium
Woodstock                                     GA                        30188          PUD
Buford                                        GA                        30519          Single Family
Stockbridge                                   GA                        30281          Single Family
Virginia Beach                                VA                        23451          Condominium
Cicero                                        NY                        13039          Single Family
PALM BEACH GARDENS                            FL                        33412          Single Family
ALEXANDRIA                                    VA                        22309          Condominium
Roanoke                                       VA                        24018          Single Family
Reisterstown                                  MD                        21136          Single Family
MELBOURNE                                     FL                        32940          PUD
SHERWOOD                                      MD                        21665          Single Family
BEDFORD                                       NY                        10536          Single Family
Arlington                                     VA                        22207          Single Family
Glenn Dale                                    MD                        20769          Single Family
PALM BAY                                      FL                        32907          Single Family
SAINT AUGUSTINE                               FL                        32084          PUD
Lauderhill                                    FL                        33351          Single Family
BRENTWOOD                                     NY                        11717          Single Family
Benicia                                       CA                        94510          Single Family
ORLANDO                                       FL                        32817          Single Family
WEST BABYLON                                  NY                        11704          Single Family
FREDERICK                                     MD                        21703          PUD
Oxnard                                        CA                        93033          Single Family
SAN BERNARDINO                                CA                        92410          2-4 Family
APPLE VALLEY                                  CA                        92308          2-4 Family
Gahanna                                       OH                        43230          PUD
COLUMBUS                                      OH                        43202          2-4 Family
COLUMBUS                                      OH                        43201          2-4 Family
Westerville                                   OH                        43081          Condominium
Westerville                                   OH                        43081          Condominium
COLUMBUS                                      OH                        43202          2-4 Family
Salt Lake City                                UT                        84118          Single Family
Park City                                     UT                        84098          2-4 Family
MIDWAY                                        UT                        84049          Single Family
Park City                                     UT                        84098          Condominium
Oradell                                       NJ                        07649          Single Family
KALAMAZOO                                     MI                        49048          2-4 Family
Union                                         NJ                        07083          Single Family
Zellwood                                      FL                        32798          Single Family
Delray Beach                                  FL                        33444          Condominium
Gainesville                                   FL                        32608          2-4 Family
Ocoee                                         FL                        34761          Single Family
Ocoee                                         FL                        34761          Single Family
Temple Hills                                  MD                        20748          Condominium
Glenwood                                      MD                        21738          Single Family
Bowie                                         MD                        20721          PUD
Villa Rica                                    GA                        30180          Single Family
Deland                                        FL                        32720          Single Family
Wesley Chapel                                 FL                        33543          PUD
Newport News                                  VA                        23607          Single Family
Baltimore                                     MD                        21212          Single Family
Washington                                    DC                        20032          Single Family
Maitland                                      FL                        32751          PUD
Rosemount                                     MN                        55068          Single Family
Minneapolis                                   MN                        55411          Single Family
WILLIS                                        TX                        77318          PUD
Houston                                       TX                        77087          Single Family
HILO                                          HI                        96720          Single Family
SANTA ROSA                                    TX                        78593          Single Family
LEWISVILLE                                    TX                        75067          Single Family
Harahan                                       LA                        70123          2-4 Family
LUBBOCK                                       TX                        79401          Single Family
THE WOODLANDS                                 TX                        77384          Single Family
DESOTO                                        TX                        75115          Single Family
BATON ROUGE                                   LA                        70814          Single Family
GREEN BAY                                     WI                        54303          Single Family
LEWISVILLE                                    TX                        75067          Single Family
WILLIS                                        TX                        77318          PUD
RACINE                                        WI                        53403          2-4 Family
Houston                                       TX                        77084          PUD
LEWISVILLE                                    TX                        75067          Single Family
The Woodlands                                 TX                        77384          PUD
LEAGUE CITY                                   TX                        77573          PUD
DURHAM                                        NC                        27701          Single Family
PEARLAND                                      TX                        77584          PUD
OCEAN SPRINGS                                 MS                        39564          Single Family
Spring                                        TX                        77382          PUD
JONESBOROUGH                                  GA                        30238          PUD
Fountain Valley                               CA                        92708          Single Family
San Gabriel                                   CA                        91776          2-4 Family
MESA                                          AZ                        85201          Single Family
Phoenix                                       AZ                        85022          Single Family
Peoria                                        AZ                        85383          PUD
SUMMIT                                        IL                        60501          Single Family
Bourbonnais                                   IL                        60914          Single Family
Northbrook                                    IL                        60062          Single Family
Franklin                                      WI                        53132          Single Family
Osakis                                        MN                        56360          Single Family
Coon Rapids                                   MN                        55433          Single Family
ST LOUIS                                      TX                        75701          Single Family
CONWAY                                        NC                        27820          Single Family
LONGVIEW                                      TX                        75604          2-4 Family
DALLAS                                        TX                        75210          Single Family
JACKSONVILLE                                  TX                        75766          2-4 Family
LONGVIEW                                      TX                        75604          2-4 Family
LONGVIEW                                      TX                        75693          2-4 Family
DALLAS                                        TX                        75253          Single Family
TYLER                                         TX                        75703          2-4 Family
AZLE                                          TX                        76020          PUD
JACKSONVILLE                                  TX                        75766          2-4 Family
JACKSONVILLE                                  TX                        75766          2-4 Family
HOUSTON                                       TX                        77082          2-4 Family
Bloomington                                   IN                        47404          Single Family
Silverthorne                                  CO                        80498          PUD
Boulder                                       CO                        80301          Single Family
Haiku                                         HI                        96708          Single Family
Parker                                        CO                        80134          PUD
Philadelphia                                  PA                        19119          Single Family
Long Beach                                    CA                        90807          Condominium
Los Angeles                                   CA                        90037          2-4 Family
Los Angeles                                   CA                        90018          Single Family
New Preston Marble Dale                       CT                        06777          Single Family
Riverside                                     CA                        92506          Single Family
Santa Barbara                                 CA                        93110          Single Family
Tarzana                                       CA                        91356          Single Family
Arlington                                     TX                        76014          Single Family
Los Angeles                                   CA                        90066          Single Family
Pebble Beach                                  CA                        93953          Single Family
Merrimac                                      WI                        53561          Single Family
Kansas City                                   MO                        64152          PUD
Staten Island                                 NY                        10301          2-4 Family
Venice                                        CA                        90291          Condominium
Stockton                                      CA                        95209          Single Family
San Diego                                     CA                        92154          Single Family
Orlando                                       FL                        32822          Single Family
Ocean Springs                                 MS                        39564          Single Family
Ventura                                       CA                        93003          Single Family
Albuquerque                                   NM                        87114          Single Family
Phoenix                                       AZ                        85008          Single Family
La Quinta                                     CA                        92253          Single Family
Stevensville                                  MI                        49127          Single Family
San Diego                                     CA                        92107          2-4 Family
Palos Verdes Peninsula                        CA                        90274          Single Family
Delray Beach                                  FL                        33446          PUD
Indian Orchard                                MA                        01151          2-4 Family
Cashiers Townshi[p                            NC                        28774          PUD
Las Vegas                                     NV                        89122          Condominium
Niles                                         MI                        49120          2-4 Family
Glendale                                      AZ                        85301          Single Family
Palmdale                                      CA                        93551          Single Family
Anaheim                                       CA                        92807          Single Family
Phelan                                        CA                        92371          Single Family
Pearl City                                    HI                        96782          Single Family
Long Beach                                    CA                        90814          2-4 Family
Brockton                                      MA                        02302          Single Family
Dallas                                        TX                        75223          Single Family
Rockville                                     MD                        20853          Single Family
Ocala                                         FL                        34473          Single Family
Chesterfield                                  MO                        63017          PUD
Cypress                                       TX                        77433          PUD
Dallas                                        TX                        75210          Single Family
CAIRO                                         GA                        39828          Single Family
Laredo                                        TX                        78045          PUD
Tallahassee                                   FL                        32303          PUD
Houston                                       TX                        77071          PUD
Saint Louis                                   MO                        63128          PUD
KANKAKEE                                      GA                        60901          2-4 Family
Palm Bay                                      FL                        32907          Single Family
Katy                                          TX                        77450          PUD
Bryan                                         TX                        77802          Single Family
DALLAS                                        TX                        75217          Single Family
Crystal City                                  MO                        63019          Single Family
Oklahoma City                                 OK                        73118          2-4 Family
RINGGOLD                                      GA                        30548          Single Family
Jacksonville                                  FL                        32244          Single Family
Summerville                                   GA                        30747          Single Family
Jacksonville                                  FL                        32226          Single Family
Nashville                                     TN                        37207          Single Family
Tulsa                                         OK                        74112          Single Family
Kennesaw                                      GA                        30144          Single Family
Kennesaw                                      GA                        30152          Single Family
Flagler Beach                                 FL                        32136          Single Family
Orlando                                       FL                        32822          Single Family
Ft Lauderdale                                 FL                        33304          Condominium
LONG BEACH TOWNSHIP                           NJ                        08008          Single Family
Ball Ground                                   GA                        30107          Single Family
LINCOLN                                       NE                        68502          Single Family
HARRISON                                      MI                        48625          Single Family
MERIDIAN                                      ID                        83642          PUD
CHICAGO                                       IL                        60660          Condominium
BALTIMORE                                     MD                        21214          Single Family
MADISON                                       WI                        53704          Single Family
GLENDALE                                      WI                        53209          Single Family
NORTH BERGEN                                  NJ                        07047          Single Family
LAKEWOOD                                      OH                        44107          Single Family
BELLEVILLE                                    IL                        62221          PUD
NEW CASTLE                                    DE                        19720          Single Family
Tolleson                                      AZ                        85353          PUD
Thornton                                      CO                        80229          Single Family
Los Angeles                                   CA                        90063          2-4 Family
Lancaster                                     CA                        93536          Single Family
ESCONDIDO                                     CA                        92027          Condominium
Broken Arrow                                  OK                        74012          2-4 Family
Jacksonville                                  AR                        72076          Single Family
Benton                                        AR                        72015          Single Family
Broken Arrow                                  OK                        74012          2-4 Family
Broken Arrow                                  OK                        74012          2-4 Family
Philadelphia                                  PA                        19135          Single Family
Broken Arrow                                  OK                        74012          2-4 Family
Broken Arrow                                  OK                        74012          2-4 Family
Garden Grove                                  CA                        92840          Single Family
Sacramento                                    CA                        95819          Single Family
Bakersfield                                   CA                        93305          Single Family
Gulfport                                      FL                        33707          Single Family
kyle                                          TX                        78640          PUD
Shreveport                                    LA                        71118          Single Family
Lakewood                                      WA                        98498          Single Family
akron                                         OH                        44320          Single Family
portland                                      OR                        97236          Single Family
conley                                        GA                        30288          Single Family
santa fe                                      NM                        87505          Single Family
yers                                          CO                        80103          Single Family
Cleveland                                     TX                        77327          Single Family
houston                                       TX                        77040          PUD
gresham                                       OR                        97030          Single Family
houston                                       TX                        77502          Single Family
post falls                                    ID                        83854          Single Family
houston                                       TX                        77082          PUD
cleveland                                     TX                        77327          Single Family
independence                                  KY                        41051          Single Family
AKRON                                         OH                        44320          Single Family
richmond                                      TX                        77469          PUD
akron                                         OH                        44311          Single Family
fort meyers                                   FL                        33913          Single Family
Cleveland                                     TX                        77327          Single Family
cleveland                                     TX                        77327          Single Family
CHELSEA                                       AL                        35043          PUD
SPRING                                        TX                        77388          PUD
Fountain                                      CO                        80817          Single Family
Arvada                                        CO                        80003          Single Family
Denver                                        CO                        80219          Single Family
Hillsborough                                  CA                        94010          Single Family
BEALETON                                      VA                        22712          PUD
WEST CHESTER                                  OH                        45069          Single Family
RISING SUN                                    MD                        21911          PUD
LUMBERTON                                     NJ                        08048          PUD
PITTSTOWN                                     NJ                        08867          Single Family
ELLICOTT CITY                                 MD                        21043          PUD
Sacramento                                    CA                        95826          Single Family
Oakland                                       CA                        94601          2-4 Family
Tallahassee                                   FL                        32309          PUD
Orlando                                       FL                        32832          PUD
Tampa                                         FL                        33626          PUD
Gilbert                                       AZ                        85297          PUD
Surprise                                      AZ                        85379          PUD
Mesa                                          AZ                        85212          PUD
Pottstown                                     PA                        19465          Single Family
Collegeville                                  PA                        19426          Single Family
Hastings                                      MN                        55033          Single Family
Washington                                    DC                        20019          2-4 Family
COVINGTON                                     GA                        30016          PUD
LAKELAND                                      FL                        33810          PUD
UNION CITY                                    GA                        30291          PUD
Dallas                                        GA                        30157          Single Family
GRIFFIN                                       GA                        30224          Single Family
Suwanee                                       GA                        30024          Single Family
AUSTELL                                       GA                        30168          PUD
Hampton                                       GA                        30228          PUD
EUHARLEE                                      GA                        30145          Single Family
MARIETTA                                      GA                        30062          PUD
DECATUR                                       GA                        30034          Condominium
UNION CITY                                    GA                        30291          PUD
KENNESAW                                      GA                        30152          PUD
VILLA RICA                                    GA                        30180          PUD
TEMPLE                                        GA                        30179          PUD
Dallas                                        GA                        30157          PUD
MCDONOUGH                                     GA                        30253          Single Family
Riverdale                                     GA                        30296          Single Family
CANTON                                        GA                        30114          PUD
NORCROSS                                      GA                        30092          PUD
SNELLVILLE                                    GA                        30039          PUD
SUGAR HILL                                    GA                        30518          Single Family
McDonough                                     GA                        30253          Single Family
JONESBORO                                     GA                        30238          PUD
COLLEGE PARK                                  GA                        30349          Single Family
JONESBORO                                     GA                        30236          Single Family
HIRAM                                         GA                        30141          PUD
HAMPTON                                       GA                        30228          Single Family
NORCROSS                                      GA                        30092          Townhouse
FAIRBURN                                      GA                        30213          PUD
DACULA                                        GA                        30019          PUD
Hartwell                                      GA                        30643          Single Family
Lithia Springs                                GA                        30122          Single Family
Powder Springs                                GA                        30127          PUD
RIVERDALE                                     GA                        30296          Single Family
ACWORTH                                       GA                        30102          PUD
CANTON                                        GA                        30114          PUD
CARTERSVILLE                                  GA                        30121          PUD
KINGSTON                                      GA                        30145          Single Family
MANHATTAN BEACH                               CA                        90266          Condominium
GARDEN GROVE                                  CA                        92840          Single Family
WASHINGTON                                    DC                        20003          2-4 Family
SAN PEDRO                                     CA                        90731          2-4 Family
LAS VEGAS                                     NV                        89119          Condominium
VAN NUYS                                      CA                        91401          Single Family
PALOS VERDES ESTATES                          CA                        90274          Condominium
INGLEWOOD                                     CA                        90301          Single Family
PINEHURST                                     NC                        28374          Single Family
GARDEN GROVE                                  CA                        92841          Single Family
NORWALK                                       CA                        90650          Single Family
Las Vegas                                     NV                        89108          PUD
CRANBERRY TWP                                 PA                        16066          Single Family
RIVERSIDE                                     CA                        92503          Single Family
Rialto                                        CA                        92376          Single Family
CORAL GABLES                                  FL                        33134          Condominium
PHILADELPHIA                                  PA                        19120          2-4 Family
YUCAIPA                                       CA                        92399          Single Family
REDONDO BEACH                                 CA                        90278          Condominium
MIAMI                                         FL                        33162          Single Family
RED BLUFF                                     CA                        96080          Single Family
REDONDO BEACH                                 CA                        90278          2-4 Family
Los Angeles                                   CA                        90501          2-4 Family
NEWTON                                        IA                        50208          Single Family
ETIWANDA                                      CA                        91739          Single Family
Hilaleah                                      FL                        33014          Condominium
LAS VEGAS                                     NV                        89147          Condominium
LOS ANGELES                                   CA                        90026          2-4 Family
FOUNTAIN VALLEY                               CA                        92708          Single Family
GALENA                                        OH                        43021          Single Family
MEDINA                                        OH                        44256          Single Family
ONTARIO                                       CA                        91764          Single Family
CHICAGO                                       IL                        60609          2-4 Family
Rolling Meadows                               IL                        60008          Single Family
Head Of The Harbor                            NY                        11780          Single Family
SAINT LOUIS                                   MO                        63104          Condominium
Saint Louis                                   MO                        63117          Single Family
Dallas                                        TX                        75241          PUD
LOUISVILLE                                    KY                        40219          Single Family
DALLAS                                        TX                        75206          2-4 Family
Houston                                       TX                        77089          PUD
HOUSTON                                       TX                        77067          PUD
Fort Worth                                    TX                        76131          Single Family
Denton                                        TX                        76209          Single Family
Louisville                                    KY                        40210          2-4 Family
Weatherford                                   TX                        76085          Single Family
HOUSTON                                       TX                        77067          PUD
Gunter                                        TX                        75058          2-4 Family
Louisville                                    KY                        40210          2-4 Family
HOUSTON                                       TX                        77067          PUD
Louisville                                    KY                        40210          2-4 Family
Bowling Green                                 KY                        42101          Single Family
DENTON                                        TX                        76205          2-4 Family
Valrico                                       FL                        33594          Single Family
Gahanna                                       OH                        43230          PUD
GILLESPIE                                     IL                        62033          Single Family
Krum                                          TX                        76249          Single Family
WARSAW                                        IL                        62379          Single Family
Sanger                                        TX                        76266          PUD
Cahokia                                       IL                        62206          2-4 Family
Cahokia                                       IL                        62206          2-4 Family
Cahokia                                       IL                        62206          2-4 Family
Stephenville                                  TX                        76401          Single Family
Lewisville                                    TX                        75057          Single Family
Little Elm                                    TX                        75068          PUD
Itasca                                        TX                        76055          Single Family
Alvarado                                      TX                        76009          Single Family
NORWALK                                       CA                        90650          Single Family
burlingame                                    CA                        94010          Single Family
Chattanooga                                   TN                        37406          Single Family
Cumming                                       GA                        30040          PUD
Elberta                                       AL                        36530          Single Family
Mt Pleasant                                   SC                        29464          Single Family
Dallas                                        GA                        30157          Single Family
Yulee                                         FL                        32097          PUD
Kennesaw                                      GA                        30144          Single Family
Chelsea                                       AL                        35043          PUD
Atlanta                                       GA                        30337          Single Family
Gainesville                                   GA                        30506          PUD
Gulf Shores                                   AL                        36542          Single Family
RANCHO CUCAMONGA                              CA                        91739          Single Family
APPLE VALLEY                                  CA                        92308          Single Family
BAKERSFIELD                                   CA                        93311          Single Family
ROSEVILLE                                     CA                        95747          Single Family
LANCASTER                                     CA                        93536          Single Family
APPLE VALLEY                                  CA                        92308          PUD
HOUSTON                                       TX                        77090          PUD
DENTON                                        TX                        76210          PUD
JACKSONVILLE                                  FL                        32224          PUD
NORTH LAS VEGAS                               NV                        89084          PUD
LAS VEGAS                                     NV                        89122          PUD
NAPLES                                        FL                        34114          PUD
ORLANDO                                       FL                        32828          Single Family
NORTH LAS VEGAS                               NV                        89084          PUD
RIVERVIEW                                     FL                        33569          PUD
JACKSONVILLE                                  FL                        32258          Condominium
LAS VEGAS                                     NV                        89131          PUD
Caldwell                                      ID                        83605          2-4 Family
Muskogee                                      OK                        74403          2-4 Family
Caldwell                                      ID                        83605          Single Family
Colorado Springs                              CO                        80919          Single Family
WEST JORDAN                                   UT                        84088          Single Family
COLORADO SPRINGS                              CO                        80915          Single Family
WEST VALLEY CITY                              UT                        84120          Single Family
SAINT GEORGE                                  UT                        84770          Single Family
Roosevelt                                     UT                        84066          Single Family
Aurora                                        CO                        80010          Single Family
EAGLE MOUNTAIN                                UT                        84043          PUD
Norwich                                       CT                        06360          2-4 Family
Temecula                                      CA                        92592          PUD
Murrieta                                      CA                        92562          PUD
Murrieta                                      CA                        92562          Single Family
SPRINGFIELD                                   MA                        01105          Single Family
SOUTHBRIDGE                                   MA                        01550          2-4 Family
MANCHESTER                                    NH                        03103          Condominium
Lebanon                                       TN                        37087          2-4 Family
Roseville                                     MI                        48066          Single Family
Westminster                                   CO                        80031          Single Family
Norcross                                      GA                        30093          Single Family
Henryetta                                     OK                        74437          Single Family
Wichita                                       KS                        67219          Single Family
Humble                                        TX                        77346          Single Family
Detroit                                       MI                        48238          2-4 Family
Williamsburg                                  VA                        23185          Single Family
Columbia                                      SC                        29203          Single Family
Canton                                        GA                        30114          Single Family
Garland                                       TX                        75043          Single Family
Newark                                        NJ                        07103          2-4 Family
Littleton                                     CO                        80125          PUD
Santa Monica                                  CA                        90402          CO-OP
SCOTTSDALE                                    AZ                        85260          Single Family
COLUMBIA                                      TN                        38401          Single Family
THOUSAND OAKS                                 CA                        91362          Condominium
Chino                                         CA                        91710          Single Family
Apple Valley                                  CA                        92307          Single Family
TUSTIN                                        CA                        92782          Condominium
APPLE VALLEY                                  CA                        92308          Single Family
APPLE VALLEY                                  CA                        92307          Single Family
PLEASANT HILL                                 CA                        94523          Single Family
QUARTZ HILL ARE                               CA                        93536          Single Family
LOS ANGELES                                   CA                        90002          Single Family
Williamsburg                                  VA                        23185          PUD
Ft Washington                                 MD                        20744          PUD
Lynchburg                                     VA                        24502          Single Family
College Park                                  GA                        30349          PUD
College Park                                  GA                        30349          PUD
Monroe                                        GA                        30656          Single Family
Marietta                                      GA                        30008          Single Family
Union City                                    GA                        30291          PUD
Phoenix                                       AZ                        85012          2-4 Family
El Mirage                                     AZ                        85335          PUD
Show Low                                      AZ                        85901          Single Family
North Las Vegas                               NV                        89030          Single Family
Colorado Springs                              CO                        80909          2-4 Family
Shawnee                                       OK                        74801          Single Family
Shawnee                                       OK                        74801          Single Family
Long Beach                                    WA                        98631          Single Family
Fort Worth                                    TX                        76119          Single Family
Federal Way                                   WA                        98003          Single Family
ALBUQUERQUE                                   NM                        87114          Single Family
PHOENIX                                       AZ                        85020          Single Family
SCOTTSDALE                                    AZ                        85257          PUD
SAN LUIS                                      AZ                        85349          Single Family
PHOENIX                                       AZ                        85037          Single Family
Glendale                                      AZ                        85304          Single Family
Phoenix                                       AZ                        85051          Condominium
QUEEN CREEK                                   AZ                        85242          PUD
Albuquerque                                   NM                        87114          PUD
ALBUQUERQUE                                   NM                        87114          PUD
Salisbury                                     NC                        28144          2-4 Family
Winston Salem                                 NC                        27105          2-4 Family
Winston Salem                                 NC                        27105          Single Family
Conyers                                       GA                        30013          PUD
Winston                                       GA                        30187          Single Family
Winston Salem                                 NC                        27105          Single Family
Hoschton                                      GA                        30548          PUD
Mckinney                                      TX                        75071          Single Family
Allen                                         TX                        75013          PUD
Arlington                                     TX                        76002          Single Family
Mckinney                                      TX                        75070          Single Family
Lewisville                                    TX                        75057          Townhouse
Kimberly                                      AL                        35091          Single Family
Kiawah Island                                 SC                        29455          Condominium
CONYERS                                       GA                        30094          Single Family
BRUNSWICK                                     GA                        31523          PUD
COLUMBUS                                      GA                        31903          Single Family
KISSIMMEE                                     FL                        34741          Single Family
ORLANDO                                       FL                        32810          PUD
CHARLOTTE                                     NC                        28262          Single Family
WAYCROSS                                      GA                        31501          Single Family
CHARLOTTE                                     NC                        28212          Single Family
PITTSBURGH                                    PA                        15202          Single Family
ORLANDO                                       FL                        32807          Single Family
JACKSONVILLE                                  FL                        32244          PUD
GOOSE CREEK                                   SC                        29445          Townhouse
SATELLITE BEACH                               FL                        32937          Single Family
TAMPA                                         FL                        33618          PUD
DUMFRIES                                      VA                        22026          PUD
BOYCE                                         VA                        22620          Single Family
WEST PALM BEACH                               FL                        33406          Single Family
OGDEN                                         UT                        84403          Condominium
FAIRFAX STATION                               VA                        22039          Single Family
SAGINAW                                       MI                        48601          2-4 Family
PEORIA                                        AZ                        85345          Single Family
KISSIMMEE                                     FL                        34743          Single Family
WAXHAW                                        NC                        28173          Single Family
SCOTTSDALE                                    AZ                        85262          Single Family
NORTH PORT                                    FL                        34286          Single Family
JASPER                                        GA                        30143          Single Family
STATESBORO                                    GA                        30458          Single Family
TAMPA                                         FL                        33610          Single Family
BOULDER                                       CO                        80302          Single Family
ORLANDO                                       FL                        32837          PUD
NAPLES                                        FL                        34120          PUD
Dover                                         FL                        33527          Single Family
ORLANDO                                       FL                        32837          PUD
Fitzgerald                                    GA                        31750          Single Family
ORLANDO                                       FL                        32801          Hi-Rise Condo
CHARLOTTE                                     NC                        28277          PUD
PALM SPRINGS                                  FL                        33461          PUD
SUGAR HILL                                    GA                        30518          PUD
HARTWELL                                      GA                        30643          Single Family
ORLANDO                                       FL                        32811          Condominium
ALEXANDRIA                                    VA                        22305          Single Family
FREDRICKSBERG                                 VA                        22406          PUD
CAMDEN WYOMING                                DE                        19934          Single Family
LOS ANGELES                                   CA                        91367          Single Family
LAWRENCEVILLE                                 GA                        30043          PUD
PITTSBURGH                                    PA                        15227          Single Family
IRMO                                          SC                        29063          Single Family
KISSIMMEE                                     FL                        34759          PUD
NEWPORT NEWS                                  VA                        23601          PUD
RALEIGH                                       NC                        27609          Single Family
KISSIMMEE                                     FL                        34741          PUD
Miami                                         FL                        33133          Hi-Rise Condo
Warren                                        MI                        48093          Condominium
LANSING                                       MI                        48910          Single Family
Aldan                                         PA                        19018          2-4 Family
Phila                                         PA                        19123          Single Family
Doylestown                                    PA                        18901          Single Family
Lake Harmony                                  PA                        18624          Single Family
Philadelphia                                  PA                        19123          Condominium
Devon                                         PA                        19333          Single Family
Dover                                         DE                        19901          Single Family
Blackwood                                     NJ                        08012          2-4 Family
Bear                                          DE                        19701          PUD
Pleasantville                                 NJ                        08232          2-4 Family
Pleasantville                                 NJ                        08232          Single Family
Marcus Hook                                   PA                        19061          Single Family
Pine Hill                                     NJ                        08021          Condominium
Fort Washington                               PA                        19034          Single Family
Wilmington                                    DE                        19803          Single Family
Philadelphia                                  PA                        19146          2-4 Family
Norristown                                    PA                        19401          2-4 Family
Wilmington                                    DE                        19805          Townhouse
WOOLRICH                                      NJ                        08085          Single Family
Wilmington                                    DE                        19810          PUD
Philadelphia                                  PA                        19103          Condominium
MIRAMAR                                       FL                        33027          PUD
SAN DIEGO                                     CA                        92104          PUD
BELL GARDENS                                  CA                        90201          2-4 Family
GRAND PRAIRIE                                 TX                        75052          PUD
NORFOLK                                       VA                        23513          Townhouse
VIRGINIA BCH                                  VA                        23456          Single Family
JACKSONVILLE                                  FL                        32207          Single Family
ST AUGUSTINE                                  FL                        32084          Single Family
Monticello                                    NY                        12701          Single Family
BALTIMORE                                     MD                        21213          Townhouse
VIRGINIA BEACH                                VA                        23452          Single Family
DAVENPORT                                     IA                        52806          Single Family
ATL                                           GA                        30317          Single Family
Des Moines                                    IA                        50311          2-4 Family
Stafford                                      VA                        22554          Single Family
RICHMOND                                      VA                        23222          Single Family
DECATUR                                       GA                        30034          Single Family
Lenigh                                        FL                        33971          Single Family
CEDAR RAPIDS                                  IA                        52405          2-4 Family
HUXLEY                                        IA                        50124          Townhouse
Middletown                                    NJ                        07748          Condominium
MYRTLE BEACH                                  SC                        29588          PUD
BAYVIEW                                       ID                        83803          Single Family
HOMER GLEN                                    IL                        60491          Single Family
Chicago                                       IL                        60639          2-4 Family
Phoenix                                       AZ                        85035          Single Family
PHOENIX                                       AZ                        85023          Single Family
CHESAPEAKE                                    VA                        23322          Single Family
PETERSBURG                                    VA                        23803          Single Family
NEWPORT NEWS                                  VA                        23607          Single Family
Dallas                                        TX                        75232          Single Family
FORT WORTH                                    TX                        76114          Single Family
Plano                                         TX                        75023          2-4 Family
Plano                                         TX                        75075          Condominium
DALLAS                                        TX                        75287          PUD
PLANO                                         TX                        75025          Single Family
Hilton Head                                   SC                        29928          Townhouse
JERSEY CITY                                   NJ                        07304          Single Family
LAKE WORTH                                    FL                        33463          PUD
FRESNO                                        CA                        93711          Single Family
SAVANNAH                                      GA                        31410          Single Family
DURHAM                                        NC                        27701          2-4 Family
Spring                                        TX                        77373          PUD
GREENSBORO                                    NC                        27407          PUD
TIVERTON                                      RI                        02878          Single Family
CEDAR CITY                                    UT                        84720          2-4 Family
SAVANNAH                                      GA                        31401          Single Family
NORMAN                                        OK                        73069          Single Family
CORCORAN                                      CA                        93212          Single Family
MIDWEST CITY                                  OK                        73110          Single Family
CARY                                          NC                        27513          PUD
CEDAR CITY                                    UT                        84720          2-4 Family
HAWAIIAN GARDENS                              CA                        90716          Condominium
MIDWEST CITY                                  OK                        73110          Single Family
RICHMOND                                      VA                        23223          Single Family
HENDERSON                                     NV                        89074          PUD
CHARLOTTESVILLE                               VA                        22901          Single Family
FORT LAUDERDALE                               FL                        33334          PUD
TOLEDO                                        OH                        43605          2-4 Family
SAVANNAH                                      GA                        31401          Single Family
OKLAHOMA CITY                                 OK                        73119          Single Family
PALM HARBOR                                   FL                        34683          Condominium
DACULA                                        GA                        30019          Single Family
PALATINE                                      IL                        60074          Condominium
GLENDALE HEIGHTS                              IL                        60139          Single Family
CATONSVILLE                                   MD                        21228          Single Family
KERNERSVILLE                                  NC                        27284          Condominium
CHARLOTTE                                     NC                        28208          Single Family
SAVANNAH                                      GA                        31401          Single Family
SAVANNAH                                      GA                        31401          Single Family
SAVANNAH                                      GA                        31401          Single Family
MANASSAS                                      VA                        20110          2-4 Family
NEWBERG                                       OR                        97132          Single Family
SAVANNAH                                      GA                        31405          Single Family
LONG BEACH                                    CA                        90810          Single Family
NEWBERG                                       OR                        97132          Single Family
DILLSBURG                                     PA                        17019          Single Family
DILLSBURG                                     PA                        17019          Single Family
FRANKLINTOWN                                  PA                        17323          Single Family
SAVANNAH                                      GA                        31405          2-4 Family
POMPANO BEACH                                 FL                        33068          Single Family
OKLAHOMA CITY                                 OK                        73112          Single Family
MIDWEST CITY                                  OK                        73110          Single Family
VISALIA                                       CA                        93277          Single Family
DOVER                                         PA                        17315          Single Family
CHICAGO                                       IL                        60620          Single Family
LAUDERHILL                                    FL                        33319          PUD
SEATTLE                                       WA                        98136          Single Family
CABOT                                         AR                        72023          Single Family
KAILUA-KONA                                   HI                        96740          Condominium
BALDWIN PARK                                  CA                        91706          Single Family
FRESNO                                        CA                        93706          Single Family
BELGRADE                                      MT                        59714          Single Family
LANSDOWNE                                     PA                        19050          2-4 Family
SAN ANTONIO                                   TX                        78259          PUD
CHICAGO                                       IL                        60636          Single Family
CHINO HILLS                                   CA                        91709          Single Family
LINCOLN CITY                                  OR                        97367          Single Family
LEAGUE CITY                                   TX                        77573          Condominium
VANCOUVER                                     WA                        98662          Single Family
INDIANAPOLIS                                  IN                        46268          Single Family
BELTSVILLE                                    MD                        20705          Single Family
FT THOMAS                                     KY                        41075          Single Family
NASHUA                                        NH                        03060          2-4 Family
ELFRIDA                                       AZ                        85617          Single Family
HOUSTON                                       TX                        77057          Condominium
GLENDALE                                      NY                        11385          2-4 Family
APPLE VALLEY                                  CA                        92308          Single Family
SUN CITY                                      CA                        92585          PUD
CONCORD                                       NC                        28025          PUD

CITY1                                         CURRENT_GROSS                    SERV_FEE                LPMI              MSERV
                                              _COUPON
-----------------------------------------------------------------------------------------------------------------------------------
HIALEAH                                                        6.7500                  0.2500            0.0000             0.0085
MCCLOUD                                                        7.1250                  0.2500            0.0000             0.0085
BETHESDA                                                       6.8750                  0.2500            0.0000             0.0085
Seymour                                                        8.7500                  0.2500            0.0000             0.0085
ARVADA                                                         6.5000                  0.2500            0.0000             0.0085
GARDEN CITY                                                    7.8750                  0.2500            0.0000             0.0085
CICERO                                                         6.8750                  0.2500            0.0000             0.0085
NORTH LAS VEGAS                                                6.8750                  0.2500            0.0000             0.0085
GLEN ALLEN                                                     6.5000                  0.2500            0.0000             0.0085
HAMPTON                                                        6.8750                  0.2500            0.0000             0.0085
HICKORY CREEK                                                  6.5000                  0.2500            0.0000             0.0085
MIDDLEBURG                                                     7.5000                  0.2500            0.0000             0.0085
SACRAMENTO                                                     6.0000                  0.2500            0.0000             0.0085
ASHBURN                                                        6.1250                  0.2500            0.0000             0.0085
PORTLAND                                                       5.8750                  0.2500            0.0000             0.0085
SURPRISE                                                       7.2500                  0.2500            0.0000             0.0085
MIDLAND                                                        6.8750                  0.2500            0.0000             0.0085
PORTLAND                                                       7.2500                  0.2500            0.0000             0.0085
Holly Springs                                                  6.5000                  0.2500            0.0000             0.0085
MONROE                                                         6.7500                  0.2500            0.0000             0.0085
Edison                                                         6.3750                  0.2500            0.0000             0.0085
ALLEN                                                          6.0000                  0.2500            0.0000             0.0085
PAINESVILLE                                                    7.3750                  0.2500            0.0000             0.0085
NEWBERG                                                        6.7500                  0.2500            0.0000             0.0085
GOOSE CREEK                                                    7.2500                  0.2500            0.0000             0.0085
PLANTATION                                                     6.7500                  0.2500            0.0000             0.0085
RALEIGH                                                        7.6250                  0.2500            0.0000             0.0085
MARICOPA                                                       6.1250                  0.2500            0.0000             0.0085
MOUNTAIN TOP                                                   7.5000                  0.2500            0.0000             0.0085
BOISE                                                          6.8750                  0.2500            0.0000             0.0085
ALBANY                                                         6.7500                  0.2500            0.0000             0.0085
BIRMINGHAM                                                     7.5000                  0.2500            0.0000             0.0085
BROOKLYN                                                       7.7500                  0.2500            0.0000             0.0085
WARREN                                                         8.1250                  0.2500            0.0000             0.0085
Ridgeland                                                      6.7500                  0.2500            0.0000             0.0085
MONROE                                                         6.8750                  0.2500            0.0000             0.0085
AVONDALE                                                       7.5000                  0.2500            0.0000             0.0085
MONROE                                                         7.2500                  0.2500            0.0000             0.0085
SAN ANTONIO                                                    7.7500                  0.2500            0.0000             0.0085
SPARTANBURG                                                    7.5000                  0.2500            0.0000             0.0085
Crown Point                                                    8.5000                  0.2500            0.0000             0.0085
Nicholasville                                                  7.5000                  0.2500            0.0000             0.0085
Auburn                                                         9.5000                  0.2500            0.0000             0.0085
Auburn                                                         8.8750                  0.2500            0.0000             0.0085
CHESAPEAKE BEACH                                               6.8750                  0.2500            0.0000             0.0085
WASHINGTON                                                     7.2500                  0.2500            0.0000             0.0085
MIAMI                                                          6.8750                  0.2500            0.0000             0.0085
WELLINGTON                                                     8.3750                  0.2500            0.0000             0.0085
HOUSTON                                                        6.5000                  0.2500            0.0000             0.0085
MEMPHIS                                                        8.7500                  0.2500            0.0000             0.0085
HAYDEN LAKE                                                    7.5000                  0.2500            0.0000             0.0085
Eatontown                                                      6.5000                  0.2500            0.0000             0.0085
FAIRFAX                                                        6.8750                  0.2500            0.0000             0.0085
SIMPSONVILLE                                                   6.6250                  0.2500            0.0000             0.0085
Las Cruces                                                     7.1250                  0.2500            0.0000             0.0085
TOLEDO                                                         7.1250                  0.2500            0.0000             0.0085
Seaside Heights                                                7.6250                  0.2500            0.0000             0.0085
OLD ORCHARD BEACH                                              6.8750                  0.2500            0.0000             0.0085
LEXINGTON PARK                                                 8.2500                  0.2500            0.0000             0.0085
ROCKVILLE                                                      6.8750                  0.2500            0.0000             0.0085
RICHMOND                                                       7.0000                  0.2500            0.0000             0.0085
Paterson                                                       7.2500                  0.2500            0.0000             0.0085
HARRISBURG                                                     6.1250                  0.2500            0.0000             0.0085
COLORADO SPRINGS                                               7.6250                  0.2500            0.0000             0.0085
SAN ANTONIO                                                    8.0000                  0.2500            0.0000             0.0085
ERIE                                                           8.1250                  0.2500            0.0000             0.0085
HAWLEY                                                         8.0000                  0.2500            0.0000             0.0085
ORLANDO                                                        7.8750                  0.2500            0.0000             0.0085
SAFETY HARBOR                                                  7.6250                  0.2500            0.0000             0.0085
Trenton                                                        8.3750                  0.2500            0.0000             0.0085
KALAMAZOO                                                      6.5000                  0.2500            0.0000             0.0085
RIO RANCHO                                                     7.6250                  0.2500            0.0000             0.0085
CHICAGO                                                        7.1250                  0.2500            0.0000             0.0085
SILVERTON                                                      6.6250                  0.2500            0.0000             0.0085
EAST HAMPTON                                                   6.8750                  0.2500            0.0000             0.0085
PIEDMONT                                                       7.6250                  0.2500            0.0000             0.0085
AKRON                                                          7.5000                  0.2500            0.0000             0.0085
CHICAGO                                                        7.1250                  0.2500            0.0000             0.0085
HOUSTON                                                        6.8750                  0.2500            0.0000             0.0085
CYPRESS                                                        8.5000                  0.2500            0.0000             0.0085
BARTLETT                                                       7.5000                  0.2500            0.0000             0.0085
SALT LAKE CITY                                                 6.7500                  0.2500            0.0000             0.0085
INDIANAPOLIS                                                   8.7500                  0.2500            0.0000             0.0085
WACO                                                           8.5000                  0.2500            0.0000             0.0085
WINTER PARK                                                    7.1250                  0.2500            0.0000             0.0085
SALEM                                                          7.0000                  0.2500            0.0000             0.0085
TAMPA                                                          6.7500                  0.2500            0.0000             0.0085
LAKE CITY                                                      7.5000                  0.2500            0.0000             0.0085
MOUNT PLEASANT                                                 6.7500                  0.2500            0.0000             0.0085
TAKOMA PARK                                                    6.8750                  0.2500            0.0000             0.0085
GARDNER                                                        7.2500                  0.2500            0.0000             0.0085
SYRACUSE                                                       8.1250                  0.2500            0.0000             0.0085
WASHINGTON                                                     6.3750                  0.2500            0.0000             0.0085
MUKILTEO                                                       6.6250                  0.2500            0.0000             0.0085
CHICAGO                                                        7.5000                  0.2500            0.0000             0.0085
MEMPHIS                                                        8.7500                  0.2500            0.0000             0.0085
BRIARWOOD                                                      7.2500                  0.2500            0.0000             0.0085
WACO                                                           8.5000                  0.2500            0.0000             0.0085
BRANDON                                                        8.1250                  0.2500            0.0000             0.0085
LOUISVILLE                                                     8.7500                  0.2500            0.0000             0.0085
MARGATE                                                        7.8750                  0.2500            0.0000             0.0085
SYRACUSE                                                       8.6250                  0.2500            0.0000             0.0085
Louisville                                                     8.0000                  0.2500            0.0000             0.0085
MESA                                                           8.0000                  0.2500            0.0000             0.0085
CHICAGO                                                        8.5000                  0.2500            0.0000             0.0085
VIRGINIA BEACH                                                 8.7500                  0.2500            0.0000             0.0085
LOS BANOS                                                      6.8750                  0.2500            0.0000             0.0085
ORANGE PARK                                                    7.5000                  0.2500            0.0000             0.0085
LAS VEGAS                                                      7.8750                  0.2500            0.0000             0.0085
CLEVELAND                                                      8.3750                  0.2500            0.0000             0.0085
COTTAGE GROVE                                                  6.6250                  0.2500            0.0000             0.0085
TWIN FALLS                                                     6.7500                  0.2500            0.0000             0.0085
CHANTILLY                                                      6.7500                  0.2500            0.0000             0.0085
BOURBONNAIS                                                    7.8750                  0.2500            0.0000             0.0085
PASADENA                                                       8.5000                  0.2500            0.0000             0.0085
CHICAGO                                                        7.6250                  0.2500            0.0000             0.0085
DRAPER                                                         8.1250                  0.2500            0.0000             0.0085
CHICAGO                                                        8.5000                  0.2500            0.0000             0.0085
CINCINNATI                                                     7.6250                  0.2500            0.0000             0.0085
PLAINFIELD                                                     6.8750                  0.2500            0.0000             0.0085
BOILING SPRINGS                                                6.6250                  0.2500            0.0000             0.0085
Delhi                                                          8.1250                  0.2500            0.0000             0.0085
Montebello                                                     7.5000                  0.2500            0.0000             0.0085
CLEVELAND                                                      8.6250                  0.2500            0.0000             0.0085
DENVER                                                         7.3750                  0.2500            0.0000             0.0085
GARDEN VALLEY                                                  9.1250                  0.2500            0.0000             0.0085
CHICAGO                                                        7.7500                  0.2500            0.0000             0.0085
PEMBROKE PINES                                                 9.7500                  0.2500            0.0000             0.0085
BURKE                                                          8.0000                  0.2500            0.0000             0.0085
NASHVILLE                                                      7.3750                  0.2500            0.0000             0.0085
GARFIELD HEIGHTS                                               8.6250                  0.2500            0.0000             0.0085
CAPE CORAL                                                     6.8750                  0.2500            0.0000             0.0085
Hendersonville                                                 7.7500                  0.2500            0.0000             0.0085
EVERETT                                                        7.6250                  0.2500            0.0000             0.0085
SILVER SPRING                                                  7.1250                  0.2500            0.0000             0.0085
OVIEDO                                                         7.8750                  0.2500            0.0000             0.0085
JOHNSTON                                                       7.0000                  0.2500            0.0000             0.0085
PORTLAND                                                       7.2500                  0.2500            0.0000             0.0085
BROOKLYN                                                       8.0000                  0.2500            0.0000             0.0085
PEORIA                                                         7.7500                  0.2500            0.0000             0.0085
PANAMA CITY BEACH                                              8.2500                  0.2500            0.0000             0.0085
CHESTER                                                        6.0000                  0.2500            0.0000             0.0085
DETROIT                                                        7.8750                  0.2500            0.0000             0.0085
Charlotte                                                      6.5000                  0.2500            0.0000             0.0085
FORT LAUDERDALE                                                7.8750                  0.2500            0.0000             0.0085
MESA                                                           7.5000                  0.2500            0.0000             0.0085
DANBURY                                                        8.5000                  0.2500            0.0000             0.0085
MARRERO                                                        7.6250                  0.2500            0.0000             0.0085
Indianapolis                                                   8.3750                  0.2500            0.0000             0.0085
HYATTSVILLE                                                    7.7500                  0.2500            0.0000             0.0085
Louisville                                                     8.8750                  0.2500            0.0000             0.0085
LOUISVILLE                                                     6.8750                  0.2500            0.0000             0.0085
LINCOLNTON                                                     6.8750                  0.2500            0.0000             0.0085
Lawrenceville                                                  6.8750                  0.2500            0.0000             0.0085
SANGER                                                         8.0000                  0.2500            0.0000             0.0085
PHOENIX                                                        8.0000                  0.2500            0.0000             0.0085
STERLING HEIGHTS                                               6.6250                  0.2500            0.0000             0.0085
ABINGDON                                                       6.5000                  0.2500            0.0000             0.0085
GERMANTOWN                                                     6.5000                  0.2500            0.0000             0.0085
AURORA                                                         8.5000                  0.2500            0.0000             0.0085
TUCSON                                                         6.8750                  0.2500            0.0000             0.0085
Lafayette                                                      8.1250                  0.2500            0.0000             0.0085
MESA                                                           6.7500                  0.2500            0.0000             0.0085
WINTER HAVEN                                                   8.0000                  0.2500            0.0000             0.0085
NORCROSS                                                       7.8750                  0.2500            0.0000             0.0085
KAWKAWLIN                                                      6.8750                  0.2500            0.0000             0.0085
CORONA                                                         8.0000                  0.2500            0.0000             0.0085
GRAVETTE                                                       7.7500                  0.2500            0.0000             0.0085
Charlotte                                                      7.0000                  0.2500            0.0000             0.0085
QUEEN CREEK                                                    7.3750                  0.2500            0.0000             0.0085
CHANDLER                                                       6.6250                  0.2500            0.0000             0.0085
BURTON                                                         7.6250                  0.2500            0.0000             0.0085
STREAMWOOD                                                     8.1250                  0.2500            0.0000             0.0085
MECHANICSBURG                                                  7.5000                  0.2500            0.0000             0.0085
OAKLAND                                                        6.2500                  0.2500            0.0000             0.0085
LAKE WORTH                                                     7.3750                  0.2500            0.0000             0.0085
SAINT LOUIS                                                    8.3750                  0.2500            0.0000             0.0085
FORT LAUDERDALE                                                8.5000                  0.2500            0.0000             0.0085
Flowery Branch                                                 7.2500                  0.2500            0.0000             0.0085
MIAMI BEACH                                                    7.6250                  0.2500            0.0000             0.0085
Brooklyn                                                       8.5000                  0.2500            0.0000             0.0085
ATLANTIC BEACH                                                 8.0000                  0.2500            0.0000             0.0085
DETROIT                                                        8.3750                  0.2500            0.0000             0.0085
SAINT LOUIS                                                    8.5000                  0.2500            0.0000             0.0085
PANAMA CITY                                                    8.5000                  0.2500            0.0000             0.0085
COLUMBUS                                                       7.8750                  0.2500            0.0000             0.0085
Garner                                                         7.2500                  0.2500            0.0000             0.0085
STOCKTON                                                       6.3750                  0.2500            0.0000             0.0085
PANAMA CITY BEACH                                              7.5000                  0.2500            0.0000             0.0085
DETROIT                                                        8.5000                  0.2500            0.0000             0.0085
NAPLES                                                         8.5000                  0.2500            0.0000             0.0085
AURORA                                                         7.6250                  0.2500            0.0000             0.0085
WOODBRIDGE                                                     8.1250                  0.2500            0.0000             0.0085
PORT SAINT LUCIE                                               8.5000                  0.2500            0.0000             0.0085
Newark                                                         8.7500                  0.2500            0.0000             0.0085
SCOTTSDALE                                                     6.6250                  0.2500            0.0000             0.0085
GRANDVIEW                                                      9.5000                  0.2500            0.0000             0.0085
GARNER                                                         7.0000                  0.2500            0.0000             0.0085
PHOENIX                                                        6.8750                  0.2500            0.0000             0.0085
ORLANDO                                                        7.3750                  0.2500            0.0000             0.0085
MOORE                                                          6.8750                  0.2500            0.0000             0.0085
OCOEE                                                          8.2500                  0.2500            0.0000             0.0085
MEMPHIS                                                        8.3750                  0.2500            0.0000             0.0085
WACO                                                           8.5000                  0.2500            0.0000             0.0085
TAMPA                                                          8.2500                  0.2500            0.0000             0.0085
PROVIDENCE                                                     8.5000                  0.2500            0.0000             0.0085
CHICAGO                                                        8.1250                  0.2500            0.0000             0.0085
Raleigh                                                        6.5000                  0.2500            0.0000             0.0085
PAHRUMP                                                        7.3750                  0.2500            0.0000             0.0085
JOHNSON CITY                                                   8.1250                  0.2500            0.0000             0.0085
ROCHESTER                                                      7.6250                  0.2500            0.0000             0.0085
KENOSHA                                                        7.5000                  0.2500            0.0000             0.0085
DAVIS                                                          7.7500                  0.2500            0.0000             0.0085
CHICAGO                                                        9.5000                  0.2500            0.0000             0.0085
BURBANK                                                        8.6250                  0.2500            0.0000             0.0085
SALEM                                                          7.5000                  0.2500            0.0000             0.0085
FLAGSTAFF                                                      8.5000                  0.2500            0.0000             0.0085
SILVER SPRING                                                  7.0000                  0.2500            0.0000             0.0085
SOUTH PADRE ISLAND                                             7.8750                  0.2500            0.0000             0.0085
TAMPA                                                          8.5000                  0.2500            0.0000             0.0085
Hyde Park                                                      7.0000                  0.2500            0.0000             0.0085
LAKELAND                                                       8.1250                  0.2500            0.0000             0.0085
LONGMONT                                                       7.7500                  0.2500            0.0000             0.0085
WOODBRIDGE                                                     8.3750                  0.2500            0.0000             0.0085
NORTH CHARLESTON                                               6.7500                  0.2500            0.0000             0.0085
STEVENSVILLE                                                   7.3750                  0.2500            0.0000             0.0085
LADSON                                                         8.7500                  0.2500            0.0000             0.0085
BROUSSARD                                                      7.5000                  0.2500            0.0000             0.0085
GERMANTOWN                                                     7.8750                  0.2500            0.0000             0.0085
VISTA                                                          7.5000                  0.2500            0.0000             0.0085
MAPLE GLEN                                                     8.5000                  0.2500            0.0000             0.0085
VISALIA                                                        8.3750                  0.2500            0.0000             0.0085
SAINT JOSEPH                                                   8.0000                  0.2500            0.0000             0.0085
TAMPA                                                          7.3750                  0.2500            0.0000             0.0085
BALTIMORE                                                      7.8750                  0.2500            0.0000             0.0085
POMPANO BEACH                                                  7.7500                  0.2500            0.0000             0.0085
CARSON                                                         6.5000                  0.2500            0.0000             0.0085
NORFOLK                                                        5.8750                  0.2500            0.0000             0.0085
STAFFORD                                                       6.6250                  0.2500            0.0000             0.0085
PHILADELPHIA                                                   6.5000                  0.2500            0.0000             0.0085
KISSIMMEE                                                      7.8750                  0.2500            0.0000             0.0085
DAYTON                                                         8.2500                  0.2500            0.0000             0.0085
CHANDLER                                                       8.0000                  0.2500            0.0000             0.0085
KENNESAW                                                       7.2500                  0.2500            0.0000             0.0085
CHICAGO                                                        7.7500                  0.2500            0.0000             0.0085
POQUOSON                                                       7.7500                  0.2500            0.0000             0.0085
STERLING                                                       7.0000                  0.2500            0.0000             0.0085
BROOKLYN                                                       8.3750                  0.2500            0.0000             0.0085
CINCINNATI                                                     7.8750                  0.2500            0.0000             0.0085
PASCO                                                          7.2500                  0.2500            0.0000             0.0085
ELGIN                                                          7.3750                  0.2500            0.0000             0.0085
MISSOULA                                                       7.6250                  0.2500            0.0000             0.0085
Pikeville                                                      7.5000                  0.2500            0.0000             0.0085
LEWISVILLE                                                     7.8750                  0.2500            0.0000             0.0085
WEST WARWICK                                                   7.5000                  0.2500            0.0000             0.0085
Passaic                                                        8.1250                  0.2500            0.0000             0.0085
LAND O LAKES                                                   6.7500                  0.2500            0.0000             0.0085
CARSON CITY                                                    7.7500                  0.2500            0.0000             0.0085
EASLEY                                                         7.8750                  0.2500            0.0000             0.0085
SPRING HILL                                                    8.5000                  0.2500            0.0000             0.0085
DEERFIELD BEACH                                                7.6250                  0.2500            0.0000             0.0085
CLARKSTON                                                      7.6250                  0.2500            0.0000             0.0085
SLIDELL                                                        7.1250                  0.2500            0.0000             0.0085
NASHUA                                                         7.5000                  0.2500            0.0000             0.0085
LAS VEGAS                                                      8.7500                  0.2500            0.0000             0.0085
CHICAGO                                                        7.5000                  0.2500            0.0000             0.0085
Alameda                                                        6.6250                  0.2500            0.0000             0.0085
Bloomfield                                                     7.8750                  0.2500            0.0000             0.0085
DETROIT                                                        7.5000                  0.2500            0.0000             0.0085
MIDDLETOWN                                                     6.3750                  0.2500            0.0000             0.0085
GREENVILLE                                                     8.7500                  0.2500            0.0000             0.0085
REYNOLDSBURG                                                   6.5000                  0.2500            0.0000             0.0085
CANTON                                                         6.8750                  0.2500            0.0000             0.0085
SUN CITY WEST                                                  8.2500                  0.2500            0.0000             0.0085
BAKERSFIELD                                                    6.6250                  0.2500            0.0000             0.0085
CHICKASAW                                                      9.1250                  0.2500            0.0000             0.0085
TAMPA                                                          8.5000                  0.2500            0.0000             0.0085
ROCHESTER                                                      8.1250                  0.2500            0.0000             0.0085
Greensboro                                                     8.0000                  0.2500            0.0000             0.0085
Albuquerque                                                    8.7500                  0.2500            0.0000             0.0085
MARICOPA                                                       8.5000                  0.2500            0.0000             0.0085
OVIEDO                                                         7.7500                  0.2500            0.0000             0.0085
CHICAGO                                                        7.3750                  0.2500            0.0000             0.0085
South Plainfield                                               7.6250                  0.2500            0.0000             0.0085
MEMPHIS                                                        8.7500                  0.2500            0.0000             0.0085
LOS ANGELES                                                    7.1250                  0.2500            0.0000             0.0085
NORTH WEBSTER                                                  8.0000                  0.2500            0.0000             0.0085
INDIO                                                          6.7500                  0.2500            0.0000             0.0085
HENDERSON                                                      8.2500                  0.2500            0.0000             0.0085
SPRINGDALE                                                     7.5000                  0.2500            0.0000             0.0085
BROOKLYN                                                       8.2500                  0.2500            0.0000             0.0085
SPRINGFIELD                                                    8.1250                  0.2500            0.0000             0.0085
CLINTON                                                        7.8750                  0.2500            0.0000             0.0085
Hampton                                                        8.0000                  0.2500            0.0000             0.0085
Wendell                                                        6.5000                  0.2500            0.0000             0.0085
CLINTON                                                        6.5000                  0.2500            0.0000             0.0085
SAINT PETERSBURG                                               6.7500                  0.2500            0.0000             0.0085
JACKSONVILLE                                                   8.0000                  0.2500            0.0000             0.0085
Louisville                                                     7.6250                  0.2500            0.0000             0.0085
SUMMERVILLE                                                    7.5000                  0.2500            0.0000             0.0085
Newburgh                                                       7.8750                  0.2500            0.0000             0.0085
SYRACUSE                                                       7.8750                  0.2500            0.0000             0.0085
SYRACUSE                                                       7.8750                  0.2500            0.0000             0.0085
TOPEKA                                                         7.3750                  0.2500            0.0000             0.0085
EVANSTON                                                       6.8750                  0.2500            0.0000             0.0085
SILVER SPRING                                                  8.3750                  0.2500            0.0000             0.0085
BRONX                                                          8.5000                  0.2500            0.0000             0.0085
PARKLAND                                                       8.5000                  0.2500            0.0000             0.0085
Louisville                                                     8.1250                  0.2500            0.0000             0.0085
WOONSOCKET                                                     6.8750                  0.2500            0.0000             0.0085
Waxhaw                                                         6.8750                  0.2500            0.0000             0.0085
AUBURN                                                         7.2500                  0.2500            0.0000             0.0085
CAMDEN                                                         7.7500                  0.2500            0.0000             0.0085
BELTSVILLE                                                     6.7500                  0.2500            0.0000             0.0085
CHICAGO                                                        8.1250                  0.2500            0.0000             0.0085
PHOENIXVILLE                                                   8.5000                  0.2500            0.0000             0.0085
MIAMI                                                          8.5000                  0.2500            0.0000             0.0085
VALLEJO                                                        7.3750                  0.2500            0.0000             0.0085
SPRINGFIELD                                                    9.5000                  0.2500            0.0000             0.0085
LARGO                                                          7.5000                  0.2500            0.0000             0.0085
PORT TOBACCO                                                   7.3750                  0.2500            0.0000             0.0085
HIALEAH                                                        7.0000                  0.2500            0.0000             0.0085
MORENO VALLEY                                                  6.3750                  0.2500            0.0000             0.0085
CHICAGO                                                        7.7500                  0.2500            0.0000             0.0085
Worcester                                                      5.6250                  0.2500            0.0000             0.0085
PEORIA                                                         6.8750                  0.2500            0.0000             0.0085
DETROIT                                                        6.3750                  0.2500            0.0000             0.0085
COLUMBUS                                                       9.7500                  0.2500            0.0000             0.0085
BIRCHRUNVILLE                                                  7.2500                  0.2500            0.0000             0.0085
OAKTON                                                         6.1250                  0.2500            0.0000             0.0085
Newark                                                         7.3750                  0.2500            0.0000             0.0085
Atlanta                                                        7.5000                  0.2500            0.0000             0.0085
ROCHESTER                                                      6.6250                  0.2500            0.0000             0.0085
ROCHESTER                                                      6.6250                  0.2500            0.0000             0.0085
BROWNS VALLEY                                                  6.2500                  0.2500            0.0000             0.0085
QUEEN CREEK                                                    8.5000                  0.2500            0.0000             0.0085
DENVER                                                         6.8750                  0.2500            0.0000             0.0085
MAGNOLIA                                                       6.7500                  0.2500            0.0000             0.0085
HENDERSON                                                      6.3750                  0.2500            0.0000             0.0085
MISSION                                                        7.2500                  0.2500            0.0000             0.0085
Lawrenceville                                                  7.7500                  0.2500            0.0000             0.0085
Beverly                                                        6.6250                  0.2500            0.0000             0.0085
HOUSTON                                                        6.7500                  0.2500            0.0000             0.0085
PALM BAY                                                       8.5000                  0.2500            0.0000             0.0085
WASHINGTON                                                     7.1250                  0.2500            0.0000             0.0085
GARLAND                                                        6.2500                  0.2500            0.0000             0.0085
GARLAND                                                        6.2500                  0.2500            0.0000             0.0085
GARLAND                                                        6.2500                  0.2500            0.0000             0.0085
PORT SAINT LUCIE                                               8.1250                  0.2500            0.0000             0.0085
WYANDANCH                                                      7.1250                  0.2500            0.0000             0.0085
CERES                                                          6.3750                  0.2500            0.0000             0.0085
DESERT HILLS                                                   8.1250                  0.2500            0.0000             0.0085
Nantucket                                                      6.7500                  0.2500            0.0000             0.0085
West Springfield                                               7.7500                  0.2500            0.0000             0.0085
PHILADELPHIA                                                   6.8750                  0.2500            0.0000             0.0085
LIVERPOOL                                                      7.6250                  0.2500            0.0000             0.0085
BOSTON                                                         7.8750                  0.2500            0.0000             0.0085
ORLANDO                                                        6.8750                  0.2500            0.0000             0.0085
PHOENIX                                                        7.6250                  0.2500            0.0000             0.0085
MARCO ISLAND                                                   8.5000                  0.2500            0.0000             0.0085
LAS VEGAS                                                      7.5000                  0.2500            0.0000             0.0085
TAMPA                                                          6.7500                  0.2500            0.0000             0.0085
THE DALLES                                                     6.2500                  0.2500            0.0000             0.0085
COLUMBUS                                                       7.1250                  0.2500            0.0000             0.0085
CHICAGO                                                        8.3750                  0.2500            0.0000             0.0085
BEND                                                           7.2500                  0.2500            0.0000             0.0085
CINCINNATI                                                     7.6250                  0.2500            0.0000             0.0085
JACKSONVILLE                                                   6.8750                  0.2500            0.0000             0.0085
Visalia                                                        7.8750                  0.2500            0.0000             0.0085
NAPLES                                                         7.5000                  0.2500            0.0000             0.0085
SUN CITY                                                       6.8750                  0.2500            0.0000             0.0085
SUMMERVILLE                                                    7.3750                  0.2500            0.0000             0.0085
INDIANAPOLIS                                                   8.1250                  0.2500            0.0000             0.0085
DETROIT                                                        8.7500                  0.2500            0.0000             0.0085
COPIAGUE                                                       6.7500                  0.2500            0.0000             0.0085
STUART                                                         7.6250                  0.2500            0.0000             0.0085
LEBANON                                                        7.7500                  0.2500            0.0000             0.0085
ANTHEM                                                         7.6250                  0.2500            0.0000             0.0085
ROYAL PALM BEACH                                               8.0000                  0.2500            0.0000             0.0085
DUMFRIES                                                       8.0000                  0.2500            0.0000             0.0085
CLEVELAND                                                      7.7500                  0.2500            0.0000             0.0085
CHICAGO                                                        7.2500                  0.2500            0.0000             0.0085
BRONX                                                          7.6250                  0.2500            0.0000             0.0085
GLENDALE                                                       6.6250                  0.2500            0.0000             0.0085
MORENO VALLEY                                                  7.2500                  0.2500            0.0000             0.0085
CHESTERFIELD                                                   6.8750                  0.2500            0.0000             0.0085
Newark                                                         7.0000                  0.2500            0.0000             0.0085
SALEM                                                          7.1250                  0.2500            0.0000             0.0085
ANNAPOLIS                                                      6.0000                  0.2500            0.0000             0.0085
WAYNESBORO                                                     6.5000                  0.2500            0.0000             0.0085
Powder Springs                                                 6.8750                  0.2500            0.0000             0.0085
TEMPE                                                          6.8750                  0.2500            0.0000             0.0085
QUEEN CREEK                                                    6.6250                  0.2500            0.0000             0.0085
TAMPA                                                          7.8750                  0.2500            0.0000             0.0085
DELAND                                                         7.5000                  0.2500            0.0000             0.0085
WOODBRIDGE                                                     6.7500                  0.2500            0.0000             0.0085
FALLON                                                         7.1250                  0.2500            0.0000             0.0085
STREAMWOOD                                                     7.5000                  0.2500            0.0000             0.0085
MCLEAN                                                         8.7500                  0.2500            0.0000             0.0085
YORK                                                           8.1250                  0.2500            0.0000             0.0085
VISALIA                                                        8.3750                  0.2500            0.0000             0.0085
MIDVALE                                                        6.7500                  0.2500            0.0000             0.0085
ANDERSON                                                       8.0000                  0.2500            0.0000             0.0085
PROVIDENCE                                                     7.5000                  0.2500            0.0000             0.0085
HOLLYWOOD                                                      8.7500                  0.2500            0.0000             0.0085
BUCKEYE                                                        7.5000                  0.2500            0.0000             0.0085
Charlotte                                                      8.5000                  0.2500            0.0000             0.0085
EASTON                                                         7.5000                  0.2500            0.0000             0.0085
SARASOTA                                                       7.6250                  0.2500            0.0000             0.0085
QUEEN CREEK                                                    7.5000                  0.2500            0.0000             0.0085
LITHIA                                                         8.1250                  0.2500            0.0000             0.0085
FALLON                                                         7.1250                  0.2500            0.0000             0.0085
Louisville                                                     8.5000                  0.2500            0.0000             0.0085
PORTLAND                                                       6.8750                  0.2500            0.0000             0.0085
RIVIERA BEACH                                                  7.5000                  0.2500            0.0000             0.0085
CHICAGO                                                        8.0000                  0.2500            0.0000             0.0085
CHICAGO                                                        7.8750                  0.2500            0.0000             0.0085
COATESVILLE                                                    6.8750                  0.2500            0.0000             0.0085
GREENFIELD                                                     7.2500                  0.2500            0.0000             0.0085
KNOXVILLE                                                      6.7500                  0.2500            0.0000             0.0085
SEVERN                                                         5.8750                  0.2500            0.0000             0.0085
CITRUS HEIGHTS                                                 7.5000                  0.2500            0.0000             0.0085
BOWIE                                                          8.1250                  0.2500            0.0000             0.0085
BRONX                                                          6.8750                  0.2500            0.0000             0.0085
QUEEN CREEK                                                    8.1250                  0.2500            0.0000             0.0085
BALTIMORE                                                      8.5000                  0.2500            0.0000             0.0085
JOHNSTON                                                       8.1250                  0.2500            0.0000             0.0085
PROVIDENCE                                                     8.0000                  0.2500            0.0000             0.0085
EDGEWATER                                                      6.5000                  0.2500            0.0000             0.0085
SILVER SPRING                                                  7.7500                  0.2500            0.0000             0.0085
Provo                                                          7.6250                  0.2500            0.0000             0.0085
LACEY                                                          7.7500                  0.2500            0.0000             0.0085
roxboro                                                        6.2500                  0.2500            0.0000             0.0085
COCKEYSVILLE                                                   6.0000                  0.2500            0.0000             0.0085
GERMANTOWN                                                     7.1250                  0.2500            0.0000             0.0085
NEILTON                                                        7.0000                  0.2500            0.0000             0.0085
COLUMBIA                                                       8.1250                  0.2500            0.0000             0.0085
HAZEL CREST                                                    8.1250                  0.2500            0.0000             0.0085
SIMPSONVILLE                                                   6.6250                  0.2500            0.0000             0.0085
MAYWOOD                                                        6.8750                  0.2500            0.0000             0.0085
LAKE WORTH                                                     6.5000                  0.2500            0.0000             0.0085
SIMPSONVILLE                                                   8.7500                  0.2500            0.0000             0.0085
OGDEN                                                          7.5000                  0.2500            0.0000             0.0085
JACKSONVILLE                                                   6.8750                  0.2500            0.0000             0.0085
VERO BEACH                                                     6.8750                  0.2500            0.0000             0.0085
CASA GRANDE                                                    7.2500                  0.2500            0.0000             0.0085
DANA POINT                                                     6.8750                  0.2500            0.0000             0.0085
SILVER SPRING                                                  7.1250                  0.2500            0.0000             0.0085
LINDENHURST                                                    7.1250                  0.2500            0.0000             0.0085
TAYLOR                                                         7.1250                  0.2500            0.0000             0.0085
LOS ANGELES                                                    7.5000                  0.2500            0.0000             0.0085
MOUNT POCONO                                                   7.3750                  0.2500            0.0000             0.0085
WARWICK                                                        6.8750                  0.2500            0.0000             0.0085
METAMORA                                                       7.8750                  0.2500            0.0000             0.0085
MEMPHIS                                                        8.1250                  0.2500            0.0000             0.0085
FRISCO                                                         7.6250                  0.2500            0.0000             0.0085
PHOENIX                                                        7.7500                  0.2500            0.0000             0.0085
SPARTANBURG                                                    7.3750                  0.2500            0.0000             0.0085
COLUMBUS                                                       6.7500                  0.2500            0.0000             0.0085
SPARTANBURG                                                    8.0000                  0.2500            0.0000             0.0085
TRAVELERS REST                                                 6.3750                  0.2500            0.0000             0.0085
ALSTEAD                                                        7.8750                  0.2500            0.0000             0.0085
SPRING BRANCH                                                  8.5000                  0.2500            0.0000             0.0085
Plainfield                                                     7.1250                  0.2500            0.0000             0.0085
BROOKLYN                                                       6.2500                  0.2500            0.0000             0.0085
PHOENIX                                                        7.7500                  0.2500            0.0000             0.0085
BROOKLYN                                                       6.8750                  0.2500            0.0000             0.0085
CHICAGO                                                        7.5000                  0.2500            0.0000             0.0085
SPRING BRANCH                                                  7.0000                  0.2500            0.0000             0.0085
PHOENIX                                                        7.7500                  0.2500            0.0000             0.0085
PHOENIX                                                        7.2500                  0.2500            0.0000             0.0085
DETROIT                                                        8.1250                  0.2500            0.0000             0.0085
BROOKLYN                                                       8.1250                  0.2500            0.0000             0.0085
WASHINGTON                                                     7.8750                  0.2500            0.0000             0.0085
COVINGTON                                                      6.5000                  0.2500            0.0000             0.0085
PUYALLUP                                                       6.7500                  0.2500            0.0000             0.0085
Apollo Beach                                                   6.7500                  0.2500            0.0000             0.0085
MORENO VALLEY                                                  6.5000                  0.2500            0.0000             0.0085
TREASURE ISLAND                                                8.1250                  0.2500            0.0000             0.0085
MERRITT ISLAND                                                 7.1250                  0.2500            0.0000             0.0085
STERLING                                                       6.2500                  0.2500            0.0000             0.0085
BALTIMORE                                                      8.3750                  0.2500            0.0000             0.0085
Atlanta                                                        8.1250                  0.2500            0.0000             0.0085
DERWOOD                                                        7.6250                  0.2500            0.0000             0.0085
COOPER CITY                                                    7.0000                  0.2500            0.0000             0.0085
MIDLOTHIAN                                                     6.8750                  0.2500            0.0000             0.0085
WALTON                                                         7.7500                  0.2500            0.0000             0.0085
WEST PALM BEACH                                                8.1250                  0.2500            0.0000             0.0085
JOLIET                                                         7.2500                  0.2500            0.0000             0.0085
SPARTANBURG                                                    6.5000                  0.2500            0.0000             0.0085
GAINESVILLE                                                    6.7500                  0.2500            0.0000             0.0085
BATON ROUGE                                                    6.8750                  0.2500            0.0000             0.0085
GREENVILLE                                                     8.0000                  0.2500            0.0000             0.0085
PHILADELPHIA                                                   8.1250                  0.2500            0.0000             0.0085
CHARDON                                                        6.7500                  0.2500            0.0000             0.0085
MESA                                                           6.2500                  0.2500            0.0000             0.0085
Billings                                                       7.5000                  0.2500            0.0000             0.0085
CINCINNATI                                                     7.5000                  0.2500            0.0000             0.0085
GIBSONTON                                                      7.7500                  0.2500            0.0000             0.0085
MOBILE                                                         8.1250                  0.2500            0.0000             0.0085
WEST PALM BEACH                                                6.6250                  0.2500            0.0000             0.0085
Fall River                                                     8.1250                  0.2500            0.0000             0.0085
TUCSON                                                         6.2500                  0.2500            0.0000             0.0085
RICHMOND                                                       8.0000                  0.2500            0.0000             0.0085
JACKSON                                                        8.7500                  0.2500            0.0000             0.0085
HEFLIN                                                         8.2500                  0.2500            0.0000             0.0085
PHOENIX                                                        7.3750                  0.2500            0.0000             0.0085
PANAMA CITY BEACH                                              8.5000                  0.2500            0.0000             0.0085
Charlotte                                                      6.6250                  0.2500            0.0000             0.0085
SPRINGFIELD                                                    7.3750                  0.2500            0.0000             0.0085
AMITYVILLE                                                     6.8750                  0.2500            0.0000             0.0085
DETROIT                                                        8.1250                  0.2500            0.0000             0.0085
BELLINGHAM                                                     6.7500                  0.2500            0.0000             0.0085
ORLANDO                                                        8.1250                  0.2500            0.0000             0.0085
SARASOTA                                                       6.8750                  0.2500            0.0000             0.0085
COLUMBIA                                                       6.7500                  0.2500            0.0000             0.0085
WASHINGTON                                                     7.0000                  0.2500            0.0000             0.0085
TRENTON                                                        7.8750                  0.2500            0.0000             0.0085
RAYTOWN                                                        7.8750                  0.2500            0.0000             0.0085
SYRACUSE                                                       8.6250                  0.2500            0.0000             0.0085
CHANTILLY                                                      7.8750                  0.2500            0.0000             0.0085
SAN CLEMENTE                                                   7.6250                  0.2500            0.0000             0.0085
PONTIAC                                                        8.1250                  0.2500            0.0000             0.0085
WESTFIELD                                                      8.7500                  0.2500            0.0000             0.0085
DETROIT                                                        8.1250                  0.2500            0.0000             0.0085
BELTON                                                         6.6250                  0.2500            0.0000             0.0085
DETROIT                                                        7.7500                  0.2500            0.0000             0.0085
DETROIT                                                        7.7500                  0.2500            0.0000             0.0085
KANSAS CITY                                                    7.7500                  0.2500            0.0000             0.0085
HOUSTON                                                        7.8750                  0.2500            0.0000             0.0085
SUPERIOR                                                       7.6250                  0.2500            0.0000             0.0085
LISLE                                                          8.0000                  0.2500            0.0000             0.0085
REDFORD                                                        8.7500                  0.2500            0.0000             0.0085
Noblesville                                                    6.7500                  0.2500            0.0000             0.0085
Noblesville                                                    6.7500                  0.2500            0.0000             0.0085
Woodstock                                                      6.7500                  0.2500            0.0000             0.0085
SALT LAKE CITY                                                 6.7500                  0.2500            0.0000             0.0085
MEMPHIS                                                        8.2500                  0.2500            0.0000             0.0085
KANSAS CITY                                                    8.0000                  0.2500            0.0000             0.0085
Rio Rancho                                                     8.7500                  0.2500            0.0000             0.0085
SCOTTSDALE                                                     6.7500                  0.2500            0.0000             0.0085
HORN LAKE                                                      7.3750                  0.2500            0.0000             0.0085
Winston Salem                                                  8.2500                  0.2500            0.0000             0.0085
BALTIMORE                                                      7.0000                  0.2500            0.0000             0.0085
COVINGTON                                                      7.8750                  0.2500            0.0000             0.0085
BATON ROUGE                                                    7.2500                  0.2500            0.0000             0.0085
PALM BEACH GARDENS                                             6.7500                  0.2500            0.0000             0.0085
CANTON                                                         7.8750                  0.2500            0.0000             0.0085
BATON ROUGE                                                    7.2500                  0.2500            0.0000             0.0085
OCALA                                                          8.5000                  0.2500            0.0000             0.0085
PORTLAND                                                       8.5000                  0.2500            0.0000             0.0085
KANSAS CITY                                                    8.0000                  0.2500            0.0000             0.0085
KANSAS CITY                                                    8.0000                  0.2500            0.0000             0.0085
WINSTON SALEM                                                  8.2500                  0.2500            0.0000             0.0085
RAYTOWN                                                        7.8750                  0.2500            0.0000             0.0085
SAN BERNARDINO                                                 9.2500                  0.2500            0.0000             0.0085
Charlotte                                                      8.3750                  0.2500            0.0000             0.0085
DALLAS                                                         6.5000                  0.2500            0.0000             0.0085
Winston Salem                                                  8.2500                  0.2500            0.0000             0.0085
MEMPHIS                                                        8.3750                  0.2500            0.0000             0.0085
Winston Salem                                                  7.8750                  0.2500            0.0000             0.0085
Winston Salem                                                  7.8750                  0.2500            0.0000             0.0085
GALVESTON                                                      7.2500                  0.2500            0.0000             0.0085
MEMPHIS                                                        8.3750                  0.2500            0.0000             0.0085
MEMPHIS                                                        8.3750                  0.2500            0.0000             0.0085
FALLS CHURCH                                                   8.8750                  0.2500            0.0000             0.0085
RICHMOND                                                       6.8750                  0.2500            0.0000             0.0085
SOUND BEACH                                                    8.2500                  0.2500            0.0000             0.0085
AUGUSTA                                                        7.2500                  0.2500            0.0000             0.0085
Trenton                                                        7.8750                  0.2500            0.0000             0.0085
TRENTON                                                        7.8750                  0.2500            0.0000             0.0085
KANNAPOLIS                                                     8.5000                  0.2500            0.0000             0.0085
TRENTON                                                        7.8750                  0.2500            0.0000             0.0085
OCOEE                                                          8.0000                  0.2500            0.0000             0.0085
Concord                                                        8.7500                  0.2500            0.0000             0.0085
Pompton Plains                                                 6.2500                  0.2500            0.0000             0.0085
KNOXVILLE                                                      7.0000                  0.2500            0.0000             0.0085
COLUMBIA                                                       7.8750                  0.2500            0.0000             0.0085
SAN LEANDRO                                                    7.3750                  0.2500            0.0000             0.0085
TEMPE                                                          7.1250                  0.2500            0.0000             0.0085
ROCHESTER HILLS                                                8.0000                  0.2500            0.0000             0.0085
Bradenton Beach                                                7.8750                  0.2500            0.0000             0.0085
OAKLAND                                                        7.8750                  0.2500            0.0000             0.0085
ROSELLE                                                        7.6250                  0.2500            0.0000             0.0085
FLAT ROCK                                                      7.8750                  0.2500            0.0000             0.0085
MADRAS                                                         6.8750                  0.2500            0.0000             0.0085
KANSAS CITY                                                    6.7500                  0.2500            0.0000             0.0085
MADRAS                                                         6.8750                  0.2500            0.0000             0.0085
ELK GROVE                                                      6.8750                  0.2500            0.0000             0.0085
DETROIT                                                        8.5000                  0.2500            0.0000             0.0085
PORTSMOUTH                                                     6.3750                  0.2500            0.0000             0.0085
HIALEAH                                                        6.7500                  0.2500            0.0000             0.0085
MOLINE                                                         7.2500                  0.2500            0.0000             0.0085
MANCHESTER                                                     8.5000                  0.2500            0.0000             0.0085
ARVERNE                                                        8.1250                  0.2500            0.0000             0.0085
WOBURN                                                         7.2500                  0.2500            0.0000             0.0085
PHOENIX                                                        7.0000                  0.2500            0.0000             0.0085
LAS VEGAS                                                      7.5000                  0.2500            0.0000             0.0085
OCEANSIDE                                                      7.0000                  0.2500            0.0000             0.0085
SPRING                                                         6.7500                  0.2500            0.0000             0.0085
PHOENIX                                                        8.1250                  0.2500            0.0000             0.0085
LAREDO                                                         6.5000                  0.2500            0.0000             0.0085
ROCKVALE                                                       7.5000                  0.2500            0.0000             0.0085
NORTH BELLMORE                                                 6.7500                  0.2500            0.0000             0.0085
Los Angeles                                                    7.5000                  0.2500            0.0000             0.0085
SPARTANBURG                                                    7.5000                  0.2500            0.0000             0.0085
Acworth                                                        8.1250                  0.2500            0.0000             0.0085
COLUMBUS                                                       7.8750                  0.2500            0.0000             0.0085
LAS VEGAS                                                      7.1250                  0.2500            0.0000             0.0085
COACHELLA                                                      7.3750                  0.2500            0.0000             0.0085
Lumberton                                                      8.5000                  0.2500            0.0000             0.0085
BILLINGS                                                       7.1250                  0.2500            0.0000             0.0085
SCHENECTADY                                                    8.0000                  0.2500            0.0000             0.0085
BILOXI                                                         7.7500                  0.2500            0.0000             0.0085
GULFPORT                                                       7.7500                  0.2500            0.0000             0.0085
SPARTANBURG                                                    8.7500                  0.2500            0.0000             0.0085
BALTIMORE                                                      8.0000                  0.2500            0.0000             0.0085
SPARTANBURG                                                    8.2500                  0.2500            0.0000             0.0085
WALDORF                                                        8.2500                  0.2500            0.0000             0.0085
ROUND LAKE                                                     7.8750                  0.2500            0.0000             0.0085
Decatur                                                        8.3750                  0.2500            0.0000             0.0085
DES PLAINES                                                    7.7500                  0.2500            0.0000             0.0085
CHICAGO                                                        7.5000                  0.2500            0.0000             0.0085
PIEDMONT                                                       8.0000                  0.2500            0.0000             0.0085
PORTLAND                                                       7.0000                  0.2500            0.0000             0.0085
SAN ANTONIO                                                    8.5000                  0.2500            0.0000             0.0085
SAN ANTONIO                                                    8.3750                  0.2500            0.0000             0.0085
SAN ANTONIO                                                    8.3750                  0.2500            0.0000             0.0085
CRANSTON                                                       7.6250                  0.2500            0.0000             0.0085
HOUSTON                                                        7.7500                  0.2500            0.0000             0.0085
QUEEN CREEK                                                    8.1250                  0.2500            0.0000             0.0085
DAYTON                                                         7.5000                  0.2500            0.0000             0.0085
Atlanta                                                        8.1250                  0.2500            0.0000             0.0085
EASTPOINTE                                                     7.7500                  0.2500            0.0000             0.0085
LITTLE ROCK                                                    8.0000                  0.2500            0.0000             0.0085
MILFORD                                                        7.1250                  0.2500            0.0000             0.0085
SURPRISE                                                       7.8750                  0.2500            0.0000             0.0085
ROEBUCK                                                        8.2500                  0.2500            0.0000             0.0085
SEVIERVILLE                                                    6.3750                  0.2500            0.0000             0.0085
NEW HAVEN                                                      7.2500                  0.2500            0.0000             0.0085
GATLINBURG                                                     6.3750                  0.2500            0.0000             0.0085
WASHINGTON                                                     7.0000                  0.2500            0.0000             0.0085
SOUTHFIELD                                                     6.7500                  0.2500            0.0000             0.0085
LINCOLNWOOD                                                    7.3750                  0.2500            0.0000             0.0085
COLUMBUS                                                       7.1250                  0.2500            0.0000             0.0085
DOVER                                                          7.6250                  0.2500            0.0000             0.0085
Buckeye                                                        6.5000                  0.2500            0.0000             0.0085
QUEEN CREEK                                                    6.0000                  0.2500            0.0000             0.0085
MESA                                                           8.5000                  0.2500            0.0000             0.0085
Everett                                                        5.7500                  0.2500            0.0000             0.0085
PROVIDENCE                                                     7.3750                  0.2500            0.0000             0.0085
Atlanta                                                        7.7500                  0.2500            0.0000             0.0085
Chickamauga                                                    9.3750                  0.2500            0.0000             0.0085
JACKSONVILLE                                                   7.7500                  0.2500            0.0000             0.0085
North Bethesda                                                 8.2500                  0.2500            0.0000             0.0085
BRENTWOOD                                                      6.6250                  0.2500            0.0000             0.0085
Glendale                                                       7.8750                  0.2500            0.0000             0.0085
PEMBROKE                                                       8.1250                  0.2500            0.0000             0.0085
PHOENIX                                                        7.8750                  0.2500            0.0000             0.0085
TAMPA                                                          7.2500                  0.2500            0.0000             0.0085
MIAMI BEACH                                                    7.2500                  0.2500            0.0000             0.0085
JERSEY CITY                                                    6.6250                  0.2500            0.0000             0.0085
SIOUX FALLS                                                    8.1250                  0.2500            0.0000             0.0085
MARICOPA                                                       8.5000                  0.2500            0.0000             0.0085
AURORA                                                         8.1250                  0.2500            0.0000             0.0085
Corrales                                                       6.6250                  0.2500            0.0000             0.0085
BOLINGBROOK                                                    8.7500                  0.2500            0.0000             0.0085
SPARTANBURG                                                    8.7500                  0.2500            0.0000             0.0085
NEW YORK                                                       6.8750                  0.2500            0.0000             0.0085
DOUGLASSVILLE                                                  7.2500                  0.2500            0.0000             0.0085
Albuquerque                                                    6.6250                  0.2500            0.0000             0.0085
HILTON HEAD ISLAND                                             8.7500                  0.2500            0.0000             0.0085
ASTORIA                                                        8.1250                  0.2500            0.0000             0.0085
WHEATON                                                        7.2500                  0.2500            0.0000             0.0085
PLATTSBURG                                                     6.8750                  0.2500            0.0000             0.0085
FORT ATKINSON                                                  8.5000                  0.2500            0.0000             0.0085
MIDDLETOWN                                                     6.1250                  0.2500            0.0000             0.0085
BROOKLYN                                                       8.2500                  0.2500            0.0000             0.0085
LAS VEGAS                                                      6.7500                  0.2500            0.0000             0.0085
FORT LAUDERDALE                                                8.0000                  0.2500            0.0000             0.0085
FALLS CHURCH                                                   8.1250                  0.2500            0.0000             0.0085
OXNARD                                                         7.1250                  0.2500            0.0000             0.0085
DETROIT                                                        8.5000                  0.2500            0.0000             0.0085
CHESTER                                                        6.5000                  0.2500            0.0000             0.0085
NORFOLK                                                        6.8750                  0.2500            0.0000             0.0085
SANDPOINT                                                      7.0000                  0.2500            0.0000             0.0085
PARADISE                                                       7.3750                  0.2500            0.0000             0.0085
CAPE CORAL                                                     8.5000                  0.2500            0.0000             0.0085
SEDONA                                                         6.8750                  0.2500            0.0000             0.0085
PAWLEYS ISLAND                                                 7.0000                  0.2500            0.0000             0.0085
COUNTRY CLUB HILLS                                             8.3750                  0.2500            0.0000             0.0085
Passaic                                                        6.8750                  0.2500            0.0000             0.0085
Franklin                                                       8.2500                  0.2500            0.0000             0.0085
SAN ANTONIO                                                    8.2500                  0.2500            0.0000             0.0085
BRIDGEPORT                                                     7.2500                  0.2500            0.0000             0.0085
SANDY                                                          8.3750                  0.2500            0.0000             0.0085
SURPRISE                                                       8.2500                  0.2500            0.0000             0.0085
CHICAGO                                                        8.5000                  0.2500            0.0000             0.0085
LAKE FOREST                                                    7.7500                  0.2500            0.0000             0.0085
FARMINGVILLE                                                   7.8750                  0.2500            0.0000             0.0085
PALM BAY                                                       8.2500                  0.2500            0.0000             0.0085
BIRMINGHAM                                                     8.5000                  0.2500            0.0000             0.0085
WALDORF                                                        6.6250                  0.2500            0.0000             0.0085
West New York                                                  6.3750                  0.2500            0.0000             0.0085
PHOENIX                                                        8.5000                  0.2500            0.0000             0.0085
DETROIT                                                        7.8750                  0.2500            0.0000             0.0085
CONWAY                                                         7.7500                  0.2500            0.0000             0.0085
HUNTLEY                                                        7.3750                  0.2500            0.0000             0.0085
INDIO                                                          7.5000                  0.2500            0.0000             0.0085
WESTWOOD                                                       9.6250                  0.2500            0.0000             0.0085
TEHACHAI                                                       7.8750                  0.2500            0.0000             0.0085
CLEVELAND                                                      7.6250                  0.2500            0.0000             0.0085
BAKERSFIELD                                                    7.7500                  0.2500            0.0000             0.0085
SWANSEA                                                        8.6250                  0.2500            0.0000             0.0085
SCOTTSDALE                                                     8.0000                  0.2500            0.0000             0.0085
BUCKEYE                                                        6.6250                  0.2500            0.0000             0.0085
WILLOWBROOK                                                    7.2500                  0.2500            0.0000             0.0085
KANSAS CITY                                                    8.1250                  0.2500            0.0000             0.0085
MARICOPA                                                       7.2500                  0.2500            0.0000             0.0085
FOREST GROVE                                                   6.8750                  0.2500            0.0000             0.0085
MARICOPA                                                       7.3750                  0.2500            0.0000             0.0085
RIDGELY                                                        6.7500                  0.2500            0.0000             0.0085
CEDAR POINT                                                    7.5000                  0.2500            0.0000             0.0085
FREDERICKSBURG                                                 8.7500                  0.2500            0.0000             0.0085
BALTIMORE                                                      7.3750                  0.2500            0.0000             0.0085
LAS VEGAS                                                      7.8750                  0.2500            0.0000             0.0085
PEORIA                                                         6.3750                  0.2500            0.0000             0.0085
Ahoskie                                                        8.1250                  0.2500            0.0000             0.0085
JACKSONVILLE                                                   8.5000                  0.2500            0.0000             0.0085
Evansville                                                     7.7500                  0.2500            0.0000             0.0085
BRYANS ROAD                                                    7.2500                  0.2500            0.0000             0.0085
WALDORF                                                        7.0000                  0.2500            0.0000             0.0085
JACKSONVILLE                                                   8.5000                  0.2500            0.0000             0.0085
MEMPHIS                                                        7.8750                  0.2500            0.0000             0.0085
LORTON                                                         7.7500                  0.2500            0.0000             0.0085
SALISBURY                                                      7.6250                  0.2500            0.0000             0.0085
SAINT LOUIS                                                    8.2500                  0.2500            0.0000             0.0085
Trenton                                                        7.6250                  0.2500            0.0000             0.0085
REDMOND                                                        8.5000                  0.2500            0.0000             0.0085
MEMPHIS                                                        7.8750                  0.2500            0.0000             0.0085
TOLEDO                                                         8.1250                  0.2500            0.0000             0.0085
TAMPA                                                          7.3750                  0.2500            0.0000             0.0085
SAINT LOUIS                                                    8.2500                  0.2500            0.0000             0.0085
PROVIDENCE                                                     8.1250                  0.2500            0.0000             0.0085
RICHMOND                                                       6.7500                  0.2500            0.0000             0.0085
ISLE OF PALMS                                                  7.8750                  0.2500            0.0000             0.0085
CENTEREACH                                                     6.8750                  0.2500            0.0000             0.0085
SAINT LOUIS                                                    8.5000                  0.2500            0.0000             0.0085
LANCASTER                                                      7.7500                  0.2500            0.0000             0.0085
NORTH LAS VEGAS                                                6.0000                  0.2500            0.0000             0.0085
Woodstock                                                      7.7500                  0.2500            0.0000             0.0085
LONG BEACH                                                     7.5000                  0.2500            0.0000             0.0085
EVANSTON                                                       7.7500                  0.2500            0.0000             0.0085
PEYTON                                                         6.6250                  0.2500            0.0000             0.0085
Marietta                                                       8.5000                  0.2500            0.0000             0.0085
EVANSTON                                                       7.7500                  0.2500            0.0000             0.0085
INDIANAPOLIS                                                   8.3750                  0.2500            0.0000             0.0085
Sunbury                                                        7.7500                  0.2500            0.0000             0.0085
Rome                                                           7.7500                  0.2500            0.0000             0.0085
ORLANDO                                                        7.3750                  0.2500            0.0000             0.0085
EVANSTON                                                       7.7500                  0.2500            0.0000             0.0085
AMSTERDAM                                                      8.5000                  0.2500            0.0000             0.0085
MIAMI                                                          7.7500                  0.2500            0.0000             0.0085
EL PASO                                                        7.6250                  0.2500            0.0000             0.0085
FALLS CHURCH                                                   8.7500                  0.2500            0.0000             0.0085
TYLER                                                          6.8750                  0.2500            0.0000             0.0085
LADYS ISLAND                                                   6.7500                  0.2500            0.0000             0.0085
JAMAICA                                                        6.8750                  0.2500            0.0000             0.0085
CHICAGO                                                        7.2500                  0.2500            0.0000             0.0085
Fort Wayne                                                     7.8750                  0.2500            0.0000             0.0085
BALTIMORE                                                      6.5000                  0.2500            0.0000             0.0085
PALM COAST                                                     7.2500                  0.2500            0.0000             0.0085
Hillsborough                                                   7.8750                  0.2500            0.0000             0.0085
ALEXANDRIA                                                     8.2500                  0.2500            0.0000             0.0085
CRYSTAL SPRINGS                                                7.7500                  0.2500            0.0000             0.0085
PHOENIX                                                        7.3750                  0.2500            0.0000             0.0085
VIRGINIA BEACH                                                 7.6250                  0.2500            0.0000             0.0085
PORT JEFFERSON STATION                                         7.2500                  0.2500            0.0000             0.0085
DAYTON                                                         8.5000                  0.2500            0.0000             0.0085
BAYONNE                                                        6.3750                  0.2500            0.0000             0.0085
WELLINGTON                                                     8.5000                  0.2500            0.0000             0.0085
AKRON                                                          8.5000                  0.2500            0.0000             0.0085
MARYVILLE                                                      8.7500                  0.2500            0.0000             0.0085
WARRENTON                                                      7.0000                  0.2500            0.0000             0.0085
OGDEN                                                          7.5000                  0.2500            0.0000             0.0085
EL PASO                                                        7.5000                  0.2500            0.0000             0.0085
SOUTH PADRE ISLAND                                             7.8750                  0.2500            0.0000             0.0085
FARMINGTON                                                     6.6250                  0.2500            0.0000             0.0085
FARMINGTON                                                     6.6250                  0.2500            0.0000             0.0085
GRANDVILLE                                                     9.5000                  0.2500            0.0000             0.0085
BAY SHORE                                                      7.2500                  0.2500            0.0000             0.0085
BURNSVILLE                                                     6.3750                  0.2500            0.0000             0.0085
Evansville                                                     8.1250                  0.2500            0.0000             0.0085
KIRKLAND                                                       7.1250                  0.2500            0.0000             0.0085
DUNELLEN                                                       7.6250                  0.2500            0.0000             0.0085
HOLLYWOOD                                                      8.1250                  0.2500            0.0000             0.0085
Tigard                                                         7.1250                  0.2500            0.0000             0.0085
PORT SAINT LUCIE                                               8.5000                  0.2500            0.0000             0.0085
PALISADES                                                      9.7500                  0.2500            0.0000             0.0085
MERCED                                                         7.2500                  0.2500            0.0000             0.0085
SAINT ALBANS                                                   7.6250                  0.2500            0.0000             0.0085
DAYTON                                                         8.1250                  0.2500            0.0000             0.0085
EL MONTE                                                       6.8750                  0.2500            0.0000             0.0085
SIDNEY                                                         7.2500                  0.2500            0.0000             0.0085
JACKSONVILLE                                                   7.0000                  0.2500            0.0000             0.0085
BRIDGEPORT                                                     7.3750                  0.2500            0.0000             0.0085
LAWRENCEVILLE                                                  8.5000                  0.2500            0.0000             0.0085
WATERFORD                                                      7.1250                  0.2500            0.0000             0.0085
MONROE                                                         7.2500                  0.2500            0.0000             0.0085
Atlantic Beach                                                 7.2500                  0.2500            0.0000             0.0085
Kalamazoo                                                      6.5000                  0.2500            0.0000             0.0085
WINCHESTER                                                     7.2500                  0.2500            0.0000             0.0085
SPOKANE                                                        7.7500                  0.2500            0.0000             0.0085
West Sacramento                                                7.5000                  0.2500            0.0000             0.0085
FORT WORTH                                                     7.0000                  0.2500            0.0000             0.0085
SUNRISE                                                        7.3750                  0.2500            0.0000             0.0085
MARYSVILLE                                                     7.5000                  0.2500            0.0000             0.0085
CONCORD                                                        7.2500                  0.2500            0.0000             0.0085
SIOUX FALLS                                                    8.1250                  0.2500            0.0000             0.0085
COLUMBUS                                                       7.6250                  0.2500            0.0000             0.0085
NEWBERG                                                        7.5000                  0.2500            0.0000             0.0085
BELLEROSE                                                      7.5000                  0.2500            0.0000             0.0085
Paterson                                                       7.8750                  0.2500            0.0000             0.0085
LEWES                                                          5.8750                  0.2500            0.0000             0.0085
Boston                                                         7.0000                  0.2500            0.0000             0.0085
BOOTHWYN                                                       7.7500                  0.2500            0.0000             0.0085
TUCSON                                                         6.5000                  0.2500            0.0000             0.0085
CHICAGO                                                        7.5000                  0.2500            0.0000             0.0085
CHARLOTTE                                                      8.5000                  0.2500            0.0000             0.0085
WHEATON                                                        7.7500                  0.2500            0.0000             0.0085
FORT MYERS                                                     6.8750                  0.2500            0.0000             0.0085
TINLEY PARK                                                    7.6250                  0.2500            0.0000             0.0085
GRANTS PASS                                                    7.8750                  0.2500            0.0000             0.0085
RIGBY                                                          6.6250                  0.2500            0.0000             0.0085
STREAMWOOD                                                     6.8750                  0.2500            0.0000             0.0085
MILTON                                                         7.7500                  0.2500            0.0000             0.0085
Toms River                                                     7.6250                  0.2500            0.0000             0.0085
SAINT GEORGE                                                   8.0000                  0.2500            0.0000             0.0085
PATASKALA                                                      7.1250                  0.2500            0.0000             0.0085
LOVELAND                                                       7.7500                  0.2500            0.0000             0.0085
Boston                                                         7.3750                  0.2500            0.0000             0.0085
VIRGINIA BEACH                                                 7.3750                  0.2500            0.0000             0.0085
APPLE VALLEY                                                   8.6250                  0.2500            0.0000             0.0085
BOYNTON BEACH                                                  8.1250                  0.2500            0.0000             0.0085
PONTIAC                                                        6.8750                  0.2500            0.0000             0.0085
CHICAGO                                                        8.1250                  0.2500            0.0000             0.0085
NEWBURGH                                                       7.0000                  0.2500            0.0000             0.0085
Mcdonough                                                      8.0000                  0.2500            0.0000             0.0085
Boston                                                         7.3750                  0.2500            0.0000             0.0085
CONWAY                                                         7.5000                  0.2500            0.0000             0.0085
Durham                                                         7.5000                  0.2500            0.0000             0.0085
FORT MYERS                                                     7.3750                  0.2500            0.0000             0.0085
DETROIT                                                        7.6250                  0.2500            0.0000             0.0085
SURPRISE                                                       6.6250                  0.2500            0.0000             0.0085
LEES SUMMIT                                                    7.6250                  0.2500            0.0000             0.0085
AVONDALE                                                       6.7500                  0.2500            0.0000             0.0085
LITHIA                                                         6.5000                  0.2500            0.0000             0.0085
SURPRISE                                                       7.2500                  0.2500            0.0000             0.0085
FAIRVIEW                                                       7.7500                  0.2500            0.0000             0.0085
SHOW LOW                                                       7.8750                  0.2500            0.0000             0.0085
Charlotte                                                      7.5000                  0.2500            0.0000             0.0085
OKLAHOMA CITY                                                  7.1250                  0.2500            0.0000             0.0085
CLEVELAND                                                      7.1250                  0.2500            0.0000             0.0085
ALAMEDA                                                        7.7500                  0.2500            0.0000             0.0085
ORMOND BEACH                                                   8.0000                  0.2500            0.0000             0.0085
EWING                                                          6.8750                  0.2500            0.0000             0.0085
SAN ANTONIO                                                    8.3750                  0.2500            0.0000             0.0085
FORT PIERCE                                                    8.1250                  0.2500            0.0000             0.0085
RICHMOND                                                       6.8750                  0.2500            0.0000             0.0085
DAYTON                                                         7.8750                  0.2500            0.0000             0.0085
INDEPENDENCE                                                   7.7500                  0.2500            0.0000             0.0085
LARGO                                                          7.5000                  0.2500            0.0000             0.0085
SURPRISE                                                       8.0000                  0.2500            0.0000             0.0085
HANFORD                                                        7.0000                  0.2500            0.0000             0.0085
BRONX                                                          8.1250                  0.2500            0.0000             0.0085
BRANSON                                                        6.7500                  0.2500            0.0000             0.0085
ASHBURN                                                        7.0000                  0.2500            0.0000             0.0085
Belmont                                                        6.6250                  0.2500            0.0000             0.0085
LYNCHBURG                                                      8.1250                  0.2500            0.0000             0.0085
LYNCHBURG                                                      8.1250                  0.2500            0.0000             0.0085
DAYTON                                                         7.5000                  0.2500            0.0000             0.0085
HARLINGEN                                                      6.7500                  0.2500            0.0000             0.0085
LAWSON                                                         7.8750                  0.2500            0.0000             0.0085
EAST DURHAM                                                    7.2500                  0.2500            0.0000             0.0085
STOCKTON                                                       7.0000                  0.2500            0.0000             0.0085
ODENTON                                                        6.7500                  0.2500            0.0000             0.0085
WOODSIDE                                                       8.0000                  0.2500            0.0000             0.0085
CANTON                                                         8.0000                  0.2500            0.0000             0.0085
SAINT LOUIS                                                    8.7500                  0.2500            0.0000             0.0085
Camden                                                         8.1250                  0.2500            0.0000             0.0085
COLUMBUS                                                       7.5000                  0.2500            0.0000             0.0085
NORTH MIAMI                                                    7.3750                  0.2500            0.0000             0.0085
VIRGINIA BEACH                                                 6.7500                  0.2500            0.0000             0.0085
KANSAS CITY                                                    7.2500                  0.2500            0.0000             0.0085
AKRON                                                          7.8750                  0.2500            0.0000             0.0085
SAINT LOUIS                                                    8.7500                  0.2500            0.0000             0.0085
Belton                                                         7.5000                  0.2500            0.0000             0.0085
TOPEKA                                                         8.8750                  0.2500            0.0000             0.0085
GREENVILLE                                                     7.6250                  0.2500            0.0000             0.0085
VIENNA                                                         8.6250                  0.2500            0.0000             0.0085
OZONE PARK                                                     6.5000                  0.2500            0.0000             0.0085
AURORA                                                         6.7500                  0.2500            0.0000             0.0085
GOODLETTSVILLE                                                 6.7500                  0.2500            0.0000             0.0085
CHICAGO                                                        8.1250                  0.2500            0.0000             0.0085
APPLE VALLEY                                                   8.0000                  0.2500            0.0000             0.0085
Irvington                                                      7.5000                  0.2500            0.0000             0.0085
MURRIETA                                                       8.5000                  0.2500            0.0000             0.0085
HENDERSON                                                      6.7500                  0.2500            0.0000             0.0085
ZEPHYRHILLS                                                    7.0000                  0.2500            0.0000             0.0085
MERIDEN                                                        6.8750                  0.2500            0.0000             0.0085
PHILADELPHIA                                                   7.8750                  0.2500            0.0000             0.0085
SANTA ROSA                                                     7.3750                  0.2500            0.0000             0.0085
PROVIDENCE                                                     7.5000                  0.2500            0.0000             0.0085
WASHINGTON                                                     7.2500                  0.2500            0.0000             0.0085
GLENDALE                                                       7.1250                  0.2500            0.0000             0.0085
UPPER MARLBORO                                                 7.0000                  0.2500            0.0000             0.0085
RESTON                                                         7.0000                  0.2500            0.0000             0.0085
East Boston                                                    6.2500                  0.2500            0.0000             0.0085
CHICAGO                                                        8.2500                  0.2500            0.0000             0.0085
AURORA                                                         8.1250                  0.2500            0.0000             0.0085
PHOENIX                                                        6.7500                  0.2500            0.0000             0.0085
Cottonwood                                                     7.1250                  0.2500            0.0000             0.0085
HOMESTEAD                                                      6.5000                  0.2500            0.0000             0.0085
KANSAS CITY                                                    8.1250                  0.2500            0.0000             0.0085
HILLSBORO                                                      7.0000                  0.2500            0.0000             0.0085
LAKE OSWEGO                                                    6.8750                  0.2500            0.0000             0.0085
NEW LONDON                                                     7.8750                  0.2500            0.0000             0.0085
GRANTS PASS                                                    7.1250                  0.2500            0.0000             0.0085
WARREN                                                         6.7500                  0.2500            0.0000             0.0085
AIKEN                                                          7.8750                  0.2500            0.0000             0.0085
BUFFALO                                                        7.5000                  0.2500            0.0000             0.0085
CLERMONT                                                       8.5000                  0.2500            0.0000             0.0085
Louisville                                                     8.3750                  0.2500            0.0000             0.0085
NEWPORT NEWS                                                   7.0000                  0.2500            0.0000             0.0085
LOS ANGELES                                                    6.7500                  0.2500            0.0000             0.0085
MIAMI                                                          8.5000                  0.2500            0.0000             0.0085
HOFFMAN ESTATES                                                5.8750                  0.2500            0.0000             0.0085
NAMPA                                                          6.5000                  0.2500            0.0000             0.0085
POWDER SPRINGS                                                 8.7500                  0.2500            0.0000             0.0085
Alpharetta                                                     7.6250                  0.2500            0.0000             0.0085
DETROIT                                                        7.5000                  0.2500            0.0000             0.0085
JACKSONVILLE BEACH                                             7.6250                  0.2500            0.0000             0.0085
ANGOLA                                                         8.1250                  0.2500            0.0000             0.0085
BOILING SPRINGS                                                7.8750                  0.2500            0.0000             0.0085
Apopka                                                         7.6250                  0.2500            0.0000             0.0085
BRONX                                                          7.7500                  0.2500            0.0000             0.0085
SPOKANE                                                        6.7500                  0.2500            0.0000             0.0085
ORLANDO                                                        7.5000                  0.2500            0.0000             0.0085
BROOKLYN                                                       6.5000                  0.2500            0.0000             0.0085
TYLER                                                          7.3750                  0.2500            0.0000             0.0085
PHILADELPHIA                                                   8.1250                  0.2500            0.0000             0.0085
Alpharetta                                                     8.2500                  0.2500            0.0000             0.0085
TOPEKA                                                         7.3750                  0.2500            0.0000             0.0085
CHICAGO                                                        7.7500                  0.2500            0.0000             0.0085
TOPEKA                                                         7.3750                  0.2500            0.0000             0.0085
TOPEKA                                                         7.3750                  0.2500            0.0000             0.0085
E FALLOWFIELD                                                  8.5000                  0.2500            0.0000             0.0085
MESA                                                           8.0000                  0.2500            0.0000             0.0085
GREENVILLE                                                     7.5000                  0.2500            0.0000             0.0085
RENTON                                                         6.5000                  0.2500            0.0000             0.0085
LANSING                                                        8.0000                  0.2500            0.0000             0.0085
EL PASO                                                        7.5000                  0.2500            0.0000             0.0085
Raleigh                                                        7.5000                  0.2500            0.0000             0.0085
BIRMINGHAM                                                     7.7500                  0.2500            0.0000             0.0085
BARTOW                                                         7.8750                  0.2500            0.0000             0.0085
OKLAHOMA CITY                                                  8.0000                  0.2500            0.0000             0.0085
CHICAGO                                                        8.5000                  0.2500            0.0000             0.0085
ORMOND BEACH                                                   8.5000                  0.2500            0.0000             0.0085
DETROIT                                                        7.6250                  0.2500            0.0000             0.0085
HOLLYWOOD                                                      7.5000                  0.2500            0.0000             0.0085
NORTH CHARLESTON                                               6.7500                  0.2500            0.0000             0.0085
VANCOUVER                                                      7.8750                  0.2500            0.0000             0.0085
AVONDALE                                                       7.6250                  0.2500            0.0000             0.0085
JACKSONVILLE                                                   8.1250                  0.2500            0.0000             0.0085
SEGUIN                                                         8.5000                  0.2500            0.0000             0.0085
SOUTHFIELD                                                     8.5000                  0.2500            0.0000             0.0085
KENT                                                           7.7500                  0.2500            0.0000             0.0085
ROWESVILLE                                                     7.5000                  0.2500            0.0000             0.0085
MASPETH                                                        6.8750                  0.2500            0.0000             0.0085
Mutttontown                                                    7.5000                  0.2500            0.0000             0.0085
GLEN OAKS                                                      6.1250                  0.2500            0.0000             0.0085
DARLINGTON                                                     7.0000                  0.2500            0.0000             0.0085
NORTH HOLLYWOOD                                                7.5000                  0.2500            0.0000             0.0085
NEW DURHAM                                                     6.6250                  0.2500            0.0000             0.0085
RANCHO PALOS VERDES                                            5.8750                  0.2500            0.0000             0.0085
SAN ANTONIO                                                    8.3750                  0.2500            0.0000             0.0085
PORT SAINT LUCIE                                               7.8750                  0.2500            0.0000             0.0085
COLUMBUS                                                       7.8750                  0.2500            0.0000             0.0085
KANSAS CITY                                                    6.7500                  0.2500            0.0000             0.0085
NORTH CHARLESTON                                               7.5000                  0.2500            0.0000             0.0085
FOUNTAIN                                                       8.0000                  0.2500            0.0000             0.0085
BALTIMORE                                                      8.1250                  0.2500            0.0000             0.0085
LAWRENCEVILLE                                                  6.8750                  0.2500            0.0000             0.0085
HOMESTEAD                                                      6.8750                  0.2500            0.0000             0.0085
LA VERGNE                                                      6.5000                  0.2500            0.0000             0.0085
NORTH LAS VEGAS                                                6.0000                  0.2500            0.0000             0.0085
WASHINGTON                                                     8.5000                  0.2500            0.0000             0.0085
ATLANTA                                                        8.5000                  0.2500            0.0000             0.0085
Cumming                                                        7.1250                  0.2500            0.0000             0.0085
HILLSBORO                                                      7.5000                  0.2500            0.0000             0.0085
JACKSONVILLE                                                   7.8750                  0.2500            0.0000             0.0085
Wilmington                                                     5.8750                  0.2500            0.0000             0.0085
Las Cruces                                                     7.8750                  0.2500            0.0000             0.0085
VISALIA                                                        7.6250                  0.2500            0.0000             0.0085
SCAPPOOSE                                                      7.1250                  0.2500            0.0000             0.0085
SALEM                                                          7.5000                  0.2500            0.0000             0.0085
Santa Maria                                                    6.6250                  0.2500            0.0000             0.0085
JACKSONVILLE                                                   8.2500                  0.2500            0.0000             0.0085
OZARK                                                          7.2500                  0.2500            0.0000             0.0085
CHICAGO                                                        7.2500                  0.2500            0.0000             0.0085
SCOTTSDALE                                                     8.1250                  0.2500            0.0000             0.0085
HOUSTON                                                        7.8750                  0.2500            0.0000             0.0085
ELMHURST                                                       7.7500                  0.2500            0.0000             0.0085
WASHINGTON                                                     9.7500                  0.2500            0.0000             0.0085
CHICAGO                                                        8.1250                  0.2500            0.0000             0.0085
CALDWELL                                                       7.8750                  0.2500            0.0000             0.0085
Powder Springs                                                 8.0000                  0.2500            0.0000             0.0085
PHOENIX                                                        7.7500                  0.2500            0.0000             0.0085
GLENDALE                                                       7.2500                  0.2500            0.0000             0.0085
MODESTO                                                        7.3750                  0.2500            0.0000             0.0085
LAS VEGAS                                                      8.2500                  0.2500            0.0000             0.0085
WALDORF                                                        6.8750                  0.2500            0.0000             0.0085
LISLE                                                          6.8750                  0.2500            0.0000             0.0085
SALEM                                                          8.2500                  0.2500            0.0000             0.0085
SPARTANBURG                                                    8.0000                  0.2500            0.0000             0.0085
SPOKANE                                                        7.8750                  0.2500            0.0000             0.0085
RIDGE                                                          7.2500                  0.2500            0.0000             0.0085
PHOENIX                                                        8.0000                  0.2500            0.0000             0.0085
WAKE FOREST                                                    7.2500                  0.2500            0.0000             0.0085
KANSAS CITY                                                    6.7500                  0.2500            0.0000             0.0085
REDMOND                                                        6.5000                  0.2500            0.0000             0.0085
MINNEAPOLIS                                                    7.5000                  0.2500            0.0000             0.0085
SPRING CITY                                                    7.5000                  0.2500            0.0000             0.0085
PINE BLUFFS                                                    7.6250                  0.2500            0.0000             0.0085
WASHINGTON                                                     9.7500                  0.2500            0.0000             0.0085
MARICOPA                                                       8.1250                  0.2500            0.0000             0.0085
GIBSONTON                                                      8.1250                  0.2500            0.0000             0.0085
CHEYENNE                                                       7.6250                  0.2500            0.0000             0.0085
ANNAPOLIS                                                      6.0000                  0.2500            0.0000             0.0085
SEAFORD                                                        7.8750                  0.2500            0.0000             0.0085
ESSEX                                                          7.2500                  0.2500            0.0000             0.0085
DES MOINES                                                     7.6250                  0.2500            0.0000             0.0085
KANSAS CITY                                                    6.7500                  0.2500            0.0000             0.0085
Scottsdale                                                     8.5000                  0.2500            0.0000             0.0085
MARYSVILLE                                                     6.5000                  0.2500            0.0000             0.0085
FORT LAUDERDALE                                                7.3750                  0.2500            0.0000             0.0085
LIBERTY LAKE                                                   7.2500                  0.2500            0.0000             0.0085
Raleigh                                                        8.0000                  0.2500            0.0000             0.0085
SILVER SPRING                                                  8.6250                  0.2500            0.0000             0.0085
MIRA LOMA                                                      7.0000                  0.2500            0.0000             0.0085
KATONAH                                                        7.8750                  0.2500            0.0000             0.0085
Cary                                                           8.7500                  0.2500            0.0000             0.0085
EVERETT                                                        7.3750                  0.2500            0.0000             0.0085
PROVIDENCE                                                     6.6250                  0.2500            0.0000             0.0085
WOODBRIDGE                                                     8.0000                  0.2500            0.0000             0.0085
CAPE CORAL                                                     7.8750                  0.2500            0.0000             0.0085
Atlanta                                                        7.8750                  0.2500            0.0000             0.0085
RENO                                                           6.0000                  0.2500            0.0000             0.0085
RANDALLSTOWN                                                   5.8750                  0.2500            0.0000             0.0085
PERINTON                                                       5.0000                  0.2500            0.0000             0.0085
FRAMINGHAM                                                     5.0000                  0.2500            0.0000             0.0085
Vienna                                                         6.5000                  0.2500            0.0000             0.0085
Phippsburg                                                     7.5000                  0.2500            0.0000             0.0085
Detroit                                                        7.5000                  0.2500            0.0000             0.0085
Detroit                                                        7.5000                  0.2500            0.0000             0.0085
Washington                                                     7.2500                  0.2500            0.0000             0.0085
Fort Washington                                                6.5000                  0.2500            0.0000             0.0085
Clermont                                                       7.8750                  0.2500            0.0000             0.0085
Manassas                                                       7.3750                  0.2500            0.0000             0.0085
Fort Washington                                                7.5000                  0.2500            0.0000             0.0085
Sterling                                                       7.6250                  0.2500            0.0000             0.0085
Washington                                                     6.3750                  0.2500            0.0000             0.0085
Suisun City                                                    7.1250                  0.2500            0.0000             0.0085
Manassas                                                       7.8750                  0.2500            0.0000             0.0085
Woodbridge                                                     7.8750                  0.2500            0.0000             0.0085
Centreville                                                    7.2500                  0.2500            0.0000             0.0085
Fairfax                                                        7.5000                  0.2500            0.0000             0.0085
Culpeper                                                       7.7500                  0.2500            0.0000             0.0085
Fredericksburg                                                 7.5000                  0.2500            0.0000             0.0085
Hamilton                                                       6.3750                  0.2500            0.0000             0.0085
Fredericksburg                                                 8.2500                  0.2500            0.0000             0.0085
Cooksville                                                     7.1250                  0.2500            0.0000             0.0085
Manassas                                                       7.6250                  0.2500            0.0000             0.0085
Manassas                                                       7.7500                  0.2500            0.0000             0.0085
Winston Salem                                                  7.1250                  0.2500            0.0000             0.0085
Temple Hills                                                   6.8750                  0.2500            0.0000             0.0085
Germantown                                                     6.8750                  0.2500            0.0000             0.0085
Manassas                                                       7.5000                  0.2500            0.0000             0.0085
Richmond                                                       7.2500                  0.2500            0.0000             0.0085
Alexandria                                                     8.1250                  0.2500            0.0000             0.0085
Clinton                                                        7.0000                  0.2500            0.0000             0.0085
Upper Marlboro                                                 8.0000                  0.2500            0.0000             0.0085
Gaithersburg                                                   6.6250                  0.2500            0.0000             0.0085
Arlington                                                      7.2500                  0.2500            0.0000             0.0085
Beltsville                                                     8.0000                  0.2500            0.0000             0.0085
Manassas                                                       7.5000                  0.2500            0.0000             0.0085
Woodbridge                                                     8.2500                  0.2500            0.0000             0.0085
Capitol Heights                                                6.0000                  0.2500            0.0000             0.0085
Culpeper                                                       7.8750                  0.2500            0.0000             0.0085
Alexandria                                                     7.8750                  0.2500            0.0000             0.0085
Woodbridge                                                     7.6250                  0.2500            0.0000             0.0085
Manassas                                                       7.5000                  0.2500            0.0000             0.0085
Takoma Park                                                    7.5000                  0.2500            0.0000             0.0085
Woodbridge                                                     7.0000                  0.2500            0.0000             0.0085
Leesburg                                                       7.8750                  0.2500            0.0000             0.0085
Aldie                                                          7.2500                  0.2500            0.0000             0.0085
TAMARAC                                                        6.7500                  0.2500            0.0000             0.0085
Reston                                                         7.5000                  0.2500            0.0000             0.0085
Manassas                                                       7.5000                  0.2500            0.0000             0.0085
Woodbridge                                                     7.5000                  0.2500            0.0000             0.0085
Falls Church                                                   6.3750                  0.2500            0.0000             0.0085
Baltimore                                                      7.6250                  0.2500            0.0000             0.0085
PORT REPUBLIC                                                  6.7500                  0.2500            0.0000             0.0085
STREAMWOOD                                                     7.3750                  0.2500            0.0000             0.0085
LOUISVILLE                                                     7.2500                  0.2500            0.0000             0.0085
BALTIMORE                                                      7.3750                  0.2500            0.0000             0.0085
Fargo                                                          6.1250                  0.2500            0.0000             0.0085
BEALETON                                                       7.2500                  0.2500            0.0000             0.0085
COLUMBIA                                                       8.2500                  0.2500            0.0000             0.0085
DOVER                                                          7.8750                  0.2500            0.0000             0.0085
BALTIMORE                                                      7.6250                  0.2500            0.0000             0.0085
CARENCRO                                                       8.1250                  0.2500            0.0000             0.0085
BALTIMORE                                                      7.7500                  0.2500            0.0000             0.0085
BALTIMORE                                                      7.6250                  0.2500            0.0000             0.0085
BALTIMORE                                                      8.3750                  0.2500            0.0000             0.0085
WALDORF                                                        6.6250                  0.2500            0.0000             0.0085
ARLINGTON                                                      7.6250                  0.2500            0.0000             0.0085
Pasadena                                                       6.7500                  0.2500            0.0000             0.0085
ARLINGTON                                                      7.6250                  0.2500            0.0000             0.0085
BALTIMORE                                                      7.6250                  0.2500            0.0000             0.0085
ARLINGTON                                                      6.6250                  0.2500            0.0000             0.0085
DAVIDSONVILLE                                                  6.7500                  0.2500            0.0000             0.0085
NEW CASTLE                                                     8.6250                  0.2500            0.0000             0.0085
YORK                                                           8.0000                  0.2500            0.0000             0.0085
VIRGINIA BEACH                                                 6.6250                  0.2500            0.0000             0.0085
RICHMOND                                                       6.7500                  0.2500            0.0000             0.0085
CUMBERLAND                                                     7.2500                  0.2500            0.0000             0.0085
POTTSTOWN                                                      7.3750                  0.2500            0.0000             0.0085
POTTSTOWN                                                      7.3750                  0.2500            0.0000             0.0085
BALTIMORE                                                      7.2500                  0.2500            0.0000             0.0085
Baltimore                                                      7.2500                  0.2500            0.0000             0.0085
SOUDERTON                                                      8.6250                  0.2500            0.0000             0.0085
Grant                                                          6.8750                  0.2500            0.0000             0.0085
MIAMI                                                          7.0000                  0.2500            0.0000             0.0085
ELMA                                                           8.2500                  0.2500            0.0000             0.0085
TAMPA                                                          7.6250                  0.2500            0.0000             0.0085
Romulus                                                        7.2500                  0.2500            0.0000             0.0085
Lakeland                                                       7.7500                  0.2500            0.0000             0.0085
West Palm Beach                                                6.8750                  0.2500            0.0000             0.0085
UPPER MARLBORO                                                 7.0000                  0.2500            0.0000             0.0085
Albertson                                                      8.2500                  0.2500            0.0000             0.0085
Brooklyn                                                       7.2500                  0.2500            0.0000             0.0085
Wyandanch                                                      7.2500                  0.2500            0.0000             0.0085
ALTURA                                                         7.1250                  0.2500            0.0000             0.0085
Alexandria                                                     6.8750                  0.2500            0.0000             0.0085
APACHE JUNCTION                                                8.5000                  0.2500            0.0000             0.0085
MOUNT LAUREL TOWNSHIP                                          8.2500                  0.2500            0.0000             0.0085
IRVINGTON TOWNSHIP                                             8.6250                  0.2500            0.0000             0.0085
NEW BRUNSWICK                                                  7.5000                  0.2500            0.0000             0.0085
PATERSON                                                       8.1250                  0.2500            0.0000             0.0085
BAYONNE                                                        7.5000                  0.2500            0.0000             0.0085
Trenton                                                        8.6250                  0.2500            0.0000             0.0085
WOODBRIDGE                                                     7.1250                  0.2500            0.0000             0.0085
MT OLIVE TOWNSHIP                                              8.7500                  0.2500            0.0000             0.0085
TRENTON                                                        8.7500                  0.2500            0.0000             0.0085
JERSEY CITY                                                    8.0000                  0.2500            0.0000             0.0085
NORTH BERGEN TWP                                               7.7500                  0.2500            0.0000             0.0085
PASSAIC                                                        7.7500                  0.2500            0.0000             0.0085
EAST ORANGE                                                    8.1250                  0.2500            0.0000             0.0085
EAST ORANGE                                                    7.8750                  0.2500            0.0000             0.0085
JERSEY CITY                                                    8.6250                  0.2500            0.0000             0.0085
MENDHAM TOWNSHIP                                               6.1250                  0.2500            0.0000             0.0085
Miami                                                          7.1250                  0.2500            0.0000             0.0085
Hialeah                                                        8.3750                  0.2500            0.0000             0.0085
Hillsborough                                                   6.3750                  0.2500            0.0000             0.0085
Maurice River Township                                         6.3750                  0.2500            0.0000             0.0085
Elizabeth                                                      7.7500                  0.2500            0.0000             0.0085
Newark                                                         8.6250                  0.2500            0.0000             0.0085
Fitchburg                                                      7.3750                  0.2500            0.0000             0.0085
Lawrence                                                       8.3750                  0.2500            0.0000             0.0085
Orange                                                         8.1250                  0.2500            0.0000             0.0085
Newark                                                         7.7500                  0.2500            0.0000             0.0085
Jersey City                                                    8.2500                  0.2500            0.0000             0.0085
Lynn                                                           7.3750                  0.2500            0.0000             0.0085
Antioch                                                        5.8750                  0.2500            0.0000             0.0085
New Port Richey                                                6.7500                  0.2500            0.0000             0.0085
Mobile                                                         6.8750                  0.2500            0.0000             0.0085
Nashville                                                      6.8750                  0.2500            0.0000             0.0085
Dunedin                                                        6.8750                  0.2500            0.0000             0.0085
Seminole                                                       7.7500                  0.2500            0.0000             0.0085
Largo                                                          7.2500                  0.2500            0.0000             0.0085
Mandeville                                                     6.5000                  0.2500            0.0000             0.0085
Dunedin                                                        6.7500                  0.2500            0.0000             0.0085
Clearwater                                                     7.6250                  0.2500            0.0000             0.0085
Ocala                                                          7.6250                  0.2500            0.0000             0.0085
Clearwater                                                     6.7500                  0.2500            0.0000             0.0085
Chattanooga                                                    7.1250                  0.2500            0.0000             0.0085
Hendersonville                                                 7.7500                  0.2500            0.0000             0.0085
Iuka                                                           7.2500                  0.2500            0.0000             0.0085
Auburn                                                         6.1250                  0.2500            0.0000             0.0085
Cape Coral                                                     6.0000                  0.2500            0.0000             0.0085
Jackson                                                        7.3750                  0.2500            0.0000             0.0085
Celebration                                                    7.1250                  0.2500            0.0000             0.0085
Orlando                                                        6.8750                  0.2500            0.0000             0.0085
Gulf Breeze                                                    6.7500                  0.2500            0.0000             0.0085
Nashville                                                      7.3750                  0.2500            0.0000             0.0085
Birmingham                                                     6.0000                  0.2500            0.0000             0.0085
JONESBORO                                                      8.0000                  0.2500            0.0000             0.0085
LITHONIA                                                       7.0000                  0.2500            0.0000             0.0085
Cincinnati                                                     7.5000                  0.2500            0.0000             0.0085
LAKE ALFRED                                                    8.7500                  0.2500            0.0000             0.0085
MIAMI                                                          7.5000                  0.2500            0.0000             0.0085
Cincinnati                                                     7.5000                  0.2500            0.0000             0.0085
MARIETTA                                                       7.7500                  0.2500            0.0000             0.0085
Kennesaw                                                       7.5000                  0.2500            0.0000             0.0085
BLUE RIDGE                                                     7.6250                  0.2500            0.0000             0.0085
HIGH POINT                                                     7.7500                  0.2500            0.0000             0.0085
ATLANTA                                                        8.7500                  0.2500            0.0000             0.0085
Cincinnati                                                     8.2500                  0.2500            0.0000             0.0085
Port Chester                                                   6.5000                  0.2500            0.0000             0.0085
Bayside                                                        7.2500                  0.2500            0.0000             0.0085
Fresh Meadows                                                  6.8750                  0.2500            0.0000             0.0085
Philadelphia                                                   7.8750                  0.2500            0.0000             0.0085
Westampton                                                     7.5000                  0.2500            0.0000             0.0085
Philadelphia                                                   6.8750                  0.2500            0.0000             0.0085
Northfield                                                     7.2500                  0.2500            0.0000             0.0085
Woodbury                                                       7.3750                  0.2500            0.0000             0.0085
Ocean City                                                     7.5000                  0.2500            0.0000             0.0085
BROOKLYN                                                       7.7500                  0.2500            0.0000             0.0085
Brooklyn                                                       6.6250                  0.2500            0.0000             0.0085
College Point                                                  7.5000                  0.2500            0.0000             0.0085
Laurel                                                         7.6250                  0.2500            0.0000             0.0085
Chicago                                                        7.3750                  0.2500            0.0000             0.0085
JERSEY CITY                                                    7.8750                  0.2500            0.0000             0.0085
NOGALES                                                        7.5000                  0.2500            0.0000             0.0085
PLACENTIA                                                      6.8750                  0.2500            0.0000             0.0085
SURPRISE                                                       8.5000                  0.2500            0.0000             0.0085
UPLAND                                                         6.8750                  0.2500            0.0000             0.0085
CHINO                                                          6.8750                  0.2500            0.0000             0.0085
PLACENTIA                                                      6.8750                  0.2500            0.0000             0.0085
EL CENTRO                                                      6.1250                  0.2500            0.0000             0.0085
YUMA                                                           7.0000                  0.2500            0.0000             0.0085
Laredo                                                         6.7500                  0.2500            0.0000             0.0085
GREELEY                                                        7.3750                  0.2500            0.0000             0.0085
GREELEY                                                        7.3750                  0.2500            0.0000             0.0085
GREELEY                                                        7.3750                  0.2500            0.0000             0.0085
PALM SPRINGS                                                   7.1250                  0.2500            0.0000             0.0085
Rio Rico                                                       7.8750                  0.2500            0.0000             0.0085
Richardson                                                     7.0000                  0.2500            0.0000             0.0085
Chicago                                                        6.8750                  0.2500            0.0000             0.0085
Minneapolis                                                    7.7500                  0.2500            0.0000             0.0085
Chicago                                                        6.8750                  0.2500            0.0000             0.0085
Little Rock                                                    7.2500                  0.2500            0.0000             0.0085
Murphy                                                         7.2500                  0.2500            0.0000             0.0085
Brighton                                                       6.8750                  0.2500            0.0000             0.0085
KINGSVILLE                                                     6.6250                  0.2500            0.0000             0.0085
Chicago                                                        6.8750                  0.2500            0.0000             0.0085
Florissant                                                     7.5000                  0.2500            0.0000             0.0085
Atlanta                                                        7.7500                  0.2500            0.0000             0.0085
Orlando                                                        7.0000                  0.2500            0.0000             0.0085
Orlando                                                        7.1250                  0.2500            0.0000             0.0085
Ellijay                                                        7.8750                  0.2500            0.0000             0.0085
Tampa                                                          7.1250                  0.2500            0.0000             0.0085
New River                                                      7.0000                  0.2500            0.0000             0.0085
Millington                                                     7.2500                  0.2500            0.0000             0.0085
Savannah                                                       7.1250                  0.2500            0.0000             0.0085
Arvada                                                         7.5000                  0.2500            0.0000             0.0085
Davie Beach                                                    7.8750                  0.2500            0.0000             0.0085
York                                                           8.1250                  0.2500            0.0000             0.0085
Granbury                                                       7.7500                  0.2500            0.0000             0.0085
Chicago                                                        6.8750                  0.2500            0.0000             0.0085
WASHINGTON                                                     7.5000                  0.2500            0.0000             0.0085
ELLICOTT CITY                                                  6.8750                  0.2500            0.0000             0.0085
FORKED RIVER                                                   7.8750                  0.2500            0.0000             0.0085
EASTON                                                         9.6250                  0.2500            0.0000             0.0085
LAREDO                                                         6.5000                  0.2500            0.0000             0.0085
MESA                                                           6.2500                  0.2500            0.0000             0.0085
LANHAM                                                         7.2500                  0.2500            0.0000             0.0085
MISSION                                                        8.0000                  0.2500            0.0000             0.0085
PHOENIX                                                        6.1250                  0.2500            0.0000             0.0085
BELLEVUE                                                       7.0000                  0.2500            0.0000             0.0085
ORANGE                                                         6.6250                  0.2500            0.0000             0.0085
MCALLEN                                                        7.6250                  0.2500            0.0000             0.0085
HIGLEY                                                         8.2500                  0.2500            0.0000             0.0085
SEVERNA PARK                                                   7.5000                  0.2500            0.0000             0.0085
SUN CITY WEST                                                  6.8750                  0.2500            0.0000             0.0085
WESLACO                                                        7.6250                  0.2500            0.0000             0.0085
CEDAR PARK                                                     7.2500                  0.2500            0.0000             0.0085
DECATUR                                                        8.6250                  0.2500            0.0000             0.0085
FORT WORTH                                                     6.8750                  0.2500            0.0000             0.0085
LEESBURG                                                       6.8750                  0.2500            0.0000             0.0085
DAVENPORT                                                      7.1250                  0.2500            0.0000             0.0085
GREAT FALLS                                                    7.1250                  0.2500            0.0000             0.0085
SILVER SPRING                                                  5.7500                  0.2500            0.0000             0.0085
ATHENS                                                         7.7500                  0.2500            0.0000             0.0085
SILVER SPRING                                                  6.8750                  0.2500            0.0000             0.0085
MIDDLETOWN                                                     6.7500                  0.2500            0.0000             0.0085
CAPITOL HEIGHTS                                                7.7500                  0.2500            0.0000             0.0085
MESA                                                           6.2500                  0.2500            0.0000             0.0085
ROUND ROCK                                                     7.0000                  0.2500            0.0000             0.0085
MCALLEN                                                        8.2500                  0.2500            0.0000             0.0085
CEDAR PARK                                                     6.6250                  0.2500            0.0000             0.0085
GILBERT                                                        7.6250                  0.2500            0.0000             0.0085
MESA                                                           7.7500                  0.2500            0.0000             0.0085
CLAREMONT                                                      5.8750                  0.2500            0.0000             0.0085
ORANGE                                                         8.1250                  0.2500            0.0000             0.0085
CHANDLER                                                       7.0000                  0.2500            0.0000             0.0085
SAN FRANCISCO                                                  6.7500                  0.2500            0.0000             0.0085
KELLER                                                         7.0000                  0.2500            0.0000             0.0085
MISSION                                                        8.6250                  0.2500            0.0000             0.0085
SANTA ANA                                                      7.0000                  0.2500            0.0000             0.0085
SAN ANTONIO                                                    6.2500                  0.2500            0.0000             0.0085
PHOENIX                                                        7.3750                  0.2500            0.0000             0.0085
GREAT FALLS                                                    6.1250                  0.2500            0.0000             0.0085
TOMS RIVER                                                     7.2500                  0.2500            0.0000             0.0085
SPRING LAKE                                                    6.6250                  0.2500            0.0000             0.0085
HOLLYWOOD                                                      7.3750                  0.2500            0.0000             0.0085
HILLSDALE                                                      6.8750                  0.2500            0.0000             0.0085
MINNEAPOLIS                                                    7.3750                  0.2500            0.0000             0.0085
BROWNSVILLE                                                    7.0000                  0.2500            0.0000             0.0085
MINNEAPOLIS                                                    7.5000                  0.2500            0.0000             0.0085
LAREDO                                                         7.3750                  0.2500            0.0000             0.0085
PHOENIX                                                        6.0000                  0.2500            0.0000             0.0085
BIG BEAR LAKE                                                  7.2500                  0.2500            0.0000             0.0085
YONKERS                                                        7.5000                  0.2500            0.0000             0.0085
WASHINGTON                                                     7.1250                  0.2500            0.0000             0.0085
TOTOWA                                                         6.8750                  0.2500            0.0000             0.0085
BELLINGHAM                                                     7.1250                  0.2500            0.0000             0.0085
RICHMOND                                                       7.2500                  0.2500            0.0000             0.0085
TAKOMA PARK                                                    6.6250                  0.2500            0.0000             0.0085
CORONA                                                         7.2500                  0.2500            0.0000             0.0085
WESLACO                                                        7.3750                  0.2500            0.0000             0.0085
MCALLEN                                                        9.7500                  0.2500            0.0000             0.0085
ARIZONA CITY                                                   6.8750                  0.2500            0.0000             0.0085
WASHINGTON                                                     6.6250                  0.2500            0.0000             0.0085
MESA                                                           6.2500                  0.2500            0.0000             0.0085
REMINGTON                                                      6.2500                  0.2500            0.0000             0.0085
PHOENIX                                                        6.8750                  0.2500            0.0000             0.0085
BALTIMORE                                                      6.3750                  0.2500            0.0000             0.0085
Encino                                                         7.6250                  0.2500            0.0000             0.0085
San Antonio                                                    8.2500                  0.2500            0.0000             0.0085
OAK POINT                                                      7.6250                  0.2500            0.0000             0.0085
Dallas                                                         7.1250                  0.2500            0.0000             0.0085
OAK POINT                                                      7.6250                  0.2500            0.0000             0.0085
Bethlehem                                                      7.5000                  0.2500            0.0000             0.0085
Stockbridge                                                    7.5000                  0.2500            0.0000             0.0085
Frisco                                                         7.2500                  0.2500            0.0000             0.0085
Bryan                                                          7.8750                  0.2500            0.0000             0.0085
Ellenwood                                                      6.8750                  0.2500            0.0000             0.0085
Loris                                                          6.5000                  0.2500            0.0000             0.0085
Round Rock                                                     6.8750                  0.2500            0.0000             0.0085
Plano                                                          6.5000                  0.2500            0.0000             0.0085
Stockbridge                                                    7.8750                  0.2500            0.0000             0.0085
Rockport                                                       7.7500                  0.2500            0.0000             0.0085
Hapeville                                                      8.2500                  0.2500            0.0000             0.0085
Dallas                                                         7.8750                  0.2500            0.0000             0.0085
San Diego                                                      6.7500                  0.2500            0.0000             0.0085
Dallas                                                         7.5000                  0.2500            0.0000             0.0085
Prescott                                                       6.7500                  0.2500            0.0000             0.0085
Lincoln                                                        7.5000                  0.2500            0.0000             0.0085
Pflugerville                                                   6.8750                  0.2500            0.0000             0.0085
FT WORTH                                                       7.0000                  0.2500            0.0000             0.0085
Dacula                                                         7.7500                  0.2500            0.0000             0.0085
Aubrey                                                         7.3750                  0.2500            0.0000             0.0085
San Diego                                                      7.0000                  0.2500            0.0000             0.0085
Mckinney                                                       7.2500                  0.2500            0.0000             0.0085
Mesquite                                                       8.0000                  0.2500            0.0000             0.0085
Midway City                                                    6.8750                  0.2500            0.0000             0.0085
Mcdonough                                                      6.3750                  0.2500            0.0000             0.0085
Los Angeles                                                    6.8750                  0.2500            0.0000             0.0085
San Diego                                                      6.2500                  0.2500            0.0000             0.0085
Grand Prairie                                                  8.5000                  0.2500            0.0000             0.0085
Houston                                                        7.8750                  0.2500            0.0000             0.0085
Dallas                                                         7.7500                  0.2500            0.0000             0.0085
Vista                                                          7.1250                  0.2500            0.0000             0.0085
Marietta                                                       7.0000                  0.2500            0.0000             0.0085
FATE                                                           6.2500                  0.2500            0.0000             0.0085
Lewisville                                                     7.8750                  0.2500            0.0000             0.0085
Abingdon                                                       7.3750                  0.2500            0.0000             0.0085
Valdosta                                                       7.7500                  0.2500            0.0000             0.0085
Mcallen                                                        7.6250                  0.2500            0.0000             0.0085
Albuquerque                                                    7.5000                  0.2500            0.0000             0.0085
Riverdale                                                      8.2500                  0.2500            0.0000             0.0085
San Antonio                                                    7.2500                  0.2500            0.0000             0.0085
Douglasville                                                   6.5000                  0.2500            0.0000             0.0085
Deer Park                                                      7.8750                  0.2500            0.0000             0.0085
Myrtle Beach                                                   7.3750                  0.2500            0.0000             0.0085
Valdosta                                                       7.8750                  0.2500            0.0000             0.0085
Spring                                                         6.7500                  0.2500            0.0000             0.0085
Forney                                                         7.8750                  0.2500            0.0000             0.0085
Forney                                                         6.1250                  0.2500            0.0000             0.0085
DENTON                                                         7.5000                  0.2500            0.0000             0.0085
Mesquite                                                       7.8750                  0.2500            0.0000             0.0085
Irving                                                         7.2500                  0.2500            0.0000             0.0085
Eden Prairie                                                   6.8750                  0.2500            0.0000             0.0085
Houston                                                        7.6250                  0.2500            0.0000             0.0085
Stockbridge                                                    6.7500                  0.2500            0.0000             0.0085
OAK POINT                                                      7.5000                  0.2500            0.0000             0.0085
Dallas                                                         7.0000                  0.2500            0.0000             0.0085
Jefferson                                                      6.8750                  0.2500            0.0000             0.0085
Arlington                                                      7.2500                  0.2500            0.0000             0.0085
Houston                                                        6.8750                  0.2500            0.0000             0.0085
OAK POINT                                                      7.5000                  0.2500            0.0000             0.0085
Farmers Branch                                                 7.5000                  0.2500            0.0000             0.0085
Albuquerque                                                    7.0000                  0.2500            0.0000             0.0085
Oklahoma City                                                  6.5000                  0.2500            0.0000             0.0085
Honolulu                                                       7.6250                  0.2500            0.0000             0.0085
Las Vegas                                                      6.8750                  0.2500            0.0000             0.0085
Pasadena                                                       6.5000                  0.2500            0.0000             0.0085
ANTIOCH                                                        6.3750                  0.2500            0.0000             0.0085
SAN MARCOS                                                     6.7500                  0.2500            0.0000             0.0085
COEUR D ALENE                                                  7.2500                  0.2500            0.0000             0.0085
DUARTE                                                         7.5000                  0.2500            0.0000             0.0085
SPOKANE                                                        7.2500                  0.2500            0.0000             0.0085
CARMEL VALLEY                                                  6.7500                  0.2500            0.0000             0.0085
Muldrow                                                        6.8750                  0.2500            0.0000             0.0085
Carrollton                                                     7.0000                  0.2500            0.0000             0.0085
ALPINE FOREST                                                  7.5000                  0.2500            0.0000             0.0085
CERES                                                          7.6250                  0.2500            0.0000             0.0085
Indianapolis                                                   7.3750                  0.2500            0.0000             0.0085
HOPKINSVILLE                                                   7.5000                  0.2500            0.0000             0.0085
CAMPBELL                                                       7.8750                  0.2500            0.0000             0.0085
INDIANAPOLIS                                                   7.3750                  0.2500            0.0000             0.0085
COSHOCTON                                                      7.6250                  0.2500            0.0000             0.0085
HOPKINSVILLE                                                   7.5000                  0.2500            0.0000             0.0085
INDIANAPOLIS                                                   7.6250                  0.2500            0.0000             0.0085
LOUISVILLE                                                     7.2500                  0.2500            0.0000             0.0085
HOPKINSVILLE                                                   7.5000                  0.2500            0.0000             0.0085
HOPKINSVILLE                                                   7.5000                  0.2500            0.0000             0.0085
HOPKINSVILLE                                                   7.5000                  0.2500            0.0000             0.0085
HOPKINSVILLE                                                   7.5000                  0.2500            0.0000             0.0085
Aurora                                                         7.5000                  0.2500            0.0000             0.0085
Milwaukee                                                      7.3750                  0.2500            0.0000             0.0085
Cape Coral                                                     7.6250                  0.2500            0.0000             0.0085
Keystone                                                       7.0000                  0.2500            0.0000             0.0085
Kenosha                                                        7.5000                  0.2500            0.0000             0.0085
Milwaukee                                                      7.3750                  0.2500            0.0000             0.0085
Thorton                                                        7.7500                  0.2500            0.0000             0.0085
Coral Gables                                                   6.7500                  0.2500            0.0000             0.0085
Ashburn                                                        7.8750                  0.2500            0.0000             0.0085
Shelter Island                                                 6.6250                  0.2500            0.0000             0.0085
Alexandria                                                     7.5000                  0.2500            0.0000             0.0085
Manassas                                                       7.2500                  0.2500            0.0000             0.0085
Silver Spring                                                  7.3750                  0.2500            0.0000             0.0085
Alexandria                                                     6.7500                  0.2500            0.0000             0.0085
Alexandria                                                     7.7500                  0.2500            0.0000             0.0085
Falls Church                                                   7.5000                  0.2500            0.0000             0.0085
Cape Coral                                                     6.7500                  0.2500            0.0000             0.0085
Washington                                                     6.7500                  0.2500            0.0000             0.0085
Manassas                                                       7.1250                  0.2500            0.0000             0.0085
CLEVELAND                                                      8.0000                  0.2500            0.0000             0.0085
KAILUA                                                         6.7500                  0.2500            0.0000             0.0085
PINEVILLE                                                      8.2500                  0.2500            0.0000             0.0085
Honolulu                                                       6.3750                  0.2500            0.0000             0.0085
PLEASANT HILL                                                  7.1250                  0.2500            0.0000             0.0085
HENDERSON                                                      7.6250                  0.2500            0.0000             0.0085
Chapin                                                         7.3750                  0.2500            0.0000             0.0085
Elberton                                                       7.0000                  0.2500            0.0000             0.0085
Ventura                                                        6.5000                  0.2500            0.0000             0.0085
Gilbert                                                        7.3750                  0.2500            0.0000             0.0085
Mesa                                                           6.8750                  0.2500            0.0000             0.0085
Tucson                                                         7.3750                  0.2500            0.0000             0.0085
Sun City                                                       6.5000                  0.2500            0.0000             0.0085
Myrtle                                                         8.6250                  0.2500            0.0000             0.0085
Scottsdale                                                     6.8750                  0.2500            0.0000             0.0085
Tempe                                                          7.5000                  0.2500            0.0000             0.0085
Olathe                                                         8.7500                  0.2500            0.0000             0.0085
Phoenix                                                        8.0000                  0.2500            0.0000             0.0085
Phoenix                                                        7.3750                  0.2500            0.0000             0.0085
Tucson                                                         7.5000                  0.2500            0.0000             0.0085
Paradise Valley                                                7.3750                  0.2500            0.0000             0.0085
Cottonwood                                                     7.5000                  0.2500            0.0000             0.0085
Kansas City                                                    8.0000                  0.2500            0.0000             0.0085
Phoenix                                                        6.3750                  0.2500            0.0000             0.0085
Kansas City                                                    8.0000                  0.2500            0.0000             0.0085
Phoenix                                                        6.5000                  0.2500            0.0000             0.0085
Apache Junction                                                7.2500                  0.2500            0.0000             0.0085
Yuma                                                           6.3750                  0.2500            0.0000             0.0085
Phoenix                                                        6.7500                  0.2500            0.0000             0.0085
Phoenix                                                        8.2500                  0.2500            0.0000             0.0085
WEST FARGO                                                     7.6250                  0.2500            0.0000             0.0085
SPRING                                                         7.8750                  0.2500            0.0000             0.0085
HOUSTON                                                        7.7500                  0.2500            0.0000             0.0085
SPRING                                                         7.8750                  0.2500            0.0000             0.0085
SAN ANTONIO                                                    7.0000                  0.2500            0.0000             0.0085
HOUSTON                                                        7.8750                  0.2500            0.0000             0.0085
GROSSE POINTE FARMS                                            7.3750                  0.2500            0.0000             0.0085
SPRING                                                         7.8750                  0.2500            0.0000             0.0085
Palm Bay                                                       7.2500                  0.2500            0.0000             0.0085
Titusville                                                     7.5000                  0.2500            0.0000             0.0085
palmbay                                                        7.3750                  0.2500            0.0000             0.0085
San Diego                                                      6.5000                  0.2500            0.0000             0.0085
San Diego                                                      6.5000                  0.2500            0.0000             0.0085
Hiram                                                          6.6250                  0.2500            0.0000             0.0085
Cincinnati                                                     7.7500                  0.2500            0.0000             0.0085
West Springfield                                               8.0000                  0.2500            0.0000             0.0085
Columbus                                                       7.2500                  0.2500            0.0000             0.0085
Acosta                                                         8.2500                  0.2500            0.0000             0.0085
Newark                                                         6.3750                  0.2500            0.0000             0.0085
Fredericktown                                                  7.8750                  0.2500            0.0000             0.0085
Pittsburgh                                                     7.3750                  0.2500            0.0000             0.0085
Columbus                                                       7.5000                  0.2500            0.0000             0.0085
Pennsburg                                                      6.6250                  0.2500            0.0000             0.0085
Fredericktown                                                  7.0000                  0.2500            0.0000             0.0085
Harrisburg                                                     8.6250                  0.2500            0.0000             0.0085
Union                                                          7.8750                  0.2500            0.0000             0.0085
BETHEL                                                         8.6250                  0.2500            0.0000             0.0085
Westbury                                                       7.1250                  0.2500            0.0000             0.0085
Bay Shore                                                      6.2500                  0.2500            0.0000             0.0085
WATERTOWN                                                      7.1250                  0.2500            0.0000             0.0085
Freeport                                                       6.8750                  0.2500            0.0000             0.0085
Elmont                                                         7.7500                  0.2500            0.0000             0.0085
Fort Worth                                                     7.7500                  0.2500            0.0000             0.0085
Denton                                                         7.0000                  0.2500            0.0000             0.0085
Kellyville                                                     8.7500                  0.2500            0.0000             0.0085
Lithia                                                         6.8750                  0.2500            0.0000             0.0085
CLAYTON                                                        7.0000                  0.2500            0.0000             0.0085
BETHESDA                                                       7.8750                  0.2500            0.0000             0.0085
Jessup                                                         7.2500                  0.2500            0.0000             0.0085
SILVER SPRING                                                  6.7500                  0.2500            0.0000             0.0085
Clayton                                                        7.7500                  0.2500            0.0000             0.0085
LAUREL                                                         7.3750                  0.2500            0.0000             0.0085
Leesburg                                                       6.3750                  0.2500            0.0000             0.0085
GERMANTOWN                                                     7.3750                  0.2500            0.0000             0.0085
Clayton                                                        6.8750                  0.2500            0.0000             0.0085
Lewiston                                                       6.5000                  0.2500            0.0000             0.0085
Portland                                                       6.6250                  0.2500            0.0000             0.0085
Harrison Township                                              7.8750                  0.2500            0.0000             0.0085
Chicopee                                                       7.8750                  0.2500            0.0000             0.0085
Highland                                                       7.0000                  0.2500            0.0000             0.0085
Converse                                                       7.0000                  0.2500            0.0000             0.0085
Emerald Isle                                                   7.3750                  0.2500            0.0000             0.0085
Crowley                                                        7.2500                  0.2500            0.0000             0.0085
Saint Petersburg                                               7.1250                  0.2500            0.0000             0.0085
Derby                                                          7.7500                  0.2500            0.0000             0.0085
Washington                                                     6.5000                  0.2500            0.0000             0.0085
PERRYVILLE                                                     7.5000                  0.2500            0.0000             0.0085
Waukegan                                                       8.0000                  0.2500            0.0000             0.0085
Wilmington                                                     6.8750                  0.2500            0.0000             0.0085
Charlotte                                                      7.2500                  0.2500            0.0000             0.0085
Lebanon                                                        6.6250                  0.2500            0.0000             0.0085
Denver                                                         7.2500                  0.2500            0.0000             0.0085
Raynham                                                        6.6250                  0.2500            0.0000             0.0085
San Antonio                                                    7.5000                  0.2500            0.0000             0.0085
Freedom                                                        6.2500                  0.2500            0.0000             0.0085
San Antonio                                                    7.8750                  0.2500            0.0000             0.0085
Chicopee                                                       7.8750                  0.2500            0.0000             0.0085
Pleasant View                                                  6.8750                  0.2500            0.0000             0.0085
SULLIVAN                                                       7.2500                  0.2500            0.0000             0.0085
Weymouth                                                       6.8750                  0.2500            0.0000             0.0085
Charlotte                                                      7.0000                  0.2500            0.0000             0.0085
Dorchester                                                     6.8750                  0.2500            0.0000             0.0085
Matthews                                                       6.2500                  0.2500            0.0000             0.0085
Elkton                                                         7.5000                  0.2500            0.0000             0.0085
SAN ANTONIO                                                    7.6250                  0.2500            0.0000             0.0085
Assonet                                                        6.8750                  0.2500            0.0000             0.0085
Brewer                                                         6.5000                  0.2500            0.0000             0.0085
Mashpee                                                        6.7500                  0.2500            0.0000             0.0085
GOSHEN                                                         8.7500                  0.2500            0.0000             0.0085
TULARE                                                         8.8750                  0.2500            0.0000             0.0085
VISALIA                                                        8.6250                  0.2500            0.0000             0.0085
FRESNO                                                         8.6250                  0.2500            0.0000             0.0085
Las Vegas                                                      8.1250                  0.2500            0.0000             0.0085
Las Vegas                                                      7.3750                  0.2500            0.0000             0.0085
MURRIETA                                                       7.2500                  0.2500            0.0000             0.0085
Maineville                                                     7.0000                  0.2500            0.0000             0.0085
HAGERSTOWN                                                     6.2500                  0.2500            0.0000             0.0085
CHARLOTTESVILLE                                                6.0000                  0.2500            0.0000             0.0085
LAUREL                                                         8.3750                  0.2500            0.0000             0.0085
CHARLOTTESVILLE                                                6.5000                  0.2500            0.0000             0.0085
CHARLOTTESVILLE                                                6.0000                  0.2500            0.0000             0.0085
CHARLOTTESVILLE                                                6.2500                  0.2500            0.0000             0.0085
CHARLOTTESVILLE                                                6.3750                  0.2500            0.0000             0.0085
WICHITA                                                        7.3750                  0.2500            0.0000             0.0085
CHARLOTTESVILLE                                                7.0000                  0.2500            0.0000             0.0085
Charlottesville                                                6.2500                  0.2500            0.0000             0.0085
Washington                                                     7.3750                  0.2500            0.0000             0.0085
CHARLOTTESVILLE                                                6.3750                  0.2500            0.0000             0.0085
MIAMI                                                          7.7500                  0.2500            0.0000             0.0085
WICHITA                                                        7.3750                  0.2500            0.0000             0.0085
VIENNA                                                         6.7500                  0.2500            0.0000             0.0085
Temple                                                         8.3750                  0.2500            0.0000             0.0085
Myrtle Beach                                                   6.5000                  0.2500            0.0000             0.0085
Macon                                                          8.8750                  0.2500            0.0000             0.0085
Jacksonville                                                   7.5000                  0.2500            0.0000             0.0085
San Bernardino                                                 7.8750                  0.2500            0.0000             0.0085
Grand Rapids                                                   8.2500                  0.2500            0.0000             0.0085
Weatherford                                                    8.7500                  0.2500            0.0000             0.0085
Grand Rapids                                                   8.2500                  0.2500            0.0000             0.0085
Myrtle Beach                                                   6.6250                  0.2500            0.0000             0.0085
Elkmont                                                        7.1250                  0.2500            0.0000             0.0085
Kansas City                                                    7.1250                  0.2500            0.0000             0.0085
Miami                                                          6.5000                  0.2500            0.0000             0.0085
Macon                                                          8.0000                  0.2500            0.0000             0.0085
Rochester                                                      8.0000                  0.2500            0.0000             0.0085
Saint Augustine                                                7.1250                  0.2500            0.0000             0.0085
Riverside Area                                                 6.5000                  0.2500            0.0000             0.0085
SOUTH LAKE TAHOE                                               7.1250                  0.2500            0.0000             0.0085
BELL                                                           6.7500                  0.2500            0.0000             0.0085
PICO RIVERA                                                    7.0000                  0.2500            0.0000             0.0085
KOLOA                                                          6.8750                  0.2500            0.0000             0.0085
CASA GRANDE                                                    7.0000                  0.2500            0.0000             0.0085
SHOREVIEW                                                      6.7500                  0.2500            0.0000             0.0085
POMONA                                                         7.0000                  0.2500            0.0000             0.0085
SANTA ANA                                                      7.2500                  0.2500            0.0000             0.0085
N LAS VEGAS                                                    7.2500                  0.2500            0.0000             0.0085
HENDERSON                                                      7.5000                  0.2500            0.0000             0.0085
MIDWAY CITY                                                    7.5000                  0.2500            0.0000             0.0085
REDLANDS                                                       7.3750                  0.2500            0.0000             0.0085
Bay Shore                                                      7.0000                  0.2500            0.0000             0.0085
Clifton                                                        7.2500                  0.2500            0.0000             0.0085
East Elmhurst                                                  7.0000                  0.2500            0.0000             0.0085
North Bergen                                                   6.8750                  0.2500            0.0000             0.0085
West Orange                                                    7.2500                  0.2500            0.0000             0.0085
Jamaica                                                        7.0000                  0.2500            0.0000             0.0085
Passaic                                                        7.2500                  0.2500            0.0000             0.0085
Far Rockaway                                                   6.7500                  0.2500            0.0000             0.0085
Hyattsville                                                    7.2500                  0.2500            0.0000             0.0085
Hyattsville                                                    7.2500                  0.2500            0.0000             0.0085
Hyattsville                                                    7.2500                  0.2500            0.0000             0.0085
Hahira                                                         7.1250                  0.2500            0.0000             0.0085
Coral Springs                                                  7.7500                  0.2500            0.0000             0.0085
Beulaville                                                     8.1250                  0.2500            0.0000             0.0085
Columbus                                                       7.8750                  0.2500            0.0000             0.0085
Lake Oswego                                                    9.5000                  0.2500            0.0000             0.0085
WILLINGBORO                                                    7.0000                  0.2500            0.0000             0.0085
Minneapolis                                                    8.6250                  0.2500            0.0000             0.0085
DOVE CANYON                                                    6.5000                  0.2500            0.0000             0.0085
VISALIA                                                        7.3750                  0.2500            0.0000             0.0085
SAN FRANCISCO                                                  6.8750                  0.2500            0.0000             0.0085
Concord                                                        8.1250                  0.2500            0.0000             0.0085
West New York                                                  6.2500                  0.2500            0.0000             0.0085
LAS VEGAS                                                      7.7500                  0.2500            0.0000             0.0085
Miami                                                          6.7500                  0.2500            0.0000             0.0085
Hialeah                                                        7.5000                  0.2500            0.0000             0.0085
Tampa                                                          7.8750                  0.2500            0.0000             0.0085
Melbourne                                                      7.1250                  0.2500            0.0000             0.0085
Miami Beach                                                    6.8750                  0.2500            0.0000             0.0085
MIAMI                                                          7.5000                  0.2500            0.0000             0.0085
LOS ANGELES                                                    6.8750                  0.2500            0.0000             0.0085
MILPITAS                                                       6.6250                  0.2500            0.0000             0.0085
GREENFIELD                                                     6.6250                  0.2500            0.0000             0.0085
SANTA ANA                                                      6.8750                  0.2500            0.0000             0.0085
SAN JOSE                                                       7.6250                  0.2500            0.0000             0.0085
ORANGE PARK                                                    7.1250                  0.2500            0.0000             0.0085
Columbia                                                       8.5000                  0.2500            0.0000             0.0085
Savannah                                                       7.8750                  0.2500            0.0000             0.0085
Jacksonville                                                   7.1250                  0.2500            0.0000             0.0085
Jacksonville                                                   7.0000                  0.2500            0.0000             0.0085
Jacksonville                                                   7.2500                  0.2500            0.0000             0.0085
Baltimore                                                      7.0000                  0.2500            0.0000             0.0085
Easley                                                         7.6250                  0.2500            0.0000             0.0085
Mount Pleasant                                                 7.2500                  0.2500            0.0000             0.0085
BRISTOW                                                        6.8750                  0.2500            0.0000             0.0085
CULPEPER                                                       6.8750                  0.2500            0.0000             0.0085
QUEEN CREEK                                                    6.7500                  0.2500            0.0000             0.0085
UPPER MARLBORO                                                 6.2500                  0.2500            0.0000             0.0085
LAVEEN                                                         7.2500                  0.2500            0.0000             0.0085
LANCASTER                                                      6.8750                  0.2500            0.0000             0.0085
SURPRISE                                                       7.5000                  0.2500            0.0000             0.0085
TEMECULA                                                       7.0000                  0.2500            0.0000             0.0085
FAIRFIELD                                                      6.6250                  0.2500            0.0000             0.0085
Ponte Vedra Beach                                              7.0000                  0.2500            0.0000             0.0085
Davie                                                          8.1250                  0.2500            0.0000             0.0085
Kennesaw                                                       7.1250                  0.2500            0.0000             0.0085
Conyers                                                        7.1250                  0.2500            0.0000             0.0085
Orlando                                                        6.8750                  0.2500            0.0000             0.0085
Covington                                                      7.0000                  0.2500            0.0000             0.0085
Davie                                                          6.6250                  0.2500            0.0000             0.0085
Milner                                                         7.5000                  0.2500            0.0000             0.0085
Athens                                                         6.6250                  0.2500            0.0000             0.0085
Hoschton                                                       7.3750                  0.2500            0.0000             0.0085
Peachtree City                                                 6.6250                  0.2500            0.0000             0.0085
Pompano Beach                                                  7.0000                  0.2500            0.0000             0.0085
Pompano Beach                                                  7.8750                  0.2500            0.0000             0.0085
Atlanta                                                        7.5000                  0.2500            0.0000             0.0085
Lawrenceville                                                  7.7500                  0.2500            0.0000             0.0085
Boone                                                          8.0000                  0.2500            0.0000             0.0085
Monroe                                                         7.5000                  0.2500            0.0000             0.0085
Stockbridge                                                    7.6250                  0.2500            0.0000             0.0085
Maitland                                                       7.2500                  0.2500            0.0000             0.0085
Lake Wylie                                                     5.8750                  0.2500            0.0000             0.0085
Alpharetta                                                     6.1250                  0.2500            0.0000             0.0085
Monroe                                                         7.1250                  0.2500            0.0000             0.0085
Orlando                                                        7.0000                  0.2500            0.0000             0.0085
Jacksonville                                                   7.2500                  0.2500            0.0000             0.0085
Bradenton                                                      7.7500                  0.2500            0.0000             0.0085
Brandon                                                        6.6250                  0.2500            0.0000             0.0085
Dunedin                                                        6.5000                  0.2500            0.0000             0.0085
Tampa                                                          6.3750                  0.2500            0.0000             0.0085
Marietta                                                       6.7500                  0.2500            0.0000             0.0085
Woodstock                                                      7.8750                  0.2500            0.0000             0.0085
Buford                                                         6.3750                  0.2500            0.0000             0.0085
Stockbridge                                                    7.6250                  0.2500            0.0000             0.0085
Virginia Beach                                                 8.1250                  0.2500            0.0000             0.0085
Cicero                                                         7.5000                  0.2500            0.0000             0.0085
PALM BEACH GARDENS                                             7.6250                  0.2500            0.0000             0.0085
ALEXANDRIA                                                     7.6250                  0.2500            0.0000             0.0085
Roanoke                                                        7.5000                  0.2500            0.0000             0.0085
Reisterstown                                                   6.6250                  0.2500            0.0000             0.0085
MELBOURNE                                                      7.3750                  0.2500            0.0000             0.0085
SHERWOOD                                                       7.6250                  0.2500            0.0000             0.0085
BEDFORD                                                        6.3750                  0.2500            0.0000             0.0085
Arlington                                                      7.3750                  0.2500            0.0000             0.0085
Glenn Dale                                                     7.1250                  0.2500            0.0000             0.0085
PALM BAY                                                       7.3750                  0.2500            0.0000             0.0085
SAINT AUGUSTINE                                                7.2500                  0.2500            0.0000             0.0085
Lauderhill                                                     8.7500                  0.2500            0.0000             0.0085
BRENTWOOD                                                      6.7500                  0.2500            0.0000             0.0085
Benicia                                                        6.8750                  0.2500            0.0000             0.0085
ORLANDO                                                        6.8750                  0.2500            0.0000             0.0085
WEST BABYLON                                                   7.5000                  0.2500            0.0000             0.0085
FREDERICK                                                      7.0000                  0.2500            0.0000             0.0085
Oxnard                                                         7.5000                  0.2500            0.0000             0.0085
SAN BERNARDINO                                                 6.6250                  0.2500            0.0000             0.0085
APPLE VALLEY                                                   7.2500                  0.2500            0.0000             0.0085
Gahanna                                                        5.1250                  0.2500            0.0000             0.0085
COLUMBUS                                                       5.8750                  0.2500            0.0000             0.0085
COLUMBUS                                                       5.8750                  0.2500            0.0000             0.0085
Westerville                                                    5.2500                  0.2500            0.0000             0.0085
Westerville                                                    5.0000                  0.2500            0.0000             0.0085
COLUMBUS                                                       5.9900                  0.2500            0.0000             0.0085
Salt Lake City                                                 7.2500                  0.2500            0.0000             0.0085
Park City                                                      6.8750                  0.2500            0.0000             0.0085
MIDWAY                                                         6.3750                  0.2500            0.0000             0.0085
Park City                                                      7.3750                  0.2500            0.0000             0.0085
Oradell                                                        7.1250                  0.2500            0.0000             0.0085
KALAMAZOO                                                      6.0000                  0.2500            0.0000             0.0085
Union                                                          6.6250                  0.2500            0.0000             0.0085
Zellwood                                                       7.7500                  0.2500            0.0000             0.0085
Delray Beach                                                   6.3750                  0.2500            0.0000             0.0085
Gainesville                                                    7.8750                  0.2500            0.0000             0.0085
Ocoee                                                          7.3750                  0.2500            0.0000             0.0085
Ocoee                                                          7.7500                  0.2500            0.0000             0.0085
Temple Hills                                                   7.0000                  0.2500            0.0000             0.0085
Glenwood                                                       6.3750                  0.2500            0.0000             0.0085
Bowie                                                          7.0000                  0.2500            0.0000             0.0085
Villa Rica                                                     7.7500                  0.2500            0.0000             0.0085
Deland                                                         6.7500                  0.2500            0.0000             0.0085
Wesley Chapel                                                  7.2500                  0.2500            0.0000             0.0085
Newport News                                                   7.7500                  0.2500            0.0000             0.0085
Baltimore                                                      6.8750                  0.2500            0.0000             0.0085
Washington                                                     6.8750                  0.2500            0.0000             0.0085
Maitland                                                       6.8750                  0.2500            0.0000             0.0085
Rosemount                                                      7.5000                  0.2500            0.0000             0.0085
Minneapolis                                                    7.2500                  0.2500            0.0000             0.0085
WILLIS                                                         8.6250                  0.2500            0.0000             0.0085
Houston                                                        8.6250                  0.2500            0.0000             0.0085
HILO                                                           7.2500                  0.2500            0.0000             0.0085
SANTA ROSA                                                     8.0000                  0.2500            0.0000             0.0085
LEWISVILLE                                                     7.8750                  0.2500            0.0000             0.0085
Harahan                                                        6.7500                  0.2500            0.0000             0.0085
LUBBOCK                                                        8.5000                  0.2500            0.0000             0.0085
THE WOODLANDS                                                  7.3750                  0.2500            0.0000             0.0085
DESOTO                                                         7.5000                  0.2500            0.0000             0.0085
BATON ROUGE                                                    7.7500                  0.2500            0.0000             0.0085
GREEN BAY                                                      8.3750                  0.2500            0.0000             0.0085
LEWISVILLE                                                     7.8750                  0.2500            0.0000             0.0085
WILLIS                                                         8.1250                  0.2500            0.0000             0.0085
RACINE                                                         8.6250                  0.2500            0.0000             0.0085
Houston                                                        6.7500                  0.2500            0.0000             0.0085
LEWISVILLE                                                     7.8750                  0.2500            0.0000             0.0085
The Woodlands                                                  7.3750                  0.2500            0.0000             0.0085
LEAGUE CITY                                                    7.5000                  0.2500            0.0000             0.0085
DURHAM                                                         6.8750                  0.2500            0.0000             0.0085
PEARLAND                                                       7.6250                  0.2500            0.0000             0.0085
OCEAN SPRINGS                                                  6.8750                  0.2500            0.0000             0.0085
Spring                                                         7.8750                  0.2500            0.0000             0.0085
JONESBOROUGH                                                   6.8750                  0.2500            0.0000             0.0085
Fountain Valley                                                6.6250                  0.2500            0.0000             0.0085
San Gabriel                                                    6.8750                  0.2500            0.0000             0.0085
MESA                                                           6.2500                  0.2500            0.0000             0.0085
Phoenix                                                        6.8750                  0.2500            0.0000             0.0085
Peoria                                                         6.8750                  0.2500            0.0000             0.0085
SUMMIT                                                         7.5000                  0.2500            0.0000             0.0085
Bourbonnais                                                    7.5000                  0.2500            0.0000             0.0085
Northbrook                                                     8.1250                  0.2500            0.0000             0.0085
Franklin                                                       7.0000                  0.2500            0.0000             0.0085
Osakis                                                         7.2500                  0.2500            0.0000             0.0085
Coon Rapids                                                    7.5000                  0.2500            0.0000             0.0085
ST LOUIS                                                       7.5000                  0.2500            0.0000             0.0085
CONWAY                                                         8.6250                  0.2500            0.0000             0.0085
LONGVIEW                                                       7.6250                  0.2500            0.0000             0.0085
DALLAS                                                         8.6250                  0.2500            0.0000             0.0085
JACKSONVILLE                                                   7.1250                  0.2500            0.0000             0.0085
LONGVIEW                                                       7.6250                  0.2500            0.0000             0.0085
LONGVIEW                                                       7.6250                  0.2500            0.0000             0.0085
DALLAS                                                         8.6250                  0.2500            0.0000             0.0085
TYLER                                                          7.5000                  0.2500            0.0000             0.0085
AZLE                                                           6.8750                  0.2500            0.0000             0.0085
JACKSONVILLE                                                   7.1250                  0.2500            0.0000             0.0085
JACKSONVILLE                                                   7.1250                  0.2500            0.0000             0.0085
HOUSTON                                                        9.0000                  0.2500            0.0000             0.0085
Bloomington                                                    7.2500                  0.2500            0.0000             0.0085
Silverthorne                                                   7.2500                  0.2500            0.0000             0.0085
Boulder                                                        6.7500                  0.2500            0.0000             0.0085
Haiku                                                          6.6250                  0.2500            0.0000             0.0085
Parker                                                         7.6250                  0.2500            0.0000             0.0085
Philadelphia                                                   7.7500                  0.2500            0.0000             0.0085
Long Beach                                                     6.6250                  0.2500            0.0000             0.0085
Los Angeles                                                    7.1250                  0.2500            0.0000             0.0085
Los Angeles                                                    6.7500                  0.2500            0.0000             0.0085
New Preston Marble Dale                                        7.1250                  0.2500            0.0000             0.0085
Riverside                                                      6.6250                  0.2500            0.0000             0.0085
Santa Barbara                                                  6.2500                  0.2500            0.0000             0.0085
Tarzana                                                        7.2500                  0.2500            0.0000             0.0085
Arlington                                                      7.5000                  0.2500            0.0000             0.0085
Los Angeles                                                    6.5000                  0.2500            0.0000             0.0085
Pebble Beach                                                   7.5000                  0.2500            0.0000             0.0085
Merrimac                                                       7.1250                  0.2500            0.0000             0.0085
Kansas City                                                    6.8750                  0.2500            0.0000             0.0085
Staten Island                                                  7.8750                  0.2500            0.0000             0.0085
Venice                                                         6.7500                  0.2500            0.0000             0.0085
Stockton                                                       7.5000                  0.2500            0.0000             0.0085
San Diego                                                      8.6250                  0.2500            0.0000             0.0085
Orlando                                                        7.5000                  0.2500            0.0000             0.0085
Ocean Springs                                                  7.0000                  0.2500            0.0000             0.0085
Ventura                                                        7.5000                  0.2500            0.0000             0.0085
Albuquerque                                                    7.5000                  0.2500            0.0000             0.0085
Phoenix                                                        6.8750                  0.2500            0.0000             0.0085
La Quinta                                                      7.2500                  0.2500            0.0000             0.0085
Stevensville                                                   7.7500                  0.2500            0.0000             0.0085
San Diego                                                      6.7500                  0.2500            0.0000             0.0085
Palos Verdes Peninsula                                         6.8750                  0.2500            0.0000             0.0085
Delray Beach                                                   6.8750                  0.2500            0.0000             0.0085
Indian Orchard                                                 7.2500                  0.2500            0.0000             0.0085
Cashiers Townshi[p                                             7.5000                  0.2500            0.0000             0.0085
Las Vegas                                                      6.8750                  0.2500            0.0000             0.0085
Niles                                                          7.5000                  0.2500            0.0000             0.0085
Glendale                                                       6.6250                  0.2500            0.0000             0.0085
Palmdale                                                       7.2500                  0.2500            0.0000             0.0085
Anaheim                                                        7.1250                  0.2500            0.0000             0.0085
Phelan                                                         6.8750                  0.2500            0.0000             0.0085
Pearl City                                                     6.8750                  0.2500            0.0000             0.0085
Long Beach                                                     7.8750                  0.2500            0.0000             0.0085
Brockton                                                       6.7500                  0.2500            0.0000             0.0085
Dallas                                                         7.2500                  0.2500            0.0000             0.0085
Rockville                                                      7.6250                  0.2500            0.0000             0.0085
Ocala                                                          8.7500                  0.2500            0.0000             0.0085
Chesterfield                                                   7.7500                  0.2500            0.0000             0.0085
Cypress                                                        8.1250                  0.2500            0.0000             0.0085
Dallas                                                         8.6250                  0.2500            0.0000             0.0085
CAIRO                                                          8.6250                  0.2500            0.0000             0.0085
Laredo                                                         7.5000                  0.2500            0.0000             0.0085
Tallahassee                                                    7.8750                  0.2500            0.0000             0.0085
Houston                                                        7.5000                  0.2500            0.0000             0.0085
Saint Louis                                                    8.1250                  0.2500            0.0000             0.0085
KANKAKEE                                                       7.8750                  0.2500            0.0000             0.0085
Palm Bay                                                       7.5000                  0.2500            0.0000             0.0085
Katy                                                           7.1250                  0.2500            0.0000             0.0085
Bryan                                                          7.7500                  0.2500            0.0000             0.0085
DALLAS                                                         8.0000                  0.2500            0.0000             0.0085
Crystal City                                                   8.7500                  0.2500            0.0000             0.0085
Oklahoma City                                                  7.3750                  0.2500            0.0000             0.0085
RINGGOLD                                                       6.7500                  0.2500            0.0000             0.0085
Jacksonville                                                   6.8750                  0.2500            0.0000             0.0085
Summerville                                                    6.8750                  0.2500            0.0000             0.0085
Jacksonville                                                   7.5000                  0.2500            0.0000             0.0085
Nashville                                                      7.8750                  0.2500            0.0000             0.0085
Tulsa                                                          7.5000                  0.2500            0.0000             0.0085
Kennesaw                                                       7.0000                  0.2500            0.0000             0.0085
Kennesaw                                                       7.0000                  0.2500            0.0000             0.0085
Flagler Beach                                                  7.1250                  0.2500            0.0000             0.0085
Orlando                                                        6.8750                  0.2500            0.0000             0.0085
Ft Lauderdale                                                  6.8750                  0.2500            0.0000             0.0085
LONG BEACH TOWNSHIP                                            6.3750                  0.2500            0.0000             0.0085
Ball Ground                                                    7.2500                  0.2500            0.0000             0.0085
LINCOLN                                                        6.8750                  0.2500            0.0000             0.0085
HARRISON                                                       7.7500                  0.2500            0.0000             0.0085
MERIDIAN                                                       6.2500                  0.2500            0.0000             0.0085
CHICAGO                                                        6.7500                  0.2500            0.0000             0.0085
BALTIMORE                                                      6.1250                  0.2500            0.0000             0.0085
MADISON                                                        6.3750                  0.2500            0.0000             0.0085
GLENDALE                                                       6.7500                  0.2500            0.0000             0.0085
NORTH BERGEN                                                   6.6250                  0.2500            0.0000             0.0085
LAKEWOOD                                                       6.8750                  0.2500            0.0000             0.0085
BELLEVILLE                                                     6.7500                  0.2500            0.0000             0.0085
NEW CASTLE                                                     7.2500                  0.2500            0.0000             0.0085
Tolleson                                                       7.3750                  0.2500            0.0000             0.0085
Thornton                                                       8.0000                  0.2500            0.0000             0.0085
Los Angeles                                                    6.8750                  0.2500            0.0000             0.0085
Lancaster                                                      7.0000                  0.2500            0.0000             0.0085
ESCONDIDO                                                      6.6250                  0.2500            0.0000             0.0085
Broken Arrow                                                   7.7500                  0.2500            0.0000             0.0085
Jacksonville                                                   7.5000                  0.2500            0.0000             0.0085
Benton                                                         7.8750                  0.2500            0.0000             0.0085
Broken Arrow                                                   7.7500                  0.2500            0.0000             0.0085
Broken Arrow                                                   7.7500                  0.2500            0.0000             0.0085
Philadelphia                                                   7.3750                  0.2500            0.0000             0.0085
Broken Arrow                                                   7.7500                  0.2500            0.0000             0.0085
Broken Arrow                                                   7.7500                  0.2500            0.0000             0.0085
Garden Grove                                                   6.7500                  0.2500            0.0000             0.0085
Sacramento                                                     6.0000                  0.2500            0.0000             0.0085
Bakersfield                                                    6.0000                  0.2500            0.0000             0.0085
Gulfport                                                       6.2500                  0.2500            0.0000             0.0085
kyle                                                           6.1250                  0.2500            0.0000             0.0085
Shreveport                                                     8.2500                  0.2500            0.0000             0.0085
Lakewood                                                       7.6250                  0.2500            0.0000             0.0085
akron                                                          7.8750                  0.2500            0.0000             0.0085
portland                                                       6.5000                  0.2500            0.0000             0.0085
conley                                                         6.7500                  0.2500            0.0000             0.0085
santa fe                                                       7.5000                  0.2500            0.0000             0.0085
yers                                                           7.0000                  0.2500            0.0000             0.0085
Cleveland                                                      7.2500                  0.2500            0.0000             0.0085
houston                                                        6.2500                  0.2500            0.0000             0.0085
gresham                                                        6.6250                  0.2500            0.0000             0.0085
houston                                                        6.7500                  0.2500            0.0000             0.0085
post falls                                                     7.0000                  0.2500            0.0000             0.0085
houston                                                        6.3750                  0.2500            0.0000             0.0085
cleveland                                                      7.2500                  0.2500            0.0000             0.0085
independence                                                   7.1250                  0.2500            0.0000             0.0085
AKRON                                                          7.8750                  0.2500            0.0000             0.0085
richmond                                                       6.3750                  0.2500            0.0000             0.0085
akron                                                          8.0000                  0.2500            0.0000             0.0085
fort meyers                                                    6.6250                  0.2500            0.0000             0.0085
Cleveland                                                      7.2500                  0.2500            0.0000             0.0085
cleveland                                                      7.2500                  0.2500            0.0000             0.0085
CHELSEA                                                        6.6250                  0.2500            0.0000             0.0085
SPRING                                                         7.7500                  0.2500            0.0000             0.0085
Fountain                                                       8.6250                  0.2500            0.0000             0.0085
Arvada                                                         6.3750                  0.2500            0.0000             0.0085
Denver                                                         7.5000                  0.2500            0.0000             0.0085
Hillsborough                                                   7.7500                  0.2500            0.0000             0.0085
BEALETON                                                       7.5000                  0.2500            0.0000             0.0085
WEST CHESTER                                                   7.8750                  0.2500            0.0000             0.0085
RISING SUN                                                     7.7500                  0.2500            0.0000             0.0085
LUMBERTON                                                      7.8750                  0.2500            0.0000             0.0085
PITTSTOWN                                                      7.7500                  0.2500            0.0000             0.0085
ELLICOTT CITY                                                  7.6250                  0.2500            0.0000             0.0085
Sacramento                                                     6.5000                  0.2500            0.0000             0.0085
Oakland                                                        6.7500                  0.2500            0.0000             0.0085
Tallahassee                                                    7.1250                  0.2500            0.0000             0.0085
Orlando                                                        7.0000                  0.2500            0.0000             0.0085
Tampa                                                          7.0000                  0.2500            0.0000             0.0085
Gilbert                                                        6.8750                  0.2500            0.0000             0.0085
Surprise                                                       7.2500                  0.2500            0.0000             0.0085
Mesa                                                           7.8750                  0.2500            0.0000             0.0085
Pottstown                                                      6.8750                  0.2500            0.0000             0.0085
Collegeville                                                   7.0000                  0.2500            0.0000             0.0085
Hastings                                                       6.5000                  0.2500            0.0000             0.0085
Washington                                                     7.3750                  0.2500            0.0000             0.0085
COVINGTON                                                      6.2500                  0.2500            0.0000             0.0085
LAKELAND                                                       7.5000                  0.2500            0.0000             0.0085
UNION CITY                                                     7.3750                  0.2500            0.0000             0.0085
Dallas                                                         7.6250                  0.2500            0.0000             0.0085
GRIFFIN                                                        7.5000                  0.2500            0.0000             0.0085
Suwanee                                                        6.6250                  0.2500            0.0000             0.0085
AUSTELL                                                        7.0000                  0.2500            0.0000             0.0085
Hampton                                                        7.3750                  0.2500            0.0000             0.0085
EUHARLEE                                                       7.2500                  0.2500            0.0000             0.0085
MARIETTA                                                       7.5000                  0.2500            0.0000             0.0085
DECATUR                                                        6.8750                  0.2500            0.0000             0.0085
UNION CITY                                                     7.3750                  0.2500            0.0000             0.0085
KENNESAW                                                       5.6250                  0.2500            0.0000             0.0085
VILLA RICA                                                     7.3750                  0.2500            0.0000             0.0085
TEMPLE                                                         6.7500                  0.2500            0.0000             0.0085
Dallas                                                         7.1250                  0.2500            0.0000             0.0085
MCDONOUGH                                                      7.3750                  0.2500            0.0000             0.0085
Riverdale                                                      7.0000                  0.2500            0.0000             0.0085
CANTON                                                         5.6250                  0.2500            0.0000             0.0085
NORCROSS                                                       6.7500                  0.2500            0.0000             0.0085
SNELLVILLE                                                     7.6250                  0.2500            0.0000             0.0085
SUGAR HILL                                                     6.3750                  0.2500            0.0000             0.0085
McDonough                                                      6.6250                  0.2500            0.0000             0.0085
JONESBORO                                                      7.0000                  0.2500            0.0000             0.0085
COLLEGE PARK                                                   7.8750                  0.2500            0.0000             0.0085
JONESBORO                                                      7.5000                  0.2500            0.0000             0.0085
HIRAM                                                          6.5000                  0.2500            0.0000             0.0085
HAMPTON                                                        7.1250                  0.2500            0.0000             0.0085
NORCROSS                                                       6.7500                  0.2500            0.0000             0.0085
FAIRBURN                                                       6.5000                  0.2500            0.0000             0.0085
DACULA                                                         7.5000                  0.2500            0.0000             0.0085
Hartwell                                                       6.5000                  0.2500            0.0000             0.0085
Lithia Springs                                                 7.2500                  0.2500            0.0000             0.0085
Powder Springs                                                 7.5000                  0.2500            0.0000             0.0085
RIVERDALE                                                      7.0000                  0.2500            0.0000             0.0085
ACWORTH                                                        6.2500                  0.2500            0.0000             0.0085
CANTON                                                         7.7500                  0.2500            0.0000             0.0085
CARTERSVILLE                                                   7.5000                  0.2500            0.0000             0.0085
KINGSTON                                                       7.7500                  0.2500            0.0000             0.0085
MANHATTAN BEACH                                                6.3750                  0.2500            0.0000             0.0085
GARDEN GROVE                                                   6.8750                  0.2500            0.0000             0.0085
WASHINGTON                                                     5.7500                  0.2500            0.0000             0.0085
SAN PEDRO                                                      6.7500                  0.2500            0.0000             0.0085
LAS VEGAS                                                      7.0000                  0.2500            0.0000             0.0085
VAN NUYS                                                       6.6250                  0.2500            0.0000             0.0085
PALOS VERDES ESTATES                                           6.8750                  0.2500            0.0000             0.0085
INGLEWOOD                                                      6.5000                  0.2500            0.0000             0.0085
PINEHURST                                                      6.8750                  0.2500            0.0000             0.0085
GARDEN GROVE                                                   6.5000                  0.2500            0.0000             0.0085
NORWALK                                                        6.5000                  0.2500            0.0000             0.0085
Las Vegas                                                      6.6250                  0.2500            0.0000             0.0085
CRANBERRY TWP                                                  7.0000                  0.2500            0.0000             0.0085
RIVERSIDE                                                      6.7500                  0.2500            0.0000             0.0085
Rialto                                                         6.8750                  0.2500            0.0000             0.0085
CORAL GABLES                                                   7.1250                  0.2500            0.0000             0.0085
PHILADELPHIA                                                   7.8750                  0.2500            0.0000             0.0085
YUCAIPA                                                        6.3750                  0.2500            0.0000             0.0085
REDONDO BEACH                                                  6.3750                  0.2500            0.0000             0.0085
MIAMI                                                          6.8750                  0.2500            0.0000             0.0085
RED BLUFF                                                      6.7500                  0.2500            0.0000             0.0085
REDONDO BEACH                                                  6.8750                  0.2500            0.0000             0.0085
Los Angeles                                                    5.8750                  0.2500            0.0000             0.0085
NEWTON                                                         6.8750                  0.2500            0.0000             0.0085
ETIWANDA                                                       6.8750                  0.2500            0.0000             0.0085
Hilaleah                                                       6.8750                  0.2500            0.0000             0.0085
LAS VEGAS                                                      7.2500                  0.2500            0.0000             0.0085
LOS ANGELES                                                    6.8750                  0.2500            0.0000             0.0085
FOUNTAIN VALLEY                                                6.5000                  0.2500            0.0000             0.0085
GALENA                                                         6.6250                  0.2500            0.0000             0.0085
MEDINA                                                         6.5000                  0.2500            0.0000             0.0085
ONTARIO                                                        6.0000                  0.2500            0.0000             0.0085
CHICAGO                                                        6.7500                  0.2500            0.0000             0.0085
Rolling Meadows                                                7.1250                  0.2500            0.0000             0.0085
Head Of The Harbor                                             7.5000                  0.2500            0.0000             0.0085
SAINT LOUIS                                                    8.1250                  0.2500            0.0000             0.0085
Saint Louis                                                    6.8750                  0.2500            0.0000             0.0085
Dallas                                                         8.7500                  0.2500            0.0000             0.0085
LOUISVILLE                                                     7.7500                  0.2500            0.0000             0.0085
DALLAS                                                         7.8750                  0.2500            0.0000             0.0085
Houston                                                        8.3750                  0.2500            0.0000             0.0085
HOUSTON                                                        8.6250                  0.2500            0.0000             0.0085
Fort Worth                                                     7.2500                  0.2500            0.0000             0.0085
Denton                                                         7.7500                  0.2500            0.0000             0.0085
Louisville                                                     8.6250                  0.2500            0.0000             0.0085
Weatherford                                                    7.2500                  0.2500            0.0000             0.0085
HOUSTON                                                        8.6250                  0.2500            0.0000             0.0085
Gunter                                                         7.8750                  0.2500            0.0000             0.0085
Louisville                                                     8.6250                  0.2500            0.0000             0.0085
HOUSTON                                                        8.6250                  0.2500            0.0000             0.0085
Louisville                                                     8.6250                  0.2500            0.0000             0.0085
Bowling Green                                                  7.8750                  0.2500            0.0000             0.0085
DENTON                                                         7.8750                  0.2500            0.0000             0.0085
Valrico                                                        7.1250                  0.2500            0.0000             0.0085
Gahanna                                                        7.1250                  0.2500            0.0000             0.0085
GILLESPIE                                                      8.1250                  0.2500            0.0000             0.0085
Krum                                                           6.5000                  0.2500            0.0000             0.0085
WARSAW                                                         8.6250                  0.2500            0.0000             0.0085
Sanger                                                         6.7500                  0.2500            0.0000             0.0085
Cahokia                                                        9.2500                  0.2500            0.0000             0.0085
Cahokia                                                        9.2500                  0.2500            0.0000             0.0085
Cahokia                                                        9.2500                  0.2500            0.0000             0.0085
Stephenville                                                   7.2500                  0.2500            0.0000             0.0085
Lewisville                                                     8.0000                  0.2500            0.0000             0.0085
Little Elm                                                     7.5000                  0.2500            0.0000             0.0085
Itasca                                                         8.2500                  0.2500            0.0000             0.0085
Alvarado                                                       8.5000                  0.2500            0.0000             0.0085
NORWALK                                                        6.0000                  0.2500            0.0000             0.0085
burlingame                                                     7.0000                  0.2500            0.0000             0.0085
Chattanooga                                                    7.6250                  0.2500            0.0000             0.0085
Cumming                                                        7.3750                  0.2500            0.0000             0.0085
Elberta                                                        7.5000                  0.2500            0.0000             0.0085
Mt Pleasant                                                    7.7500                  0.2500            0.0000             0.0085
Dallas                                                         7.6250                  0.2500            0.0000             0.0085
Yulee                                                          7.3750                  0.2500            0.0000             0.0085
Kennesaw                                                       6.7500                  0.2500            0.0000             0.0085
Chelsea                                                        7.5000                  0.2500            0.0000             0.0085
Atlanta                                                        7.0000                  0.2500            0.0000             0.0085
Gainesville                                                    7.7500                  0.2500            0.0000             0.0085
Gulf Shores                                                    7.6250                  0.2500            0.0000             0.0085
RANCHO CUCAMONGA                                               7.5000                  0.2500            0.0000             0.0085
APPLE VALLEY                                                   8.5000                  0.2500            0.0000             0.0085
BAKERSFIELD                                                    8.3750                  0.2500            0.0000             0.0085
ROSEVILLE                                                      6.5000                  0.2500            0.0000             0.0085
LANCASTER                                                      7.1250                  0.2500            0.0000             0.0085
APPLE VALLEY                                                   8.1250                  0.2500            0.0000             0.0085
HOUSTON                                                        7.3750                  0.2500            0.0000             0.0085
DENTON                                                         6.5000                  0.2500            0.0000             0.0085
JACKSONVILLE                                                   6.5000                  0.2500            0.0000             0.0085
NORTH LAS VEGAS                                                7.0000                  0.2500            0.0000             0.0085
LAS VEGAS                                                      7.6250                  0.2500            0.0000             0.0085
NAPLES                                                         8.3750                  0.2500            0.0000             0.0085
ORLANDO                                                        6.7500                  0.2500            0.0000             0.0085
NORTH LAS VEGAS                                                7.0000                  0.2500            0.0000             0.0085
RIVERVIEW                                                      6.7500                  0.2500            0.0000             0.0085
JACKSONVILLE                                                   7.5000                  0.2500            0.0000             0.0085
LAS VEGAS                                                      7.0000                  0.2500            0.0000             0.0085
Caldwell                                                       8.6250                  0.2500            0.0000             0.0085
Muskogee                                                       6.7500                  0.2500            0.0000             0.0085
Caldwell                                                       8.6250                  0.2500            0.0000             0.0085
Colorado Springs                                               7.2500                  0.2500            0.0000             0.0085
WEST JORDAN                                                    7.0000                  0.2500            0.0000             0.0085
COLORADO SPRINGS                                               7.0000                  0.2500            0.0000             0.0085
WEST VALLEY CITY                                               7.5000                  0.2500            0.0000             0.0085
SAINT GEORGE                                                   6.7500                  0.2500            0.0000             0.0085
Roosevelt                                                      8.6250                  0.2500            0.0000             0.0085
Aurora                                                         8.5000                  0.2500            0.0000             0.0085
EAGLE MOUNTAIN                                                 7.5000                  0.2500            0.0000             0.0085
Norwich                                                        8.6250                  0.2500            0.0000             0.0085
Temecula                                                       8.6250                  0.2500            0.0000             0.0085
Murrieta                                                       8.6250                  0.2500            0.0000             0.0085
Murrieta                                                       8.6250                  0.2500            0.0000             0.0085
SPRINGFIELD                                                    8.7500                  0.2500            0.0000             0.0085
SOUTHBRIDGE                                                    8.2500                  0.2500            0.0000             0.0085
MANCHESTER                                                     7.5000                  0.2500            0.0000             0.0085
Lebanon                                                        7.6250                  0.2500            0.0000             0.0085
Roseville                                                      6.6250                  0.2500            0.0000             0.0085
Westminster                                                    7.1250                  0.2500            0.0000             0.0085
Norcross                                                       8.2500                  0.2500            0.0000             0.0085
Henryetta                                                      7.7500                  0.2500            0.0000             0.0085
Wichita                                                        8.2500                  0.2500            0.0000             0.0085
Humble                                                         8.0000                  0.2500            0.0000             0.0085
Detroit                                                        8.2500                  0.2500            0.0000             0.0085
Williamsburg                                                   7.2500                  0.2500            0.0000             0.0085
Columbia                                                       8.2500                  0.2500            0.0000             0.0085
Canton                                                         6.7500                  0.2500            0.0000             0.0085
Garland                                                        8.2500                  0.2500            0.0000             0.0085
Newark                                                         8.5000                  0.2500            0.0000             0.0085
Littleton                                                      6.8750                  0.2500            0.0000             0.0085
Santa Monica                                                   7.5000                  0.2500            0.0000             0.0085
SCOTTSDALE                                                     7.2500                  0.2500            0.0000             0.0085
COLUMBIA                                                       7.5000                  0.2500            0.0000             0.0085
THOUSAND OAKS                                                  7.5000                  0.2500            0.0000             0.0085
Chino                                                          6.7500                  0.2500            0.0000             0.0085
Apple Valley                                                   7.7500                  0.2500            0.0000             0.0085
TUSTIN                                                         6.3750                  0.2500            0.0000             0.0085
APPLE VALLEY                                                   7.5000                  0.2500            0.0000             0.0085
APPLE VALLEY                                                   7.5000                  0.2500            0.0000             0.0085
PLEASANT HILL                                                  6.3750                  0.2500            0.0000             0.0085
QUARTZ HILL ARE                                                6.0000                  0.2500            0.0000             0.0085
LOS ANGELES                                                    6.5000                  0.2500            0.0000             0.0085
Williamsburg                                                   6.5000                  0.2500            0.0000             0.0085
Ft Washington                                                  6.7500                  0.2500            0.0000             0.0085
Lynchburg                                                      6.7500                  0.2500            0.0000             0.0085
College Park                                                   7.7500                  0.2500            0.0000             0.0085
College Park                                                   8.0000                  0.2500            0.0000             0.0085
Monroe                                                         7.7500                  0.2500            0.0000             0.0085
Marietta                                                       7.3750                  0.2500            0.0000             0.0085
Union City                                                     7.0000                  0.2500            0.0000             0.0085
Phoenix                                                        7.0000                  0.2500            0.0000             0.0085
El Mirage                                                      7.5000                  0.2500            0.0000             0.0085
Show Low                                                       7.2500                  0.2500            0.0000             0.0085
North Las Vegas                                                7.2500                  0.2500            0.0000             0.0085
Colorado Springs                                               7.7500                  0.2500            0.0000             0.0085
Shawnee                                                        8.7500                  0.2500            0.0000             0.0085
Shawnee                                                        8.0000                  0.2500            0.0000             0.0085
Long Beach                                                     6.8750                  0.2500            0.0000             0.0085
Fort Worth                                                     7.8750                  0.2500            0.0000             0.0085
Federal Way                                                    7.0000                  0.2500            0.0000             0.0085
ALBUQUERQUE                                                    6.8750                  0.2500            0.0000             0.0085
PHOENIX                                                        6.8750                  0.2500            0.0000             0.0085
SCOTTSDALE                                                     7.2500                  0.2500            0.0000             0.0085
SAN LUIS                                                       7.2500                  0.2500            0.0000             0.0085
PHOENIX                                                        7.1250                  0.2500            0.0000             0.0085
Glendale                                                       7.2500                  0.2500            0.0000             0.0085
Phoenix                                                        6.7500                  0.2500            0.0000             0.0085
QUEEN CREEK                                                    7.8750                  0.2500            0.0000             0.0085
Albuquerque                                                    6.8750                  0.2500            0.0000             0.0085
ALBUQUERQUE                                                    6.8750                  0.2500            0.0000             0.0085
Salisbury                                                      7.6250                  0.2500            0.0000             0.0085
Winston Salem                                                  7.1250                  0.2500            0.0000             0.0085
Winston Salem                                                  7.7500                  0.2500            0.0000             0.0085
Conyers                                                        7.6250                  0.2500            0.0000             0.0085
Winston                                                        7.5000                  0.2500            0.0000             0.0085
Winston Salem                                                  7.1250                  0.2500            0.0000             0.0085
Hoschton                                                       6.6250                  0.2500            0.0000             0.0085
Mckinney                                                       6.7500                  0.2500            0.0000             0.0085
Allen                                                          6.2500                  0.2500            0.0000             0.0085
Arlington                                                      6.8750                  0.2500            0.0000             0.0085
Mckinney                                                       8.1250                  0.2500            0.0000             0.0085
Lewisville                                                     8.5000                  0.2500            0.0000             0.0085
Kimberly                                                       8.3750                  0.2500            0.0000             0.0085
Kiawah Island                                                  7.8750                  0.2500            0.0000             0.0085
CONYERS                                                        7.7500                  0.2500            0.0000             0.0085
BRUNSWICK                                                      6.5000                  0.2500            0.0000             0.0085
COLUMBUS                                                       8.2500                  0.2500            0.0000             0.0085
KISSIMMEE                                                      7.6250                  0.2500            0.0000             0.0085
ORLANDO                                                        6.8750                  0.2500            0.0000             0.0085
CHARLOTTE                                                      8.1250                  0.2500            0.0000             0.0085
WAYCROSS                                                       6.7500                  0.2500            0.0000             0.0085
CHARLOTTE                                                      7.5000                  0.2500            0.0000             0.0085
PITTSBURGH                                                     6.3750                  0.2500            0.0000             0.0085
ORLANDO                                                        8.1250                  0.2500            0.0000             0.0085
JACKSONVILLE                                                   7.8750                  0.2500            0.0000             0.0085
GOOSE CREEK                                                    6.7500                  0.2500            0.0000             0.0085
SATELLITE BEACH                                                6.6250                  0.2500            0.0000             0.0085
TAMPA                                                          6.8750                  0.2500            0.0000             0.0085
DUMFRIES                                                       7.2500                  0.2500            0.0000             0.0085
BOYCE                                                          6.2500                  0.2500            0.0000             0.0085
WEST PALM BEACH                                                6.3750                  0.2500            0.0000             0.0085
OGDEN                                                          7.5000                  0.2500            0.0000             0.0085
FAIRFAX STATION                                                6.0000                  0.2500            0.0000             0.0085
SAGINAW                                                        7.8750                  0.2500            0.0000             0.0085
PEORIA                                                         5.5000                  0.2500            0.0000             0.0085
KISSIMMEE                                                      7.2500                  0.2500            0.0000             0.0085
WAXHAW                                                         6.5000                  0.2500            0.0000             0.0085
SCOTTSDALE                                                     5.5000                  0.2500            0.0000             0.0085
NORTH PORT                                                     6.0000                  0.2500            0.0000             0.0085
JASPER                                                         6.6250                  0.2500            0.0000             0.0085
STATESBORO                                                     7.0000                  0.2500            0.0000             0.0085
TAMPA                                                          6.3750                  0.2500            0.0000             0.0085
BOULDER                                                        5.5000                  0.2500            0.0000             0.0085
ORLANDO                                                        8.1250                  0.2500            0.0000             0.0085
NAPLES                                                         6.5000                  0.2500            0.0000             0.0085
Dover                                                          6.1250                  0.2500            0.0000             0.0085
ORLANDO                                                        5.8750                  0.2500            0.0000             0.0085
Fitzgerald                                                     7.0000                  0.2500            0.0000             0.0085
ORLANDO                                                        7.7500                  0.2500            0.0000             0.0085
CHARLOTTE                                                      6.2500                  0.2500            0.0000             0.0085
PALM SPRINGS                                                   6.1250                  0.2500            0.0000             0.0085
SUGAR HILL                                                     6.0000                  0.2500            0.0000             0.0085
HARTWELL                                                       6.8750                  0.2500            0.0000             0.0085
ORLANDO                                                        7.6250                  0.2500            0.0000             0.0085
ALEXANDRIA                                                     5.8750                  0.2500            0.0000             0.0085
FREDRICKSBERG                                                  5.5000                  0.2500            0.0000             0.0085
CAMDEN WYOMING                                                 6.5000                  0.2500            0.0000             0.0085
LOS ANGELES                                                    5.5000                  0.2500            0.0000             0.0085
LAWRENCEVILLE                                                  5.5000                  0.2500            0.0000             0.0085
PITTSBURGH                                                     6.6250                  0.2500            0.0000             0.0085
IRMO                                                           7.6250                  0.2500            0.0000             0.0085
KISSIMMEE                                                      7.6250                  0.2500            0.0000             0.0085
NEWPORT NEWS                                                   5.8750                  0.2500            0.0000             0.0085
RALEIGH                                                        5.8750                  0.2500            0.0000             0.0085
KISSIMMEE                                                      7.6750                  0.2500            0.0000             0.0085
Miami                                                          7.0000                  0.2500            0.0000             0.0085
Warren                                                         7.2500                  0.2500            0.0000             0.0085
LANSING                                                        7.5000                  0.2500            0.0000             0.0085
Aldan                                                          7.6250                  0.2500            0.0000             0.0085
Phila                                                          6.7500                  0.2500            0.0000             0.0085
Doylestown                                                     7.2500                  0.2500            0.0000             0.0085
Lake Harmony                                                   6.6250                  0.2500            0.0000             0.0085
Philadelphia                                                   7.5000                  0.2500            0.0000             0.0085
Devon                                                          6.8750                  0.2500            0.0000             0.0085
Dover                                                          7.0000                  0.2500            0.0000             0.0085
Blackwood                                                      7.8750                  0.2500            0.0000             0.0085
Bear                                                           7.2500                  0.2500            0.0000             0.0085
Pleasantville                                                  7.3750                  0.2500            0.0000             0.0085
Pleasantville                                                  7.5000                  0.2500            0.0000             0.0085
Marcus Hook                                                    7.0000                  0.2500            0.0000             0.0085
Pine Hill                                                      7.2500                  0.2500            0.0000             0.0085
Fort Washington                                                6.7500                  0.2500            0.0000             0.0085
Wilmington                                                     7.3750                  0.2500            0.0000             0.0085
Philadelphia                                                   7.1250                  0.2500            0.0000             0.0085
Norristown                                                     7.0000                  0.2500            0.0000             0.0085
Wilmington                                                     7.8750                  0.2500            0.0000             0.0085
WOOLRICH                                                       8.1250                  0.2500            0.0000             0.0085
Wilmington                                                     7.7500                  0.2500            0.0000             0.0085
Philadelphia                                                   6.7500                  0.2500            0.0000             0.0085
MIRAMAR                                                        6.5000                  0.2500            0.0000             0.0085
SAN DIEGO                                                      7.3750                  0.2500            0.0000             0.0085
BELL GARDENS                                                   6.5000                  0.2500            0.0000             0.0085
GRAND PRAIRIE                                                  8.0000                  0.2500            0.0000             0.0085
NORFOLK                                                        7.1250                  0.2500            0.0000             0.0085
VIRGINIA BCH                                                   6.2500                  0.2500            0.0000             0.0085
JACKSONVILLE                                                   8.0000                  0.2500            0.0000             0.0085
ST AUGUSTINE                                                   7.6250                  0.2500            0.0000             0.0085
Monticello                                                     7.3750                  0.2500            0.0000             0.0085
BALTIMORE                                                      7.0000                  0.2500            0.0000             0.0085
VIRGINIA BEACH                                                 7.3750                  0.2500            0.0000             0.0085
DAVENPORT                                                      6.6250                  0.2500            0.0000             0.0085
ATL                                                            7.5000                  0.2500            0.0000             0.0085
Des Moines                                                     7.6250                  0.2500            0.0000             0.0085
Stafford                                                       7.2500                  0.2500            0.0000             0.0085
RICHMOND                                                       7.7500                  0.2500            0.0000             0.0085
DECATUR                                                        7.3750                  0.2500            0.0000             0.0085
Lenigh                                                         6.8750                  0.2500            0.0000             0.0085
CEDAR RAPIDS                                                   8.0000                  0.2500            0.0000             0.0085
HUXLEY                                                         7.5000                  0.2500            0.0000             0.0085
Middletown                                                     9.5000                  0.2500            0.0000             0.0085
MYRTLE BEACH                                                   6.7500                  0.2500            0.0000             0.0085
BAYVIEW                                                        7.0000                  0.2500            0.0000             0.0085
HOMER GLEN                                                     6.3750                  0.2500            0.0000             0.0085
Chicago                                                        6.0000                  0.2500            0.0000             0.0085
Phoenix                                                        7.3750                  0.2500            0.0000             0.0085
PHOENIX                                                        6.8750                  0.2500            0.0000             0.0085
CHESAPEAKE                                                     6.8750                  0.2500            0.0000             0.0085
PETERSBURG                                                     7.3750                  0.2500            0.0000             0.0085
NEWPORT NEWS                                                   7.1250                  0.2500            0.0000             0.0085
Dallas                                                         9.0000                  0.2500            0.0000             0.0085
FORT WORTH                                                     7.0000                  0.2500            0.0000             0.0085
Plano                                                          7.5000                  0.2500            0.0000             0.0085
Plano                                                          7.2500                  0.2500            0.0000             0.0085
DALLAS                                                         7.5000                  0.2500            0.0000             0.0085
PLANO                                                          7.8750                  0.2500            0.0000             0.0085
Hilton Head                                                    7.0000                  0.2500            0.0000             0.0085
JERSEY CITY                                                    8.6250                  0.2500            0.0000             0.0085
LAKE WORTH                                                     8.8750                  0.2500            0.0000             0.0085
FRESNO                                                         8.5000                  0.2500            0.0000             0.0085
SAVANNAH                                                       8.5000                  0.2500            0.0000             0.0085
DURHAM                                                         6.5000                  0.2500            0.0000             0.0085
Spring                                                         7.8750                  0.2500            0.0000             0.0085
GREENSBORO                                                     6.8750                  0.2500            0.0000             0.0085
TIVERTON                                                       6.8750                  0.2500            0.0000             0.0085
CEDAR CITY                                                     5.8750                  0.2500            0.0000             0.0085
SAVANNAH                                                       7.5000                  0.2500            0.0000             0.0085
NORMAN                                                         6.7500                  0.2500            0.0000             0.0085
CORCORAN                                                       6.5000                  0.2500            0.0000             0.0085
MIDWEST CITY                                                   5.7500                  0.2500            0.0000             0.0085
CARY                                                           5.6250                  0.2500            0.0000             0.0085
CEDAR CITY                                                     5.8750                  0.2500            0.0000             0.0085
HAWAIIAN GARDENS                                               6.8750                  0.2500            0.0000             0.0085
MIDWEST CITY                                                   5.7500                  0.2500            0.0000             0.0085
RICHMOND                                                       6.8750                  0.2500            0.0000             0.0085
HENDERSON                                                      6.0000                  0.2500            0.0000             0.0085
CHARLOTTESVILLE                                                6.6250                  0.2500            0.0000             0.0085
FORT LAUDERDALE                                                7.5000                  0.2500            0.0000             0.0085
TOLEDO                                                         7.0000                  0.2500            0.0000             0.0085
SAVANNAH                                                       7.5000                  0.2500            0.0000             0.0085
OKLAHOMA CITY                                                  5.7500                  0.2500            0.0000             0.0085
PALM HARBOR                                                    6.2500                  0.2500            0.0000             0.0085
DACULA                                                         6.7500                  0.2500            0.0000             0.0085
PALATINE                                                       6.2500                  0.2500            0.0000             0.0085
GLENDALE HEIGHTS                                               6.7500                  0.2500            0.0000             0.0085
CATONSVILLE                                                    6.8750                  0.2500            0.0000             0.0085
KERNERSVILLE                                                   7.7500                  0.2500            0.0000             0.0085
CHARLOTTE                                                      7.0000                  0.2500            0.0000             0.0085
SAVANNAH                                                       7.5000                  0.2500            0.0000             0.0085
SAVANNAH                                                       7.5000                  0.2500            0.0000             0.0085
SAVANNAH                                                       7.5000                  0.2500            0.0000             0.0085
MANASSAS                                                       6.7500                  0.2500            0.0000             0.0085
NEWBERG                                                        6.0000                  0.2500            0.0000             0.0085
SAVANNAH                                                       6.6250                  0.2500            0.0000             0.0085
LONG BEACH                                                     5.1250                  0.2500            0.0000             0.0085
NEWBERG                                                        6.0000                  0.2500            0.0000             0.0085
DILLSBURG                                                      5.6250                  0.2500            0.0000             0.0085
DILLSBURG                                                      5.6250                  0.2500            0.0000             0.0085
FRANKLINTOWN                                                   5.6250                  0.2500            0.0000             0.0085
SAVANNAH                                                       6.6250                  0.2500            0.0000             0.0085
POMPANO BEACH                                                  7.1250                  0.2500            0.0000             0.0085
OKLAHOMA CITY                                                  5.7500                  0.2500            0.0000             0.0085
MIDWEST CITY                                                   5.7500                  0.2500            0.0000             0.0085
VISALIA                                                        6.0000                  0.2500            0.0000             0.0085
DOVER                                                          5.6250                  0.2500            0.0000             0.0085
CHICAGO                                                        8.1250                  0.2500            0.0000             0.0085
LAUDERHILL                                                     5.6250                  0.2500            0.0000             0.0085
SEATTLE                                                        6.6250                  0.2500            0.0000             0.0085
CABOT                                                          8.0000                  0.2500            0.0000             0.0085
KAILUA-KONA                                                    5.7500                  0.2500            0.0000             0.0085
BALDWIN PARK                                                   6.2500                  0.2500            0.0000             0.0085
FRESNO                                                         6.5000                  0.2500            0.0000             0.0085
BELGRADE                                                       6.0000                  0.2500            0.0000             0.0085
LANSDOWNE                                                      9.5000                  0.2500            0.0000             0.0085
SAN ANTONIO                                                    6.5000                  0.2500            0.0000             0.0085
CHICAGO                                                        8.1250                  0.2500            0.0000             0.0085
CHINO HILLS                                                    6.2500                  0.2500            0.0000             0.0085
LINCOLN CITY                                                   6.7500                  0.2500            0.0000             0.0085
LEAGUE CITY                                                    8.0000                  0.2500            0.0000             0.0085
VANCOUVER                                                      6.1250                  0.2500            0.0000             0.0085
INDIANAPOLIS                                                   6.7500                  0.2500            0.0000             0.0085
BELTSVILLE                                                     5.8750                  0.2500            0.0000             0.0085
FT THOMAS                                                      6.2500                  0.2500            0.0000             0.0085
NASHUA                                                         7.2500                  0.2500            0.0000             0.0085
ELFRIDA                                                        6.8750                  0.2500            0.0000             0.0085
HOUSTON                                                        5.6250                  0.2500            0.0000             0.0085
GLENDALE                                                       6.2500                  0.2500            0.0000             0.0085
APPLE VALLEY                                                   6.6250                  0.2500            0.0000             0.0085
SUN CITY                                                       5.5000                  0.2500            0.0000             0.0085
CONCORD                                                        7.0000                  0.2500            0.0000             0.0085

CITY1                                         CURRENT_                    MATURITY              STATED_
                                              NET_COUPON                  _DATE                 ORIGINAL_TERM
----------------------------------------------------------------------------------------------------------------------
HIALEAH                                                   6.4915              20360301                            360
MCCLOUD                                                   6.8665              20360301                            360
BETHESDA                                                  6.6165              20360301                            360
Seymour                                                   8.4915              20360201                            360
ARVADA                                                    6.2415              20360301                            360
GARDEN CITY                                               7.6165              20360301                            360
CICERO                                                    6.6165              20360201                            360
NORTH LAS VEGAS                                           6.6165              20360201                            360
GLEN ALLEN                                                6.2415              20360301                            360
HAMPTON                                                   6.6165              20360301                            360
HICKORY CREEK                                             6.2415              20360301                            360
MIDDLEBURG                                                7.2415              20360301                            360
SACRAMENTO                                                5.7415              20360301                            360
ASHBURN                                                   5.8665              20360301                            360
PORTLAND                                                  5.6165              20351001                            360
SURPRISE                                                  6.9915              20350901                            360
MIDLAND                                                   6.6165              20360301                            360
PORTLAND                                                  6.9915              20350901                            360
Holly Springs                                             6.2415              20360301                            360
MONROE                                                    6.4915              20210301                            180
Edison                                                    6.1165              20210301                            180
ALLEN                                                     5.7415              20210301                            180
PAINESVILLE                                               7.1165              20210301                            180
NEWBERG                                                   6.4915              20210301                            180
GOOSE CREEK                                               6.9915              20210301                            180
PLANTATION                                                6.4915              20210301                            180
RALEIGH                                                   7.3665              20210301                            180
MARICOPA                                                  5.8665              20210201                            180
MOUNTAIN TOP                                              7.2415              20210301                            180
BOISE                                                     6.6165              20210301                            180
ALBANY                                                    6.4915              20210201                            180
BIRMINGHAM                                                7.2415              20210301                            180
BROOKLYN                                                  7.4915              20210301                            180
WARREN                                                    7.8665              20210301                            180
Ridgeland                                                 6.4915              20210301                            180
MONROE                                                    6.6165              20210301                            180
AVONDALE                                                  7.2415              20210301                            180
MONROE                                                    6.9915              20210301                            180
SAN ANTONIO                                               7.4915              20210301                            180
SPARTANBURG                                               7.2415              20210201                            180
Crown Point                                               8.2415              20360201                            360
Nicholasville                                             7.2415              20360201                            360
Auburn                                                    9.2415              20360301                            360
Auburn                                                    8.6165              20360301                            360
CHESAPEAKE BEACH                                          6.6165              20360301                            360
WASHINGTON                                                6.9915              20360301                            360
MIAMI                                                     6.6165              20360301                            360
WELLINGTON                                                8.1165              20360301                            360
HOUSTON                                                   6.2415              20360301                            360
MEMPHIS                                                   8.4915              20360301                            360
HAYDEN LAKE                                               7.2415              20360301                            360
Eatontown                                                 6.2415              20360201                            360
FAIRFAX                                                   6.6165              20360301                            360
SIMPSONVILLE                                              6.3665              20360301                            360
Las Cruces                                                6.8665              20360201                            360
TOLEDO                                                    6.8665              20360301                            360
Seaside Heights                                           7.3665              20360301                            360
OLD ORCHARD BEACH                                         6.6165              20360301                            360
LEXINGTON PARK                                            7.9915              20360301                            360
ROCKVILLE                                                 6.6165              20360301                            360
RICHMOND                                                  6.7415              20360301                            360
Paterson                                                  6.9915              20360301                            360
HARRISBURG                                                5.8665              20360301                            360
COLORADO SPRINGS                                          7.3665              20360301                            360
SAN ANTONIO                                               7.7415              20360301                            360
ERIE                                                      7.8665              20360301                            360
HAWLEY                                                    7.7415              20360301                            360
ORLANDO                                                   7.6165              20360301                            360
SAFETY HARBOR                                             7.3665              20360301                            360
Trenton                                                   8.1165              20360301                            360
KALAMAZOO                                                 6.2415              20360301                            360
RIO RANCHO                                                7.3665              20360301                            360
CHICAGO                                                   6.8665              20360301                            360
SILVERTON                                                 6.3665              20360301                            360
EAST HAMPTON                                              6.6165              20360301                            360
PIEDMONT                                                  7.3665              20360301                            360
AKRON                                                     7.2415              20360301                            360
CHICAGO                                                   6.8665              20360301                            360
HOUSTON                                                   6.6165              20360201                            360
CYPRESS                                                   8.2415              20360301                            360
BARTLETT                                                  7.2415              20360301                            360
SALT LAKE CITY                                            6.4915              20360301                            360
INDIANAPOLIS                                              8.4915              20360301                            360
WACO                                                      8.2415              20360301                            360
WINTER PARK                                               6.8665              20360301                            360
SALEM                                                     6.7415              20360301                            360
TAMPA                                                     6.4915              20360301                            360
LAKE CITY                                                 7.2415              20210301                            180
MOUNT PLEASANT                                            6.4915              20360301                            360
TAKOMA PARK                                               6.6165              20360301                            360
GARDNER                                                   6.9915              20360301                            360
SYRACUSE                                                  7.8665              20360301                            360
WASHINGTON                                                6.1165              20360301                            360
MUKILTEO                                                  6.3665              20360301                            360
CHICAGO                                                   7.2415              20360301                            360
MEMPHIS                                                   8.4915              20360301                            360
BRIARWOOD                                                 6.9915              20360301                            360
WACO                                                      8.2415              20360301                            360
BRANDON                                                   7.8665              20360301                            360
LOUISVILLE                                                8.4915              20360301                            360
MARGATE                                                   7.6165              20360301                            360
SYRACUSE                                                  8.3665              20360301                            360
Louisville                                                7.7415              20360301                            360
MESA                                                      7.7415              20360301                            360
CHICAGO                                                   8.2415              20360301                            360
VIRGINIA BEACH                                            8.4915              20360301                            360
LOS BANOS                                                 6.6165              20360301                            360
ORANGE PARK                                               7.2415              20360301                            360
LAS VEGAS                                                 7.6165              20360301                            360
CLEVELAND                                                 8.1165              20360301                            360
COTTAGE GROVE                                             6.3665              20360301                            360
TWIN FALLS                                                6.4915              20360301                            360
CHANTILLY                                                 6.4915              20360301                            360
BOURBONNAIS                                               7.6165              20360301                            360
PASADENA                                                  8.2415              20360301                            360
CHICAGO                                                   7.3665              20360301                            360
DRAPER                                                    7.8665              20360201                            360
CHICAGO                                                   8.2415              20360301                            360
CINCINNATI                                                7.3665              20360301                            360
PLAINFIELD                                                6.6165              20360301                            360
BOILING SPRINGS                                           6.3665              20360301                            360
Delhi                                                     7.8665              20360301                            360
Montebello                                                7.2415              20360301                            360
CLEVELAND                                                 8.3665              20360301                            360
DENVER                                                    7.1165              20360301                            360
GARDEN VALLEY                                             8.8665              20360301                            360
CHICAGO                                                   7.4915              20360301                            360
PEMBROKE PINES                                            9.4915              20360201                            360
BURKE                                                     7.7415              20360301                            360
NASHVILLE                                                 7.1165              20360301                            360
GARFIELD HEIGHTS                                          8.3665              20360301                            360
CAPE CORAL                                                6.6165              20360301                            360
Hendersonville                                            7.4915              20360301                            360
EVERETT                                                   7.3665              20360301                            360
SILVER SPRING                                             6.8665              20360301                            360
OVIEDO                                                    7.6165              20360301                            360
JOHNSTON                                                  6.7415              20360301                            360
PORTLAND                                                  6.9915              20360301                            360
BROOKLYN                                                  7.7415              20360301                            360
PEORIA                                                    7.4915              20360301                            360
PANAMA CITY BEACH                                         7.9915              20360301                            360
CHESTER                                                   5.7415              20360301                            360
DETROIT                                                   7.6165              20360301                            360
Charlotte                                                 6.2415              20360301                            360
FORT LAUDERDALE                                           7.6165              20360301                            360
MESA                                                      7.2415              20360301                            360
DANBURY                                                   8.2415              20360301                            360
MARRERO                                                   7.3665              20360201                            360
Indianapolis                                              8.1165              20360301                            360
HYATTSVILLE                                               7.4915              20360301                            360
Louisville                                                8.6165              20360301                            360
LOUISVILLE                                                6.6165              20360301                            360
LINCOLNTON                                                6.6165              20360301                            360
Lawrenceville                                             6.6165              20360301                            360
SANGER                                                    7.7415              20360301                            360
PHOENIX                                                   7.7415              20360301                            360
STERLING HEIGHTS                                          6.3665              20360301                            360
ABINGDON                                                  6.2415              20360301                            360
GERMANTOWN                                                6.2415              20360301                            360
AURORA                                                    8.2415              20360301                            360
TUCSON                                                    6.6165              20360301                            360
Lafayette                                                 7.8665              20360301                            360
MESA                                                      6.4915              20360301                            360
WINTER HAVEN                                              7.7415              20360301                            360
NORCROSS                                                  7.6165              20360301                            360
KAWKAWLIN                                                 6.6165              20360301                            360
CORONA                                                    7.7415              20360301                            360
GRAVETTE                                                  7.4915              20360301                            360
Charlotte                                                 6.7415              20360301                            360
QUEEN CREEK                                               7.1165              20360301                            360
CHANDLER                                                  6.3665              20360301                            360
BURTON                                                    7.3665              20360301                            360
STREAMWOOD                                                7.8665              20360301                            360
MECHANICSBURG                                             7.2415              20360301                            360
OAKLAND                                                   5.9915              20360301                            360
LAKE WORTH                                                7.1165              20360301                            360
SAINT LOUIS                                               8.1165              20360301                            360
FORT LAUDERDALE                                           8.2415              20360301                            360
Flowery Branch                                            6.9915              20360301                            360
MIAMI BEACH                                               7.3665              20360301                            360
Brooklyn                                                  8.2415              20360301                            360
ATLANTIC BEACH                                            7.7415              20360301                            360
DETROIT                                                   8.1165              20360301                            360
SAINT LOUIS                                               8.2415              20360301                            360
PANAMA CITY                                               8.2415              20360301                            360
COLUMBUS                                                  7.6165              20360301                            360
Garner                                                    6.9915              20360301                            360
STOCKTON                                                  6.1165              20360301                            360
PANAMA CITY BEACH                                         7.2415              20360301                            360
DETROIT                                                   8.2415              20360301                            360
NAPLES                                                    8.2415              20360301                            360
AURORA                                                    7.3665              20360301                            360
WOODBRIDGE                                                7.8665              20360301                            360
PORT SAINT LUCIE                                          8.2415              20360301                            360
Newark                                                    8.4915              20360301                            360
SCOTTSDALE                                                6.3665              20360301                            360
GRANDVIEW                                                 9.2415              20360201                            360
GARNER                                                    6.7415              20360301                            360
PHOENIX                                                   6.6165              20360301                            360
ORLANDO                                                   7.1165              20360301                            360
MOORE                                                     6.6165              20360201                            360
OCOEE                                                     7.9915              20360301                            360
MEMPHIS                                                   8.1165              20360301                            360
WACO                                                      8.2415              20360301                            360
TAMPA                                                     7.9915              20360301                            360
PROVIDENCE                                                8.2415              20360301                            360
CHICAGO                                                   7.8665              20360301                            360
Raleigh                                                   6.2415              20360301                            360
PAHRUMP                                                   7.1165              20360301                            360
JOHNSON CITY                                              7.8665              20360201                            360
ROCHESTER                                                 7.3665              20360301                            360
KENOSHA                                                   7.2415              20360301                            360
DAVIS                                                     7.4915              20210201                            180
CHICAGO                                                   9.2415              20360201                            360
BURBANK                                                   8.3665              20360301                            360
SALEM                                                     7.2415              20360301                            360
FLAGSTAFF                                                 8.2415              20360301                            360
SILVER SPRING                                             6.7415              20360301                            360
SOUTH PADRE ISLAND                                        7.6165              20360301                            360
TAMPA                                                     8.2415              20360301                            360
Hyde Park                                                 6.7415              20360301                            360
LAKELAND                                                  7.8665              20360301                            360
LONGMONT                                                  7.4915              20360301                            360
WOODBRIDGE                                                8.1165              20360301                            360
NORTH CHARLESTON                                          6.4915              20360301                            360
STEVENSVILLE                                              7.1165              20360301                            360
LADSON                                                    8.4915              20360301                            360
BROUSSARD                                                 7.2415              20360301                            360
GERMANTOWN                                                7.6165              20360301                            360
VISTA                                                     7.2415              20360301                            360
MAPLE GLEN                                                8.2415              20360301                            360
VISALIA                                                   8.1165              20360301                            360
SAINT JOSEPH                                              7.7415              20360301                            360
TAMPA                                                     7.1165              20360301                            360
BALTIMORE                                                 7.6165              20360201                            360
POMPANO BEACH                                             7.4915              20360301                            360
CARSON                                                    6.2415              20360201                            360
NORFOLK                                                   5.6165              20210301                            180
STAFFORD                                                  6.3665              20360301                            360
PHILADELPHIA                                              6.2415              20360201                            360
KISSIMMEE                                                 7.6165              20360301                            360
DAYTON                                                    7.9915              20360301                            360
CHANDLER                                                  7.7415              20360301                            360
KENNESAW                                                  6.9915              20360301                            360
CHICAGO                                                   7.4915              20360301                            360
POQUOSON                                                  7.4915              20360301                            360
STERLING                                                  6.7415              20360301                            360
BROOKLYN                                                  8.1165              20360301                            360
CINCINNATI                                                7.6165              20360301                            360
PASCO                                                     6.9915              20360301                            360
ELGIN                                                     7.1165              20360301                            360
MISSOULA                                                  7.3665              20360301                            360
Pikeville                                                 7.2415              20360301                            360
LEWISVILLE                                                7.6165              20360301                            360
WEST WARWICK                                              7.2415              20360301                            360
Passaic                                                   7.8665              20360301                            360
LAND O LAKES                                              6.4915              20360301                            360
CARSON CITY                                               7.4915              20360301                            360
EASLEY                                                    7.6165              20360301                            360
SPRING HILL                                               8.2415              20360301                            360
DEERFIELD BEACH                                           7.3665              20360201                            360
CLARKSTON                                                 7.3665              20360301                            360
SLIDELL                                                   6.8665              20360301                            360
NASHUA                                                    7.2415              20360301                            360
LAS VEGAS                                                 8.4915              20360201                            360
CHICAGO                                                   7.2415              20360301                            360
Alameda                                                   6.3665              20360301                            360
Bloomfield                                                7.6165              20360201                            360
DETROIT                                                   7.2415              20360301                            360
MIDDLETOWN                                                6.1165              20360301                            360
GREENVILLE                                                8.4915              20360201                            360
REYNOLDSBURG                                              6.2415              20360301                            360
CANTON                                                    6.6165              20360301                            360
SUN CITY WEST                                             7.9915              20360301                            360
BAKERSFIELD                                               6.3665              20360301                            360
CHICKASAW                                                 8.8665              20360301                            360
TAMPA                                                     8.2415              20360301                            360
ROCHESTER                                                 7.8665              20360301                            360
Greensboro                                                7.7415              20360301                            360
Albuquerque                                               8.4915              20360301                            360
MARICOPA                                                  8.2415              20360301                            360
OVIEDO                                                    7.4915              20360301                            360
CHICAGO                                                   7.1165              20360301                            360
South Plainfield                                          7.3665              20360301                            360
MEMPHIS                                                   8.4915              20360301                            360
LOS ANGELES                                               6.8665              20360201                            360
NORTH WEBSTER                                             7.7415              20360201                            360
INDIO                                                     6.4915              20360301                            360
HENDERSON                                                 7.9915              20360301                            360
SPRINGDALE                                                7.2415              20360201                            360
BROOKLYN                                                  7.9915              20360301                            360
SPRINGFIELD                                               7.8665              20360301                            360
CLINTON                                                   7.6165              20360301                            360
Hampton                                                   7.7415              20360201                            360
Wendell                                                   6.2415              20360301                            360
CLINTON                                                   6.2415              20360301                            360
SAINT PETERSBURG                                          6.4915              20360301                            360
JACKSONVILLE                                              7.7415              20360301                            360
Louisville                                                7.3665              20360301                            360
SUMMERVILLE                                               7.2415              20360301                            360
Newburgh                                                  7.6165              20360301                            360
SYRACUSE                                                  7.6165              20360301                            360
SYRACUSE                                                  7.6165              20360301                            360
TOPEKA                                                    7.1165              20360301                            360
EVANSTON                                                  6.6165              20360301                            360
SILVER SPRING                                             8.1165              20360301                            360
BRONX                                                     8.2415              20360301                            360
PARKLAND                                                  8.2415              20360301                            360
Louisville                                                7.8665              20360201                            360
WOONSOCKET                                                6.6165              20360301                            360
Waxhaw                                                    6.6165              20360301                            360
AUBURN                                                    6.9915              20360301                            360
CAMDEN                                                    7.4915              20360301                            360
BELTSVILLE                                                6.4915              20360301                            360
CHICAGO                                                   7.8665              20360301                            360
PHOENIXVILLE                                              8.2415              20360301                            360
MIAMI                                                     8.2415              20360301                            360
VALLEJO                                                   7.1165              20360301                            360
SPRINGFIELD                                               9.2415              20360101                            360
LARGO                                                     7.2415              20360301                            360
PORT TOBACCO                                              7.1165              20360301                            360
HIALEAH                                                   6.7415              20360301                            360
MORENO VALLEY                                             6.1165              20350901                            360
CHICAGO                                                   7.4915              20360301                            360
Worcester                                                 5.3665              20350701                            360
PEORIA                                                    6.6165              20360301                            360
DETROIT                                                   6.1165              20350801                            360
COLUMBUS                                                  9.4915              20360301                            360
BIRCHRUNVILLE                                             6.9915              20351001                            360
OAKTON                                                    5.8665              20360301                            360
Newark                                                    7.1165              20360301                            360
Atlanta                                                   7.2415              20360301                            360
ROCHESTER                                                 6.3665              20360301                            360
ROCHESTER                                                 6.3665              20360301                            360
BROWNS VALLEY                                             5.9915              20360301                            360
QUEEN CREEK                                               8.2415              20360301                            360
DENVER                                                    6.6165              20360301                            360
MAGNOLIA                                                  6.4915              20360301                            360
HENDERSON                                                 6.1165              20360301                            360
MISSION                                                   6.9915              20360301                            360
Lawrenceville                                             7.4915              20360301                            360
Beverly                                                   6.3665              20360301                            360
HOUSTON                                                   6.4915              20360301                            360
PALM BAY                                                  8.2415              20351001                            360
WASHINGTON                                                6.8665              20350501                            360
GARLAND                                                   5.9915              20350801                            360
GARLAND                                                   5.9915              20350801                            360
GARLAND                                                   5.9915              20350801                            360
PORT SAINT LUCIE                                          7.8665              20360301                            360
WYANDANCH                                                 6.8665              20350801                            360
CERES                                                     6.1165              20360301                            360
DESERT HILLS                                              7.8665              20360301                            360
Nantucket                                                 6.4915              20360301                            360
West Springfield                                          7.4915              20360301                            360
PHILADELPHIA                                              6.6165              20360301                            360
LIVERPOOL                                                 7.3665              20360301                            360
BOSTON                                                    7.6165              20360301                            360
ORLANDO                                                   6.6165              20360301                            360
PHOENIX                                                   7.3665              20360301                            360
MARCO ISLAND                                              8.2415              20360301                            360
LAS VEGAS                                                 7.2415              20360301                            360
TAMPA                                                     6.4915              20360301                            360
THE DALLES                                                5.9915              20360301                            360
COLUMBUS                                                  6.8665              20360301                            360
CHICAGO                                                   8.1165              20360301                            360
BEND                                                      6.9915              20360301                            360
CINCINNATI                                                7.3665              20360301                            360
JACKSONVILLE                                              6.6165              20360301                            360
Visalia                                                   7.6165              20360301                            360
NAPLES                                                    7.2415              20360301                            360
SUN CITY                                                  6.6165              20360301                            360
SUMMERVILLE                                               7.1165              20360301                            360
INDIANAPOLIS                                              7.8665              20360301                            360
DETROIT                                                   8.4915              20360301                            360
COPIAGUE                                                  6.4915              20360301                            360
STUART                                                    7.3665              20360301                            360
LEBANON                                                   7.4915              20360301                            360
ANTHEM                                                    7.3665              20360301                            360
ROYAL PALM BEACH                                          7.7415              20360301                            360
DUMFRIES                                                  7.7415              20360301                            360
CLEVELAND                                                 7.4915              20360301                            360
CHICAGO                                                   6.9915              20360301                            360
BRONX                                                     7.3665              20360301                            360
GLENDALE                                                  6.3665              20360301                            360
MORENO VALLEY                                             6.9915              20360301                            360
CHESTERFIELD                                              6.6165              20360301                            360
Newark                                                    6.7415              20360301                            360
SALEM                                                     6.8665              20360301                            360
ANNAPOLIS                                                 5.7415              20360301                            360
WAYNESBORO                                                6.2415              20360301                            360
Powder Springs                                            6.6165              20360301                            360
TEMPE                                                     6.6165              20360301                            360
QUEEN CREEK                                               6.3665              20360301                            360
TAMPA                                                     7.6165              20360301                            360
DELAND                                                    7.2415              20360301                            360
WOODBRIDGE                                                6.4915              20360301                            360
FALLON                                                    6.8665              20360201                            360
STREAMWOOD                                                7.2415              20360301                            360
MCLEAN                                                    8.4915              20360301                            360
YORK                                                      7.8665              20360301                            360
VISALIA                                                   8.1165              20360301                            360
MIDVALE                                                   6.4915              20360301                            360
ANDERSON                                                  7.7415              20360301                            360
PROVIDENCE                                                7.2415              20360301                            360
HOLLYWOOD                                                 8.4915              20360301                            360
BUCKEYE                                                   7.2415              20360301                            360
Charlotte                                                 8.2415              20360301                            360
EASTON                                                    7.2415              20360301                            360
SARASOTA                                                  7.3665              20360301                            360
QUEEN CREEK                                               7.2415              20360301                            360
LITHIA                                                    7.8665              20360301                            360
FALLON                                                    6.8665              20360201                            360
Louisville                                                8.2415              20360301                            360
PORTLAND                                                  6.6165              20360201                            360
RIVIERA BEACH                                             7.2415              20360301                            360
CHICAGO                                                   7.7415              20360301                            360
CHICAGO                                                   7.6165              20360201                            360
COATESVILLE                                               6.6165              20360301                            360
GREENFIELD                                                6.9915              20360201                            360
KNOXVILLE                                                 6.4915              20360301                            360
SEVERN                                                    5.6165              20360301                            360
CITRUS HEIGHTS                                            7.2415              20360301                            360
BOWIE                                                     7.8665              20360301                            360
BRONX                                                     6.6165              20360301                            360
QUEEN CREEK                                               7.8665              20360301                            360
BALTIMORE                                                 8.2415              20360301                            360
JOHNSTON                                                  7.8665              20360301                            360
PROVIDENCE                                                7.7415              20360301                            360
EDGEWATER                                                 6.2415              20360301                            360
SILVER SPRING                                             7.4915              20360301                            360
Provo                                                     7.3665              20360301                            360
LACEY                                                     7.4915              20360201                            360
roxboro                                                   5.9915              20360301                            360
COCKEYSVILLE                                              5.7415              20210301                            180
GERMANTOWN                                                6.8665              20360301                            360
NEILTON                                                   6.7415              20360301                            360
COLUMBIA                                                  7.8665              20360301                            360
HAZEL CREST                                               7.8665              20360301                            360
SIMPSONVILLE                                              6.3665              20360301                            360
MAYWOOD                                                   6.6165              20360301                            360
LAKE WORTH                                                6.2415              20360301                            360
SIMPSONVILLE                                              8.4915              20360301                            360
OGDEN                                                     7.2415              20360201                            360
JACKSONVILLE                                              6.6165              20360301                            360
VERO BEACH                                                6.6165              20360201                            360
CASA GRANDE                                               6.9915              20360301                            360
DANA POINT                                                6.6165              20360301                            360
SILVER SPRING                                             6.8665              20360301                            360
LINDENHURST                                               6.8665              20360301                            360
TAYLOR                                                    6.8665              20360301                            360
LOS ANGELES                                               7.2415              20360301                            360
MOUNT POCONO                                              7.1165              20360301                            360
WARWICK                                                   6.6165              20360301                            360
METAMORA                                                  7.6165              20360301                            360
MEMPHIS                                                   7.8665              20360201                            360
FRISCO                                                    7.3665              20360301                            360
PHOENIX                                                   7.4915              20360301                            360
SPARTANBURG                                               7.1165              20360301                            360
COLUMBUS                                                  6.4915              20360301                            360
SPARTANBURG                                               7.7415              20360301                            360
TRAVELERS REST                                            6.1165              20360301                            360
ALSTEAD                                                   7.6165              20360301                            360
SPRING BRANCH                                             8.2415              20360301                            360
Plainfield                                                6.8665              20360301                            360
BROOKLYN                                                  5.9915              20360301                            360
PHOENIX                                                   7.4915              20360301                            360
BROOKLYN                                                  6.6165              20360201                            360
CHICAGO                                                   7.2415              20360301                            360
SPRING BRANCH                                             6.7415              20360201                            360
PHOENIX                                                   7.4915              20360301                            360
PHOENIX                                                   6.9915              20360301                            360
DETROIT                                                   7.8665              20360301                            360
BROOKLYN                                                  7.8665              20360301                            360
WASHINGTON                                                7.6165              20360301                            360
COVINGTON                                                 6.2415              20360301                            360
PUYALLUP                                                  6.4915              20360301                            360
Apollo Beach                                              6.4915              20360301                            360
MORENO VALLEY                                             6.2415              20360301                            360
TREASURE ISLAND                                           7.8665              20360301                            360
MERRITT ISLAND                                            6.8665              20360301                            360
STERLING                                                  5.9915              20360201                            360
BALTIMORE                                                 8.1165              20360301                            360
Atlanta                                                   7.8665              20360301                            360
DERWOOD                                                   7.3665              20360301                            360
COOPER CITY                                               6.7415              20360301                            360
MIDLOTHIAN                                                6.6165              20360301                            360
WALTON                                                    7.4915              20360301                            360
WEST PALM BEACH                                           7.8665              20360301                            360
JOLIET                                                    6.9915              20360301                            360
SPARTANBURG                                               6.2415              20360301                            360
GAINESVILLE                                               6.4915              20360301                            360
BATON ROUGE                                               6.6165              20360201                            360
GREENVILLE                                                7.7415              20360301                            360
PHILADELPHIA                                              7.8665              20360301                            360
CHARDON                                                   6.4915              20360301                            360
MESA                                                      5.9915              20360301                            360
Billings                                                  7.2415              20360301                            360
CINCINNATI                                                7.2415              20360301                            360
GIBSONTON                                                 7.4915              20360301                            360
MOBILE                                                    7.8665              20360301                            360
WEST PALM BEACH                                           6.3665              20360301                            360
Fall River                                                7.8665              20360301                            360
TUCSON                                                    5.9915              20360301                            360
RICHMOND                                                  7.7415              20360301                            360
JACKSON                                                   8.4915              20360301                            360
HEFLIN                                                    7.9915              20360301                            360
PHOENIX                                                   7.1165              20210301                            180
PANAMA CITY BEACH                                         8.2415              20360301                            360
Charlotte                                                 6.3665              20360301                            360
SPRINGFIELD                                               7.1165              20360301                            360
AMITYVILLE                                                6.6165              20360301                            360
DETROIT                                                   7.8665              20360301                            360
BELLINGHAM                                                6.4915              20360301                            360
ORLANDO                                                   7.8665              20360301                            360
SARASOTA                                                  6.6165              20360301                            360
COLUMBIA                                                  6.4915              20360301                            360
WASHINGTON                                                6.7415              20360301                            360
TRENTON                                                   7.6165              20360301                            360
RAYTOWN                                                   7.6165              20360301                            360
SYRACUSE                                                  8.3665              20360301                            360
CHANTILLY                                                 7.6165              20360301                            360
SAN CLEMENTE                                              7.3665              20360301                            360
PONTIAC                                                   7.8665              20360301                            360
WESTFIELD                                                 8.4915              20360301                            360
DETROIT                                                   7.8665              20360301                            360
BELTON                                                    6.3665              20360301                            360
DETROIT                                                   7.4915              20360301                            360
DETROIT                                                   7.4915              20360301                            360
KANSAS CITY                                               7.4915              20360301                            360
HOUSTON                                                   7.6165              20360301                            360
SUPERIOR                                                  7.3665              20360301                            360
LISLE                                                     7.7415              20360301                            360
REDFORD                                                   8.4915              20360301                            360
Noblesville                                               6.4915              20360301                            360
Noblesville                                               6.4915              20360301                            360
Woodstock                                                 6.4915              20360201                            360
SALT LAKE CITY                                            6.4915              20360301                            360
MEMPHIS                                                   7.9915              20360301                            360
KANSAS CITY                                               7.7415              20360201                            360
Rio Rancho                                                8.4915              20360301                            360
SCOTTSDALE                                                6.4915              20360301                            360
HORN LAKE                                                 7.1165              20360201                            360
Winston Salem                                             7.9915              20360301                            360
BALTIMORE                                                 6.7415              20360301                            360
COVINGTON                                                 7.6165              20360301                            360
BATON ROUGE                                               6.9915              20360301                            360
PALM BEACH GARDENS                                        6.4915              20360301                            360
CANTON                                                    7.6165              20360301                            360
BATON ROUGE                                               6.9915              20360301                            360
OCALA                                                     8.2415              20360301                            360
PORTLAND                                                  8.2415              20360301                            360
KANSAS CITY                                               7.7415              20360201                            360
KANSAS CITY                                               7.7415              20360201                            360
WINSTON SALEM                                             7.9915              20360301                            360
RAYTOWN                                                   7.6165              20360301                            360
SAN BERNARDINO                                            8.9915              20360301                            360
Charlotte                                                 8.1165              20360301                            360
DALLAS                                                    6.2415              20360301                            360
Winston Salem                                             7.9915              20360301                            360
MEMPHIS                                                   8.1165              20360301                            360
Winston Salem                                             7.6165              20360301                            360
Winston Salem                                             7.6165              20360301                            360
GALVESTON                                                 6.9915              20360301                            360
MEMPHIS                                                   8.1165              20360301                            360
MEMPHIS                                                   8.1165              20360301                            360
FALLS CHURCH                                              8.6165              20360301                            360
RICHMOND                                                  6.6165              20360301                            360
SOUND BEACH                                               7.9915              20360301                            360
AUGUSTA                                                   6.9915              20360301                            360
Trenton                                                   7.6165              20360301                            360
TRENTON                                                   7.6165              20360301                            360
KANNAPOLIS                                                8.2415              20360301                            360
TRENTON                                                   7.6165              20360301                            360
OCOEE                                                     7.7415              20360301                            360
Concord                                                   8.4915              20360301                            360
Pompton Plains                                            5.9915              20360301                            360
KNOXVILLE                                                 6.7415              20360301                            360
COLUMBIA                                                  7.6165              20360301                            360
SAN LEANDRO                                               7.1165              20360301                            360
TEMPE                                                     6.8665              20360301                            360
ROCHESTER HILLS                                           7.7415              20360301                            360
Bradenton Beach                                           7.6165              20360301                            360
OAKLAND                                                   7.6165              20360301                            360
ROSELLE                                                   7.3665              20360301                            360
FLAT ROCK                                                 7.6165              20360301                            360
MADRAS                                                    6.6165              20360301                            360
KANSAS CITY                                               6.4915              20210301                            180
MADRAS                                                    6.6165              20360301                            360
ELK GROVE                                                 6.6165              20360301                            360
DETROIT                                                   8.2415              20360301                            360
PORTSMOUTH                                                6.1165              20360301                            360
HIALEAH                                                   6.4915              20360301                            360
MOLINE                                                    6.9915              20360301                            360
MANCHESTER                                                8.2415              20360301                            360
ARVERNE                                                   7.8665              20360301                            360
WOBURN                                                    6.9915              20360301                            360
PHOENIX                                                   6.7415              20360301                            360
LAS VEGAS                                                 7.2415              20360301                            360
OCEANSIDE                                                 6.7415              20360301                            360
SPRING                                                    6.4915              20360301                            360
PHOENIX                                                   7.8665              20360301                            360
LAREDO                                                    6.2415              20360301                            360
ROCKVALE                                                  7.2415              20360301                            360
NORTH BELLMORE                                            6.4915              20360301                            360
Los Angeles                                               7.2415              20360301                            360
SPARTANBURG                                               7.2415              20360301                            360
Acworth                                                   7.8665              20360301                            360
COLUMBUS                                                  7.6165              20360301                            360
LAS VEGAS                                                 6.8665              20360301                            360
COACHELLA                                                 7.1165              20360301                            360
Lumberton                                                 8.2415              20360301                            360
BILLINGS                                                  6.8665              20360201                            360
SCHENECTADY                                               7.7415              20360301                            360
BILOXI                                                    7.4915              20360301                            360
GULFPORT                                                  7.4915              20360301                            360
SPARTANBURG                                               8.4915              20360301                            360
BALTIMORE                                                 7.7415              20360301                            360
SPARTANBURG                                               7.9915              20360301                            360
WALDORF                                                   7.9915              20360301                            360
ROUND LAKE                                                7.6165              20360301                            360
Decatur                                                   8.1165              20360301                            360
DES PLAINES                                               7.4915              20360301                            360
CHICAGO                                                   7.2415              20360301                            360
PIEDMONT                                                  7.7415              20360301                            360
PORTLAND                                                  6.7415              20360301                            360
SAN ANTONIO                                               8.2415              20360301                            360
SAN ANTONIO                                               8.1165              20360301                            360
SAN ANTONIO                                               8.1165              20360301                            360
CRANSTON                                                  7.3665              20210301                            180
HOUSTON                                                   7.4915              20360301                            360
QUEEN CREEK                                               7.8665              20360301                            360
DAYTON                                                    7.2415              20360301                            360
Atlanta                                                   7.8665              20360301                            360
EASTPOINTE                                                7.4915              20360301                            360
LITTLE ROCK                                               7.7415              20360301                            360
MILFORD                                                   6.8665              20360301                            360
SURPRISE                                                  7.6165              20360301                            360
ROEBUCK                                                   7.9915              20360301                            360
SEVIERVILLE                                               6.1165              20360301                            360
NEW HAVEN                                                 6.9915              20360301                            360
GATLINBURG                                                6.1165              20360301                            360
WASHINGTON                                                6.7415              20360301                            360
SOUTHFIELD                                                6.4915              20360301                            360
LINCOLNWOOD                                               7.1165              20360301                            360
COLUMBUS                                                  6.8665              20360301                            360
DOVER                                                     7.3665              20360301                            360
Buckeye                                                   6.2415              20360201                            360
QUEEN CREEK                                               5.7415              20360301                            360
MESA                                                      8.2415              20360301                            360
Everett                                                   5.4915              20351001                            360
PROVIDENCE                                                7.1165              20360301                            360
Atlanta                                                   7.4915              20360301                            360
Chickamauga                                               9.1165              20360101                            360
JACKSONVILLE                                              7.4915              20360301                            360
North Bethesda                                            7.9915              20360301                            360
BRENTWOOD                                                 6.3665              20360301                            360
Glendale                                                  7.6165              20360301                            360
PEMBROKE                                                  7.8665              20360301                            360
PHOENIX                                                   7.6165              20360301                            360
TAMPA                                                     6.9915              20360301                            360
MIAMI BEACH                                               6.9915              20360301                            360
JERSEY CITY                                               6.3665              20360301                            360
SIOUX FALLS                                               7.8665              20360201                            360
MARICOPA                                                  8.2415              20360301                            360
AURORA                                                    7.8665              20360201                            360
Corrales                                                  6.3665              20360301                            360
BOLINGBROOK                                               8.4915              20360301                            360
SPARTANBURG                                               8.4915              20360201                            360
NEW YORK                                                  6.6165              20360301                            360
DOUGLASSVILLE                                             6.9915              20360301                            360
Albuquerque                                               6.3665              20360301                            360
HILTON HEAD ISLAND                                        8.4915              20360301                            360
ASTORIA                                                   7.8665              20360301                            360
WHEATON                                                   6.9915              20360301                            360
PLATTSBURG                                                6.6165              20360301                            360
FORT ATKINSON                                             8.2415              20360301                            360
MIDDLETOWN                                                5.8665              20360201                            360
BROOKLYN                                                  7.9915              20360301                            360
LAS VEGAS                                                 6.4915              20360301                            360
FORT LAUDERDALE                                           7.7415              20360301                            360
FALLS CHURCH                                              7.8665              20360301                            360
OXNARD                                                    6.8665              20360301                            360
DETROIT                                                   8.2415              20360301                            360
CHESTER                                                   6.2415              20360301                            360
NORFOLK                                                   6.6165              20360301                            360
SANDPOINT                                                 6.7415              20360301                            360
PARADISE                                                  7.1165              20360301                            360
CAPE CORAL                                                8.2415              20360301                            360
SEDONA                                                    6.6165              20360301                            360
PAWLEYS ISLAND                                            6.7415              20360301                            360
COUNTRY CLUB HILLS                                        8.1165              20360301                            360
Passaic                                                   6.6165              20360301                            360
Franklin                                                  7.9915              20360301                            360
SAN ANTONIO                                               7.9915              20360301                            360
BRIDGEPORT                                                6.9915              20360301                            360
SANDY                                                     8.1165              20360301                            360
SURPRISE                                                  7.9915              20360301                            360
CHICAGO                                                   8.2415              20360301                            360
LAKE FOREST                                               7.4915              20360301                            360
FARMINGVILLE                                              7.6165              20360301                            360
PALM BAY                                                  7.9915              20360301                            360
BIRMINGHAM                                                8.2415              20360301                            360
WALDORF                                                   6.3665              20360301                            360
West New York                                             6.1165              20360301                            360
PHOENIX                                                   8.2415              20360301                            360
DETROIT                                                   7.6165              20360301                            360
CONWAY                                                    7.4915              20360301                            360
HUNTLEY                                                   7.1165              20360301                            360
INDIO                                                     7.2415              20360301                            360
WESTWOOD                                                  9.3665              20360201                            360
TEHACHAI                                                  7.6165              20360301                            360
CLEVELAND                                                 7.3665              20360301                            360
BAKERSFIELD                                               7.4915              20360301                            360
SWANSEA                                                   8.3665              20360301                            360
SCOTTSDALE                                                7.7415              20360301                            360
BUCKEYE                                                   6.3665              20360301                            360
WILLOWBROOK                                               6.9915              20360301                            360
KANSAS CITY                                               7.8665              20360301                            360
MARICOPA                                                  6.9915              20360301                            360
FOREST GROVE                                              6.6165              20360301                            360
MARICOPA                                                  7.1165              20360301                            360
RIDGELY                                                   6.4915              20360201                            360
CEDAR POINT                                               7.2415              20360301                            360
FREDERICKSBURG                                            8.4915              20360301                            360
BALTIMORE                                                 7.1165              20210301                            180
LAS VEGAS                                                 7.6165              20360301                            360
PEORIA                                                    6.1165              20360301                            360
Ahoskie                                                   7.8665              20360301                            360
JACKSONVILLE                                              8.2415              20360301                            360
Evansville                                                7.4915              20360301                            360
BRYANS ROAD                                               6.9915              20360301                            360
WALDORF                                                   6.7415              20360301                            360
JACKSONVILLE                                              8.2415              20360301                            360
MEMPHIS                                                   7.6165              20360301                            360
LORTON                                                    7.4915              20360301                            360
SALISBURY                                                 7.3665              20360301                            360
SAINT LOUIS                                               7.9915              20360301                            360
Trenton                                                   7.3665              20360201                            360
REDMOND                                                   8.2415              20360301                            360
MEMPHIS                                                   7.6165              20360301                            360
TOLEDO                                                    7.8665              20360201                            360
TAMPA                                                     7.1165              20360301                            360
SAINT LOUIS                                               7.9915              20360301                            360
PROVIDENCE                                                7.8665              20360301                            360
RICHMOND                                                  6.4915              20360201                            360
ISLE OF PALMS                                             7.6165              20360301                            360
CENTEREACH                                                6.6165              20360301                            360
SAINT LOUIS                                               8.2415              20360301                            360
LANCASTER                                                 7.4915              20360201                            360
NORTH LAS VEGAS                                           5.7415              20360301                            360
Woodstock                                                 7.4915              20360301                            360
LONG BEACH                                                7.2415              20360301                            360
EVANSTON                                                  7.4915              20360301                            360
PEYTON                                                    6.3665              20360301                            360
Marietta                                                  8.2415              20360301                            360
EVANSTON                                                  7.4915              20360301                            360
INDIANAPOLIS                                              8.1165              20360301                            360
Sunbury                                                   7.4915              20360301                            360
Rome                                                      7.4915              20360301                            360
ORLANDO                                                   7.1165              20360301                            360
EVANSTON                                                  7.4915              20360301                            360
AMSTERDAM                                                 8.2415              20360301                            360
MIAMI                                                     7.4915              20360301                            360
EL PASO                                                   7.3665              20360301                            360
FALLS CHURCH                                              8.4915              20360301                            360
TYLER                                                     6.6165              20360301                            360
LADYS ISLAND                                              6.4915              20360301                            360
JAMAICA                                                   6.6165              20360301                            360
CHICAGO                                                   6.9915              20360301                            360
Fort Wayne                                                7.6165              20360301                            360
BALTIMORE                                                 6.2415              20360301                            360
PALM COAST                                                6.9915              20360301                            360
Hillsborough                                              7.6165              20360301                            360
ALEXANDRIA                                                7.9915              20360301                            360
CRYSTAL SPRINGS                                           7.4915              20360301                            360
PHOENIX                                                   7.1165              20360301                            360
VIRGINIA BEACH                                            7.3665              20360301                            360
PORT JEFFERSON STATION                                    6.9915              20360301                            360
DAYTON                                                    8.2415              20360301                            360
BAYONNE                                                   6.1165              20360301                            360
WELLINGTON                                                8.2415              20360301                            360
AKRON                                                     8.2415              20360301                            360
MARYVILLE                                                 8.4915              20360301                            360
WARRENTON                                                 6.7415              20360301                            360
OGDEN                                                     7.2415              20360201                            360
EL PASO                                                   7.2415              20360301                            360
SOUTH PADRE ISLAND                                        7.6165              20360301                            360
FARMINGTON                                                6.3665              20360301                            360
FARMINGTON                                                6.3665              20360301                            360
GRANDVILLE                                                9.2415              20360201                            360
BAY SHORE                                                 6.9915              20360301                            360
BURNSVILLE                                                6.1165              20360301                            360
Evansville                                                7.8665              20360301                            360
KIRKLAND                                                  6.8665              20360301                            360
DUNELLEN                                                  7.3665              20360201                            360
HOLLYWOOD                                                 7.8665              20360301                            360
Tigard                                                    6.8665              20360101                            360
PORT SAINT LUCIE                                          8.2415              20360301                            360
PALISADES                                                 9.4915              20360201                            360
MERCED                                                    6.9915              20360301                            360
SAINT ALBANS                                              7.3665              20360301                            360
DAYTON                                                    7.8665              20360301                            360
EL MONTE                                                  6.6165              20360201                            360
SIDNEY                                                    6.9915              20360301                            360
JACKSONVILLE                                              6.7415              20360301                            360
BRIDGEPORT                                                7.1165              20360301                            360
LAWRENCEVILLE                                             8.2415              20360301                            360
WATERFORD                                                 6.8665              20360301                            360
MONROE                                                    6.9915              20210301                            180
Atlantic Beach                                            6.9915              20360301                            360
Kalamazoo                                                 6.2415              20360301                            360
WINCHESTER                                                6.9915              20360301                            360
SPOKANE                                                   7.4915              20360301                            360
West Sacramento                                           7.2415              20360301                            360
FORT WORTH                                                6.7415              20360301                            360
SUNRISE                                                   7.1165              20360301                            360
MARYSVILLE                                                7.2415              20360301                            360
CONCORD                                                   6.9915              20360301                            360
SIOUX FALLS                                               7.8665              20360201                            360
COLUMBUS                                                  7.3665              20360301                            360
NEWBERG                                                   7.2415              20360301                            360
BELLEROSE                                                 7.2415              20360301                            360
Paterson                                                  7.6165              20360301                            360
LEWES                                                     5.6165              20360301                            360
Boston                                                    6.7415              20360201                            360
BOOTHWYN                                                  7.4915              20360301                            360
TUCSON                                                    6.2415              20360301                            360
CHICAGO                                                   7.2415              20350801                            360
CHARLOTTE                                                 8.2415              20360301                            360
WHEATON                                                   7.4915              20360301                            360
FORT MYERS                                                6.6165              20350901                            360
TINLEY PARK                                               7.3665              20360301                            360
GRANTS PASS                                               7.6165              20360301                            360
RIGBY                                                     6.3665              20350901                            360
STREAMWOOD                                                6.6165              20350901                            360
MILTON                                                    7.4915              20360301                            360
Toms River                                                7.3665              20360301                            360
SAINT GEORGE                                              7.7415              20360301                            360
PATASKALA                                                 6.8665              20351001                            360
LOVELAND                                                  7.4915              20360301                            360
Boston                                                    7.1165              20360301                            360
VIRGINIA BEACH                                            7.1165              20360301                            360
APPLE VALLEY                                              8.3665              20360301                            360
BOYNTON BEACH                                             7.8665              20360301                            360
PONTIAC                                                   6.6165              20350901                            360
CHICAGO                                                   7.8665              20360301                            360
NEWBURGH                                                  6.7415              20350901                            360
Mcdonough                                                 7.7415              20360301                            360
Boston                                                    7.1165              20360301                            360
CONWAY                                                    7.2415              20360301                            360
Durham                                                    7.2415              20350901                            360
FORT MYERS                                                7.1165              20351001                            360
DETROIT                                                   7.3665              20351001                            360
SURPRISE                                                  6.3665              20351001                            360
LEES SUMMIT                                               7.3665              20360301                            360
AVONDALE                                                  6.4915              20351001                            360
LITHIA                                                    6.2415              20350901                            360
SURPRISE                                                  6.9915              20351001                            360
FAIRVIEW                                                  7.4915              20360301                            360
SHOW LOW                                                  7.6165              20360301                            360
Charlotte                                                 7.2415              20360301                            360
OKLAHOMA CITY                                             6.8665              20360301                            360
CLEVELAND                                                 6.8665              20351101                            360
ALAMEDA                                                   7.4915              20360301                            360
ORMOND BEACH                                              7.7415              20360301                            360
EWING                                                     6.6165              20351001                            360
SAN ANTONIO                                               8.1165              20360301                            360
FORT PIERCE                                               7.8665              20360301                            360
RICHMOND                                                  6.6165              20360301                            360
DAYTON                                                    7.6165              20360301                            360
INDEPENDENCE                                              7.4915              20360301                            360
LARGO                                                     7.2415              20360301                            360
SURPRISE                                                  7.7415              20360301                            360
HANFORD                                                   6.7415              20360301                            360
BRONX                                                     7.8665              20360301                            360
BRANSON                                                   6.4915              20360301                            360
ASHBURN                                                   6.7415              20360301                            360
Belmont                                                   6.3665              20360301                            360
LYNCHBURG                                                 7.8665              20360301                            360
LYNCHBURG                                                 7.8665              20360301                            360
DAYTON                                                    7.2415              20360301                            360
HARLINGEN                                                 6.4915              20360301                            360
LAWSON                                                    7.6165              20360301                            360
EAST DURHAM                                               6.9915              20360301                            360
STOCKTON                                                  6.7415              20360301                            360
ODENTON                                                   6.4915              20360301                            360
WOODSIDE                                                  7.7415              20360301                            360
CANTON                                                    7.7415              20360301                            360
SAINT LOUIS                                               8.4915              20360301                            360
Camden                                                    7.8665              20360301                            360
COLUMBUS                                                  7.2415              20360301                            360
NORTH MIAMI                                               7.1165              20360301                            360
VIRGINIA BEACH                                            6.4915              20360301                            360
KANSAS CITY                                               6.9915              20360301                            360
AKRON                                                     7.6165              20360301                            360
SAINT LOUIS                                               8.4915              20360301                            360
Belton                                                    7.2415              20360301                            360
TOPEKA                                                    8.6165              20360301                            360
GREENVILLE                                                7.3665              20360301                            360
VIENNA                                                    8.3665              20360301                            360
OZONE PARK                                                6.2415              20360301                            360
AURORA                                                    6.4915              20360301                            360
GOODLETTSVILLE                                            6.4915              20360301                            360
CHICAGO                                                   7.8665              20360301                            360
APPLE VALLEY                                              7.7415              20360301                            360
Irvington                                                 7.2415              20360301                            360
MURRIETA                                                  8.2415              20360301                            360
HENDERSON                                                 6.4915              20360301                            360
ZEPHYRHILLS                                               6.7415              20360301                            360
MERIDEN                                                   6.6165              20360301                            360
PHILADELPHIA                                              7.6165              20360301                            360
SANTA ROSA                                                7.1165              20360301                            360
PROVIDENCE                                                7.2415              20360301                            360
WASHINGTON                                                6.9915              20360201                            360
GLENDALE                                                  6.8665              20360301                            360
UPPER MARLBORO                                            6.7415              20360301                            360
RESTON                                                    6.7415              20360201                            360
East Boston                                               5.9915              20360301                            360
CHICAGO                                                   7.9915              20360301                            360
AURORA                                                    7.8665              20360301                            360
PHOENIX                                                   6.4915              20360301                            360
Cottonwood                                                6.8665              20360301                            360
HOMESTEAD                                                 6.2415              20360301                            360
KANSAS CITY                                               7.8665              20360301                            360
HILLSBORO                                                 6.7415              20360301                            360
LAKE OSWEGO                                               6.6165              20360201                            360
NEW LONDON                                                7.6165              20360301                            360
GRANTS PASS                                               6.8665              20360301                            360
WARREN                                                    6.4915              20360301                            360
AIKEN                                                     7.6165              20360301                            360
BUFFALO                                                   7.2415              20360301                            360
CLERMONT                                                  8.2415              20360301                            360
Louisville                                                8.1165              20360301                            360
NEWPORT NEWS                                              6.7415              20360301                            360
LOS ANGELES                                               6.4915              20360201                            360
MIAMI                                                     8.2415              20360301                            360
HOFFMAN ESTATES                                           5.6165              20350801                            360
NAMPA                                                     6.2415              20360301                            360
POWDER SPRINGS                                            8.4915              20360301                            360
Alpharetta                                                7.3665              20351001                            360
DETROIT                                                   7.2415              20360301                            360
JACKSONVILLE BEACH                                        7.3665              20360301                            360
ANGOLA                                                    7.8665              20360301                            360
BOILING SPRINGS                                           7.6165              20360301                            360
Apopka                                                    7.3665              20360301                            360
BRONX                                                     7.4915              20360301                            360
SPOKANE                                                   6.4915              20360301                            360
ORLANDO                                                   7.2415              20360301                            360
BROOKLYN                                                  6.2415              20360301                            360
TYLER                                                     7.1165              20360301                            360
PHILADELPHIA                                              7.8665              20360301                            360
Alpharetta                                                7.9915              20360301                            360
TOPEKA                                                    7.1165              20360301                            360
CHICAGO                                                   7.4915              20360301                            360
TOPEKA                                                    7.1165              20360301                            360
TOPEKA                                                    7.1165              20360301                            360
E FALLOWFIELD                                             8.2415              20360301                            360
MESA                                                      7.7415              20360301                            360
GREENVILLE                                                7.2415              20360301                            360
RENTON                                                    6.2415              20360301                            360
LANSING                                                   7.7415              20360301                            360
EL PASO                                                   7.2415              20360301                            360
Raleigh                                                   7.2415              20360301                            360
BIRMINGHAM                                                7.4915              20360301                            360
BARTOW                                                    7.6165              20360301                            360
OKLAHOMA CITY                                             7.7415              20360201                            360
CHICAGO                                                   8.2415              20360301                            360
ORMOND BEACH                                              8.2415              20360301                            360
DETROIT                                                   7.3665              20360301                            360
HOLLYWOOD                                                 7.2415              20360201                            360
NORTH CHARLESTON                                          6.4915              20360301                            360
VANCOUVER                                                 7.6165              20360301                            360
AVONDALE                                                  7.3665              20360301                            360
JACKSONVILLE                                              7.8665              20360301                            360
SEGUIN                                                    8.2415              20360301                            360
SOUTHFIELD                                                8.2415              20360301                            360
KENT                                                      7.4915              20360301                            360
ROWESVILLE                                                7.2415              20360301                            360
MASPETH                                                   6.6165              20360301                            360
Mutttontown                                               7.2415              20360301                            360
GLEN OAKS                                                 5.8665              20351101                            360
DARLINGTON                                                6.7415              20360301                            360
NORTH HOLLYWOOD                                           7.2415              20360301                            360
NEW DURHAM                                                6.3665              20360301                            360
RANCHO PALOS VERDES                                       5.6165              20351001                            360
SAN ANTONIO                                               8.1165              20360301                            360
PORT SAINT LUCIE                                          7.6165              20360301                            360
COLUMBUS                                                  7.6165              20360301                            360
KANSAS CITY                                               6.4915              20360301                            360
NORTH CHARLESTON                                          7.2415              20360301                            360
FOUNTAIN                                                  7.7415              20360301                            360
BALTIMORE                                                 7.8665              20360301                            360
LAWRENCEVILLE                                             6.6165              20360301                            360
HOMESTEAD                                                 6.6165              20360301                            360
LA VERGNE                                                 6.2415              20360301                            360
NORTH LAS VEGAS                                           5.7415              20360301                            360
WASHINGTON                                                8.2415              20360301                            360
ATLANTA                                                   8.2415              20360301                            360
Cumming                                                   6.8665              20360201                            360
HILLSBORO                                                 7.2415              20360301                            360
JACKSONVILLE                                              7.6165              20360301                            360
Wilmington                                                5.6165              20351101                            360
Las Cruces                                                7.6165              20360301                            360
VISALIA                                                   7.3665              20360301                            360
SCAPPOOSE                                                 6.8665              20360301                            360
SALEM                                                     7.2415              20360301                            360
Santa Maria                                               6.3665              20360301                            360
JACKSONVILLE                                              7.9915              20360301                            360
OZARK                                                     6.9915              20360301                            360
CHICAGO                                                   6.9915              20360301                            360
SCOTTSDALE                                                7.8665              20360301                            360
HOUSTON                                                   7.6165              20360301                            360
ELMHURST                                                  7.4915              20360301                            360
WASHINGTON                                                9.4915              20360301                            360
CHICAGO                                                   7.8665              20360301                            360
CALDWELL                                                  7.6165              20360301                            360
Powder Springs                                            7.7415              20360301                            360
PHOENIX                                                   7.4915              20360301                            360
GLENDALE                                                  6.9915              20360301                            360
MODESTO                                                   7.1165              20360301                            360
LAS VEGAS                                                 7.9915              20360301                            360
WALDORF                                                   6.6165              20360301                            360
LISLE                                                     6.6165              20360301                            360
SALEM                                                     7.9915              20360301                            360
SPARTANBURG                                               7.7415              20360301                            360
SPOKANE                                                   7.6165              20360301                            360
RIDGE                                                     6.9915              20360301                            360
PHOENIX                                                   7.7415              20360301                            360
WAKE FOREST                                               6.9915              20360301                            360
KANSAS CITY                                               6.4915              20360301                            360
REDMOND                                                   6.2415              20360301                            360
MINNEAPOLIS                                               7.2415              20360301                            360
SPRING CITY                                               7.2415              20360301                            360
PINE BLUFFS                                               7.3665              20360301                            360
WASHINGTON                                                9.4915              20360301                            360
MARICOPA                                                  7.8665              20360301                            360
GIBSONTON                                                 7.8665              20360301                            360
CHEYENNE                                                  7.3665              20360301                            360
ANNAPOLIS                                                 5.7415              20360301                            360
SEAFORD                                                   7.6165              20360301                            360
ESSEX                                                     6.9915              20360301                            360
DES MOINES                                                7.3665              20360301                            360
KANSAS CITY                                               6.4915              20360301                            360
Scottsdale                                                8.2415              20360301                            360
MARYSVILLE                                                6.2415              20360301                            360
FORT LAUDERDALE                                           7.1165              20360301                            360
LIBERTY LAKE                                              6.9915              20360301                            360
Raleigh                                                   7.7415              20360301                            360
SILVER SPRING                                             8.3665              20360301                            360
MIRA LOMA                                                 6.7415              20360301                            360
KATONAH                                                   7.6165              20360301                            360
Cary                                                      8.4915              20360301                            360
EVERETT                                                   7.1165              20360301                            360
PROVIDENCE                                                6.3665              20360301                            360
WOODBRIDGE                                                7.7415              20360301                            360
CAPE CORAL                                                7.6165              20360301                            360
Atlanta                                                   7.6165              20360301                            360
RENO                                                      5.7415              20350801                            360
RANDALLSTOWN                                              5.6165              20350801                            360
PERINTON                                                  4.7415              20180801                            180
FRAMINGHAM                                                4.7415              20330801                            360
Vienna                                                    6.2415              20351201                            360
Phippsburg                                                7.2415              20360201                            360
Detroit                                                   7.2415              20360301                            360
Detroit                                                   7.2415              20360201                            360
Washington                                                6.9915              20360201                            360
Fort Washington                                           6.2415              20360301                            360
Clermont                                                  7.6165              20360301                            360
Manassas                                                  7.1165              20360301                            360
Fort Washington                                           7.2415              20360201                            360
Sterling                                                  7.3665              20360301                            360
Washington                                                6.1165              20360301                            360
Suisun City                                               6.8665              20360301                            360
Manassas                                                  7.6165              20360301                            360
Woodbridge                                                7.6165              20360201                            360
Centreville                                               6.9915              20360301                            360
Fairfax                                                   7.2415              20360201                            360
Culpeper                                                  7.4915              20360201                            360
Fredericksburg                                            7.2415              20360301                            360
Hamilton                                                  6.1165              20360201                            360
Fredericksburg                                            7.9915              20360201                            360
Cooksville                                                6.8665              20360301                            360
Manassas                                                  7.3665              20360201                            360
Manassas                                                  7.4915              20360301                            360
Winston Salem                                             6.8665              20360201                            360
Temple Hills                                              6.6165              20360201                            360
Germantown                                                6.6165              20360201                            360
Manassas                                                  7.2415              20360301                            360
Richmond                                                  6.9915              20360201                            360
Alexandria                                                7.8665              20360201                            360
Clinton                                                   6.7415              20360301                            360
Upper Marlboro                                            7.7415              20360201                            360
Gaithersburg                                              6.3665              20360301                            360
Arlington                                                 6.9915              20360201                            360
Beltsville                                                7.7415              20360201                            360
Manassas                                                  7.2415              20360201                            360
Woodbridge                                                7.9915              20360201                            360
Capitol Heights                                           5.7415              20350901                            360
Culpeper                                                  7.6165              20360201                            360
Alexandria                                                7.6165              20360201                            360
Woodbridge                                                7.3665              20360201                            360
Manassas                                                  7.2415              20360201                            360
Takoma Park                                               7.2415              20360301                            360
Woodbridge                                                6.7415              20360301                            360
Leesburg                                                  7.6165              20360201                            360
Aldie                                                     6.9915              20360201                            360
TAMARAC                                                   6.4915              20360201                            360
Reston                                                    7.2415              20360201                            360
Manassas                                                  7.2415              20360301                            360
Woodbridge                                                7.2415              20351201                            360
Falls Church                                              6.1165              20360201                            360
Baltimore                                                 7.3665              20360201                            360
PORT REPUBLIC                                             6.4915              20360201                            360
STREAMWOOD                                                7.1165              20360201                            360
LOUISVILLE                                                6.9915              20360201                            360
BALTIMORE                                                 7.1165              20360301                            360
Fargo                                                     5.8665              20360201                            360
BEALETON                                                  6.9915              20360101                            360
COLUMBIA                                                  7.9915              20360201                            360
DOVER                                                     7.6165              20360201                            360
BALTIMORE                                                 7.3665              20360301                            360
CARENCRO                                                  7.8665              20360201                            360
BALTIMORE                                                 7.4915              20360201                            360
BALTIMORE                                                 7.3665              20360201                            360
BALTIMORE                                                 8.1165              20360201                            360
WALDORF                                                   6.3665              20360301                            360
ARLINGTON                                                 7.3665              20360201                            360
Pasadena                                                  6.4915              20360301                            360
ARLINGTON                                                 7.3665              20360201                            360
BALTIMORE                                                 7.3665              20360201                            360
ARLINGTON                                                 6.3665              20360301                            360
DAVIDSONVILLE                                             6.4915              20360201                            360
NEW CASTLE                                                8.3665              20360201                            360
YORK                                                      7.7415              20360301                            360
VIRGINIA BEACH                                            6.3665              20360101                            360
RICHMOND                                                  6.4915              20360201                            360
CUMBERLAND                                                6.9915              20360301                            360
POTTSTOWN                                                 7.1165              20360301                            360
POTTSTOWN                                                 7.1165              20360301                            360
BALTIMORE                                                 6.9915              20360201                            360
Baltimore                                                 6.9915              20360201                            360
SOUDERTON                                                 8.3665              20360301                            360
Grant                                                     6.6165              20200601                            180
MIAMI                                                     6.7415              20360301                            360
ELMA                                                      7.9915              20360301                            360
TAMPA                                                     7.3665              20360201                            360
Romulus                                                   6.9915              20360301                            360
Lakeland                                                  7.4915              20350901                            360
West Palm Beach                                           6.6165              20351201                            360
UPPER MARLBORO                                            6.7415              20350901                            360
Albertson                                                 7.9915              20360301                            360
Brooklyn                                                  6.9915              20360101                            360
Wyandanch                                                 6.9915              20360201                            360
ALTURA                                                    6.8665              20360301                            360
Alexandria                                                6.6165              20360301                            360
APACHE JUNCTION                                           8.2415              20360201                            360
MOUNT LAUREL TOWNSHIP                                     7.9915              20360201                            360
IRVINGTON TOWNSHIP                                        8.3665              20360201                            360
NEW BRUNSWICK                                             7.2415              20360301                            360
PATERSON                                                  7.8665              20360301                            360
BAYONNE                                                   7.2415              20360201                            360
Trenton                                                   8.3665              20360201                            360
WOODBRIDGE                                                6.8665              20360101                            360
MT OLIVE TOWNSHIP                                         8.4915              20360201                            360
TRENTON                                                   8.4915              20360201                            360
JERSEY CITY                                               7.7415              20360201                            360
NORTH BERGEN TWP                                          7.4915              20360201                            360
PASSAIC                                                   7.4915              20360201                            360
EAST ORANGE                                               7.8665              20360301                            360
EAST ORANGE                                               7.6165              20360301                            360
JERSEY CITY                                               8.3665              20360201                            360
MENDHAM TOWNSHIP                                          5.8665              20360201                            360
Miami                                                     6.8665              20360301                            360
Hialeah                                                   8.1165              20360201                            360
Hillsborough                                              6.1165              20351101                            360
Maurice River Township                                    6.1165              20351201                            360
Elizabeth                                                 7.4915              20360201                            360
Newark                                                    8.3665              20360301                            360
Fitchburg                                                 7.1165              20360201                            360
Lawrence                                                  8.1165              20360101                            360
Orange                                                    7.8665              20360201                            360
Newark                                                    7.4915              20360201                            360
Jersey City                                               7.9915              20360201                            360
Lynn                                                      7.1165              20360201                            360
Antioch                                                   5.6165              20350801                            360
New Port Richey                                           6.4915              20360201                            360
Mobile                                                    6.6165              20360201                            360
Nashville                                                 6.6165              20360201                            360
Dunedin                                                   6.6165              20360201                            360
Seminole                                                  7.4915              20360201                            360
Largo                                                     6.9915              20360201                            360
Mandeville                                                6.2415              20360201                            360
Dunedin                                                   6.4915              20360201                            360
Clearwater                                                7.3665              20360101                            360
Ocala                                                     7.3665              20360201                            360
Clearwater                                                6.4915              20360201                            360
Chattanooga                                               6.8665              20360201                            360
Hendersonville                                            7.4915              20360301                            360
Iuka                                                      6.9915              20360301                            360
Auburn                                                    5.8665              20200901                            180
Cape Coral                                                5.7415              20200901                            180
Jackson                                                   7.1165              20360201                            360
Celebration                                               6.8665              20360201                            360
Orlando                                                   6.6165              20360201                            360
Gulf Breeze                                               6.4915              20360101                            360
Nashville                                                 7.1165              20360201                            360
Birmingham                                                5.7415              20351101                            360
JONESBORO                                                 7.7415              20360301                            360
LITHONIA                                                  6.7415              20360201                            360
Cincinnati                                                7.2415              20360201                            360
LAKE ALFRED                                               8.4915              20360301                            360
MIAMI                                                     7.2415              20360301                            360
Cincinnati                                                7.2415              20360201                            360
MARIETTA                                                  7.4915              20360201                            360
Kennesaw                                                  7.2415              20360301                            360
BLUE RIDGE                                                7.3665              20360301                            360
HIGH POINT                                                7.4915              20360301                            360
ATLANTA                                                   8.4915              20360301                            360
Cincinnati                                                7.9915              20360101                            360
Port Chester                                              6.2415              20360201                            360
Bayside                                                   6.9915              20360201                            360
Fresh Meadows                                             6.6165              20360301                            360
Philadelphia                                              7.6165              20360301                            360
Westampton                                                7.2415              20360301                            360
Philadelphia                                              6.6165              20360201                            360
Northfield                                                6.9915              20360201                            360
Woodbury                                                  7.1165              20360201                            360
Ocean City                                                7.2415              20360301                            360
BROOKLYN                                                  7.4915              20360301                            360
Brooklyn                                                  6.3665              20360201                            360
College Point                                             7.2415              20360101                            360
Laurel                                                    7.3665              20360101                            360
Chicago                                                   7.1165              20360201                            360
JERSEY CITY                                               7.6165              20360201                            360
NOGALES                                                   7.2415              20360201                            360
PLACENTIA                                                 6.6165              20360301                            360
SURPRISE                                                  8.2415              20360301                            360
UPLAND                                                    6.6165              20360301                            360
CHINO                                                     6.6165              20360301                            360
PLACENTIA                                                 6.6165              20360301                            360
EL CENTRO                                                 5.8665              20360201                            360
YUMA                                                      6.7415              20360201                            360
Laredo                                                    6.4915              20201001                            180
GREELEY                                                   7.1165              20360301                            360
GREELEY                                                   7.1165              20360301                            360
GREELEY                                                   7.1165              20360301                            360
PALM SPRINGS                                              6.8665              20360301                            360
Rio Rico                                                  7.6165              20360301                            360
Richardson                                                6.7415              20360301                            360
Chicago                                                   6.6165              20360201                            360
Minneapolis                                               7.4915              20360201                            360
Chicago                                                   6.6165              20360201                            360
Little Rock                                               6.9915              20351201                            360
Murphy                                                    6.9915              20360201                            360
Brighton                                                  6.6165              20360101                            360
KINGSVILLE                                                6.3665              20360201                            360
Chicago                                                   6.6165              20360201                            360
Florissant                                                7.2415              20360201                            360
Atlanta                                                   7.4915              20360101                            360
Orlando                                                   6.7415              20360201                            360
Orlando                                                   6.8665              20360201                            360
Ellijay                                                   7.6165              20360301                            360
Tampa                                                     6.8665              20360301                            360
New River                                                 6.7415              20351201                            360
Millington                                                6.9915              20360101                            360
Savannah                                                  6.8665              20360101                            360
Arvada                                                    7.2415              20360301                            360
Davie Beach                                               7.6165              20360201                            360
York                                                      7.8665              20360301                            360
Granbury                                                  7.4915              20360201                            360
Chicago                                                   6.6165              20360201                            360
WASHINGTON                                                7.2415              20360201                            360
ELLICOTT CITY                                             6.6165              20360201                            360
FORKED RIVER                                              7.6165              20360201                            360
EASTON                                                    9.3665              20360301                            360
LAREDO                                                    6.2415              20360101                            360
MESA                                                      5.9915              20360301                            360
LANHAM                                                    6.9915              20360201                            360
MISSION                                                   7.7415              20360301                            360
PHOENIX                                                   5.8665              20210201                            180
BELLEVUE                                                  6.7415              20360301                            360
ORANGE                                                    6.3665              20360201                            360
MCALLEN                                                   7.3665              20360301                            360
HIGLEY                                                    7.9915              20360301                            360
SEVERNA PARK                                              7.2415              20360301                            360
SUN CITY WEST                                             6.6165              20360301                            360
WESLACO                                                   7.3665              20210301                            180
CEDAR PARK                                                6.9915              20360201                            360
DECATUR                                                   8.3665              20360301                            360
FORT WORTH                                                6.6165              20360201                            360
LEESBURG                                                  6.6165              20360201                            360
DAVENPORT                                                 6.8665              20210301                            180
GREAT FALLS                                               6.8665              20360301                            360
SILVER SPRING                                             5.4915              20210201                            180
ATHENS                                                    7.4915              20360301                            360
SILVER SPRING                                             6.6165              20360201                            360
MIDDLETOWN                                                6.4915              20360301                            360
CAPITOL HEIGHTS                                           7.4915              20360301                            360
MESA                                                      5.9915              20360301                            360
ROUND ROCK                                                6.7415              20360201                            360
MCALLEN                                                   7.9915              20360101                            360
CEDAR PARK                                                6.3665              20360301                            360
GILBERT                                                   7.3665              20360301                            360
MESA                                                      7.4915              20360301                            360
CLAREMONT                                                 5.6165              20360201                            360
ORANGE                                                    7.8665              20360301                            360
CHANDLER                                                  6.7415              20360101                            360
SAN FRANCISCO                                             6.4915              20360201                            360
KELLER                                                    6.7415              20360301                            360
MISSION                                                   8.3665              20360201                            360
SANTA ANA                                                 6.7415              20360301                            360
SAN ANTONIO                                               5.9915              20360301                            360
PHOENIX                                                   7.1165              20360301                            360
GREAT FALLS                                               5.8665              20360201                            360
TOMS RIVER                                                6.9915              20360301                            360
SPRING LAKE                                               6.3665              20360301                            360
HOLLYWOOD                                                 7.1165              20360301                            360
HILLSDALE                                                 6.6165              20360301                            360
MINNEAPOLIS                                               7.1165              20360301                            360
BROWNSVILLE                                               6.7415              20360201                            360
MINNEAPOLIS                                               7.2415              20360201                            360
LAREDO                                                    7.1165              20360201                            360
PHOENIX                                                   5.7415              20360301                            360
BIG BEAR LAKE                                             6.9915              20360201                            360
YONKERS                                                   7.2415              20360201                            360
WASHINGTON                                                6.8665              20360201                            360
TOTOWA                                                    6.6165              20360301                            360
BELLINGHAM                                                6.8665              20360301                            360
RICHMOND                                                  6.9915              20360301                            360
TAKOMA PARK                                               6.3665              20360301                            360
CORONA                                                    6.9915              20360301                            360
WESLACO                                                   7.1165              20360101                            360
MCALLEN                                                   9.4915              20360301                            360
ARIZONA CITY                                              6.6165              20360301                            360
WASHINGTON                                                6.3665              20360201                            360
MESA                                                      5.9915              20360301                            360
REMINGTON                                                 5.9915              20360201                            360
PHOENIX                                                   6.6165              20360301                            360
BALTIMORE                                                 6.1165              20360301                            360
Encino                                                    7.3665              20360201                            360
San Antonio                                               7.9915              20360101                            360
OAK POINT                                                 7.3665              20360301                            360
Dallas                                                    6.8665              20360301                            360
OAK POINT                                                 7.3665              20360301                            360
Bethlehem                                                 7.2415              20360301                            360
Stockbridge                                               7.2415              20360301                            360
Frisco                                                    6.9915              20360201                            360
Bryan                                                     7.6165              20360201                            360
Ellenwood                                                 6.6165              20360201                            360
Loris                                                     6.2415              20351001                            360
Round Rock                                                6.6165              20351201                            360
Plano                                                     6.2415              20360201                            360
Stockbridge                                               7.6165              20360301                            360
Rockport                                                  7.4915              20360201                            360
Hapeville                                                 7.9915              20360201                            360
Dallas                                                    7.6165              20360301                            360
San Diego                                                 6.4915              20360301                            360
Dallas                                                    7.2415              20360201                            360
Prescott                                                  6.4915              20360201                            360
Lincoln                                                   7.2415              20360301                            360
Pflugerville                                              6.6165              20360301                            360
FT WORTH                                                  6.7415              20360301                            360
Dacula                                                    7.4915              20360301                            360
Aubrey                                                    7.1165              20360201                            360
San Diego                                                 6.7415              20360301                            360
Mckinney                                                  6.9915              20360301                            360
Mesquite                                                  7.7415              20351201                            360
Midway City                                               6.6165              20360301                            360
Mcdonough                                                 6.1165              20360201                            360
Los Angeles                                               6.6165              20360301                            360
San Diego                                                 5.9915              20360201                            360
Grand Prairie                                             8.2415              20360201                            360
Houston                                                   7.6165              20360201                            360
Dallas                                                    7.4915              20351201                            360
Vista                                                     6.8665              20360301                            360
Marietta                                                  6.7415              20360301                            360
FATE                                                      5.9915              20350901                            360
Lewisville                                                7.6165              20360201                            360
Abingdon                                                  7.1165              20360301                            360
Valdosta                                                  7.4915              20360301                            360
Mcallen                                                   7.3665              20351101                            360
Albuquerque                                               7.2415              20360201                            360
Riverdale                                                 7.9915              20360301                            360
San Antonio                                               6.9915              20360301                            360
Douglasville                                              6.2415              20360301                            360
Deer Park                                                 7.6165              20360301                            360
Myrtle Beach                                              7.1165              20360101                            360
Valdosta                                                  7.6165              20360201                            360
Spring                                                    6.4915              20360201                            360
Forney                                                    7.6165              20360201                            360
Forney                                                    5.8665              20360201                            360
DENTON                                                    7.2415              20360301                            360
Mesquite                                                  7.6165              20360201                            360
Irving                                                    6.9915              20351201                            360
Eden Prairie                                              6.6165              20360201                            360
Houston                                                   7.3665              20360301                            360
Stockbridge                                               6.4915              20360201                            360
OAK POINT                                                 7.2415              20360101                            360
Dallas                                                    6.7415              20360201                            360
Jefferson                                                 6.6165              20360201                            360
Arlington                                                 6.9915              20360301                            360
Houston                                                   6.6165              20360101                            360
OAK POINT                                                 7.2415              20360201                            360
Farmers Branch                                            7.2415              20360101                            360
Albuquerque                                               6.7415              20360301                            360
Oklahoma City                                             6.2415              20360301                            360
Honolulu                                                  7.3665              20360201                            360
Las Vegas                                                 6.6165              20360201                            360
Pasadena                                                  6.2415              20360301                            360
ANTIOCH                                                   6.1165              20360301                            360
SAN MARCOS                                                6.4915              20360301                            360
COEUR D ALENE                                             6.9915              20360201                            360
DUARTE                                                    7.2415              20360301                            360
SPOKANE                                                   6.9915              20360301                            360
CARMEL VALLEY                                             6.4915              20360201                            360
Muldrow                                                   6.6165              20360201                            360
Carrollton                                                6.7415              20360301                            360
ALPINE FOREST                                             7.2415              20360301                            360
CERES                                                     7.3665              20360201                            360
Indianapolis                                              7.1165              20360301                            360
HOPKINSVILLE                                              7.2415              20360201                            360
CAMPBELL                                                  7.6165              20360301                            360
INDIANAPOLIS                                              7.1165              20360301                            360
COSHOCTON                                                 7.3665              20360201                            360
HOPKINSVILLE                                              7.2415              20360201                            360
INDIANAPOLIS                                              7.3665              20360301                            360
LOUISVILLE                                                6.9915              20360401                            360
HOPKINSVILLE                                              7.2415              20360201                            360
HOPKINSVILLE                                              7.2415              20360201                            360
HOPKINSVILLE                                              7.2415              20360201                            360
HOPKINSVILLE                                              7.2415              20360201                            360
Aurora                                                    7.2415              20360201                            360
Milwaukee                                                 7.1165              20360201                            360
Cape Coral                                                7.3665              20351201                            360
Keystone                                                  6.7415              20360201                            360
Kenosha                                                   7.2415              20360201                            360
Milwaukee                                                 7.1165              20360201                            360
Thorton                                                   7.4915              20360301                            360
Coral Gables                                              6.4915              20360301                            360
Ashburn                                                   7.6165              20360101                            360
Shelter Island                                            6.3665              20360101                            360
Alexandria                                                7.2415              20360201                            360
Manassas                                                  6.9915              20360101                            360
Silver Spring                                             7.1165              20360101                            360
Alexandria                                                6.4915              20360201                            360
Alexandria                                                7.4915              20360201                            360
Falls Church                                              7.2415              20360201                            360
Cape Coral                                                6.4915              20360201                            360
Washington                                                6.4915              20360101                            360
Manassas                                                  6.8665              20360201                            360
CLEVELAND                                                 7.7415              20360201                            360
KAILUA                                                    6.4915              20360301                            360
PINEVILLE                                                 7.9915              20360201                            360
Honolulu                                                  6.1165              20360201                            360
PLEASANT HILL                                             6.8665              20360301                            360
HENDERSON                                                 7.3665              20360201                            360
Chapin                                                    7.1165              20360301                            360
Elberton                                                  6.7415              20360301                            360
Ventura                                                   6.2415              20200801                            180
Gilbert                                                   7.1165              20360201                            360
Mesa                                                      6.6165              20360301                            360
Tucson                                                    7.1165              20360301                            360
Sun City                                                  6.2415              20351001                            360
Myrtle                                                    8.3665              20360201                            360
Scottsdale                                                6.6165              20360201                            360
Tempe                                                     7.2415              20360201                            360
Olathe                                                    8.4915              20360201                            360
Phoenix                                                   7.7415              20360101                            360
Phoenix                                                   7.1165              20360301                            360
Tucson                                                    7.2415              20360101                            360
Paradise Valley                                           7.1165              20360201                            360
Cottonwood                                                7.2415              20360301                            360
Kansas City                                               7.7415              20360101                            360
Phoenix                                                   6.1165              20351201                            360
Kansas City                                               7.7415              20360101                            360
Phoenix                                                   6.2415              20360201                            360
Apache Junction                                           6.9915              20360201                            360
Yuma                                                      6.1165              20360301                            360
Phoenix                                                   6.4915              20201201                            180
Phoenix                                                   7.9915              20360101                            360
WEST FARGO                                                7.3665              20360301                            360
SPRING                                                    7.6165              20351201                            360
HOUSTON                                                   7.4915              20360301                            360
SPRING                                                    7.6165              20351201                            360
SAN ANTONIO                                               6.7415              20360301                            360
HOUSTON                                                   7.6165              20351201                            360
GROSSE POINTE FARMS                                       7.1165              20360201                            360
SPRING                                                    7.6165              20351201                            360
Palm Bay                                                  6.9915              20360301                            360
Titusville                                                7.2415              20360201                            360
palmbay                                                   7.1165              20360201                            360
San Diego                                                 6.2415              20360201                            360
San Diego                                                 6.2415              20360201                            360
Hiram                                                     6.3665              20360301                            360
Cincinnati                                                7.4915              20360301                            360
West Springfield                                          7.7415              20360201                            360
Columbus                                                  6.9915              20360201                            360
Acosta                                                    7.9915              20360201                            360
Newark                                                    6.1165              20360301                            360
Fredericktown                                             7.6165              20360301                            360
Pittsburgh                                                7.1165              20360301                            360
Columbus                                                  7.2415              20360301                            360
Pennsburg                                                 6.3665              20360301                            360
Fredericktown                                             6.7415              20360301                            360
Harrisburg                                                8.3665              20360301                            360
Union                                                     7.6165              20360301                            360
BETHEL                                                    8.3665              20360201                            360
Westbury                                                  6.8665              20360301                            360
Bay Shore                                                 5.9915              20360301                            360
WATERTOWN                                                 6.8665              20360201                            360
Freeport                                                  6.6165              20260301                            240
Elmont                                                    7.4915              20360201                            360
Fort Worth                                                7.4915              20360301                            360
Denton                                                    6.7415              20360301                            360
Kellyville                                                8.4915              20360301                            360
Lithia                                                    6.6165              20360301                            360
CLAYTON                                                   6.7415              20360301                            360
BETHESDA                                                  7.6165              20360301                            360
Jessup                                                    6.9915              20360301                            360
SILVER SPRING                                             6.4915              20360201                            360
Clayton                                                   7.4915              20360101                            360
LAUREL                                                    7.1165              20360201                            360
Leesburg                                                  6.1165              20360101                            360
GERMANTOWN                                                7.1165              20360301                            360
Clayton                                                   6.6165              20360201                            360
Lewiston                                                  6.2415              20360201                            360
Portland                                                  6.3665              20360201                            360
Harrison Township                                         7.6165              20360301                            360
Chicopee                                                  7.6165              20360301                            360
Highland                                                  6.7415              20360301                            360
Converse                                                  6.7415              20360201                            360
Emerald Isle                                              7.1165              20360201                            360
Crowley                                                   6.9915              20360201                            360
Saint Petersburg                                          6.8665              20360201                            360
Derby                                                     7.4915              20360301                            360
Washington                                                6.2415              20360201                            360
PERRYVILLE                                                7.2415              20360301                            360
Waukegan                                                  7.7415              20360301                            360
Wilmington                                                6.6165              20360301                            360
Charlotte                                                 6.9915              20360201                            360
Lebanon                                                   6.3665              20360101                            360
Denver                                                    6.9915              20360201                            360
Raynham                                                   6.3665              20360301                            360
San Antonio                                               7.2415              20360101                            360
Freedom                                                   5.9915              20360201                            360
San Antonio                                               7.6165              20360301                            360
Chicopee                                                  7.6165              20360301                            360
Pleasant View                                             6.6165              20360201                            360
SULLIVAN                                                  6.9915              20360201                            360
Weymouth                                                  6.6165              20360301                            360
Charlotte                                                 6.7415              20360201                            360
Dorchester                                                6.6165              20360301                            360
Matthews                                                  5.9915              20360201                            360
Elkton                                                    7.2415              20360201                            360
SAN ANTONIO                                               7.3665              20360201                            360
Assonet                                                   6.6165              20360201                            360
Brewer                                                    6.2415              20360301                            360
Mashpee                                                   6.4915              20360201                            360
GOSHEN                                                    8.4915              20360301                            360
TULARE                                                    8.6165              20360301                            360
VISALIA                                                   8.3665              20360201                            360
FRESNO                                                    8.3665              20360201                            360
Las Vegas                                                 7.8665              20360301                            360
Las Vegas                                                 7.1165              20360201                            360
MURRIETA                                                  6.9915              20360201                            360
Maineville                                                6.7415              20360301                            360
HAGERSTOWN                                                5.9915              20360201                            360
CHARLOTTESVILLE                                           5.7415              20360201                            360
LAUREL                                                    8.1165              20360301                            360
CHARLOTTESVILLE                                           6.2415              20360201                            360
CHARLOTTESVILLE                                           5.7415              20360201                            360
CHARLOTTESVILLE                                           5.9915              20360201                            360
CHARLOTTESVILLE                                           6.1165              20360301                            360
WICHITA                                                   7.1165              20360201                            360
CHARLOTTESVILLE                                           6.7415              20360301                            360
Charlottesville                                           5.9915              20360201                            360
Washington                                                7.1165              20360201                            360
CHARLOTTESVILLE                                           6.1165              20360301                            360
MIAMI                                                     7.4915              20360301                            360
WICHITA                                                   7.1165              20360201                            360
VIENNA                                                    6.4915              20360301                            360
Temple                                                    8.1165              20360101                            360
Myrtle Beach                                              6.2415              20360201                            360
Macon                                                     8.6165              20351201                            360
Jacksonville                                              7.2415              20360101                            360
San Bernardino                                            7.6165              20351101                            360
Grand Rapids                                              7.9915              20351201                            360
Weatherford                                               8.4915              20351101                            360
Grand Rapids                                              7.9915              20351201                            360
Myrtle Beach                                              6.3665              20351201                            360
Elkmont                                                   6.8665              20350801                            360
Kansas City                                               6.8665              20360101                            360
Miami                                                     6.2415              20350801                            360
Macon                                                     7.7415              20351101                            360
Rochester                                                 7.7415              20360101                            360
Saint Augustine                                           6.8665              20360201                            360
Riverside Area                                            6.2415              20351101                            360
SOUTH LAKE TAHOE                                          6.8665              20360301                            360
BELL                                                      6.4915              20360301                            360
PICO RIVERA                                               6.7415              20360201                            360
KOLOA                                                     6.6165              20360201                            360
CASA GRANDE                                               6.7415              20360201                            360
SHOREVIEW                                                 6.4915              20360201                            360
POMONA                                                    6.7415              20360201                            360
SANTA ANA                                                 6.9915              20360201                            360
N LAS VEGAS                                               6.9915              20360301                            360
HENDERSON                                                 7.2415              20360301                            360
MIDWAY CITY                                               7.2415              20360201                            360
REDLANDS                                                  7.1165              20360201                            360
Bay Shore                                                 6.7415              20360201                            360
Clifton                                                   6.9915              20360101                            360
East Elmhurst                                             6.7415              20360301                            360
North Bergen                                              6.6165              20360301                            360
West Orange                                               6.9915              20360201                            360
Jamaica                                                   6.7415              20360201                            360
Passaic                                                   6.9915              20360201                            360
Far Rockaway                                              6.4915              20360201                            360
Hyattsville                                               6.9915              20360301                            360
Hyattsville                                               6.9915              20360301                            360
Hyattsville                                               6.9915              20360301                            360
Hahira                                                    6.8665              20360201                            360
Coral Springs                                             7.4915              20351101                            360
Beulaville                                                7.8665              20360301                            360
Columbus                                                  7.6165              20360101                            360
Lake Oswego                                               9.2415              20360101                            360
WILLINGBORO                                               6.7415              20350901                            360
Minneapolis                                               8.3665              20360101                            360
DOVE CANYON                                               6.2415              20360301                            360
VISALIA                                                   7.1165              20360301                            360
SAN FRANCISCO                                             6.6165              20360301                            360
Concord                                                   7.8665              20360201                            360
West New York                                             5.9915              20360301                            360
LAS VEGAS                                                 7.4915              20360301                            360
Miami                                                     6.4915              20351101                            360
Hialeah                                                   7.2415              20360301                            360
Tampa                                                     7.6165              20360301                            360
Melbourne                                                 6.8665              20360301                            360
Miami Beach                                               6.6165              20360201                            360
MIAMI                                                     7.2415              20360301                            360
LOS ANGELES                                               6.6165              20360301                            360
MILPITAS                                                  6.3665              20360201                            360
GREENFIELD                                                6.3665              20360201                            360
SANTA ANA                                                 6.6165              20360201                            360
SAN JOSE                                                  7.3665              20360201                            360
ORANGE PARK                                               6.8665              20360301                            360
Columbia                                                  8.2415              20360301                            360
Savannah                                                  7.6165              20360201                            360
Jacksonville                                              6.8665              20360201                            360
Jacksonville                                              6.7415              20360301                            360
Jacksonville                                              6.9915              20360301                            360
Baltimore                                                 6.7415              20360201                            360
Easley                                                    7.3665              20360301                            360
Mount Pleasant                                            6.9915              20360201                            360
BRISTOW                                                   6.6165              20360301                            360
CULPEPER                                                  6.6165              20360101                            360
QUEEN CREEK                                               6.4915              20360101                            360
UPPER MARLBORO                                            5.9915              20360201                            360
LAVEEN                                                    6.9915              20360201                            360
LANCASTER                                                 6.6165              20360201                            360
SURPRISE                                                  7.2415              20360301                            360
TEMECULA                                                  6.7415              20360301                            360
FAIRFIELD                                                 6.3665              20360101                            360
Ponte Vedra Beach                                         6.7415              20360201                            360
Davie                                                     7.8665              20360301                            360
Kennesaw                                                  6.8665              20360301                            360
Conyers                                                   6.8665              20360301                            360
Orlando                                                   6.6165              20360201                            360
Covington                                                 6.7415              20360301                            360
Davie                                                     6.3665              20350901                            360
Milner                                                    7.2415              20360301                            360
Athens                                                    6.3665              20350901                            360
Hoschton                                                  7.1165              20360301                            360
Peachtree City                                            6.3665              20360201                            360
Pompano Beach                                             6.7415              20360201                            360
Pompano Beach                                             7.6165              20360201                            360
Atlanta                                                   7.2415              20360201                            360
Lawrenceville                                             7.4915              20360201                            360
Boone                                                     7.7415              20360301                            360
Monroe                                                    7.2415              20360201                            360
Stockbridge                                               7.3665              20360201                            360
Maitland                                                  6.9915              20360301                            360
Lake Wylie                                                5.6165              20360201                            360
Alpharetta                                                5.8665              20360301                            360
Monroe                                                    6.8665              20351101                            360
Orlando                                                   6.7415              20360201                            360
Jacksonville                                              6.9915              20360201                            360
Bradenton                                                 7.4915              20360301                            360
Brandon                                                   6.3665              20350701                            360
Dunedin                                                   6.2415              20351001                            360
Tampa                                                     6.1165              20360201                            360
Marietta                                                  6.4915              20360201                            360
Woodstock                                                 7.6165              20360301                            360
Buford                                                    6.1165              20360301                            360
Stockbridge                                               7.3665              20360201                            360
Virginia Beach                                            7.8665              20360201                            360
Cicero                                                    7.2415              20360201                            360
PALM BEACH GARDENS                                        7.3665              20360301                            360
ALEXANDRIA                                                7.3665              20360301                            360
Roanoke                                                   7.2415              20360301                            360
Reisterstown                                              6.3665              20360201                            360
MELBOURNE                                                 7.1165              20360201                            360
SHERWOOD                                                  7.3665              20360401                            360
BEDFORD                                                   6.1165              20360301                            360
Arlington                                                 7.1165              20360301                            360
Glenn Dale                                                6.8665              20360301                            360
PALM BAY                                                  7.1165              20360201                            360
SAINT AUGUSTINE                                           6.9915              20360301                            360
Lauderhill                                                8.4915              20360201                            360
BRENTWOOD                                                 6.4915              20360301                            360
Benicia                                                   6.6165              20360301                            360
ORLANDO                                                   6.6165              20360301                            360
WEST BABYLON                                              7.2415              20360401                            360
FREDERICK                                                 6.7415              20360301                            360
Oxnard                                                    7.2415              20360201                            360
SAN BERNARDINO                                            6.3665              20360201                            360
APPLE VALLEY                                              6.9915              20360101                            360
Gahanna                                                   4.8665              20351001                            360
COLUMBUS                                                  5.6165              20350801                            360
COLUMBUS                                                  5.6165              20350801                            360
Westerville                                               4.9915              20351201                            360
Westerville                                               4.7415              20351101                            360
COLUMBUS                                                  5.7315              20350901                            360
Salt Lake City                                            6.9915              20360301                            360
Park City                                                 6.6165              20360301                            360
MIDWAY                                                    6.1165              20351201                            360
Park City                                                 7.1165              20360401                            360
Oradell                                                   6.8665              20360201                            360
KALAMAZOO                                                 5.7415              20351001                            360
Union                                                     6.3665              20360201                            360
Zellwood                                                  7.4915              20360201                            360
Delray Beach                                              6.1165              20351101                            360
Gainesville                                               7.6165              20360301                            360
Ocoee                                                     7.1165              20360301                            360
Ocoee                                                     7.4915              20360201                            360
Temple Hills                                              6.7415              20360301                            360
Glenwood                                                  6.1165              20360301                            360
Bowie                                                     6.7415              20360201                            360
Villa Rica                                                7.4915              20360301                            360
Deland                                                    6.4915              20360201                            360
Wesley Chapel                                             6.9915              20360101                            360
Newport News                                              7.4915              20360301                            360
Baltimore                                                 6.6165              20360201                            360
Washington                                                6.6165              20360201                            360
Maitland                                                  6.6165              20360201                            360
Rosemount                                                 7.2415              20360201                            360
Minneapolis                                               6.9915              20360201                            360
WILLIS                                                    8.3665              20360301                            360
Houston                                                   8.3665              20360301                            360
HILO                                                      6.9915              20360301                            360
SANTA ROSA                                                7.7415              20360201                            360
LEWISVILLE                                                7.6165              20360301                            360
Harahan                                                   6.4915              20350901                            360
LUBBOCK                                                   8.2415              20360201                            360
THE WOODLANDS                                             7.1165              20360301                            360
DESOTO                                                    7.2415              20360201                            360
BATON ROUGE                                               7.4915              20360201                            360
GREEN BAY                                                 8.1165              20360301                            360
LEWISVILLE                                                7.6165              20360301                            360
WILLIS                                                    7.8665              20360301                            360
RACINE                                                    8.3665              20360201                            360
Houston                                                   6.4915              20360201                            360
LEWISVILLE                                                7.6165              20360301                            360
The Woodlands                                             7.1165              20360301                            360
LEAGUE CITY                                               7.2415              20360201                            360
DURHAM                                                    6.6165              20360301                            360
PEARLAND                                                  7.3665              20360301                            360
OCEAN SPRINGS                                             6.6165              20350701                            360
Spring                                                    7.6165              20360201                            360
JONESBOROUGH                                              6.6165              20350401                            360
Fountain Valley                                           6.3665              20360201                            360
San Gabriel                                               6.6165              20360301                            360
MESA                                                      5.9915              20351001                            360
Phoenix                                                   6.6165              20360201                            360
Peoria                                                    6.6165              20360301                            360
SUMMIT                                                    7.2415              20360301                            360
Bourbonnais                                               7.2415              20360201                            360
Northbrook                                                7.8665              20360201                            360
Franklin                                                  6.7415              20351101                            360
Osakis                                                    6.9915              20360201                            360
Coon Rapids                                               7.2415              20360301                            360
ST LOUIS                                                  7.2415              20360301                            360
CONWAY                                                    8.3665              20360301                            360
LONGVIEW                                                  7.3665              20360301                            360
DALLAS                                                    8.3665              20360201                            360
JACKSONVILLE                                              6.8665              20360301                            360
LONGVIEW                                                  7.3665              20360301                            360
LONGVIEW                                                  7.3665              20360301                            360
DALLAS                                                    8.3665              20360201                            360
TYLER                                                     7.2415              20360101                            360
AZLE                                                      6.6165              20360201                            360
JACKSONVILLE                                              6.8665              20360201                            360
JACKSONVILLE                                              6.8665              20360301                            360
HOUSTON                                                   8.7415              20360301                            360
Bloomington                                               6.9915              20360301                            360
Silverthorne                                              6.9915              20360301                            360
Boulder                                                   6.4915              20360201                            360
Haiku                                                     6.3665              20360201                            360
Parker                                                    7.3665              20360101                            360
Philadelphia                                              7.4915              20360201                            360
Long Beach                                                6.3665              20360101                            360
Los Angeles                                               6.8665              20360201                            360
Los Angeles                                               6.4915              20360101                            360
New Preston Marble Dale                                   6.8665              20360101                            360
Riverside                                                 6.3665              20351201                            360
Santa Barbara                                             5.9915              20351201                            360
Tarzana                                                   6.9915              20360201                            360
Arlington                                                 7.2415              20351201                            360
Los Angeles                                               6.2415              20360201                            360
Pebble Beach                                              7.2415              20360201                            360
Merrimac                                                  6.8665              20360201                            360
Kansas City                                               6.6165              20360101                            360
Staten Island                                             7.6165              20360201                            360
Venice                                                    6.4915              20360201                            360
Stockton                                                  7.2415              20360201                            360
San Diego                                                 8.3665              20360201                            360
Orlando                                                   7.2415              20360101                            360
Ocean Springs                                             6.7415              20360201                            360
Ventura                                                   7.2415              20360201                            360
Albuquerque                                               7.2415              20360201                            360
Phoenix                                                   6.6165              20360101                            360
La Quinta                                                 6.9915              20360301                            360
Stevensville                                              7.4915              20360201                            360
San Diego                                                 6.4915              20360201                            360
Palos Verdes Peninsula                                    6.6165              20360101                            360
Delray Beach                                              6.6165              20360201                            360
Indian Orchard                                            6.9915              20360301                            360
Cashiers Townshi[p                                        7.2415              20360301                            360
Las Vegas                                                 6.6165              20360201                            360
Niles                                                     7.2415              20360201                            360
Glendale                                                  6.3665              20351101                            360
Palmdale                                                  6.9915              20360201                            360
Anaheim                                                   6.8665              20360201                            360
Phelan                                                    6.6165              20360301                            360
Pearl City                                                6.6165              20351101                            360
Long Beach                                                7.6165              20360201                            360
Brockton                                                  6.4915              20360201                            360
Dallas                                                    6.9915              20360201                            360
Rockville                                                 7.3665              20360201                            360
Ocala                                                     8.4915              20360201                            360
Chesterfield                                              7.4915              20360201                            360
Cypress                                                   7.8665              20360201                            360
Dallas                                                    8.3665              20360301                            360
CAIRO                                                     8.3665              20360301                            360
Laredo                                                    7.2415              20360301                            360
Tallahassee                                               7.6165              20360301                            360
Houston                                                   7.2415              20360201                            360
Saint Louis                                               7.8665              20351101                            360
KANKAKEE                                                  7.6165              20360301                            360
Palm Bay                                                  7.2415              20351201                            360
Katy                                                      6.8665              20360201                            360
Bryan                                                     7.4915              20360201                            360
DALLAS                                                    7.7415              20360301                            360
Crystal City                                              8.4915              20360301                            360
Oklahoma City                                             7.1165              20360101                            360
RINGGOLD                                                  6.4915              20360301                            360
Jacksonville                                              6.6165              20360301                            360
Summerville                                               6.6165              20360201                            360
Jacksonville                                              7.2415              20360201                            360
Nashville                                                 7.6165              20360201                            360
Tulsa                                                     7.2415              20360301                            360
Kennesaw                                                  6.7415              20360101                            360
Kennesaw                                                  6.7415              20360101                            360
Flagler Beach                                             6.8665              20360201                            360
Orlando                                                   6.6165              20351201                            360
Ft Lauderdale                                             6.6165              20360201                            360
LONG BEACH TOWNSHIP                                       6.1165              20360301                            360
Ball Ground                                               6.9915              20360101                            360
LINCOLN                                                   6.6165              20351101                            360
HARRISON                                                  7.4915              20351101                            360
MERIDIAN                                                  5.9915              20351201                            360
CHICAGO                                                   6.4915              20351201                            360
BALTIMORE                                                 5.8665              20351101                            360
MADISON                                                   6.1165              20351001                            360
GLENDALE                                                  6.4915              20351101                            360
NORTH BERGEN                                              6.3665              20351101                            360
LAKEWOOD                                                  6.6165              20351101                            360
BELLEVILLE                                                6.4915              20351001                            360
NEW CASTLE                                                6.9915              20351101                            360
Tolleson                                                  7.1165              20360201                            360
Thornton                                                  7.7415              20360201                            360
Los Angeles                                               6.6165              20360301                            360
Lancaster                                                 6.7415              20360201                            360
ESCONDIDO                                                 6.3665              20350901                            360
Broken Arrow                                              7.4915              20360301                            360
Jacksonville                                              7.2415              20360201                            360
Benton                                                    7.6165              20351201                            360
Broken Arrow                                              7.4915              20360301                            360
Broken Arrow                                              7.4915              20360301                            360
Philadelphia                                              7.1165              20360301                            360
Broken Arrow                                              7.4915              20360301                            360
Broken Arrow                                              7.4915              20360301                            360
Garden Grove                                              6.4915              20360301                            360
Sacramento                                                5.7415              20351201                            360
Bakersfield                                               5.7415              20351201                            360
Gulfport                                                  5.9915              20351101                            360
kyle                                                      5.8665              20360201                            360
Shreveport                                                7.9915              20360201                            360
Lakewood                                                  7.3665              20360301                            360
akron                                                     7.6165              20360301                            360
portland                                                  6.2415              20360301                            360
conley                                                    6.4915              20360201                            360
santa fe                                                  7.2415              20360301                            360
yers                                                      6.7415              20360301                            360
Cleveland                                                 6.9915              20360301                            360
houston                                                   5.9915              20360301                            360
gresham                                                   6.3665              20360201                            360
houston                                                   6.4915              20360201                            360
post falls                                                6.7415              20360201                            360
houston                                                   6.1165              20360301                            360
cleveland                                                 6.9915              20360301                            360
independence                                              6.8665              20360301                            360
AKRON                                                     7.6165              20360301                            360
richmond                                                  6.1165              20360201                            360
akron                                                     7.7415              20360301                            360
fort meyers                                               6.3665              20360301                            360
Cleveland                                                 6.9915              20360301                            360
cleveland                                                 6.9915              20360301                            360
CHELSEA                                                   6.3665              20360301                            360
SPRING                                                    7.4915              20360101                            360
Fountain                                                  8.3665              20360301                            360
Arvada                                                    6.1165              20351101                            360
Denver                                                    7.2415              20360201                            360
Hillsborough                                              7.4915              20360301                            360
BEALETON                                                  7.2415              20360301                            360
WEST CHESTER                                              7.6165              20360201                            360
RISING SUN                                                7.4915              20360301                            360
LUMBERTON                                                 7.6165              20360101                            360
PITTSTOWN                                                 7.4915              20360301                            360
ELLICOTT CITY                                             7.3665              20360201                            360
Sacramento                                                6.2415              20360201                            360
Oakland                                                   6.4915              20360301                            360
Tallahassee                                               6.8665              20360301                            360
Orlando                                                   6.7415              20360201                            360
Tampa                                                     6.7415              20351101                            360
Gilbert                                                   6.6165              20360301                            360
Surprise                                                  6.9915              20360101                            360
Mesa                                                      7.6165              20360301                            360
Pottstown                                                 6.6165              20360201                            360
Collegeville                                              6.7415              20360301                            360
Hastings                                                  6.2415              20360201                            360
Washington                                                7.1165              20360201                            360
COVINGTON                                                 5.9915              20360201                            360
LAKELAND                                                  7.2415              20360101                            360
UNION CITY                                                7.1165              20360101                            360
Dallas                                                    7.3665              20351201                            360
GRIFFIN                                                   7.2415              20360101                            360
Suwanee                                                   6.3665              20360201                            360
AUSTELL                                                   6.7415              20360101                            360
Hampton                                                   7.1165              20360201                            360
EUHARLEE                                                  6.9915              20360101                            360
MARIETTA                                                  7.2415              20360201                            360
DECATUR                                                   6.6165              20360201                            360
UNION CITY                                                7.1165              20360101                            360
KENNESAW                                                  5.3665              20201101                            180
VILLA RICA                                                7.1165              20360101                            360
TEMPLE                                                    6.4915              20360201                            360
Dallas                                                    6.8665              20360101                            360
MCDONOUGH                                                 7.1165              20360101                            360
Riverdale                                                 6.7415              20360301                            360
CANTON                                                    5.3665              20360101                            360
NORCROSS                                                  6.4915              20360201                            360
SNELLVILLE                                                7.3665              20360201                            360
SUGAR HILL                                                6.1165              20360201                            360
McDonough                                                 6.3665              20351201                            360
JONESBORO                                                 6.7415              20360201                            360
COLLEGE PARK                                              7.6165              20360101                            360
JONESBORO                                                 7.2415              20360201                            360
HIRAM                                                     6.2415              20360201                            360
HAMPTON                                                   6.8665              20360101                            360
NORCROSS                                                  6.4915              20360201                            360
FAIRBURN                                                  6.2415              20360201                            360
DACULA                                                    7.2415              20360201                            360
Hartwell                                                  6.2415              20360101                            360
Lithia Springs                                            6.9915              20360101                            360
Powder Springs                                            7.2415              20360101                            360
RIVERDALE                                                 6.7415              20360101                            360
ACWORTH                                                   5.9915              20350801                            360
CANTON                                                    7.4915              20360201                            360
CARTERSVILLE                                              7.2415              20360201                            360
KINGSTON                                                  7.4915              20360201                            360
MANHATTAN BEACH                                           6.1165              20351201                            360
GARDEN GROVE                                              6.6165              20360301                            360
WASHINGTON                                                5.4915              20201201                            180
SAN PEDRO                                                 6.4915              20351201                            360
LAS VEGAS                                                 6.7415              20360201                            360
VAN NUYS                                                  6.3665              20351201                            360
PALOS VERDES ESTATES                                      6.6165              20360301                            360
INGLEWOOD                                                 6.2415              20351201                            360
PINEHURST                                                 6.6165              20360201                            360
GARDEN GROVE                                              6.2415              20360201                            360
NORWALK                                                   6.2415              20351201                            360
Las Vegas                                                 6.3665              20360201                            360
CRANBERRY TWP                                             6.7415              20360301                            360
RIVERSIDE                                                 6.4915              20360301                            360
Rialto                                                    6.6165              20351201                            360
CORAL GABLES                                              6.8665              20360201                            360
PHILADELPHIA                                              7.6165              20360101                            360
YUCAIPA                                                   6.1165              20351201                            360
REDONDO BEACH                                             6.1165              20351201                            360
MIAMI                                                     6.6165              20360201                            360
RED BLUFF                                                 6.4915              20360301                            360
REDONDO BEACH                                             6.6165              20360301                            360
Los Angeles                                               5.6165              20201201                            180
NEWTON                                                    6.6165              20360301                            360
ETIWANDA                                                  6.6165              20360301                            360
Hilaleah                                                  6.6165              20360301                            360
LAS VEGAS                                                 6.9915              20360301                            360
LOS ANGELES                                               6.6165              20360301                            360
FOUNTAIN VALLEY                                           6.2415              20351201                            360
GALENA                                                    6.3665              20360301                            360
MEDINA                                                    6.2415              20360301                            360
ONTARIO                                                   5.7415              20351101                            360
CHICAGO                                                   6.4915              20360201                            360
Rolling Meadows                                           6.8665              20360101                            360
Head Of The Harbor                                        7.2415              20360301                            360
SAINT LOUIS                                               7.8665              20360301                            360
Saint Louis                                               6.6165              20351201                            360
Dallas                                                    8.4915              20351201                            360
LOUISVILLE                                                7.4915              20360201                            360
DALLAS                                                    7.6165              20360401                            360
Houston                                                   8.1165              20351201                            360
HOUSTON                                                   8.3665              20360101                            360
Fort Worth                                                6.9915              20360201                            360
Denton                                                    7.4915              20360101                            360
Louisville                                                8.3665              20360201                            360
Weatherford                                               6.9915              20351201                            360
HOUSTON                                                   8.3665              20360101                            360
Gunter                                                    7.6165              20351101                            360
Louisville                                                8.3665              20360201                            360
HOUSTON                                                   8.3665              20360101                            360
Louisville                                                8.3665              20360201                            360
Bowling Green                                             7.6165              20351201                            360
DENTON                                                    7.6165              20360301                            360
Valrico                                                   6.8665              20360101                            360
Gahanna                                                   6.8665              20360101                            360
GILLESPIE                                                 7.8665              20360301                            360
Krum                                                      6.2415              20360201                            360
WARSAW                                                    8.3665              20360201                            360
Sanger                                                    6.4915              20351001                            360
Cahokia                                                   8.9915              20360201                            360
Cahokia                                                   8.9915              20360201                            360
Cahokia                                                   8.9915              20360201                            360
Stephenville                                              6.9915              20360201                            360
Lewisville                                                7.7415              20351201                            360
Little Elm                                                7.2415              20360101                            360
Itasca                                                    7.9915              20351201                            360
Alvarado                                                  8.2415              20360201                            360
NORWALK                                                   5.7415              20210101                            180
burlingame                                                6.7415              20360201                            360
Chattanooga                                               7.3665              20360201                            360
Cumming                                                   7.1165              20360201                            360
Elberta                                                   7.2415              20360201                            360
Mt Pleasant                                               7.4915              20360301                            360
Dallas                                                    7.3665              20360201                            360
Yulee                                                     7.1165              20360301                            360
Kennesaw                                                  6.4915              20360201                            360
Chelsea                                                   7.2415              20360301                            360
Atlanta                                                   6.7415              20360301                            360
Gainesville                                               7.4915              20360301                            360
Gulf Shores                                               7.3665              20360301                            360
RANCHO CUCAMONGA                                          7.2415              20360101                            360
APPLE VALLEY                                              8.2415              20360301                            360
BAKERSFIELD                                               8.1165              20360101                            360
ROSEVILLE                                                 6.2415              20360201                            360
LANCASTER                                                 6.8665              20360101                            360
APPLE VALLEY                                              7.8665              20360201                            360
HOUSTON                                                   7.1165              20360201                            360
DENTON                                                    6.2415              20360101                            360
JACKSONVILLE                                              6.2415              20360301                            360
NORTH LAS VEGAS                                           6.7415              20360301                            360
LAS VEGAS                                                 7.3665              20360201                            360
NAPLES                                                    8.1165              20360201                            360
ORLANDO                                                   6.4915              20360201                            360
NORTH LAS VEGAS                                           6.7415              20360101                            360
RIVERVIEW                                                 6.4915              20360201                            360
JACKSONVILLE                                              7.2415              20360301                            360
LAS VEGAS                                                 6.7415              20360301                            360
Caldwell                                                  8.3665              20360201                            360
Muskogee                                                  6.4915              20351201                            360
Caldwell                                                  8.3665              20360201                            360
Colorado Springs                                          6.9915              20360201                            360
WEST JORDAN                                               6.7415              20360301                            360
COLORADO SPRINGS                                          6.7415              20360301                            360
WEST VALLEY CITY                                          7.2415              20360301                            360
SAINT GEORGE                                              6.4915              20360301                            360
Roosevelt                                                 8.3665              20360201                            360
Aurora                                                    8.2415              20360201                            360
EAGLE MOUNTAIN                                            7.2415              20360301                            360
Norwich                                                   8.3665              20360201                            360
Temecula                                                  8.3665              20360201                            360
Murrieta                                                  8.3665              20360201                            360
Murrieta                                                  8.3665              20360101                            360
SPRINGFIELD                                               8.4915              20351201                            360
SOUTHBRIDGE                                               7.9915              20360201                            360
MANCHESTER                                                7.2415              20360301                            360
Lebanon                                                   7.3665              20360201                            360
Roseville                                                 6.3665              20360201                            360
Westminster                                               6.8665              20360201                            360
Norcross                                                  7.9915              20360101                            360
Henryetta                                                 7.4915              20360301                            360
Wichita                                                   7.9915              20360201                            360
Humble                                                    7.7415              20360301                            360
Detroit                                                   7.9915              20360201                            360
Williamsburg                                              6.9915              20360201                            360
Columbia                                                  7.9915              20360201                            360
Canton                                                    6.4915              20360201                            360
Garland                                                   7.9915              20360201                            360
Newark                                                    8.2415              20360201                            360
Littleton                                                 6.6165              20360201                            360
Santa Monica                                              7.2415              20360201                            360
SCOTTSDALE                                                6.9915              20360301                            360
COLUMBIA                                                  7.2415              20360201                            360
THOUSAND OAKS                                             7.2415              20360301                            360
Chino                                                     6.4915              20360201                            360
Apple Valley                                              7.4915              20360201                            360
TUSTIN                                                    6.1165              20360101                            360
APPLE VALLEY                                              7.2415              20351201                            360
APPLE VALLEY                                              7.2415              20351201                            360
PLEASANT HILL                                             6.1165              20351201                            360
QUARTZ HILL ARE                                           5.7415              20351101                            360
LOS ANGELES                                               6.2415              20351201                            360
Williamsburg                                              6.2415              20360301                            360
Ft Washington                                             6.4915              20360201                            360
Lynchburg                                                 6.4915              20360201                            360
College Park                                              7.4915              20360101                            360
College Park                                              7.7415              20360201                            360
Monroe                                                    7.4915              20360201                            360
Marietta                                                  7.1165              20360101                            360
Union City                                                6.7415              20360101                            360
Phoenix                                                   6.7415              20360301                            360
El Mirage                                                 7.2415              20360301                            360
Show Low                                                  6.9915              20360301                            360
North Las Vegas                                           6.9915              20360201                            360
Colorado Springs                                          7.4915              20360101                            360
Shawnee                                                   8.4915              20360301                            360
Shawnee                                                   7.7415              20360301                            360
Long Beach                                                6.6165              20360301                            360
Fort Worth                                                7.6165              20360301                            360
Federal Way                                               6.7415              20360201                            360
ALBUQUERQUE                                               6.6165              20360201                            360
PHOENIX                                                   6.6165              20360301                            360
SCOTTSDALE                                                6.9915              20360301                            360
SAN LUIS                                                  6.9915              20360201                            360
PHOENIX                                                   6.8665              20360301                            360
Glendale                                                  6.9915              20360301                            360
Phoenix                                                   6.4915              20360301                            360
QUEEN CREEK                                               7.6165              20360301                            360
Albuquerque                                               6.6165              20360201                            360
ALBUQUERQUE                                               6.6165              20360201                            360
Salisbury                                                 7.3665              20360201                            360
Winston Salem                                             6.8665              20360101                            360
Winston Salem                                             7.4915              20360201                            360
Conyers                                                   7.3665              20360201                            360
Winston                                                   7.2415              20360301                            360
Winston Salem                                             6.8665              20360201                            360
Hoschton                                                  6.3665              20360101                            360
Mckinney                                                  6.4915              20360201                            360
Allen                                                     5.9915              20360201                            360
Arlington                                                 6.6165              20360201                            360
Mckinney                                                  7.8665              20360201                            360
Lewisville                                                8.2415              20360201                            360
Kimberly                                                  8.1165              20360201                            360
Kiawah Island                                             7.6165              20360201                            360
CONYERS                                                   7.4915              20360301                            360
BRUNSWICK                                                 6.2415              20360101                            360
COLUMBUS                                                  7.9915              20350901                            360
KISSIMMEE                                                 7.3665              20350901                            360
ORLANDO                                                   6.6165              20350901                            360
CHARLOTTE                                                 7.8665              20350801                            360
WAYCROSS                                                  6.4915              20350701                            360
CHARLOTTE                                                 7.2415              20350701                            360
PITTSBURGH                                                6.1165              20350701                            360
ORLANDO                                                   7.8665              20350701                            360
JACKSONVILLE                                              7.6165              20350901                            360
GOOSE CREEK                                               6.4915              20350701                            360
SATELLITE BEACH                                           6.3665              20351001                            360
TAMPA                                                     6.6165              20350801                            360
DUMFRIES                                                  6.9915              20350901                            360
BOYCE                                                     5.9915              20200701                            180
WEST PALM BEACH                                           6.1165              20350901                            360
OGDEN                                                     7.2415              20350701                            360
FAIRFAX STATION                                           5.7415              20351001                            360
SAGINAW                                                   7.6165              20350901                            360
PEORIA                                                    5.2415              20350801                            360
KISSIMMEE                                                 6.9915              20350901                            360
WAXHAW                                                    6.2415              20351001                            360
SCOTTSDALE                                                5.2415              20350801                            360
NORTH PORT                                                5.7415              20350901                            360
JASPER                                                    6.3665              20350701                            360
STATESBORO                                                6.7415              20351001                            360
TAMPA                                                     6.1165              20351001                            360
BOULDER                                                   5.2415              20350801                            360
ORLANDO                                                   7.8665              20350901                            360
NAPLES                                                    6.2415              20350801                            360
Dover                                                     5.8665              20200601                            180
ORLANDO                                                   5.6165              20350901                            360
Fitzgerald                                                6.7415              20200601                            180
ORLANDO                                                   7.4915              20350901                            360
CHARLOTTE                                                 5.9915              20350901                            360
PALM SPRINGS                                              5.8665              20200701                            180
SUGAR HILL                                                5.7415              20350801                            360
HARTWELL                                                  6.6165              20351001                            360
ORLANDO                                                   7.3665              20351001                            360
ALEXANDRIA                                                5.6165              20350901                            360
FREDRICKSBERG                                             5.2415              20350701                            360
CAMDEN WYOMING                                            6.2415              20350601                            360
LOS ANGELES                                               5.2415              20200601                            180
LAWRENCEVILLE                                             5.2415              20350701                            360
PITTSBURGH                                                6.3665              20350701                            360
IRMO                                                      7.3665              20350701                            360
KISSIMMEE                                                 7.3665              20350901                            360
NEWPORT NEWS                                              5.6165              20200801                            180
RALEIGH                                                   5.6165              20200901                            180
KISSIMMEE                                                 7.4165              20350701                            360
Miami                                                     6.7415              20360101                            360
Warren                                                    6.9915              20351201                            360
LANSING                                                   7.2415              20360201                            360
Aldan                                                     7.3665              20360201                            360
Phila                                                     6.4915              20151201                            120
Doylestown                                                6.9915              20360301                            360
Lake Harmony                                              6.3665              20351001                            360
Philadelphia                                              7.2415              20360201                            360
Devon                                                     6.6165              20360201                            360
Dover                                                     6.7415              20360201                            360
Blackwood                                                 7.6165              20360301                            360
Bear                                                      6.9915              20360201                            360
Pleasantville                                             7.1165              20360201                            360
Pleasantville                                             7.2415              20360301                            360
Marcus Hook                                               6.7415              20360301                            360
Pine Hill                                                 6.9915              20360301                            360
Fort Washington                                           6.4915              20360301                            360
Wilmington                                                7.1165              20360201                            360
Philadelphia                                              6.8665              20360201                            360
Norristown                                                6.7415              20360201                            360
Wilmington                                                7.6165              20360301                            360
WOOLRICH                                                  7.8665              20360201                            360
Wilmington                                                7.4915              20360201                            360
Philadelphia                                              6.4915              20360301                            360
MIRAMAR                                                   6.2415              20350801                            360
SAN DIEGO                                                 7.1165              20360201                            360
BELL GARDENS                                              6.2415              20360301                            360
GRAND PRAIRIE                                             7.7415              20360201                            360
NORFOLK                                                   6.8665              20360201                            360
VIRGINIA BCH                                              5.9915              20360301                            360
JACKSONVILLE                                              7.7415              20360201                            360
ST AUGUSTINE                                              7.3665              20360301                            360
Monticello                                                7.1165              20360201                            360
BALTIMORE                                                 6.7415              20360301                            360
VIRGINIA BEACH                                            7.1165              20360201                            360
DAVENPORT                                                 6.3665              20360301                            360
ATL                                                       7.2415              20360301                            360
Des Moines                                                7.3665              20360201                            360
Stafford                                                  6.9915              20360301                            360
RICHMOND                                                  7.4915              20360301                            360
DECATUR                                                   7.1165              20360301                            360
Lenigh                                                    6.6165              20360201                            360
CEDAR RAPIDS                                              7.7415              20360201                            360
HUXLEY                                                    7.2415              20360201                            360
Middletown                                                9.2415              20360301                            360
MYRTLE BEACH                                              6.4915              20350901                            360
BAYVIEW                                                   6.7415              20360201                            360
HOMER GLEN                                                6.1165              20351001                            360
Chicago                                                   5.7415              20351101                            360
Phoenix                                                   7.1165              20360201                            360
PHOENIX                                                   6.6165              20360301                            360
CHESAPEAKE                                                6.6165              20360301                            360
PETERSBURG                                                7.1165              20360201                            360
NEWPORT NEWS                                              6.8665              20360201                            360
Dallas                                                    8.7415              20351001                            360
FORT WORTH                                                6.7415              20360201                            360
Plano                                                     7.2415              20360301                            360
Plano                                                     6.9915              20360201                            360
DALLAS                                                    7.2415              20360201                            360
PLANO                                                     7.6165              20360201                            360
Hilton Head                                               6.7415              20360301                            360
JERSEY CITY                                               8.3665              20321201                            360
LAKE WORTH                                                8.6165              20320201                            360
FRESNO                                                    8.2415              20321001                            360
SAVANNAH                                                  8.2415              20321101                            360
DURHAM                                                    6.2415              20210201                            180
Spring                                                    7.6165              20341201                            360
GREENSBORO                                                6.6165              20360101                            360
TIVERTON                                                  6.6165              20360101                            360
CEDAR CITY                                                5.6165              20201201                            180
SAVANNAH                                                  7.2415              20360101                            360
NORMAN                                                    6.4915              20351201                            360
CORCORAN                                                  6.2415              20360101                            360
MIDWEST CITY                                              5.4915              20201201                            180
CARY                                                      5.3665              20350801                            360
CEDAR CITY                                                5.6165              20201201                            180
HAWAIIAN GARDENS                                          6.6165              20360101                            360
MIDWEST CITY                                              5.4915              20201201                            180
RICHMOND                                                  6.6165              20360101                            360
HENDERSON                                                 5.7415              20351201                            360
CHARLOTTESVILLE                                           6.3665              20360101                            360
FORT LAUDERDALE                                           7.2415              20360101                            360
TOLEDO                                                    6.7415              20351201                            360
SAVANNAH                                                  7.2415              20360101                            360
OKLAHOMA CITY                                             5.4915              20201201                            180
PALM HARBOR                                               5.9915              20360101                            360
DACULA                                                    6.4915              20351201                            360
PALATINE                                                  5.9915              20360101                            360
GLENDALE HEIGHTS                                          6.4915              20360101                            360
CATONSVILLE                                               6.6165              20360101                            360
KERNERSVILLE                                              7.4915              20360101                            360
CHARLOTTE                                                 6.7415              20351201                            360
SAVANNAH                                                  7.2415              20360101                            360
SAVANNAH                                                  7.2415              20360101                            360
SAVANNAH                                                  7.2415              20360101                            360
MANASSAS                                                  6.4915              20351201                            360
NEWBERG                                                   5.7415              20201101                            180
SAVANNAH                                                  6.3665              20360101                            360
LONG BEACH                                                4.8665              20201001                            180
NEWBERG                                                   5.7415              20201101                            180
DILLSBURG                                                 5.3665              20210101                            180
DILLSBURG                                                 5.3665              20210101                            180
FRANKLINTOWN                                              5.3665              20210101                            180
SAVANNAH                                                  6.3665              20351201                            360
POMPANO BEACH                                             6.8665              20360101                            360
OKLAHOMA CITY                                             5.4915              20201201                            180
MIDWEST CITY                                              5.4915              20201201                            180
VISALIA                                                   5.7415              20351101                            360
DOVER                                                     5.3665              20210101                            180
CHICAGO                                                   7.8665              20360101                            360
LAUDERHILL                                                5.3665              20351001                            360
SEATTLE                                                   6.3665              20341201                            360
CABOT                                                     7.7415              20340701                            360
KAILUA-KONA                                               5.4915              20340701                            360
BALDWIN PARK                                              5.9915              20201101                            180
FRESNO                                                    6.2415              20340901                            360
BELGRADE                                                  5.7415              20340601                            360
LANSDOWNE                                                 9.2415              20360101                            360
SAN ANTONIO                                               6.2415              20210101                            180
CHICAGO                                                   7.8665              20351201                            360
CHINO HILLS                                               5.9915              20351001                            360
LINCOLN CITY                                              6.4915              20360201                            360
LEAGUE CITY                                               7.7415              20351201                            360
VANCOUVER                                                 5.8665              20350401                            360
INDIANAPOLIS                                              6.4915              20350401                            360
BELTSVILLE                                                5.6165              20200501                            180
FT THOMAS                                                 5.9915              20200501                            180
NASHUA                                                    6.9915              20340901                            360
ELFRIDA                                                   6.6165              20351201                            360
HOUSTON                                                   5.3665              20200701                            180
GLENDALE                                                  5.9915              20360101                            360
APPLE VALLEY                                              6.3665              20351201                            360
SUN CITY                                                  5.2415              20200801                            180
CONCORD                                                   6.7415              20321101                            360

CITY1                                         ORIGINAL_                            ORIGINAL_                  FIRST_
                                              AMORTIZATION_TERM                    BALANCE                    PAY_DATE
----------------------------------------------------------------------------------------------------------------------------
HIALEAH                                                               360                 226,800.00               20060401
MCCLOUD                                                               360                 195,000.00               20060401
BETHESDA                                                              360                 410,000.00               20060401
Seymour                                                               360                  50,250.00               20060301
ARVADA                                                                360                 168,000.00               20060401
GARDEN CITY                                                           360                 104,000.00               20060401
CICERO                                                                360                 107,200.00               20060301
NORTH LAS VEGAS                                                       360                 192,000.00               20060301
GLEN ALLEN                                                            360                 168,000.00               20060401
HAMPTON                                                               360                 104,000.00               20060401
HICKORY CREEK                                                         360                 195,700.00               20060401
MIDDLEBURG                                                            360                 203,000.00               20060401
SACRAMENTO                                                            360                 157,500.00               20060401
ASHBURN                                                               360                 303,920.00               20060401
PORTLAND                                                              360                  78,000.00               20051101
SURPRISE                                                              360                 223,750.00               20051001
MIDLAND                                                               360                  82,600.00               20060401
PORTLAND                                                              360                 130,000.00               20051001
Holly Springs                                                         360                 144,400.00               20060401
MONROE                                                                180                  38,000.00               20060401
Edison                                                                180                 217,000.00               20060401
ALLEN                                                                 180                 133,400.00               20060401
PAINESVILLE                                                           180                  71,920.00               20060401
NEWBERG                                                               180                  67,500.00               20060401
GOOSE CREEK                                                           180                 103,447.00               20060401
PLANTATION                                                            180                  70,000.00               20060401
RALEIGH                                                               180                  42,000.00               20060401
MARICOPA                                                              180                 110,000.00               20060301
MOUNTAIN TOP                                                          180                  30,000.00               20060401
BOISE                                                                 180                 113,400.00               20060401
ALBANY                                                                180                  81,000.00               20060301
BIRMINGHAM                                                            180                  34,400.00               20060401
BROOKLYN                                                              180                 444,500.00               20060401
WARREN                                                                180                  56,000.00               20060401
Ridgeland                                                             180                  76,000.00               20060401
MONROE                                                                180                  38,000.00               20060401
AVONDALE                                                              180                 266,000.00               20060401
MONROE                                                                180                  45,000.00               20060401
SAN ANTONIO                                                           180                  30,500.00               20060401
SPARTANBURG                                                           180                  30,000.00               20060301
Crown Point                                                           360                  65,100.00               20060301
Nicholasville                                                         360                  75,800.00               20060301
Auburn                                                                360                  59,900.00               20060401
Auburn                                                                360                  78,750.00               20060401
CHESAPEAKE BEACH                                                      360                 268,100.00               20060401
WASHINGTON                                                            360                 252,800.00               20060401
MIAMI                                                                 360                 139,789.00               20060401
WELLINGTON                                                            360                 700,000.00               20060401
HOUSTON                                                               360                 126,000.00               20060401
MEMPHIS                                                               360                  36,000.00               20060401
HAYDEN LAKE                                                           360                 209,930.00               20060401
Eatontown                                                             360                 236,000.00               20060301
FAIRFAX                                                               360                 416,250.00               20060401
SIMPSONVILLE                                                          360                 105,630.00               20060401
Las Cruces                                                            360                 100,800.00               20060301
TOLEDO                                                                360                 115,500.00               20060401
Seaside Heights                                                       360                 222,375.00               20060401
OLD ORCHARD BEACH                                                     360                 101,600.00               20060401
LEXINGTON PARK                                                        360                 234,000.00               20060401
ROCKVILLE                                                             360                 103,000.00               20060401
RICHMOND                                                              360                 108,000.00               20060401
Paterson                                                              360                 248,500.00               20060401
HARRISBURG                                                            360                 115,920.00               20060401
COLORADO SPRINGS                                                      360                 122,400.00               20060401
SAN ANTONIO                                                           360                  76,500.00               20060401
ERIE                                                                  360                  60,900.00               20060401
HAWLEY                                                                360                 148,000.00               20060401
ORLANDO                                                               360                 347,850.00               20060401
SAFETY HARBOR                                                         360                 156,100.00               20060401
Trenton                                                               360                  62,400.00               20060401
KALAMAZOO                                                             360                  68,700.00               20060401
RIO RANCHO                                                            360                 104,000.00               20060401
CHICAGO                                                               360                 269,500.00               20060401
SILVERTON                                                             360                 209,650.00               20060401
EAST HAMPTON                                                          360                 449,750.00               20060401
PIEDMONT                                                              360                 227,500.00               20060401
AKRON                                                                 360                  45,500.00               20060401
CHICAGO                                                               360                 352,000.00               20060401
HOUSTON                                                               360                  90,558.00               20060301
CYPRESS                                                               360                 333,900.00               20060401
BARTLETT                                                              360                 169,600.00               20060401
SALT LAKE CITY                                                        360                 175,700.00               20060401
INDIANAPOLIS                                                          360                 104,000.00               20060401
WACO                                                                  360                  40,000.00               20060401
WINTER PARK                                                           360                 114,000.00               20060401
SALEM                                                                 360                 179,200.00               20060401
TAMPA                                                                 360                 100,000.00               20060401
LAKE CITY                                                             180                 148,000.00               20060401
MOUNT PLEASANT                                                        360                 359,100.00               20060401
TAKOMA PARK                                                           360                 384,000.00               20060401
GARDNER                                                               360                 142,800.00               20060401
SYRACUSE                                                              360                  38,500.00               20060401
WASHINGTON                                                            360                 530,800.00               20060401
MUKILTEO                                                              360                 291,750.00               20060401
CHICAGO                                                               360                 416,500.00               20060401
MEMPHIS                                                               360                  36,000.00               20060401
BRIARWOOD                                                             360                 240,000.00               20060401
WACO                                                                  360                  40,000.00               20060401
BRANDON                                                               360                 156,000.00               20060401
LOUISVILLE                                                            360                  64,000.00               20060401
MARGATE                                                               360                 244,000.00               20060401
SYRACUSE                                                              360                  99,750.00               20060401
Louisville                                                            360                  66,400.00               20060401
MESA                                                                  360                 131,500.00               20060401
CHICAGO                                                               360                 352,100.00               20060401
VIRGINIA BEACH                                                        360                 296,800.00               20060401
LOS BANOS                                                             360                 336,000.00               20060401
ORANGE PARK                                                           360                 128,000.00               20060401
LAS VEGAS                                                             360                 244,000.00               20060401
CLEVELAND                                                             360                  91,200.00               20060401
COTTAGE GROVE                                                         360                 137,960.00               20060401
TWIN FALLS                                                            360                 124,600.00               20060401
CHANTILLY                                                             360                 516,000.00               20060401
BOURBONNAIS                                                           360                 112,000.00               20060401
PASADENA                                                              360                 218,400.00               20060401
CHICAGO                                                               360                 206,500.00               20060401
DRAPER                                                                360                 650,000.00               20060301
CHICAGO                                                               360                 189,000.00               20060401
CINCINNATI                                                            360                 232,000.00               20060401
PLAINFIELD                                                            360                 212,550.00               20060401
BOILING SPRINGS                                                       360                  82,500.00               20060401
Delhi                                                                 360                 252,000.00               20060401
Montebello                                                            360                 352,000.00               20060401
CLEVELAND                                                             360                  73,700.00               20060401
DENVER                                                                360                 144,000.00               20060401
GARDEN VALLEY                                                         360                 520,000.00               20060401
CHICAGO                                                               360                 456,680.00               20060401
PEMBROKE PINES                                                        360                 300,000.00               20060301
BURKE                                                                 360                 340,000.00               20060401
NASHVILLE                                                             360                  87,920.00               20060401
GARFIELD HEIGHTS                                                      360                  84,000.00               20060401
CAPE CORAL                                                            360                 185,500.00               20060401
Hendersonville                                                        360                 235,000.00               20060401
EVERETT                                                               360                 296,000.00               20060401
SILVER SPRING                                                         360                 388,000.00               20060401
OVIEDO                                                                360                 105,000.00               20060401
JOHNSTON                                                              360                 320,000.00               20060401
PORTLAND                                                              360                 203,200.00               20060401
BROOKLYN                                                              360                 900,000.00               20060401
PEORIA                                                                360                 164,500.00               20060401
PANAMA CITY BEACH                                                     360                 975,000.00               20060401
CHESTER                                                               360                 232,800.00               20060401
DETROIT                                                               360                  73,600.00               20060401
Charlotte                                                             360                 108,430.00               20060401
FORT LAUDERDALE                                                       360                 304,500.00               20060401
MESA                                                                  360                 148,800.00               20060401
DANBURY                                                               360                 440,000.00               20060401
MARRERO                                                               360                 103,500.00               20060301
Indianapolis                                                          360                  37,450.00               20060401
HYATTSVILLE                                                           360                 336,000.00               20060401
Louisville                                                            360                  51,700.00               20060401
LOUISVILLE                                                            360                 133,000.00               20060401
LINCOLNTON                                                            360                 128,000.00               20060401
Lawrenceville                                                         360                 344,000.00               20060401
SANGER                                                                360                 185,500.00               20060401
PHOENIX                                                               360                 328,000.00               20060401
STERLING HEIGHTS                                                      360                 135,100.00               20060401
ABINGDON                                                              360                 414,781.00               20060401
GERMANTOWN                                                            360                 348,000.00               20060401
AURORA                                                                360                 100,000.00               20060401
TUCSON                                                                360                 240,000.00               20060401
Lafayette                                                             360                  74,800.00               20060401
MESA                                                                  360                 154,000.00               20060401
WINTER HAVEN                                                          360                 136,450.00               20060401
NORCROSS                                                              360                 101,600.00               20060401
KAWKAWLIN                                                             360                 175,000.00               20060401
CORONA                                                                360                 892,950.00               20060401
GRAVETTE                                                              360                  62,800.00               20060401
Charlotte                                                             360                 106,050.00               20060401
QUEEN CREEK                                                           360                 210,100.00               20060401
CHANDLER                                                              360                 191,920.00               20060401
BURTON                                                                360                  53,060.00               20060401
STREAMWOOD                                                            360                 232,512.00               20060401
MECHANICSBURG                                                         360                 239,211.00               20060401
OAKLAND                                                               360                 339,500.00               20060401
LAKE WORTH                                                            360                 702,980.00               20060401
SAINT LOUIS                                                           360                  75,000.00               20060401
FORT LAUDERDALE                                                       360                 327,750.00               20060401
Flowery Branch                                                        360                  80,000.00               20060401
MIAMI BEACH                                                           360                 245,000.00               20060401
Brooklyn                                                              360               1,000,000.00               20060401
ATLANTIC BEACH                                                        360                 178,400.00               20060401
DETROIT                                                               360                  96,800.00               20060401
SAINT LOUIS                                                           360                 168,000.00               20060401
PANAMA CITY                                                           360                 960,000.00               20060401
COLUMBUS                                                              360                  64,000.00               20060401
Garner                                                                360                 300,000.00               20060401
STOCKTON                                                              360                 343,000.00               20060401
PANAMA CITY BEACH                                                     360                 290,000.00               20060401
DETROIT                                                               360                  64,800.00               20060401
NAPLES                                                                360                 330,210.00               20060401
AURORA                                                                360                 152,000.00               20060401
WOODBRIDGE                                                            360                 220,500.00               20060401
PORT SAINT LUCIE                                                      360                 254,511.00               20060401
Newark                                                                360                 247,125.00               20060401
SCOTTSDALE                                                            360                 332,000.00               20060401
GRANDVIEW                                                             360                  59,300.00               20060301
GARNER                                                                360                 204,684.80               20060401
PHOENIX                                                               360                 354,000.00               20060401
ORLANDO                                                               360                 156,000.00               20060401
MOORE                                                                 360                  89,550.00               20060301
OCOEE                                                                 360                 251,450.00               20060401
MEMPHIS                                                               360                  50,200.00               20060401
WACO                                                                  360                  40,000.00               20060401
TAMPA                                                                 360                 124,400.00               20060401
PROVIDENCE                                                            360                 220,000.00               20060401
CHICAGO                                                               360                 234,000.00               20060401
Raleigh                                                               360                  92,750.00               20060401
PAHRUMP                                                               360                 208,000.00               20060401
JOHNSON CITY                                                          360                  71,752.00               20060301
ROCHESTER                                                             360                  33,600.00               20060401
KENOSHA                                                               360                 103,600.00               20060401
DAVIS                                                                 180                  43,750.00               20060301
CHICAGO                                                               360                 122,500.00               20060301
BURBANK                                                               360                 171,700.00               20060401
SALEM                                                                 360                 132,000.00               20060401
FLAGSTAFF                                                             360                 255,000.00               20060401
SILVER SPRING                                                         360                 150,300.00               20060401
SOUTH PADRE ISLAND                                                    360                 490,000.00               20060401
TAMPA                                                                 360                 160,000.00               20060401
Hyde Park                                                             360                 318,500.00               20060401
LAKELAND                                                              360                  81,200.00               20060401
LONGMONT                                                              360                 231,200.00               20060401
WOODBRIDGE                                                            360                 315,750.00               20060401
NORTH CHARLESTON                                                      360                 108,920.00               20060401
STEVENSVILLE                                                          360                 417,000.00               20060401
LADSON                                                                360                 123,500.00               20060401
BROUSSARD                                                             360                 148,000.00               20060401
GERMANTOWN                                                            360                 370,000.00               20060401
VISTA                                                                 360                 423,857.00               20060401
MAPLE GLEN                                                            360                 460,000.00               20060401
VISALIA                                                               360                 132,000.00               20060401
SAINT JOSEPH                                                          360                 211,704.00               20060401
TAMPA                                                                 360                 128,000.00               20060401
BALTIMORE                                                             360                  40,800.00               20060301
POMPANO BEACH                                                         360                 196,000.00               20060401
CARSON                                                                360                 433,600.00               20060301
NORFOLK                                                               180                 220,000.00               20060401
STAFFORD                                                              360                 308,800.00               20060401
PHILADELPHIA                                                          360                 141,700.00               20060301
KISSIMMEE                                                             360                 304,000.00               20060401
DAYTON                                                                360                  57,500.00               20060401
CHANDLER                                                              360                 635,150.00               20060401
KENNESAW                                                              360                 175,920.00               20060401
CHICAGO                                                               360                 273,000.00               20060401
POQUOSON                                                              360                  68,000.00               20060401
STERLING                                                              360                 276,500.00               20060401
BROOKLYN                                                              360                 510,880.00               20060401
CINCINNATI                                                            360                 120,000.00               20060401
PASCO                                                                 360                 126,700.00               20060401
ELGIN                                                                 360                 227,900.00               20060401
MISSOULA                                                              360                 136,000.00               20060401
Pikeville                                                             360                 116,400.00               20060401
LEWISVILLE                                                            360                 102,000.00               20060401
WEST WARWICK                                                          360                 179,200.00               20060401
Passaic                                                               360                 308,000.00               20060401
LAND O LAKES                                                          360                 238,000.00               20060401
CARSON CITY                                                           360                 172,000.00               20060401
EASLEY                                                                360                 166,500.00               20060401
SPRING HILL                                                           360                 131,600.00               20060401
DEERFIELD BEACH                                                       360                 720,000.00               20060301
CLARKSTON                                                             360                 115,200.00               20060401
SLIDELL                                                               360                 100,800.00               20060401
NASHUA                                                                360                 304,500.00               20060401
LAS VEGAS                                                             360                 235,300.00               20060301
CHICAGO                                                               360                 194,000.00               20060401
Alameda                                                               360                 595,000.00               20060401
Bloomfield                                                            360                 312,000.00               20060301
DETROIT                                                               360                  59,580.00               20060401
MIDDLETOWN                                                            360                 417,000.00               20060401
GREENVILLE                                                            360                  45,600.00               20060301
REYNOLDSBURG                                                          360                 118,400.00               20060401
CANTON                                                                360                  68,500.00               20060401
SUN CITY WEST                                                         360                 282,000.00               20060401
BAKERSFIELD                                                           360                 159,565.00               20060401
CHICKASAW                                                             360                  38,400.00               20060401
TAMPA                                                                 360                 444,500.00               20060401
ROCHESTER                                                             360                  66,430.00               20060401
Greensboro                                                            360                  52,000.00               20060401
Albuquerque                                                           360                 200,000.00               20060401
MARICOPA                                                              360                 270,296.00               20060401
OVIEDO                                                                360                 220,500.00               20060401
CHICAGO                                                               360                 280,000.00               20060401
South Plainfield                                                      360                 325,500.00               20060401
MEMPHIS                                                               360                  35,200.00               20060401
LOS ANGELES                                                           360                 133,500.00               20060301
NORTH WEBSTER                                                         360                 124,000.00               20060301
INDIO                                                                 360                 393,350.00               20060401
HENDERSON                                                             360                 424,000.00               20060401
SPRINGDALE                                                            360                 206,400.00               20060301
BROOKLYN                                                              360                 419,300.00               20060401
SPRINGFIELD                                                           360                 104,000.00               20060401
CLINTON                                                               360                 271,920.00               20060401
Hampton                                                               360                 122,750.00               20060301
Wendell                                                               360                 121,600.00               20060401
CLINTON                                                               360                 324,000.00               20060401
SAINT PETERSBURG                                                      360                 101,500.00               20060401
JACKSONVILLE                                                          360                  72,000.00               20060401
Louisville                                                            360                 324,000.00               20060401
SUMMERVILLE                                                           360                  96,373.00               20060401
Newburgh                                                              360                 152,000.00               20060401
SYRACUSE                                                              360                  47,920.00               20060401
SYRACUSE                                                              360                  32,000.00               20060401
TOPEKA                                                                360                  32,800.00               20060401
EVANSTON                                                              360                 276,000.00               20060401
SILVER SPRING                                                         360                 412,500.00               20060401
BRONX                                                                 360                 371,000.00               20060401
PARKLAND                                                              360                 930,000.00               20060401
Louisville                                                            360                  86,400.00               20060301
WOONSOCKET                                                            360                 200,000.00               20060401
Waxhaw                                                                360                 119,268.00               20060401
AUBURN                                                                360                 131,600.00               20060401
CAMDEN                                                                360                 243,961.00               20060401
BELTSVILLE                                                            360                 184,000.00               20060401
CHICAGO                                                               360                 244,000.00               20060401
PHOENIXVILLE                                                          360                 136,000.00               20060401
MIAMI                                                                 360                 463,396.00               20060401
VALLEJO                                                               360                 302,950.00               20060401
SPRINGFIELD                                                           360                  82,125.00               20060201
LARGO                                                                 360                 118,790.00               20060401
PORT TOBACCO                                                          360                 515,000.00               20060401
HIALEAH                                                               360                 156,000.00               20060401
MORENO VALLEY                                                         360                 437,500.00               20051001
CHICAGO                                                               360                 311,200.00               20060401
Worcester                                                             360                 172,500.00               20050801
PEORIA                                                                360                 201,600.00               20060401
DETROIT                                                               360                  50,400.00               20050901
COLUMBUS                                                              360                  49,000.00               20060401
BIRCHRUNVILLE                                                         360                 965,000.00               20051101
OAKTON                                                                360                 770,000.00               20060401
Newark                                                                360                 264,000.00               20060401
Atlanta                                                               360                 144,300.00               20060401
ROCHESTER                                                             360                 207,329.00               20060401
ROCHESTER                                                             360                 207,532.00               20060401
BROWNS VALLEY                                                         360                 519,200.00               20060401
QUEEN CREEK                                                           360                 226,900.00               20060401
DENVER                                                                360                 155,920.00               20060401
MAGNOLIA                                                              360                 345,600.00               20060401
HENDERSON                                                             360                 454,095.20               20060401
MISSION                                                               360                 103,313.00               20060401
Lawrenceville                                                         360                 112,000.00               20060401
Beverly                                                               360               1,000,000.00               20060401
HOUSTON                                                               360                 217,873.00               20060401
PALM BAY                                                              360                 158,600.00               20051101
WASHINGTON                                                            360                 172,000.00               20050601
GARLAND                                                               360                  56,024.00               20050901
GARLAND                                                               360                  56,197.00               20050901
GARLAND                                                               360                  54,992.00               20050901
PORT SAINT LUCIE                                                      360                 248,890.00               20060401
WYANDANCH                                                             360                 214,291.00               20050901
CERES                                                                 360                 174,500.00               20060401
DESERT HILLS                                                          360                 640,000.00               20060401
Nantucket                                                             360                 450,000.00               20060401
West Springfield                                                      360                 181,600.00               20060401
PHILADELPHIA                                                          360                  80,000.00               20060401
LIVERPOOL                                                             360                  84,800.00               20060401
BOSTON                                                                360                 395,500.00               20060401
ORLANDO                                                               360                 206,500.00               20060401
PHOENIX                                                               360                 245,800.00               20060401
MARCO ISLAND                                                          360                 800,000.00               20060401
LAS VEGAS                                                             360                 132,000.00               20060401
TAMPA                                                                 360                 117,600.00               20060401
THE DALLES                                                            360                  85,750.00               20060401
COLUMBUS                                                              360                 140,000.00               20060401
CHICAGO                                                               360                 152,000.00               20060401
BEND                                                                  360                 248,000.00               20060401
CINCINNATI                                                            360                 148,000.00               20060401
JACKSONVILLE                                                          360                 144,750.00               20060401
Visalia                                                               360                 219,200.00               20060401
NAPLES                                                                360                 247,920.00               20060401
SUN CITY                                                              360                 383,524.00               20060401
SUMMERVILLE                                                           360                 106,800.00               20060401
INDIANAPOLIS                                                          360                  34,400.00               20060401
DETROIT                                                               360                 100,000.00               20060401
COPIAGUE                                                              360                 332,500.00               20060401
STUART                                                                360                 182,400.00               20060401
LEBANON                                                               360                 193,200.00               20060401
ANTHEM                                                                360                 272,000.00               20060401
ROYAL PALM BEACH                                                      360                 300,000.00               20060401
DUMFRIES                                                              360                 483,750.00               20060401
CLEVELAND                                                             360                  68,000.00               20060401
CHICAGO                                                               360                 301,600.00               20060401
BRONX                                                                 360                 371,000.00               20060401
GLENDALE                                                              360                 476,000.00               20060401
MORENO VALLEY                                                         360                 314,000.00               20060401
CHESTERFIELD                                                          360                 165,600.00               20060401
Newark                                                                360                 227,500.00               20060401
SALEM                                                                 360                 127,350.00               20060401
ANNAPOLIS                                                             360                 245,000.00               20060401
WAYNESBORO                                                            360                 216,000.00               20060401
Powder Springs                                                        360                 233,000.00               20060401
TEMPE                                                                 360                 280,000.00               20060401
QUEEN CREEK                                                           360                 175,000.00               20060401
TAMPA                                                                 360                 178,000.00               20060401
DELAND                                                                360                 215,000.00               20060401
WOODBRIDGE                                                            360                 247,100.00               20060401
FALLON                                                                360                  73,600.00               20060301
STREAMWOOD                                                            360                 204,000.00               20060401
MCLEAN                                                                360                 300,000.00               20060401
YORK                                                                  360                  51,200.00               20060401
VISALIA                                                               360                 180,800.00               20060401
MIDVALE                                                               360                 149,100.00               20060401
ANDERSON                                                              360                 140,000.00               20060401
PROVIDENCE                                                            360                 192,000.00               20060401
HOLLYWOOD                                                             360                  98,000.00               20060401
BUCKEYE                                                               360                 149,443.00               20060401
Charlotte                                                             360                 164,800.00               20060401
EASTON                                                                360                 380,000.00               20060401
SARASOTA                                                              360                 480,000.00               20060401
QUEEN CREEK                                                           360                 209,600.00               20060401
LITHIA                                                                360                 182,850.00               20060401
FALLON                                                                360                 116,000.00               20060301
Louisville                                                            360                 292,000.00               20060401
PORTLAND                                                              360                 160,000.00               20060301
RIVIERA BEACH                                                         360                 260,000.00               20060401
CHICAGO                                                               360                 208,000.00               20060401
CHICAGO                                                               360                 100,000.00               20060301
COATESVILLE                                                           360                 187,920.00               20060401
GREENFIELD                                                            360                 197,300.00               20060301
KNOXVILLE                                                             360                  88,000.00               20060401
SEVERN                                                                360                 242,000.00               20060401
CITRUS HEIGHTS                                                        360                 315,200.00               20060401
BOWIE                                                                 360                 507,100.00               20060401
BRONX                                                                 360                 490,000.00               20060401
QUEEN CREEK                                                           360                 243,000.00               20060401
BALTIMORE                                                             360                  52,000.00               20060401
JOHNSTON                                                              360                 172,200.00               20060401
PROVIDENCE                                                            360                 159,250.00               20060401
EDGEWATER                                                             360                 285,000.00               20060401
SILVER SPRING                                                         360                 352,750.00               20060401
Provo                                                                 360               1,950,000.00               20060401
LACEY                                                                 360                 216,000.00               20060301
roxboro                                                               360                 165,200.00               20060401
COCKEYSVILLE                                                          180                 917,000.00               20060401
GERMANTOWN                                                            360                 185,200.00               20060401
NEILTON                                                               360                  98,900.00               20060401
COLUMBIA                                                              360                  57,600.00               20060401
HAZEL CREST                                                           360                  73,600.00               20060401
SIMPSONVILLE                                                          360                  99,330.00               20060401
MAYWOOD                                                               360                 168,000.00               20060401
LAKE WORTH                                                            360                 140,500.00               20060401
SIMPSONVILLE                                                          360                 307,325.00               20060401
OGDEN                                                                 360                  69,200.00               20060301
JACKSONVILLE                                                          360                  66,400.00               20060401
VERO BEACH                                                            360                 210,000.00               20060301
CASA GRANDE                                                           360                 168,000.00               20060401
DANA POINT                                                            360                 623,000.00               20060401
SILVER SPRING                                                         360                 267,200.00               20060401
LINDENHURST                                                           360                 330,000.00               20060401
TAYLOR                                                                360                  96,000.00               20060401
LOS ANGELES                                                           360                 280,000.00               20060401
MOUNT POCONO                                                          360                 105,000.00               20060401
WARWICK                                                               360                 196,000.00               20060401
METAMORA                                                              360                 139,300.00               20060401
MEMPHIS                                                               360                  42,000.00               20060301
FRISCO                                                                360                 273,382.00               20060401
PHOENIX                                                               360                 240,000.00               20060401
SPARTANBURG                                                           360                 120,000.00               20060401
COLUMBUS                                                              360                 216,400.00               20060401
SPARTANBURG                                                           360                  44,000.00               20060401
TRAVELERS REST                                                        360                 152,000.00               20060401
ALSTEAD                                                               360                 125,650.00               20060401
SPRING BRANCH                                                         360                 110,700.00               20060401
Plainfield                                                            360                 320,000.00               20060401
BROOKLYN                                                              360                 720,000.00               20060401
PHOENIX                                                               360                 260,800.00               20060401
BROOKLYN                                                              360                 598,000.00               20060301
CHICAGO                                                               360                 223,200.00               20060401
SPRING BRANCH                                                         360                 128,000.00               20060301
PHOENIX                                                               360                 258,400.00               20060401
PHOENIX                                                               360                 142,320.00               20060401
DETROIT                                                               360                  58,400.00               20060401
BROOKLYN                                                              360                 448,000.00               20060401
WASHINGTON                                                            360                 692,000.00               20060401
COVINGTON                                                             360                 142,990.00               20060401
PUYALLUP                                                              360                 393,520.00               20060401
Apollo Beach                                                          360               1,000,000.00               20060401
MORENO VALLEY                                                         360                 232,500.00               20060401
TREASURE ISLAND                                                       360                 494,000.00               20060401
MERRITT ISLAND                                                        360                 317,500.00               20060401
STERLING                                                              360                 332,000.00               20060301
BALTIMORE                                                             360                  39,400.00               20060401
Atlanta                                                               360                 148,000.00               20060401
DERWOOD                                                               360                 416,000.00               20060401
COOPER CITY                                                           360                 368,000.00               20060401
MIDLOTHIAN                                                            360                 123,160.00               20060401
WALTON                                                                360                 296,000.00               20060401
WEST PALM BEACH                                                       360                 382,500.00               20060401
JOLIET                                                                360                 119,200.00               20060401
SPARTANBURG                                                           360                  44,000.00               20060401
GAINESVILLE                                                           360                  60,000.00               20060401
BATON ROUGE                                                           360                 111,900.00               20060301
GREENVILLE                                                            360                 144,000.00               20060401
PHILADELPHIA                                                          360                  48,000.00               20060401
CHARDON                                                               360                 200,000.00               20060401
MESA                                                                  360                 220,000.00               20060401
Billings                                                              360                 124,000.00               20060401
CINCINNATI                                                            360                  74,600.00               20060401
GIBSONTON                                                             360                 219,300.00               20060401
MOBILE                                                                360                  41,325.00               20060401
WEST PALM BEACH                                                       360                 229,500.00               20060401
Fall River                                                            360                 196,000.00               20060401
TUCSON                                                                360                 281,250.00               20060401
RICHMOND                                                              360                 112,000.00               20060401
JACKSON                                                               360                  41,600.00               20060401
HEFLIN                                                                360                 215,910.00               20060401
PHOENIX                                                               180                 108,000.00               20060401
PANAMA CITY BEACH                                                     360                 787,500.00               20060401
Charlotte                                                             360                  92,750.00               20060401
SPRINGFIELD                                                           360                 322,400.00               20060401
AMITYVILLE                                                            360                 535,000.00               20060401
DETROIT                                                               360                  37,600.00               20060401
BELLINGHAM                                                            360                 104,000.00               20060401
ORLANDO                                                               360                 106,621.00               20060401
SARASOTA                                                              360                 169,400.00               20060401
COLUMBIA                                                              360                  77,968.00               20060401
WASHINGTON                                                            360                 296,000.00               20060401
TRENTON                                                               360                 100,000.00               20060401
RAYTOWN                                                               360                  60,900.00               20060401
SYRACUSE                                                              360                  72,000.00               20060401
CHANTILLY                                                             360                 662,000.00               20060401
SAN CLEMENTE                                                          360                 980,000.00               20060401
PONTIAC                                                               360                  52,500.00               20060401
WESTFIELD                                                             360                  54,400.00               20060401
DETROIT                                                               360                  53,000.00               20060401
BELTON                                                                360                  86,100.00               20060401
DETROIT                                                               360                  56,000.00               20060401
DETROIT                                                               360                  55,200.00               20060401
KANSAS CITY                                                           360                  57,000.00               20060401
HOUSTON                                                               360                  52,500.00               20060401
SUPERIOR                                                              360                  64,400.00               20060401
LISLE                                                                 360                 356,250.00               20060401
REDFORD                                                               360                  63,000.00               20060401
Noblesville                                                           360                  91,600.00               20060401
Noblesville                                                           360                  91,600.00               20060401
Woodstock                                                             360                  86,100.00               20060301
SALT LAKE CITY                                                        360                  71,400.00               20060401
MEMPHIS                                                               360                  55,250.00               20060401
KANSAS CITY                                                           360                  60,900.00               20060301
Rio Rancho                                                            360                  66,500.00               20060401
SCOTTSDALE                                                            360                 163,800.00               20060401
HORN LAKE                                                             360                  66,150.00               20060301
Winston Salem                                                         360                  56,000.00               20060401
BALTIMORE                                                             360                  55,250.00               20060401
COVINGTON                                                             360                  53,600.00               20060401
BATON ROUGE                                                           360                  76,900.00               20060401
PALM BEACH GARDENS                                                    360                 462,700.00               20060401
CANTON                                                                360                  53,600.00               20060401
BATON ROUGE                                                           360                  76,900.00               20060401
OCALA                                                                 360                  72,100.00               20060401
PORTLAND                                                              360                 103,100.00               20060401
KANSAS CITY                                                           360                  62,900.00               20060301
KANSAS CITY                                                           360                  63,750.00               20060301
WINSTON SALEM                                                         360                  50,225.00               20060401
RAYTOWN                                                               360                  60,900.00               20060401
SAN BERNARDINO                                                        360                 140,000.00               20060401
Charlotte                                                             360                  65,600.00               20060401
DALLAS                                                                360                  47,600.00               20060401
Winston Salem                                                         360                  50,000.00               20060401
MEMPHIS                                                               360                  53,500.00               20060401
Winston Salem                                                         360                  56,800.00               20060401
Winston Salem                                                         360                  56,800.00               20060401
GALVESTON                                                             360                  65,450.00               20060401
MEMPHIS                                                               360                  50,100.00               20060401
MEMPHIS                                                               360                  55,200.00               20060401
FALLS CHURCH                                                          360                 535,296.00               20060401
RICHMOND                                                              360                  64,000.00               20060401
SOUND BEACH                                                           360                 185,500.00               20060401
AUGUSTA                                                               360                  52,000.00               20060401
Trenton                                                               360                  84,000.00               20060401
TRENTON                                                               360                  92,000.00               20060401
KANNAPOLIS                                                            360                  79,600.00               20060401
TRENTON                                                               360                  84,000.00               20060401
OCOEE                                                                 360                 240,350.00               20060401
Concord                                                               360                  64,400.00               20060401
Pompton Plains                                                        360                 268,100.00               20060401
KNOXVILLE                                                             360                 343,200.00               20060401
COLUMBIA                                                              360                  72,800.00               20060401
SAN LEANDRO                                                           360                 367,500.00               20060401
TEMPE                                                                 360                 144,000.00               20060401
ROCHESTER HILLS                                                       360                 128,000.00               20060401
Bradenton Beach                                                       360               1,000,000.00               20060401
OAKLAND                                                               360                 400,000.00               20060401
ROSELLE                                                               360                 131,600.00               20060401
FLAT ROCK                                                             360                 104,000.00               20060401
MADRAS                                                                360                  88,500.00               20060401
KANSAS CITY                                                           180                  34,295.00               20060401
MADRAS                                                                360                  88,500.00               20060401
ELK GROVE                                                             360                 890,000.00               20060401
DETROIT                                                               360                  64,000.00               20060401
PORTSMOUTH                                                            360                 241,500.00               20060401
HIALEAH                                                               360                  99,330.00               20060401
MOLINE                                                                360                 104,000.00               20060401
MANCHESTER                                                            360                  90,000.00               20060401
ARVERNE                                                               360                 420,000.00               20060401
WOBURN                                                                360                 304,000.00               20060401
PHOENIX                                                               360                 282,000.00               20060401
LAS VEGAS                                                             360                 240,300.00               20060401
OCEANSIDE                                                             360                 290,250.00               20060401
SPRING                                                                360                 179,200.00               20060401
PHOENIX                                                               360                 277,000.00               20060401
LAREDO                                                                360                 224,000.00               20060401
ROCKVALE                                                              360                 164,500.00               20060401
NORTH BELLMORE                                                        360                 245,000.00               20060401
Los Angeles                                                           360                 417,000.00               20060401
SPARTANBURG                                                           360                  97,600.00               20060401
Acworth                                                               360                 350,320.00               20060401
COLUMBUS                                                              360                  63,200.00               20060401
LAS VEGAS                                                             360                 281,450.00               20060401
COACHELLA                                                             360                 280,792.00               20060401
Lumberton                                                             360                  51,775.00               20060401
BILLINGS                                                              360                 120,000.00               20060301
SCHENECTADY                                                           360                  40,000.00               20060401
BILOXI                                                                360                 143,920.00               20060401
GULFPORT                                                              360                 160,000.00               20060401
SPARTANBURG                                                           360                  57,600.00               20060401
BALTIMORE                                                             360                 235,800.00               20060401
SPARTANBURG                                                           360                  44,000.00               20060401
WALDORF                                                               360                 260,000.00               20060401
ROUND LAKE                                                            360                 101,500.00               20060401
Decatur                                                               360                 129,600.00               20060401
DES PLAINES                                                           360                 176,000.00               20060401
CHICAGO                                                               360                 260,000.00               20060401
PIEDMONT                                                              360                 101,600.00               20060401
PORTLAND                                                              360                 188,000.00               20060401
SAN ANTONIO                                                           360                  46,400.00               20060401
SAN ANTONIO                                                           360                  46,400.00               20060401
SAN ANTONIO                                                           360                  46,400.00               20060401
CRANSTON                                                              180                 236,000.00               20060401
HOUSTON                                                               360                 208,000.00               20060401
QUEEN CREEK                                                           360                 177,100.00               20060401
DAYTON                                                                360                  44,000.00               20060401
Atlanta                                                               360                 108,000.00               20060401
EASTPOINTE                                                            360                  62,400.00               20060401
LITTLE ROCK                                                           360                 130,000.00               20060401
MILFORD                                                               360                 144,000.00               20060401
SURPRISE                                                              360                 441,100.00               20060401
ROEBUCK                                                               360                  47,900.00               20060401
SEVIERVILLE                                                           360                 455,000.00               20060401
NEW HAVEN                                                             360                 119,350.00               20060401
GATLINBURG                                                            360                 487,000.00               20060401
WASHINGTON                                                            360                 396,000.00               20060401
SOUTHFIELD                                                            360                 119,000.00               20060401
LINCOLNWOOD                                                           360                 360,000.00               20060401
COLUMBUS                                                              360                  49,280.00               20060401
DOVER                                                                 360                  92,435.00               20060401
Buckeye                                                               360                 168,287.00               20060301
QUEEN CREEK                                                           360                 228,750.00               20060401
MESA                                                                  360                 452,000.00               20060401
Everett                                                               360                 354,626.00               20051101
PROVIDENCE                                                            360                 144,000.00               20060401
Atlanta                                                               360                 131,200.00               20060401
Chickamauga                                                           360                  35,600.00               20060201
JACKSONVILLE                                                          360                 111,200.00               20060401
North Bethesda                                                        360               1,313,622.00               20060401
BRENTWOOD                                                             360                 313,600.00               20060401
Glendale                                                              360               1,200,000.00               20060401
PEMBROKE                                                              360                 185,500.00               20060401
PHOENIX                                                               360                 156,000.00               20060401
TAMPA                                                                 360                 135,000.00               20060401
MIAMI BEACH                                                           360                 650,000.00               20060401
JERSEY CITY                                                           360                 390,000.00               20060401
SIOUX FALLS                                                           360                  87,750.00               20060301
MARICOPA                                                              360                 187,245.00               20060401
AURORA                                                                360                  34,200.00               20060301
Corrales                                                              360                 256,000.00               20060401
BOLINGBROOK                                                           360                 157,500.00               20060401
SPARTANBURG                                                           360                  48,450.00               20060301
NEW YORK                                                              360                 945,000.00               20060401
DOUGLASSVILLE                                                         360                 222,400.00               20060401
Albuquerque                                                           360                 121,100.00               20060401
HILTON HEAD ISLAND                                                    360                  47,600.00               20060401
ASTORIA                                                               360                 577,500.00               20060401
WHEATON                                                               360                 160,000.00               20060401
PLATTSBURG                                                            360                 256,000.00               20060401
FORT ATKINSON                                                         360                 116,000.00               20060401
MIDDLETOWN                                                            360                 407,400.00               20060301
BROOKLYN                                                              360                 516,000.00               20060401
LAS VEGAS                                                             360                 236,000.00               20060401
FORT LAUDERDALE                                                       360                 260,000.00               20060401
FALLS CHURCH                                                          360                 467,720.00               20060401
OXNARD                                                                360                 420,000.00               20060401
DETROIT                                                               360                 104,800.00               20060401
CHESTER                                                               360                 159,835.00               20060401
NORFOLK                                                               360                  81,900.00               20060401
SANDPOINT                                                             360                 190,000.00               20060401
PARADISE                                                              360                 231,200.00               20060401
CAPE CORAL                                                            360                 323,100.00               20060401
SEDONA                                                                360                 287,200.00               20060401
PAWLEYS ISLAND                                                        360                 650,000.00               20060401
COUNTRY CLUB HILLS                                                    360                  88,000.00               20060401
Passaic                                                               360                 324,000.00               20060401
Franklin                                                              360                 285,600.00               20060401
SAN ANTONIO                                                           360                 122,250.00               20060401
BRIDGEPORT                                                            360                 304,000.00               20060401
SANDY                                                                 360                 371,200.00               20060401
SURPRISE                                                              360                 211,450.00               20060401
CHICAGO                                                               360                  88,000.00               20060401
LAKE FOREST                                                           360                 488,000.00               20060401
FARMINGVILLE                                                          360                 360,000.00               20060401
PALM BAY                                                              360                 123,834.00               20060401
BIRMINGHAM                                                            360                  72,000.00               20060401
WALDORF                                                               360                 210,000.00               20060401
West New York                                                         360                 424,000.00               20060401
PHOENIX                                                               360                 220,000.00               20060401
DETROIT                                                               360                  73,600.00               20060401
CONWAY                                                                360                  78,245.00               20060401
HUNTLEY                                                               360                 156,000.00               20060401
INDIO                                                                 360                 231,000.00               20060401
WESTWOOD                                                              360                 340,000.00               20060301
TEHACHAI                                                              360                 204,000.00               20060401
CLEVELAND                                                             360                  48,000.00               20060401
BAKERSFIELD                                                           360                 163,065.00               20060401
SWANSEA                                                               360                  78,030.00               20060401
SCOTTSDALE                                                            360               1,500,000.00               20060401
BUCKEYE                                                               360                 202,706.00               20060401
WILLOWBROOK                                                           360                 180,000.00               20060401
KANSAS CITY                                                           360                  68,000.00               20060401
MARICOPA                                                              360                 219,480.00               20060401
FOREST GROVE                                                          360                 233,600.00               20060401
MARICOPA                                                              360                 205,789.00               20060401
RIDGELY                                                               360                 375,000.00               20060301
CEDAR POINT                                                           360                 112,000.00               20060401
FREDERICKSBURG                                                        360                 388,980.00               20060401
BALTIMORE                                                             180                 112,500.00               20060401
LAS VEGAS                                                             360                 562,500.00               20060401
PEORIA                                                                360                 178,700.00               20060401
Ahoskie                                                               360                  52,000.00               20060401
JACKSONVILLE                                                          360                 111,600.00               20060401
Evansville                                                            360                  48,000.00               20060401
BRYANS ROAD                                                           360                 450,400.00               20060401
WALDORF                                                               360                 294,400.00               20060401
JACKSONVILLE                                                          360                 111,600.00               20060401
MEMPHIS                                                               360                  48,800.00               20060401
LORTON                                                                360                 276,000.00               20060401
SALISBURY                                                             360                  51,900.00               20060401
SAINT LOUIS                                                           360                  50,000.00               20060401
Trenton                                                               360                 100,000.00               20060301
REDMOND                                                               360                 120,000.00               20060401
MEMPHIS                                                               360                  50,400.00               20060401
TOLEDO                                                                360                  40,000.00               20060301
TAMPA                                                                 360                 143,500.00               20060401
SAINT LOUIS                                                           360                  50,000.00               20060401
PROVIDENCE                                                            360                 175,200.00               20060401
RICHMOND                                                              360                 239,600.00               20060301
ISLE OF PALMS                                                         360                 712,500.00               20060401
CENTEREACH                                                            360                 472,500.00               20060401
SAINT LOUIS                                                           360                  58,400.00               20060401
LANCASTER                                                             360                 122,400.00               20060301
NORTH LAS VEGAS                                                       360                 366,000.00               20060401
Woodstock                                                             360                 328,000.00               20060401
LONG BEACH                                                            360                 133,000.00               20060401
EVANSTON                                                              360                 108,000.00               20060401
PEYTON                                                                360                 162,400.00               20060401
Marietta                                                              360                 165,730.00               20060401
EVANSTON                                                              360                 104,000.00               20060401
INDIANAPOLIS                                                          360                  65,600.00               20060401
Sunbury                                                               360                 152,440.00               20060401
Rome                                                                  360                  92,800.00               20060401
ORLANDO                                                               360                 158,400.00               20060401
EVANSTON                                                              360                  98,800.00               20060401
AMSTERDAM                                                             360                  48,000.00               20060401
MIAMI                                                                 360                 148,750.00               20060401
EL PASO                                                               360                 100,000.00               20060401
FALLS CHURCH                                                          360                 553,350.00               20060401
TYLER                                                                 360                 112,847.00               20060401
LADYS ISLAND                                                          360                 244,300.00               20060401
JAMAICA                                                               360                 496,000.00               20060401
CHICAGO                                                               360                 224,000.00               20060401
Fort Wayne                                                            360                  48,800.00               20060401
BALTIMORE                                                             360                 113,750.00               20060401
PALM COAST                                                            360                 640,500.00               20060401
Hillsborough                                                          360                 224,000.00               20060401
ALEXANDRIA                                                            360                 210,000.00               20060401
CRYSTAL SPRINGS                                                       360                 117,000.00               20060401
PHOENIX                                                               360                 172,000.00               20060401
VIRGINIA BEACH                                                        360                  81,900.00               20060401
PORT JEFFERSON STATION                                                360                 235,000.00               20060401
DAYTON                                                                360                  59,300.00               20060401
BAYONNE                                                               360                 242,000.00               20060401
WELLINGTON                                                            360                 717,500.00               20060401
AKRON                                                                 360                  61,600.00               20060401
MARYVILLE                                                             360                  88,000.00               20060401
WARRENTON                                                             360                 192,000.00               20060401
OGDEN                                                                 360                  69,200.00               20060301
EL PASO                                                               360                 221,250.00               20060401
SOUTH PADRE ISLAND                                                    360                 140,000.00               20060401
FARMINGTON                                                            360                 162,400.00               20060401
FARMINGTON                                                            360                 162,400.00               20060401
GRANDVILLE                                                            360                  59,300.00               20060301
BAY SHORE                                                             360                 333,000.00               20060401
BURNSVILLE                                                            360                 208,000.00               20060401
Evansville                                                            360                  48,000.00               20060401
KIRKLAND                                                              360                 187,960.00               20060401
DUNELLEN                                                              360                 275,200.00               20060301
HOLLYWOOD                                                             360                 360,000.00               20060401
Tigard                                                                360                 220,000.00               20060201
PORT SAINT LUCIE                                                      360                 261,250.00               20060401
PALISADES                                                             360                 344,000.00               20060301
MERCED                                                                360                 265,000.00               20060401
SAINT ALBANS                                                          360                 316,000.00               20060401
DAYTON                                                                360                  50,400.00               20060401
EL MONTE                                                              360                 160,000.00               20060301
SIDNEY                                                                360                  40,900.00               20060401
JACKSONVILLE                                                          360                  77,760.00               20060401
BRIDGEPORT                                                            360                 190,000.00               20060401
LAWRENCEVILLE                                                         360                 123,025.00               20060401
WATERFORD                                                             360                 193,920.00               20060401
MONROE                                                                180                  37,500.00               20060401
Atlantic Beach                                                        360                 192,000.00               20060401
Kalamazoo                                                             360                 526,560.00               20060401
WINCHESTER                                                            360                 343,200.00               20060401
SPOKANE                                                               360                 311,920.00               20060401
West Sacramento                                                       360                 100,000.00               20060401
FORT WORTH                                                            360                 137,900.00               20060401
SUNRISE                                                               360                 228,000.00               20060401
MARYSVILLE                                                            360                 176,000.00               20060401
CONCORD                                                               360                 357,600.00               20060401
SIOUX FALLS                                                           360                 106,600.00               20060301
COLUMBUS                                                              360                 148,000.00               20060401
NEWBERG                                                               360                 192,000.00               20060401
BELLEROSE                                                             360                 383,500.00               20060401
Paterson                                                              360                 368,000.00               20060401
LEWES                                                                 360                 241,600.00               20060401
Boston                                                                360                 272,000.00               20060301
BOOTHWYN                                                              360                  90,400.00               20060401
TUCSON                                                                360                 148,000.00               20060401
CHICAGO                                                               360                 145,600.00               20050901
CHARLOTTE                                                             360                 128,000.00               20060401
WHEATON                                                               360                 340,000.00               20060401
FORT MYERS                                                            360                 200,800.00               20051001
TINLEY PARK                                                           360                 194,000.00               20060401
GRANTS PASS                                                           360                 152,000.00               20060401
RIGBY                                                                 360                 110,400.00               20051001
STREAMWOOD                                                            360                 169,000.00               20051001
MILTON                                                                360                 184,720.00               20060401
Toms River                                                            360                 191,900.00               20060401
SAINT GEORGE                                                          360                 202,000.00               20060401
PATASKALA                                                             360                 131,600.00               20051101
LOVELAND                                                              360                 120,000.00               20060401
Boston                                                                360                 427,000.00               20060401
VIRGINIA BEACH                                                        360                 224,000.00               20060401
APPLE VALLEY                                                          360                 224,000.00               20060401
BOYNTON BEACH                                                         360                 132,000.00               20060401
PONTIAC                                                               360                 115,100.00               20051001
CHICAGO                                                               360                 150,500.00               20060401
NEWBURGH                                                              360                 188,000.00               20051001
Mcdonough                                                             360                 158,650.00               20060401
Boston                                                                360                 455,000.00               20060401
CONWAY                                                                360                  80,000.00               20060401
Durham                                                                360                  55,000.00               20051001
FORT MYERS                                                            360                  74,400.00               20051101
DETROIT                                                               360                  60,000.00               20051101
SURPRISE                                                              360                 198,030.00               20051101
LEES SUMMIT                                                           360                 310,574.00               20060401
AVONDALE                                                              360                 214,700.00               20051101
LITHIA                                                                360                 204,400.00               20051001
SURPRISE                                                              360                 189,600.00               20051101
FAIRVIEW                                                              360                 335,000.00               20060401
SHOW LOW                                                              360                 353,350.00               20060401
Charlotte                                                             360                 108,404.00               20060401
OKLAHOMA CITY                                                         360                  68,400.00               20060401
CLEVELAND                                                             360                  83,200.00               20051201
ALAMEDA                                                               360                 380,000.00               20060401
ORMOND BEACH                                                          360                 232,000.00               20060401
EWING                                                                 360                 295,000.00               20051101
SAN ANTONIO                                                           360                  72,800.00               20060401
FORT PIERCE                                                           360                 136,000.00               20060401
RICHMOND                                                              360                  87,200.00               20060401
DAYTON                                                                360                  44,800.00               20060401
INDEPENDENCE                                                          360                 105,600.00               20060401
LARGO                                                                 360                 140,100.00               20060401
SURPRISE                                                              360                 204,300.00               20060401
HANFORD                                                               360                 149,000.00               20060401
BRONX                                                                 360                 353,500.00               20060401
BRANSON                                                               360                  96,000.00               20060401
ASHBURN                                                               360                 312,000.00               20060401
Belmont                                                               360                 525,000.00               20060401
LYNCHBURG                                                             360                  98,400.00               20060401
LYNCHBURG                                                             360                  98,400.00               20060401
DAYTON                                                                360                  43,200.00               20060401
HARLINGEN                                                             360                 107,940.00               20060401
LAWSON                                                                360                 284,000.00               20060401
EAST DURHAM                                                           360                 101,500.00               20060401
STOCKTON                                                              360                 215,250.00               20060401
ODENTON                                                               360                 259,200.00               20060401
WOODSIDE                                                              360                 400,000.00               20060401
CANTON                                                                360                 219,200.00               20060401
SAINT LOUIS                                                           360                  94,500.00               20060401
Camden                                                                360                  61,600.00               20060401
COLUMBUS                                                              360                 220,920.00               20060401
NORTH MIAMI                                                           360                  84,000.00               20060401
VIRGINIA BEACH                                                        360                 158,450.00               20060401
KANSAS CITY                                                           360                  87,200.00               20060401
AKRON                                                                 360                  53,600.00               20060401
SAINT LOUIS                                                           360                 101,500.00               20060401
Belton                                                                360                 200,000.00               20060401
TOPEKA                                                                360                  40,000.00               20060401
GREENVILLE                                                            360                  59,250.00               20060401
VIENNA                                                                360                 700,000.00               20060401
OZONE PARK                                                            360                 297,500.00               20060401
AURORA                                                                360                 126,000.00               20060401
GOODLETTSVILLE                                                        360                 134,640.00               20060401
CHICAGO                                                               360                 115,120.00               20060401
APPLE VALLEY                                                          360                 228,000.00               20060401
Irvington                                                             360                 183,400.00               20060401
MURRIETA                                                              360                 470,400.00               20060401
HENDERSON                                                             360                 249,600.00               20060401
ZEPHYRHILLS                                                           360                 301,600.00               20060401
MERIDEN                                                               360                 192,000.00               20060401
PHILADELPHIA                                                          360                  54,400.00               20060401
SANTA ROSA                                                            360                 401,120.00               20060401
PROVIDENCE                                                            360                 227,200.00               20060401
WASHINGTON                                                            360                 377,000.00               20060301
GLENDALE                                                              360                 244,800.00               20060401
UPPER MARLBORO                                                        360                 276,000.00               20060401
RESTON                                                                360                 254,400.00               20060301
East Boston                                                           360                 417,000.00               20060401
CHICAGO                                                               360                 147,200.00               20060401
AURORA                                                                360                 131,200.00               20060401
PHOENIX                                                               360                 136,500.00               20060401
Cottonwood                                                            360                 156,800.00               20060401
HOMESTEAD                                                             360                 162,750.00               20060401
KANSAS CITY                                                           360                  68,000.00               20060401
HILLSBORO                                                             360                 106,750.00               20060401
LAKE OSWEGO                                                           360                 259,200.00               20060301
NEW LONDON                                                            360                  54,720.00               20060401
GRANTS PASS                                                           360                 164,500.00               20060401
WARREN                                                                360                 245,000.00               20060401
AIKEN                                                                 360                  68,000.00               20060401
BUFFALO                                                               360                  39,920.00               20060401
CLERMONT                                                              360                 283,500.00               20060401
Louisville                                                            360                  68,000.00               20060401
NEWPORT NEWS                                                          360                 182,400.00               20060401
LOS ANGELES                                                           360                 580,000.00               20060301
MIAMI                                                                 360                 464,000.00               20060401
HOFFMAN ESTATES                                                       360                 149,600.00               20050901
NAMPA                                                                 360                 115,500.00               20060401
POWDER SPRINGS                                                        360                 104,000.00               20060401
Alpharetta                                                            360               1,000,000.00               20051101
DETROIT                                                               360                  71,010.00               20060401
JACKSONVILLE BEACH                                                    360                 220,500.00               20060401
ANGOLA                                                                360                 612,000.00               20060401
BOILING SPRINGS                                                       360                 111,200.00               20060401
Apopka                                                                360               1,000,000.00               20060401
BRONX                                                                 360                 357,000.00               20060401
SPOKANE                                                               360                 119,000.00               20060401
ORLANDO                                                               360                 155,000.00               20060401
BROOKLYN                                                              360                 417,000.00               20060401
TYLER                                                                 360                  93,600.00               20060401
PHILADELPHIA                                                          360                 101,600.00               20060401
Alpharetta                                                            360                 515,920.00               20060401
TOPEKA                                                                360                  30,000.00               20060401
CHICAGO                                                               360                 163,920.00               20060401
TOPEKA                                                                360                  30,000.00               20060401
TOPEKA                                                                360                  36,000.00               20060401
E FALLOWFIELD                                                         360                 277,950.00               20060401
MESA                                                                  360                 860,000.00               20060401
GREENVILLE                                                            360                 101,600.00               20060401
RENTON                                                                360                 280,000.00               20060401
LANSING                                                               360                  84,000.00               20060401
EL PASO                                                               360                  98,000.00               20060401
Raleigh                                                               360                 136,500.00               20060401
BIRMINGHAM                                                            360                  55,920.00               20060401
BARTOW                                                                360                 328,000.00               20060401
OKLAHOMA CITY                                                         360                  47,200.00               20060301
CHICAGO                                                               360                 507,500.00               20060401
ORMOND BEACH                                                          360                 180,800.00               20060401
DETROIT                                                               360                  65,100.00               20060401
HOLLYWOOD                                                             360                 284,000.00               20060301
NORTH CHARLESTON                                                      360                  80,430.00               20060401
VANCOUVER                                                             360                 181,250.00               20060401
AVONDALE                                                              360                 244,200.00               20060401
JACKSONVILLE                                                          360                  93,400.00               20060401
SEGUIN                                                                360                  99,200.00               20060401
SOUTHFIELD                                                            360                 248,000.00               20060401
KENT                                                                  360                 287,200.00               20060401
ROWESVILLE                                                            360                  78,248.00               20060401
MASPETH                                                               360                 447,000.00               20060401
Mutttontown                                                           360               1,470,000.00               20060401
GLEN OAKS                                                             360                 451,750.00               20051201
DARLINGTON                                                            360                 300,000.00               20060401
NORTH HOLLYWOOD                                                       360                 417,000.00               20060401
NEW DURHAM                                                            360                 367,500.00               20060401
RANCHO PALOS VERDES                                                   360                 999,500.00               20051101
SAN ANTONIO                                                           360                  57,600.00               20060401
PORT SAINT LUCIE                                                      360                 235,753.00               20060401
COLUMBUS                                                              360                  68,000.00               20060401
KANSAS CITY                                                           360                  79,100.00               20060401
NORTH CHARLESTON                                                      360                 143,834.00               20060401
FOUNTAIN                                                              360                 129,500.00               20060401
BALTIMORE                                                             360                 116,000.00               20060401
LAWRENCEVILLE                                                         360                 231,200.00               20060401
HOMESTEAD                                                             360                 109,070.00               20060401
LA VERGNE                                                             360                 116,000.00               20060401
NORTH LAS VEGAS                                                       360                 393,600.00               20060401
WASHINGTON                                                            360                 107,040.00               20060401
ATLANTA                                                               360                 116,800.00               20060401
Cumming                                                               360                 108,500.00               20060301
HILLSBORO                                                             360                 106,890.00               20060401
JACKSONVILLE                                                          360                 108,000.00               20060401
Wilmington                                                            360                 308,000.00               20051201
Las Cruces                                                            360                 272,000.00               20060401
VISALIA                                                               360                 217,000.00               20060401
SCAPPOOSE                                                             360                 184,000.00               20060401
SALEM                                                                 360                  85,600.00               20060401
Santa Maria                                                           360                 296,000.00               20060401
JACKSONVILLE                                                          360                  60,000.00               20060401
OZARK                                                                 360                 213,750.00               20060401
CHICAGO                                                               360                 188,000.00               20060401
SCOTTSDALE                                                            360                 404,800.00               20060401
HOUSTON                                                               360                  52,500.00               20060401
ELMHURST                                                              360                 592,400.00               20060401
WASHINGTON                                                            360                 438,750.00               20060401
CHICAGO                                                               360                 211,000.00               20060401
CALDWELL                                                              360                 119,200.00               20060401
Powder Springs                                                        360                 352,000.00               20060401
PHOENIX                                                               360                 192,000.00               20060401
GLENDALE                                                              360                 125,000.00               20060401
MODESTO                                                               360                 320,000.00               20060401
LAS VEGAS                                                             360                 104,000.00               20060401
WALDORF                                                               360                 510,000.00               20060401
LISLE                                                                 360                 155,000.00               20060401
SALEM                                                                 360                 115,500.00               20060401
SPARTANBURG                                                           360                  40,500.00               20060401
SPOKANE                                                               360                  60,800.00               20060401
RIDGE                                                                 360                 331,660.00               20060401
PHOENIX                                                               360                 116,000.00               20060401
WAKE FOREST                                                           360                 106,800.00               20060401
KANSAS CITY                                                           360                  91,000.00               20060401
REDMOND                                                               360                 154,400.00               20060401
MINNEAPOLIS                                                           360                 160,000.00               20060401
SPRING CITY                                                           360                 238,500.00               20060401
PINE BLUFFS                                                           360                  64,000.00               20060401
WASHINGTON                                                            360                 446,250.00               20060401
MARICOPA                                                              360                 167,920.00               20060401
GIBSONTON                                                             360                 175,250.00               20060401
CHEYENNE                                                              360                  66,000.00               20060401
ANNAPOLIS                                                             360                 280,000.00               20060401
SEAFORD                                                               360                 520,000.00               20060401
ESSEX                                                                 360                 274,500.00               20060401
DES MOINES                                                            360                 216,000.00               20060401
KANSAS CITY                                                           360                  79,100.00               20060401
Scottsdale                                                            360                 263,120.00               20060401
MARYSVILLE                                                            360                 158,620.00               20060401
FORT LAUDERDALE                                                       360                 210,000.00               20060401
LIBERTY LAKE                                                          360                 139,000.00               20060401
Raleigh                                                               360                 171,950.00               20060401
SILVER SPRING                                                         360                 352,000.00               20060401
MIRA LOMA                                                             360                 235,000.00               20060401
KATONAH                                                               360                 650,000.00               20060401
Cary                                                                  360                 333,600.00               20060401
EVERETT                                                               360                 196,000.00               20060401
PROVIDENCE                                                            360                 170,000.00               20060401
WOODBRIDGE                                                            360                 480,800.00               20060401
CAPE CORAL                                                            360                 241,500.00               20060401
Atlanta                                                               360                 107,300.00               20060401
RENO                                                                  360                 307,000.00               20050901
RANDALLSTOWN                                                          360                 165,000.00               20050901
PERINTON                                                              180                 109,250.00               20030901
FRAMINGHAM                                                            360                 231,200.00               20030901
Vienna                                                                360                 460,000.00               20060101
Phippsburg                                                            360                 218,000.00               20060301
Detroit                                                               360                  68,000.00               20060401
Detroit                                                               360                  58,500.00               20060301
Washington                                                            360                 708,000.00               20060301
Fort Washington                                                       360                 483,920.00               20060401
Clermont                                                              360                 296,000.00               20060401
Manassas                                                              360                 336,000.00               20060401
Fort Washington                                                       360                 264,000.00               20060301
Sterling                                                              360                 319,120.00               20060401
Washington                                                            360                 345,520.00               20060401
Suisun City                                                           360                 343,300.00               20060401
Manassas                                                              360                 393,200.00               20060401
Woodbridge                                                            360                 312,000.00               20060301
Centreville                                                           360                 290,400.00               20060401
Fairfax                                                               360                 460,000.00               20060301
Culpeper                                                              360                 318,400.00               20060301
Fredericksburg                                                        360                 160,000.00               20060401
Hamilton                                                              360                 600,000.00               20060301
Fredericksburg                                                        360                 208,000.00               20060301
Cooksville                                                            360                 768,000.00               20060401
Manassas                                                              360                 287,920.00               20060301
Manassas                                                              360                 300,000.00               20060401
Winston Salem                                                         360                  79,500.00               20060301
Temple Hills                                                          360                 318,150.00               20060301
Germantown                                                            360                 158,000.00               20060301
Manassas                                                              360                 297,600.00               20060401
Richmond                                                              360                 132,000.00               20060301
Alexandria                                                            360                 212,400.00               20060301
Clinton                                                               360                 467,712.00               20060401
Upper Marlboro                                                        360                 551,014.00               20060301
Gaithersburg                                                          360                 167,050.00               20060401
Arlington                                                             360                 420,000.00               20060301
Beltsville                                                            360                 152,800.00               20060301
Manassas                                                              360                 245,200.00               20060301
Woodbridge                                                            360                 263,200.00               20060301
Capitol Heights                                                       360                 143,000.00               20051001
Culpeper                                                              360                 138,400.00               20060301
Alexandria                                                            360                 200,000.00               20060301
Woodbridge                                                            360                 316,000.00               20060301
Manassas                                                              360                 350,400.00               20060301
Takoma Park                                                           360                 393,600.00               20060401
Woodbridge                                                            360                 510,400.00               20060401
Leesburg                                                              360                 287,548.00               20060301
Aldie                                                                 360                 438,384.00               20060301
TAMARAC                                                               360                 193,600.00               20060301
Reston                                                                360                 240,000.00               20060301
Manassas                                                              360                 241,200.00               20060401
Woodbridge                                                            360                 235,200.00               20060101
Falls Church                                                          360                 440,000.00               20060301
Baltimore                                                             360                  89,600.00               20060301
PORT REPUBLIC                                                         360                 456,000.00               20060301
STREAMWOOD                                                            360                 162,750.00               20060301
LOUISVILLE                                                            360                 120,000.00               20060301
BALTIMORE                                                             480                  58,100.00               20060401
Fargo                                                                 360                  68,600.00               20060301
BEALETON                                                              360                 424,450.00               20060201
COLUMBIA                                                              360                  44,960.00               20060301
DOVER                                                                 360                 276,000.00               20060301
BALTIMORE                                                             360                  86,800.00               20060401
CARENCRO                                                              360                  40,000.00               20060301
BALTIMORE                                                             360                  59,200.00               20060301
BALTIMORE                                                             360                 100,000.00               20060301
BALTIMORE                                                             360                  40,400.00               20060301
WALDORF                                                               360                 246,000.00               20060401
ARLINGTON                                                             360                 104,000.00               20060301
Pasadena                                                              360                 181,000.00               20060401
ARLINGTON                                                             360                 102,000.00               20060301
BALTIMORE                                                             360                 104,000.00               20060301
ARLINGTON                                                             360                  92,000.00               20060401
DAVIDSONVILLE                                                         360                 770,000.00               20060301
NEW CASTLE                                                            360                  41,600.00               20060301
YORK                                                                  360                  64,000.00               20060401
VIRGINIA BEACH                                                        360                 189,600.00               20060201
RICHMOND                                                              360                 164,736.00               20060301
CUMBERLAND                                                            360                  72,800.00               20060401
POTTSTOWN                                                             360                  69,600.00               20060401
POTTSTOWN                                                             360                  99,900.00               20060401
BALTIMORE                                                             360                 106,800.00               20060301
Baltimore                                                             360                 111,750.00               20060301
SOUDERTON                                                             360                 280,000.00               20060401
Grant                                                                 180                  89,000.00               20050701
MIAMI                                                                 360                 456,950.00               20060401
ELMA                                                                  360                  60,000.00               20060401
TAMPA                                                                 360                 103,000.00               20060301
Romulus                                                               360                  59,500.00               20060401
Lakeland                                                              360                 144,000.00               20051001
West Palm Beach                                                       360                 230,000.00               20060101
UPPER MARLBORO                                                        360                 216,800.00               20051001
Albertson                                                             360                 538,000.00               20060401
Brooklyn                                                              360                 500,000.00               20060201
Wyandanch                                                             360                 158,550.00               20060301
ALTURA                                                                360                 104,200.00               20060401
Alexandria                                                            360                 824,000.00               20060401
APACHE JUNCTION                                                       360                  53,200.00               20060301
MOUNT LAUREL TOWNSHIP                                                 360                 206,200.00               20060301
IRVINGTON TOWNSHIP                                                    360                 255,500.00               20060301
NEW BRUNSWICK                                                         360                 269,750.00               20060401
PATERSON                                                              360                 312,000.00               20060401
BAYONNE                                                               360                 325,000.00               20060301
Trenton                                                               360                  94,500.00               20060301
WOODBRIDGE                                                            360                 300,000.00               20060201
MT OLIVE TOWNSHIP                                                     360                 140,000.00               20060301
TRENTON                                                               360                 105,000.00               20060301
JERSEY CITY                                                           360                 337,500.00               20060301
NORTH BERGEN TWP                                                      360                 360,500.00               20060301
PASSAIC                                                               360                 298,400.00               20060301
EAST ORANGE                                                           360                 238,800.00               20060401
EAST ORANGE                                                           360                 304,000.00               20060401
JERSEY CITY                                                           360                 680,000.00               20060301
MENDHAM TOWNSHIP                                                      360                 608,000.00               20060301
Miami                                                                 360                 440,000.00               20060401
Hialeah                                                               360                 242,392.00               20060301
Hillsborough                                                          360                 276,000.00               20051201
Maurice River Township                                                360                  85,000.00               20060101
Elizabeth                                                             360                 417,000.00               20060301
Newark                                                                360                 212,000.00               20060401
Fitchburg                                                             360                 232,000.00               20060301
Lawrence                                                              360                 279,920.00               20060201
Orange                                                                360                 272,000.00               20060301
Newark                                                                360                 364,000.00               20060301
Jersey City                                                           360                 292,000.00               20060301
Lynn                                                                  360                 311,920.00               20060301
Antioch                                                               360                 174,200.00               20050901
New Port Richey                                                       360                 228,000.00               20060301
Mobile                                                                360                  50,250.00               20060301
Nashville                                                             360                 553,600.00               20060301
Dunedin                                                               360                 235,920.00               20060301
Seminole                                                              360                 812,000.00               20060301
Largo                                                                 360                 257,250.00               20060301
Mandeville                                                            360                 463,800.00               20060301
Dunedin                                                               360                  64,000.00               20060301
Clearwater                                                            360                 193,600.00               20060201
Ocala                                                                 360                 160,000.00               20060301
Clearwater                                                            360                 208,000.00               20060301
Chattanooga                                                           360                  55,350.00               20060301
Hendersonville                                                        360                 680,000.00               20060401
Iuka                                                                  360                  49,440.00               20060401
Auburn                                                                180                 156,000.00               20051001
Cape Coral                                                            180                 140,000.00               20051001
Jackson                                                               360                 126,400.00               20060301
Celebration                                                           360                 585,000.00               20060301
Orlando                                                               360                 172,000.00               20060301
Gulf Breeze                                                           360                 536,000.00               20060201
Nashville                                                             360                  63,200.00               20060301
Birmingham                                                            360                 263,920.00               20051201
JONESBORO                                                             360                  82,000.00               20060401
LITHONIA                                                              360                  86,250.00               20060301
Cincinnati                                                            360                  84,000.00               20060301
LAKE ALFRED                                                           360                 128,000.00               20060401
MIAMI                                                                 360                 220,000.00               20060401
Cincinnati                                                            360                 192,000.00               20060301
MARIETTA                                                              360                  86,480.00               20060301
Kennesaw                                                              360                 118,400.00               20060401
BLUE RIDGE                                                            360                 148,500.00               20060401
HIGH POINT                                                            360                  43,200.00               20060401
ATLANTA                                                               360                 254,400.00               20060401
Cincinnati                                                            360                  39,600.00               20060201
Port Chester                                                          360                 406,250.00               20060301
Bayside                                                               360                 393,000.00               20060301
Fresh Meadows                                                         360                 481,000.00               20060401
Philadelphia                                                          360                  41,400.00               20060401
Westampton                                                            360                 177,320.00               20060401
Philadelphia                                                          360                 200,000.00               20060301
Northfield                                                            360                 585,600.00               20060301
Woodbury                                                              360                 230,963.40               20060301
Ocean City                                                            360                 925,000.00               20060401
BROOKLYN                                                              360                 161,613.00               20060401
Brooklyn                                                              360                 400,000.00               20060301
College Point                                                         360                 488,000.00               20060201
Laurel                                                                360                 585,000.00               20060201
Chicago                                                               360                 185,000.00               20060301
JERSEY CITY                                                           360                 910,000.00               20060301
NOGALES                                                               360                  75,000.00               20060301
PLACENTIA                                                             360                 416,000.00               20060401
SURPRISE                                                              360                 109,200.00               20060401
UPLAND                                                                360                 414,700.00               20060401
CHINO                                                                 360                 273,000.00               20060401
PLACENTIA                                                             360                 520,000.00               20060401
EL CENTRO                                                             360                 187,000.00               20060301
YUMA                                                                  360                  94,900.00               20060301
Laredo                                                                180                  62,800.00               20051101
GREELEY                                                               360                 100,000.00               20060401
GREELEY                                                               360                 136,000.00               20060401
GREELEY                                                               360                 188,000.00               20060401
PALM SPRINGS                                                          360                 408,000.00               20060401
Rio Rico                                                              360                 138,348.00               20060401
Richardson                                                            360                 139,200.00               20060401
Chicago                                                               360                 234,000.00               20060301
Minneapolis                                                           360                 100,000.00               20060301
Chicago                                                               360                 188,500.00               20060301
Little Rock                                                           360                 116,000.00               20060101
Murphy                                                                360                 128,000.00               20060301
Brighton                                                              360                 161,376.00               20060201
KINGSVILLE                                                            360                 240,000.00               20060301
Chicago                                                               360                 217,000.00               20060301
Florissant                                                            360                  93,750.00               20060301
Atlanta                                                               360                 108,000.00               20060201
Orlando                                                               360                 177,750.00               20060301
Orlando                                                               360                 220,000.00               20060301
Ellijay                                                               360                 144,000.00               20060401
Tampa                                                                 360                 193,600.00               20060401
New River                                                             360                 180,000.00               20060101
Millington                                                            360                  84,000.00               20060201
Savannah                                                              360                 127,200.00               20060201
Arvada                                                                360                 212,000.00               20060401
Davie Beach                                                           360                 252,000.00               20060301
York                                                                  360                 105,000.00               20060401
Granbury                                                              360                 120,240.00               20060301
Chicago                                                               360                 185,000.00               20060301
WASHINGTON                                                            360                 244,800.00               20060301
ELLICOTT CITY                                                         360                 508,000.00               20060301
FORKED RIVER                                                          360                 232,000.00               20060301
EASTON                                                                360                 308,000.00               20060401
LAREDO                                                                360                 143,000.00               20060201
MESA                                                                  360                 216,450.00               20060401
LANHAM                                                                360                 296,000.00               20060301
MISSION                                                               360                 100,000.00               20060401
PHOENIX                                                               180                 122,000.00               20060301
BELLEVUE                                                              360                 312,000.00               20060401
ORANGE                                                                360                 368,000.00               20060301
MCALLEN                                                               360                 116,400.00               20060401
HIGLEY                                                                360                 304,000.00               20060401
SEVERNA PARK                                                          360                 302,370.00               20060401
SUN CITY WEST                                                         360                 140,000.00               20060401
WESLACO                                                               180                 205,000.00               20060401
CEDAR PARK                                                            360                 154,472.00               20060301
DECATUR                                                               360                 213,000.00               20060401
FORT WORTH                                                            360                  52,500.00               20060301
LEESBURG                                                              360                 356,000.00               20060301
DAVENPORT                                                             180                 245,000.00               20060401
GREAT FALLS                                                           360                 845,000.00               20060401
SILVER SPRING                                                         180                 200,000.00               20060301
ATHENS                                                                360                 127,920.00               20060401
SILVER SPRING                                                         360                 312,000.00               20060301
MIDDLETOWN                                                            360                 188,000.00               20060401
CAPITOL HEIGHTS                                                       360                 193,600.00               20060401
MESA                                                                  360                 216,450.00               20060401
ROUND ROCK                                                            360                  87,100.00               20060301
MCALLEN                                                               360                 105,000.00               20060201
CEDAR PARK                                                            360                 140,450.00               20060401
GILBERT                                                               360                 340,000.00               20060401
MESA                                                                  360                 248,000.00               20060401
CLAREMONT                                                             360                 338,000.00               20060301
ORANGE                                                                360                 165,700.00               20060401
CHANDLER                                                              360                 258,300.00               20060201
SAN FRANCISCO                                                         360                 521,500.00               20060301
KELLER                                                                360                 223,750.00               20060401
MISSION                                                               360                 195,000.00               20060301
SANTA ANA                                                             360                 455,000.00               20060401
SAN ANTONIO                                                           360                 115,000.00               20060401
PHOENIX                                                               360                 109,200.00               20060401
GREAT FALLS                                                           360                 649,000.00               20060301
TOMS RIVER                                                            360                 288,000.00               20060401
SPRING LAKE                                                           360                 550,000.00               20060401
HOLLYWOOD                                                             360                 279,200.00               20060401
HILLSDALE                                                             360                 461,500.00               20060401
MINNEAPOLIS                                                           360                 292,000.00               20060401
BROWNSVILLE                                                           360                 106,750.00               20060301
MINNEAPOLIS                                                           360                 152,000.00               20060301
LAREDO                                                                360                  70,000.00               20060301
PHOENIX                                                               360                 139,600.00               20060401
BIG BEAR LAKE                                                         360                 675,000.00               20060301
YONKERS                                                               360                 400,000.00               20060301
WASHINGTON                                                            360                 424,000.00               20060301
TOTOWA                                                                360                 780,000.00               20060401
BELLINGHAM                                                            360                 224,000.00               20060401
RICHMOND                                                              360                 105,000.00               20060401
TAKOMA PARK                                                           360                 134,875.00               20060401
CORONA                                                                360                 375,000.00               20060401
WESLACO                                                               360                  94,250.00               20060201
MCALLEN                                                               360                 105,000.00               20060401
ARIZONA CITY                                                          360                 132,000.00               20060401
WASHINGTON                                                            360                 805,000.00               20060301
MESA                                                                  360                 217,100.00               20060401
REMINGTON                                                             360                 346,400.00               20060301
PHOENIX                                                               360                  65,000.00               20060401
BALTIMORE                                                             360                 204,000.00               20060401
Encino                                                                360               1,031,250.00               20060301
San Antonio                                                           360                  67,200.00               20060201
OAK POINT                                                             360                 102,040.00               20060401
Dallas                                                                360                 163,200.00               20060401
OAK POINT                                                             360                  94,468.00               20060401
Bethlehem                                                             360                 156,000.00               20060401
Stockbridge                                                           360                 121,360.00               20060401
Frisco                                                                360                 108,150.00               20060301
Bryan                                                                 360                 176,800.00               20060301
Ellenwood                                                             360                  86,400.00               20060301
Loris                                                                 360                 138,565.00               20051101
Round Rock                                                            360                 150,300.00               20060101
Plano                                                                 360                  86,250.00               20060301
Stockbridge                                                           360                 226,400.00               20060401
Rockport                                                              360                  70,400.00               20060301
Hapeville                                                             360                  71,200.00               20060301
Dallas                                                                360                  62,000.00               20060401
San Diego                                                             360                 576,000.00               20060401
Dallas                                                                360                  64,900.00               20060301
Prescott                                                              360                 210,000.00               20060301
Lincoln                                                               360                 104,000.00               20060401
Pflugerville                                                          360                 140,151.00               20060401
FT WORTH                                                              360                 105,600.00               20060401
Dacula                                                                360                 110,320.00               20060401
Aubrey                                                                360                 112,177.00               20060301
San Diego                                                             360                 390,000.00               20060401
Mckinney                                                              360                  50,100.00               20060401
Mesquite                                                              360                  90,400.00               20060101
Midway City                                                           360                 520,000.00               20060401
Mcdonough                                                             360                 116,800.00               20060301
Los Angeles                                                           360                 417,000.00               20060401
San Diego                                                             360                 333,000.00               20060301
Grand Prairie                                                         360                  36,900.00               20060301
Houston                                                               360                 120,000.00               20060301
Dallas                                                                360                 103,687.00               20060101
Vista                                                                 360                 461,000.00               20060401
Marietta                                                              360                 130,900.00               20060401
FATE                                                                  360                  90,742.00               20051001
Lewisville                                                            360                  54,075.00               20060301
Abingdon                                                              360                 181,800.00               20060401
Valdosta                                                              360                 129,600.00               20060401
Mcallen                                                               360                  93,500.00               20051201
Albuquerque                                                           360                 129,600.00               20060301
Riverdale                                                             360                  71,200.00               20060401
San Antonio                                                           360                  56,850.00               20060401
Douglasville                                                          360                 208,120.00               20060401
Deer Park                                                             360                  68,000.00               20060401
Myrtle Beach                                                          360                 150,000.00               20060201
Valdosta                                                              360                  69,628.00               20060301
Spring                                                                360                  55,500.00               20060301
Forney                                                                360                  64,000.00               20060301
Forney                                                                360                 239,168.00               20060301
DENTON                                                                360                 106,718.00               20060401
Mesquite                                                              360                  76,720.00               20060301
Irving                                                                360                  75,200.00               20060101
Eden Prairie                                                          360                 130,400.00               20060301
Houston                                                               360                 138,673.00               20060401
Stockbridge                                                           360                 125,520.00               20060301
OAK POINT                                                             360                  97,200.00               20060201
Dallas                                                                360                 251,370.00               20060301
Jefferson                                                             360                 173,000.00               20060301
Arlington                                                             360                 129,578.00               20060401
Houston                                                               360                 152,000.00               20060201
OAK POINT                                                             360                  93,079.00               20060301
Farmers Branch                                                        360                  64,000.00               20060201
Albuquerque                                                           360                 190,500.00               20060401
Oklahoma City                                                         360                 104,000.00               20060401
Honolulu                                                              360               1,200,000.00               20060301
Las Vegas                                                             360                 596,000.00               20060301
Pasadena                                                              360                 480,000.00               20060401
ANTIOCH                                                               360                 498,000.00               20060401
SAN MARCOS                                                            360                 519,000.00               20060401
COEUR D ALENE                                                         360                 960,000.00               20060301
DUARTE                                                                360                 548,000.00               20060401
SPOKANE                                                               360                 275,000.00               20060401
CARMEL VALLEY                                                         360                 610,000.00               20060301
Muldrow                                                               360                  65,000.00               20060301
Carrollton                                                            360                  80,000.00               20060401
ALPINE FOREST                                                         360                 199,000.00               20060401
CERES                                                                 360                 292,000.00               20060301
Indianapolis                                                          360                  86,100.00               20060401
HOPKINSVILLE                                                          360                  68,000.00               20060301
CAMPBELL                                                              360                  71,200.00               20060401
INDIANAPOLIS                                                          360                  67,500.00               20060401
COSHOCTON                                                             360                  40,300.00               20060301
HOPKINSVILLE                                                          360                  94,400.00               20060301
INDIANAPOLIS                                                          360                  64,000.00               20060401
LOUISVILLE                                                            360                 150,000.00               20060501
HOPKINSVILLE                                                          360                  51,200.00               20060301
HOPKINSVILLE                                                          360                  72,000.00               20060301
HOPKINSVILLE                                                          360                  69,600.00               20060301
HOPKINSVILLE                                                          360                  57,600.00               20060301
Aurora                                                                360                 153,600.00               20060301
Milwaukee                                                             360                 125,600.00               20060301
Cape Coral                                                            360                 224,000.00               20060101
Keystone                                                              360                 153,600.00               20060301
Kenosha                                                               360                  87,200.00               20060301
Milwaukee                                                             360                 108,000.00               20060301
Thorton                                                               360                 125,600.00               20060401
Coral Gables                                                          360                 455,900.00               20060401
Ashburn                                                               360                 116,864.00               20060201
Shelter Island                                                        360                 500,000.00               20060201
Alexandria                                                            360                 460,000.00               20060301
Manassas                                                              360                 519,935.00               20060201
Silver Spring                                                         360                 636,650.00               20060201
Alexandria                                                            360                 445,000.00               20060301
Alexandria                                                            360                 448,875.00               20060301
Falls Church                                                          360                 192,000.00               20060301
Cape Coral                                                            360                 837,500.00               20060301
Washington                                                            360               1,000,000.00               20060201
Manassas                                                              360                 494,000.00               20060301
CLEVELAND                                                             360                  54,400.00               20060301
KAILUA                                                                360               1,125,000.00               20060401
PINEVILLE                                                             360                  78,750.00               20060301
Honolulu                                                              478                 692,000.00               20060301
PLEASANT HILL                                                         360                 146,400.00               20060401
HENDERSON                                                             360                 458,400.00               20060301
Chapin                                                                360                  87,920.00               20060401
Elberton                                                              360                 145,600.00               20060401
Ventura                                                               180                 150,000.00               20050901
Gilbert                                                               360                 164,000.00               20060301
Mesa                                                                  360                  87,200.00               20060401
Tucson                                                                360                  67,200.00               20060401
Sun City                                                              360                 132,000.00               20051101
Myrtle                                                                360                  47,500.00               20060301
Scottsdale                                                            360                 917,000.00               20060301
Tempe                                                                 360                 136,000.00               20060301
Olathe                                                                360                 148,000.00               20060301
Phoenix                                                               360                 121,100.00               20060201
Phoenix                                                               360                 180,000.00               20060401
Tucson                                                                360                 168,400.00               20060201
Paradise Valley                                                       360               1,500,000.00               20060301
Cottonwood                                                            360                 246,500.00               20060401
Kansas City                                                           360                  77,200.00               20060201
Phoenix                                                               360                 433,000.00               20060101
Kansas City                                                           360                  67,200.00               20060201
Phoenix                                                               360                 225,000.00               20060301
Apache Junction                                                       360                 108,000.00               20060301
Yuma                                                                  360                 220,000.00               20060401
Phoenix                                                               180                 247,000.00               20060101
Phoenix                                                               360                 146,320.00               20060201
WEST FARGO                                                            360                 119,900.00               20060401
SPRING                                                                360                  88,000.00               20060101
HOUSTON                                                               360                  68,720.00               20060401
SPRING                                                                360                  88,000.00               20060101
SAN ANTONIO                                                           360                  93,200.00               20060401
HOUSTON                                                               360                  86,796.00               20060101
GROSSE POINTE FARMS                                                   360                 284,000.00               20060301
SPRING                                                                360                  88,000.00               20060101
Palm Bay                                                              360                 120,700.00               20060401
Titusville                                                            360                 233,840.00               20060301
palmbay                                                               360                 144,700.00               20060301
San Diego                                                             360                 300,000.00               20060301
San Diego                                                             360                 383,500.00               20060301
Hiram                                                                 360                  60,900.00               20060401
Cincinnati                                                            360                  72,800.00               20060401
West Springfield                                                      360                 175,000.00               20060301
Columbus                                                              360                 119,200.00               20060301
Acosta                                                                360                  92,000.00               20060301
Newark                                                                360                 134,800.00               20060401
Fredericktown                                                         360                  84,800.00               20060401
Pittsburgh                                                            360                  51,200.00               20060401
Columbus                                                              360                  68,400.00               20060401
Pennsburg                                                             360                 209,000.00               20060401
Fredericktown                                                         360                 114,400.00               20060401
Harrisburg                                                            360                 105,200.00               20060401
Union                                                                 360                 131,920.00               20060401
BETHEL                                                                360                 314,400.00               20060301
Westbury                                                              360                 356,000.00               20060401
Bay Shore                                                             360                 280,000.00               20060401
WATERTOWN                                                             360                 562,500.00               20060301
Freeport                                                              240                 258,500.00               20060401
Elmont                                                                360                 368,000.00               20060301
Fort Worth                                                            360                 115,360.00               20060401
Denton                                                                360                 144,000.00               20060401
Kellyville                                                            360                  68,000.00               20060401
Lithia                                                                360                 266,400.00               20060401
CLAYTON                                                               360                 145,500.00               20060401
BETHESDA                                                              360                 993,750.00               20060401
Jessup                                                                360                 240,000.00               20060401
SILVER SPRING                                                         360                 458,000.00               20060301
Clayton                                                               360                 118,400.00               20060201
LAUREL                                                                360                  96,000.00               20060301
Leesburg                                                              360                 490,750.00               20060201
GERMANTOWN                                                            360                 280,000.00               20060401
Clayton                                                               360                 178,200.00               20060301
Lewiston                                                              360                 180,000.00               20060301
Portland                                                              360                  90,400.00               20060301
Harrison Township                                                     360                  80,000.00               20060401
Chicopee                                                              360                 160,000.00               20060401
Highland                                                              360                 180,000.00               20060401
Converse                                                              360                  68,000.00               20060301
Emerald Isle                                                          360               1,250,000.00               20060301
Crowley                                                               360                 119,600.00               20060301
Saint Petersburg                                                      360                 123,500.00               20060301
Derby                                                                 360                  70,400.00               20060401
Washington                                                            360                 100,000.00               20060301
PERRYVILLE                                                            360                 106,000.00               20060401
Waukegan                                                              360                 166,400.00               20060401
Wilmington                                                            479                 348,000.00               20060401
Charlotte                                                             360                 101,000.00               20060301
Lebanon                                                               360                 180,000.00               20060201
Denver                                                                360                 158,400.00               20060301
Raynham                                                               480                 170,000.00               20060401
San Antonio                                                           360                  94,400.00               20060201
Freedom                                                               360                 124,800.00               20060301
San Antonio                                                           360                  68,400.00               20060401
Chicopee                                                              360                 174,400.00               20060401
Pleasant View                                                         360                 255,920.00               20060301
SULLIVAN                                                              360                 164,000.00               20060301
Weymouth                                                              360                 168,000.00               20060401
Charlotte                                                             360                 144,000.00               20060301
Dorchester                                                            360                 257,000.00               20060401
Matthews                                                              360                 224,000.00               20060301
Elkton                                                                360                 208,000.00               20060301
SAN ANTONIO                                                           360                  48,940.00               20060301
Assonet                                                               360                 187,500.00               20060301
Brewer                                                                360                  63,000.00               20060401
Mashpee                                                               360                 204,400.00               20060301
GOSHEN                                                                360                  80,000.00               20060401
TULARE                                                                360                  60,000.00               20060401
VISALIA                                                               360                 101,600.00               20060301
FRESNO                                                                360                 161,600.00               20060301
Las Vegas                                                             360                  98,250.00               20060401
Las Vegas                                                             360                  87,500.00               20060301
MURRIETA                                                              360                 280,000.00               20060301
Maineville                                                            360                 176,650.00               20060401
HAGERSTOWN                                                            360                 250,400.00               20060301
CHARLOTTESVILLE                                                       360                  78,400.00               20060301
LAUREL                                                                360                 240,000.00               20060401
CHARLOTTESVILLE                                                       360                  72,000.00               20060301
CHARLOTTESVILLE                                                       360                 100,800.00               20060301
CHARLOTTESVILLE                                                       360                  70,000.00               20060301
CHARLOTTESVILLE                                                       360                 145,200.00               20060401
WICHITA                                                               360                  96,400.00               20060301
CHARLOTTESVILLE                                                       360                 117,200.00               20060401
Charlottesville                                                       360                 193,600.00               20060301
Washington                                                            360                 292,000.00               20060301
CHARLOTTESVILLE                                                       360                  67,200.00               20060401
MIAMI                                                                 360                 262,500.00               20060401
WICHITA                                                               360                  96,400.00               20060301
VIENNA                                                                360                 464,000.00               20060401
Temple                                                                360                  50,250.00               20060201
Myrtle Beach                                                          360                 118,100.00               20060301
Macon                                                                 360                  40,500.00               20060101
Jacksonville                                                          360                 200,000.00               20060201
San Bernardino                                                        360                 392,000.00               20051201
Grand Rapids                                                          360                  63,000.00               20060101
Weatherford                                                           360                 114,000.00               20051201
Grand Rapids                                                          360                  63,750.00               20060101
Myrtle Beach                                                          360                 112,000.00               20060101
Elkmont                                                               360                 175,200.00               20050901
Kansas City                                                           360                  50,400.00               20060201
Miami                                                                 360                 170,000.00               20050901
Macon                                                                 360                  49,500.00               20051201
Rochester                                                             360                 124,400.00               20060201
Saint Augustine                                                       360               1,500,000.00               20060301
Riverside Area                                                        360                 296,000.00               20051201
SOUTH LAKE TAHOE                                                      360                 285,000.00               20060401
BELL                                                                  360                 600,000.00               20060401
PICO RIVERA                                                           360                 429,000.00               20060301
KOLOA                                                                 360                 301,000.00               20060301
CASA GRANDE                                                           360                 120,000.00               20060301
SHOREVIEW                                                             360                  88,000.00               20060301
POMONA                                                                360                 308,000.00               20060301
SANTA ANA                                                             360                 450,000.00               20060301
N LAS VEGAS                                                           360                 208,000.00               20060401
HENDERSON                                                             360                 640,000.00               20060401
MIDWAY CITY                                                           360                 480,000.00               20060301
REDLANDS                                                              360                 224,000.00               20060301
Bay Shore                                                             360                 226,600.00               20060301
Clifton                                                               360                 308,000.00               20060201
East Elmhurst                                                         360                 556,000.00               20060401
North Bergen                                                          360                 243,750.00               20060401
West Orange                                                           360                 230,000.00               20060301
Jamaica                                                               360                 540,000.00               20060301
Passaic                                                               360                 280,000.00               20060301
Far Rockaway                                                          360                 368,000.00               20060301
Hyattsville                                                           360                 256,000.00               20060401
Hyattsville                                                           360                 160,000.00               20060401
Hyattsville                                                           360                 275,500.00               20060401
Hahira                                                                360                  81,537.00               20060301
Coral Springs                                                         360                 199,920.00               20051201
Beulaville                                                            360                  71,200.00               20060401
Columbus                                                              360                  64,000.00               20060201
Lake Oswego                                                           360                 626,000.00               20060201
WILLINGBORO                                                           360                 220,000.00               20051001
Minneapolis                                                           360                 200,000.00               20060201
DOVE CANYON                                                           360                 824,000.00               20060401
VISALIA                                                               360                 220,000.00               20060401
SAN FRANCISCO                                                         360                 585,000.00               20060401
Concord                                                               360                  70,950.00               20060301
West New York                                                         360                 780,000.00               20060401
LAS VEGAS                                                             360                 304,000.00               20060401
Miami                                                                 360                 760,000.00               20051201
Hialeah                                                               360                 148,000.00               20060401
Tampa                                                                 360                 162,300.00               20060401
Melbourne                                                             360                 152,000.00               20060401
Miami Beach                                                           360                 480,000.00               20060301
MIAMI                                                                 360                 350,400.00               20060401
LOS ANGELES                                                           360                 413,400.00               20060401
MILPITAS                                                              360                 414,000.00               20060301
GREENFIELD                                                            360                 210,000.00               20060301
SANTA ANA                                                             360                 272,000.00               20060301
SAN JOSE                                                              360                 543,960.00               20060301
ORANGE PARK                                                           360                 304,000.00               20060401
Columbia                                                              360                  47,920.00               20060401
Savannah                                                              360                  55,200.00               20060301
Jacksonville                                                          360                  70,400.00               20060301
Jacksonville                                                          360                  58,800.00               20060401
Jacksonville                                                          360                 318,272.00               20060401
Baltimore                                                             360                  81,000.00               20060301
Easley                                                                360                 123,750.00               20060401
Mount Pleasant                                                        360                 880,720.00               20060301
BRISTOW                                                               360                 610,450.00               20060401
CULPEPER                                                              360                 383,192.00               20060201
QUEEN CREEK                                                           360                 217,600.00               20060201
UPPER MARLBORO                                                        360                 503,375.00               20060301
LAVEEN                                                                360                 239,350.00               20060301
LANCASTER                                                             360                 319,434.00               20060301
SURPRISE                                                              360                 249,713.00               20060401
TEMECULA                                                              360                 447,416.00               20060401
FAIRFIELD                                                             360                 663,992.00               20060201
Ponte Vedra Beach                                                     360                 720,000.00               20060301
Davie                                                                 360                 151,650.00               20060401
Kennesaw                                                              360                 122,500.00               20060401
Conyers                                                               360                  72,000.00               20060401
Orlando                                                               360                 993,750.00               20060301
Covington                                                             360                 195,900.00               20060401
Davie                                                                 360                 188,000.00               20051001
Milner                                                                360                  91,600.00               20060401
Athens                                                                360                 142,900.00               20051001
Hoschton                                                              360                 497,950.00               20060401
Peachtree City                                                        360                 440,000.00               20060301
Pompano Beach                                                         360                 240,000.00               20060301
Pompano Beach                                                         360                 232,000.00               20060301
Atlanta                                                               360                 461,600.00               20060301
Lawrenceville                                                         360                 127,200.00               20060301
Boone                                                                 360                 125,900.00               20060401
Monroe                                                                360                  99,900.00               20060301
Stockbridge                                                           360                  94,400.00               20060301
Maitland                                                              360                 164,000.00               20060401
Lake Wylie                                                            360                 680,000.00               20060301
Alpharetta                                                            360                 785,100.00               20060401
Monroe                                                                360                 118,000.00               20051201
Orlando                                                               360                 173,800.00               20060301
Jacksonville                                                          360                 131,000.00               20060301
Bradenton                                                             360                 367,100.00               20060401
Brandon                                                               360                 103,500.00               20050801
Dunedin                                                               360                 125,600.00               20051101
Tampa                                                                 360                 500,000.00               20060301
Marietta                                                              360                 173,800.00               20060301
Woodstock                                                             360                 309,600.00               20060401
Buford                                                                360                 172,000.00               20060401
Stockbridge                                                           360                  80,000.00               20060301
Virginia Beach                                                        360                 156,375.00               20060301
Cicero                                                                360                 112,000.00               20060301
PALM BEACH GARDENS                                                    360                 325,600.00               20060401
ALEXANDRIA                                                            360                 260,950.00               20060401
Roanoke                                                               360                 124,000.00               20060401
Reisterstown                                                          360                 364,000.00               20060301
MELBOURNE                                                             360                 192,500.00               20060301
SHERWOOD                                                              360                 262,500.00               20060501
BEDFORD                                                               360                 498,000.00               20060401
Arlington                                                             360                 472,500.00               20060401
Glenn Dale                                                            360                 304,000.00               20060401
PALM BAY                                                              360                 168,000.00               20060301
SAINT AUGUSTINE                                                       360                 135,000.00               20060401
Lauderhill                                                            360                 272,000.00               20060301
BRENTWOOD                                                             360                 210,000.00               20060401
Benicia                                                               360                 470,000.00               20060401
ORLANDO                                                               360                 490,000.00               20060401
WEST BABYLON                                                          360                 312,000.00               20060501
FREDERICK                                                             360                 194,000.00               20060401
Oxnard                                                                360                 435,000.00               20060301
SAN BERNARDINO                                                        360                 215,000.00               20060301
APPLE VALLEY                                                          360                 318,500.00               20060201
Gahanna                                                               360                 135,600.00               20051101
COLUMBUS                                                              360                 162,500.00               20050901
COLUMBUS                                                              360                 172,250.00               20050901
Westerville                                                           360                 109,200.00               20060101
Westerville                                                           360                 109,550.00               20051201
COLUMBUS                                                              360                 185,250.00               20051001
Salt Lake City                                                        360                  97,300.00               20060401
Park City                                                             360                 279,500.00               20060401
MIDWAY                                                                360                 400,000.00               20060101
Park City                                                             360                 351,200.00               20060501
Oradell                                                               360               1,000,000.00               20060301
KALAMAZOO                                                             360                 169,000.00               20051101
Union                                                                 360                 235,000.00               20060301
Zellwood                                                              360                 122,250.00               20060301
Delray Beach                                                          360                 106,400.00               20051201
Gainesville                                                           360                 116,000.00               20060401
Ocoee                                                                 360                 215,000.00               20060401
Ocoee                                                                 360                 108,000.00               20060301
Temple Hills                                                          360                 104,000.00               20060401
Glenwood                                                              360                 927,500.00               20060401
Bowie                                                                 360                 577,000.00               20060301
Villa Rica                                                            360                  83,300.00               20060401
Deland                                                                360                 464,000.00               20060301
Wesley Chapel                                                         360                 196,000.00               20060201
Newport News                                                          360                  52,000.00               20060401
Baltimore                                                             360                 136,000.00               20060301
Washington                                                            360                 255,000.00               20060301
Maitland                                                              360                 188,500.00               20060301
Rosemount                                                             360                 679,900.00               20060301
Minneapolis                                                           360                  77,000.00               20060301
WILLIS                                                                360                 128,000.00               20060401
Houston                                                               360                 116,800.00               20060401
HILO                                                                  360                 160,000.00               20060401
SANTA ROSA                                                            360                 112,000.00               20060301
LEWISVILLE                                                            360                  74,000.00               20060401
Harahan                                                               360                 160,000.00               20051001
LUBBOCK                                                               360                  46,800.00               20060301
THE WOODLANDS                                                         360                 101,140.00               20060401
DESOTO                                                                360                  85,520.00               20060301
BATON ROUGE                                                           360                 104,000.00               20060301
GREEN BAY                                                             360                 116,000.00               20060401
LEWISVILLE                                                            360                  74,000.00               20060401
WILLIS                                                                360                  89,600.00               20060401
RACINE                                                                360                  52,000.00               20060301
Houston                                                               360                 110,000.00               20060301
LEWISVILLE                                                            360                  74,000.00               20060401
The Woodlands                                                         360                  96,719.00               20060401
LEAGUE CITY                                                           360                 126,000.00               20060301
DURHAM                                                                360                  85,000.00               20060401
PEARLAND                                                              360                 115,200.00               20060401
OCEAN SPRINGS                                                         360                  96,880.00               20050801
Spring                                                                360                 192,000.00               20060301
JONESBOROUGH                                                          360                 104,648.00               20050501
Fountain Valley                                                       360                 559,000.00               20060301
San Gabriel                                                           360                 494,000.00               20060401
MESA                                                                  360                  65,000.00               20051101
Phoenix                                                               360                 240,000.00               20060301
Peoria                                                                360                 624,000.00               20060401
SUMMIT                                                                360                 228,000.00               20060401
Bourbonnais                                                           360                 273,600.00               20060301
Northbrook                                                            360                 328,000.00               20060301
Franklin                                                              360                 132,600.00               20051201
Osakis                                                                360                 248,000.00               20060301
Coon Rapids                                                           360                 177,600.00               20060401
ST LOUIS                                                              360                 113,400.00               20060401
CONWAY                                                                360                  43,200.00               20060401
LONGVIEW                                                              360                  67,200.00               20060401
DALLAS                                                                360                  40,000.00               20060301
JACKSONVILLE                                                          360                  68,900.00               20060401
LONGVIEW                                                              360                  63,200.00               20060401
LONGVIEW                                                              360                  67,200.00               20060401
DALLAS                                                                360                  66,000.00               20060301
TYLER                                                                 360                 111,600.00               20060201
AZLE                                                                  360                 300,000.00               20060301
JACKSONVILLE                                                          360                  68,900.00               20060301
JACKSONVILLE                                                          360                  68,900.00               20060401
HOUSTON                                                               360                 112,500.00               20060401
Bloomington                                                           360                 242,400.00               20060401
Silverthorne                                                          360                 147,200.00               20060401
Boulder                                                               360                 215,000.00               20060301
Haiku                                                                 360                 424,000.00               20060301
Parker                                                                477                 470,203.00               20060201
Philadelphia                                                          360               1,040,000.00               20060301
Long Beach                                                            360                 280,000.00               20060201
Los Angeles                                                           360                 205,000.00               20060301
Los Angeles                                                           360                 498,500.00               20060201
New Preston Marble Dale                                               360                 483,400.00               20060201
Riverside                                                             360                 450,000.00               20060101
Santa Barbara                                                         360                 460,000.00               20060101
Tarzana                                                               360               1,330,000.00               20060301
Arlington                                                             360                 100,000.00               20060101
Los Angeles                                                           360                 519,350.00               20060301
Pebble Beach                                                          360               1,782,450.00               20060301
Merrimac                                                              360                  95,500.00               20060301
Kansas City                                                           360                 468,750.00               20060201
Staten Island                                                         360                 321,600.00               20060301
Venice                                                                360                 585,000.00               20060301
Stockton                                                              360                 316,000.00               20060301
San Diego                                                             360                 454,392.00               20060301
Orlando                                                               360                 128,000.00               20060201
Ocean Springs                                                         360                  66,400.00               20060301
Ventura                                                               360                 570,000.00               20060301
Albuquerque                                                           360                 112,000.00               20060301
Phoenix                                                               360                 132,000.00               20060201
La Quinta                                                             360                 465,000.00               20060401
Stevensville                                                          360                  88,000.00               20060301
San Diego                                                             360                 617,500.00               20060301
Palos Verdes Peninsula                                                360                 800,000.00               20060201
Delray Beach                                                          360                 822,200.00               20060301
Indian Orchard                                                        360                 160,000.00               20060401
Cashiers Townshi[p                                                    360                  65,280.00               20060401
Las Vegas                                                             360                 134,000.00               20060301
Niles                                                                 360                  55,600.00               20060301
Glendale                                                              360                 152,000.00               20051201
Palmdale                                                              360                 528,000.00               20060301
Anaheim                                                               360                 676,000.00               20060301
Phelan                                                                360                 305,898.00               20060401
Pearl City                                                            360                 220,000.00               20051201
Long Beach                                                            360                 832,500.00               20060301
Brockton                                                              360                 244,800.00               20060301
Dallas                                                                360                  57,200.00               20060301
Rockville                                                             360                 513,750.00               20060301
Ocala                                                                 360                  72,000.00               20060301
Chesterfield                                                          360                 137,150.00               20060301
Cypress                                                               360                 226,000.00               20060301
Dallas                                                                360                  42,000.00               20060401
CAIRO                                                                 360                  42,075.00               20060401
Laredo                                                                360                 183,200.00               20060401
Tallahassee                                                           360                  84,890.00               20060401
Houston                                                               360                  67,275.00               20060301
Saint Louis                                                           360                 188,400.00               20051201
KANKAKEE                                                              360                  48,000.00               20060401
Palm Bay                                                              360                 108,615.00               20060101
Katy                                                                  360                 104,000.00               20060301
Bryan                                                                 360                  56,907.00               20060301
DALLAS                                                                360                  52,500.00               20060401
Crystal City                                                          360                  48,000.00               20060401
Oklahoma City                                                         360                  58,873.00               20060201
RINGGOLD                                                              360                 106,000.00               20060401
Jacksonville                                                          360                 132,000.00               20060401
Summerville                                                           360                 124,000.00               20060301
Jacksonville                                                          360                  76,000.00               20060301
Nashville                                                             360                  42,000.00               20060301
Tulsa                                                                 360                  60,000.00               20060401
Kennesaw                                                              360                 112,000.00               20060201
Kennesaw                                                              360                 124,000.00               20060201
Flagler Beach                                                         360                 235,000.00               20060301
Orlando                                                               360                 153,000.00               20060101
Ft Lauderdale                                                         360                 460,000.00               20060301
LONG BEACH TOWNSHIP                                                   360                 150,000.00               20060401
Ball Ground                                                           360                 299,600.00               20060201
LINCOLN                                                               360                 105,200.00               20051201
HARRISON                                                              360                  34,000.00               20051201
MERIDIAN                                                              360                 165,320.00               20060101
CHICAGO                                                               360                 100,400.00               20060101
BALTIMORE                                                             360                 112,800.00               20051201
MADISON                                                               360                 124,500.00               20051101
GLENDALE                                                              360                 151,200.00               20051201
NORTH BERGEN                                                          360                 263,200.00               20051201
LAKEWOOD                                                              360                 136,000.00               20051201
BELLEVILLE                                                            360                 211,850.00               20051101
NEW CASTLE                                                            360                 130,350.00               20051201
Tolleson                                                              360                 111,100.00               20060301
Thornton                                                              360                 136,500.00               20060301
Los Angeles                                                           360                 438,750.00               20060401
Lancaster                                                             360                 850,000.00               20060301
ESCONDIDO                                                             360                 160,000.00               20051001
Broken Arrow                                                          360                  93,750.00               20060401
Jacksonville                                                          360                  68,800.00               20060301
Benton                                                                360                 108,000.00               20060101
Broken Arrow                                                          360                  93,750.00               20060401
Broken Arrow                                                          360                  93,750.00               20060401
Philadelphia                                                          480                 112,000.00               20060401
Broken Arrow                                                          360                  93,750.00               20060401
Broken Arrow                                                          360                  93,750.00               20060401
Garden Grove                                                          360                 297,000.00               20060401
Sacramento                                                            360                 320,000.00               20060101
Bakersfield                                                           360                  73,000.00               20060101
Gulfport                                                              360                 155,000.00               20051201
kyle                                                                  360                 116,356.00               20060301
Shreveport                                                            360                 120,000.00               20060301
Lakewood                                                              360                 188,000.00               20060401
akron                                                                 360                  60,000.00               20060401
portland                                                              360                 203,000.00               20060401
conley                                                                360                  78,800.00               20060301
santa fe                                                              360                 640,000.00               20060401
yers                                                                  360                 159,900.00               20060401
Cleveland                                                             360                  77,700.00               20060401
houston                                                               360                 112,000.00               20060401
gresham                                                               360                  98,800.00               20060301
houston                                                               360                  68,800.00               20060301
post falls                                                            360                 138,400.00               20060301
houston                                                               360                 125,600.00               20060401
cleveland                                                             360                  77,700.00               20060401
independence                                                          360                 118,000.00               20060401
AKRON                                                                 360                  60,000.00               20060401
richmond                                                              360                 155,395.00               20060301
akron                                                                 360                  53,600.00               20060401
fort meyers                                                           360                  74,500.00               20060401
Cleveland                                                             360                  77,700.00               20060401
cleveland                                                             360                  77,700.00               20060401
CHELSEA                                                               360                 137,520.00               20060401
SPRING                                                                360                 417,000.00               20060201
Fountain                                                              360                 108,000.00               20060401
Arvada                                                                360                 174,400.00               20051201
Denver                                                                360                 168,000.00               20060301
Hillsborough                                                          360               1,673,000.00               20060401
BEALETON                                                              360                 421,400.00               20060401
WEST CHESTER                                                          360                 192,113.00               20060301
RISING SUN                                                            360                 287,092.00               20060401
LUMBERTON                                                             360                 216,850.00               20060201
PITTSTOWN                                                             360                 650,000.00               20060401
ELLICOTT CITY                                                         360                 636,200.00               20060301
Sacramento                                                            360                 252,400.00               20060301
Oakland                                                               360                 399,750.00               20060401
Tallahassee                                                           360                  76,310.00               20060401
Orlando                                                               360                 472,500.00               20060301
Tampa                                                                 360                 207,200.00               20051201
Gilbert                                                               360                 705,000.00               20060401
Surprise                                                              360                 215,900.00               20060201
Mesa                                                                  360                 192,000.00               20060401
Pottstown                                                             360                 575,000.00               20060301
Collegeville                                                          360                 429,000.00               20060401
Hastings                                                              360               1,592,500.00               20060301
Washington                                                            360                 288,000.00               20060301
COVINGTON                                                             360                 108,000.00               20060301
LAKELAND                                                              360                 124,900.00               20060201
UNION CITY                                                            360                 114,080.00               20060201
Dallas                                                                360                  80,000.00               20060101
GRIFFIN                                                               360                 109,600.00               20060201
Suwanee                                                               360               1,950,000.00               20060301
AUSTELL                                                               360                 138,300.00               20060201
Hampton                                                               360                 118,388.00               20060301
EUHARLEE                                                              360                 108,000.00               20060201
MARIETTA                                                              360                 448,000.00               20060301
DECATUR                                                               360                  77,520.00               20060301
UNION CITY                                                            360                  93,352.00               20060201
KENNESAW                                                              180                  91,150.00               20051201
VILLA RICA                                                            360                 140,250.00               20060201
TEMPLE                                                                360                 116,560.00               20060301
Dallas                                                                360                 148,000.00               20060201
MCDONOUGH                                                             360                 146,400.00               20060201
Riverdale                                                             360                 116,647.00               20060401
CANTON                                                                360                 125,000.00               20060201
NORCROSS                                                              360                 168,400.00               20060301
SNELLVILLE                                                            360                 157,410.00               20060301
SUGAR HILL                                                            360                 118,400.00               20060301
McDonough                                                             360                 209,255.00               20060101
JONESBORO                                                             360                 129,357.00               20060301
COLLEGE PARK                                                          360                  77,630.00               20060201
JONESBORO                                                             360                  87,500.00               20060301
HIRAM                                                                 360                 200,880.00               20060301
HAMPTON                                                               360                 111,680.00               20060201
NORCROSS                                                              360                 168,000.00               20060301
FAIRBURN                                                              360                 178,912.00               20060301
DACULA                                                                360                 142,256.00               20060301
Hartwell                                                              360                 450,000.00               20060201
Lithia Springs                                                        360                  63,320.00               20060201
Powder Springs                                                        360                 185,865.00               20060201
RIVERDALE                                                             360                 111,192.00               20060201
ACWORTH                                                               360                 152,000.00               20050901
CANTON                                                                360                 138,400.00               20060301
CARTERSVILLE                                                          360                 120,320.00               20060301
KINGSTON                                                              360                 287,360.00               20060301
MANHATTAN BEACH                                                       360                 312,500.00               20060101
GARDEN GROVE                                                          360                 464,000.00               20060401
WASHINGTON                                                            180                 200,000.00               20060101
SAN PEDRO                                                             360                 455,000.00               20060101
LAS VEGAS                                                             360                 119,600.00               20060301
VAN NUYS                                                              360                 440,000.00               20060101
PALOS VERDES ESTATES                                                  360                 451,750.00               20060401
INGLEWOOD                                                             360                 165,000.00               20060101
PINEHURST                                                             360                 434,000.00               20060301
GARDEN GROVE                                                          360                 265,800.00               20060301
NORWALK                                                               360                 240,000.00               20060101
Las Vegas                                                             360                 196,000.00               20060301
CRANBERRY TWP                                                         360                 224,000.00               20060401
RIVERSIDE                                                             360                 292,000.00               20060401
Rialto                                                                360                 225,000.00               20060101
CORAL GABLES                                                          360                  93,000.00               20060301
PHILADELPHIA                                                          360                  85,500.00               20060201
YUCAIPA                                                               360                 271,600.00               20060101
REDONDO BEACH                                                         360                 500,000.00               20060101
MIAMI                                                                 360                 228,000.00               20060301
RED BLUFF                                                             360                 325,000.00               20060401
REDONDO BEACH                                                         360                 465,000.00               20060401
Los Angeles                                                           180                 715,000.00               20060101
NEWTON                                                                360                  59,750.00               20060401
ETIWANDA                                                              360                 880,000.00               20060401
Hilaleah                                                              360                 150,000.00               20060401
LAS VEGAS                                                             360                 214,160.00               20060401
LOS ANGELES                                                           360                 706,500.00               20060401
FOUNTAIN VALLEY                                                       360                 445,250.00               20060101
GALENA                                                                360                 121,000.00               20060401
MEDINA                                                                360                 211,250.00               20060401
ONTARIO                                                               360                 120,000.00               20051201
CHICAGO                                                               360                 116,000.00               20060301
Rolling Meadows                                                       360                 245,900.00               20060201
Head Of The Harbor                                                    360               1,125,000.00               20060401
SAINT LOUIS                                                           360                 115,360.00               20060401
Saint Louis                                                           360                 211,735.00               20060101
Dallas                                                                360                  86,923.00               20060101
LOUISVILLE                                                            360                  62,400.00               20060301
DALLAS                                                                360                 206,000.00               20060501
Houston                                                               360                 124,188.00               20060101
HOUSTON                                                               360                 111,647.00               20060201
Fort Worth                                                            360                 131,976.00               20060301
Denton                                                                360                  80,000.00               20060201
Louisville                                                            360                  50,400.00               20060301
Weatherford                                                           360                 126,400.00               20060101
HOUSTON                                                               360                 103,000.00               20060201
Gunter                                                                360                  90,400.00               20051201
Louisville                                                            360                  54,000.00               20060301
HOUSTON                                                               360                  86,730.00               20060201
Louisville                                                            360                  51,300.00               20060301
Bowling Green                                                         360                  86,000.00               20060101
DENTON                                                                360                 159,200.00               20060401
Valrico                                                               360                 168,000.00               20060201
Gahanna                                                               360                 127,920.00               20060201
GILLESPIE                                                             360                  60,800.00               20060401
Krum                                                                  360                 388,000.00               20060301
WARSAW                                                                360                  56,720.00               20060301
Sanger                                                                360                  98,312.00               20051101
Cahokia                                                               360                  32,400.00               20060301
Cahokia                                                               360                  32,400.00               20060301
Cahokia                                                               360                  32,400.00               20060301
Stephenville                                                          360                 675,000.00               20060301
Lewisville                                                            360                  84,800.00               20060101
Little Elm                                                            360                 153,862.00               20060201
Itasca                                                                360                  92,000.00               20060101
Alvarado                                                              360                 144,000.00               20060301
NORWALK                                                               180                 117,500.00               20060201
burlingame                                                            360               1,820,000.00               20060301
Chattanooga                                                           360                  50,800.00               20060301
Cumming                                                               360                 135,416.00               20060301
Elberta                                                               360                 144,000.00               20060301
Mt Pleasant                                                           360                 513,000.00               20060401
Dallas                                                                360                  92,288.00               20060301
Yulee                                                                 360                 185,100.00               20060401
Kennesaw                                                              360                 166,800.00               20060301
Chelsea                                                               360                 123,920.00               20060401
Atlanta                                                               360                 116,800.00               20060401
Gainesville                                                           360                 147,200.00               20060401
Gulf Shores                                                           360                 154,000.00               20060401
RANCHO CUCAMONGA                                                      360                 592,072.00               20060201
APPLE VALLEY                                                          360                 321,592.00               20060401
BAKERSFIELD                                                           360                 398,790.00               20060201
ROSEVILLE                                                             360                 573,416.00               20060301
LANCASTER                                                             360                 497,840.00               20060201
APPLE VALLEY                                                          360                 295,912.00               20060301
HOUSTON                                                               360                  91,865.00               20060301
DENTON                                                                360                 139,687.00               20060201
JACKSONVILLE                                                          360                 172,952.00               20060401
NORTH LAS VEGAS                                                       360                 375,817.00               20060401
LAS VEGAS                                                             360                 256,372.00               20060301
NAPLES                                                                360                 417,000.00               20060301
ORLANDO                                                               360                 244,440.00               20060301
NORTH LAS VEGAS                                                       360                 517,833.00               20060201
RIVERVIEW                                                             360                 185,185.00               20060301
JACKSONVILLE                                                          360                 177,400.00               20060401
LAS VEGAS                                                             360                 545,564.00               20060401
Caldwell                                                              360                  84,000.00               20060301
Muskogee                                                              360                 128,800.00               20060101
Caldwell                                                              360                  55,920.00               20060301
Colorado Springs                                                      360                 219,600.00               20060301
WEST JORDAN                                                           360                 129,600.00               20060401
COLORADO SPRINGS                                                      360                 122,400.00               20060401
WEST VALLEY CITY                                                      360                  80,000.00               20060401
SAINT GEORGE                                                          360                 146,150.00               20060401
Roosevelt                                                             360                 270,000.00               20060301
Aurora                                                                360                  71,200.00               20060301
EAGLE MOUNTAIN                                                        360                 172,000.00               20060401
Norwich                                                               360                 148,500.00               20060301
Temecula                                                              360                 519,200.00               20060301
Murrieta                                                              360                 527,200.00               20060301
Murrieta                                                              360                 556,000.00               20060201
SPRINGFIELD                                                           360                  68,800.00               20060101
SOUTHBRIDGE                                                           360                 212,000.00               20060301
MANCHESTER                                                            360                 140,000.00               20060401
Lebanon                                                               360                  92,100.00               20060301
Roseville                                                             360                  68,000.00               20060301
Westminster                                                           360                 171,920.00               20060301
Norcross                                                              360                 152,000.00               20060201
Henryetta                                                             360                  58,000.00               20060401
Wichita                                                               360                  68,000.00               20060301
Humble                                                                360                  69,200.00               20060401
Detroit                                                               360                  81,600.00               20060301
Williamsburg                                                          360                 230,000.00               20060301
Columbia                                                              360                  60,000.00               20060301
Canton                                                                360                  92,400.00               20060301
Garland                                                               360                  88,420.00               20060301
Newark                                                                360                 342,400.00               20060301
Littleton                                                             360                 191,200.00               20060301
Santa Monica                                                          360               1,050,000.00               20060301
SCOTTSDALE                                                            360                 536,250.00               20060401
COLUMBIA                                                              360                 111,920.00               20060301
THOUSAND OAKS                                                         360                 650,000.00               20060401
Chino                                                                 360                 417,000.00               20060301
Apple Valley                                                          360                 215,000.00               20060301
TUSTIN                                                                360                 487,579.00               20060201
APPLE VALLEY                                                          360                 256,000.00               20060101
APPLE VALLEY                                                          360                 256,000.00               20060101
PLEASANT HILL                                                         360                 664,000.00               20060101
QUARTZ HILL ARE                                                       360                 340,000.00               20051201
LOS ANGELES                                                           360                 197,000.00               20060101
Williamsburg                                                          360                 311,000.00               20060401
Ft Washington                                                         360                 220,000.00               20060301
Lynchburg                                                             360                 121,600.00               20060301
College Park                                                          360                 102,750.00               20060201
College Park                                                          360                 208,371.00               20060301
Monroe                                                                360                  80,000.00               20060301
Marietta                                                              360                  58,100.00               20060201
Union City                                                            360                  83,433.00               20060201
Phoenix                                                               360                 240,000.00               20060401
El Mirage                                                             360                 157,500.00               20060401
Show Low                                                              360                 164,000.00               20060401
North Las Vegas                                                       360                  37,500.00               20060301
Colorado Springs                                                      360                 147,630.00               20060201
Shawnee                                                               360                  52,500.00               20060401
Shawnee                                                               360                  53,200.00               20060401
Long Beach                                                            360                 130,000.00               20060401
Fort Worth                                                            360                  54,600.00               20060401
Federal Way                                                           360                 192,000.00               20060301
ALBUQUERQUE                                                           360                 158,200.00               20060301
PHOENIX                                                               360                 150,400.00               20060401
SCOTTSDALE                                                            360                 236,000.00               20060401
SAN LUIS                                                              360                 124,000.00               20060301
PHOENIX                                                               360                 263,600.00               20060401
Glendale                                                              360                 277,500.00               20060401
Phoenix                                                               480                  76,000.00               20060401
QUEEN CREEK                                                           360                 177,372.00               20060401
Albuquerque                                                           360                 162,470.00               20060301
ALBUQUERQUE                                                           360                 155,000.00               20060301
Salisbury                                                             360                  52,720.00               20060301
Winston Salem                                                         360                  44,800.00               20060201
Winston Salem                                                         360                  59,085.00               20060301
Conyers                                                               360                 148,080.00               20060301
Winston                                                               360                  89,499.00               20060401
Winston Salem                                                         360                  29,600.00               20060301
Hoschton                                                              360                 450,000.00               20060201
Mckinney                                                              360                 108,800.00               20060301
Allen                                                                 360                 249,600.00               20060301
Arlington                                                             360                 135,920.00               20060301
Mckinney                                                              360                 348,000.00               20060301
Lewisville                                                            360                 100,816.00               20060301
Kimberly                                                              360                 140,000.00               20060301
Kiawah Island                                                         360                 270,000.00               20060301
CONYERS                                                               360                  74,160.00               20060401
BRUNSWICK                                                             360                 350,000.00               20060201
COLUMBUS                                                              360                  59,500.00               20051001
KISSIMMEE                                                             360                 144,000.00               20051001
ORLANDO                                                               360                 140,000.00               20051001
CHARLOTTE                                                             360                 102,800.00               20050901
WAYCROSS                                                              360                  54,300.00               20050801
CHARLOTTE                                                             360                  63,375.00               20050801
PITTSBURGH                                                            360                  85,600.00               20050801
ORLANDO                                                               360                  67,500.00               20050801
JACKSONVILLE                                                          360                 240,000.00               20051001
GOOSE CREEK                                                           360                  91,000.00               20050801
SATELLITE BEACH                                                       360                 450,000.00               20051101
TAMPA                                                                 360                 129,000.00               20050901
DUMFRIES                                                              360                 244,000.00               20051001
BOYCE                                                                 180                  65,000.00               20050801
WEST PALM BEACH                                                       360                 189,900.00               20051001
OGDEN                                                                 360                  46,050.00               20050801
FAIRFAX STATION                                                       360                 650,000.00               20051101
SAGINAW                                                               360                 140,000.00               20051001
PEORIA                                                                360                 176,000.00               20050901
KISSIMMEE                                                             360                 154,400.00               20051001
WAXHAW                                                                360                 153,000.00               20051101
SCOTTSDALE                                                            360                 406,000.00               20050901
NORTH PORT                                                            360                 230,000.00               20051001
JASPER                                                                360                 217,000.00               20050801
STATESBORO                                                            360                 175,000.00               20051101
TAMPA                                                                 360                 126,000.00               20051101
BOULDER                                                               360                 270,000.00               20050901
ORLANDO                                                               360                 240,000.00               20051001
NAPLES                                                                360                 303,750.00               20050901
Dover                                                                 180                 248,000.00               20050701
ORLANDO                                                               360                 217,000.00               20051001
Fitzgerald                                                            180                  66,500.00               20050701
ORLANDO                                                               360                 131,600.00               20051001
CHARLOTTE                                                             360                 220,000.00               20051001
PALM SPRINGS                                                          180                 132,000.00               20050801
SUGAR HILL                                                            360                 135,000.00               20050901
HARTWELL                                                              360                  96,000.00               20051101
ORLANDO                                                               360                 164,800.00               20051101
ALEXANDRIA                                                            360                 552,000.00               20051001
FREDRICKSBERG                                                         360                 395,000.00               20050801
CAMDEN WYOMING                                                        360                 190,000.00               20050701
LOS ANGELES                                                           180                 367,000.00               20050701
LAWRENCEVILLE                                                         360                 312,000.00               20050801
PITTSBURGH                                                            360                 128,000.00               20050801
IRMO                                                                  360                 177,600.00               20050801
KISSIMMEE                                                             360                 148,800.00               20051001
NEWPORT NEWS                                                          180                 166,400.00               20050901
RALEIGH                                                               180                 182,500.00               20051001
KISSIMMEE                                                             360                 148,000.00               20050801
Miami                                                                 360                 172,800.00               20060201
Warren                                                                360                 112,000.00               20060101
LANSING                                                               360                 126,400.00               20060301
Aldan                                                                 360                 131,400.00               20060301
Phila                                                                 120                 135,000.00               20060101
Doylestown                                                            360                 542,500.00               20060401
Lake Harmony                                                          360                 226,000.00               20051101
Philadelphia                                                          360                 156,688.00               20060301
Devon                                                                 360                 620,750.00               20060301
Dover                                                                 360                 153,600.00               20060301
Blackwood                                                             360                 148,792.00               20060401
Bear                                                                  360                 214,400.00               20060301
Pleasantville                                                         360                 208,000.00               20060301
Pleasantville                                                         360                 120,000.00               20060401
Marcus Hook                                                           360                  65,600.00               20060401
Pine Hill                                                             360                 107,600.00               20060401
Fort Washington                                                       360                 453,000.00               20060401
Wilmington                                                            360                 296,000.00               20060301
Philadelphia                                                          360                 380,000.00               20060301
Norristown                                                            360                 107,200.00               20060301
Wilmington                                                            360                  64,400.00               20060401
WOOLRICH                                                              360                 366,700.00               20060301
Wilmington                                                            360                 731,500.00               20060301
Philadelphia                                                          360                 475,000.00               20060401
MIRAMAR                                                               360                 329,000.00               20050901
SAN DIEGO                                                             360                 324,000.00               20060301
BELL GARDENS                                                          360                 331,500.00               20060401
GRAND PRAIRIE                                                         360                 250,601.00               20060301
NORFOLK                                                               360                  63,200.00               20060301
VIRGINIA BCH                                                          360                 320,000.00               20060401
JACKSONVILLE                                                          360                 163,200.00               20060301
ST AUGUSTINE                                                          360                 168,800.00               20060401
Monticello                                                            360               1,500,000.00               20060301
BALTIMORE                                                             360                  65,000.00               20060401
VIRGINIA BEACH                                                        360                 176,000.00               20060301
DAVENPORT                                                             360                  56,175.00               20060401
ATL                                                                   360                 280,000.00               20060401
Des Moines                                                            360                  53,625.00               20060301
Stafford                                                              360                 384,000.00               20060401
RICHMOND                                                              360                  96,000.00               20060401
DECATUR                                                               360                 116,000.00               20060401
Lenigh                                                                360                 155,700.00               20060301
CEDAR RAPIDS                                                          360                  72,500.00               20060301
HUXLEY                                                                360                 138,720.00               20060301
Middletown                                                            360                 624,000.00               20060401
MYRTLE BEACH                                                          360                 176,850.00               20051001
BAYVIEW                                                               360                 275,000.00               20060301
HOMER GLEN                                                            360                 275,000.00               20051101
Chicago                                                               360                 356,000.00               20051201
Phoenix                                                               360                 142,400.00               20060301
PHOENIX                                                               360                 179,900.00               20060401
CHESAPEAKE                                                            360                 400,350.00               20060401
PETERSBURG                                                            360                 111,200.00               20060301
NEWPORT NEWS                                                          360                 136,000.00               20060301
Dallas                                                                360                  68,800.00               20051101
FORT WORTH                                                            360                  63,750.00               20060301
Plano                                                                 360                 188,800.00               20060401
Plano                                                                 360                  79,600.00               20060301
DALLAS                                                                360                 825,000.00               20060301
PLANO                                                                 360                 184,904.00               20060301
Hilton Head                                                           360                 210,000.00               20060401
JERSEY CITY                                                           360                 112,000.00               20030101
LAKE WORTH                                                            360                  86,450.00               20020301
FRESNO                                                                360                 110,700.00               20021101
SAVANNAH                                                              360                 134,900.00               20021201
DURHAM                                                                180                  48,000.00               20060301
Spring                                                                360                 103,500.00               20050101
GREENSBORO                                                            360                  57,400.00               20060201
TIVERTON                                                              360                 122,500.00               20060201
CEDAR CITY                                                            180                 154,284.00               20060101
SAVANNAH                                                              360                  66,500.00               20060201
NORMAN                                                                360                  62,200.00               20060101
CORCORAN                                                              360                  91,000.00               20060201
MIDWEST CITY                                                          180                  51,302.00               20060101
CARY                                                                  360                 159,500.00               20050901
CEDAR CITY                                                            180                 150,302.00               20060101
HAWAIIAN GARDENS                                                      360                 130,000.00               20060201
MIDWEST CITY                                                          180                  49,175.00               20060101
RICHMOND                                                              360                  51,750.00               20060201
HENDERSON                                                             360                 207,200.00               20060101
CHARLOTTESVILLE                                                       360                 135,000.00               20060201
FORT LAUDERDALE                                                       360                 228,750.00               20060201
TOLEDO                                                                360                  43,890.00               20060101
SAVANNAH                                                              360                  66,500.00               20060201
OKLAHOMA CITY                                                         180                  49,700.00               20060101
PALM HARBOR                                                           360                  50,000.00               20060201
DACULA                                                                360                 168,000.00               20060101
PALATINE                                                              360                 117,600.00               20060201
GLENDALE HEIGHTS                                                      360                 132,900.00               20060201
CATONSVILLE                                                           360                 188,800.00               20060201
KERNERSVILLE                                                          360                  72,484.00               20060201
CHARLOTTE                                                             360                  57,400.00               20060101
SAVANNAH                                                              360                  66,500.00               20060201
SAVANNAH                                                              360                  66,500.00               20060201
SAVANNAH                                                              360                  66,500.00               20060201
MANASSAS                                                              360                 234,000.00               20060101
NEWBERG                                                               180                 107,000.00               20051201
SAVANNAH                                                              360                  53,900.00               20060201
LONG BEACH                                                            180                 175,000.00               20051101
NEWBERG                                                               180                 106,000.00               20051201
DILLSBURG                                                             180                  50,500.00               20060201
DILLSBURG                                                             180                  50,001.00               20060201
FRANKLINTOWN                                                          180                  50,001.00               20060201
SAVANNAH                                                              360                  51,800.00               20060101
POMPANO BEACH                                                         360                 126,000.00               20060201
OKLAHOMA CITY                                                         180                  48,250.00               20060101
MIDWEST CITY                                                          180                  55,300.00               20060101
VISALIA                                                               360                 118,000.00               20051201
DOVER                                                                 180                  50,001.00               20060201
CHICAGO                                                               360                  98,000.00               20060201
LAUDERHILL                                                            360                 282,000.00               20051101
SEATTLE                                                               360                 250,000.00               20050101
CABOT                                                                 360                  54,000.00               20040801
KAILUA-KONA                                                           360                 271,000.00               20040801
BALDWIN PARK                                                          180                 155,200.00               20051201
FRESNO                                                                360                 162,000.00               20041001
BELGRADE                                                              360                 144,550.00               20040701
LANSDOWNE                                                             360                 114,300.00               20060201
SAN ANTONIO                                                           180                 138,040.00               20060201
CHICAGO                                                               360                  76,500.00               20060101
CHINO HILLS                                                           360                 390,000.00               20051101
LINCOLN CITY                                                          360                 150,950.00               20060301
LEAGUE CITY                                                           360                  63,934.00               20060101
VANCOUVER                                                             360                 160,928.00               20050501
INDIANAPOLIS                                                          360                 101,230.00               20050501
BELTSVILLE                                                            180                 336,000.00               20050601
FT THOMAS                                                             180                 136,000.00               20050601
NASHUA                                                                360                 201,600.00               20041001
ELFRIDA                                                               360                  90,900.00               20060101
HOUSTON                                                               180                 132,000.00               20050801
GLENDALE                                                              360                 194,800.00               20060201
APPLE VALLEY                                                          360                 156,000.00               20060101
SUN CITY                                                              180                  78,000.00               20050901
CONCORD                                                               360                 120,000.00               20021201

CITY1                                         PAYMENT                CURRENT_                   ORIGINAL_
                                                                     BALANCE                    LTV
--------------------------------------------------------------------------------------------------------------
HIALEAH                                            1,275.75                 226,800.00                  70.00
MCCLOUD                                            1,157.81                 195,000.00                  79.59
BETHESDA                                           2,348.96                 410,000.00                  60.29
Seymour                                              365.98                  50,191.97                  75.00
ARVADA                                               910.00                 168,000.00                  80.00
GARDEN CITY                                          682.50                 104,000.00                  80.00
CICERO                                               613.13                 107,019.36                  80.00
NORTH LAS VEGAS                                    1,100.00                 192,000.00                  71.11
GLEN ALLEN                                           910.00                 168,000.00                  70.00
HAMPTON                                              595.83                 104,000.00                  80.00
HICKORY CREEK                                      1,060.04                 195,700.00                  79.99
MIDDLEBURG                                         1,268.75                 203,000.00                  79.92
SACRAMENTO                                           787.50                 157,500.00                  70.00
ASHBURN                                            1,551.26                 303,920.00                  80.00
PORTLAND                                             379.96                  77,609.60                  56.52
SURPRISE                                           1,351.82                 223,750.00                  80.00
MIDLAND                                              473.23                  82,600.00                  70.00
PORTLAND                                             785.42                 129,999.99                  50.00
Holly Springs                                        782.17                 144,400.00                  80.00
MONROE                                               336.27                  37,877.49                  58.46
Edison                                             1,875.42                 216,277.39                  30.24
ALLEN                                              1,125.71                 132,941.29                  70.00
PAINESVILLE                                          661.61                  71,700.40                  80.00
NEWBERG                                              597.31                  67,282.38                  50.00
GOOSE CREEK                                          944.33                 103,127.66                  78.37
PLANTATION                                           619.44                  69,774.31                  19.44
RALEIGH                                              392.33                  41,874.54                  19.09
MARICOPA                                             935.69                 109,249.63                  42.73
MOUNTAIN TOP                                         278.10                  29,909.40                  54.55
BOISE                                              1,011.36                 113,038.33                  70.00
ALBANY                                               716.78                  73,324.46                  76.42
BIRMINGHAM                                           318.89                  34,296.11                  80.00
BROOKLYN                                           4,183.97                 443,186.76                  70.00
WARREN                                               539.21                  55,839.96                  80.00
Ridgeland                                            672.53                  75,754.97                  64.41
MONROE                                               338.90                  37,878.81                  60.32
AVONDALE                                           2,465.85                 265,196.65                  70.00
MONROE                                               410.79                  44,861.09                  69.23
SAN ANTONIO                                          287.09                  30,409.89                  67.78
SPARTANBURG                                          278.10                  29,818.23                  60.00
Crown Point                                          500.56                  65,020.85                  70.00
Nicholasville                                        530.00                  75,687.14                  79.99
Auburn                                               503.67                  59,870.54                  74.97
Auburn                                               626.57                  78,705.85                  75.00
CHESAPEAKE BEACH                                   1,535.40                 267,997.60                  70.00
WASHINGTON                                         1,527.33                 252,800.00                  80.00
MIAMI                                                800.87                 139,789.00                  80.00
WELLINGTON                                         4,885.42                 700,000.00                  70.00
HOUSTON                                              682.50                 126,000.00                  70.00
MEMPHIS                                              283.21                  35,979.29                  80.00
HAYDEN LAKE                                        1,312.06                 209,930.00                  70.00
Eatontown                                          1,491.68                 235,572.13                  80.00
FAIRFAX                                            2,384.77                 416,250.00                  75.00
SIMPSONVILLE                                         583.17                 105,630.00                  70.00
Las Cruces                                           598.50                 100,800.00                  70.00
TOLEDO                                               685.78                 115,500.00                  70.00
Seaside Heights                                    1,413.01                 222,375.00                  75.00
OLD ORCHARD BEACH                                    667.44                 101,514.64                  80.00
LEXINGTON PARK                                     1,608.75                 234,000.00                  80.00
ROCKVILLE                                            590.10                 103,000.00                  43.83
RICHMOND                                             630.00                 108,000.00                  80.00
Paterson                                           1,501.35                 248,500.00                  70.00
HARRISBURG                                           591.68                 115,920.00                  80.00
COLORADO SPRINGS                                     777.75                 122,400.00                  80.00
SAN ANTONIO                                          561.33                  76,448.67                  90.00
ERIE                                                 452.18                  60,860.16                  70.00
HAWLEY                                             1,085.97                 147,900.70                  80.00
ORLANDO                                            2,282.77                 347,850.00                  79.99
SAFETY HARBOR                                        991.89                 156,100.00                  70.00
Trenton                                              474.29                  62,361.21                  80.00
KALAMAZOO                                            434.23                  68,637.89                  76.33
RIO RANCHO                                           660.83                 104,000.00                  80.00
CHICAGO                                            1,600.16                 269,500.00                  70.00
SILVERTON                                          1,157.44                 209,650.00                  70.00
EAST HAMPTON                                       2,576.69                 449,750.00                  70.00
PIEDMONT                                           1,445.57                 227,500.00                  70.00
AKRON                                                318.14                  45,466.23                  70.00
CHICAGO                                            2,090.00                 352,000.00                  80.00
HOUSTON                                              594.90                  90,405.41                  80.00
CYPRESS                                            2,365.13                 333,900.00                  70.00
BARTLETT                                           1,185.87                 169,474.13                  80.00
SALT LAKE CITY                                       987.87                 175,622.05                  70.00
INDIANAPOLIS                                         818.17                 103,940.16                  80.00
WACO                                                 283.33                  40,000.00                  80.00
WINTER PARK                                          676.88                 114,000.00                  80.00
SALEM                                              1,045.33                 179,200.00                  80.00
TAMPA                                                562.50                 100,000.00                  80.00
LAKE CITY                                          1,371.98                 147,553.02                  89.70
MOUNT PLEASANT                                     2,019.94                 359,100.00                  70.00
TAKOMA PARK                                        2,200.00                 384,000.00                  80.00
GARDNER                                              862.75                 142,800.00                  70.00
SYRACUSE                                             285.86                  38,474.82                  70.00
WASHINGTON                                         2,819.87                 530,799.99                  69.84
MUKILTEO                                           1,868.11                 291,492.59                  75.00
CHICAGO                                            2,603.12                 416,499.99                  70.00
MEMPHIS                                              283.21                  35,979.29                  80.00
BRIARWOOD                                          1,637.22                 239,812.78                  77.42
WACO                                                 283.33                  40,000.00                  80.00
BRANDON                                            1,158.30                 155,856.25                  80.00
LOUISVILLE                                           466.67                  64,000.00                  80.00
MARGATE                                            1,599.95                 243,801.31                  80.00
SYRACUSE                                             775.85                  99,691.10                  75.00
Louisville                                           487.22                  66,355.45                  80.00
MESA                                                 876.67                 131,500.00                  69.98
CHICAGO                                            2,494.04                 352,100.00                  70.00
VIRGINIA BEACH                                     2,164.17                 296,800.00                  69.84
LOS BANOS                                          1,925.00                 336,000.00                  70.00
ORANGE PARK                                          800.00                 128,000.00                  80.00
LAS VEGAS                                          1,601.25                 244,000.00                  78.71
CLEVELAND                                            636.50                  91,200.00                  95.00
COTTAGE GROVE                                        761.65                 137,960.00                  80.00
TWIN FALLS                                           700.88                 124,600.00                  70.00
CHANTILLY                                          3,346.77                 515,555.73                  80.00
BOURBONNAIS                                          735.00                 112,000.00                  80.00
PASADENA                                           1,547.00                 218,400.00                  80.00
CHICAGO                                            1,312.14                 206,500.00                  70.00
DRAPER                                             4,826.23                 649,146.74                  76.47
CHICAGO                                            1,338.75                 189,000.00                  70.00
CINCINNATI                                         1,474.17                 232,000.00                  80.00
PLAINFIELD                                         1,217.73                 212,550.00                  79.99
BOILING SPRINGS                                      455.47                  82,500.00                  75.00
Delhi                                              1,871.09                 251,835.16                  80.00
Montebello                                         2,461.24                 351,738.76                  80.00
CLEVELAND                                            529.72                  73,700.00                  79.25
DENVER                                               885.00                 144,000.00                  80.00
GARDEN VALLEY                                      4,230.89                 519,723.28                  80.00
CHICAGO                                            2,949.39                 456,680.00                  70.00
PEMBROKE PINES                                     2,437.50                 300,000.00                  80.00
BURKE                                              2,266.67                 340,000.00                  80.00
NASHVILLE                                            540.34                  87,920.00                  80.00
GARFIELD HEIGHTS                                     603.75                  84,000.00                  77.78
CAPE CORAL                                         1,062.76                 185,500.00                  70.00
Hendersonville                                     1,517.71                 235,000.00                  79.66
EVERETT                                            1,880.83                 296,000.00                  80.00
SILVER SPRING                                      2,303.75                 388,000.00                  80.00
OVIEDO                                               689.06                 105,000.00                  70.00
JOHNSTON                                           1,866.67                 320,000.00                  80.00
PORTLAND                                           1,227.67                 203,200.00                  80.00
BROOKLYN                                           6,603.88                 899,396.12                  69.23
PEORIA                                             1,062.40                 164,500.00                  70.00
PANAMA CITY BEACH                                  7,324.85                 974,378.27                  65.00
CHESTER                                            1,395.75                 232,568.25                  80.00
DETROIT                                              483.00                  73,600.00                  80.00
Charlotte                                            587.33                 108,430.00                  70.00
FORT LAUDERDALE                                    1,998.28                 304,500.00                  70.00
MESA                                                 930.00                 148,800.00                  80.00
DANBURY                                            3,116.67                 440,000.00                  80.00
MARRERO                                              657.66                 103,500.00                  75.00
Indianapolis                                         284.65                  37,426.72                  70.00
HYATTSVILLE                                        2,170.00                 336,000.00                  80.00
Louisville                                           382.36                  51,700.00                  79.54
LOUISVILLE                                           761.11                 132,848.07                  70.00
LINCOLNTON                                           733.33                 127,999.58                  80.00
Lawrenceville                                      1,970.83                 344,000.00                  80.00
SANGER                                             1,236.67                 185,500.00                  70.00
PHOENIX                                            2,186.67                 328,000.00                  80.00
STERLING HEIGHTS                                     745.86                 135,100.00                  70.00
ABINGDON                                           2,246.73                 414,781.00                  85.00
GERMANTOWN                                         1,885.00                 348,000.00                  80.00
AURORA                                               708.33                 100,000.00                  78.13
TUCSON                                             1,375.00                 240,000.00                  78.18
Lafayette                                            555.39                  74,751.07                  80.00
MESA                                                 866.25                 154,000.00                  70.00
WINTER HAVEN                                         909.67                 136,450.00                  80.00
NORCROSS                                             666.75                 101,600.00                  80.00
KAWKAWLIN                                          1,002.48                 174,978.74                  79.55
CORONA                                             5,953.00                 892,950.00                  80.00
GRAVETTE                                             449.91                  62,755.67                  80.00
Charlotte                                            618.63                 106,050.00                  70.00
QUEEN CREEK                                        1,291.24                 210,100.00                  80.00
CHANDLER                                           1,059.56                 191,920.00                  80.00
BURTON                                               337.15                  53,060.00                  70.00
STREAMWOOD                                         1,574.30                 232,512.00                  80.00
MECHANICSBURG                                      1,495.07                 239,211.00                  80.00
OAKLAND                                            1,767.03                 339,269.43                  70.00
LAKE WORTH                                         4,320.40                 702,980.00                  80.00
SAINT LOUIS                                          570.05                  74,953.39                  69.44
FORT LAUDERDALE                                    2,321.56                 327,750.00                  95.00
Flowery Branch                                       482.31                  79,830.41                  31.37
MIAMI BEACH                                        1,556.77                 245,000.00                  70.00
Brooklyn                                           7,689.13                 996,984.83                  74.07
ATLANTIC BEACH                                     1,189.33                 178,400.00                  80.00
DETROIT                                              735.75                  96,739.83                  80.00
SAINT LOUIS                                        1,291.77                 167,898.23                  80.00
PANAMA CITY                                        7,381.57                 959,418.43                  80.00
COLUMBUS                                             420.00                  64,000.00                  80.00
Garner                                             1,812.50                 300,000.00                  80.00
STOCKTON                                           1,822.17                 342,997.20                  70.00
PANAMA CITY BEACH                                  1,812.50                 290,000.00                  64.44
DETROIT                                              498.26                  64,760.74                  80.00
NAPLES                                             2,338.99                 330,210.00                  90.00
AURORA                                               965.83                 152,000.00                  80.00
WOODBRIDGE                                         1,492.97                 220,500.00                  70.00
PORT SAINT LUCIE                                   1,802.79                 254,511.00                  90.00
Newark                                             1,801.95                 247,125.00                  75.00
SCOTTSDALE                                         1,832.92                 332,000.00                  80.00
GRANDVIEW                                            498.63                  59,241.43                  79.97
GARNER                                             1,193.99                 204,684.80                  80.00
PHOENIX                                            2,028.13                 354,000.00                  80.00
ORLANDO                                              958.75                 156,000.00                  80.00
MOORE                                                513.05                  89,550.00                  79.99
OCOEE                                              1,728.72                 251,450.00                  79.99
MEMPHIS                                              381.56                  50,168.79                  82.70
WACO                                                 283.33                  40,000.00                  80.00
TAMPA                                                855.25                 124,400.00                  80.00
PROVIDENCE                                         1,558.33                 220,000.00                  59.46
CHICAGO                                            1,584.38                 234,000.00                  86.67
Raleigh                                              502.40                  92,750.00                  70.00
PAHRUMP                                            1,436.60                 207,841.73                  80.00
JOHNSON CITY                                         532.76                  71,657.80                  80.00
ROCHESTER                                            213.50                  33,600.00                  74.67
KENOSHA                                              724.39                 103,523.11                  70.00
DAVIS                                                411.81                  43,490.65                  70.00
CHICAGO                                            1,030.05                 122,379.00                  70.00
BURBANK                                            1,234.09                 171,700.00                  85.00
SALEM                                                825.00                 132,000.00                  80.00
FLAGSTAFF                                          1,806.25                 255,000.00                  85.00
SILVER SPRING                                        876.75                 150,300.00                  80.00
SOUTH PADRE ISLAND                                 3,215.62                 489,999.99                  70.00
TAMPA                                              1,133.33                 160,000.00                  80.00
Hyde Park                                          1,857.92                 318,500.00                  70.00
LAKELAND                                             549.79                  81,200.00                  80.00
LONGMONT                                           1,493.17                 231,200.00                  80.00
WOODBRIDGE                                         2,203.67                 315,750.00                  80.00
NORTH CHARLESTON                                     612.68                 108,920.00                  70.00
STEVENSVILLE                                       2,562.81                 417,000.00                  56.35
LADSON                                               971.58                 123,428.94                  95.00
BROUSSARD                                            925.00                 148,000.00                  80.00
GERMANTOWN                                         2,428.12                 369,999.99                  80.00
VISTA                                              2,649.11                 423,857.00                  70.00
MAPLE GLEN                                         3,537.00                 459,721.33                  80.00
VISALIA                                              921.25                 132,000.00                  80.00
SAINT JOSEPH                                       1,411.36                 211,704.00                  79.59
TAMPA                                                786.67                 128,000.00                  80.00
BALTIMORE                                            267.75                  40,800.00                  80.00
POMPANO BEACH                                      1,265.83                 196,000.00                  80.00
CARSON                                             2,740.65                 432,813.91                  80.00
NORFOLK                                            1,841.66                 219,235.42                  75.34
STAFFORD                                           1,704.83                 308,800.00                  80.00
PHILADELPHIA                                         895.64                 141,443.09                  65.00
KISSIMMEE                                          1,995.00                 304,000.00                  80.00
DAYTON                                               431.98                  57,463.33                  76.67
CHANDLER                                           4,234.33                 635,150.00                  80.00
KENNESAW                                           1,062.85                 175,920.00                  80.00
CHICAGO                                            1,763.13                 273,000.00                  70.00
POQUOSON                                             439.17                  68,000.00                  26.15
STERLING                                           1,612.92                 276,500.00                  70.00
BROOKLYN                                           3,565.52                 510,880.00                  80.00
CINCINNATI                                           787.50                 120,000.00                  80.00
PASCO                                                765.48                 126,700.00                  70.00
ELGIN                                              1,400.64                 227,900.00                  79.99
MISSOULA                                             962.60                 135,901.57                  80.00
Pikeville                                            727.50                 116,400.00                  80.00
LEWISVILLE                                           669.38                 102,000.00                  85.00
WEST WARWICK                                       1,252.99                 179,067.01                  70.00
Passaic                                            2,085.42                 308,000.00                  70.00
LAND O LAKES                                       1,338.75                 238,000.00                  79.33
CARSON CITY                                        1,110.83                 172,000.00                  80.00
EASLEY                                             1,092.66                 166,500.00                  90.00
SPRING HILL                                        1,011.89                 131,520.28                  70.00
DEERFIELD BEACH                                    5,096.11                 718,954.47                  80.00
CLARKSTON                                            815.38                 115,116.62                  80.00
SLIDELL                                              598.50                 100,800.00                  70.00
NASHUA                                             1,903.12                 304,499.99                  70.00
LAS VEGAS                                          1,715.73                 235,300.00                  80.00
CHICAGO                                            1,212.50                 194,000.00                  61.59
Alameda                                            3,284.90                 595,000.00                  74.38
Bloomfield                                         2,043.10                 311,329.93                  80.00
DETROIT                                              372.38                  59,580.00                  90.00
MIDDLETOWN                                         2,215.31                 417,000.00                  77.67
GREENVILLE                                           332.50                  45,600.00                  80.00
REYNOLDSBURG                                         641.33                 118,400.00                  80.00
CANTON                                               389.77                  68,032.89                  68.50
SUN CITY WEST                                      1,938.75                 282,000.00                  80.00
BAKERSFIELD                                          880.93                 159,565.00                  70.00
CHICKASAW                                            312.44                  38,379.56                  80.00
TAMPA                                              3,417.82                 444,230.72                  70.00
ROCHESTER                                            493.24                  66,386.55                  70.00
Greensboro                                           346.67                  52,000.00                  80.00
Albuquerque                                        1,458.33                 200,000.00                  80.00
MARICOPA                                           1,914.60                 270,296.00                  80.00
OVIEDO                                             1,424.06                 220,500.00                  70.00
CHICAGO                                            1,720.83                 280,000.00                  80.00
South Plainfield                                   2,068.28                 325,500.00                  70.00
MEMPHIS                                              276.92                  35,179.75                  80.00
LOS ANGELES                                          791.38                 133,285.84                  40.45
NORTH WEBSTER                                        826.66                 123,999.68                  80.00
INDIO                                              1,932.92                 343,630.84                  80.00
HENDERSON                                          2,915.00                 424,000.00                  80.00
SPRINGDALE                                         1,290.00                 206,400.00                  80.00
BROOKLYN                                           2,882.69                 419,300.00                  70.00
SPRINGFIELD                                          772.20                 103,931.97                  80.00
CLINTON                                            1,784.47                 271,919.99                  80.00
Hampton                                              818.33                 122,750.00                  69.98
Wendell                                              658.67                 121,600.00                  80.00
CLINTON                                            1,755.00                 324,000.00                  80.00
SAINT PETERSBURG                                     570.94                 101,500.00                  70.00
JACKSONVILLE                                         480.00                  72,000.00                  80.00
Louisville                                         2,058.75                 324,000.00                  80.00
SUMMERVILLE                                          602.33                  96,373.00                  80.00
Newburgh                                           1,102.11                 151,895.39                  80.00
SYRACUSE                                             314.48                  47,920.00                  80.00
SYRACUSE                                             210.00                  32,000.00                  80.00
TOPEKA                                               226.54                  32,775.04                  80.00
EVANSTON                                           1,581.25                 276,000.00                  80.00
SILVER SPRING                                      2,878.91                 412,500.00                  75.00
BRONX                                              2,627.92                 371,000.00                  70.00
PARKLAND                                           7,150.90                 929,436.60                  75.00
Louisville                                           584.96                  86,394.26                  80.00
WOONSOCKET                                         1,145.83                 200,000.00                  77.52
Waxhaw                                               683.31                 119,268.00                  80.00
AUBURN                                               795.08                 131,600.00                  70.00
CAMDEN                                             1,747.77                 243,788.81                  78.96
BELTSVILLE                                         1,035.00                 184,000.00                  80.00
CHICAGO                                            1,652.08                 244,000.00                  80.00
PHOENIXVILLE                                         963.33                 136,000.00                  80.00
MIAMI                                              3,563.11                 463,115.28                  70.00
VALLEJO                                            1,861.88                 302,950.00                  73.00
SPRINGFIELD                                          690.55                  82,002.86                  75.00
LARGO                                                742.44                 118,790.00                  69.96
PORT TOBACCO                                       3,165.10                 515,000.00                  64.38
HIALEAH                                              910.00                 156,000.00                  80.00
MORENO VALLEY                                      2,316.93                 436,128.76                  70.00
CHICAGO                                            2,229.47                 310,980.36                  78.98
Worcester                                            993.01                 170,772.95                  69.84
PEORIA                                             1,155.00                 201,600.00                  80.00
DETROIT                                              266.71                  50,203.90                  80.00
COLUMBUS                                             420.99                  48,977.13                  70.00
BIRCHRUNVILLE                                      6,583.00                 960,414.47                  66.55
OAKTON                                             4,678.60                 768,731.92                  70.00
Newark                                             1,622.50                 264,000.00                  80.00
Atlanta                                              901.88                 144,300.00                  64.42
ROCHESTER                                          1,144.63                 207,329.00                  68.31
ROCHESTER                                          1,145.75                 207,532.00                  68.38
BROWNS VALLEY                                      2,704.17                 519,200.00                  80.00
QUEEN CREEK                                        1,607.21                 226,900.00                  79.98
DENVER                                               893.29                 155,920.00                  80.00
MAGNOLIA                                           1,944.00                 345,600.00                  80.00
HENDERSON                                          2,412.38                 454,095.20                  80.00
MISSION                                              704.78                 103,172.40                  75.00
Lawrenceville                                        723.33                 112,000.00                  80.00
Beverly                                            6,403.11                 999,117.72                  62.50
HOUSTON                                            1,225.54                 217,873.00                  80.00
PALM BAY                                           1,123.41                 158,599.47                  74.99
WASHINGTON                                         1,158.80                 170,441.22                  80.00
GARLAND                                              291.79                  56,024.00                  74.70
GARLAND                                              292.69                  56,197.00                  74.93
GARLAND                                              286.42                  54,991.97                  73.32
PORT SAINT LUCIE                                   1,685.19                 248,890.00                  95.00
WYANDANCH                                          1,443.72                 212,891.31                  95.00
CERES                                              1,088.65                 174,338.38                  51.02
DESERT HILLS                                       4,333.33                 640,000.00                  80.00
Nantucket                                          2,918.69                 449,612.56                  27.27
West Springfield                                   1,301.00                 181,471.83                  80.00
PHILADELPHIA                                         525.54                  79,932.79                  80.00
LIVERPOOL                                            600.21                  84,738.62                  80.00
BOSTON                                             2,595.47                 395,500.00                  70.00
ORLANDO                                            1,183.07                 206,500.00                  70.00
PHOENIX                                            1,561.85                 245,800.00                  70.00
MARCO ISLAND                                       5,666.43                 799,966.87                  80.00
LAS VEGAS                                            823.76                 131,801.25                  69.47
TAMPA                                                661.50                 117,600.00                  80.00
THE DALLES                                           527.98                  85,668.63                  70.00
COLUMBUS                                             831.25                 140,000.00                  80.00
CHICAGO                                            1,155.31                 151,905.52                  80.00
BEND                                               1,498.33                 248,000.00                  80.00
CINCINNATI                                           940.42                 148,000.00                  80.00
JACKSONVILLE                                         829.30                 144,750.00                  70.00
Visalia                                            1,589.35                 219,049.15                  80.00
NAPLES                                             1,549.50                 247,920.00                  80.00
SUN CITY                                           2,197.27                 383,524.00                  80.00
SUMMERVILLE                                          656.38                 106,800.00                  80.00
INDIANAPOLIS                                         255.42                  34,377.50                  80.00
DETROIT                                              729.17                 100,000.00                  80.00
COPIAGUE                                           1,870.31                 332,500.00                  70.00
STUART                                             1,159.00                 182,400.00                  80.00
LEBANON                                            1,247.75                 193,200.00                  70.00
ANTHEM                                             1,728.33                 272,000.00                  80.00
ROYAL PALM BEACH                                   2,000.00                 300,000.00                  78.74
DUMFRIES                                           3,225.00                 483,750.00                  75.00
CLEVELAND                                            438.78                  67,939.56                  80.00
CHICAGO                                            1,822.17                 301,600.00                  80.00
BRONX                                              2,625.91                 370,731.49                  70.00
GLENDALE                                           2,627.92                 476,000.00                  70.00
MORENO VALLEY                                      1,897.08                 314,000.00                  80.00
CHESTERFIELD                                         948.75                 165,600.00                  80.00
Newark                                             1,327.08                 227,500.00                  70.00
SALEM                                                756.14                 127,350.00                  79.99
ANNAPOLIS                                          1,225.00                 245,000.00                  69.01
WAYNESBORO                                         1,365.27                 215,804.73                  69.81
Powder Springs                                     1,334.90                 233,000.00                  79.79
TEMPE                                              1,604.17                 280,000.00                  80.00
QUEEN CREEK                                          966.15                 175,000.00                  70.00
TAMPA                                              1,168.12                 177,999.99                  75.74
DELAND                                             1,343.75                 215,000.00                  77.34
WOODBRIDGE                                         1,389.94                 247,100.00                  70.00
FALLON                                               437.00                  73,600.00                  80.00
STREAMWOOD                                         1,275.00                 204,000.00                  80.00
MCLEAN                                             2,187.50                 300,000.00                  80.00
YORK                                                 380.16                  51,166.51                  80.00
VISALIA                                            1,261.83                 180,800.00                  80.00
MIDVALE                                              838.69                 149,100.00                  70.00
ANDERSON                                           1,027.27                 139,906.06                  80.00
PROVIDENCE                                         1,342.49                 191,857.51                  80.00
HOLLYWOOD                                            714.58                  98,000.00                  70.00
BUCKEYE                                              934.02                 149,443.00                  80.00
Charlotte                                          1,167.33                 164,800.00                  80.00
EASTON                                             2,375.00                 380,000.00                  80.00
SARASOTA                                           3,050.00                 480,000.00                  80.00
QUEEN CREEK                                        1,310.00                 209,600.00                  80.00
LITHIA                                             1,238.05                 182,850.00                  79.98
FALLON                                               688.75                 116,000.00                  80.00
Louisville                                         2,068.33                 292,000.00                  77.66
PORTLAND                                             916.67                 160,000.00                  80.00
RIVIERA BEACH                                      1,817.96                 259,807.04                  80.00
CHICAGO                                            1,526.23                 207,860.44                  80.00
CHICAGO                                              725.07                  99,861.91                  80.00
COATESVILLE                                        1,076.63                 187,920.00                  80.00
GREENFIELD                                         1,192.02                 197,300.00                  74.34
KNOXVILLE                                            495.00                  88,000.00                  80.00
SEVERN                                             1,184.79                 242,000.00                  79.87
CITRUS HEIGHTS                                     1,970.00                 315,200.00                  80.00
BOWIE                                              3,433.49                 507,100.00                  80.00
BRONX                                              3,218.95                 489,588.34                  70.00
QUEEN CREEK                                        1,645.31                 243,000.00                  94.97
BALTIMORE                                            399.84                  51,968.49                  80.00
JOHNSTON                                           1,165.94                 172,200.00                  70.00
PROVIDENCE                                         1,061.67                 159,250.00                  65.00
EDGEWATER                                          1,543.75                 285,000.00                  79.17
SILVER SPRING                                      2,278.18                 352,750.00                  85.00
Provo                                             12,390.63               1,950,000.00                  65.00
LACEY                                              1,547.45                 215,694.10                  80.00
roxboro                                              860.42                 165,200.00                  80.00
COCKEYSVILLE                                       7,738.17                 913,846.83                  63.24
GERMANTOWN                                         1,099.62                 185,199.99                  80.00
NEILTON                                              657.98                  98,818.94                  79.76
COLUMBIA                                             427.68                  57,562.32                  80.00
HAZEL CREST                                          498.33                  73,600.00                  80.00
SIMPSONVILLE                                         548.38                  99,330.00                  70.00
MAYWOOD                                              962.50                 168,000.00                  80.00
LAKE WORTH                                           888.06                 140,372.98                  63.86
SIMPSONVILLE                                       2,240.91                 307,325.00                  95.00
OGDEN                                                483.86                  69,096.96                  80.00
JACKSONVILLE                                         436.20                  66,344.22                  80.00
VERO BEACH                                         1,203.13                 210,000.00                  70.00
CASA GRANDE                                        1,015.00                 168,000.00                  80.00
DANA POINT                                         3,569.27                 623,000.00                  70.00
SILVER SPRING                                      1,586.50                 267,200.00                  80.00
LINDENHURST                                        1,959.37                 329,999.99                  78.76
TAYLOR                                               570.00                  96,000.00                  80.00
LOS ANGELES                                        1,750.00                 280,000.00                  68.97
MOUNT POCONO                                         645.31                 105,000.00                  75.00
WARWICK                                            1,287.58                 195,835.34                  70.00
METAMORA                                             914.16                 139,300.00                  70.00
MEMPHIS                                              311.85                  41,944.86                  70.00
FRISCO                                             1,737.11                 273,382.00                  70.00
PHOENIX                                            1,550.00                 240,000.00                  80.00
SPARTANBURG                                          737.50                 120,000.00                  80.00
COLUMBUS                                           1,403.57                 216,213.68                  80.00
SPARTANBURG                                          293.33                  44,000.00                  75.86
TRAVELERS REST                                       807.50                 152,000.00                  80.00
ALSTEAD                                              824.58                 125,650.00                  70.00
SPRING BRANCH                                        851.19                 110,632.93                  79.99
Plainfield                                         1,900.00                 320,000.00                  80.00
BROOKLYN                                           4,433.16                 719,316.84                  60.00
PHOENIX                                            1,684.33                 260,800.00                  80.00
BROOKLYN                                           3,426.04                 598,000.00                  65.00
CHICAGO                                            1,395.00                 223,200.00                  80.00
SPRING BRANCH                                        851.59                 127,789.54                  80.00
PHOENIX                                            1,668.83                 258,400.00                  80.00
PHOENIX                                              859.85                 142,320.00                  80.00
DETROIT                                              395.42                  58,400.00                  80.00
BROOKLYN                                           3,326.39                 447,706.94                  70.00
WASHINGTON                                         4,541.25                 692,000.00                  80.00
COVINGTON                                            774.53                 142,989.99                  79.00
PUYALLUP                                           2,213.55                 393,520.00                  80.00
Apollo Beach                                       5,625.00               1,000,000.00                  55.56
MORENO VALLEY                                      1,259.38                 232,500.00                  75.00
TREASURE ISLAND                                    3,667.94                 493,676.85                  65.00
MERRITT ISLAND                                     1,885.16                 317,500.00                  79.97
STERLING                                           2,044.18                 331,368.34                  70.94
BALTIMORE                                            299.47                  39,375.51                  75.77
Atlanta                                            1,002.08                 148,000.00                  77.89
DERWOOD                                            2,643.33                 416,000.00                  80.00
COOPER CITY                                        2,448.31                 367,698.36                  80.00
MIDLOTHIAN                                           705.60                 123,160.00                  80.00
WALTON                                             1,911.67                 296,000.00                  80.00
WEST PALM BEACH                                    2,589.84                 382,500.00                  85.00
JOLIET                                               720.17                 119,200.00                  80.00
SPARTANBURG                                          278.11                  43,960.22                  80.00
GAINESVILLE                                          337.50                  60,000.00                  61.86
BATON ROUGE                                          641.09                 111,900.00                  69.98
GREENVILLE                                           960.00                 144,000.00                  80.00
PHILADELPHIA                                         356.40                  47,968.60                  59.26
CHARDON                                            1,125.00                 200,000.00                  80.00
MESA                                               1,145.83                 220,000.00                  80.00
Billings                                             867.03                 123,907.97                  80.00
CINCINNATI                                           466.25                  74,600.00                  79.36
GIBSONTON                                          1,416.31                 219,300.00                  69.99
MOBILE                                               306.84                  41,297.96                  95.00
WEST PALM BEACH                                    1,469.51                 229,297.52                  85.00
Fall River                                         1,455.29                 195,871.79                  80.00
TUCSON                                             1,464.84                 281,250.00                  75.00
RICHMOND                                             746.67                 112,000.00                  80.00
JACKSON                                              327.27                  41,576.06                  80.00
HEFLIN                                             1,483.43                 215,772.32                  90.00
PHOENIX                                              993.52                 107,670.23                  80.00
PANAMA CITY BEACH                                  6,055.19                 787,022.93                  75.00
Charlotte                                            512.06                  92,750.00                  70.00
SPRINGFIELD                                        1,981.42                 322,400.00                  56.07
AMITYVILLE                                         3,065.10                 535,000.00                  62.94
DETROIT                                              279.18                  37,575.40                  80.00
BELLINGHAM                                           674.54                 103,910.46                  34.67
ORLANDO                                              721.91                 106,621.00                  80.00
SARASOTA                                             970.35                 169,370.69                  70.00
COLUMBIA                                             438.57                  77,968.00                  70.00
WASHINGTON                                         1,969.30                 295,757.37                  80.00
TRENTON                                              656.25                 100,000.00                  74.63
RAYTOWN                                              399.66                  60,900.00                  69.60
SYRACUSE                                             560.01                  71,957.49                  75.00
CHANTILLY                                          4,344.37                 661,999.99                  70.00
SAN CLEMENTE                                       6,227.08                 980,000.00                  70.00
PONTIAC                                              355.47                  52,500.00                  75.00
WESTFIELD                                            396.67                  54,400.00                  87.04
DETROIT                                              358.85                  53,000.00                  58.89
BELTON                                               475.34                  86,100.00                  70.00
DETROIT                                              401.19                  55,960.48                  80.00
DETROIT                                              395.46                  55,161.05                  80.00
KANSAS CITY                                          408.35                  56,959.77                  73.08
HOUSTON                                              380.66                  52,463.87                  75.00
SUPERIOR                                             409.21                  64,400.00                  70.00
LISLE                                              2,375.00                 356,250.00                  95.00
REDFORD                                              459.38                  63,000.00                  70.00
Noblesville                                          515.25                  91,600.00                  69.98
Noblesville                                          515.25                  91,600.00                  69.98
Woodstock                                            484.31                  86,100.00                  70.00
SALT LAKE CITY                                       401.63                  71,400.00                  70.00
MEMPHIS                                              415.07                  55,214.77                  85.00
KANSAS CITY                                          446.86                  60,818.01                  83.42
Rio Rancho                                           484.90                  66,500.00                  70.00
SCOTTSDALE                                           921.38                 163,800.00                  70.00
HORN LAKE                                            406.55                  66,150.00                  70.00
Winston Salem                                        385.00                  56,000.00                  69.14
BALTIMORE                                            367.58                  55,204.71                  85.00
COVINGTON                                            351.75                  53,600.00                  80.00
BATON ROUGE                                          464.60                  76,900.00                  69.97
PALM BEACH GARDENS                                 2,602.69                 462,700.00                  70.00
CANTON                                               351.75                  53,600.00                  80.00
BATON ROUGE                                          464.60                  76,900.00                  69.97
OCALA                                                510.71                  72,100.00                  70.00
PORTLAND                                             730.29                 103,100.00                  79.51
KANSAS CITY                                          461.54                  62,815.30                  85.00
KANSAS CITY                                          467.77                  63,664.17                  85.00
WINSTON SALEM                                        345.30                  50,225.00                  66.97
RAYTOWN                                              399.66                  60,900.00                  70.00
SAN BERNARDINO                                     1,079.17                 140,000.00                  70.00
Charlotte                                            457.83                  65,600.00                  80.00
DALLAS                                               300.86                  47,556.97                  70.00
Winston Salem                                        343.75                  50,000.00                  61.73
MEMPHIS                                              406.64                  53,466.75                  84.92
Winston Salem                                        411.84                  56,760.91                  80.00
Winston Salem                                        411.84                  56,760.91                  80.00
GALVESTON                                            446.48                  65,398.95                  70.00
MEMPHIS                                              380.80                  50,068.86                  84.92
MEMPHIS                                              419.56                  55,165.69                  84.92
FALLS CHURCH                                       3,958.96                 535,296.00                  80.00
RICHMOND                                             366.67                  64,000.00                  49.23
SOUND BEACH                                        1,275.31                 185,500.00                  70.00
AUGUSTA                                              314.17                  52,000.00                  80.00
Trenton                                              551.25                  84,000.00                  75.00
TRENTON                                              603.75                  92,000.00                  73.60
KANNAPOLIS                                           612.06                  79,551.49                  80.00
TRENTON                                              551.25                  84,000.00                  75.00
OCOEE                                              1,602.33                 240,350.00                  70.00
Concord                                              469.58                  64,400.00                  80.00
Pompton Plains                                     1,396.35                 268,100.00                  70.00
KNOXVILLE                                          2,002.00                 343,200.00                  80.00
COLUMBIA                                             527.85                  72,749.90                  80.00
SAN LEANDRO                                        2,258.59                 367,500.00                  70.00
TEMPE                                                855.00                 144,000.00                  76.19
ROCHESTER HILLS                                      853.33                 128,000.00                  80.00
Bradenton Beach                                    6,562.50               1,000,000.00                  68.97
OAKLAND                                            2,625.00                 400,000.00                  80.00
ROSELLE                                              931.46                 131,504.75                  70.00
FLAT ROCK                                            682.50                 104,000.00                  80.00
MADRAS                                               507.03                  88,500.00                  70.00
KANSAS CITY                                          303.48                  34,184.43                  95.00
MADRAS                                               507.03                  88,500.00                  70.00
ELK GROVE                                          5,098.96                 890,000.00                  69.26
DETROIT                                              453.33                  64,000.00                  80.00
PORTSMOUTH                                         1,282.97                 241,500.00                  70.00
HIALEAH                                              558.73                  99,330.00                  70.00
MOLINE                                               628.33                 104,000.00                  80.00
MANCHESTER                                           637.44                  89,990.94                  61.22
ARVERNE                                            3,118.49                 419,725.26                  80.00
WOBURN                                             2,073.82                 303,762.85                  80.00
PHOENIX                                            1,645.00                 282,000.00                  79.44
LAS VEGAS                                          1,501.87                 240,299.99                  80.00
OCEANSIDE                                          1,693.13                 290,250.00                  75.00
SPRING                                             1,162.29                 178,908.00                  80.00
PHOENIX                                            1,875.52                 277,000.00                  78.03
LAREDO                                             1,415.83                 223,797.50                  80.00
ROCKVALE                                           1,027.68                 164,428.56                  70.00
NORTH BELLMORE                                     1,378.12                 244,999.99                  70.00
Los Angeles                                        2,606.25                 417,000.00                  66.72
SPARTANBURG                                          610.00                  97,600.00                  80.00
Acworth                                            2,371.96                 350,320.00                  80.00
COLUMBUS                                             458.24                  63,156.51                  80.00
LAS VEGAS                                          1,671.11                 281,450.00                  79.99
COACHELLA                                          1,725.70                 280,792.00                  80.00
Lumberton                                            398.10                  51,743.64                  95.00
BILLINGS                                             808.46                 119,807.51                  80.00
SCHENECTADY                                          293.51                  39,973.16                  80.00
BILOXI                                             1,031.06                 143,818.42                  80.00
GULFPORT                                           1,146.26                 159,887.07                  80.00
SPARTANBURG                                          420.00                  57,600.00                  80.00
BALTIMORE                                          1,572.00                 235,800.00                  90.00
SPARTANBURG                                          302.50                  44,000.00                  80.00
WALDORF                                            1,787.50                 260,000.00                  80.00
ROUND LAKE                                           666.09                 101,500.00                  70.00
Decatur                                              985.05                 129,519.45                  80.00
DES PLAINES                                        1,136.67                 176,000.00                  80.00
CHICAGO                                            1,817.96                 259,807.04                  80.00
PIEDMONT                                             677.33                 101,600.00                  80.00
PORTLAND                                           1,250.77                 187,845.90                  80.00
SAN ANTONIO                                          356.78                  46,371.89                  77.33
SAN ANTONIO                                          352.67                  46,371.16                  80.00
SAN ANTONIO                                          352.67                  46,371.16                  80.00
CRANSTON                                           2,204.55                 235,295.03                  80.00
HOUSTON                                            1,490.14                 207,853.19                  80.00
QUEEN CREEK                                        1,199.11                 177,100.00                  79.99
DAYTON                                               307.65                  43,967.35                  80.00
Atlanta                                              731.25                 108,000.00                  80.00
EASTPOINTE                                           447.04                  62,303.00                  80.00
LITTLE ROCK                                          866.67                 130,000.00                  78.79
MILFORD                                              970.15                 143,884.85                  80.00
SURPRISE                                           2,894.72                 441,100.00                  80.00
ROEBUCK                                              329.31                  47,900.00                  77.26
SEVIERVILLE                                        2,838.61                 453,870.87                  60.67
NEW HAVEN                                            814.18                 119,256.89                  70.00
GATLINBURG                                         3,038.25                 485,791.46                  58.67
WASHINGTON                                         2,310.00                 396,000.00                  80.00
SOUTHFIELD                                           669.38                 119,000.00                  70.00
LINCOLNWOOD                                        2,212.50                 360,000.00                  64.29
COLUMBUS                                             332.01                  49,240.59                  80.00
DOVER                                                587.35                  92,435.00                  70.00
Buckeye                                              909.91                 167,982.73                  80.00
QUEEN CREEK                                        1,371.47                 228,522.28                  75.00
MESA                                               3,475.49                 451,726.18                  80.00
Everett                                            1,699.25                 354,625.99                  77.09
PROVIDENCE                                           885.00                 144,000.00                  79.66
Atlanta                                              847.33                 131,199.84                  80.00
Chickamauga                                          296.10                  35,545.65                  80.00
JACKSONVILLE                                         796.65                 111,121.52                  80.00
North Bethesda                                     9,031.15               1,313,622.00                  70.00
BRENTWOOD                                          1,731.33                 313,600.00                  70.00
Glendale                                           7,875.00               1,200,000.00                  64.86
PEMBROKE                                           1,255.99                 185,500.00                  79.99
PHOENIX                                            1,023.75                 156,000.00                  80.00
TAMPA                                                920.94                 134,894.68                  64.29
MIAMI BEACH                                        3,927.08                 650,000.00                  69.89
JERSEY CITY                                        2,497.21                 389,655.91                  77.23
SIOUX FALLS                                          651.54                  87,634.81                  65.00
MARICOPA                                           1,326.32                 187,245.00                  80.00
AURORA                                               253.93                  34,155.11                  95.00
Corrales                                           1,413.33                 256,000.00                  57.53
BOLINGBROOK                                        1,148.44                 157,500.00                  70.00
SPARTANBURG                                          353.28                  48,450.00                  85.00
NEW YORK                                           6,207.98                 944,206.08                  70.00
DOUGLASSVILLE                                      1,343.67                 222,400.00                  80.00
Albuquerque                                          668.57                 121,100.00                  70.00
HILTON HEAD ISLAND                                   347.08                  47,600.00                  80.00
ASTORIA                                            4,287.92                 577,122.24                  70.00
WHEATON                                              966.67                 160,000.00                  80.00
PLATTSBURG                                         1,466.67                 256,000.00                  80.00
FORT ATKINSON                                        891.94                 115,929.73                  80.00
MIDDLETOWN                                         2,079.44                 407,400.00                  80.00
BROOKLYN                                           3,876.54                 515,670.96                  80.00
LAS VEGAS                                          1,327.50                 236,000.00                  80.00
FORT LAUDERDALE                                    1,733.33                 260,000.00                  72.22
FALLS CHURCH                                       3,166.85                 467,720.00                  70.00
OXNARD                                             2,493.75                 420,000.00                  70.00
DETROIT                                              742.33                 104,800.00                  80.00
CHESTER                                              865.77                 159,835.00                  65.00
NORFOLK                                              469.22                  81,900.00                  70.00
SANDPOINT                                          1,108.33                 190,000.00                  79.17
PARADISE                                           1,420.92                 231,200.00                  80.00
CAPE CORAL                                         2,484.36                 322,904.26                  90.00
SEDONA                                             1,645.42                 287,200.00                  80.00
PAWLEYS ISLAND                                     3,791.67                 650,000.00                  67.36
COUNTRY CLUB HILLS                                   614.17                  88,000.00                  80.00
Passaic                                            1,856.25                 324,000.00                  80.00
Franklin                                           1,963.50                 285,600.00                  80.00
SAN ANTONIO                                          840.47                 122,250.00                  90.56
BRIDGEPORT                                         1,836.67                 304,000.00                  80.00
SANDY                                              2,590.67                 371,200.00                  80.00
SURPRISE                                           1,453.72                 211,450.00                  79.99
CHICAGO                                              623.33                  88,000.00                  73.33
LAKE FOREST                                        3,496.09                 487,655.58                  80.00
FARMINGVILLE                                       2,362.50                 360,000.00                  80.00
PALM BAY                                             851.36                 123,834.00                  80.00
BIRMINGHAM                                           553.62                  71,956.38                  80.00
WALDORF                                            1,159.38                 210,000.00                  70.00
West New York                                      2,252.50                 424,000.00                  80.00
PHOENIX                                            1,558.33                 220,000.00                  80.00
DETROIT                                              483.00                  73,600.00                  80.00
CONWAY                                               560.56                  78,189.78                  78.25
HUNTLEY                                              958.75                 156,000.00                  80.00
INDIO                                              1,443.75                 231,000.00                  70.00
WESTWOOD                                           2,889.96                 339,672.94                  80.00
TEHACHAI                                           1,479.14                 203,859.61                  80.00
CLEVELAND                                            305.00                  48,000.00                  80.00
BAKERSFIELD                                        1,053.13                 163,065.00                  70.00
SWANSEA                                              560.84                  78,030.00                  90.00
SCOTTSDALE                                        10,000.00               1,500,000.00                  68.18
BUCKEYE                                            1,119.11                 202,706.00                  95.00
WILLOWBROOK                                        1,087.50                 180,000.00                  80.00
KANSAS CITY                                          504.90                  67,955.52                  80.00
MARICOPA                                           1,326.03                 219,480.00                  80.00
FOREST GROVE                                       1,338.33                 233,600.00                  80.00
MARICOPA                                           1,264.74                 205,789.00                  80.00
RIDGELY                                            2,109.37                 374,999.99                  75.76
CEDAR POINT                                          700.00                 112,000.00                  70.00
FREDERICKSBURG                                     2,836.31                 388,980.00                  70.00
BALTIMORE                                          1,034.91                 112,156.50                  90.00
LAS VEGAS                                          3,691.41                 562,500.00                  75.00
PEORIA                                             1,114.86                 178,534.48                  61.37
Ahoskie                                              386.10                  51,965.98                  80.00
JACKSONVILLE                                         790.50                 111,600.00                  80.00
Evansville                                           310.00                  48,000.00                  80.00
BRYANS ROAD                                        2,721.17                 450,400.00                  80.00
WALDORF                                            1,717.33                 294,400.00                  80.00
JACKSONVILLE                                         790.50                 111,600.00                  80.00
MEMPHIS                                              320.25                  48,800.00                  80.00
LORTON                                             1,782.50                 276,000.00                  80.00
SALISBURY                                            329.78                  51,900.00                  69.94
SAINT LOUIS                                          375.63                  49,968.12                  70.42
Trenton                                              707.79                  99,854.80                  80.00
REDMOND                                              850.00                 120,000.00                  80.00
MEMPHIS                                              330.75                  50,400.00                  80.00
TOLEDO                                               297.00                  39,947.49                  72.73
TAMPA                                                881.93                 143,500.00                  70.00
SAINT LOUIS                                          375.63                  49,968.12                  70.42
PROVIDENCE                                         1,300.86                 175,085.39                  80.00
RICHMOND                                           1,347.75                 239,600.00                  80.00
ISLE OF PALMS                                      4,675.78                 712,500.00                  75.00
CENTEREACH                                         2,707.03                 472,500.00                  70.00
SAINT LOUIS                                          413.67                  58,400.00                  78.92
LANCASTER                                            876.89                 122,226.66                  80.00
NORTH LAS VEGAS                                    1,830.00                 366,000.00                  79.16
Woodstock                                          2,118.33                 328,000.00                  80.00
LONG BEACH                                           831.25                 133,000.00                  70.00
EVANSTON                                             697.50                 108,000.00                  80.00
PEYTON                                               896.03                 162,300.55                  70.00
Marietta                                           1,173.92                 165,730.00                  84.99
EVANSTON                                             671.67                 104,000.00                  80.00
INDIANAPOLIS                                         498.61                  65,559.22                  80.00
Sunbury                                              984.51                 152,440.00                  80.00
Rome                                                 599.18                  92,776.22                  80.00
ORLANDO                                            1,094.03                 158,400.00                  80.00
EVANSTON                                             638.08                  98,800.00                  80.00
AMSTERDAM                                            369.08                  47,970.92                  80.00
MIAMI                                              1,065.66                 148,645.02                  79.98
EL PASO                                              707.79                  99,927.63                  51.81
FALLS CHURCH                                       4,034.84                 553,350.00                  80.00
TYLER                                                646.52                 112,847.00                  80.00
LADYS ISLAND                                       1,374.19                 244,300.00                  75.87
JAMAICA                                            2,841.67                 496,000.00                  80.00
CHICAGO                                            1,353.33                 224,000.00                  80.00
Fort Wayne                                           320.25                  48,800.00                  80.00
BALTIMORE                                            616.15                 113,750.00                  65.00
PALM COAST                                         3,869.69                 640,500.00                  70.00
Hillsborough                                       1,470.00                 224,000.00                  70.00
ALEXANDRIA                                         1,443.75                 210,000.00                  69.31
CRYSTAL SPRINGS                                      838.20                 116,917.42                  78.00
PHOENIX                                            1,057.08                 172,000.00                  80.00
VIRGINIA BEACH                                       520.41                  81,900.00                  70.00
PORT JEFFERSON STATION                             1,603.11                 234,816.68                  65.28
DAYTON                                               455.97                  59,264.07                  77.01
BAYONNE                                            1,285.62                 241,999.99                  60.27
WELLINGTON                                         5,082.29                 717,500.00                  70.00
AKRON                                                473.65                  61,562.68                  80.00
MARYVILLE                                            641.67                  88,000.00                  80.00
WARRENTON                                          1,277.38                 191,842.62                  80.00
OGDEN                                                483.86                  69,096.96                  80.00
EL PASO                                            1,547.01                 221,085.80                  75.00
SOUTH PADRE ISLAND                                   918.75                 140,000.00                  70.00
FARMINGTON                                           896.58                 162,400.00                  80.00
FARMINGTON                                           896.58                 162,400.00                  80.00
GRANDVILLE                                           498.63                  59,241.43                  79.97
BAY SHORE                                          2,011.87                 332,999.99                  79.86
BURNSVILLE                                         1,105.00                 208,000.00                  80.00
Evansville                                           356.40                  47,968.60                  80.00
KIRKLAND                                           1,266.32                 187,960.00                  80.00
DUNELLEN                                           1,947.85                 274,800.37                  80.00
HOLLYWOOD                                          2,437.50                 360,000.00                  80.00
Tigard                                             1,306.25                 220,000.00                  80.00
PORT SAINT LUCIE                                   2,008.79                 261,091.73                  95.00
PALISADES                                          2,955.49                 343,677.70                  80.00
MERCED                                             1,601.04                 265,000.00                  79.58
SAINT ALBANS                                       2,007.92                 316,000.00                  80.00
DAYTON                                               374.22                  50,367.03                  80.00
EL MONTE                                           1,051.09                 159,730.39                  40.00
SIDNEY                                               279.01                  40,868.09                  87.02
JACKSONVILLE                                         453.60                  77,760.00                  80.00
BRIDGEPORT                                         1,312.28                 189,855.43                  69.09
LAWRENCEVILLE                                        867.25                 122,435.66                  70.00
WATERFORD                                          1,151.40                 193,920.00                  80.00
MONROE                                               342.32                  37,384.24                  79.79
Atlantic Beach                                     1,160.00                 192,000.00                  80.00
Kalamazoo                                          2,852.20                 526,560.00                  80.00
WINCHESTER                                         2,073.50                 343,200.00                  80.00
SPOKANE                                            2,014.48                 311,920.00                  80.00
West Sacramento                                      699.21                  99,925.79                  34.48
FORT WORTH                                           917.45                 137,786.97                  70.00
SUNRISE                                            1,401.25                 228,000.00                  80.00
MARYSVILLE                                         1,100.00                 176,000.00                  80.00
CONCORD                                            2,160.50                 357,600.00                  80.00
SIOUX FALLS                                          791.50                 106,460.07                  65.00
COLUMBUS                                             940.42                 148,000.00                  80.00
NEWBERG                                            1,200.00                 192,000.00                  80.00
BELLEROSE                                          2,681.49                 383,215.38                  79.98
Paterson                                           2,415.00                 368,000.00                  80.00
LEWES                                              1,182.83                 241,600.00                  80.00
Boston                                             1,586.67                 272,000.00                  80.00
BOOTHWYN                                             583.83                  90,400.00                  80.00
TUCSON                                               935.46                 147,866.21                  80.00
CHICAGO                                            1,018.06                 144,716.36                  80.00
CHARLOTTE                                            906.67                 128,000.00                  80.00
WHEATON                                            2,195.83                 340,000.00                  80.00
FORT MYERS                                         1,150.42                 200,799.99                  79.81
TINLEY PARK                                        1,232.71                 194,000.00                  80.00
GRANTS PASS                                          997.50                 152,000.00                  80.00
RIGBY                                                609.50                 110,399.99                  80.00
STREAMWOOD                                           966.88                 168,764.43                  80.00
MILTON                                             1,192.94                 184,713.02                  80.00
Toms River                                         1,219.36                 191,900.00                  79.99
SAINT GEORGE                                       1,346.67                 202,000.00                  79.22
PATASKALA                                            781.37                 131,599.99                  79.76
LOVELAND                                             775.00                 120,000.00                  80.00
Boston                                             2,624.27                 427,000.00                  70.00
VIRGINIA BEACH                                     1,547.11                 223,829.56                  80.00
APPLE VALLEY                                       1,610.00                 224,000.00                  80.00
BOYNTON BEACH                                        893.75                 132,000.00                  80.00
PONTIAC                                              756.13                 114,411.35                  79.99
CHICAGO                                            1,019.01                 150,500.00                  69.04
NEWBURGH                                           1,250.77                 186,902.21                  80.00
Mcdonough                                          1,164.12                 158,543.55                  95.00
Boston                                             2,796.35                 455,000.00                  70.00
CONWAY                                               559.37                  79,940.63                  80.00
Durham                                               384.57                  54,708.85                  78.57
FORT MYERS                                           457.25                  74,399.97                  80.00
DETROIT                                              381.25                  60,000.00                  80.00
SURPRISE                                           1,093.29                 198,030.00                  70.00
LEES SUMMIT                                        1,973.44                 310,574.00                  95.00
AVONDALE                                           1,207.69                 214,699.98                  79.97
LITHIA                                             1,107.17                 204,400.00                  79.98
SURPRISE                                           1,143.83                 189,324.17                  94.99
FAIRVIEW                                           2,399.98                 334,763.56                  75.28
SHOW LOW                                           2,318.86                 353,350.00                  79.99
Charlotte                                            677.53                 108,404.00                  80.00
OKLAHOMA CITY                                        460.82                  68,345.30                  95.00
CLEVELAND                                            560.53                  82,863.38                  80.00
ALAMEDA                                            2,454.17                 380,000.00                  69.98
ORMOND BEACH                                       1,546.67                 232,000.00                  80.00
EWING                                              1,690.10                 295,000.00                  77.23
SAN ANTONIO                                          553.33                  72,754.75                  70.00
FORT PIERCE                                          920.83                 136,000.00                  80.00
RICHMOND                                             499.58                  87,200.00                  80.00
DAYTON                                               294.00                  44,800.00                  80.00
INDEPENDENCE                                         682.00                 105,600.00                  80.00
LARGO                                                875.63                 140,100.00                  79.97
SURPRISE                                           1,362.00                 204,300.00                  79.99
HANFORD                                              991.30                 148,877.87                  63.40
BRONX                                              2,393.49                 353,500.00                  70.00
BRANSON                                              540.00                  96,000.00                  80.00
ASHBURN                                            1,820.00                 312,000.00                  80.00
Belmont                                            2,898.44                 525,000.00                  70.00
LYNCHBURG                                            730.62                  98,335.63                  80.00
LYNCHBURG                                            730.62                  98,335.63                  79.35
DAYTON                                               302.06                  43,167.94                  80.00
HARLINGEN                                            607.16                 107,940.00                  70.00
LAWSON                                             1,863.75                 284,000.00                  82.32
EAST DURHAM                                          692.41                 101,420.82                  70.00
STOCKTON                                           1,255.63                 215,250.00                  72.97
ODENTON                                            1,458.00                 259,200.00                  80.00
WOODSIDE                                           2,666.67                 400,000.00                  69.57
CANTON                                             1,461.33                 219,200.00                  80.00
SAINT LOUIS                                          689.06                  94,500.00                  70.00
Camden                                               457.38                  61,538.05                  80.00
COLUMBUS                                           1,380.75                 220,920.00                  80.00
NORTH MIAMI                                          516.25                  84,000.00                  69.71
VIRGINIA BEACH                                       891.28                 158,450.00                  69.99
KANSAS CITY                                          526.83                  87,200.00                  80.00
AKRON                                                351.75                  53,600.00                  80.00
SAINT LOUIS                                          740.10                 101,500.00                  70.00
Belton                                             1,250.00                 200,000.00                  74.91
TOPEKA                                               295.83                  40,000.00                  80.00
GREENVILLE                                           376.48                  59,250.00                  75.00
VIENNA                                             5,031.25                 700,000.00                  80.00
OZONE PARK                                         1,611.46                 297,500.00                  70.00
AURORA                                               708.75                 126,000.00                  70.00
GOODLETTSVILLE                                       757.35                 134,640.00                  80.00
CHICAGO                                              854.76                 115,044.70                  80.00
APPLE VALLEY                                       1,520.00                 228,000.00                  80.00
Irvington                                          1,282.36                 183,263.89                  70.00
MURRIETA                                           3,332.00                 470,400.00                  80.00
HENDERSON                                          1,404.00                 249,600.00                  80.00
ZEPHYRHILLS                                        1,759.33                 301,600.00                  80.00
MERIDEN                                            1,100.00                 192,000.00                  80.00
PHILADELPHIA                                         357.00                  54,400.00                  80.00
SANTA ROSA                                         2,465.22                 401,120.00                  80.00
PROVIDENCE                                         1,588.62                 227,031.38                  80.00
WASHINGTON                                         2,571.80                 376,410.02                  65.00
GLENDALE                                           1,453.50                 244,800.00                  80.00
UPPER MARLBORO                                     1,610.00                 276,000.00                  80.00
RESTON                                             1,484.00                 254,400.00                  80.00
East Boston                                        2,171.88                 417,000.00                  68.36
CHICAGO                                            1,012.00                 147,200.00                  80.00
AURORA                                               888.33                 131,200.00                  80.00
PHOENIX                                              767.81                 136,500.00                  70.00
Cottonwood                                           931.00                 156,800.00                  70.00
HOMESTEAD                                            881.56                 162,750.00                  70.00
KANSAS CITY                                          504.90                  67,955.52                  80.00
HILLSBORO                                            622.71                 106,750.00                  70.00
LAKE OSWEGO                                        1,485.00                 259,199.99                  80.00
NEW LONDON                                           396.76                  54,682.34                  79.88
GRANTS PASS                                          976.72                 164,500.00                  70.00
WARREN                                             1,378.12                 244,999.99                  70.00
AIKEN                                                493.05                  67,953.20                  80.00
BUFFALO                                              279.13                  39,890.37                  80.00
CLERMONT                                           2,008.13                 283,500.00                  90.00
Louisville                                           516.85                  67,957.73                  80.00
NEWPORT NEWS                                       1,064.00                 182,400.00                  80.00
LOS ANGELES                                        3,262.50                 580,000.00                  78.91
MIAMI                                              3,286.67                 464,000.00                  80.00
HOFFMAN ESTATES                                      732.42                 149,599.99                  80.00
NAMPA                                                625.63                 115,500.00                  70.00
POWDER SPRINGS                                       758.33                 104,000.00                  80.00
Alpharetta                                         6,353.99                 999,971.85                  75.47
DETROIT                                              443.81                  71,010.00                  90.00
JACKSONVILLE BEACH                                 1,401.09                 220,500.00                  70.00
ANGOLA                                             4,544.08                 611,599.67                  80.00
BOILING SPRINGS                                      729.75                 111,200.00                  80.00
Apopka                                             6,354.17               1,000,000.00                  64.52
BRONX                                              2,305.63                 357,000.00                  70.00
SPOKANE                                              771.83                 118,897.54                  70.00
ORLANDO                                              968.75                 155,000.00                  68.89
BROOKLYN                                           2,635.72                 416,623.03                  65.67
TYLER                                                575.25                  93,600.00                  80.00
PHILADELPHIA                                         687.92                 101,600.00                  80.00
Alpharetta                                         3,875.93                 515,591.02                  80.00
TOPEKA                                               207.20                  29,977.17                  80.00
CHICAGO                                            1,058.65                 163,920.00                  80.00
TOPEKA                                               207.20                  29,977.17                  80.00
TOPEKA                                               248.64                  35,972.61                  80.00
E FALLOWFIELD                                      2,137.20                 277,781.61                  95.00
MESA                                               5,733.33                 860,000.00                  80.00
GREENVILLE                                           635.00                 101,600.00                  80.00
RENTON                                             1,516.67                 280,000.00                  80.00
LANSING                                              560.00                  84,000.00                  80.00
EL PASO                                              612.50                  97,999.43                  70.00
Raleigh                                              853.13                 136,500.00                  70.00
BIRMINGHAM                                           400.62                  55,880.53                  80.00
BARTOW                                             2,152.50                 328,000.00                  80.00
OKLAHOMA CITY                                        346.34                  47,136.45                  80.00
CHICAGO                                            3,902.24                 507,192.55                  70.00
ORMOND BEACH                                       1,280.67                 180,800.00                  80.00
DETROIT                                              413.66                  65,100.00                  70.00
HOLLYWOOD                                          1,775.00                 284,000.00                  80.00
NORTH CHARLESTON                                     452.42                  80,430.00                  70.00
VANCOUVER                                          1,189.45                 181,250.00                  79.99
AVONDALE                                           1,551.69                 244,200.00                  95.00
JACKSONVILLE                                         632.40                  93,400.00                  84.91
SEGUIN                                               762.76                  99,139.91                  80.00
SOUTHFIELD                                         1,756.67                 248,000.00                  80.00
KENT                                               1,854.83                 287,200.00                  80.00
ROWESVILLE                                           489.05                  78,248.00                  80.00
MASPETH                                            2,560.94                 447,000.00                  70.00
Mutttontown                                        9,187.50               1,470,000.00                  70.00
GLEN OAKS                                          2,744.88                 449,532.11                  65.00
DARLINGTON                                         1,748.84                 299,801.17                  73.53
NORTH HOLLYWOOD                                    2,606.25                 417,000.00                  73.16
NEW DURHAM                                         2,028.91                 367,500.00                  79.89
RANCHO PALOS VERDES                                5,912.42                 993,310.46                  65.76
SAN ANTONIO                                          437.80                  57,564.20                  80.00
PORT SAINT LUCIE                                   1,547.13                 235,753.00                  70.00
COLUMBUS                                             446.25                  68,000.00                  80.00
KANSAS CITY                                          444.94                  79,100.00                  70.00
NORTH CHARLESTON                                     898.96                 143,834.00                  80.00
FOUNTAIN                                             863.33                 129,500.00                  70.00
BALTIMORE                                            785.42                 116,000.00                  80.00
LAWRENCEVILLE                                      1,324.58                 231,200.00                  80.00
HOMESTEAD                                            716.51                 108,978.37                  50.73
LA VERGNE                                            628.33                 116,000.00                  80.00
NORTH LAS VEGAS                                    1,968.00                 393,600.00                  80.00
WASHINGTON                                           823.04                 106,975.16                  80.00
ATLANTA                                              898.09                 116,729.24                  80.00
Cumming                                              644.22                 108,500.00                  70.00
HILLSBORO                                            668.06                 106,890.00                  70.00
JACKSONVILLE                                         708.58                 107,974.08                  80.00
Wilmington                                         1,507.91                 307,999.65                  79.38
Las Cruces                                         1,972.19                 271,812.81                  80.00
VISALIA                                            1,378.85                 217,000.00                  70.00
SCAPPOOSE                                          1,092.50                 184,000.00                  80.00
SALEM                                                535.00                  85,600.00                  80.00
Santa Maria                                        1,634.17                 296,000.00                  65.78
JACKSONVILLE                                         412.50                  60,000.00                  80.00
OZARK                                              1,291.41                 213,750.00                  75.00
CHICAGO                                            1,282.49                 187,853.34                  80.00
SCOTTSDALE                                         2,740.83                 404,800.00                  80.00
HOUSTON                                              380.66                  52,463.87                  75.00
ELMHURST                                           4,244.03                 591,981.89                  80.00
WASHINGTON                                         3,769.54                 438,545.30                  75.00
CHICAGO                                            1,566.67                 210,861.98                  79.62
CALDWELL                                             782.25                 119,200.00                  80.00
Powder Springs                                     2,346.67                 352,000.00                  80.00
PHOENIX                                            1,240.00                 192,000.00                  80.00
GLENDALE                                             755.21                 125,000.00                  57.34
MODESTO                                            1,966.67                 320,000.00                  80.00
LAS VEGAS                                            715.00                 104,000.00                  80.00
WALDORF                                            3,350.34                 509,571.53                  64.15
LISLE                                                888.02                 155,000.00                  77.50
SALEM                                                794.06                 115,500.00                  70.00
SPARTANBURG                                          297.17                  40,472.83                  75.00
SPOKANE                                              440.84                  60,758.16                  80.00
RIDGE                                              2,003.78                 331,660.00                  70.00
PHOENIX                                              773.33                 116,000.00                  80.00
WAKE FOREST                                          645.25                 106,800.00                  80.00
KANSAS CITY                                          511.88                  91,000.00                  70.00
REDMOND                                              836.33                 154,400.00                  80.00
MINNEAPOLIS                                        1,118.74                 159,881.26                  80.00
SPRING CITY                                        1,490.62                 238,499.99                  75.00
PINE BLUFFS                                          406.67                  64,000.00                  49.23
WASHINGTON                                         3,833.98                 446,041.80                  75.00
MARICOPA                                           1,136.96                 167,920.00                  80.00
GIBSONTON                                          1,186.59                 175,250.00                  79.99
CHEYENNE                                             419.38                  66,000.00                  61.68
ANNAPOLIS                                          1,400.00                 280,000.00                  80.00
SEAFORD                                            3,770.36                 519,642.14                  80.00
ESSEX                                              1,658.44                 274,500.00                  79.57
DES MOINES                                         1,372.50                 216,000.00                  80.00
KANSAS CITY                                          444.94                  79,100.00                  70.00
Scottsdale                                         2,023.17                 262,960.60                  80.00
MARYSVILLE                                           859.19                 158,620.00                  70.00
FORT LAUDERDALE                                    1,450.42                 209,840.20                  70.00
LIBERTY LAKE                                         839.79                 139,000.00                  57.92
Raleigh                                            1,146.33                 171,950.00                  95.00
SILVER SPRING                                      2,530.00                 352,000.00                  80.00
MIRA LOMA                                          1,370.83                 235,000.00                  50.54
KATONAH                                            4,265.62                 649,999.99                  69.59
Cary                                               2,432.50                 333,600.00                  80.00
EVERETT                                            1,204.58                 196,000.00                  80.00
PROVIDENCE                                           938.54                 170,000.00                  65.38
WOODBRIDGE                                         3,527.94                 480,477.39                  80.00
CAPE CORAL                                         1,584.84                 241,500.00                  64.40
Atlanta                                              704.16                 107,300.00                  77.75
RENO                                               1,535.00                 307,000.00                  75.80
RANDALLSTOWN                                         807.55                 164,946.39                  68.75
PERINTON                                             870.68                  96,009.40                  95.00
FRAMINGHAM                                         1,241.75                 221,823.53                  80.00
Vienna                                             2,491.67                 460,000.00                  79.17
Phippsburg                                         1,524.29                 217,675.41                  74.91
Detroit                                              475.47                  67,949.53                  80.00
Detroit                                              409.04                  58,412.60                  90.00
Washington                                         4,829.81                 701,892.04                  80.00
Fort Washington                                    2,621.23                 483,920.00                  80.00
Clermont                                           1,942.50                 296,000.00                  80.00
Manassas                                           2,065.00                 336,000.00                  80.00
Fort Washington                                    1,650.00                 264,000.00                  80.00
Sterling                                           2,258.71                 318,889.03                  80.00
Washington                                         1,835.58                 345,520.00                  80.00
Suisun City                                        2,038.34                 343,300.00                  70.06
Manassas                                           2,580.38                 393,200.00                  80.00
Woodbridge                                         2,047.50                 312,000.00                  80.00
Centreville                                        1,754.50                 290,400.00                  80.00
Fairfax                                            2,875.00                 460,000.00                  80.00
Culpeper                                           2,056.33                 318,400.00                  80.00
Fredericksburg                                     1,000.00                 160,000.00                  80.00
Hamilton                                           3,187.50                 600,000.00                  80.00
Fredericksburg                                     1,430.00                 208,000.00                  80.00
Cooksville                                         4,560.00                 768,000.00                  80.00
Manassas                                           1,829.48                 287,918.64                  80.00
Manassas                                           1,937.50                 300,000.00                  80.00
Winston Salem                                        472.03                  79,500.00                  49.98
Temple Hills                                       1,822.73                 318,149.73                  70.70
Germantown                                           904.39                 157,857.99                  54.48
Manassas                                           1,860.00                 297,600.00                  80.00
Richmond                                             797.50                 132,000.00                  80.00
Alexandria                                         1,438.13                 212,400.00                  80.00
Clinton                                            2,728.32                 467,712.00                  80.00
Upper Marlboro                                     3,673.43                 551,014.00                  80.00
Gaithersburg                                         922.26                 167,050.00                  65.00
Arlington                                          2,537.50                 420,000.00                  80.00
Beltsville                                         1,018.67                 152,800.00                  80.00
Manassas                                           1,532.50                 245,200.00                  80.00
Woodbridge                                         1,809.50                 263,200.00                  80.00
Capitol Heights                                      715.00                 143,000.00                  65.00
Culpeper                                             908.25                 138,400.00                  80.00
Alexandria                                         1,312.50                 200,000.00                  80.00
Woodbridge                                         2,007.92                 316,000.00                  79.90
Manassas                                           2,190.00                 350,400.00                  80.00
Takoma Park                                        2,460.00                 393,600.00                  80.00
Woodbridge                                         2,977.33                 510,400.00                  80.00
Leesburg                                           1,887.03                 287,548.00                  80.00
Aldie                                              2,648.57                 438,384.00                  80.00
TAMARAC                                            1,255.69                 193,246.11                  80.00
Reston                                             1,500.00                 240,000.00                  80.00
Manassas                                           1,507.50                 241,200.00                  80.00
Woodbridge                                         1,470.00                 235,200.00                  60.00
Falls Church                                       2,337.50                 440,000.00                  80.00
Baltimore                                            634.18                  89,469.89                  80.00
PORT REPUBLIC                                      2,565.00                 456,000.00                  80.00
STREAMWOOD                                         1,124.07                 162,501.56                  75.00
LOUISVILLE                                           725.00                 120,000.00                  75.00
BALTIMORE                                            376.98                  58,080.09                  70.00
Fargo                                                416.82                  68,466.32                  70.00
BEALETON                                           2,563.83                 424,358.60                  80.00
COLUMBIA                                             337.77                  44,902.46                  80.00
DOVER                                              2,001.19                 275,618.87                  80.00
BALTIMORE                                            614.36                  86,673.96                  80.00
CARENCRO                                             297.00                  39,947.49                  80.00
BALTIMORE                                            424.12                  59,116.16                  80.00
BALTIMORE                                            707.79                  99,854.79                  80.00
BALTIMORE                                            307.07                  40,349.60                  80.00
WALDORF                                            1,575.16                 245,782.96                  75.69
ARLINGTON                                            736.11                 103,848.98                  80.00
Pasadena                                           1,018.13                 181,000.00                  59.93
ARLINGTON                                            721.95                 101,851.89                  80.00
BALTIMORE                                            736.11                 103,848.98                  80.00
ARLINGTON                                            589.09                  91,918.83                  80.00
DAVIDSONVILLE                                      4,331.25                 770,000.00                  61.60
NEW CASTLE                                           323.56                  41,550.70                  80.00
YORK                                                 469.61                  63,957.06                  80.00
VIRGINIA BEACH                                     1,214.03                 189,095.39                  80.00
RICHMOND                                             926.64                 164,736.00                  80.00
CUMBERLAND                                           496.62                  72,743.21                  80.00
POTTSTOWN                                            480.71                  69,547.04                  80.00
POTTSTOWN                                            689.98                  99,823.99                  79.92
BALTIMORE                                            645.25                 106,800.00                  75.00
Baltimore                                            675.16                 111,750.00                  73.76
SOUDERTON                                          2,177.81                 279,834.69                  80.00
Grant                                                793.75                  86,087.14                  74.17
MIAMI                                              3,040.10                 456,575.44                  64.82
ELMA                                                 450.76                  59,961.74                  80.00
TAMPA                                                729.03                 102,850.43                  80.00
Romulus                                              405.89                  59,453.59                  70.00
Lakeland                                           1,031.63                 143,274.66                  80.00
West Palm Beach                                    1,510.94                 229,220.41                  77.97
UPPER MARLBORO                                     1,264.67                 216,800.00                  80.00
Albertson                                          3,698.75                 538,000.00                  55.18
Brooklyn                                           3,020.83                 500,000.00                  71.43
Wyandanch                                          1,081.59                 158,301.89                  70.00
ALTURA                                               702.01                 104,116.68                  79.85
Alexandria                                         5,413.09                 823,307.74                  80.00
APACHE JUNCTION                                      409.06                  53,135.32                  72.88
MOUNT LAUREL TOWNSHIP                              1,549.11                 205,936.13                  80.00
IRVINGTON TOWNSHIP                                 1,987.25                 255,197.23                  70.00
NEW BRUNSWICK                                      1,685.94                 269,750.00                  65.00
PATERSON                                           2,112.50                 312,000.00                  65.00
BAYONNE                                            2,031.25                 325,000.00                  65.00
Trenton                                              735.01                  94,388.02                  70.00
WOODBRIDGE                                         1,781.25                 300,000.00                  80.00
MT OLIVE TOWNSHIP                                  1,101.38                 139,838.32                  80.00
TRENTON                                              826.04                 104,878.73                  70.00
JERSEY CITY                                        2,250.00                 337,500.00                  75.00
NORTH BERGEN TWP                                   2,582.67                 359,989.48                  70.00
PASSAIC                                            1,927.17                 298,400.00                  80.00
EAST ORANGE                                        1,773.08                 238,643.79                  80.00
EAST ORANGE                                        2,204.21                 303,790.79                  80.00
JERSEY CITY                                        4,887.50                 680,000.00                  80.00
MENDHAM TOWNSHIP                                   3,694.27                 606,815.11                  80.00
Miami                                              2,612.50                 440,000.00                  80.00
Hialeah                                            1,842.35                 242,089.63                  80.00
Hillsborough                                       1,721.88                 274,708.19                  80.00
Maurice River Township                               530.29                  84,682.56                  45.95
Elizabeth                                          2,692.75                 416,942.21                  75.82
Newark                                             1,648.91                 211,874.84                  80.00
Fitchburg                                          1,602.37                 231,302.24                  80.00
Lawrence                                           1,953.61                 279,920.00                  80.00
Orange                                             2,019.59                 271,642.95                  80.00
Newark                                             2,350.83                 364,000.00                  80.00
Jersey City                                        2,193.70                 291,187.99                  80.00
Lynn                                               1,917.01                 311,920.00                  80.00
Antioch                                              852.85                 174,199.99                  80.00
New Port Richey                                    1,282.50                 228,000.00                  80.00
Mobile                                               330.11                  50,165.32                  75.00
Nashville                                          3,636.76                 552,667.15                  80.00
Dunedin                                            1,351.63                 235,920.00                  80.00
Seminole                                           5,244.17                 812,000.00                  80.00
Largo                                              1,554.22                 257,250.00                  75.00
Mandeville                                         2,931.54                 462,959.17                  64.60
Dunedin                                              360.00                  64,000.00                  80.00
Clearwater                                         1,230.17                 193,600.00                  80.00
Ocala                                              1,016.67                 160,000.00                  76.19
Clearwater                                         1,170.00                 208,000.00                  65.00
Chattanooga                                          372.90                  55,261.21                  90.00
Hendersonville                                     4,871.60                 679,520.07                  80.00
Iuka                                                 337.27                  49,401.43                  80.00
Auburn                                               796.25                 156,000.00                  80.00
Cape Coral                                           693.93                 138,785.93                  52.33
Jackson                                              873.01                 126,207.05                  80.00
Celebration                                        3,473.44                 585,000.00                  64.78
Orlando                                              985.42                 172,000.00                  80.00
Gulf Breeze                                        3,476.49                 534,607.72                  80.00
Nashville                                            436.51                  63,103.52                  80.00
Birmingham                                         1,319.60                 263,920.00                  80.00
JONESBORO                                            601.69                  81,944.98                  80.00
LITHONIA                                             503.12                  86,249.00                  75.00
Cincinnati                                           587.34                  83,874.93                  80.00
LAKE ALFRED                                        1,006.98                 127,926.35                  80.00
MIAMI                                              1,538.27                 219,836.73                  80.00
Cincinnati                                         1,342.49                 191,714.13                  80.00
MARIETTA                                             619.55                  86,357.54                  79.50
Kennesaw                                             740.00                 118,400.00                  80.00
BLUE RIDGE                                           943.59                 148,500.00                  72.44
HIGH POINT                                           309.49                  43,169.51                  80.00
ATLANTA                                            2,001.37                 254,253.63                  80.00
Cincinnati                                           272.25                  39,600.00                  90.00
Port Chester                                       2,567.78                 405,513.49                  65.00
Bayside                                            2,680.95                 389,517.39                  69.56
Fresh Meadows                                      3,159.83                 480,595.90                  64.13
Philadelphia                                         300.18                  41,371.51                  90.00
Westampton                                         1,108.25                 177,320.00                  80.00
Philadelphia                                       1,145.83                 199,999.99                  80.00
Northfield                                         3,994.83                 584,683.59                  80.00
Woodbury                                           1,595.21                 230,610.42                  80.00
Ocean City                                         5,781.25                 925,000.00                  46.25
BROOKLYN                                           1,157.82                 161,498.93                  89.79
Brooklyn                                           2,561.24                 399,292.23                  61.54
College Point                                      3,412.17                 486,547.36                  80.00
Laurel                                             4,140.59                 583,721.70                  90.00
Chicago                                            1,136.98                 185,000.00                  54.09
JERSEY CITY                                        5,971.88                 910,000.00                  70.00
NOGALES                                              468.75                  75,000.00                  55.35
PLACENTIA                                          2,383.33                 416,000.00                  65.00
SURPRISE                                             839.65                 109,133.85                  79.13
UPLAND                                             2,375.89                 414,700.00                  65.00
CHINO                                              1,564.06                 273,000.00                  65.00
PLACENTIA                                          2,979.17                 520,000.00                  65.00
EL CENTRO                                          1,136.23                 186,585.31                  79.57
YUMA                                                 631.37                  94,743.97                  65.00
Laredo                                               555.72                  61,567.97                  80.00
GREELEY                                              614.58                 100,000.00                  80.00
GREELEY                                              835.83                 136,000.00                  80.00
GREELEY                                            1,155.42                 188,000.00                  80.00
PALM SPRINGS                                       2,422.50                 408,000.00                  80.00
Rio Rico                                           1,003.12                 138,252.79                  75.00
Richardson                                           926.10                 139,085.90                  80.00
Chicago                                            1,537.21                 233,495.33                  65.00
Minneapolis                                          716.41                  99,858.39                  80.00
Chicago                                            1,238.31                 188,131.24                  58.00
Little Rock                                          791.32                 115,634.75                  80.00
Murphy                                               873.19                 127,799.68                  80.00
Brighton                                             923.98                 161,276.00                  80.00
KINGSVILLE                                         1,536.75                 239,575.33                  58.68
Chicago                                            1,425.54                 216,608.27                  62.00
Florissant                                           655.51                  93,610.42                  75.00
Atlanta                                              697.50                 108,000.00                  80.00
Orlando                                            1,182.58                 177,457.74                  75.00
Orlando                                            1,482.18                 219,398.31                  80.00
Ellijay                                            1,044.10                 143,900.90                  80.00
Tampa                                              1,304.32                 193,445.18                  80.00
New River                                          1,197.54                 179,404.65                  64.52
Millington                                           573.03                  83,802.22                  80.00
Savannah                                             755.25                 127,200.00                  79.55
Arvada                                             1,325.00                 212,000.00                  80.00
Davie Beach                                        1,827.17                 251,652.02                  80.00
York                                                 779.62                 104,931.32                  48.84
Granbury                                             861.41                 120,069.70                  80.00
Chicago                                            1,215.32                 184,200.57                  54.41
WASHINGTON                                         1,530.00                 244,800.00                  80.00
ELLICOTT CITY                                      2,910.42                 508,000.00                  80.00
FORKED RIVER                                       1,522.50                 232,000.00                  79.73
EASTON                                             2,617.97                 307,852.45                  80.00
LAREDO                                               903.86                 142,610.06                  65.00
MESA                                               1,127.34                 216,450.00                  65.00
LANHAM                                             1,788.33                 296,000.00                  80.00
MISSION                                              733.77                  99,865.35                  71.43
PHOENIX                                            1,037.77                 120,966.74                  48.80
BELLEVUE                                           2,075.75                 311,740.11                  80.00
ORANGE                                             2,031.67                 368,000.00                  80.00
MCALLEN                                              823.88                 116,315.74                  74.98
HIGLEY                                             2,090.00                 304,000.00                  80.00
SEVERNA PARK                                       1,889.81                 302,370.00                  70.00
SUN CITY WEST                                        919.71                 139,882.37                  51.47
WESLACO                                            1,914.97                 204,387.63                  60.65
CEDAR PARK                                         1,053.78                 154,230.25                  80.00
DECATUR                                            1,530.94                 213,000.00                  75.00
FORT WORTH                                           300.78                  52,500.00                  75.00
LEESBURG                                           2,039.58                 356,000.00                  80.00
DAVENPORT                                          2,219.29                 244,235.40                  70.00
GREAT FALLS                                        5,017.19                 845,000.00                  65.00
SILVER SPRING                                      1,660.82                 198,591.66                  50.38
ATHENS                                               826.15                 127,920.00                  80.00
SILVER SPRING                                      1,787.50                 312,000.00                  80.00
MIDDLETOWN                                         1,057.50                 188,000.00                  80.00
CAPITOL HEIGHTS                                    1,250.33                 193,600.00                  80.00
MESA                                               1,127.34                 216,450.00                  65.00
ROUND ROCK                                           508.08                  87,099.98                  65.00
MCALLEN                                              788.83                 104,797.75                  70.00
CEDAR PARK                                           899.32                 140,326.08                  61.07
GILBERT                                            2,145.21                 337,607.20                  80.00
MESA                                               1,776.71                 247,824.96                  80.00
CLAREMONT                                          1,654.79                 338,000.00                  59.30
ORANGE                                             1,230.32                 165,591.61                  74.98
CHANDLER                                           1,718.48                 257,661.09                  70.00
SAN FRANCISCO                                      3,382.44                 520,599.47                  70.00
KELLER                                             1,305.21                 223,750.00                  59.99
MISSION                                            1,516.69                 194,768.92                  75.00
SANTA ANA                                          3,027.13                 454,627.04                  73.98
SAN ANTONIO                                          708.08                 114,888.96                  52.27
PHOENIX                                              671.13                 109,200.00                  65.00
GREAT FALLS                                        3,312.60                 649,000.00                  64.96
TOMS RIVER                                         1,740.00                 288,000.00                  80.00
SPRING LAKE                                        3,521.71                 549,514.75                  27.50
HOLLYWOOD                                          1,715.92                 279,200.00                  80.00
HILLSDALE                                          2,644.01                 461,500.00                  65.00
MINNEAPOLIS                                        1,794.58                 292,000.00                  80.00
BROWNSVILLE                                          710.22                 106,574.47                  70.00
MINNEAPOLIS                                          950.00                 152,000.00                  80.00
LAREDO                                               483.48                  69,893.13                  61.41
PHOENIX                                              698.00                 139,600.00                  60.70
BIG BEAR LAKE                                      4,604.69                 673,943.69                  75.00
YONKERS                                            2,500.00                 399,999.99                  80.00
WASHINGTON                                         2,517.50                 424,000.00                  80.00
TOTOWA                                             5,124.04                 779,344.71                  65.00
BELLINGHAM                                         1,330.00                 224,000.00                  80.00
RICHMOND                                             716.29                 104,918.08                  75.00
TAKOMA PARK                                          744.62                 134,875.00                  65.00
CORONA                                             2,265.63                 375,000.00                  47.90
WESLACO                                              650.97                  94,033.49                  65.00
MCALLEN                                              902.12                 104,951.01                  75.00
ARIZONA CITY                                         867.15                 131,889.10                  74.16
WASHINGTON                                         4,444.27                 805,000.00                  70.00
MESA                                               1,130.73                 217,100.00                  65.00
REMINGTON                                          1,803.65                 346,300.00                  80.00
PHOENIX                                              372.40                  65,000.00                  65.00
BALTIMORE                                          1,083.75                 204,000.00                  80.00
Encino                                             6,552.73               1,031,250.00                  75.00
San Antonio                                          504.85                  67,070.57                  80.00
OAK POINT                                            722.23                 101,966.15                  80.00
Dallas                                               969.00                 163,200.00                  80.00
OAK POINT                                            668.64                  94,399.63                  80.00
Bethlehem                                            975.00                 156,000.00                  80.00
Stockbridge                                          848.57                 121,268.17                  75.85
Frisco                                               653.41                 108,150.00                  75.00
Bryan                                              1,281.92                 176,555.86                  80.00
Ellenwood                                            495.00                  86,400.00                  80.00
Loris                                                875.83                 137,702.58                  65.98
Round Rock                                           861.09                 150,300.00                  90.00
Plano                                                545.16                  86,093.64                  74.61
Stockbridge                                        1,485.75                 226,400.00                  80.00
Rockport                                             504.35                  70,300.32                  78.22
Hapeville                                            534.90                  71,108.89                  80.00
Dallas                                               449.54                  61,957.34                  80.00
San Diego                                          3,735.93                 575,504.07                  79.45
Dallas                                               405.63                  64,900.00                  72.11
Prescott                                           1,362.06                 209,637.36                  75.00
Lincoln                                              727.18                 103,922.82                  65.00
Pflugerville                                         802.95                 140,151.00                  75.00
FT WORTH                                             616.00                 105,600.00                  80.00
Dacula                                               712.48                 110,320.00                  80.00
Aubrey                                               689.42                 112,177.00                  80.00
San Diego                                          2,594.68                 389,680.32                  63.41
Mckinney                                             341.77                  50,060.92                  78.28
Mesquite                                             663.32                  90,154.95                  80.00
Midway City                                        2,979.17                 520,000.00                  80.00
Mcdonough                                            620.50                 116,800.00                  80.00
Los Angeles                                        2,389.06                 417,000.00                  76.23
San Diego                                          2,050.34                 332,366.42                  64.66
Grand Prairie                                        283.73                  36,855.13                  90.00
Houston                                              787.50                 120,000.00                  80.00
Dallas                                               742.83                 103,391.42                  75.00
Vista                                              3,105.84                 460,631.35                  72.03
Marietta                                             763.58                 130,900.00                  47.10
FATE                                                 558.71                  90,052.59                  75.00
Lewisville                                           392.08                  54,000.33                  75.00
Abingdon                                           1,117.31                 181,800.00                  79.74
Valdosta                                             928.47                 129,508.53                  80.00
Mcallen                                              661.79                  93,157.29                  88.63
Albuquerque                                          906.18                 129,407.04                  80.00
Riverdale                                            534.90                  71,154.60                  80.00
San Antonio                                          387.82                  56,604.44                  74.31
Douglasville                                       1,127.32                 208,120.00                  80.00
Deer Park                                            493.05                  67,953.20                  80.00
Myrtle Beach                                         921.87                 149,999.99                  80.00
Valdosta                                             504.85                  69,531.85                  80.00
Spring                                               312.19                  55,500.00                  75.00
Forney                                               464.04                  63,911.63                  80.00
Forney                                             1,220.75                 239,168.00                  80.00
DENTON                                               666.99                 106,718.00                  80.00
Mesquite                                             556.27                  76,614.07                  80.00
Irving                                               513.00                  74,963.19                  80.00
Eden Prairie                                         747.08                 130,400.00                  80.00
Houston                                              981.52                 138,572.63                  80.00
Stockbridge                                          706.05                 125,520.00                  80.00
OAK POINT                                            607.50                  97,200.00                  80.00
Dallas                                             1,466.32                 251,369.49                  79.98
Jefferson                                          1,136.49                 172,708.48                  61.79
Arlington                                            782.87                 129,578.00                  80.00
Houston                                              998.53                 151,614.71                  80.00
OAK POINT                                            650.82                  92,940.41                  80.00
Farmers Branch                                       447.50                  63,844.70                  80.00
Albuquerque                                        1,111.25                 190,500.00                  90.28
Oklahoma City                                        657.35                 103,905.98                  78.20
Honolulu                                           7,625.00               1,200,000.00                  75.00
Las Vegas                                          3,414.58                 596,000.00                  80.00
Pasadena                                           3,033.93                 479,566.07                  62.42
ANTIOCH                                            3,106.87                 497,538.76                  64.84
SAN MARCOS                                         3,366.22                 518,553.16                  64.07
COEUR D ALENE                                      6,548.89                 958,497.70                  80.00
DUARTE                                             3,425.00                 548,000.00                  80.00
SPOKANE                                            1,661.46                 275,000.00                  64.71
CARMEL VALLEY                                      3,431.25                 610,000.00                  56.74
Muldrow                                              427.00                  64,851.90                  77.66
Carrollton                                           466.67                  80,000.00                  80.00
ALPINE FOREST                                      1,243.75                 199,000.00                  62.19
CERES                                              1,855.42                 292,000.00                  80.00
Indianapolis                                         594.67                  86,029.16                  74.87
HOPKINSVILLE                                         475.47                  67,898.74                  80.00
CAMPBELL                                             516.25                  71,151.00                  80.00
INDIANAPOLIS                                         466.21                  67,448.63                  87.66
COSHOCTON                                            285.24                  40,241.48                  65.00
HOPKINSVILLE                                         660.06                  94,259.44                  80.00
INDIANAPOLIS                                         452.99                  63,953.68                  80.00
LOUISVILLE                                         1,023.26                 150,000.00                  80.00
HOPKINSVILLE                                         358.00                  51,123.76                  80.00
HOPKINSVILLE                                         503.43                  71,892.81                  80.00
HOPKINSVILLE                                         486.65                  69,496.38                  80.00
HOPKINSVILLE                                         402.75                  57,514.23                  80.00
Aurora                                             1,073.99                 153,371.31                  80.00
Milwaukee                                            771.92                 125,600.00                  80.00
Cape Coral                                         1,423.33                 223,999.90                  80.00
Keystone                                             896.00                 153,600.00                  80.00
Kenosha                                              545.00                  87,200.00                  80.00
Milwaukee                                            663.75                 108,000.00                  80.00
Thorton                                              811.17                 125,600.00                  80.00
Coral Gables                                       2,561.99                 455,464.44                  39.82
Ashburn                                              766.92                 116,864.00                  95.00
Shelter Island                                     2,760.42                 500,000.00                  33.33
Alexandria                                         3,216.39                 459,315.09                  80.00
Manassas                                           3,141.27                 519,935.00                  65.00
Silver Spring                                      3,912.74                 636,650.00                  85.00
Alexandria                                         2,502.72                 444,928.74                  87.25
Alexandria                                         2,898.98                 448,875.00                  95.00
Falls Church                                       1,342.50                 191,714.13                  80.00
Cape Coral                                         4,710.25                 837,378.07                  69.79
Washington                                         6,485.99                 997,253.50                  50.00
Manassas                                           2,933.13                 494,000.00                  94.10
CLEVELAND                                            362.67                  54,400.00                  80.00
KAILUA                                             7,296.73               1,124,031.40                  75.00
PINEVILLE                                            591.62                  78,649.23                  75.00
Honolulu                                           3,989.90                 691,371.03                  80.00
PLEASANT HILL                                        986.32                 146,282.93                  80.00
HENDERSON                                          2,912.75                 458,400.00                  80.00
Chapin                                               607.24                  87,853.10                  79.93
Elberton                                             968.68                 145,480.65                  80.00
Ventura                                            1,306.66                 145,904.57                  23.85
Gilbert                                            1,007.92                 164,000.00                  80.00
Mesa                                                 499.58                  87,200.00                  80.00
Tucson                                               464.13                  67,148.20                  80.00
Sun City                                             834.33                 131,274.23                  80.00
Myrtle                                               369.45                  47,443.71                  95.00
Scottsdale                                         6,024.04                 915,205.81                  70.00
Tempe                                                850.00                 136,000.00                  80.00
Olathe                                             1,164.32                 147,829.08                  80.00
Phoenix                                              807.33                 121,100.00                  70.00
Phoenix                                            1,106.25                 180,000.00                  80.00
Tucson                                             1,177.48                 168,022.71                  80.00
Paradise Valley                                   10,360.13               1,497,710.23                  57.69
Cottonwood                                         1,540.63                 246,500.00                  79.99
Kansas City                                          566.47                  77,043.55                  80.00
Phoenix                                            2,300.31                 433,000.00                  61.86
Kansas City                                          493.09                  67,063.83                  80.00
Phoenix                                            1,422.15                 224,592.10                  74.26
Apache Junction                                      652.50                 108,000.00                  80.00
Yuma                                               1,168.75                 220,000.00                  64.71
Phoenix                                            1,380.49                 245,420.80                  65.00
Phoenix                                            1,005.95                 146,320.00                  80.00
WEST FARGO                                           761.86                 119,900.00                  79.99
SPRING                                               638.06                  87,755.36                  80.00
HOUSTON                                              492.32                  68,671.50                  80.00
SPRING                                               638.06                  87,755.36                  80.00
SAN ANTONIO                                          620.06                  93,123.61                  79.98
HOUSTON                                              629.33                  86,554.72                  80.00
GROSSE POINTE FARMS                                1,745.42                 284,000.00                  80.00
SPRING                                               638.06                  87,755.36                  80.00
Palm Bay                                             729.23                 120,700.00                  75.14
Titusville                                         1,635.04                 233,491.84                  80.00
palmbay                                              999.41                 144,365.27                  79.97
San Diego                                          1,623.14                 299,657.50                  61.22
San Diego                                          2,077.29                 383,500.00                  65.00
Hiram                                                336.22                  60,900.00                  70.00
Cincinnati                                           470.17                  72,800.00                  65.00
West Springfield                                   1,284.09                 174,764.37                  74.79
Columbus                                             813.15                 119,013.47                  80.00
Acosta                                               691.17                  91,882.26                  80.00
Newark                                               840.98                 134,675.15                  80.00
Fredericktown                                        614.86                  84,741.64                  80.00
Pittsburgh                                           353.63                  51,161.04                  80.00
Columbus                                             478.26                  68,349.24                  80.00
Pennsburg                                          1,338.25                 208,715.60                  69.90
Fredericktown                                        761.11                 114,306.22                  80.00
Harrisburg                                           818.23                 105,137.90                  80.00
Union                                                956.51                 131,829.22                  80.00
BETHEL                                             2,259.75                 314,400.00                  80.00
Westbury                                           2,113.75                 356,000.00                  80.00
Bay Shore                                          1,458.33                 280,000.00                  80.00
WATERTOWN                                          3,789.67                 561,597.67                  75.00
Freeport                                           1,480.99                 258,500.00                  63.83
Elmont                                             2,376.67                 368,000.00                  80.00
Fort Worth                                           826.45                 115,278.58                  80.00
Denton                                               958.04                 143,803.93                  80.00
Kellyville                                           534.96                  67,960.87                  80.00
Lithia                                             1,750.06                 266,176.19                  80.00
CLAYTON                                              848.75                 145,500.00                  79.99
BETHESDA                                           7,205.38                 993,066.10                  75.00
Jessup                                             1,450.00                 240,000.00                  80.00
SILVER SPRING                                      2,576.25                 458,000.00                  61.48
Clayton                                              764.67                 118,400.00                  80.00
LAUREL                                               590.00                  96,000.00                  80.00
Leesburg                                           2,607.11                 490,750.00                  63.32
GERMANTOWN                                         1,720.83                 280,000.00                  80.00
Clayton                                            1,020.94                 178,200.00                  79.98
Lewiston                                           1,137.72                 179,673.68                  75.00
Portland                                             578.84                  90,240.04                  80.00
Harrison Township                                    580.06                  79,944.94                  80.00
Chicopee                                           1,160.11                 159,889.89                  80.00
Highland                                           1,050.00                 180,000.00                  79.65
Converse                                             452.41                  67,888.19                  80.00
Emerald Isle                                       7,682.29               1,250,000.00                  52.63
Crowley                                              815.88                 119,412.84                  79.79
Saint Petersburg                                     832.04                 122,919.98                  65.00
Derby                                                504.35                  70,350.32                  80.00
Washington                                           632.07                  99,818.71                  45.45
PERRYVILLE                                           741.17                 105,921.33                  80.00
Waukegan                                           1,220.98                 166,288.35                  78.49
Wilmington                                         2,131.06                 347,862.69                  80.00
Charlotte                                            689.00                 100,841.94                  74.81
Lebanon                                            1,152.56                 179,268.16                  80.00
Denver                                             1,080.57                 158,152.11                  80.00
Raynham                                            1,010.45                 169,928.09                  47.49
San Antonio                                          660.06                  94,188.50                  80.00
Freedom                                              768.42                 124,562.54                  80.00
San Antonio                                          495.95                  68,352.93                  80.00
Chicopee                                           1,264.52                 174,279.98                  80.00
Pleasant View                                      1,466.21                 255,920.00                  80.00
SULLIVAN                                           1,118.77                 163,732.73                  80.00
Weymouth                                             961.93                 167,900.00                  73.36
Charlotte                                            958.04                 143,763.23                  80.00
Dorchester                                         1,472.40                 257,000.00                  60.47
Matthews                                           1,166.67                 224,000.00                  80.00
Elkton                                             1,454.37                 207,690.30                  80.00
SAN ANTONIO                                          346.39                  48,868.94                  79.58
Assonet                                            1,074.22                 187,500.00                  69.96
Brewer                                               398.20                  62,943.05                  48.46
Mashpee                                            1,325.73                 204,047.05                  68.59
GOSHEN                                               629.36                  79,953.97                  80.00
TULARE                                               477.39                  59,966.36                  80.00
VISALIA                                              790.23                 101,479.61                  80.00
FRESNO                                             1,256.91                 161,408.49                  80.00
Las Vegas                                            729.50                  97,312.62                  75.00
Las Vegas                                            604.34                  87,366.43                  70.00
MURRIETA                                           1,691.67                 280,000.00                  70.00
Maineville                                         1,030.46                 176,650.00                  79.98
HAGERSTOWN                                         1,541.76                 249,923.58                  80.00
CHARLOTTESVILLE                                      392.00                  78,400.00                  80.00
LAUREL                                             1,675.00                 240,000.00                  80.00
CHARLOTTESVILLE                                      390.00                  72,000.00                  75.00
CHARLOTTESVILLE                                      604.35                 100,598.80                  70.00
CHARLOTTESVILLE                                      431.00                  69,866.82                  74.47
CHARLOTTESVILLE                                      771.38                 145,200.00                  74.98
WICHITA                                              592.46                  96,400.00                  74.98
CHARLOTTESVILLE                                      683.67                 117,200.00                  80.00
Charlottesville                                    1,008.33                 193,600.00                  80.00
Washington                                         1,794.58                 292,000.00                  80.00
CHARLOTTESVILLE                                      357.00                  67,200.00                  74.99
MIAMI                                              1,695.31                 262,500.00                  75.00
WICHITA                                              592.46                  96,400.00                  74.98
VIENNA                                             3,009.50                 463,600.50                  64.90
Temple                                               381.94                  50,155.64                  75.00
Myrtle Beach                                         639.71                 118,100.00                  69.96
Macon                                                299.53                  40,499.93                  90.00
Jacksonville                                       1,250.00                 200,000.00                  80.00
San Bernardino                                     2,572.13                 391,943.59                  80.00
Grand Rapids                                         473.30                  62,898.47                  70.00
Weatherford                                          831.25                 114,000.00                  80.00
Grand Rapids                                         478.93                  63,585.72                  69.29
Myrtle Beach                                         618.33                 112,000.00                  80.00
Elkmont                                            1,180.35                 172,966.71                  80.00
Kansas City                                          339.55                  50,278.38                  80.00
Miami                                              1,074.52                 168,737.70                  79.07
Macon                                                330.00                  49,500.00                  90.00
Rochester                                            912.80                 124,147.93                  80.00
Saint Augustine                                   10,105.78               1,497,593.82                  68.18
Riverside Area                                     1,603.21                 295,977.94                  80.00
SOUTH LAKE TAHOE                                   1,920.10                 284,772.09                  68.67
BELL                                               3,891.59                 599,483.41                  80.00
PICO RIVERA                                        2,854.15                 428,093.48                  75.93
KOLOA                                              1,724.48                 301,000.00                  70.00
CASA GRANDE                                          798.36                 119,650.25                  83.92
SHOREVIEW                                            570.77                  87,848.03                  80.00
POMONA                                             1,796.67                 308,000.00                  80.00
SANTA ANA                                          2,718.75                 450,000.00                  75.00
N LAS VEGAS                                        1,256.67                 208,000.00                  80.00
HENDERSON                                          4,000.00                 640,000.00                  80.00
MIDWAY CITY                                        3,356.23                 479,285.31                  79.08
REDLANDS                                           1,376.67                 224,000.00                  80.00
Bay Shore                                          1,321.83                 226,600.00                  80.00
Clifton                                            1,860.83                 308,000.00                  80.00
East Elmhurst                                      3,699.08                 555,544.25                  80.00
North Bergen                                       1,396.48                 243,750.00                  65.00
West Orange                                        1,389.58                 230,000.00                  63.19
Jamaica                                            3,592.64                 539,112.15                  80.00
Passaic                                            1,691.67                 280,000.00                  80.00
Far Rockaway                                       2,386.84                 367,364.54                  77.47
Hyattsville                                        1,546.67                 256,000.00                  80.00
Hyattsville                                          966.67                 160,000.00                  80.00
Hyattsville                                        1,879.40                 275,285.08                  75.48
Hahira                                               484.09                  81,531.32                  72.64
Coral Springs                                      1,291.15                 199,919.70                  80.00
Beulaville                                           528.66                  71,153.42                  80.00
Columbus                                             420.00                  64,000.00                  71.91
Lake Oswego                                        4,955.83                 626,000.00                  80.00
WILLINGBORO                                        1,463.67                 218,640.42                  80.00
Minneapolis                                        1,434.67                 199,606.56                  80.00
DOVE CANYON                                        5,208.24                 823,255.09                  80.00
VISALIA                                            1,352.08                 220,000.00                  80.00
SAN FRANCISCO                                      3,351.56                 585,000.00                  65.00
Concord                                              526.80                  70,856.87                  78.75
West New York                                      4,062.50                 780,000.00                  65.00
LAS VEGAS                                          2,177.89                 303,785.44                  80.00
Miami                                              4,275.00                 760,000.00                  80.00
Hialeah                                              925.00                 148,000.00                  80.00
Tampa                                              1,065.09                 162,300.00                  79.99
Melbourne                                            902.50                 152,000.00                  80.00
Miami Beach                                        3,153.26                 479,191.17                  80.00
MIAMI                                              2,190.00                 350,400.00                  80.00
LOS ANGELES                                        2,715.74                 413,052.70                  78.00
MILPITAS                                           2,650.89                 413,267.45                  59.57
GREENFIELD                                         1,344.65                 209,595.11                  44.68
SANTA ANA                                          1,786.85                 271,541.65                  77.71
SAN JOSE                                           3,456.41                 543,960.00                  80.00
ORANGE PARK                                        1,805.00                 304,000.00                  80.00
Columbia                                             368.46                  47,890.97                  80.00
Savannah                                             400.24                  55,123.77                  80.00
Jacksonville                                         474.30                  70,287.07                  80.00
Jacksonville                                         391.20                  58,751.80                  70.00
Jacksonville                                       1,922.89                 318,272.00                  80.00
Baltimore                                            538.90                  80,766.23                  55.86
Easley                                               875.89                 123,660.44                  75.00
Mount Pleasant                                     6,008.06                 879,341.77                  80.00
BRISTOW                                            3,497.37                 610,450.00                  80.00
CULPEPER                                           2,195.36                 383,190.48                  80.00
QUEEN CREEK                                        1,224.00                 217,600.00                  80.00
UPPER MARLBORO                                     3,099.37                 502,417.26                  80.00
LAVEEN                                             1,632.79                 238,975.43                  80.00
LANCASTER                                          1,830.09                 319,434.00                  80.00
SURPRISE                                           1,560.71                 249,713.00                  80.00
TEMECULA                                           2,609.93                 447,416.00                  80.00
FAIRFIELD                                          3,665.79                 663,992.00                  80.00
Ponte Vedra Beach                                  4,790.18                 718,816.20                  80.00
Davie                                              1,126.00                 151,550.80                  79.99
Kennesaw                                             825.31                 122,402.03                  79.03
Conyers                                              485.08                  71,942.42                  80.00
Orlando                                            6,528.23                 992,075.47                  75.00
Covington                                          1,303.33                 195,739.42                  79.99
Davie                                              1,203.78                 186,819.54                  62.67
Milner                                               640.48                  91,532.02                  80.00
Athens                                               915.01                 141,978.49                  87.72
Hoschton                                           3,439.22                 497,571.10                  66.39
Peachtree City                                     2,817.37                 439,221.45                  80.00
Pompano Beach                                      1,596.73                 239,605.40                  80.00
Pompano Beach                                      1,682.17                 231,679.26                  80.00
Atlanta                                            3,227.58                 460,912.71                  80.00
Lawrenceville                                        911.28                 127,019.86                  79.50
Boone                                                923.81                 125,815.52                  89.99
Monroe                                               698.52                  99,751.25                  90.00
Stockbridge                                          668.16                  94,262.93                  80.00
Maitland                                           1,118.77                 163,872.06                  80.00
Lake Wylie                                         4,022.46                 678,610.02                  61.82
Alpharetta                                         4,007.28                 785,100.00                  80.00
Monroe                                               794.99                 117,522.53                  80.00
Orlando                                            1,156.30                 173,514.23                  65.00
Jacksonville                                         893.66                 130,794.99                  74.86
Bradenton                                          2,629.95                 366,840.90                  74.99
Brandon                                              662.73                 102,568.32                  90.00
Dunedin                                              793.88                 124,868.91                  80.00
Tampa                                              3,119.35                 499,071.34                  75.19
Marietta                                           1,127.27                 173,499.87                  79.99
Woodstock                                          2,244.82                 309,386.94                  80.00
Buford                                               913.75                 172,000.00                  80.00
Stockbridge                                          566.24                  79,883.84                  80.00
Virginia Beach                                     1,058.79                 156,375.00                  75.00
Cicero                                               700.00                 112,000.00                  74.67
PALM BEACH GARDENS                                 2,068.92                 325,600.00                  80.00
ALEXANDRIA                                         1,658.12                 260,950.00                  85.00
Roanoke                                              775.00                 124,000.00                  80.00
Reisterstown                                       2,009.58                 364,000.00                  65.00
MELBOURNE                                          1,182.98                 192,485.24                  70.00
SHERWOOD                                           1,667.97                 262,500.00                  75.00
BEDFORD                                            3,106.87                 497,538.76                  60.00
Arlington                                          2,903.91                 472,500.00                  72.64
Glenn Dale                                         1,805.00                 304,000.00                  80.00
PALM BAY                                           1,032.50                 168,000.00                  80.00
SAINT AUGUSTINE                                      815.63                 135,000.00                  58.95
Lauderhill                                         1,983.33                 272,000.00                  79.77
BRENTWOOD                                          1,181.25                 210,000.00                  52.76
Benicia                                            3,087.57                 469,605.14                  75.20
ORLANDO                                            2,807.29                 490,000.00                  52.97
WEST BABYLON                                       2,181.55                 312,000.00                  80.00
FREDERICK                                          1,290.69                 193,840.98                  64.67
Oxnard                                             2,718.75                 435,000.00                  75.00
SAN BERNARDINO                                     1,376.67                 214,619.57                  62.87
APPLE VALLEY                                       1,924.27                 318,500.00                  65.00
Gahanna                                              738.33                 134,634.52                  80.00
COLUMBUS                                             961.25                 161,151.65                  65.00
COLUMBUS                                           1,018.92                 170,820.73                  65.00
Westerville                                          603.01                 108,695.66                  80.00
Westerville                                          588.09                 108,886.34                  79.99
COLUMBUS                                           1,109.48                 183,937.06                  65.00
Salt Lake City                                       587.85                  97,300.00                  70.00
Park City                                          1,601.30                 279,500.00                  80.00
MIDWAY                                             2,495.48                 398,506.22                  60.61
Park City                                          2,158.42                 351,200.00                  80.00
Oradell                                            6,737.19                 998,395.87                  80.00
KALAMAZOO                                          1,013.24                 167,977.85                  65.00
Union                                              1,297.40                 234,999.99                  64.38
Zellwood                                             875.82                 122,076.88                  75.00
Delray Beach                                         565.25                 106,400.00                  80.00
Gainesville                                          841.09                 115,920.17                  80.00
Ocoee                                              1,484.96                 214,836.40                  70.96
Ocoee                                                697.50                 108,000.00                  80.00
Temple Hills                                         691.92                 103,914.76                  80.00
Glenwood                                           4,927.34                 927,500.00                  70.00
Bowie                                              3,365.81                 576,995.66                  77.45
Villa Rica                                           537.98                  83,300.00                  85.00
Deland                                             3,009.50                 463,198.75                  80.00
Wesley Chapel                                      1,184.17                 196,000.00                  80.00
Newport News                                         372.53                  51,963.30                  80.00
Baltimore                                            779.17                 136,000.00                  80.00
Washington                                         1,460.94                 255,000.00                  75.00
Maitland                                           1,079.95                 188,500.00                  65.00
Rosemount                                          4,753.96                 678,887.68                  80.00
Minneapolis                                          465.21                  77,000.00                  70.00
WILLIS                                               995.57                 127,924.43                  80.00
Houston                                              908.46                 116,681.04                  80.00
HILO                                                 966.67                 160,000.00                  80.00
SANTA ROSA                                           821.82                 111,849.20                  80.00
LEWISVILLE                                           536.55                  73,949.08                  80.00
Harahan                                            1,037.76                 159,019.25                  50.00
LUBBOCK                                              359.85                  46,743.10                  80.00
THE WOODLANDS                                        698.55                 101,063.04                  70.00
DESOTO                                               597.97                  85,392.66                  80.00
BATON ROUGE                                          745.07                 103,852.72                  80.00
GREEN BAY                                            881.68                 115,927.90                  80.00
LEWISVILLE                                           536.55                  73,949.08                  80.00
WILLIS                                               665.28                  89,541.39                  70.00
RACINE                                               404.45                  51,918.01                  80.00
Houston                                              713.46                 109,810.05                  34.49
LEWISVILLE                                           536.55                  73,949.08                  80.00
The Woodlands                                        668.01                  96,645.41                  70.00
LEAGUE CITY                                          881.01                 125,812.40                  70.00
DURHAM                                               558.39                  84,928.59                  64.39
PEARLAND                                             815.38                 115,116.62                  80.00
OCEAN SPRINGS                                        636.43                  96,130.49                  80.00
Spring                                             1,392.13                 191,734.86                  80.00
JONESBOROUGH                                         687.46                 103,311.18                  80.00
Fountain Valley                                    3,579.34                 557,008.37                  65.00
San Gabriel                                        3,245.23                 493,584.98                  65.00
MESA                                                 400.22                  64,625.08                  53.28
Phoenix                                            1,576.63                 239,595.58                  76.19
Peoria                                             3,575.00                 624,000.00                  80.00
SUMMIT                                             1,594.21                 227,830.79                  80.00
Bourbonnais                                        1,913.05                 273,192.63                  80.00
Northbrook                                         2,435.39                 327,569.43                  80.00
Franklin                                             882.20                 132,050.13                  46.53
Osakis                                             1,498.33                 248,000.00                  77.50
Coon Rapids                                        1,241.80                 177,468.20                  80.00
ST LOUIS                                             792.91                 113,315.84                  80.00
CONWAY                                               336.01                  43,174.49                  80.00
LONGVIEW                                             475.64                  67,151.36                  80.00
DALLAS                                               311.12                  39,952.59                  80.00
JACKSONVILLE                                         409.09                  68,900.00                  65.00
LONGVIEW                                             447.33                  63,154.25                  80.00
LONGVIEW                                             475.64                  67,151.36                  80.00
DALLAS                                               513.34                  65,921.79                  80.00
TYLER                                                780.32                 111,339.29                  80.00
AZLE                                               1,970.79                 299,494.48                  80.00
JACKSONVILLE                                         409.09                  68,900.00                  65.00
JACKSONVILLE                                         409.09                  68,900.00                  65.00
HOUSTON                                              905.20                 112,438.55                  90.00
Bloomington                                        1,653.60                 242,210.90                  80.00
Silverthorne                                       1,004.16                 147,085.17                  80.00
Boulder                                            1,209.38                 215,000.00                  69.35
Haiku                                              2,340.83                 424,000.00                  80.00
Parker                                             3,137.79                 469,750.02                  80.00
Philadelphia                                       7,450.69               1,037,788.46                  65.00
Long Beach                                         1,545.83                 280,000.00                  80.00
Los Angeles                                        1,217.19                 205,000.00                  50.62
Los Angeles                                        2,804.06                 498,500.00                  79.13
New Preston Marble Dale                            2,870.19                 483,400.00                  79.99
Riverside                                          2,484.37                 449,999.98                  60.40
Santa Barbara                                      2,395.83                 460,000.00                  47.42
Tarzana                                            8,035.42               1,330,000.00                  64.56
Arlington                                            699.21                  99,700.37                  80.00
Los Angeles                                        2,813.15                 519,350.00                  65.00
Pebble Beach                                      12,463.15               1,779,796.05                  68.56
Merrimac                                             643.40                  95,346.81                  54.26
Kansas City                                        3,079.35                 467,561.81                  75.00
Staten Island                                      2,331.82                 321,155.91                  80.00
Venice                                             3,290.63                 585,000.00                  65.00
Stockton                                           1,975.00                 316,000.00                  80.00
San Diego                                          3,265.94                 454,392.00                  80.00
Orlando                                              800.00                 128,000.00                  80.00
Ocean Springs                                        387.33                  66,400.00                  80.00
Ventura                                            3,985.52                 569,151.32                  72.61
Albuquerque                                          700.00                 112,000.00                  80.00
Phoenix                                              867.15                 131,665.39                  80.00
La Quinta                                          2,809.38                 465,000.00                  62.42
Stevensville                                         630.44                  87,875.38                  80.00
San Diego                                          3,467.50                 616,443.92                  65.00
Palos Verdes Peninsula                             5,255.43                 797,972.13                  50.96
Delray Beach                                       5,401.27                 820,814.54                  65.00
Indian Orchard                                     1,091.48                 159,875.19                  78.43
Cashiers Townshi[p                                   456.45                  65,231.55                  80.00
Las Vegas                                            880.28                 133,774.21                  79.76
Niles                                                388.76                  55,517.22                  58.16
Glendale                                             839.17                 152,000.00                  80.00
Palmdale                                           3,190.00                 528,000.00                  80.00
Anaheim                                            4,554.34                 674,915.61                  79.53
Phelan                                             2,009.53                 305,641.01                  75.36
Pearl City                                         1,260.42                 220,000.00                  62.86
Long Beach                                         5,463.28                 832,500.00                  75.00
Brockton                                           1,587.77                 244,377.27                  75.09
Dallas                                               344.93                  57,091.16                  80.00
Rockville                                          3,264.45                 513,750.00                  75.00
Ocala                                                566.42                  71,916.86                  80.00
Chesterfield                                         885.76                 137,150.00                  65.00
Cypress                                            1,678.04                 225,702.37                  80.00
Dallas                                               326.67                  41,975.21                  70.00
CAIRO                                                327.26                  42,050.15                  85.00
Laredo                                             1,280.96                 183,064.04                  80.00
Tallahassee                                          557.09                  84,890.00                  65.00
Houston                                              470.40                  67,174.83                  65.00
Saint Louis                                        1,398.86                 187,775.41                  80.00
KANKAKEE                                             348.03                  47,966.97                  80.00
Palm Bay                                             678.84                 108,615.00                  65.00
Katy                                                 700.67                 103,833.17                  65.00
Bryan                                                407.69                  56,826.40                  65.00
DALLAS                                               385.23                  52,464.77                  70.00
Crystal City                                         377.62                  47,933.10                  80.00
Oklahoma City                                        406.63                  58,737.61                  76.93
RINGGOLD                                             596.25                 106,000.00                  80.00
Jacksonville                                         867.15                 131,889.10                  80.00
Summerville                                          814.59                 123,791.06                  80.00
Jacksonville                                         531.41                  75,886.85                  80.00
Nashville                                            304.53                  41,942.01                  75.00
Tulsa                                                419.53                  59,955.47                  80.00
Kennesaw                                             653.33                 112,000.00                  80.00
Kennesaw                                             723.33                 124,000.00                  80.00
Flagler Beach                                      1,395.31                 235,000.00                  69.73
Orlando                                              876.56                 153,000.00                  85.00
Ft Lauderdale                                      3,021.87                 459,224.88                  80.00
LONG BEACH TOWNSHIP                                  796.88                 150,000.00                   9.38
Ball Ground                                        2,043.80                 298,894.60                  80.00
LINCOLN                                              691.09                 104,753.00                  80.00
HARRISON                                             243.58                  33,876.81                  69.39
MERIDIAN                                           1,017.90                 164,687.64                  80.00
CHICAGO                                              651.19                  99,993.44                  80.00
BALTIMORE                                            685.38                 112,246.22                  67.54
MADISON                                              776.72                 123,798.87                  79.30
GLENDALE                                             980.68                 150,541.74                  80.00
NORTH BERGEN                                       1,685.30                 262,026.02                  80.00
LAKEWOOD                                             893.42                 135,422.15                  80.00
BELLEVILLE                                         1,374.06                 210,740.08                  94.58
NEW CASTLE                                           889.22                 129,835.38                  79.00
Tolleson                                             682.80                 111,100.00                  69.98
Thornton                                             910.00                 136,500.00                  70.00
Los Angeles                                        2,513.67                 438,750.00                  65.00
Lancaster                                          4,958.33                 850,000.00                  64.15
ESCONDIDO                                            882.88                 159,918.13                  80.00
Broken Arrow                                         671.64                  93,683.83                  71.56
Jacksonville                                         481.06                  68,697.56                  80.00
Benton                                               783.07                 107,699.78                  80.00
Broken Arrow                                         671.64                  93,683.83                  75.00
Broken Arrow                                         671.64                  93,683.83                  71.56
Philadelphia                                         726.71                 111,961.62                  80.00
Broken Arrow                                         671.64                  93,683.83                  75.00
Broken Arrow                                         671.64                  93,683.83                  75.00
Garden Grove                                       1,926.34                 296,744.29                  56.57
Sacramento                                         1,600.00                 320,000.00                  80.00
Bakersfield                                          437.67                  72,704.77                  47.10
Gulfport                                             804.69                 154,500.00                  76.73
kyle                                                 707.00                 115,451.48                  80.00
Shreveport                                           825.00                 120,000.00                  80.00
Lakewood                                           1,330.65                 187,863.93                  80.00
akron                                                393.75                  60,000.00                  80.00
portland                                           1,283.10                 202,816.48                  70.00
conley                                               511.10                  78,663.92                  80.00
santa fe                                           4,000.00                 640,000.00                  80.00
yers                                               1,063.82                 159,768.93                  79.99
Cleveland                                            530.05                  77,639.39                  71.94
houston                                              689.61                 111,893.73                  80.00
gresham                                              545.46                  98,800.00                  68.14
houston                                              446.24                  68,681.19                  80.00
post falls                                           807.33                 138,399.99                  79.95
houston                                              783.59                 125,483.67                  80.00
cleveland                                            530.05                  77,639.39                  74.00
independence                                         794.99                 117,905.64                  80.00
AKRON                                                393.75                  60,000.00                  80.00
richmond                                             969.47                 155,106.38                  80.00
akron                                                357.33                  53,600.00                  80.00
fort meyers                                          477.04                  74,434.27                  27.09
Cleveland                                            530.06                  77,639.39                  74.00
cleveland                                            530.06                  77,639.39                  74.00
CHELSEA                                              880.56                 137,398.66                  80.00
SPRING                                             2,693.12                 416,999.99                  79.63
Fountain                                             776.25                 108,000.00                  80.00
Arvada                                               926.50                 174,400.00                  80.00
Denver                                             1,050.00                 168,000.00                  80.00
Hillsborough                                      10,804.79               1,673,000.00                  64.97
BEALETON                                           2,633.75                 421,400.00                  79.99
WEST CHESTER                                       1,260.74                 192,113.00                  95.00
RISING SUN                                         1,854.14                 287,092.00                  80.00
LUMBERTON                                          1,423.08                 216,850.00                  79.99
PITTSTOWN                                          4,656.68                 649,541.24                  74.34
ELLICOTT CITY                                      4,042.52                 636,200.00                  79.99
Sacramento                                         1,595.34                 251,942.42                  65.56
Oakland                                            2,592.77                 399,405.82                  65.00
Tallahassee                                          453.09                  76,310.00                  65.00
Orlando                                            3,143.55                 471,723.14                  70.52
Tampa                                              1,208.67                 207,200.00                  80.00
Gilbert                                            4,039.06                 705,000.00                  75.00
Surprise                                           1,304.40                 215,900.00                  79.99
Mesa                                               1,260.00                 192,000.00                  80.00
Pottstown                                          3,777.34                 574,031.09                  64.97
Collegeville                                       2,854.15                 428,648.35                  65.00
Hastings                                           8,626.04               1,592,500.00                  65.00
Washington                                         1,768.46                 287,749.00                  80.00
COVINGTON                                            664.97                 107,794.53                  80.00
LAKELAND                                             780.63                 124,900.00                  79.99
UNION CITY                                           701.12                 114,080.00                  80.00
Dallas                                               566.23                  79,437.84                  80.00
GRIFFIN                                              685.00                 109,600.00                  80.00
Suwanee                                           12,486.06               1,946,549.63                  29.75
AUSTELL                                              920.11                 137,957.93                  75.00
Hampton                                              726.71                 118,245.05                  80.00
EUHARLEE                                             652.50                 108,000.00                  78.26
MARIETTA                                           2,800.00                 448,000.00                  80.00
DECATUR                                              444.13                  77,520.00                  80.00
UNION CITY                                           573.42                  93,302.00                  80.00
KENNESAW                                             750.83                  89,516.94                  59.99
VILLA RICA                                           861.95                 140,249.52                  79.99
TEMPLE                                               655.65                 116,560.00                  80.00
Dallas                                               878.62                 147,978.75                  80.00
MCDONOUGH                                          1,011.15                 146,063.75                  80.00
Riverdale                                            776.06                 116,551.38                  80.00
CANTON                                               719.57                 124,597.22                  61.99
NORCROSS                                             947.25                 168,400.00                  79.98
SNELLVILLE                                         1,000.21                 157,410.00                  80.00
SUGAR HILL                                           629.00                 118,400.00                  80.00
McDonough                                          1,155.26                 209,255.00                  80.00
JONESBORO                                            754.58                 129,357.00                  80.00
COLLEGE PARK                                         508.79                  77,529.99                  70.00
JONESBORO                                            546.88                  87,500.00                  70.00
HIRAM                                              1,088.10                 200,880.00                  80.00
HAMPTON                                              663.10                 111,679.99                  80.00
NORCROSS                                             945.00                 168,000.00                  79.99
FAIRBURN                                           1,130.85                 178,587.64                  80.00
DACULA                                               889.10                 142,256.00                  80.00
Hartwell                                           2,844.31                 448,772.95                  76.92
Lithia Springs                                       431.95                  63,170.92                  80.00
Powder Springs                                     1,161.66                 185,865.00                  80.00
RIVERDALE                                            648.62                 111,192.00                  80.00
ACWORTH                                              791.63                 151,993.00                  80.00
CANTON                                               991.51                 138,204.01                  80.00
CARTERSVILLE                                         752.00                 120,320.00                  80.00
KINGSTON                                           1,855.87                 287,360.00                  80.00
MANHATTAN BEACH                                    1,660.16                 312,500.00                  24.04
GARDEN GROVE                                       3,048.15                 463,612.12                  77.33
WASHINGTON                                         1,660.82                 197,169.80                  44.44
SAN PEDRO                                          2,951.12                 453,370.32                  65.00
LAS VEGAS                                            795.70                 119,403.36                  80.00
VAN NUYS                                           2,427.13                 439,631.00                  62.41
PALOS VERDES ESTATES                               2,588.15                 451,750.00                  65.00
INGLEWOOD                                          1,042.91                 164,398.49                  25.38
PINEHURST                                          2,486.46                 434,000.00                  70.00
GARDEN GROVE                                       1,680.04                 265,317.15                  51.12
NORWALK                                            1,516.96                 239,125.08                  49.48
Las Vegas                                          1,255.01                 195,654.83                  80.00
CRANBERRY TWP                                      1,490.28                 223,816.39                  74.17
RIVERSIDE                                          1,893.91                 291,748.59                  80.00
Rialto                                             1,478.09                 223,585.79                  57.25
CORAL GABLES                                         626.56                  92,851.60                  38.75
PHILADELPHIA                                         619.93                  85,322.33                  90.00
YUCAIPA                                            1,694.43                 270,590.30                  80.00
REDONDO BEACH                                      3,119.35                 498,141.17                  57.14
MIAMI                                              1,497.80                 227,597.59                  57.00
RED BLUFF                                          2,107.94                 324,720.19                  59.09
REDONDO BEACH                                      2,664.06                 465,000.00                  53.14
Los Angeles                                        5,985.40                 704,987.26                  65.00
NEWTON                                               392.51                  59,699.81                  79.99
ETIWANDA                                           5,041.67                 880,000.00                  80.00
Hilaleah                                             985.39                 149,873.98                  78.95
LAS VEGAS                                          1,460.95                 213,992.93                  80.00
LOS ANGELES                                        4,641.20                 705,909.40                  65.00
FOUNTAIN VALLEY                                    2,395.52                 442,250.00                  65.00
GALENA                                               774.78                 120,893.75                  56.28
MEDINA                                             1,335.24                 211,059.03                  65.00
ONTARIO                                              719.47                 119,396.68                  34.29
CHICAGO                                              752.37                 115,799.70                  79.18
Rolling Meadows                                    1,656.67                 245,306.57                  79.32
Head Of The Harbor                                 7,866.16               1,124,165.09                  75.00
SAINT LOUIS                                          856.54                 115,284.54                  80.00
Saint Louis                                        1,390.95                 211,017.33                  79.90
Dallas                                               683.82                  86,720.77                  80.00
LOUISVILLE                                           447.04                  62,311.64                  80.00
DALLAS                                             1,493.64                 206,000.00                  80.00
Houston                                              943.92                 123,875.99                  80.00
HOUSTON                                              802.46                 111,647.00                  80.00
Fort Worth                                           797.36                 131,976.00                  80.00
Denton                                               573.13                  79,829.52                  80.00
Louisville                                           392.01                  50,340.27                  91.64
Weatherford                                          862.27                 126,002.00                  80.00
HOUSTON                                              740.31                 103,000.00                  80.00
Gunter                                               655.46                  90,084.83                  80.00
Louisville                                           420.01                  53,936.01                  90.00
HOUSTON                                              623.37                  86,730.00                  80.00
Louisville                                           399.01                  51,239.20                  90.00
Bowling Green                                        623.56                  85,760.93                  80.00
DENTON                                             1,154.31                 159,090.44                  80.00
Valrico                                              997.50                 168,000.00                  80.00
Gahanna                                              759.53                 127,920.00                  80.00
GILLESPIE                                            411.67                  60,800.00                  80.00
Krum                                               2,452.42                 387,296.60                  79.84
WARSAW                                               441.16                  56,652.78                  80.00
Sanger                                               637.65                  97,796.94                  80.00
Cahokia                                              266.55                  32,341.79                  90.00
Cahokia                                              266.55                  32,341.79                  90.00
Cahokia                                              266.55                  32,366.27                  90.00
Stephenville                                       4,604.69                 673,943.69                  79.88
Lewisville                                           622.23                  84,510.81                  80.00
Little Elm                                         1,075.83                 153,517.28                  80.00
Itasca                                               691.17                  91,762.90                  80.00
Alvarado                                           1,107.24                 143,824.90                  68.90
NORWALK                                              991.53                 116,281.84                  25.00
burlingame                                        10,616.67               1,820,000.00                  70.00
Chattanooga                                          322.77                  50,797.24                  80.00
Cumming                                              832.24                 135,416.00                  80.00
Elberta                                            1,006.87                 143,785.59                  80.00
Mt Pleasant                                        3,313.13                 513,000.00                  74.89
Dallas                                               586.41                  92,288.00                  80.00
Yulee                                              1,137.59                 185,100.00                  80.00
Kennesaw                                             938.25                 166,800.00                  80.00
Chelsea                                              774.50                 123,920.00                  80.00
Atlanta                                              681.33                 116,800.00                  80.00
Gainesville                                          950.67                 147,200.00                  80.00
Gulf Shores                                          978.54                 153,999.57                  80.00
RANCHO CUCAMONGA                                   4,139.86                 590,745.53                  80.00
APPLE VALLEY                                       2,277.94                 321,592.00                  80.00
BAKERSFIELD                                        2,776.41                 397,813.32                  90.00
ROSEVILLE                                          3,624.38                 572,376.44                  80.00
LANCASTER                                          3,354.05                 496,638.54                  80.00
APPLE VALLEY                                       2,197.14                 295,523.55                  80.00
HOUSTON                                              634.49                  91,724.77                  90.00
DENTON                                               756.64                 139,687.00                  80.00
JACKSONVILLE                                         936.82                 172,951.99                  80.00
NORTH LAS VEGAS                                    2,192.27                 375,817.00                  80.00
LAS VEGAS                                          1,629.03                 256,371.99                  80.00
NAPLES                                             3,169.51                 416,479.81                  79.98
ORLANDO                                            1,374.98                 244,440.00                  80.00
NORTH LAS VEGAS                                    3,019.82                 517,683.02                  79.99
RIVERVIEW                                          1,201.11                 184,865.22                  65.00
JACKSONVILLE                                       1,240.41                 177,268.34                  80.00
LAS VEGAS                                          3,629.65                 545,116.81                  80.00
Caldwell                                             653.34                  83,900.46                  80.00
Muskogee                                             835.39                 128,352.69                  80.00
Caldwell                                             434.94                  55,853.74                  80.00
Colorado Springs                                   1,326.74                 219,597.62                  80.00
WEST JORDAN                                          862.23                 129,493.77                  80.00
COLORADO SPRINGS                                     814.33                 122,299.67                  80.00
WEST VALLEY CITY                                     500.00                  80,000.00                  80.00
SAINT GEORGE                                         947.93                 146,024.16                  79.00
Roosevelt                                          2,100.03                 269,664.13                  89.20
Aurora                                               504.33                  71,200.00                  80.00
EAGLE MOUNTAIN                                     1,075.00                 172,000.00                  80.00
Norwich                                            1,155.02                 148,324.01                  75.00
Temecula                                           3,731.75                 519,200.00                  80.00
Murrieta                                           4,100.51                 526,575.24                  80.00
Murrieta                                           3,996.25                 556,000.00                  80.00
SPRINGFIELD                                          541.25                  68,639.93                  80.00
SOUTHBRIDGE                                        1,455.38                 211,691.35                  80.00
MANCHESTER                                           978.90                 139,896.10                  80.00
Lebanon                                              651.88                  91,966.26                  75.00
Roseville                                            435.41                  67,879.69                  48.23
Westminster                                        1,158.26                 171,644.21                  80.00
Norcross                                           1,141.93                 151,706.12                  80.00
Henryetta                                            415.52                  57,959.06                  68.24
Wichita                                              510.86                  67,873.57                  80.00
Humble                                               507.77                  69,153.56                  80.00
Detroit                                              613.03                  81,495.58                  80.00
Williamsburg                                       1,569.01                 229,640.06                  52.39
Columbia                                             450.76                  59,923.22                  80.00
Canton                                               599.30                  92,240.45                  80.00
Garland                                              664.27                  88,306.85                  80.00
Newark                                             2,425.33                 342,400.00                  80.00
Littleton                                          1,095.41                 191,199.67                  80.00
Santa Monica                                       7,341.75               1,048,436.63                  75.00
SCOTTSDALE                                         3,239.84                 536,250.00                  65.00
COLUMBIA                                             697.97                 111,675.17                  80.00
THOUSAND OAKS                                      4,544.89                 649,517.61                  65.00
Chino                                              2,345.63                 417,000.00                  72.90
Apple Valley                                       1,388.54                 215,000.00                  68.25
TUSTIN                                             3,041.86                 486,216.99                  80.00
APPLE VALLEY                                       1,600.00                 256,000.00                  80.00
APPLE VALLEY                                       1,600.00                 256,000.00                  80.00
PLEASANT HILL                                      4,142.50                 660,518.49                  80.00
QUARTZ HILL ARE                                    2,038.47                 338,290.65                  53.13
LOS ANGELES                                        1,245.17                 196,281.84                  49.25
Williamsburg                                       1,684.58                 311,000.00                  87.36
Ft Washington                                      1,237.50                 220,000.00                  68.75
Lynchburg                                            788.70                 121,390.01                  80.00
College Park                                         736.12                 102,531.04                  79.97
College Park                                       1,389.14                 208,371.00                  80.00
Monroe                                               573.13                  79,886.71                  73.39
Marietta                                             401.28                  57,449.90                  70.00
Union City                                           486.69                  83,433.00                  70.00
Phoenix                                            1,596.73                 239,803.28                  64.86
El Mirage                                            984.38                 157,500.00                  75.00
Show Low                                           1,118.77                 163,869.06                  80.00
North Las Vegas                                      255.82                  37,441.31                  20.27
Colorado Springs                                     953.44                 147,630.00                  70.00
Shawnee                                              413.02                  52,469.79                  75.00
Shawnee                                              390.36                  53,164.31                  70.00
Long Beach                                           744.48                 129,944.79                  50.78
Fort Worth                                           395.89                  54,562.42                  65.00
Federal Way                                        1,120.00                 192,000.00                  75.00
ALBUQUERQUE                                          906.34                 158,197.99                  80.00
PHOENIX                                              861.67                 150,400.00                  80.00
SCOTTSDALE                                         1,425.83                 236,000.00                  80.00
SAN LUIS                                             749.17                 124,000.00                  80.00
PHOENIX                                            1,565.13                 263,600.00                  80.00
Glendale                                           1,893.04                 276,783.52                  75.00
Phoenix                                              458.55                  75,968.95                  80.00
QUEEN CREEK                                        1,164.00                 177,372.00                  80.00
Albuquerque                                          930.82                 162,470.00                  80.00
ALBUQUERQUE                                          888.02                 155,000.00                  78.18
Salisbury                                            334.99                  52,719.99                  80.00
Winston Salem                                        266.00                  44,800.00                  80.00
Winston Salem                                        381.59                  59,085.00                  65.00
Conyers                                            1,048.11                 147,864.96                  80.00
Winston                                              625.79                  89,432.58                  78.17
Winston Salem                                        175.75                  29,600.00                  80.00
Hoschton                                           2,484.26                 449,978.66                  51.43
Mckinney                                             705.67                 108,612.13                  80.00
Allen                                              1,300.00                 249,600.00                  80.00
Arlington                                            775.92                 135,432.74                  80.00
Mckinney                                           2,583.89                 347,543.18                  80.00
Lewisville                                           714.11                 100,816.00                  80.00
Kimberly                                           1,064.11                 139,825.34                  80.00
Kiawah Island                                      1,957.69                 269,627.16                  75.00
CONYERS                                              531.29                  74,107.66                  80.00
BRUNSWICK                                          2,212.24                 349,045.63                  68.90
COLUMBUS                                             447.00                  59,228.89                  85.00
KISSIMMEE                                          1,019.22                 143,256.41                  80.00
ORLANDO                                              919.70                 139,068.58                  67.96
CHARLOTTE                                            763.29                 102,249.09                  80.00
WAYCROSS                                             352.19                  53,869.64                  94.99
CHARLOTTE                                            443.13                  62,836.07                  75.00
PITTSBURGH                                           534.03                  84,871.13                  80.00
ORLANDO                                              501.19                  67,091.64                  75.00
JACKSONVILLE                                       1,740.17                 238,820.81                  80.00
GOOSE CREEK                                          590.22                  90,195.88                  70.00
SATELLITE BEACH                                    2,881.40                 447,584.72                  66.67
TAMPA                                                847.44                 128,115.39                  75.88
DUMFRIES                                           1,474.17                 244,000.00                  80.00
BOYCE                                                557.32                  62,961.46                  22.03
WEST PALM BEACH                                    1,184.73                 188,649.00                  95.00
OGDEN                                                321.99                  45,734.60                  78.05
FAIRFAX STATION                                    3,897.08                 645,965.23                  65.00
SAGINAW                                            1,015.10                 139,312.13                  80.00
PEORIA                                               806.67                 176,000.00                  80.00
KISSIMMEE                                          1,053.28                 153,541.44                  80.00
WAXHAW                                               967.06                 152,091.32                  61.20
SCOTTSDALE                                         1,860.83                 405,999.50                  70.00
NORTH PORT                                         1,378.97                 226,647.33                  80.00
JASPER                                             1,190.08                 215,561.07                  86.80
STATESBORO                                         1,164.28                 174,126.67                  76.75
TAMPA                                                786.08                 125,290.42                  66.67
BOULDER                                            1,237.50                 270,000.00                  63.59
ORLANDO                                            1,781.99                 238,878.49                  80.00
NAPLES                                             1,645.31                 303,750.00                  75.00
Dover                                              2,109.55                 239,187.90                  80.00
ORLANDO                                            1,283.64                 215,428.36                  70.00
Fitzgerald                                           597.72                  64,346.03                  95.00
ORLANDO                                              849.92                 131,600.00                  80.00
CHARLOTTE                                          1,354.58                 217,284.02                  80.00
PALM SPRINGS                                       1,122.82                 127,874.86                  80.00
SUGAR HILL                                           809.39                 133,905.88                  79.41
HARTWELL                                             630.65                  95,509.12                  80.00
ORLANDO                                            1,166.44                 164,072.91                  80.00
ALEXANDRIA                                         3,265.29                 548,002.13                  62.59
FREDRICKSBERG                                      1,809.93                 394,894.77                  56.43
CAMDEN WYOMING                                     1,200.93                 188,239.89                  95.00
LOS ANGELES                                        2,998.70                 353,558.95                  52.43
LAWRENCEVILLE                                      1,430.00                 312,000.00                  80.00
PITTSBURGH                                           819.60                 126,918.98                  79.50
IRMO                                               1,257.04                 176,413.28                  80.00
KISSIMMEE                                          1,053.20                 148,031.58                  80.00
NEWPORT NEWS                                       1,392.97                 161,693.52                  80.00
RALEIGH                                            1,527.74                 177,994.30                  76.04
KISSIMMEE                                          1,052.63                 147,132.39                  79.57
Miami                                              1,149.64                 172,372.59                  80.00
Warren                                               764.04                 111,610.71                  80.00
LANSING                                              790.00                 126,400.00                  80.00
Aldan                                                834.70                 131,362.92                  79.64
Phila                                              1,550.13                 131,810.20                  60.00
Doylestown                                         3,700.81                 542,076.79                  65.76
Lake Harmony                                       1,447.10                 224,787.02                  80.00
Philadelphia                                         979.30                 156,688.00                  80.00
Devon                                              3,556.38                 620,750.00                  65.00
Dover                                                896.00                 153,600.00                  80.00
Blackwood                                          1,078.85                 148,689.60                  80.00
Bear                                               1,462.59                 214,064.47                  80.00
Pleasantville                                      1,436.60                 207,682.49                  80.00
Pleasantville                                        839.06                 119,910.94                  80.00
Marcus Hook                                          436.44                  65,544.44                  80.00
Pine Hill                                            734.02                 107,516.06                  80.00
Fort Washington                                    2,938.15                 452,609.98                  66.62
Wilmington                                         1,819.17                 296,000.00                  80.00
Philadelphia                                       2,560.13                 379,390.44                  80.00
Norristown                                           713.20                 107,023.75                  80.00
Wilmington                                           466.94                  64,355.69                  80.00
WOOLRICH                                           2,482.86                 366,700.00                  95.00
Wilmington                                         4,724.27                 731,500.00                  79.99
Philadelphia                                       3,080.84                 474,591.04                  61.29
MIRAMAR                                            1,779.71                 328,561.61                  73.14
SAN DIEGO                                          1,991.25                 324,000.00                  80.00
BELL GARDENS                                       1,795.63                 331,500.00                  62.55
GRAND PRAIRIE                                      1,838.82                 250,263.58                  80.00
NORFOLK                                              425.79                  63,098.62                  80.00
VIRGINIA BCH                                       1,666.67                 320,000.00                  79.64
JACKSONVILLE                                       1,088.00                 163,200.00                  80.00
ST AUGUSTINE                                       1,072.58                 168,800.00                  80.00
Monticello                                         9,218.75               1,500,000.00                  75.00
BALTIMORE                                            432.45                  64,946.72                  65.00
VIRGINIA BEACH                                     1,215.59                 175,731.33                  80.00
DAVENPORT                                            310.13                  56,175.00                  75.00
ATL                                                1,750.00                 280,000.00                  80.00
Des Moines                                           379.55                  53,547.14                  65.00
Stafford                                           2,320.00                 384,000.00                  80.00
RICHMOND                                             687.76                  95,932.24                  70.33
DECATUR                                              712.92                 116,000.00                  80.00
Lenigh                                             1,022.84                 155,437.63                  64.88
CEDAR RAPIDS                                         531.98                  72,402.34                  86.31
HUXLEY                                               867.00                 138,720.00                  80.00
Middletown                                         5,246.93                 623,693.07                  75.00
MYRTLE BEACH                                         994.78                 176,850.00                  90.00
BAYVIEW                                            1,604.17                 275,000.00                  78.57
HOMER GLEN                                         1,715.65                 273,451.34                  42.31
Chicago                                            2,134.40                 354,210.20                  80.00
Phoenix                                              875.17                 142,400.00                  80.00
PHOENIX                                            1,030.68                 179,900.00                  79.96
CHESAPEAKE                                         2,630.01                 400,013.66                  79.12
PETERSBURG                                           683.42                 111,200.00                  80.00
NEWPORT NEWS                                         807.49                 135,999.01                  77.71
Dallas                                               553.58                  68,570.25                  80.00
FORT WORTH                                           424.13                  63,645.18                  75.00
Plano                                              1,320.12                 188,659.88                  80.00
Plano                                                480.92                  79,600.00                  80.00
DALLAS                                             5,768.52                 823,771.63                  75.00
PLANO                                              1,213.43                 184,904.00                  80.00
Hilton Head                                        1,224.90                 209,983.60                  60.00
JERSEY CITY                                          871.12                 108,227.37                  74.67
LAKE WORTH                                           687.84                  83,440.65                  95.00
FRESNO                                               851.19                 106,985.04                  85.15
SAVANNAH                                           1,037.27                 130,865.62                  95.00
DURHAM                                               418.14                  47,632.59                  80.00
Spring                                               750.45                 102,143.75                  90.00
GREENSBORO                                           328.85                  57,400.00                  70.00
TIVERTON                                             701.82                 122,500.00                  70.00
CEDAR CITY                                         1,291.54                 152,123.43                  67.97
SAVANNAH                                             464.98                  66,351.02                  55.42
NORMAN                                               403.42                  61,984.01                  65.47
CORCORAN                                             575.18                  90,751.87                  70.00
MIDWEST CITY                                         426.01                  50,576.05                  68.86
CARY                                                 918.17                 158,113.30                  67.93
CEDAR CITY                                         1,258.21                 148,197.18                  66.21
HAWAIIAN GARDENS                                     854.01                 129,197.05                  55.32
MIDWEST CITY                                         408.35                  48,479.14                  68.30
RICHMOND                                             339.96                  51,618.82                  90.00
HENDERSON                                          1,242.26                 206,368.75                  80.00
CHARLOTTESVILLE                                      864.41                 134,640.72                  79.41
FORT LAUDERDALE                                    1,429.69                 228,749.98                  75.00
TOLEDO                                               292.00                  43,744.84                  70.00
SAVANNAH                                             464.98                  66,351.02                  57.83
OKLAHOMA CITY                                        412.71                  48,996.71                  70.00
PALM HARBOR                                          307.86                  49,856.93                  37.59
DACULA                                               945.00                 168,000.00                  70.00
PALATINE                                             612.50                 117,600.00                  69.18
GLENDALE HEIGHTS                                     861.99                 132,554.78                  69.98
CATONSVILLE                                        1,080.63                 188,619.10                  80.00
KERNERSVILLE                                         519.28                  72,329.55                  80.00
CHARLOTTE                                            334.25                  57,300.00                  67.53
SAVANNAH                                             464.98                  66,351.02                  55.42
SAVANNAH                                             464.98                  66,351.02                  57.83
SAVANNAH                                             464.98                  66,351.02                  57.83
MANASSAS                                           1,316.25                 234,000.00                  65.00
NEWBERG                                              902.92                 105,141.91                  64.00
SAVANNAH                                             345.13                  53,756.54                  70.00
LONG BEACH                                         1,395.31                 171,010.46                  39.77
NEWBERG                                              894.48                 104,159.30                  66.92
DILLSBURG                                            415.98                  49,959.69                  49.51
DILLSBURG                                            411.87                  47,793.76                  55.56
FRANKLINTOWN                                         411.87                  49,466.03                  50.00
SAVANNAH                                             331.68                  51,615.68                  70.00
POMPANO BEACH                                        848.89                 123,354.70                  66.32
OKLAHOMA CITY                                        400.67                  47,567.23                  65.20
MIDWEST CITY                                         459.21                  54,517.47                  70.00
VISALIA                                              707.47                 117,396.26                  40.69
DOVER                                                411.87                  49,466.03                  50.00
CHICAGO                                              663.33                  97,969.07                  70.00
LAUDERHILL                                         1,623.36                 280,169.76                  75.20
SEATTLE                                            1,380.21                 250,000.00                  57.87
CABOT                                                396.23                  53,137.59                  90.00
KAILUA-KONA                                        1,581.49                 263,555.21                  70.39
BALDWIN PARK                                       1,330.72                 152,560.71                  30.73
FRESNO                                             1,023.96                 159,077.34                  90.00
BELGRADE                                             866.66                 138,491.06                  79.21
LANSDOWNE                                            961.10                 114,129.99                  90.00
SAN ANTONIO                                        1,202.48                 136,668.31                  80.00
CHICAGO                                              568.01                  76,297.80                  75.00
CHINO HILLS                                        2,029.17                 389,600.00                  79.59
LINCOLN CITY                                         849.09                 150,950.00                  53.91
LEAGUE CITY                                          469.13                  63,760.66                  70.00
VANCOUVER                                            821.40                 160,927.23                  80.00
INDIANAPOLIS                                         656.58                 100,151.11                  75.49
BELTSVILLE                                         1,645.00                 335,999.00                  80.00
FT THOMAS                                            705.66                 135,486.96                  80.00
NASHUA                                             1,375.27                 198,146.22                  90.00
ELFRIDA                                              597.15                  90,591.88                  94.20
HOUSTON                                              618.75                 132,000.00                  67.69
GLENDALE                                           1,199.42                 194,242.59                  31.93
APPLE VALLEY                                         998.89                 155,443.75                  80.00
SUN CITY                                             357.47                  77,992.47                  33.48
CONCORD                                              798.37                 115,413.47                  80.00

CITY1                                         MI                                 GROUP              LIEN            BALLOON
                                                                                 _ID
---------------------------------------------------------------------------------------------------------------------------------
HIALEAH                                       No MI                              II                 First           No
MCCLOUD                                       No MI                              II                 First           No
BETHESDA                                      No MI                              II                 First           No
Seymour                                       No MI                              II                 First           No
ARVADA                                        No MI                              II                 First           No
GARDEN CITY                                   No MI                              II                 First           No
CICERO                                        No MI                              II                 First           No
NORTH LAS VEGAS                               No MI                              II                 First           No
GLEN ALLEN                                    No MI                              II                 First           No
HAMPTON                                       No MI                              II                 First           No
HICKORY CREEK                                 No MI                              II                 First           No
MIDDLEBURG                                    No MI                              II                 First           No
SACRAMENTO                                    No MI                              II                 First           No
ASHBURN                                       No MI                              II                 First           No
PORTLAND                                      No MI                              II                 First           No
SURPRISE                                      No MI                              II                 First           No
MIDLAND                                       No MI                              II                 First           No
PORTLAND                                      No MI                              II                 First           No
Holly Springs                                 No MI                              II                 First           No
MONROE                                        No MI                              II                 First           No
Edison                                        No MI                              II                 First           No
ALLEN                                         No MI                              II                 First           No
PAINESVILLE                                   No MI                              II                 First           No
NEWBERG                                       No MI                              II                 First           No
GOOSE CREEK                                   No MI                              II                 First           No
PLANTATION                                    No MI                              II                 First           No
RALEIGH                                       No MI                              II                 First           No
MARICOPA                                      No MI                              II                 First           No
MOUNTAIN TOP                                  No MI                              II                 First           No
BOISE                                         No MI                              II                 First           No
ALBANY                                        No MI                              II                 First           No
BIRMINGHAM                                    No MI                              II                 First           No
BROOKLYN                                      No MI                              II                 First           No
WARREN                                        No MI                              II                 First           No
Ridgeland                                     No MI                              II                 First           No
MONROE                                        No MI                              II                 First           No
AVONDALE                                      No MI                              II                 First           No
MONROE                                        No MI                              II                 First           No
SAN ANTONIO                                   No MI                              II                 First           No
SPARTANBURG                                   No MI                              II                 First           No
Crown Point                                   No MI                              II                 First           No
Nicholasville                                 No MI                              II                 First           No
Auburn                                        No MI                              II                 First           No
Auburn                                        No MI                              II                 First           No
CHESAPEAKE BEACH                              No MI                              II                 First           No
WASHINGTON                                    No MI                              II                 First           No
MIAMI                                         No MI                              II                 First           No
WELLINGTON                                    No MI                              II                 First           No
HOUSTON                                       No MI                              II                 First           No
MEMPHIS                                       No MI                              II                 First           No
HAYDEN LAKE                                   No MI                              II                 First           No
Eatontown                                     No MI                              II                 First           No
FAIRFAX                                       No MI                              II                 First           No
SIMPSONVILLE                                  No MI                              II                 First           No
Las Cruces                                    No MI                              II                 First           No
TOLEDO                                        No MI                              II                 First           No
Seaside Heights                               No MI                              II                 First           No
OLD ORCHARD BEACH                             No MI                              II                 First           No
LEXINGTON PARK                                No MI                              II                 First           No
ROCKVILLE                                     No MI                              II                 First           No
RICHMOND                                      No MI                              II                 First           No
Paterson                                      No MI                              II                 First           No
HARRISBURG                                    No MI                              II                 First           No
COLORADO SPRINGS                              No MI                              II                 First           No
SAN ANTONIO                                   Mortgage Guaranty In               II                 First           No
ERIE                                          No MI                              II                 First           No
HAWLEY                                        No MI                              II                 First           No
ORLANDO                                       No MI                              II                 First           No
SAFETY HARBOR                                 No MI                              II                 First           No
Trenton                                       No MI                              II                 First           No
KALAMAZOO                                     No MI                              II                 First           No
RIO RANCHO                                    No MI                              II                 First           No
CHICAGO                                       No MI                              II                 First           No
SILVERTON                                     No MI                              II                 First           No
EAST HAMPTON                                  No MI                              II                 First           No
PIEDMONT                                      No MI                              II                 First           No
AKRON                                         No MI                              II                 First           No
CHICAGO                                       No MI                              II                 First           No
HOUSTON                                       No MI                              II                 First           No
CYPRESS                                       No MI                              II                 First           No
BARTLETT                                      No MI                              II                 First           No
SALT LAKE CITY                                No MI                              II                 First           No
INDIANAPOLIS                                  No MI                              II                 First           No
WACO                                          No MI                              II                 First           No
WINTER PARK                                   No MI                              II                 First           No
SALEM                                         No MI                              II                 First           No
TAMPA                                         No MI                              II                 First           No
LAKE CITY                                     Radian Guaranty                    II                 First           No
MOUNT PLEASANT                                No MI                              II                 First           No
TAKOMA PARK                                   No MI                              II                 First           No
GARDNER                                       No MI                              II                 First           No
SYRACUSE                                      No MI                              II                 First           No
WASHINGTON                                    No MI                              II                 First           No
MUKILTEO                                      No MI                              II                 First           No
CHICAGO                                       No MI                              II                 First           No
MEMPHIS                                       No MI                              II                 First           No
BRIARWOOD                                     No MI                              II                 First           No
WACO                                          No MI                              II                 First           No
BRANDON                                       No MI                              II                 First           No
LOUISVILLE                                    No MI                              II                 First           No
MARGATE                                       No MI                              II                 First           No
SYRACUSE                                      No MI                              II                 First           No
Louisville                                    No MI                              II                 First           No
MESA                                          No MI                              II                 First           No
CHICAGO                                       No MI                              II                 First           No
VIRGINIA BEACH                                No MI                              II                 First           No
LOS BANOS                                     No MI                              II                 First           No
ORANGE PARK                                   No MI                              II                 First           No
LAS VEGAS                                     No MI                              II                 First           No
CLEVELAND                                     Radian Guaranty                    II                 First           No
COTTAGE GROVE                                 No MI                              II                 First           No
TWIN FALLS                                    No MI                              II                 First           No
CHANTILLY                                     No MI                              II                 First           No
BOURBONNAIS                                   No MI                              II                 First           No
PASADENA                                      No MI                              II                 First           No
CHICAGO                                       No MI                              II                 First           No
DRAPER                                        No MI                              II                 First           No
CHICAGO                                       No MI                              II                 First           No
CINCINNATI                                    No MI                              II                 First           No
PLAINFIELD                                    No MI                              II                 First           No
BOILING SPRINGS                               No MI                              II                 First           No
Delhi                                         No MI                              II                 First           No
Montebello                                    No MI                              II                 First           No
CLEVELAND                                     No MI                              II                 First           No
DENVER                                        No MI                              II                 First           No
GARDEN VALLEY                                 No MI                              II                 First           No
CHICAGO                                       No MI                              II                 First           No
PEMBROKE PINES                                No MI                              II                 First           No
BURKE                                         No MI                              II                 First           No
NASHVILLE                                     No MI                              II                 First           No
GARFIELD HEIGHTS                              No MI                              II                 First           No
CAPE CORAL                                    No MI                              II                 First           No
Hendersonville                                No MI                              II                 First           No
EVERETT                                       No MI                              II                 First           No
SILVER SPRING                                 No MI                              II                 First           No
OVIEDO                                        No MI                              II                 First           No
JOHNSTON                                      No MI                              II                 First           No
PORTLAND                                      No MI                              II                 First           No
BROOKLYN                                      No MI                              II                 First           No
PEORIA                                        No MI                              II                 First           No
PANAMA CITY BEACH                             No MI                              II                 First           No
CHESTER                                       No MI                              II                 First           No
DETROIT                                       No MI                              II                 First           No
Charlotte                                     No MI                              II                 First           No
FORT LAUDERDALE                               No MI                              II                 First           No
MESA                                          No MI                              II                 First           No
DANBURY                                       No MI                              II                 First           No
MARRERO                                       No MI                              II                 First           No
Indianapolis                                  No MI                              II                 First           No
HYATTSVILLE                                   No MI                              II                 First           No
Louisville                                    No MI                              II                 First           No
LOUISVILLE                                    No MI                              II                 First           No
LINCOLNTON                                    No MI                              II                 First           No
Lawrenceville                                 No MI                              II                 First           No
SANGER                                        No MI                              II                 First           No
PHOENIX                                       No MI                              II                 First           No
STERLING HEIGHTS                              No MI                              II                 First           No
ABINGDON                                      Mortgage Guaranty In               II                 First           No
GERMANTOWN                                    No MI                              II                 First           No
AURORA                                        No MI                              II                 First           No
TUCSON                                        No MI                              II                 First           No
Lafayette                                     No MI                              II                 First           No
MESA                                          No MI                              II                 First           No
WINTER HAVEN                                  No MI                              II                 First           No
NORCROSS                                      No MI                              II                 First           No
KAWKAWLIN                                     No MI                              II                 First           No
CORONA                                        No MI                              II                 First           No
GRAVETTE                                      No MI                              II                 First           No
Charlotte                                     No MI                              II                 First           No
QUEEN CREEK                                   No MI                              II                 First           No
CHANDLER                                      No MI                              II                 First           No
BURTON                                        No MI                              II                 First           No
STREAMWOOD                                    No MI                              II                 First           No
MECHANICSBURG                                 No MI                              II                 First           No
OAKLAND                                       No MI                              II                 First           No
LAKE WORTH                                    No MI                              II                 First           No
SAINT LOUIS                                   No MI                              II                 First           No
FORT LAUDERDALE                               Triad Guaranty                     II                 First           No
Flowery Branch                                No MI                              II                 First           No
MIAMI BEACH                                   No MI                              II                 First           No
Brooklyn                                      No MI                              II                 First           No
ATLANTIC BEACH                                No MI                              II                 First           No
DETROIT                                       No MI                              II                 First           No
SAINT LOUIS                                   No MI                              II                 First           No
PANAMA CITY                                   No MI                              II                 First           No
COLUMBUS                                      No MI                              II                 First           No
Garner                                        No MI                              II                 First           No
STOCKTON                                      No MI                              II                 First           No
PANAMA CITY BEACH                             No MI                              II                 First           No
DETROIT                                       No MI                              II                 First           No
NAPLES                                        Mortgage Guaranty In               II                 First           No
AURORA                                        No MI                              II                 First           No
WOODBRIDGE                                    No MI                              II                 First           No
PORT SAINT LUCIE                              Triad Guaranty                     II                 First           No
Newark                                        No MI                              II                 First           No
SCOTTSDALE                                    No MI                              II                 First           No
GRANDVIEW                                     No MI                              II                 First           No
GARNER                                        No MI                              II                 First           No
PHOENIX                                       No MI                              II                 First           No
ORLANDO                                       No MI                              II                 First           No
MOORE                                         No MI                              II                 First           No
OCOEE                                         No MI                              II                 First           No
MEMPHIS                                       Radian Guaranty                    II                 First           No
WACO                                          No MI                              II                 First           No
TAMPA                                         No MI                              II                 First           No
PROVIDENCE                                    No MI                              II                 First           No
CHICAGO                                       Triad Guaranty                     II                 First           No
Raleigh                                       No MI                              II                 First           No
PAHRUMP                                       No MI                              II                 First           No
JOHNSON CITY                                  No MI                              II                 First           No
ROCHESTER                                     No MI                              II                 First           No
KENOSHA                                       No MI                              II                 First           No
DAVIS                                         No MI                              II                 First           No
CHICAGO                                       No MI                              II                 First           No
BURBANK                                       Mortgage Guaranty In               II                 First           No
SALEM                                         No MI                              II                 First           No
FLAGSTAFF                                     Radian Guaranty                    II                 First           No
SILVER SPRING                                 No MI                              II                 First           No
SOUTH PADRE ISLAND                            No MI                              II                 First           No
TAMPA                                         No MI                              II                 First           No
Hyde Park                                     No MI                              II                 First           No
LAKELAND                                      No MI                              II                 First           No
LONGMONT                                      No MI                              II                 First           No
WOODBRIDGE                                    No MI                              II                 First           No
NORTH CHARLESTON                              No MI                              II                 First           No
STEVENSVILLE                                  No MI                              II                 First           No
LADSON                                        Triad Guaranty                     II                 First           No
BROUSSARD                                     No MI                              II                 First           No
GERMANTOWN                                    No MI                              II                 First           No
VISTA                                         No MI                              II                 First           No
MAPLE GLEN                                    No MI                              II                 First           No
VISALIA                                       No MI                              II                 First           No
SAINT JOSEPH                                  No MI                              II                 First           No
TAMPA                                         No MI                              II                 First           No
BALTIMORE                                     No MI                              II                 First           No
POMPANO BEACH                                 No MI                              II                 First           No
CARSON                                        No MI                              II                 First           No
NORFOLK                                       No MI                              II                 First           No
STAFFORD                                      No MI                              II                 First           No
PHILADELPHIA                                  No MI                              II                 First           No
KISSIMMEE                                     No MI                              II                 First           No
DAYTON                                        No MI                              II                 First           No
CHANDLER                                      No MI                              II                 First           No
KENNESAW                                      No MI                              II                 First           No
CHICAGO                                       No MI                              II                 First           No
POQUOSON                                      No MI                              II                 First           No
STERLING                                      No MI                              II                 First           No
BROOKLYN                                      No MI                              II                 First           No
CINCINNATI                                    No MI                              II                 First           No
PASCO                                         No MI                              II                 First           No
ELGIN                                         No MI                              II                 First           No
MISSOULA                                      No MI                              II                 First           No
Pikeville                                     No MI                              II                 First           No
LEWISVILLE                                    Mortgage Guaranty In               II                 First           No
WEST WARWICK                                  No MI                              II                 First           No
Passaic                                       No MI                              II                 First           No
LAND O LAKES                                  No MI                              II                 First           No
CARSON CITY                                   No MI                              II                 First           No
EASLEY                                        Radian Guaranty                    II                 First           No
SPRING HILL                                   No MI                              II                 First           No
DEERFIELD BEACH                               No MI                              II                 First           No
CLARKSTON                                     No MI                              II                 First           No
SLIDELL                                       No MI                              II                 First           No
NASHUA                                        No MI                              II                 First           No
LAS VEGAS                                     No MI                              II                 First           No
CHICAGO                                       No MI                              II                 First           No
Alameda                                       No MI                              II                 First           No
Bloomfield                                    No MI                              II                 First           No
DETROIT                                       Triad Guaranty                     II                 First           No
MIDDLETOWN                                    No MI                              II                 First           No
GREENVILLE                                    No MI                              II                 First           No
REYNOLDSBURG                                  No MI                              II                 First           No
CANTON                                        No MI                              II                 First           No
SUN CITY WEST                                 No MI                              II                 First           No
BAKERSFIELD                                   No MI                              II                 First           No
CHICKASAW                                     No MI                              II                 First           No
TAMPA                                         No MI                              II                 First           No
ROCHESTER                                     No MI                              II                 First           No
Greensboro                                    No MI                              II                 First           No
Albuquerque                                   No MI                              II                 First           No
MARICOPA                                      No MI                              II                 First           No
OVIEDO                                        No MI                              II                 First           No
CHICAGO                                       No MI                              II                 First           No
South Plainfield                              No MI                              II                 First           No
MEMPHIS                                       No MI                              II                 First           No
LOS ANGELES                                   No MI                              II                 First           No
NORTH WEBSTER                                 No MI                              II                 First           No
INDIO                                         No MI                              II                 First           No
HENDERSON                                     No MI                              II                 First           No
SPRINGDALE                                    No MI                              II                 First           No
BROOKLYN                                      No MI                              II                 First           No
SPRINGFIELD                                   No MI                              II                 First           No
CLINTON                                       No MI                              II                 First           No
Hampton                                       No MI                              II                 First           No
Wendell                                       No MI                              II                 First           No
CLINTON                                       No MI                              II                 First           No
SAINT PETERSBURG                              No MI                              II                 First           No
JACKSONVILLE                                  No MI                              II                 First           No
Louisville                                    No MI                              II                 First           No
SUMMERVILLE                                   No MI                              II                 First           No
Newburgh                                      No MI                              II                 First           No
SYRACUSE                                      No MI                              II                 First           No
SYRACUSE                                      No MI                              II                 First           No
TOPEKA                                        No MI                              II                 First           No
EVANSTON                                      No MI                              II                 First           No
SILVER SPRING                                 No MI                              II                 First           No
BRONX                                         No MI                              II                 First           No
PARKLAND                                      No MI                              II                 First           No
Louisville                                    No MI                              II                 First           No
WOONSOCKET                                    No MI                              II                 First           No
Waxhaw                                        No MI                              II                 First           No
AUBURN                                        No MI                              II                 First           No
CAMDEN                                        No MI                              II                 First           No
BELTSVILLE                                    No MI                              II                 First           No
CHICAGO                                       No MI                              II                 First           No
PHOENIXVILLE                                  No MI                              II                 First           No
MIAMI                                         No MI                              II                 First           No
VALLEJO                                       No MI                              II                 First           No
SPRINGFIELD                                   No MI                              II                 First           No
LARGO                                         No MI                              II                 First           No
PORT TOBACCO                                  No MI                              II                 First           No
HIALEAH                                       No MI                              II                 First           No
MORENO VALLEY                                 No MI                              II                 First           No
CHICAGO                                       No MI                              II                 First           No
Worcester                                     No MI                              II                 First           No
PEORIA                                        No MI                              II                 First           No
DETROIT                                       No MI                              II                 First           No
COLUMBUS                                      No MI                              II                 First           No
BIRCHRUNVILLE                                 No MI                              II                 First           No
OAKTON                                        No MI                              II                 First           No
Newark                                        No MI                              II                 First           No
Atlanta                                       No MI                              II                 First           No
ROCHESTER                                     No MI                              II                 First           No
ROCHESTER                                     No MI                              II                 First           No
BROWNS VALLEY                                 No MI                              II                 First           No
QUEEN CREEK                                   No MI                              II                 First           No
DENVER                                        No MI                              II                 First           No
MAGNOLIA                                      No MI                              II                 First           No
HENDERSON                                     No MI                              II                 First           No
MISSION                                       No MI                              II                 First           No
Lawrenceville                                 No MI                              II                 First           No
Beverly                                       No MI                              II                 First           No
HOUSTON                                       No MI                              II                 First           No
PALM BAY                                      No MI                              II                 First           No
WASHINGTON                                    No MI                              II                 First           No
GARLAND                                       No MI                              II                 First           No
GARLAND                                       No MI                              II                 First           No
GARLAND                                       No MI                              II                 First           No
PORT SAINT LUCIE                              Mortgage Guaranty In               II                 First           No
WYANDANCH                                     Radian Guaranty                    II                 First           No
CERES                                         No MI                              II                 First           No
DESERT HILLS                                  No MI                              II                 First           No
Nantucket                                     No MI                              II                 First           No
West Springfield                              No MI                              II                 First           No
PHILADELPHIA                                  No MI                              II                 First           No
LIVERPOOL                                     No MI                              II                 First           No
BOSTON                                        No MI                              II                 First           No
ORLANDO                                       No MI                              II                 First           No
PHOENIX                                       No MI                              II                 First           No
MARCO ISLAND                                  No MI                              II                 First           No
LAS VEGAS                                     No MI                              II                 First           No
TAMPA                                         No MI                              II                 First           No
THE DALLES                                    No MI                              II                 First           No
COLUMBUS                                      No MI                              II                 First           No
CHICAGO                                       No MI                              II                 First           No
BEND                                          No MI                              II                 First           No
CINCINNATI                                    No MI                              II                 First           No
JACKSONVILLE                                  No MI                              II                 First           No
Visalia                                       No MI                              II                 First           No
NAPLES                                        No MI                              II                 First           No
SUN CITY                                      No MI                              II                 First           No
SUMMERVILLE                                   No MI                              II                 First           No
INDIANAPOLIS                                  No MI                              II                 First           No
DETROIT                                       No MI                              II                 First           No
COPIAGUE                                      No MI                              II                 First           No
STUART                                        No MI                              II                 First           No
LEBANON                                       No MI                              II                 First           No
ANTHEM                                        No MI                              II                 First           No
ROYAL PALM BEACH                              No MI                              II                 First           No
DUMFRIES                                      No MI                              II                 First           No
CLEVELAND                                     No MI                              II                 First           No
CHICAGO                                       No MI                              II                 First           No
BRONX                                         No MI                              II                 First           No
GLENDALE                                      No MI                              II                 First           No
MORENO VALLEY                                 No MI                              II                 First           No
CHESTERFIELD                                  No MI                              II                 First           No
Newark                                        No MI                              II                 First           No
SALEM                                         No MI                              II                 First           No
ANNAPOLIS                                     No MI                              II                 First           No
WAYNESBORO                                    No MI                              II                 First           No
Powder Springs                                No MI                              II                 First           No
TEMPE                                         No MI                              II                 First           No
QUEEN CREEK                                   No MI                              II                 First           No
TAMPA                                         No MI                              II                 First           No
DELAND                                        No MI                              II                 First           No
WOODBRIDGE                                    No MI                              II                 First           No
FALLON                                        No MI                              II                 First           No
STREAMWOOD                                    No MI                              II                 First           No
MCLEAN                                        No MI                              II                 First           No
YORK                                          No MI                              II                 First           No
VISALIA                                       No MI                              II                 First           No
MIDVALE                                       No MI                              II                 First           No
ANDERSON                                      No MI                              II                 First           No
PROVIDENCE                                    No MI                              II                 First           No
HOLLYWOOD                                     No MI                              II                 First           No
BUCKEYE                                       No MI                              II                 First           No
Charlotte                                     No MI                              II                 First           No
EASTON                                        No MI                              II                 First           No
SARASOTA                                      No MI                              II                 First           No
QUEEN CREEK                                   No MI                              II                 First           No
LITHIA                                        No MI                              II                 First           No
FALLON                                        No MI                              II                 First           No
Louisville                                    No MI                              II                 First           No
PORTLAND                                      No MI                              II                 First           No
RIVIERA BEACH                                 No MI                              II                 First           No
CHICAGO                                       No MI                              II                 First           No
CHICAGO                                       No MI                              II                 First           No
COATESVILLE                                   No MI                              II                 First           No
GREENFIELD                                    No MI                              II                 First           No
KNOXVILLE                                     No MI                              II                 First           No
SEVERN                                        No MI                              II                 First           No
CITRUS HEIGHTS                                No MI                              II                 First           No
BOWIE                                         No MI                              II                 First           No
BRONX                                         No MI                              II                 First           No
QUEEN CREEK                                   Radian Guaranty                    II                 First           No
BALTIMORE                                     No MI                              II                 First           No
JOHNSTON                                      No MI                              II                 First           No
PROVIDENCE                                    No MI                              II                 First           No
EDGEWATER                                     No MI                              II                 First           No
SILVER SPRING                                 Radian Guaranty                    II                 First           No
Provo                                         No MI                              II                 First           No
LACEY                                         No MI                              II                 First           No
roxboro                                       No MI                              II                 First           No
COCKEYSVILLE                                  No MI                              II                 First           No
GERMANTOWN                                    No MI                              II                 First           No
NEILTON                                       No MI                              II                 First           No
COLUMBIA                                      No MI                              II                 First           No
HAZEL CREST                                   No MI                              II                 First           No
SIMPSONVILLE                                  No MI                              II                 First           No
MAYWOOD                                       No MI                              II                 First           No
LAKE WORTH                                    No MI                              II                 First           No
SIMPSONVILLE                                  Triad Guaranty                     II                 First           No
OGDEN                                         No MI                              II                 First           No
JACKSONVILLE                                  No MI                              II                 First           No
VERO BEACH                                    No MI                              II                 First           No
CASA GRANDE                                   No MI                              II                 First           No
DANA POINT                                    No MI                              II                 First           No
SILVER SPRING                                 No MI                              II                 First           No
LINDENHURST                                   No MI                              II                 First           No
TAYLOR                                        No MI                              II                 First           No
LOS ANGELES                                   No MI                              II                 First           No
MOUNT POCONO                                  No MI                              II                 First           No
WARWICK                                       No MI                              II                 First           No
METAMORA                                      No MI                              II                 First           No
MEMPHIS                                       No MI                              II                 First           No
FRISCO                                        No MI                              II                 First           No
PHOENIX                                       No MI                              II                 First           No
SPARTANBURG                                   No MI                              II                 First           No
COLUMBUS                                      No MI                              II                 First           No
SPARTANBURG                                   No MI                              II                 First           No
TRAVELERS REST                                No MI                              II                 First           No
ALSTEAD                                       No MI                              II                 First           No
SPRING BRANCH                                 No MI                              II                 First           No
Plainfield                                    No MI                              II                 First           No
BROOKLYN                                      No MI                              II                 First           No
PHOENIX                                       No MI                              II                 First           No
BROOKLYN                                      No MI                              II                 First           No
CHICAGO                                       No MI                              II                 First           No
SPRING BRANCH                                 No MI                              II                 First           No
PHOENIX                                       No MI                              II                 First           No
PHOENIX                                       No MI                              II                 First           No
DETROIT                                       No MI                              II                 First           No
BROOKLYN                                      No MI                              II                 First           No
WASHINGTON                                    No MI                              II                 First           No
COVINGTON                                     No MI                              II                 First           No
PUYALLUP                                      No MI                              II                 First           No
Apollo Beach                                  No MI                              II                 First           No
MORENO VALLEY                                 No MI                              II                 First           No
TREASURE ISLAND                               No MI                              II                 First           No
MERRITT ISLAND                                No MI                              II                 First           No
STERLING                                      No MI                              II                 First           No
BALTIMORE                                     No MI                              II                 First           No
Atlanta                                       No MI                              II                 First           No
DERWOOD                                       No MI                              II                 First           No
COOPER CITY                                   No MI                              II                 First           No
MIDLOTHIAN                                    No MI                              II                 First           No
WALTON                                        No MI                              II                 First           No
WEST PALM BEACH                               Mortgage Guaranty In               II                 First           No
JOLIET                                        No MI                              II                 First           No
SPARTANBURG                                   No MI                              II                 First           No
GAINESVILLE                                   No MI                              II                 First           No
BATON ROUGE                                   No MI                              II                 First           No
GREENVILLE                                    No MI                              II                 First           No
PHILADELPHIA                                  No MI                              II                 First           No
CHARDON                                       No MI                              II                 First           No
MESA                                          No MI                              II                 First           No
Billings                                      No MI                              II                 First           No
CINCINNATI                                    No MI                              II                 First           No
GIBSONTON                                     No MI                              II                 First           No
MOBILE                                        Mortgage Guaranty In               II                 First           No
WEST PALM BEACH                               Mortgage Guaranty In               II                 First           No
Fall River                                    No MI                              II                 First           No
TUCSON                                        No MI                              II                 First           No
RICHMOND                                      No MI                              II                 First           No
JACKSON                                       No MI                              II                 First           No
HEFLIN                                        Radian Guaranty                    II                 First           No
PHOENIX                                       No MI                              II                 First           No
PANAMA CITY BEACH                             No MI                              II                 First           No
Charlotte                                     No MI                              II                 First           No
SPRINGFIELD                                   No MI                              II                 First           No
AMITYVILLE                                    No MI                              II                 First           No
DETROIT                                       No MI                              II                 First           No
BELLINGHAM                                    No MI                              II                 First           No
ORLANDO                                       No MI                              II                 First           No
SARASOTA                                      No MI                              II                 First           No
COLUMBIA                                      No MI                              II                 First           No
WASHINGTON                                    No MI                              II                 First           No
TRENTON                                       No MI                              II                 First           No
RAYTOWN                                       No MI                              II                 First           No
SYRACUSE                                      No MI                              II                 First           No
CHANTILLY                                     No MI                              II                 First           No
SAN CLEMENTE                                  No MI                              II                 First           No
PONTIAC                                       No MI                              II                 First           No
WESTFIELD                                     No MI                              II                 First           No
DETROIT                                       No MI                              II                 First           No
BELTON                                        No MI                              II                 First           No
DETROIT                                       No MI                              II                 First           No
DETROIT                                       No MI                              II                 First           No
KANSAS CITY                                   No MI                              II                 First           No
HOUSTON                                       No MI                              II                 First           No
SUPERIOR                                      No MI                              II                 First           No
LISLE                                         Mortgage Guaranty In               II                 First           No
REDFORD                                       No MI                              II                 First           No
Noblesville                                   No MI                              II                 First           No
Noblesville                                   No MI                              II                 First           No
Woodstock                                     No MI                              II                 First           No
SALT LAKE CITY                                No MI                              II                 First           No
MEMPHIS                                       Radian Guaranty                    II                 First           No
KANSAS CITY                                   GE Capital MI                      II                 First           No
Rio Rancho                                    No MI                              II                 First           No
SCOTTSDALE                                    No MI                              II                 First           No
HORN LAKE                                     No MI                              II                 First           No
Winston Salem                                 No MI                              II                 First           No
BALTIMORE                                     Radian Guaranty                    II                 First           No
COVINGTON                                     No MI                              II                 First           No
BATON ROUGE                                   No MI                              II                 First           No
PALM BEACH GARDENS                            No MI                              II                 First           No
CANTON                                        No MI                              II                 First           No
BATON ROUGE                                   No MI                              II                 First           No
OCALA                                         No MI                              II                 First           No
PORTLAND                                      No MI                              II                 First           No
KANSAS CITY                                   Republic MIC                       II                 First           No
KANSAS CITY                                   GE Capital MI                      II                 First           No
WINSTON SALEM                                 No MI                              II                 First           No
RAYTOWN                                       No MI                              II                 First           No
SAN BERNARDINO                                No MI                              II                 First           No
Charlotte                                     No MI                              II                 First           No
DALLAS                                        No MI                              II                 First           No
Winston Salem                                 No MI                              II                 First           No
MEMPHIS                                       Radian Guaranty                    II                 First           No
Winston Salem                                 No MI                              II                 First           No
Winston Salem                                 No MI                              II                 First           No
GALVESTON                                     No MI                              II                 First           No
MEMPHIS                                       Radian Guaranty                    II                 First           No
MEMPHIS                                       Radian Guaranty                    II                 First           No
FALLS CHURCH                                  No MI                              II                 First           No
RICHMOND                                      No MI                              II                 First           No
SOUND BEACH                                   No MI                              II                 First           No
AUGUSTA                                       No MI                              II                 First           No
Trenton                                       No MI                              II                 First           No
TRENTON                                       No MI                              II                 First           No
KANNAPOLIS                                    No MI                              II                 First           No
TRENTON                                       No MI                              II                 First           No
OCOEE                                         No MI                              II                 First           No
Concord                                       No MI                              II                 First           No
Pompton Plains                                No MI                              II                 First           No
KNOXVILLE                                     No MI                              II                 First           No
COLUMBIA                                      No MI                              II                 First           No
SAN LEANDRO                                   No MI                              II                 First           No
TEMPE                                         No MI                              II                 First           No
ROCHESTER HILLS                               No MI                              II                 First           No
Bradenton Beach                               No MI                              II                 First           No
OAKLAND                                       No MI                              II                 First           No
ROSELLE                                       No MI                              II                 First           No
FLAT ROCK                                     No MI                              II                 First           No
MADRAS                                        No MI                              II                 First           No
KANSAS CITY                                   Radian Guaranty                    II                 First           No
MADRAS                                        No MI                              II                 First           No
ELK GROVE                                     No MI                              II                 First           No
DETROIT                                       No MI                              II                 First           No
PORTSMOUTH                                    No MI                              II                 First           No
HIALEAH                                       No MI                              II                 First           No
MOLINE                                        No MI                              II                 First           No
MANCHESTER                                    No MI                              II                 First           No
ARVERNE                                       No MI                              II                 First           No
WOBURN                                        No MI                              II                 First           No
PHOENIX                                       No MI                              II                 First           No
LAS VEGAS                                     No MI                              II                 First           No
OCEANSIDE                                     No MI                              II                 First           No
SPRING                                        No MI                              II                 First           No
PHOENIX                                       No MI                              II                 First           No
LAREDO                                        No MI                              II                 First           No
ROCKVALE                                      No MI                              II                 First           No
NORTH BELLMORE                                No MI                              II                 First           No
Los Angeles                                   No MI                              II                 First           No
SPARTANBURG                                   No MI                              II                 First           No
Acworth                                       No MI                              II                 First           No
COLUMBUS                                      No MI                              II                 First           No
LAS VEGAS                                     No MI                              II                 First           No
COACHELLA                                     No MI                              II                 First           No
Lumberton                                     Triad Guaranty                     II                 First           No
BILLINGS                                      No MI                              II                 First           No
SCHENECTADY                                   No MI                              II                 First           No
BILOXI                                        No MI                              II                 First           No
GULFPORT                                      No MI                              II                 First           No
SPARTANBURG                                   No MI                              II                 First           No
BALTIMORE                                     Mortgage Guaranty In               II                 First           No
SPARTANBURG                                   No MI                              II                 First           No
WALDORF                                       No MI                              II                 First           No
ROUND LAKE                                    No MI                              II                 First           No
Decatur                                       No MI                              II                 First           No
DES PLAINES                                   No MI                              II                 First           No
CHICAGO                                       No MI                              II                 First           No
PIEDMONT                                      No MI                              II                 First           No
PORTLAND                                      No MI                              II                 First           No
SAN ANTONIO                                   No MI                              II                 First           No
SAN ANTONIO                                   No MI                              II                 First           No
SAN ANTONIO                                   No MI                              II                 First           No
CRANSTON                                      No MI                              II                 First           No
HOUSTON                                       No MI                              II                 First           No
QUEEN CREEK                                   No MI                              II                 First           No
DAYTON                                        No MI                              II                 First           No
Atlanta                                       No MI                              II                 First           No
EASTPOINTE                                    No MI                              II                 First           No
LITTLE ROCK                                   No MI                              II                 First           No
MILFORD                                       No MI                              II                 First           No
SURPRISE                                      No MI                              II                 First           No
ROEBUCK                                       No MI                              II                 First           No
SEVIERVILLE                                   No MI                              II                 First           No
NEW HAVEN                                     No MI                              II                 First           No
GATLINBURG                                    No MI                              II                 First           No
WASHINGTON                                    No MI                              II                 First           No
SOUTHFIELD                                    No MI                              II                 First           No
LINCOLNWOOD                                   No MI                              II                 First           No
COLUMBUS                                      No MI                              II                 First           No
DOVER                                         No MI                              II                 First           No
Buckeye                                       No MI                              II                 First           No
QUEEN CREEK                                   No MI                              II                 First           No
MESA                                          No MI                              II                 First           No
Everett                                       No MI                              II                 First           No
PROVIDENCE                                    No MI                              II                 First           No
Atlanta                                       No MI                              II                 First           No
Chickamauga                                   No MI                              II                 First           No
JACKSONVILLE                                  No MI                              II                 First           No
North Bethesda                                No MI                              II                 First           No
BRENTWOOD                                     No MI                              II                 First           No
Glendale                                      No MI                              II                 First           No
PEMBROKE                                      No MI                              II                 First           No
PHOENIX                                       No MI                              II                 First           No
TAMPA                                         No MI                              II                 First           No
MIAMI BEACH                                   No MI                              II                 First           No
JERSEY CITY                                   No MI                              II                 First           No
SIOUX FALLS                                   No MI                              II                 First           No
MARICOPA                                      No MI                              II                 First           No
AURORA                                        Mortgage Guaranty In               II                 First           No
Corrales                                      No MI                              II                 First           No
BOLINGBROOK                                   No MI                              II                 First           No
SPARTANBURG                                   Radian Guaranty                    II                 First           No
NEW YORK                                      No MI                              II                 First           No
DOUGLASSVILLE                                 No MI                              II                 First           No
Albuquerque                                   No MI                              II                 First           No
HILTON HEAD ISLAND                            No MI                              II                 First           No
ASTORIA                                       No MI                              II                 First           No
WHEATON                                       No MI                              II                 First           No
PLATTSBURG                                    No MI                              II                 First           No
FORT ATKINSON                                 No MI                              II                 First           No
MIDDLETOWN                                    No MI                              II                 First           No
BROOKLYN                                      No MI                              II                 First           No
LAS VEGAS                                     No MI                              II                 First           No
FORT LAUDERDALE                               No MI                              II                 First           No
FALLS CHURCH                                  No MI                              II                 First           No
OXNARD                                        No MI                              II                 First           No
DETROIT                                       No MI                              II                 First           No
CHESTER                                       No MI                              II                 First           No
NORFOLK                                       No MI                              II                 First           No
SANDPOINT                                     No MI                              II                 First           No
PARADISE                                      No MI                              II                 First           No
CAPE CORAL                                    Triad Guaranty                     II                 First           No
SEDONA                                        No MI                              II                 First           No
PAWLEYS ISLAND                                No MI                              II                 First           No
COUNTRY CLUB HILLS                            No MI                              II                 First           No
Passaic                                       No MI                              II                 First           No
Franklin                                      No MI                              II                 First           No
SAN ANTONIO                                   Mortgage Guaranty In               II                 First           No
BRIDGEPORT                                    No MI                              II                 First           No
SANDY                                         No MI                              II                 First           No
SURPRISE                                      No MI                              II                 First           No
CHICAGO                                       No MI                              II                 First           No
LAKE FOREST                                   No MI                              II                 First           No
FARMINGVILLE                                  No MI                              II                 First           No
PALM BAY                                      No MI                              II                 First           No
BIRMINGHAM                                    No MI                              II                 First           No
WALDORF                                       No MI                              II                 First           No
West New York                                 No MI                              II                 First           No
PHOENIX                                       No MI                              II                 First           No
DETROIT                                       No MI                              II                 First           No
CONWAY                                        No MI                              II                 First           No
HUNTLEY                                       No MI                              II                 First           No
INDIO                                         No MI                              II                 First           No
WESTWOOD                                      No MI                              II                 First           No
TEHACHAI                                      No MI                              II                 First           No
CLEVELAND                                     No MI                              II                 First           No
BAKERSFIELD                                   No MI                              II                 First           No
SWANSEA                                       Radian Guaranty                    II                 First           No
SCOTTSDALE                                    No MI                              II                 First           No
BUCKEYE                                       Triad Guaranty                     II                 First           No
WILLOWBROOK                                   No MI                              II                 First           No
KANSAS CITY                                   No MI                              II                 First           No
MARICOPA                                      No MI                              II                 First           No
FOREST GROVE                                  No MI                              II                 First           No
MARICOPA                                      No MI                              II                 First           No
RIDGELY                                       No MI                              II                 First           No
CEDAR POINT                                   No MI                              II                 First           No
FREDERICKSBURG                                No MI                              II                 First           No
BALTIMORE                                     Radian Guaranty                    II                 First           No
LAS VEGAS                                     No MI                              II                 First           No
PEORIA                                        No MI                              II                 First           No
Ahoskie                                       No MI                              II                 First           No
JACKSONVILLE                                  No MI                              II                 First           No
Evansville                                    No MI                              II                 First           No
BRYANS ROAD                                   No MI                              II                 First           No
WALDORF                                       No MI                              II                 First           No
JACKSONVILLE                                  No MI                              II                 First           No
MEMPHIS                                       No MI                              II                 First           No
LORTON                                        No MI                              II                 First           No
SALISBURY                                     No MI                              II                 First           No
SAINT LOUIS                                   No MI                              II                 First           No
Trenton                                       No MI                              II                 First           No
REDMOND                                       No MI                              II                 First           No
MEMPHIS                                       No MI                              II                 First           No
TOLEDO                                        No MI                              II                 First           No
TAMPA                                         No MI                              II                 First           No
SAINT LOUIS                                   No MI                              II                 First           No
PROVIDENCE                                    No MI                              II                 First           No
RICHMOND                                      No MI                              II                 First           No
ISLE OF PALMS                                 No MI                              II                 First           No
CENTEREACH                                    No MI                              II                 First           No
SAINT LOUIS                                   No MI                              II                 First           No
LANCASTER                                     No MI                              II                 First           No
NORTH LAS VEGAS                               No MI                              II                 First           No
Woodstock                                     No MI                              II                 First           No
LONG BEACH                                    No MI                              II                 First           No
EVANSTON                                      No MI                              II                 First           No
PEYTON                                        No MI                              II                 First           No
Marietta                                      GE Capital MI                      II                 First           No
EVANSTON                                      No MI                              II                 First           No
INDIANAPOLIS                                  No MI                              II                 First           No
Sunbury                                       No MI                              II                 First           No
Rome                                          No MI                              II                 First           No
ORLANDO                                       No MI                              II                 First           No
EVANSTON                                      No MI                              II                 First           No
AMSTERDAM                                     No MI                              II                 First           No
MIAMI                                         No MI                              II                 First           No
EL PASO                                       No MI                              II                 First           No
FALLS CHURCH                                  No MI                              II                 First           No
TYLER                                         No MI                              II                 First           No
LADYS ISLAND                                  No MI                              II                 First           No
JAMAICA                                       No MI                              II                 First           No
CHICAGO                                       No MI                              II                 First           No
Fort Wayne                                    No MI                              II                 First           No
BALTIMORE                                     No MI                              II                 First           No
PALM COAST                                    No MI                              II                 First           No
Hillsborough                                  No MI                              II                 First           No
ALEXANDRIA                                    No MI                              II                 First           No
CRYSTAL SPRINGS                               No MI                              II                 First           No
PHOENIX                                       No MI                              II                 First           No
VIRGINIA BEACH                                No MI                              II                 First           No
PORT JEFFERSON STATION                        No MI                              II                 First           No
DAYTON                                        No MI                              II                 First           No
BAYONNE                                       No MI                              II                 First           No
WELLINGTON                                    No MI                              II                 First           No
AKRON                                         No MI                              II                 First           No
MARYVILLE                                     No MI                              II                 First           No
WARRENTON                                     No MI                              II                 First           No
OGDEN                                         No MI                              II                 First           No
EL PASO                                       No MI                              II                 First           No
SOUTH PADRE ISLAND                            No MI                              II                 First           No
FARMINGTON                                    No MI                              II                 First           No
FARMINGTON                                    No MI                              II                 First           No
GRANDVILLE                                    No MI                              II                 First           No
BAY SHORE                                     No MI                              II                 First           No
BURNSVILLE                                    No MI                              II                 First           No
Evansville                                    No MI                              II                 First           No
KIRKLAND                                      No MI                              II                 First           No
DUNELLEN                                      No MI                              II                 First           No
HOLLYWOOD                                     No MI                              II                 First           No
Tigard                                        No MI                              II                 First           No
PORT SAINT LUCIE                              Triad Guaranty                     II                 First           No
PALISADES                                     No MI                              II                 First           No
MERCED                                        No MI                              II                 First           No
SAINT ALBANS                                  No MI                              II                 First           No
DAYTON                                        No MI                              II                 First           No
EL MONTE                                      No MI                              II                 First           No
SIDNEY                                        Mortgage Guaranty In               II                 First           No
JACKSONVILLE                                  No MI                              II                 First           No
BRIDGEPORT                                    No MI                              II                 First           No
LAWRENCEVILLE                                 No MI                              II                 First           No
WATERFORD                                     No MI                              II                 First           No
MONROE                                        No MI                              II                 First           No
Atlantic Beach                                No MI                              II                 First           No
Kalamazoo                                     No MI                              II                 First           No
WINCHESTER                                    No MI                              II                 First           No
SPOKANE                                       No MI                              II                 First           No
West Sacramento                               No MI                              II                 First           No
FORT WORTH                                    No MI                              II                 First           No
SUNRISE                                       No MI                              II                 First           No
MARYSVILLE                                    No MI                              II                 First           No
CONCORD                                       No MI                              II                 First           No
SIOUX FALLS                                   No MI                              II                 First           No
COLUMBUS                                      No MI                              II                 First           No
NEWBERG                                       No MI                              II                 First           No
BELLEROSE                                     No MI                              II                 First           No
Paterson                                      No MI                              II                 First           No
LEWES                                         No MI                              II                 First           No
Boston                                        No MI                              II                 First           No
BOOTHWYN                                      No MI                              II                 First           No
TUCSON                                        No MI                              II                 First           No
CHICAGO                                       No MI                              II                 First           No
CHARLOTTE                                     No MI                              II                 First           No
WHEATON                                       No MI                              II                 First           No
FORT MYERS                                    No MI                              II                 First           No
TINLEY PARK                                   No MI                              II                 First           No
GRANTS PASS                                   No MI                              II                 First           No
RIGBY                                         No MI                              II                 First           No
STREAMWOOD                                    No MI                              II                 First           No
MILTON                                        No MI                              II                 First           No
Toms River                                    No MI                              II                 First           No
SAINT GEORGE                                  No MI                              II                 First           No
PATASKALA                                     No MI                              II                 First           No
LOVELAND                                      No MI                              II                 First           No
Boston                                        No MI                              II                 First           No
VIRGINIA BEACH                                No MI                              II                 First           No
APPLE VALLEY                                  No MI                              II                 First           No
BOYNTON BEACH                                 No MI                              II                 First           No
PONTIAC                                       No MI                              II                 First           No
CHICAGO                                       No MI                              II                 First           No
NEWBURGH                                      No MI                              II                 First           No
Mcdonough                                     Triad Guaranty                     II                 First           No
Boston                                        No MI                              II                 First           No
CONWAY                                        No MI                              II                 First           No
Durham                                        No MI                              II                 First           No
FORT MYERS                                    No MI                              II                 First           No
DETROIT                                       No MI                              II                 First           No
SURPRISE                                      No MI                              II                 First           No
LEES SUMMIT                                   Republic MIC                       II                 First           No
AVONDALE                                      No MI                              II                 First           No
LITHIA                                        No MI                              II                 First           No
SURPRISE                                      Radian Guaranty                    II                 First           No
FAIRVIEW                                      No MI                              II                 First           No
SHOW LOW                                      No MI                              II                 First           No
Charlotte                                     No MI                              II                 First           No
OKLAHOMA CITY                                 Mortgage Guaranty In               II                 First           No
CLEVELAND                                     No MI                              II                 First           No
ALAMEDA                                       No MI                              II                 First           No
ORMOND BEACH                                  No MI                              II                 First           No
EWING                                         No MI                              II                 First           No
SAN ANTONIO                                   No MI                              II                 First           No
FORT PIERCE                                   No MI                              II                 First           No
RICHMOND                                      No MI                              II                 First           No
DAYTON                                        No MI                              II                 First           No
INDEPENDENCE                                  No MI                              II                 First           No
LARGO                                         No MI                              II                 First           No
SURPRISE                                      No MI                              II                 First           No
HANFORD                                       No MI                              II                 First           No
BRONX                                         No MI                              II                 First           No
BRANSON                                       No MI                              II                 First           No
ASHBURN                                       No MI                              II                 First           No
Belmont                                       No MI                              II                 First           No
LYNCHBURG                                     No MI                              II                 First           No
LYNCHBURG                                     No MI                              II                 First           No
DAYTON                                        No MI                              II                 First           No
HARLINGEN                                     No MI                              II                 First           No
LAWSON                                        Mortgage Guaranty In               II                 First           No
EAST DURHAM                                   No MI                              II                 First           No
STOCKTON                                      No MI                              II                 First           No
ODENTON                                       No MI                              II                 First           No
WOODSIDE                                      No MI                              II                 First           No
CANTON                                        No MI                              II                 First           No
SAINT LOUIS                                   No MI                              II                 First           No
Camden                                        No MI                              II                 First           No
COLUMBUS                                      No MI                              II                 First           No
NORTH MIAMI                                   No MI                              II                 First           No
VIRGINIA BEACH                                No MI                              II                 First           No
KANSAS CITY                                   No MI                              II                 First           No
AKRON                                         No MI                              II                 First           No
SAINT LOUIS                                   No MI                              II                 First           No
Belton                                        No MI                              II                 First           No
TOPEKA                                        No MI                              II                 First           No
GREENVILLE                                    No MI                              II                 First           No
VIENNA                                        No MI                              II                 First           No
OZONE PARK                                    No MI                              II                 First           No
AURORA                                        No MI                              II                 First           No
GOODLETTSVILLE                                No MI                              II                 First           No
CHICAGO                                       No MI                              II                 First           No
APPLE VALLEY                                  No MI                              II                 First           No
Irvington                                     No MI                              II                 First           No
MURRIETA                                      No MI                              II                 First           No
HENDERSON                                     No MI                              II                 First           No
ZEPHYRHILLS                                   No MI                              II                 First           No
MERIDEN                                       No MI                              II                 First           No
PHILADELPHIA                                  No MI                              II                 First           No
SANTA ROSA                                    No MI                              II                 First           No
PROVIDENCE                                    No MI                              II                 First           No
WASHINGTON                                    No MI                              II                 First           No
GLENDALE                                      No MI                              II                 First           No
UPPER MARLBORO                                No MI                              II                 First           No
RESTON                                        No MI                              II                 First           No
East Boston                                   No MI                              II                 First           No
CHICAGO                                       No MI                              II                 First           No
AURORA                                        No MI                              II                 First           No
PHOENIX                                       No MI                              II                 First           No
Cottonwood                                    No MI                              II                 First           No
HOMESTEAD                                     No MI                              II                 First           No
KANSAS CITY                                   No MI                              II                 First           No
HILLSBORO                                     No MI                              II                 First           No
LAKE OSWEGO                                   No MI                              II                 First           No
NEW LONDON                                    No MI                              II                 First           No
GRANTS PASS                                   No MI                              II                 First           No
WARREN                                        No MI                              II                 First           No
AIKEN                                         No MI                              II                 First           No
BUFFALO                                       No MI                              II                 First           No
CLERMONT                                      Mortgage Guaranty In               II                 First           No
Louisville                                    No MI                              II                 First           No
NEWPORT NEWS                                  No MI                              II                 First           No
LOS ANGELES                                   No MI                              II                 First           No
MIAMI                                         No MI                              II                 First           No
HOFFMAN ESTATES                               No MI                              II                 First           No
NAMPA                                         No MI                              II                 First           No
POWDER SPRINGS                                No MI                              II                 First           No
Alpharetta                                    No MI                              II                 First           No
DETROIT                                       Mortgage Guaranty In               II                 First           No
JACKSONVILLE BEACH                            No MI                              II                 First           No
ANGOLA                                        No MI                              II                 First           No
BOILING SPRINGS                               No MI                              II                 First           No
Apopka                                        No MI                              II                 First           No
BRONX                                         No MI                              II                 First           No
SPOKANE                                       No MI                              II                 First           No
ORLANDO                                       No MI                              II                 First           No
BROOKLYN                                      No MI                              II                 First           No
TYLER                                         No MI                              II                 First           No
PHILADELPHIA                                  No MI                              II                 First           No
Alpharetta                                    No MI                              II                 First           No
TOPEKA                                        No MI                              II                 First           No
CHICAGO                                       No MI                              II                 First           No
TOPEKA                                        No MI                              II                 First           No
TOPEKA                                        No MI                              II                 First           No
E FALLOWFIELD                                 Triad Guaranty                     II                 First           No
MESA                                          No MI                              II                 First           No
GREENVILLE                                    No MI                              II                 First           No
RENTON                                        No MI                              II                 First           No
LANSING                                       No MI                              II                 First           No
EL PASO                                       No MI                              II                 First           No
Raleigh                                       No MI                              II                 First           No
BIRMINGHAM                                    No MI                              II                 First           No
BARTOW                                        No MI                              II                 First           No
OKLAHOMA CITY                                 No MI                              II                 First           No
CHICAGO                                       No MI                              II                 First           No
ORMOND BEACH                                  No MI                              II                 First           No
DETROIT                                       No MI                              II                 First           No
HOLLYWOOD                                     No MI                              II                 First           No
NORTH CHARLESTON                              No MI                              II                 First           No
VANCOUVER                                     No MI                              II                 First           No
AVONDALE                                      PMI                                II                 First           No
JACKSONVILLE                                  Radian Guaranty                    II                 First           No
SEGUIN                                        No MI                              II                 First           No
SOUTHFIELD                                    No MI                              II                 First           No
KENT                                          No MI                              II                 First           No
ROWESVILLE                                    No MI                              II                 First           No
MASPETH                                       No MI                              II                 First           No
Mutttontown                                   No MI                              II                 First           No
GLEN OAKS                                     No MI                              II                 First           No
DARLINGTON                                    No MI                              II                 First           No
NORTH HOLLYWOOD                               No MI                              II                 First           No
NEW DURHAM                                    No MI                              II                 First           No
RANCHO PALOS VERDES                           No MI                              II                 First           No
SAN ANTONIO                                   No MI                              II                 First           No
PORT SAINT LUCIE                              No MI                              II                 First           No
COLUMBUS                                      No MI                              II                 First           No
KANSAS CITY                                   No MI                              II                 First           No
NORTH CHARLESTON                              No MI                              II                 First           No
FOUNTAIN                                      No MI                              II                 First           No
BALTIMORE                                     No MI                              II                 First           No
LAWRENCEVILLE                                 No MI                              II                 First           No
HOMESTEAD                                     No MI                              II                 First           No
LA VERGNE                                     No MI                              II                 First           No
NORTH LAS VEGAS                               No MI                              II                 First           No
WASHINGTON                                    No MI                              II                 First           No
ATLANTA                                       No MI                              II                 First           No
Cumming                                       No MI                              II                 First           No
HILLSBORO                                     No MI                              II                 First           No
JACKSONVILLE                                  No MI                              II                 First           No
Wilmington                                    No MI                              II                 First           No
Las Cruces                                    No MI                              II                 First           No
VISALIA                                       No MI                              II                 First           No
SCAPPOOSE                                     No MI                              II                 First           No
SALEM                                         No MI                              II                 First           No
Santa Maria                                   No MI                              II                 First           No
JACKSONVILLE                                  No MI                              II                 First           No
OZARK                                         No MI                              II                 First           No
CHICAGO                                       No MI                              II                 First           No
SCOTTSDALE                                    No MI                              II                 First           No
HOUSTON                                       No MI                              II                 First           No
ELMHURST                                      No MI                              II                 First           No
WASHINGTON                                    No MI                              II                 First           No
CHICAGO                                       No MI                              II                 First           No
CALDWELL                                      No MI                              II                 First           No
Powder Springs                                No MI                              II                 First           No
PHOENIX                                       No MI                              II                 First           No
GLENDALE                                      No MI                              II                 First           No
MODESTO                                       No MI                              II                 First           No
LAS VEGAS                                     No MI                              II                 First           No
WALDORF                                       No MI                              II                 First           No
LISLE                                         No MI                              II                 First           No
SALEM                                         No MI                              II                 First           No
SPARTANBURG                                   No MI                              II                 First           No
SPOKANE                                       No MI                              II                 First           No
RIDGE                                         No MI                              II                 First           No
PHOENIX                                       No MI                              II                 First           No
WAKE FOREST                                   No MI                              II                 First           No
KANSAS CITY                                   No MI                              II                 First           No
REDMOND                                       No MI                              II                 First           No
MINNEAPOLIS                                   No MI                              II                 First           No
SPRING CITY                                   No MI                              II                 First           No
PINE BLUFFS                                   No MI                              II                 First           No
WASHINGTON                                    No MI                              II                 First           No
MARICOPA                                      No MI                              II                 First           No
GIBSONTON                                     No MI                              II                 First           No
CHEYENNE                                      No MI                              II                 First           No
ANNAPOLIS                                     No MI                              II                 First           No
SEAFORD                                       No MI                              II                 First           No
ESSEX                                         No MI                              II                 First           No
DES MOINES                                    No MI                              II                 First           No
KANSAS CITY                                   No MI                              II                 First           No
Scottsdale                                    No MI                              II                 First           No
MARYSVILLE                                    No MI                              II                 First           No
FORT LAUDERDALE                               No MI                              II                 First           No
LIBERTY LAKE                                  No MI                              II                 First           No
Raleigh                                       Triad Guaranty                     II                 First           No
SILVER SPRING                                 No MI                              II                 First           No
MIRA LOMA                                     No MI                              II                 First           No
KATONAH                                       No MI                              II                 First           No
Cary                                          No MI                              II                 First           No
EVERETT                                       No MI                              II                 First           No
PROVIDENCE                                    No MI                              II                 First           No
WOODBRIDGE                                    No MI                              II                 First           No
CAPE CORAL                                    No MI                              II                 First           No
Atlanta                                       No MI                              II                 First           No
RENO                                          No MI                              I                  First           No
RANDALLSTOWN                                  No MI                              I                  First           No
PERINTON                                      GE Capital MI                      I                  First           No
FRAMINGHAM                                    No MI                              I                  First           No
Vienna                                        No MI                              I                  First           No
Phippsburg                                    No MI                              I                  First           No
Detroit                                       No MI                              I                  First           No
Detroit                                       Mortgage Guaranty In               I                  First           No
Washington                                    No MI                              I                  First           No
Fort Washington                               No MI                              I                  First           No
Clermont                                      No MI                              I                  First           No
Manassas                                      No MI                              I                  First           No
Fort Washington                               No MI                              I                  First           No
Sterling                                      No MI                              I                  First           No
Washington                                    No MI                              I                  First           No
Suisun City                                   No MI                              I                  First           No
Manassas                                      No MI                              I                  First           No
Woodbridge                                    No MI                              I                  First           No
Centreville                                   No MI                              I                  First           No
Fairfax                                       No MI                              I                  First           No
Culpeper                                      No MI                              I                  First           No
Fredericksburg                                No MI                              I                  First           No
Hamilton                                      No MI                              I                  First           No
Fredericksburg                                No MI                              I                  First           No
Cooksville                                    No MI                              I                  First           No
Manassas                                      No MI                              I                  First           No
Manassas                                      No MI                              I                  First           No
Winston Salem                                 No MI                              I                  First           No
Temple Hills                                  No MI                              I                  First           No
Germantown                                    No MI                              I                  First           No
Manassas                                      No MI                              I                  First           No
Richmond                                      No MI                              I                  First           No
Alexandria                                    No MI                              I                  First           No
Clinton                                       No MI                              I                  First           No
Upper Marlboro                                No MI                              I                  First           No
Gaithersburg                                  No MI                              I                  First           No
Arlington                                     No MI                              I                  First           No
Beltsville                                    No MI                              I                  First           No
Manassas                                      No MI                              I                  First           No
Woodbridge                                    No MI                              I                  First           No
Capitol Heights                               No MI                              I                  First           No
Culpeper                                      No MI                              I                  First           No
Alexandria                                    No MI                              I                  First           No
Woodbridge                                    No MI                              I                  First           No
Manassas                                      No MI                              I                  First           No
Takoma Park                                   No MI                              I                  First           No
Woodbridge                                    No MI                              I                  First           No
Leesburg                                      No MI                              I                  First           No
Aldie                                         No MI                              I                  First           No
TAMARAC                                       No MI                              I                  First           No
Reston                                        No MI                              I                  First           No
Manassas                                      No MI                              I                  First           No
Woodbridge                                    No MI                              I                  First           No
Falls Church                                  No MI                              I                  First           No
Baltimore                                     No MI                              I                  First           No
PORT REPUBLIC                                 No MI                              I                  First           No
STREAMWOOD                                    No MI                              I                  First           No
LOUISVILLE                                    No MI                              I                  First           No
BALTIMORE                                     No MI                              I                  First           Yes
Fargo                                         No MI                              I                  First           No
BEALETON                                      No MI                              I                  First           No
COLUMBIA                                      No MI                              I                  First           No
DOVER                                         No MI                              I                  First           No
BALTIMORE                                     No MI                              I                  First           No
CARENCRO                                      No MI                              I                  First           No
BALTIMORE                                     No MI                              I                  First           No
BALTIMORE                                     No MI                              I                  First           No
BALTIMORE                                     No MI                              I                  First           No
WALDORF                                       No MI                              I                  First           No
ARLINGTON                                     No MI                              I                  First           No
Pasadena                                      No MI                              I                  First           No
ARLINGTON                                     No MI                              I                  First           No
BALTIMORE                                     No MI                              I                  First           No
ARLINGTON                                     No MI                              I                  First           No
DAVIDSONVILLE                                 No MI                              I                  First           No
NEW CASTLE                                    No MI                              I                  First           No
YORK                                          No MI                              I                  First           No
VIRGINIA BEACH                                No MI                              I                  First           No
RICHMOND                                      No MI                              I                  First           No
CUMBERLAND                                    No MI                              I                  First           No
POTTSTOWN                                     No MI                              I                  First           No
POTTSTOWN                                     No MI                              I                  First           No
BALTIMORE                                     No MI                              I                  First           No
Baltimore                                     No MI                              I                  First           No
SOUDERTON                                     No MI                              I                  First           No
Grant                                         No MI                              I                  First           No
MIAMI                                         No MI                              I                  First           No
ELMA                                          No MI                              I                  First           No
TAMPA                                         No MI                              I                  First           No
Romulus                                       No MI                              I                  First           No
Lakeland                                      No MI                              I                  First           No
West Palm Beach                               No MI                              I                  First           No
UPPER MARLBORO                                No MI                              I                  First           No
Albertson                                     No MI                              I                  First           No
Brooklyn                                      No MI                              I                  First           No
Wyandanch                                     No MI                              I                  First           No
ALTURA                                        No MI                              I                  First           No
Alexandria                                    No MI                              I                  First           No
APACHE JUNCTION                               No MI                              I                  First           No
MOUNT LAUREL TOWNSHIP                         No MI                              I                  First           No
IRVINGTON TOWNSHIP                            No MI                              I                  First           No
NEW BRUNSWICK                                 No MI                              I                  First           No
PATERSON                                      No MI                              I                  First           No
BAYONNE                                       No MI                              I                  First           No
Trenton                                       No MI                              I                  First           No
WOODBRIDGE                                    No MI                              I                  First           No
MT OLIVE TOWNSHIP                             No MI                              I                  First           No
TRENTON                                       No MI                              I                  First           No
JERSEY CITY                                   No MI                              I                  First           No
NORTH BERGEN TWP                              No MI                              I                  First           No
PASSAIC                                       No MI                              I                  First           No
EAST ORANGE                                   No MI                              I                  First           No
EAST ORANGE                                   No MI                              I                  First           No
JERSEY CITY                                   No MI                              I                  First           No
MENDHAM TOWNSHIP                              No MI                              I                  First           No
Miami                                         No MI                              I                  First           No
Hialeah                                       No MI                              I                  First           No
Hillsborough                                  No MI                              I                  First           No
Maurice River Township                        No MI                              I                  First           No
Elizabeth                                     No MI                              I                  First           No
Newark                                        No MI                              I                  First           No
Fitchburg                                     No MI                              I                  First           No
Lawrence                                      No MI                              I                  First           No
Orange                                        No MI                              I                  First           No
Newark                                        No MI                              I                  First           No
Jersey City                                   No MI                              I                  First           No
Lynn                                          No MI                              I                  First           No
Antioch                                       No MI                              I                  First           No
New Port Richey                               No MI                              I                  First           No
Mobile                                        No MI                              I                  First           No
Nashville                                     No MI                              I                  First           No
Dunedin                                       No MI                              I                  First           No
Seminole                                      No MI                              I                  First           No
Largo                                         No MI                              I                  First           No
Mandeville                                    No MI                              I                  First           No
Dunedin                                       No MI                              I                  First           No
Clearwater                                    No MI                              I                  First           No
Ocala                                         No MI                              I                  First           No
Clearwater                                    No MI                              I                  First           No
Chattanooga                                   Republic MIC                       I                  First           No
Hendersonville                                No MI                              I                  First           No
Iuka                                          No MI                              I                  First           No
Auburn                                        No MI                              I                  First           No
Cape Coral                                    No MI                              I                  First           No
Jackson                                       No MI                              I                  First           No
Celebration                                   No MI                              I                  First           No
Orlando                                       No MI                              I                  First           No
Gulf Breeze                                   No MI                              I                  First           No
Nashville                                     No MI                              I                  First           No
Birmingham                                    No MI                              I                  First           No
JONESBORO                                     No MI                              I                  First           No
LITHONIA                                      No MI                              I                  First           No
Cincinnati                                    No MI                              I                  First           No
LAKE ALFRED                                   No MI                              I                  First           No
MIAMI                                         No MI                              I                  First           No
Cincinnati                                    No MI                              I                  First           No
MARIETTA                                      No MI                              I                  First           No
Kennesaw                                      No MI                              I                  First           No
BLUE RIDGE                                    No MI                              I                  First           No
HIGH POINT                                    No MI                              I                  First           No
ATLANTA                                       No MI                              I                  First           No
Cincinnati                                    Radian Guaranty                    I                  First           No
Port Chester                                  No MI                              I                  First           No
Bayside                                       No MI                              I                  First           No
Fresh Meadows                                 No MI                              I                  First           No
Philadelphia                                  GE Capital MI                      I                  First           No
Westampton                                    No MI                              I                  First           No
Philadelphia                                  No MI                              I                  First           No
Northfield                                    No MI                              I                  First           No
Woodbury                                      No MI                              I                  First           No
Ocean City                                    No MI                              I                  First           No
BROOKLYN                                      Radian Guaranty                    I                  First           No
Brooklyn                                      No MI                              I                  First           No
College Point                                 No MI                              I                  First           No
Laurel                                        Radian Guaranty                    I                  First           No
Chicago                                       No MI                              I                  First           No
JERSEY CITY                                   No MI                              I                  First           No
NOGALES                                       No MI                              I                  First           No
PLACENTIA                                     No MI                              I                  First           No
SURPRISE                                      No MI                              I                  First           No
UPLAND                                        No MI                              I                  First           No
CHINO                                         No MI                              I                  First           No
PLACENTIA                                     No MI                              I                  First           No
EL CENTRO                                     No MI                              I                  First           No
YUMA                                          No MI                              I                  First           No
Laredo                                        No MI                              I                  First           No
GREELEY                                       No MI                              I                  First           No
GREELEY                                       No MI                              I                  First           No
GREELEY                                       No MI                              I                  First           No
PALM SPRINGS                                  No MI                              I                  First           No
Rio Rico                                      No MI                              I                  First           No
Richardson                                    No MI                              I                  First           No
Chicago                                       No MI                              I                  First           No
Minneapolis                                   No MI                              I                  First           No
Chicago                                       No MI                              I                  First           No
Little Rock                                   No MI                              I                  First           No
Murphy                                        No MI                              I                  First           No
Brighton                                      No MI                              I                  First           No
KINGSVILLE                                    No MI                              I                  First           No
Chicago                                       No MI                              I                  First           No
Florissant                                    No MI                              I                  First           No
Atlanta                                       No MI                              I                  First           No
Orlando                                       No MI                              I                  First           No
Orlando                                       No MI                              I                  First           No
Ellijay                                       No MI                              I                  First           No
Tampa                                         No MI                              I                  First           No
New River                                     No MI                              I                  First           No
Millington                                    No MI                              I                  First           No
Savannah                                      No MI                              I                  First           No
Arvada                                        No MI                              I                  First           No
Davie Beach                                   No MI                              I                  First           No
York                                          No MI                              I                  First           No
Granbury                                      No MI                              I                  First           No
Chicago                                       No MI                              I                  First           No
WASHINGTON                                    No MI                              I                  First           No
ELLICOTT CITY                                 No MI                              I                  First           No
FORKED RIVER                                  No MI                              I                  First           No
EASTON                                        No MI                              I                  First           No
LAREDO                                        No MI                              I                  First           No
MESA                                          No MI                              I                  First           No
LANHAM                                        No MI                              I                  First           No
MISSION                                       No MI                              I                  First           No
PHOENIX                                       No MI                              I                  First           No
BELLEVUE                                      No MI                              I                  First           No
ORANGE                                        No MI                              I                  First           No
MCALLEN                                       No MI                              I                  First           No
HIGLEY                                        No MI                              I                  First           No
SEVERNA PARK                                  No MI                              I                  First           No
SUN CITY WEST                                 No MI                              I                  First           No
WESLACO                                       No MI                              I                  First           No
CEDAR PARK                                    No MI                              I                  First           No
DECATUR                                       No MI                              I                  First           No
FORT WORTH                                    No MI                              I                  First           No
LEESBURG                                      No MI                              I                  First           No
DAVENPORT                                     No MI                              I                  First           No
GREAT FALLS                                   No MI                              I                  First           No
SILVER SPRING                                 No MI                              I                  First           No
ATHENS                                        No MI                              I                  First           No
SILVER SPRING                                 No MI                              I                  First           No
MIDDLETOWN                                    No MI                              I                  First           No
CAPITOL HEIGHTS                               No MI                              I                  First           No
MESA                                          No MI                              I                  First           No
ROUND ROCK                                    No MI                              I                  First           No
MCALLEN                                       No MI                              I                  First           No
CEDAR PARK                                    No MI                              I                  First           No
GILBERT                                       No MI                              I                  First           No
MESA                                          No MI                              I                  First           No
CLAREMONT                                     No MI                              I                  First           No
ORANGE                                        No MI                              I                  First           No
CHANDLER                                      No MI                              I                  First           No
SAN FRANCISCO                                 No MI                              I                  First           No
KELLER                                        No MI                              I                  First           No
MISSION                                       No MI                              I                  First           No
SANTA ANA                                     No MI                              I                  First           No
SAN ANTONIO                                   No MI                              I                  First           No
PHOENIX                                       No MI                              I                  First           No
GREAT FALLS                                   No MI                              I                  First           No
TOMS RIVER                                    No MI                              I                  First           No
SPRING LAKE                                   No MI                              I                  First           No
HOLLYWOOD                                     No MI                              I                  First           No
HILLSDALE                                     No MI                              I                  First           No
MINNEAPOLIS                                   No MI                              I                  First           No
BROWNSVILLE                                   No MI                              I                  First           No
MINNEAPOLIS                                   No MI                              I                  First           No
LAREDO                                        No MI                              I                  First           No
PHOENIX                                       No MI                              I                  First           No
BIG BEAR LAKE                                 No MI                              I                  First           No
YONKERS                                       No MI                              I                  First           No
WASHINGTON                                    No MI                              I                  First           No
TOTOWA                                        No MI                              I                  First           No
BELLINGHAM                                    No MI                              I                  First           No
RICHMOND                                      No MI                              I                  First           No
TAKOMA PARK                                   No MI                              I                  First           No
CORONA                                        No MI                              I                  First           No
WESLACO                                       No MI                              I                  First           No
MCALLEN                                       No MI                              I                  First           No
ARIZONA CITY                                  No MI                              I                  First           No
WASHINGTON                                    No MI                              I                  First           No
MESA                                          No MI                              I                  First           No
REMINGTON                                     No MI                              I                  First           No
PHOENIX                                       No MI                              I                  First           No
BALTIMORE                                     No MI                              I                  First           No
Encino                                        No MI                              I                  First           No
San Antonio                                   No MI                              I                  First           No
OAK POINT                                     No MI                              I                  First           No
Dallas                                        No MI                              I                  First           No
OAK POINT                                     No MI                              I                  First           No
Bethlehem                                     No MI                              I                  First           No
Stockbridge                                   No MI                              I                  First           No
Frisco                                        No MI                              I                  First           No
Bryan                                         No MI                              I                  First           No
Ellenwood                                     No MI                              I                  First           No
Loris                                         No MI                              I                  First           No
Round Rock                                    PMI                                I                  First           No
Plano                                         No MI                              I                  First           No
Stockbridge                                   No MI                              I                  First           No
Rockport                                      No MI                              I                  First           No
Hapeville                                     No MI                              I                  First           No
Dallas                                        No MI                              I                  First           No
San Diego                                     No MI                              I                  First           No
Dallas                                        No MI                              I                  First           No
Prescott                                      No MI                              I                  First           No
Lincoln                                       No MI                              I                  First           No
Pflugerville                                  No MI                              I                  First           No
FT WORTH                                      No MI                              I                  First           No
Dacula                                        No MI                              I                  First           No
Aubrey                                        No MI                              I                  First           No
San Diego                                     No MI                              I                  First           No
Mckinney                                      No MI                              I                  First           No
Mesquite                                      No MI                              I                  First           No
Midway City                                   No MI                              I                  First           No
Mcdonough                                     No MI                              I                  First           No
Los Angeles                                   No MI                              I                  First           No
San Diego                                     No MI                              I                  First           No
Grand Prairie                                 United Guaranty                    I                  First           No
Houston                                       No MI                              I                  First           No
Dallas                                        No MI                              I                  First           No
Vista                                         No MI                              I                  First           No
Marietta                                      No MI                              I                  First           No
FATE                                          No MI                              I                  First           No
Lewisville                                    No MI                              I                  First           No
Abingdon                                      No MI                              I                  First           No
Valdosta                                      No MI                              I                  First           No
Mcallen                                       PMI                                I                  First           No
Albuquerque                                   No MI                              I                  First           No
Riverdale                                     No MI                              I                  First           No
San Antonio                                   No MI                              I                  First           No
Douglasville                                  No MI                              I                  First           No
Deer Park                                     No MI                              I                  First           No
Myrtle Beach                                  No MI                              I                  First           No
Valdosta                                      No MI                              I                  First           No
Spring                                        No MI                              I                  First           No
Forney                                        No MI                              I                  First           No
Forney                                        No MI                              I                  First           No
DENTON                                        No MI                              I                  First           No
Mesquite                                      No MI                              I                  First           No
Irving                                        No MI                              I                  First           No
Eden Prairie                                  No MI                              I                  First           No
Houston                                       No MI                              I                  First           No
Stockbridge                                   No MI                              I                  First           No
OAK POINT                                     No MI                              I                  First           No
Dallas                                        No MI                              I                  First           No
Jefferson                                     No MI                              I                  First           No
Arlington                                     No MI                              I                  First           No
Houston                                       No MI                              I                  First           No
OAK POINT                                     No MI                              I                  First           No
Farmers Branch                                No MI                              I                  First           No
Albuquerque                                   GE Capital MI                      I                  First           No
Oklahoma City                                 No MI                              I                  First           No
Honolulu                                      No MI                              I                  First           No
Las Vegas                                     No MI                              I                  First           No
Pasadena                                      No MI                              I                  First           No
ANTIOCH                                       No MI                              I                  First           No
SAN MARCOS                                    No MI                              I                  First           No
COEUR D ALENE                                 No MI                              I                  First           No
DUARTE                                        No MI                              I                  First           No
SPOKANE                                       No MI                              I                  First           No
CARMEL VALLEY                                 No MI                              I                  First           No
Muldrow                                       No MI                              I                  First           No
Carrollton                                    No MI                              I                  First           No
ALPINE FOREST                                 No MI                              I                  First           No
CERES                                         No MI                              I                  First           No
Indianapolis                                  No MI                              I                  First           No
HOPKINSVILLE                                  No MI                              I                  First           No
CAMPBELL                                      No MI                              I                  First           No
INDIANAPOLIS                                  Republic MIC                       I                  First           No
COSHOCTON                                     No MI                              I                  First           No
HOPKINSVILLE                                  No MI                              I                  First           No
INDIANAPOLIS                                  No MI                              I                  First           No
LOUISVILLE                                    No MI                              I                  First           No
HOPKINSVILLE                                  No MI                              I                  First           No
HOPKINSVILLE                                  No MI                              I                  First           No
HOPKINSVILLE                                  No MI                              I                  First           No
HOPKINSVILLE                                  No MI                              I                  First           No
Aurora                                        No MI                              I                  First           No
Milwaukee                                     No MI                              I                  First           No
Cape Coral                                    No MI                              I                  First           No
Keystone                                      No MI                              I                  First           No
Kenosha                                       No MI                              I                  First           No
Milwaukee                                     No MI                              I                  First           No
Thorton                                       No MI                              I                  First           No
Coral Gables                                  No MI                              I                  First           No
Ashburn                                       Mortgage Guaranty In               I                  First           No
Shelter Island                                No MI                              I                  First           No
Alexandria                                    No MI                              I                  First           No
Manassas                                      No MI                              I                  First           No
Silver Spring                                 Mortgage Guaranty In               I                  First           No
Alexandria                                    Mortgage Guaranty In               I                  First           No
Alexandria                                    PMI                                I                  First           No
Falls Church                                  No MI                              I                  First           No
Cape Coral                                    No MI                              I                  First           No
Washington                                    No MI                              I                  First           No
Manassas                                      Mortgage Guaranty In               I                  First           No
CLEVELAND                                     No MI                              I                  First           No
KAILUA                                        No MI                              I                  First           No
PINEVILLE                                     No MI                              I                  First           No
Honolulu                                      No MI                              I                  First           Yes
PLEASANT HILL                                 No MI                              I                  First           No
HENDERSON                                     No MI                              I                  First           No
Chapin                                        No MI                              I                  First           No
Elberton                                      No MI                              I                  First           No
Ventura                                       No MI                              I                  First           No
Gilbert                                       No MI                              I                  First           No
Mesa                                          No MI                              I                  First           No
Tucson                                        No MI                              I                  First           No
Sun City                                      No MI                              I                  First           No
Myrtle                                        Radian Guaranty                    I                  First           No
Scottsdale                                    No MI                              I                  First           No
Tempe                                         No MI                              I                  First           No
Olathe                                        No MI                              I                  First           No
Phoenix                                       No MI                              I                  First           No
Phoenix                                       No MI                              I                  First           No
Tucson                                        No MI                              I                  First           No
Paradise Valley                               No MI                              I                  First           No
Cottonwood                                    No MI                              I                  First           No
Kansas City                                   No MI                              I                  First           No
Phoenix                                       No MI                              I                  First           No
Kansas City                                   No MI                              I                  First           No
Phoenix                                       No MI                              I                  First           No
Apache Junction                               No MI                              I                  First           No
Yuma                                          No MI                              I                  First           No
Phoenix                                       No MI                              I                  First           No
Phoenix                                       No MI                              I                  First           No
WEST FARGO                                    No MI                              I                  First           No
SPRING                                        No MI                              I                  First           No
HOUSTON                                       No MI                              I                  First           No
SPRING                                        No MI                              I                  First           No
SAN ANTONIO                                   No MI                              I                  First           No
HOUSTON                                       No MI                              I                  First           No
GROSSE POINTE FARMS                           No MI                              I                  First           No
SPRING                                        No MI                              I                  First           No
Palm Bay                                      No MI                              I                  First           No
Titusville                                    No MI                              I                  First           No
palmbay                                       No MI                              I                  First           No
San Diego                                     No MI                              I                  First           No
San Diego                                     No MI                              I                  First           No
Hiram                                         No MI                              I                  First           No
Cincinnati                                    No MI                              I                  First           No
West Springfield                              No MI                              I                  First           No
Columbus                                      No MI                              I                  First           No
Acosta                                        No MI                              I                  First           No
Newark                                        No MI                              I                  First           No
Fredericktown                                 No MI                              I                  First           No
Pittsburgh                                    No MI                              I                  First           No
Columbus                                      No MI                              I                  First           No
Pennsburg                                     No MI                              I                  First           No
Fredericktown                                 No MI                              I                  First           No
Harrisburg                                    No MI                              I                  First           No
Union                                         No MI                              I                  First           No
BETHEL                                        No MI                              I                  First           No
Westbury                                      No MI                              I                  First           No
Bay Shore                                     No MI                              I                  First           No
WATERTOWN                                     No MI                              I                  First           No
Freeport                                      No MI                              I                  First           No
Elmont                                        No MI                              I                  First           No
Fort Worth                                    No MI                              I                  First           No
Denton                                        No MI                              I                  First           No
Kellyville                                    No MI                              I                  First           No
Lithia                                        No MI                              I                  First           No
CLAYTON                                       No MI                              I                  First           No
BETHESDA                                      No MI                              I                  First           No
Jessup                                        No MI                              I                  First           No
SILVER SPRING                                 No MI                              I                  First           No
Clayton                                       No MI                              I                  First           No
LAUREL                                        No MI                              I                  First           No
Leesburg                                      No MI                              I                  First           No
GERMANTOWN                                    No MI                              I                  First           No
Clayton                                       No MI                              I                  First           No
Lewiston                                      No MI                              I                  First           No
Portland                                      No MI                              I                  First           No
Harrison Township                             No MI                              I                  First           No
Chicopee                                      No MI                              I                  First           No
Highland                                      No MI                              I                  First           No
Converse                                      No MI                              I                  First           No
Emerald Isle                                  No MI                              I                  First           No
Crowley                                       No MI                              I                  First           No
Saint Petersburg                              No MI                              I                  First           No
Derby                                         No MI                              I                  First           No
Washington                                    No MI                              I                  First           No
PERRYVILLE                                    No MI                              I                  First           No
Waukegan                                      No MI                              I                  First           No
Wilmington                                    No MI                              I                  First           Yes
Charlotte                                     No MI                              I                  First           No
Lebanon                                       No MI                              I                  First           No
Denver                                        No MI                              I                  First           No
Raynham                                       No MI                              I                  First           Yes
San Antonio                                   No MI                              I                  First           No
Freedom                                       No MI                              I                  First           No
San Antonio                                   No MI                              I                  First           No
Chicopee                                      No MI                              I                  First           No
Pleasant View                                 No MI                              I                  First           No
SULLIVAN                                      No MI                              I                  First           No
Weymouth                                      No MI                              I                  First           No
Charlotte                                     No MI                              I                  First           No
Dorchester                                    No MI                              I                  First           No
Matthews                                      No MI                              I                  First           No
Elkton                                        No MI                              I                  First           No
SAN ANTONIO                                   No MI                              I                  First           No
Assonet                                       No MI                              I                  First           No
Brewer                                        No MI                              I                  First           No
Mashpee                                       No MI                              I                  First           No
GOSHEN                                        No MI                              I                  First           No
TULARE                                        No MI                              I                  First           No
VISALIA                                       No MI                              I                  First           No
FRESNO                                        No MI                              I                  First           No
Las Vegas                                     No MI                              I                  First           No
Las Vegas                                     No MI                              I                  First           No
MURRIETA                                      No MI                              I                  First           No
Maineville                                    No MI                              I                  First           No
HAGERSTOWN                                    No MI                              I                  First           No
CHARLOTTESVILLE                               No MI                              I                  First           No
LAUREL                                        No MI                              I                  First           No
CHARLOTTESVILLE                               No MI                              I                  First           No
CHARLOTTESVILLE                               No MI                              I                  First           No
CHARLOTTESVILLE                               No MI                              I                  First           No
CHARLOTTESVILLE                               No MI                              I                  First           No
WICHITA                                       No MI                              I                  First           No
CHARLOTTESVILLE                               No MI                              I                  First           No
Charlottesville                               No MI                              I                  First           No
Washington                                    No MI                              I                  First           No
CHARLOTTESVILLE                               No MI                              I                  First           No
MIAMI                                         No MI                              I                  First           No
WICHITA                                       No MI                              I                  First           No
VIENNA                                        No MI                              I                  First           No
Temple                                        No MI                              I                  First           No
Myrtle Beach                                  No MI                              I                  First           No
Macon                                         No MI                              I                  First           No
Jacksonville                                  No MI                              I                  First           No
San Bernardino                                No MI                              I                  First           No
Grand Rapids                                  No MI                              I                  First           No
Weatherford                                   No MI                              I                  First           No
Grand Rapids                                  No MI                              I                  First           No
Myrtle Beach                                  No MI                              I                  First           No
Elkmont                                       No MI                              I                  First           No
Kansas City                                   No MI                              I                  First           No
Miami                                         No MI                              I                  First           No
Macon                                         No MI                              I                  First           No
Rochester                                     No MI                              I                  First           No
Saint Augustine                               No MI                              I                  First           No
Riverside Area                                No MI                              I                  First           No
SOUTH LAKE TAHOE                              No MI                              I                  First           No
BELL                                          No MI                              I                  First           No
PICO RIVERA                                   No MI                              I                  First           No
KOLOA                                         No MI                              I                  First           No
CASA GRANDE                                   Republic MIC                       I                  First           No
SHOREVIEW                                     No MI                              I                  First           No
POMONA                                        No MI                              I                  First           No
SANTA ANA                                     No MI                              I                  First           No
N LAS VEGAS                                   No MI                              I                  First           No
HENDERSON                                     No MI                              I                  First           No
MIDWAY CITY                                   No MI                              I                  First           No
REDLANDS                                      No MI                              I                  First           No
Bay Shore                                     No MI                              I                  First           No
Clifton                                       No MI                              I                  First           No
East Elmhurst                                 No MI                              I                  First           No
North Bergen                                  No MI                              I                  First           No
West Orange                                   No MI                              I                  First           No
Jamaica                                       No MI                              I                  First           No
Passaic                                       No MI                              I                  First           No
Far Rockaway                                  No MI                              I                  First           No
Hyattsville                                   No MI                              I                  First           No
Hyattsville                                   No MI                              I                  First           No
Hyattsville                                   No MI                              I                  First           No
Hahira                                        No MI                              I                  First           No
Coral Springs                                 No MI                              I                  First           No
Beulaville                                    No MI                              I                  First           No
Columbus                                      No MI                              I                  First           No
Lake Oswego                                   No MI                              I                  First           No
WILLINGBORO                                   No MI                              I                  First           No
Minneapolis                                   No MI                              I                  First           No
DOVE CANYON                                   No MI                              I                  First           No
VISALIA                                       No MI                              I                  First           No
SAN FRANCISCO                                 No MI                              I                  First           No
Concord                                       No MI                              I                  First           No
West New York                                 No MI                              I                  First           No
LAS VEGAS                                     No MI                              I                  First           No
Miami                                         No MI                              I                  First           No
Hialeah                                       No MI                              I                  First           No
Tampa                                         No MI                              I                  First           No
Melbourne                                     No MI                              I                  First           No
Miami Beach                                   No MI                              I                  First           No
MIAMI                                         No MI                              I                  First           No
LOS ANGELES                                   No MI                              I                  First           No
MILPITAS                                      No MI                              I                  First           No
GREENFIELD                                    No MI                              I                  First           No
SANTA ANA                                     No MI                              I                  First           No
SAN JOSE                                      No MI                              I                  First           No
ORANGE PARK                                   No MI                              I                  First           No
Columbia                                      No MI                              I                  First           No
Savannah                                      No MI                              I                  First           No
Jacksonville                                  No MI                              I                  First           No
Jacksonville                                  No MI                              I                  First           No
Jacksonville                                  No MI                              I                  First           No
Baltimore                                     No MI                              I                  First           No
Easley                                        No MI                              I                  First           No
Mount Pleasant                                No MI                              I                  First           No
BRISTOW                                       No MI                              I                  First           No
CULPEPER                                      No MI                              I                  First           No
QUEEN CREEK                                   No MI                              I                  First           No
UPPER MARLBORO                                No MI                              I                  First           No
LAVEEN                                        No MI                              I                  First           No
LANCASTER                                     No MI                              I                  First           No
SURPRISE                                      No MI                              I                  First           No
TEMECULA                                      No MI                              I                  First           No
FAIRFIELD                                     No MI                              I                  First           No
Ponte Vedra Beach                             No MI                              I                  First           No
Davie                                         No MI                              I                  First           No
Kennesaw                                      No MI                              I                  First           No
Conyers                                       No MI                              I                  First           No
Orlando                                       No MI                              I                  First           No
Covington                                     No MI                              I                  First           No
Davie                                         No MI                              I                  First           No
Milner                                        No MI                              I                  First           No
Athens                                        Republic MIC                       I                  First           No
Hoschton                                      No MI                              I                  First           No
Peachtree City                                No MI                              I                  First           No
Pompano Beach                                 No MI                              I                  First           No
Pompano Beach                                 No MI                              I                  First           No
Atlanta                                       No MI                              I                  First           No
Lawrenceville                                 No MI                              I                  First           No
Boone                                         GE Capital MI                      I                  First           No
Monroe                                        Republic MIC                       I                  First           No
Stockbridge                                   No MI                              I                  First           No
Maitland                                      No MI                              I                  First           No
Lake Wylie                                    No MI                              I                  First           No
Alpharetta                                    No MI                              I                  First           No
Monroe                                        No MI                              I                  First           No
Orlando                                       No MI                              I                  First           No
Jacksonville                                  No MI                              I                  First           No
Bradenton                                     No MI                              I                  First           No
Brandon                                       GE Capital MI                      I                  First           No
Dunedin                                       No MI                              I                  First           No
Tampa                                         No MI                              I                  First           No
Marietta                                      No MI                              I                  First           No
Woodstock                                     No MI                              I                  First           No
Buford                                        No MI                              I                  First           No
Stockbridge                                   No MI                              I                  First           No
Virginia Beach                                No MI                              I                  First           No
Cicero                                        No MI                              I                  First           No
PALM BEACH GARDENS                            No MI                              I                  First           No
ALEXANDRIA                                    Republic MIC                       I                  First           No
Roanoke                                       No MI                              I                  First           No
Reisterstown                                  No MI                              I                  First           No
MELBOURNE                                     No MI                              I                  First           No
SHERWOOD                                      No MI                              I                  First           No
BEDFORD                                       No MI                              I                  First           No
Arlington                                     No MI                              I                  First           No
Glenn Dale                                    No MI                              I                  First           No
PALM BAY                                      No MI                              I                  First           No
SAINT AUGUSTINE                               No MI                              I                  First           No
Lauderhill                                    No MI                              I                  First           No
BRENTWOOD                                     No MI                              I                  First           No
Benicia                                       No MI                              I                  First           No
ORLANDO                                       No MI                              I                  First           No
WEST BABYLON                                  No MI                              I                  First           No
FREDERICK                                     No MI                              I                  First           No
Oxnard                                        No MI                              I                  First           No
SAN BERNARDINO                                No MI                              I                  First           No
APPLE VALLEY                                  No MI                              I                  First           No
Gahanna                                       No MI                              I                  First           No
COLUMBUS                                      No MI                              I                  First           No
COLUMBUS                                      No MI                              I                  First           No
Westerville                                   No MI                              I                  First           No
Westerville                                   No MI                              I                  First           No
COLUMBUS                                      No MI                              I                  First           No
Salt Lake City                                No MI                              I                  First           No
Park City                                     No MI                              I                  First           No
MIDWAY                                        No MI                              I                  First           No
Park City                                     No MI                              I                  First           No
Oradell                                       No MI                              I                  First           No
KALAMAZOO                                     No MI                              I                  First           No
Union                                         No MI                              I                  First           No
Zellwood                                      No MI                              I                  First           No
Delray Beach                                  No MI                              I                  First           No
Gainesville                                   No MI                              I                  First           No
Ocoee                                         No MI                              I                  First           No
Ocoee                                         No MI                              I                  First           No
Temple Hills                                  No MI                              I                  First           No
Glenwood                                      No MI                              I                  First           No
Bowie                                         No MI                              I                  First           No
Villa Rica                                    PMI                                I                  First           No
Deland                                        No MI                              I                  First           No
Wesley Chapel                                 No MI                              I                  First           No
Newport News                                  No MI                              I                  First           No
Baltimore                                     No MI                              I                  First           No
Washington                                    No MI                              I                  First           No
Maitland                                      No MI                              I                  First           No
Rosemount                                     No MI                              I                  First           No
Minneapolis                                   No MI                              I                  First           No
WILLIS                                        No MI                              I                  First           No
Houston                                       No MI                              I                  First           No
HILO                                          No MI                              I                  First           No
SANTA ROSA                                    No MI                              I                  First           No
LEWISVILLE                                    No MI                              I                  First           No
Harahan                                       No MI                              I                  First           No
LUBBOCK                                       No MI                              I                  First           No
THE WOODLANDS                                 No MI                              I                  First           No
DESOTO                                        No MI                              I                  First           No
BATON ROUGE                                   No MI                              I                  First           No
GREEN BAY                                     No MI                              I                  First           No
LEWISVILLE                                    No MI                              I                  First           No
WILLIS                                        No MI                              I                  First           No
RACINE                                        No MI                              I                  First           No
Houston                                       No MI                              I                  First           No
LEWISVILLE                                    No MI                              I                  First           No
The Woodlands                                 No MI                              I                  First           No
LEAGUE CITY                                   No MI                              I                  First           No
DURHAM                                        No MI                              I                  First           No
PEARLAND                                      No MI                              I                  First           No
OCEAN SPRINGS                                 No MI                              I                  First           No
Spring                                        No MI                              I                  First           No
JONESBOROUGH                                  No MI                              I                  First           No
Fountain Valley                               No MI                              I                  First           No
San Gabriel                                   No MI                              I                  First           No
MESA                                          No MI                              I                  First           No
Phoenix                                       No MI                              I                  First           No
Peoria                                        No MI                              I                  First           No
SUMMIT                                        No MI                              I                  First           No
Bourbonnais                                   No MI                              I                  First           No
Northbrook                                    No MI                              I                  First           No
Franklin                                      No MI                              I                  First           No
Osakis                                        No MI                              I                  First           No
Coon Rapids                                   No MI                              I                  First           No
ST LOUIS                                      No MI                              I                  First           No
CONWAY                                        No MI                              I                  First           No
LONGVIEW                                      No MI                              I                  First           No
DALLAS                                        No MI                              I                  First           No
JACKSONVILLE                                  No MI                              I                  First           No
LONGVIEW                                      No MI                              I                  First           No
LONGVIEW                                      No MI                              I                  First           No
DALLAS                                        No MI                              I                  First           No
TYLER                                         No MI                              I                  First           No
AZLE                                          No MI                              I                  First           No
JACKSONVILLE                                  No MI                              I                  First           No
JACKSONVILLE                                  No MI                              I                  First           No
HOUSTON                                       Republic MIC                       I                  First           No
Bloomington                                   No MI                              I                  First           No
Silverthorne                                  No MI                              I                  First           No
Boulder                                       No MI                              I                  First           No
Haiku                                         No MI                              I                  First           No
Parker                                        No MI                              I                  First           Yes
Philadelphia                                  No MI                              I                  First           No
Long Beach                                    No MI                              I                  First           No
Los Angeles                                   No MI                              I                  First           No
Los Angeles                                   No MI                              I                  First           No
New Preston Marble Dale                       No MI                              I                  First           No
Riverside                                     No MI                              I                  First           No
Santa Barbara                                 No MI                              I                  First           No
Tarzana                                       No MI                              I                  First           No
Arlington                                     No MI                              I                  First           No
Los Angeles                                   No MI                              I                  First           No
Pebble Beach                                  No MI                              I                  First           No
Merrimac                                      No MI                              I                  First           No
Kansas City                                   No MI                              I                  First           No
Staten Island                                 No MI                              I                  First           No
Venice                                        No MI                              I                  First           No
Stockton                                      No MI                              I                  First           No
San Diego                                     No MI                              I                  First           No
Orlando                                       No MI                              I                  First           No
Ocean Springs                                 No MI                              I                  First           No
Ventura                                       No MI                              I                  First           No
Albuquerque                                   No MI                              I                  First           No
Phoenix                                       No MI                              I                  First           No
La Quinta                                     No MI                              I                  First           No
Stevensville                                  No MI                              I                  First           No
San Diego                                     No MI                              I                  First           No
Palos Verdes Peninsula                        No MI                              I                  First           No
Delray Beach                                  No MI                              I                  First           No
Indian Orchard                                No MI                              I                  First           No
Cashiers Townshi[p                            No MI                              I                  First           No
Las Vegas                                     No MI                              I                  First           No
Niles                                         No MI                              I                  First           No
Glendale                                      No MI                              I                  First           No
Palmdale                                      No MI                              I                  First           No
Anaheim                                       No MI                              I                  First           No
Phelan                                        No MI                              I                  First           No
Pearl City                                    No MI                              I                  First           No
Long Beach                                    No MI                              I                  First           No
Brockton                                      No MI                              I                  First           No
Dallas                                        No MI                              I                  First           No
Rockville                                     No MI                              I                  First           No
Ocala                                         No MI                              I                  First           No
Chesterfield                                  No MI                              I                  First           No
Cypress                                       No MI                              I                  First           No
Dallas                                        No MI                              I                  First           No
CAIRO                                         PMI                                I                  First           No
Laredo                                        No MI                              I                  First           No
Tallahassee                                   No MI                              I                  First           No
Houston                                       No MI                              I                  First           No
Saint Louis                                   No MI                              I                  First           No
KANKAKEE                                      No MI                              I                  First           No
Palm Bay                                      No MI                              I                  First           No
Katy                                          No MI                              I                  First           No
Bryan                                         No MI                              I                  First           No
DALLAS                                        No MI                              I                  First           No
Crystal City                                  No MI                              I                  First           No
Oklahoma City                                 No MI                              I                  First           No
RINGGOLD                                      No MI                              I                  First           No
Jacksonville                                  No MI                              I                  First           No
Summerville                                   No MI                              I                  First           No
Jacksonville                                  No MI                              I                  First           No
Nashville                                     No MI                              I                  First           No
Tulsa                                         No MI                              I                  First           No
Kennesaw                                      No MI                              I                  First           No
Kennesaw                                      No MI                              I                  First           No
Flagler Beach                                 No MI                              I                  First           No
Orlando                                       GE Capital MI                      I                  First           No
Ft Lauderdale                                 No MI                              I                  First           No
LONG BEACH TOWNSHIP                           No MI                              I                  First           No
Ball Ground                                   No MI                              I                  First           No
LINCOLN                                       No MI                              I                  First           No
HARRISON                                      No MI                              I                  First           No
MERIDIAN                                      No MI                              I                  First           No
CHICAGO                                       No MI                              I                  First           No
BALTIMORE                                     No MI                              I                  First           No
MADISON                                       No MI                              I                  First           No
GLENDALE                                      No MI                              I                  First           No
NORTH BERGEN                                  No MI                              I                  First           No
LAKEWOOD                                      No MI                              I                  First           No
BELLEVILLE                                    United Guaranty                    I                  First           No
NEW CASTLE                                    No MI                              I                  First           No
Tolleson                                      No MI                              I                  First           No
Thornton                                      No MI                              I                  First           No
Los Angeles                                   No MI                              I                  First           No
Lancaster                                     No MI                              I                  First           No
ESCONDIDO                                     No MI                              I                  First           No
Broken Arrow                                  No MI                              I                  First           No
Jacksonville                                  No MI                              I                  First           No
Benton                                        No MI                              I                  First           No
Broken Arrow                                  No MI                              I                  First           No
Broken Arrow                                  No MI                              I                  First           No
Philadelphia                                  No MI                              I                  First           Yes
Broken Arrow                                  No MI                              I                  First           No
Broken Arrow                                  No MI                              I                  First           No
Garden Grove                                  No MI                              I                  First           No
Sacramento                                    No MI                              I                  First           No
Bakersfield                                   No MI                              I                  First           No
Gulfport                                      No MI                              I                  First           No
kyle                                          No MI                              I                  First           No
Shreveport                                    No MI                              I                  First           No
Lakewood                                      No MI                              I                  First           No
akron                                         No MI                              I                  First           No
portland                                      No MI                              I                  First           No
conley                                        No MI                              I                  First           No
santa fe                                      No MI                              I                  First           No
yers                                          No MI                              I                  First           No
Cleveland                                     No MI                              I                  First           No
houston                                       No MI                              I                  First           No
gresham                                       No MI                              I                  First           No
houston                                       No MI                              I                  First           No
post falls                                    No MI                              I                  First           No
houston                                       No MI                              I                  First           No
cleveland                                     No MI                              I                  First           No
independence                                  No MI                              I                  First           No
AKRON                                         No MI                              I                  First           No
richmond                                      No MI                              I                  First           No
akron                                         No MI                              I                  First           No
fort meyers                                   No MI                              I                  First           No
Cleveland                                     No MI                              I                  First           No
cleveland                                     No MI                              I                  First           No
CHELSEA                                       No MI                              I                  First           No
SPRING                                        No MI                              I                  First           No
Fountain                                      No MI                              I                  First           No
Arvada                                        No MI                              I                  First           No
Denver                                        No MI                              I                  First           No
Hillsborough                                  No MI                              I                  First           No
BEALETON                                      No MI                              I                  First           No
WEST CHESTER                                  Mortgage Guaranty In               I                  First           No
RISING SUN                                    No MI                              I                  First           No
LUMBERTON                                     No MI                              I                  First           No
PITTSTOWN                                     No MI                              I                  First           No
ELLICOTT CITY                                 No MI                              I                  First           No
Sacramento                                    No MI                              I                  First           No
Oakland                                       No MI                              I                  First           No
Tallahassee                                   No MI                              I                  First           No
Orlando                                       No MI                              I                  First           No
Tampa                                         No MI                              I                  First           No
Gilbert                                       No MI                              I                  First           No
Surprise                                      No MI                              I                  First           No
Mesa                                          No MI                              I                  First           No
Pottstown                                     No MI                              I                  First           No
Collegeville                                  No MI                              I                  First           No
Hastings                                      No MI                              I                  First           No
Washington                                    No MI                              I                  First           No
COVINGTON                                     No MI                              I                  First           No
LAKELAND                                      No MI                              I                  First           No
UNION CITY                                    No MI                              I                  First           No
Dallas                                        No MI                              I                  First           No
GRIFFIN                                       No MI                              I                  First           No
Suwanee                                       No MI                              I                  First           No
AUSTELL                                       No MI                              I                  First           No
Hampton                                       No MI                              I                  First           No
EUHARLEE                                      No MI                              I                  First           No
MARIETTA                                      No MI                              I                  First           No
DECATUR                                       No MI                              I                  First           No
UNION CITY                                    No MI                              I                  First           No
KENNESAW                                      No MI                              I                  First           No
VILLA RICA                                    No MI                              I                  First           No
TEMPLE                                        No MI                              I                  First           No
Dallas                                        No MI                              I                  First           No
MCDONOUGH                                     No MI                              I                  First           No
Riverdale                                     No MI                              I                  First           No
CANTON                                        No MI                              I                  First           No
NORCROSS                                      No MI                              I                  First           No
SNELLVILLE                                    No MI                              I                  First           No
SUGAR HILL                                    No MI                              I                  First           No
McDonough                                     No MI                              I                  First           No
JONESBORO                                     No MI                              I                  First           No
COLLEGE PARK                                  No MI                              I                  First           No
JONESBORO                                     No MI                              I                  First           No
HIRAM                                         No MI                              I                  First           No
HAMPTON                                       No MI                              I                  First           No
NORCROSS                                      No MI                              I                  First           No
FAIRBURN                                      No MI                              I                  First           No
DACULA                                        No MI                              I                  First           No
Hartwell                                      No MI                              I                  First           No
Lithia Springs                                No MI                              I                  First           No
Powder Springs                                No MI                              I                  First           No
RIVERDALE                                     No MI                              I                  First           No
ACWORTH                                       No MI                              I                  First           No
CANTON                                        No MI                              I                  First           No
CARTERSVILLE                                  No MI                              I                  First           No
KINGSTON                                      No MI                              I                  First           No
MANHATTAN BEACH                               No MI                              I                  First           No
GARDEN GROVE                                  No MI                              I                  First           No
WASHINGTON                                    No MI                              I                  First           No
SAN PEDRO                                     No MI                              I                  First           No
LAS VEGAS                                     No MI                              I                  First           No
VAN NUYS                                      No MI                              I                  First           No
PALOS VERDES ESTATES                          No MI                              I                  First           No
INGLEWOOD                                     No MI                              I                  First           No
PINEHURST                                     No MI                              I                  First           No
GARDEN GROVE                                  No MI                              I                  First           No
NORWALK                                       No MI                              I                  First           No
Las Vegas                                     No MI                              I                  First           No
CRANBERRY TWP                                 No MI                              I                  First           No
RIVERSIDE                                     No MI                              I                  First           No
Rialto                                        No MI                              I                  First           No
CORAL GABLES                                  No MI                              I                  First           No
PHILADELPHIA                                  Mortgage Guaranty In               I                  First           No
YUCAIPA                                       No MI                              I                  First           No
REDONDO BEACH                                 No MI                              I                  First           No
MIAMI                                         No MI                              I                  First           No
RED BLUFF                                     No MI                              I                  First           No
REDONDO BEACH                                 No MI                              I                  First           No
Los Angeles                                   No MI                              I                  First           No
NEWTON                                        No MI                              I                  First           No
ETIWANDA                                      No MI                              I                  First           No
Hilaleah                                      No MI                              I                  First           No
LAS VEGAS                                     No MI                              I                  First           No
LOS ANGELES                                   No MI                              I                  First           No
FOUNTAIN VALLEY                               No MI                              I                  First           No
GALENA                                        No MI                              I                  First           No
MEDINA                                        No MI                              I                  First           No
ONTARIO                                       No MI                              I                  First           No
CHICAGO                                       No MI                              I                  First           No
Rolling Meadows                               No MI                              I                  First           No
Head Of The Harbor                            No MI                              I                  First           No
SAINT LOUIS                                   No MI                              I                  First           No
Saint Louis                                   No MI                              I                  First           No
Dallas                                        No MI                              I                  First           No
LOUISVILLE                                    No MI                              I                  First           No
DALLAS                                        No MI                              I                  First           No
Houston                                       No MI                              I                  First           No
HOUSTON                                       No MI                              I                  First           No
Fort Worth                                    No MI                              I                  First           No
Denton                                        No MI                              I                  First           No
Louisville                                    PMI                                I                  First           No
Weatherford                                   No MI                              I                  First           No
HOUSTON                                       No MI                              I                  First           No
Gunter                                        No MI                              I                  First           No
Louisville                                    PMI                                I                  First           No
HOUSTON                                       No MI                              I                  First           No
Louisville                                    PMI                                I                  First           No
Bowling Green                                 No MI                              I                  First           No
DENTON                                        No MI                              I                  First           No
Valrico                                       No MI                              I                  First           No
Gahanna                                       No MI                              I                  First           No
GILLESPIE                                     No MI                              I                  First           No
Krum                                          No MI                              I                  First           No
WARSAW                                        No MI                              I                  First           No
Sanger                                        No MI                              I                  First           No
Cahokia                                       PMI                                I                  First           No
Cahokia                                       PMI                                I                  First           No
Cahokia                                       PMI                                I                  First           No
Stephenville                                  No MI                              I                  First           No
Lewisville                                    No MI                              I                  First           No
Little Elm                                    No MI                              I                  First           No
Itasca                                        No MI                              I                  First           No
Alvarado                                      No MI                              I                  First           No
NORWALK                                       No MI                              I                  First           No
burlingame                                    No MI                              I                  First           No
Chattanooga                                   No MI                              I                  First           No
Cumming                                       No MI                              I                  First           No
Elberta                                       No MI                              I                  First           No
Mt Pleasant                                   No MI                              I                  First           No
Dallas                                        No MI                              I                  First           No
Yulee                                         No MI                              I                  First           No
Kennesaw                                      No MI                              I                  First           No
Chelsea                                       No MI                              I                  First           No
Atlanta                                       No MI                              I                  First           No
Gainesville                                   No MI                              I                  First           No
Gulf Shores                                   No MI                              I                  First           No
RANCHO CUCAMONGA                              No MI                              I                  First           No
APPLE VALLEY                                  No MI                              I                  First           No
BAKERSFIELD                                   GE Capital MI                      I                  First           No
ROSEVILLE                                     No MI                              I                  First           No
LANCASTER                                     No MI                              I                  First           No
APPLE VALLEY                                  No MI                              I                  First           No
HOUSTON                                       GE Capital MI                      I                  First           No
DENTON                                        No MI                              I                  First           No
JACKSONVILLE                                  No MI                              I                  First           No
NORTH LAS VEGAS                               No MI                              I                  First           No
LAS VEGAS                                     No MI                              I                  First           No
NAPLES                                        No MI                              I                  First           No
ORLANDO                                       No MI                              I                  First           No
NORTH LAS VEGAS                               No MI                              I                  First           No
RIVERVIEW                                     No MI                              I                  First           No
JACKSONVILLE                                  No MI                              I                  First           No
LAS VEGAS                                     No MI                              I                  First           No
Caldwell                                      No MI                              I                  First           No
Muskogee                                      No MI                              I                  First           No
Caldwell                                      No MI                              I                  First           No
Colorado Springs                              No MI                              I                  First           No
WEST JORDAN                                   No MI                              I                  First           No
COLORADO SPRINGS                              No MI                              I                  First           No
WEST VALLEY CITY                              No MI                              I                  First           No
SAINT GEORGE                                  No MI                              I                  First           No
Roosevelt                                     GE Capital MI                      I                  First           No
Aurora                                        No MI                              I                  First           No
EAGLE MOUNTAIN                                No MI                              I                  First           No
Norwich                                       No MI                              I                  First           No
Temecula                                      No MI                              I                  First           No
Murrieta                                      No MI                              I                  First           No
Murrieta                                      No MI                              I                  First           No
SPRINGFIELD                                   No MI                              I                  First           No
SOUTHBRIDGE                                   No MI                              I                  First           No
MANCHESTER                                    No MI                              I                  First           No
Lebanon                                       No MI                              I                  First           No
Roseville                                     No MI                              I                  First           No
Westminster                                   No MI                              I                  First           No
Norcross                                      No MI                              I                  First           No
Henryetta                                     No MI                              I                  First           No
Wichita                                       No MI                              I                  First           No
Humble                                        No MI                              I                  First           No
Detroit                                       No MI                              I                  First           No
Williamsburg                                  No MI                              I                  First           No
Columbia                                      No MI                              I                  First           No
Canton                                        No MI                              I                  First           No
Garland                                       No MI                              I                  First           No
Newark                                        No MI                              I                  First           No
Littleton                                     No MI                              I                  First           No
Santa Monica                                  No MI                              I                  First           No
SCOTTSDALE                                    No MI                              I                  First           No
COLUMBIA                                      No MI                              I                  First           No
THOUSAND OAKS                                 No MI                              I                  First           No
Chino                                         No MI                              I                  First           No
Apple Valley                                  No MI                              I                  First           No
TUSTIN                                        No MI                              I                  First           No
APPLE VALLEY                                  No MI                              I                  First           No
APPLE VALLEY                                  No MI                              I                  First           No
PLEASANT HILL                                 No MI                              I                  First           No
QUARTZ HILL ARE                               No MI                              I                  First           No
LOS ANGELES                                   No MI                              I                  First           No
Williamsburg                                  Radian Guaranty                    I                  First           No
Ft Washington                                 No MI                              I                  First           No
Lynchburg                                     No MI                              I                  First           No
College Park                                  No MI                              I                  First           No
College Park                                  No MI                              I                  First           No
Monroe                                        No MI                              I                  First           No
Marietta                                      No MI                              I                  First           No
Union City                                    No MI                              I                  First           No
Phoenix                                       No MI                              I                  First           No
El Mirage                                     No MI                              I                  First           No
Show Low                                      No MI                              I                  First           No
North Las Vegas                               No MI                              I                  First           No
Colorado Springs                              No MI                              I                  First           No
Shawnee                                       No MI                              I                  First           No
Shawnee                                       No MI                              I                  First           No
Long Beach                                    No MI                              I                  First           No
Fort Worth                                    No MI                              I                  First           No
Federal Way                                   No MI                              I                  First           No
ALBUQUERQUE                                   No MI                              I                  First           No
PHOENIX                                       No MI                              I                  First           No
SCOTTSDALE                                    No MI                              I                  First           No
SAN LUIS                                      No MI                              I                  First           No
PHOENIX                                       No MI                              I                  First           No
Glendale                                      No MI                              I                  First           No
Phoenix                                       No MI                              I                  First           Yes
QUEEN CREEK                                   No MI                              I                  First           No
Albuquerque                                   No MI                              I                  First           No
ALBUQUERQUE                                   No MI                              I                  First           No
Salisbury                                     No MI                              I                  First           No
Winston Salem                                 No MI                              I                  First           No
Winston Salem                                 No MI                              I                  First           No
Conyers                                       No MI                              I                  First           No
Winston                                       No MI                              I                  First           No
Winston Salem                                 No MI                              I                  First           No
Hoschton                                      No MI                              I                  First           No
Mckinney                                      No MI                              I                  First           No
Allen                                         No MI                              I                  First           No
Arlington                                     No MI                              I                  First           No
Mckinney                                      No MI                              I                  First           No
Lewisville                                    No MI                              I                  First           No
Kimberly                                      No MI                              I                  First           No
Kiawah Island                                 No MI                              I                  First           No
CONYERS                                       No MI                              I                  First           No
BRUNSWICK                                     No MI                              I                  First           No
COLUMBUS                                      PMI                                I                  First           No
KISSIMMEE                                     No MI                              I                  First           No
ORLANDO                                       No MI                              I                  First           No
CHARLOTTE                                     No MI                              I                  First           No
WAYCROSS                                      Mortgage Guaranty In               I                  First           No
CHARLOTTE                                     No MI                              I                  First           No
PITTSBURGH                                    No MI                              I                  First           No
ORLANDO                                       No MI                              I                  First           No
JACKSONVILLE                                  No MI                              I                  First           No
GOOSE CREEK                                   No MI                              I                  First           No
SATELLITE BEACH                               No MI                              I                  First           No
TAMPA                                         No MI                              I                  First           No
DUMFRIES                                      No MI                              I                  First           No
BOYCE                                         No MI                              I                  First           No
WEST PALM BEACH                               PMI                                I                  First           No
OGDEN                                         No MI                              I                  First           No
FAIRFAX STATION                               No MI                              I                  First           No
SAGINAW                                       No MI                              I                  First           No
PEORIA                                        No MI                              I                  First           No
KISSIMMEE                                     No MI                              I                  First           No
WAXHAW                                        No MI                              I                  First           No
SCOTTSDALE                                    No MI                              I                  First           No
NORTH PORT                                    No MI                              I                  First           No
JASPER                                        PMI                                I                  First           No
STATESBORO                                    No MI                              I                  First           No
TAMPA                                         No MI                              I                  First           No
BOULDER                                       No MI                              I                  First           No
ORLANDO                                       No MI                              I                  First           No
NAPLES                                        No MI                              I                  First           No
Dover                                         No MI                              I                  First           No
ORLANDO                                       No MI                              I                  First           No
Fitzgerald                                    Mortgage Guaranty In               I                  First           No
ORLANDO                                       No MI                              I                  First           No
CHARLOTTE                                     No MI                              I                  First           No
PALM SPRINGS                                  No MI                              I                  First           No
SUGAR HILL                                    No MI                              I                  First           No
HARTWELL                                      No MI                              I                  First           No
ORLANDO                                       No MI                              I                  First           No
ALEXANDRIA                                    No MI                              I                  First           No
FREDRICKSBERG                                 No MI                              I                  First           No
CAMDEN WYOMING                                Mortgage Guaranty In               I                  First           No
LOS ANGELES                                   No MI                              I                  First           No
LAWRENCEVILLE                                 No MI                              I                  First           No
PITTSBURGH                                    No MI                              I                  First           No
IRMO                                          No MI                              I                  First           No
KISSIMMEE                                     No MI                              I                  First           No
NEWPORT NEWS                                  No MI                              I                  First           No
RALEIGH                                       No MI                              I                  First           No
KISSIMMEE                                     No MI                              I                  First           No
Miami                                         No MI                              I                  First           No
Warren                                        No MI                              I                  First           No
LANSING                                       No MI                              I                  First           No
Aldan                                         No MI                              I                  First           No
Phila                                         No MI                              I                  First           No
Doylestown                                    No MI                              I                  First           No
Lake Harmony                                  No MI                              I                  First           No
Philadelphia                                  No MI                              I                  First           No
Devon                                         No MI                              I                  First           No
Dover                                         No MI                              I                  First           No
Blackwood                                     No MI                              I                  First           No
Bear                                          No MI                              I                  First           No
Pleasantville                                 No MI                              I                  First           No
Pleasantville                                 No MI                              I                  First           No
Marcus Hook                                   No MI                              I                  First           No
Pine Hill                                     No MI                              I                  First           No
Fort Washington                               No MI                              I                  First           No
Wilmington                                    No MI                              I                  First           No
Philadelphia                                  No MI                              I                  First           No
Norristown                                    No MI                              I                  First           No
Wilmington                                    No MI                              I                  First           No
WOOLRICH                                      Republic MIC                       I                  First           No
Wilmington                                    No MI                              I                  First           No
Philadelphia                                  No MI                              I                  First           No
MIRAMAR                                       No MI                              I                  First           No
SAN DIEGO                                     No MI                              I                  First           No
BELL GARDENS                                  No MI                              I                  First           No
GRAND PRAIRIE                                 No MI                              I                  First           No
NORFOLK                                       No MI                              I                  First           No
VIRGINIA BCH                                  No MI                              I                  First           No
JACKSONVILLE                                  No MI                              I                  First           No
ST AUGUSTINE                                  No MI                              I                  First           No
Monticello                                    No MI                              I                  First           No
BALTIMORE                                     No MI                              I                  First           No
VIRGINIA BEACH                                No MI                              I                  First           No
DAVENPORT                                     No MI                              I                  First           No
ATL                                           No MI                              I                  First           No
Des Moines                                    No MI                              I                  First           No
Stafford                                      No MI                              I                  First           No
RICHMOND                                      No MI                              I                  First           No
DECATUR                                       No MI                              I                  First           No
Lenigh                                        No MI                              I                  First           No
CEDAR RAPIDS                                  PMI                                I                  First           No
HUXLEY                                        No MI                              I                  First           No
Middletown                                    No MI                              I                  First           No
MYRTLE BEACH                                  Mortgage Guaranty In               I                  First           No
BAYVIEW                                       No MI                              I                  First           No
HOMER GLEN                                    No MI                              I                  First           No
Chicago                                       No MI                              I                  First           No
Phoenix                                       No MI                              I                  First           No
PHOENIX                                       No MI                              I                  First           No
CHESAPEAKE                                    No MI                              I                  First           No
PETERSBURG                                    No MI                              I                  First           No
NEWPORT NEWS                                  No MI                              I                  First           No
Dallas                                        No MI                              I                  First           No
FORT WORTH                                    No MI                              I                  First           No
Plano                                         No MI                              I                  First           No
Plano                                         No MI                              I                  First           No
DALLAS                                        No MI                              I                  First           No
PLANO                                         No MI                              I                  First           No
Hilton Head                                   No MI                              I                  First           No
JERSEY CITY                                   No MI                              I                  First           No
LAKE WORTH                                    Triad Guaranty                     I                  First           No
FRESNO                                        Radian Guaranty                    I                  First           No
SAVANNAH                                      Republic MIC                       I                  First           No
DURHAM                                        No MI                              I                  First           No
Spring                                        PMI                                I                  First           No
GREENSBORO                                    No MI                              I                  First           No
TIVERTON                                      No MI                              I                  First           No
CEDAR CITY                                    No MI                              I                  First           No
SAVANNAH                                      No MI                              I                  First           No
NORMAN                                        No MI                              I                  First           No
CORCORAN                                      No MI                              I                  First           No
MIDWEST CITY                                  No MI                              I                  First           No
CARY                                          No MI                              I                  First           No
CEDAR CITY                                    No MI                              I                  First           No
HAWAIIAN GARDENS                              No MI                              I                  First           No
MIDWEST CITY                                  No MI                              I                  First           No
RICHMOND                                      Mortgage Guaranty In               I                  First           No
HENDERSON                                     No MI                              I                  First           No
CHARLOTTESVILLE                               No MI                              I                  First           No
FORT LAUDERDALE                               No MI                              I                  First           No
TOLEDO                                        No MI                              I                  First           No
SAVANNAH                                      No MI                              I                  First           No
OKLAHOMA CITY                                 No MI                              I                  First           No
PALM HARBOR                                   No MI                              I                  First           No
DACULA                                        No MI                              I                  First           No
PALATINE                                      No MI                              I                  First           No
GLENDALE HEIGHTS                              No MI                              I                  First           No
CATONSVILLE                                   No MI                              I                  First           No
KERNERSVILLE                                  No MI                              I                  First           No
CHARLOTTE                                     No MI                              I                  First           No
SAVANNAH                                      No MI                              I                  First           No
SAVANNAH                                      No MI                              I                  First           No
SAVANNAH                                      No MI                              I                  First           No
MANASSAS                                      No MI                              I                  First           No
NEWBERG                                       No MI                              I                  First           No
SAVANNAH                                      No MI                              I                  First           No
LONG BEACH                                    No MI                              I                  First           No
NEWBERG                                       No MI                              I                  First           No
DILLSBURG                                     No MI                              I                  First           No
DILLSBURG                                     No MI                              I                  First           No
FRANKLINTOWN                                  No MI                              I                  First           No
SAVANNAH                                      No MI                              I                  First           No
POMPANO BEACH                                 No MI                              I                  First           No
OKLAHOMA CITY                                 No MI                              I                  First           No
MIDWEST CITY                                  No MI                              I                  First           No
VISALIA                                       No MI                              I                  First           No
DOVER                                         No MI                              I                  First           No
CHICAGO                                       No MI                              I                  First           No
LAUDERHILL                                    No MI                              I                  First           No
SEATTLE                                       No MI                              I                  First           No
CABOT                                         Radian Guaranty                    I                  First           No
KAILUA-KONA                                   No MI                              I                  First           No
BALDWIN PARK                                  No MI                              I                  First           No
FRESNO                                        Mortgage Guaranty In               I                  First           No
BELGRADE                                      No MI                              I                  First           No
LANSDOWNE                                     Mortgage Guaranty In               I                  First           No
SAN ANTONIO                                   No MI                              I                  First           No
CHICAGO                                       No MI                              I                  First           No
CHINO HILLS                                   No MI                              I                  First           No
LINCOLN CITY                                  No MI                              I                  First           No
LEAGUE CITY                                   No MI                              I                  First           No
VANCOUVER                                     No MI                              I                  First           No
INDIANAPOLIS                                  No MI                              I                  First           No
BELTSVILLE                                    No MI                              I                  First           No
FT THOMAS                                     No MI                              I                  First           No
NASHUA                                        Mortgage Guaranty In               I                  First           No
ELFRIDA                                       Mortgage Guaranty In               I                  First           No
HOUSTON                                       No MI                              I                  First           No
GLENDALE                                      No MI                              I                  First           No
APPLE VALLEY                                  No MI                              I                  First           No
SUN CITY                                      No MI                              I                  First           No
CONCORD                                       No MI                              I                  First           No

CITY1                                         PP_DESC               IO_FLAG              IO_PERIOD               PORTFOLIO
--------------------------------------------------------------------------------------------------------------------------------
HIALEAH                                       1Y PP                 Y                               120          CNDU
MCCLOUD                                       3Y PP                 Y                               120          CNDU
BETHESDA                                      2Y PP                 Y                               120          CNDU
Seymour                                       6M PP                 Y                               120          CNDU
ARVADA                                        3Y PP                 Y                               120          CNDU
GARDEN CITY                                   3Y PP                 Y                               120          CNDU
CICERO                                        6M PP                 Y                               120          CNDU
NORTH LAS VEGAS                               3Y PP                 Y                               120          CNDU
GLEN ALLEN                                    2Y PP                 Y                               120          CNDU
HAMPTON                                       2Y PP                 Y                               120          CNDU
HICKORY CREEK                                 2Y PP                 Y                               120          CNDU
MIDDLEBURG                                    3Y PP                 Y                               120          CNDU
SACRAMENTO                                    NO PP                 Y                               120          CNDU
ASHBURN                                       NO PP                 Y                               120          CNDU
PORTLAND                                      NO PP                 Y                               120          CNDU
SURPRISE                                      NO PP                 Y                                60          CNDU
MIDLAND                                       NO PP                 Y                                60          CNDU
PORTLAND                                      NO PP                 Y                                60          CNDU
Holly Springs                                 NO PP                 Y                                60          CNDU
MONROE                                        NO PP                 N                                 0          CNDU
Edison                                        NO PP                 N                                 0          CNDU
ALLEN                                         NO PP                 N                                 0          CNDU
PAINESVILLE                                   2Y PP                 N                                 0          CNDU
NEWBERG                                       NO PP                 N                                 0          CNDU
GOOSE CREEK                                   NO PP                 N                                 0          CNDU
PLANTATION                                    3Y PP                 N                                 0          CNDU
RALEIGH                                       NO PP                 N                                 0          CNDU
MARICOPA                                      NO PP                 N                                 0          CNDU
MOUNTAIN TOP                                  NO PP                 N                                 0          CNDU
BOISE                                         NO PP                 N                                 0          CNDU
ALBANY                                        NO PP                 N                                 0          CNDU
BIRMINGHAM                                    NO PP                 N                                 0          CNDU
BROOKLYN                                      NO PP                 N                                 0          CNDU
WARREN                                        NO PP                 N                                 0          CNDU
Ridgeland                                     NO PP                 N                                 0          CNDU
MONROE                                        NO PP                 N                                 0          CNDU
AVONDALE                                      NO PP                 N                                 0          CNDU
MONROE                                        NO PP                 N                                 0          CNDU
SAN ANTONIO                                   NO PP                 N                                 0          CNDU
SPARTANBURG                                   NO PP                 N                                 0          CNDU
Crown Point                                   6M PP                 N                                 0          CNDU
Nicholasville                                 6M PP                 N                                 0          CNDU
Auburn                                        6M PP                 N                                 0          CNDU
Auburn                                        6M PP                 N                                 0          CNDU
CHESAPEAKE BEACH                              NO PP                 Y                               120          CNDU
WASHINGTON                                    NO PP                 Y                               120          CNDU
MIAMI                                         NO PP                 Y                               120          CNDU
WELLINGTON                                    NO PP                 Y                               120          CNDU
HOUSTON                                       NO PP                 Y                               120          CNDU
MEMPHIS                                       NO PP                 N                                 0          CNDU
HAYDEN LAKE                                   NO PP                 Y                               120          CNDU
Eatontown                                     NO PP                 N                                 0          CNDU
FAIRFAX                                       NO PP                 Y                               120          CNDU
SIMPSONVILLE                                  3Y PP                 Y                               120          CNDU
Las Cruces                                    NO PP                 Y                               120          CNDU
TOLEDO                                        NO PP                 Y                               120          CNDU
Seaside Heights                               NO PP                 Y                               120          CNDU
OLD ORCHARD BEACH                             NO PP                 N                                 0          CNDU
LEXINGTON PARK                                NO PP                 Y                               120          CNDU
ROCKVILLE                                     NO PP                 Y                               120          CNDU
RICHMOND                                      3Y PP                 Y                               120          CNDU
Paterson                                      NO PP                 Y                               120          CNDU
HARRISBURG                                    NO PP                 Y                               120          CNDU
COLORADO SPRINGS                              NO PP                 Y                               120          CNDU
SAN ANTONIO                                   NO PP                 N                                 0          CNDU
ERIE                                          NO PP                 N                                 0          CNDU
HAWLEY                                        NO PP                 N                                 0          CNDU
ORLANDO                                       NO PP                 Y                               120          CNDU
SAFETY HARBOR                                 NO PP                 Y                               120          CNDU
Trenton                                       NO PP                 N                                 0          CNDU
KALAMAZOO                                     3Y PP                 N                                 0          CNDU
RIO RANCHO                                    NO PP                 Y                               120          CNDU
CHICAGO                                       NO PP                 Y                               120          CNDU
SILVERTON                                     5Y PP                 Y                               120          CNDU
EAST HAMPTON                                  NO PP                 Y                                60          CNDU
PIEDMONT                                      NO PP                 Y                               120          CNDU
AKRON                                         5Y PP                 N                                 0          CNDU
CHICAGO                                       NO PP                 Y                               120          CNDU
HOUSTON                                       NO PP                 N                                 0          CNDU
CYPRESS                                       NO PP                 Y                               120          CNDU
BARTLETT                                      NO PP                 N                                 0          CNDU
SALT LAKE CITY                                NO PP                 Y                               120          CNDU
INDIANAPOLIS                                  NO PP                 N                                 0          CNDU
WACO                                          NO PP                 Y                               120          CNDU
WINTER PARK                                   NO PP                 Y                               120          CNDU
SALEM                                         NO PP                 Y                               120          CNDU
TAMPA                                         NO PP                 Y                               120          CNDU
LAKE CITY                                     NO PP                 N                                 0          CNDU
MOUNT PLEASANT                                NO PP                 Y                               120          CNDU
TAKOMA PARK                                   NO PP                 Y                               120          CNDU
GARDNER                                       NO PP                 Y                               120          CNDU
SYRACUSE                                      NO PP                 N                                 0          CNDU
WASHINGTON                                    NO PP                 Y                               120          CNDU
MUKILTEO                                      5Y PP                 N                                 0          CNDU
CHICAGO                                       NO PP                 Y                               120          CNDU
MEMPHIS                                       NO PP                 N                                 0          CNDU
BRIARWOOD                                     NO PP                 N                                 0          CNDU
WACO                                          NO PP                 Y                               120          CNDU
BRANDON                                       NO PP                 N                                 0          CNDU
LOUISVILLE                                    NO PP                 Y                               120          CNDU
MARGATE                                       3Y PP                 Y                               120          CNDU
SYRACUSE                                      NO PP                 N                                 0          CNDU
Louisville                                    NO PP                 N                                 0          CNDU
MESA                                          NO PP                 Y                               120          CNDU
CHICAGO                                       NO PP                 Y                               120          CNDU
VIRGINIA BEACH                                NO PP                 Y                               120          CNDU
LOS BANOS                                     NO PP                 Y                               120          CNDU
ORANGE PARK                                   3Y PP                 Y                               120          CNDU
LAS VEGAS                                     3Y PP                 Y                               120          CNDU
CLEVELAND                                     5Y PP                 Y                               120          CNDU
COTTAGE GROVE                                 NO PP                 Y                               120          CNDU
TWIN FALLS                                    NO PP                 Y                               120          CNDU
CHANTILLY                                     5Y PP                 N                                 0          CNDU
BOURBONNAIS                                   NO PP                 Y                               120          CNDU
PASADENA                                      NO PP                 Y                               120          CNDU
CHICAGO                                       NO PP                 Y                               120          CNDU
DRAPER                                        3Y PP                 N                                 0          CNDU
CHICAGO                                       NO PP                 Y                               120          CNDU
CINCINNATI                                    5Y PP                 Y                               120          CNDU
PLAINFIELD                                    3Y PP                 Y                               120          CNDU
BOILING SPRINGS                               NO PP                 Y                               120          CNDU
Delhi                                         NO PP                 N                                 0          CNDU
Montebello                                    5Y PP                 N                                 0          CNDU
CLEVELAND                                     3Y PP                 Y                               120          CNDU
DENVER                                        3Y PP                 Y                               120          CNDU
GARDEN VALLEY                                 3Y PP                 N                                 0          CNDU
CHICAGO                                       NO PP                 Y                               120          CNDU
PEMBROKE PINES                                6M PP                 Y                               120          CNDU
BURKE                                         NO PP                 Y                               120          CNDU
NASHVILLE                                     NO PP                 Y                               120          CNDU
GARFIELD HEIGHTS                              3Y PP                 Y                               120          CNDU
CAPE CORAL                                    5Y PP                 Y                               120          CNDU
Hendersonville                                NO PP                 Y                               120          CNDU
EVERETT                                       NO PP                 Y                               120          CNDU
SILVER SPRING                                 NO PP                 Y                               120          CNDU
OVIEDO                                        NO PP                 Y                               120          CNDU
JOHNSTON                                      NO PP                 Y                               120          CNDU
PORTLAND                                      3Y PP                 Y                               120          CNDU
BROOKLYN                                      NO PP                 N                                 0          CNDU
PEORIA                                        NO PP                 Y                               120          CNDU
PANAMA CITY BEACH                             3Y PP                 N                                 0          CNDU
CHESTER                                       1Y PP                 N                                 0          CNDU
DETROIT                                       1Y PP                 Y                               120          CNDU
Charlotte                                     2Y PP                 Y                               120          CNDU
FORT LAUDERDALE                               NO PP                 Y                               120          CNDU
MESA                                          NO PP                 Y                               120          CNDU
DANBURY                                       NO PP                 Y                               120          CNDU
MARRERO                                       NO PP                 Y                               120          CNDU
Indianapolis                                  5Y PP                 N                                 0          CNDU
HYATTSVILLE                                   NO PP                 Y                               120          CNDU
Louisville                                    NO PP                 Y                               120          CNDU
LOUISVILLE                                    NO PP                 Y                               120          CNDU
LINCOLNTON                                    NO PP                 Y                               120          CNDU
Lawrenceville                                 3Y PP                 Y                               120          CNDU
SANGER                                        NO PP                 Y                               120          CNDU
PHOENIX                                       NO PP                 Y                               120          CNDU
STERLING HEIGHTS                              NO PP                 Y                               120          CNDU
ABINGDON                                      NO PP                 Y                               120          CNDU
GERMANTOWN                                    NO PP                 Y                               120          CNDU
AURORA                                        NO PP                 Y                               120          CNDU
TUCSON                                        NO PP                 Y                               120          CNDU
Lafayette                                     NO PP                 N                                 0          CNDU
MESA                                          1Y PP                 Y                               120          CNDU
WINTER HAVEN                                  NO PP                 Y                               120          CNDU
NORCROSS                                      NO PP                 Y                               120          CNDU
KAWKAWLIN                                     3Y PP                 Y                               120          CNDU
CORONA                                        NO PP                 Y                               120          CNDU
GRAVETTE                                      NO PP                 N                                 0          CNDU
Charlotte                                     NO PP                 Y                               120          CNDU
QUEEN CREEK                                   NO PP                 Y                               120          CNDU
CHANDLER                                      NO PP                 Y                               120          CNDU
BURTON                                        NO PP                 Y                               120          CNDU
STREAMWOOD                                    NO PP                 Y                               120          CNDU
MECHANICSBURG                                 NO PP                 Y                               120          CNDU
OAKLAND                                       5Y PP                 Y                               120          CNDU
LAKE WORTH                                    NO PP                 Y                               120          CNDU
SAINT LOUIS                                   NO PP                 N                                 0          CNDU
FORT LAUDERDALE                               NO PP                 Y                               120          CNDU
Flowery Branch                                NO PP                 Y                                60          CNDU
MIAMI BEACH                                   2Y PP                 Y                               120          CNDU
Brooklyn                                      NO PP                 N                                 0          CNDU
ATLANTIC BEACH                                NO PP                 Y                               120          CNDU
DETROIT                                       3Y PP                 N                                 0          CNDU
SAINT LOUIS                                   NO PP                 N                                 0          CNDU
PANAMA CITY                                   NO PP                 N                                 0          CNDU
COLUMBUS                                      NO PP                 Y                               120          CNDU
Garner                                        NO PP                 Y                               120          CNDU
STOCKTON                                      NO PP                 Y                               120          CNDU
PANAMA CITY BEACH                             NO PP                 Y                               120          CNDU
DETROIT                                       3Y PP                 N                                 0          CNDU
NAPLES                                        NO PP                 Y                               120          CNDU
AURORA                                        NO PP                 Y                               120          CNDU
WOODBRIDGE                                    NO PP                 Y                               120          CNDU
PORT SAINT LUCIE                              NO PP                 Y                               120          CNDU
Newark                                        NO PP                 Y                               120          CNDU
SCOTTSDALE                                    NO PP                 Y                               120          CNDU
GRANDVIEW                                     NO PP                 N                                 0          CNDU
GARNER                                        NO PP                 Y                               120          CNDU
PHOENIX                                       NO PP                 Y                               120          CNDU
ORLANDO                                       3Y PP                 Y                               120          CNDU
MOORE                                         3Y PP                 Y                               120          CNDU
OCOEE                                         NO PP                 Y                               120          CNDU
MEMPHIS                                       3Y PP                 N                                 0          CNDU
WACO                                          NO PP                 Y                               120          CNDU
TAMPA                                         NO PP                 Y                               120          CNDU
PROVIDENCE                                    NO PP                 Y                               120          CNDU
CHICAGO                                       NO PP                 Y                               120          CNDU
Raleigh                                       NO PP                 Y                               120          CNDU
PAHRUMP                                       NO PP                 N                                 0          CNDU
JOHNSON CITY                                  NO PP                 N                                 0          CNDU
ROCHESTER                                     NO PP                 Y                               120          CNDU
KENOSHA                                       NO PP                 N                                 0          CNDU
DAVIS                                         5Y PP                 N                                 0          CNDU
CHICAGO                                       NO PP                 N                                 0          CNDU
BURBANK                                       NO PP                 Y                               120          CNDU
SALEM                                         NO PP                 Y                               120          CNDU
FLAGSTAFF                                     NO PP                 Y                               120          CNDU
SILVER SPRING                                 NO PP                 Y                               120          CNDU
SOUTH PADRE ISLAND                            NO PP                 Y                               120          CNDU
TAMPA                                         NO PP                 Y                               120          CNDU
Hyde Park                                     NO PP                 Y                               120          CNDU
LAKELAND                                      NO PP                 Y                               120          CNDU
LONGMONT                                      NO PP                 Y                               120          CNDU
WOODBRIDGE                                    NO PP                 Y                               120          CNDU
NORTH CHARLESTON                              NO PP                 Y                               120          CNDU
STEVENSVILLE                                  1Y PP                 Y                               120          CNDU
LADSON                                        NO PP                 N                                 0          CNDU
BROUSSARD                                     3Y PP                 Y                               120          CNDU
GERMANTOWN                                    NO PP                 Y                               120          CNDU
VISTA                                         3Y PP                 Y                               120          CNDU
MAPLE GLEN                                    NO PP                 N                                 0          CNDU
VISALIA                                       NO PP                 Y                               120          CNDU
SAINT JOSEPH                                  NO PP                 Y                               120          CNDU
TAMPA                                         NO PP                 Y                               120          CNDU
BALTIMORE                                     NO PP                 Y                               120          CNDU
POMPANO BEACH                                 NO PP                 Y                               120          CNDU
CARSON                                        NO PP                 N                                 0          CNDU
NORFOLK                                       5Y PP                 N                                 0          CNDU
STAFFORD                                      5Y PP                 Y                               120          CNDU
PHILADELPHIA                                  NO PP                 N                                 0          CNDU
KISSIMMEE                                     3Y PP                 Y                               120          CNDU
DAYTON                                        5Y PP                 N                                 0          CNDU
CHANDLER                                      NO PP                 Y                               120          CNDU
KENNESAW                                      NO PP                 Y                               120          CNDU
CHICAGO                                       NO PP                 Y                               120          CNDU
POQUOSON                                      NO PP                 Y                               120          CNDU
STERLING                                      1Y PP                 Y                               120          CNDU
BROOKLYN                                      NO PP                 Y                               120          CNDU
CINCINNATI                                    5Y PP                 Y                               120          CNDU
PASCO                                         NO PP                 Y                               120          CNDU
ELGIN                                         NO PP                 Y                               120          CNDU
MISSOULA                                      NO PP                 N                                 0          CNDU
Pikeville                                     NO PP                 Y                               120          CNDU
LEWISVILLE                                    NO PP                 Y                               120          CNDU
WEST WARWICK                                  NO PP                 N                                 0          CNDU
Passaic                                       NO PP                 Y                               120          CNDU
LAND O LAKES                                  NO PP                 Y                               120          CNDU
CARSON CITY                                   NO PP                 Y                               120          CNDU
EASLEY                                        NO PP                 Y                               120          CNDU
SPRING HILL                                   1Y PP                 N                                 0          CNDU
DEERFIELD BEACH                               NO PP                 N                                 0          CNDU
CLARKSTON                                     5Y PP                 N                                 0          CNDU
SLIDELL                                       NO PP                 Y                               120          CNDU
NASHUA                                        NO PP                 Y                               120          CNDU
LAS VEGAS                                     NO PP                 Y                               120          CNDU
CHICAGO                                       NO PP                 Y                               120          CNDU
Alameda                                       1Y PP                 Y                                60          CNDU
Bloomfield                                    NO PP                 Y                               120          CNDU
DETROIT                                       NO PP                 Y                               120          CNDU
MIDDLETOWN                                    3Y PP                 Y                               120          CNDU
GREENVILLE                                    NO PP                 Y                               120          CNDU
REYNOLDSBURG                                  5Y PP                 Y                               120          CNDU
CANTON                                        3Y PP                 Y                               120          CNDU
SUN CITY WEST                                 NO PP                 Y                               120          CNDU
BAKERSFIELD                                   NO PP                 Y                               120          CNDU
CHICKASAW                                     NO PP                 N                                 0          CNDU
TAMPA                                         NO PP                 N                                 0          CNDU
ROCHESTER                                     NO PP                 N                                 0          CNDU
Greensboro                                    NO PP                 Y                               120          CNDU
Albuquerque                                   NO PP                 Y                               120          CNDU
MARICOPA                                      NO PP                 Y                               120          CNDU
OVIEDO                                        NO PP                 Y                               120          CNDU
CHICAGO                                       NO PP                 Y                               120          CNDU
South Plainfield                              NO PP                 Y                               120          CNDU
MEMPHIS                                       NO PP                 N                                 0          CNDU
LOS ANGELES                                   6M PP                 Y                               120          CNDU
NORTH WEBSTER                                 6M PP                 Y                               120          CNDU
INDIO                                         5Y PP                 Y                               120          CNDU
HENDERSON                                     NO PP                 Y                               120          CNDU
SPRINGDALE                                    3Y PP                 Y                               120          CNDU
BROOKLYN                                      NO PP                 Y                               120          CNDU
SPRINGFIELD                                   NO PP                 N                                 0          CNDU
CLINTON                                       NO PP                 Y                               120          CNDU
Hampton                                       NO PP                 Y                               120          CNDU
Wendell                                       NO PP                 Y                               120          CNDU
CLINTON                                       NO PP                 Y                               120          CNDU
SAINT PETERSBURG                              NO PP                 Y                               120          CNDU
JACKSONVILLE                                  NO PP                 Y                               120          CNDU
Louisville                                    NO PP                 Y                               120          CNDU
SUMMERVILLE                                   NO PP                 Y                               120          CNDU
Newburgh                                      NO PP                 N                                 0          CNDU
SYRACUSE                                      NO PP                 Y                               120          CNDU
SYRACUSE                                      NO PP                 Y                               120          CNDU
TOPEKA                                        NO PP                 N                                 0          CNDU
EVANSTON                                      NO PP                 Y                               120          CNDU
SILVER SPRING                                 NO PP                 Y                               120          CNDU
BRONX                                         NO PP                 Y                               120          CNDU
PARKLAND                                      3Y PP                 N                                 0          CNDU
Louisville                                    NO PP                 Y                               120          CNDU
WOONSOCKET                                    NO PP                 Y                               120          CNDU
Waxhaw                                        NO PP                 Y                               120          CNDU
AUBURN                                        NO PP                 Y                               120          CNDU
CAMDEN                                        5Y PP                 N                                 0          CNDU
BELTSVILLE                                    NO PP                 Y                               120          CNDU
CHICAGO                                       NO PP                 Y                               120          CNDU
PHOENIXVILLE                                  NO PP                 Y                               120          CNDU
MIAMI                                         NO PP                 N                                 0          CNDU
VALLEJO                                       NO PP                 Y                               120          CNDU
SPRINGFIELD                                   3Y PP                 N                                 0          CNDU
LARGO                                         NO PP                 Y                               120          CNDU
PORT TOBACCO                                  NO PP                 Y                               120          CNDU
HIALEAH                                       3Y PP                 Y                               120          CNDU
MORENO VALLEY                                 3Y PP                 Y                                60          CNDU
CHICAGO                                       6M PP                 N                                 0          CNDU
Worcester                                     NO PP                 N                                 0          CNDU
PEORIA                                        3Y PP                 Y                               120          CNDU
DETROIT                                       NO PP                 Y                                60          CNDU
COLUMBUS                                      NO PP                 N                                 0          CNDU
BIRCHRUNVILLE                                 NO PP                 N                                 0          CNDU
OAKTON                                        NO PP                 N                                 0          CNDU
Newark                                        6M PP                 Y                               120          CNDU
Atlanta                                       NO PP                 Y                               120          CNDU
ROCHESTER                                     NO PP                 Y                               120          CNDU
ROCHESTER                                     NO PP                 Y                               120          CNDU
BROWNS VALLEY                                 NO PP                 Y                               120          CNDU
QUEEN CREEK                                   NO PP                 Y                               120          CNDU
DENVER                                        NO PP                 Y                               120          CNDU
MAGNOLIA                                      NO PP                 Y                               120          CNDU
HENDERSON                                     NO PP                 Y                               120          CNDU
MISSION                                       NO PP                 N                                 0          CNDU
Lawrenceville                                 NO PP                 Y                               120          CNDU
Beverly                                       NO PP                 N                                 0          CNDU
HOUSTON                                       NO PP                 Y                               120          CNDU
PALM BAY                                      NO PP                 Y                                60          CNDU
WASHINGTON                                    NO PP                 N                                 0          CNDU
GARLAND                                       3Y PP                 Y                                60          CNDU
GARLAND                                       3Y PP                 Y                                60          CNDU
GARLAND                                       3Y PP                 Y                                60          CNDU
PORT SAINT LUCIE                              NO PP                 Y                               120          CNDU
WYANDANCH                                     NO PP                 N                                 0          CNDU
CERES                                         5Y PP                 N                                 0          CNDU
DESERT HILLS                                  NO PP                 Y                               120          CNDU
Nantucket                                     NO PP                 N                                 0          CNDU
West Springfield                              NO PP                 N                                 0          CNDU
PHILADELPHIA                                  NO PP                 N                                 0          CNDU
LIVERPOOL                                     NO PP                 N                                 0          CNDU
BOSTON                                        NO PP                 Y                               120          CNDU
ORLANDO                                       NO PP                 Y                               120          CNDU
PHOENIX                                       NO PP                 Y                               120          CNDU
MARCO ISLAND                                  NO PP                 Y                               120          CNDU
LAS VEGAS                                     5Y PP                 Y                               120          CNDU
TAMPA                                         NO PP                 Y                               120          CNDU
THE DALLES                                    5Y PP                 N                                 0          CNDU
COLUMBUS                                      NO PP                 Y                               120          CNDU
CHICAGO                                       NO PP                 N                                 0          CNDU
BEND                                          NO PP                 Y                               120          CNDU
CINCINNATI                                    5Y PP                 Y                               120          CNDU
JACKSONVILLE                                  NO PP                 Y                               120          CNDU
Visalia                                       NO PP                 N                                 0          CNDU
NAPLES                                        NO PP                 Y                               120          CNDU
SUN CITY                                      NO PP                 Y                               120          CNDU
SUMMERVILLE                                   NO PP                 Y                               120          CNDU
INDIANAPOLIS                                  3Y PP                 N                                 0          CNDU
DETROIT                                       NO PP                 Y                               120          CNDU
COPIAGUE                                      NO PP                 Y                               120          CNDU
STUART                                        5Y PP                 Y                               120          CNDU
LEBANON                                       NO PP                 Y                               120          CNDU
ANTHEM                                        NO PP                 Y                               120          CNDU
ROYAL PALM BEACH                              NO PP                 Y                               120          CNDU
DUMFRIES                                      NO PP                 Y                               120          CNDU
CLEVELAND                                     3Y PP                 Y                               120          CNDU
CHICAGO                                       NO PP                 Y                               120          CNDU
BRONX                                         NO PP                 N                                 0          CNDU
GLENDALE                                      NO PP                 Y                               120          CNDU
MORENO VALLEY                                 NO PP                 Y                               120          CNDU
CHESTERFIELD                                  NO PP                 Y                               120          CNDU
Newark                                        NO PP                 Y                               120          CNDU
SALEM                                         3Y PP                 Y                               120          CNDU
ANNAPOLIS                                     NO PP                 Y                               120          CNDU
WAYNESBORO                                    3Y PP                 N                                 0          CNDU
Powder Springs                                3Y PP                 Y                               120          CNDU
TEMPE                                         NO PP                 Y                               120          CNDU
QUEEN CREEK                                   NO PP                 Y                               120          CNDU
TAMPA                                         NO PP                 Y                               120          CNDU
DELAND                                        NO PP                 Y                               120          CNDU
WOODBRIDGE                                    NO PP                 Y                               120          CNDU
FALLON                                        NO PP                 Y                               120          CNDU
STREAMWOOD                                    NO PP                 Y                               120          CNDU
MCLEAN                                        NO PP                 Y                               120          CNDU
YORK                                          NO PP                 N                                 0          CNDU
VISALIA                                       NO PP                 Y                               120          CNDU
MIDVALE                                       2Y PP                 Y                               120          CNDU
ANDERSON                                      NO PP                 N                                 0          CNDU
PROVIDENCE                                    NO PP                 N                                 0          CNDU
HOLLYWOOD                                     2Y PP                 Y                               120          CNDU
BUCKEYE                                       NO PP                 Y                               120          CNDU
Charlotte                                     NO PP                 Y                               120          CNDU
EASTON                                        NO PP                 Y                               120          CNDU
SARASOTA                                      NO PP                 Y                               120          CNDU
QUEEN CREEK                                   NO PP                 Y                               120          CNDU
LITHIA                                        NO PP                 Y                               120          CNDU
FALLON                                        NO PP                 Y                               120          CNDU
Louisville                                    NO PP                 Y                               120          CNDU
PORTLAND                                      NO PP                 Y                               120          CNDU
RIVIERA BEACH                                 NO PP                 N                                 0          CNDU
CHICAGO                                       NO PP                 N                                 0          CNDU
CHICAGO                                       NO PP                 N                                 0          CNDU
COATESVILLE                                   NO PP                 Y                               120          CNDU
GREENFIELD                                    NO PP                 Y                               120          CNDU
KNOXVILLE                                     3Y PP                 Y                               120          CNDU
SEVERN                                        3Y PP                 Y                               120          CNDU
CITRUS HEIGHTS                                NO PP                 Y                               120          CNDU
BOWIE                                         NO PP                 Y                               120          CNDU
BRONX                                         NO PP                 N                                 0          CNDU
QUEEN CREEK                                   NO PP                 Y                               120          CNDU
BALTIMORE                                     NO PP                 N                                 0          CNDU
JOHNSTON                                      NO PP                 Y                               120          CNDU
PROVIDENCE                                    NO PP                 Y                               120          CNDU
EDGEWATER                                     NO PP                 Y                               120          CNDU
SILVER SPRING                                 NO PP                 Y                               120          CNDU
Provo                                         NO PP                 Y                               120          CNDU
LACEY                                         NO PP                 N                                 0          CNDU
roxboro                                       2Y PP                 Y                               120          CNDU
COCKEYSVILLE                                  NO PP                 N                                 0          CNDU
GERMANTOWN                                    NO PP                 Y                               120          CNDU
NEILTON                                       5Y PP                 N                                 0          CNDU
COLUMBIA                                      NO PP                 N                                 0          CNDU
HAZEL CREST                                   NO PP                 Y                               120          CNDU
SIMPSONVILLE                                  3Y PP                 Y                               120          CNDU
MAYWOOD                                       NO PP                 Y                               120          CNDU
LAKE WORTH                                    5Y PP                 N                                 0          CNDU
SIMPSONVILLE                                  NO PP                 Y                               120          CNDU
OGDEN                                         3Y PP                 N                                 0          CNDU
JACKSONVILLE                                  3Y PP                 N                                 0          CNDU
VERO BEACH                                    NO PP                 Y                               120          CNDU
CASA GRANDE                                   NO PP                 Y                               120          CNDU
DANA POINT                                    NO PP                 Y                               120          CNDU
SILVER SPRING                                 3Y PP                 Y                               120          CNDU
LINDENHURST                                   NO PP                 Y                               120          CNDU
TAYLOR                                        NO PP                 Y                               120          CNDU
LOS ANGELES                                   NO PP                 Y                               120          CNDU
MOUNT POCONO                                  2Y PP                 Y                               120          CNDU
WARWICK                                       NO PP                 N                                 0          CNDU
METAMORA                                      NO PP                 Y                               120          CNDU
MEMPHIS                                       NO PP                 N                                 0          CNDU
FRISCO                                        5Y PP                 Y                               120          CNDU
PHOENIX                                       NO PP                 Y                               120          CNDU
SPARTANBURG                                   NO PP                 Y                               120          CNDU
COLUMBUS                                      5Y PP                 N                                 0          CNDU
SPARTANBURG                                   NO PP                 Y                               120          CNDU
TRAVELERS REST                                NO PP                 Y                               120          CNDU
ALSTEAD                                       NO PP                 Y                               120          CNDU
SPRING BRANCH                                 NO PP                 N                                 0          CNDU
Plainfield                                    NO PP                 Y                               120          CNDU
BROOKLYN                                      NO PP                 N                                 0          CNDU
PHOENIX                                       NO PP                 Y                               120          CNDU
BROOKLYN                                      NO PP                 Y                               120          CNDU
CHICAGO                                       NO PP                 Y                               120          CNDU
SPRING BRANCH                                 NO PP                 N                                 0          CNDU
PHOENIX                                       NO PP                 Y                               120          CNDU
PHOENIX                                       3Y PP                 Y                               120          CNDU
DETROIT                                       NO PP                 Y                               120          CNDU
BROOKLYN                                      NO PP                 N                                 0          CNDU
WASHINGTON                                    NO PP                 Y                               120          CNDU
COVINGTON                                     NO PP                 Y                               120          CNDU
PUYALLUP                                      NO PP                 Y                               120          CNDU
Apollo Beach                                  NO PP                 Y                               120          CNDU
MORENO VALLEY                                 3Y PP                 Y                               120          CNDU
TREASURE ISLAND                               NO PP                 N                                 0          CNDU
MERRITT ISLAND                                NO PP                 Y                               120          CNDU
STERLING                                      NO PP                 N                                 0          CNDU
BALTIMORE                                     NO PP                 N                                 0          CNDU
Atlanta                                       NO PP                 Y                               120          CNDU
DERWOOD                                       NO PP                 Y                               120          CNDU
COOPER CITY                                   NO PP                 N                                 0          CNDU
MIDLOTHIAN                                    3Y PP                 Y                               120          CNDU
WALTON                                        NO PP                 Y                               120          CNDU
WEST PALM BEACH                               3Y PP                 Y                               120          CNDU
JOLIET                                        NO PP                 Y                               120          CNDU
SPARTANBURG                                   NO PP                 N                                 0          CNDU
GAINESVILLE                                   2Y PP                 Y                               120          CNDU
BATON ROUGE                                   3Y PP                 Y                               120          CNDU
GREENVILLE                                    NO PP                 Y                               120          CNDU
PHILADELPHIA                                  NO PP                 N                                 0          CNDU
CHARDON                                       5Y PP                 Y                               120          CNDU
MESA                                          NO PP                 Y                               120          CNDU
Billings                                      NO PP                 N                                 0          CNDU
CINCINNATI                                    3Y PP                 Y                               120          CNDU
GIBSONTON                                     NO PP                 Y                               120          CNDU
MOBILE                                        NO PP                 N                                 0          CNDU
WEST PALM BEACH                               5Y PP                 N                                 0          CNDU
Fall River                                    NO PP                 N                                 0          CNDU
TUCSON                                        NO PP                 Y                               120          CNDU
RICHMOND                                      NO PP                 Y                               120          CNDU
JACKSON                                       3Y PP                 N                                 0          CNDU
HEFLIN                                        NO PP                 Y                                60          CNDU
PHOENIX                                       NO PP                 N                                 0          CNDU
PANAMA CITY BEACH                             NO PP                 N                                 0          CNDU
Charlotte                                     NO PP                 Y                               120          CNDU
SPRINGFIELD                                   NO PP                 Y                               120          CNDU
AMITYVILLE                                    NO PP                 Y                               120          CNDU
DETROIT                                       1Y PP                 N                                 0          CNDU
BELLINGHAM                                    NO PP                 N                                 0          CNDU
ORLANDO                                       3Y PP                 Y                               120          CNDU
SARASOTA                                      3Y PP                 Y                               120          CNDU
COLUMBIA                                      2Y PP                 Y                               120          CNDU
WASHINGTON                                    NO PP                 N                                 0          CNDU
TRENTON                                       NO PP                 Y                               120          CNDU
RAYTOWN                                       NO PP                 Y                               120          CNDU
SYRACUSE                                      NO PP                 N                                 0          CNDU
CHANTILLY                                     NO PP                 Y                               120          CNDU
SAN CLEMENTE                                  NO PP                 Y                               120          CNDU
PONTIAC                                       6M PP                 Y                               120          CNDU
WESTFIELD                                     NO PP                 Y                               120          CNDU
DETROIT                                       3Y PP                 Y                               120          CNDU
BELTON                                        3Y PP                 Y                               120          CNDU
DETROIT                                       NO PP                 N                                 0          CNDU
DETROIT                                       NO PP                 N                                 0          CNDU
KANSAS CITY                                   NO PP                 N                                 0          CNDU
HOUSTON                                       5Y PP                 N                                 0          CNDU
SUPERIOR                                      NO PP                 Y                               120          CNDU
LISLE                                         NO PP                 Y                               120          CNDU
REDFORD                                       3Y PP                 Y                               120          CNDU
Noblesville                                   NO PP                 Y                               120          CNDU
Noblesville                                   NO PP                 Y                               120          CNDU
Woodstock                                     NO PP                 Y                                60          CNDU
SALT LAKE CITY                                NO PP                 Y                               120          CNDU
MEMPHIS                                       3Y PP                 N                                 0          CNDU
KANSAS CITY                                   NO PP                 N                                 0          CNDU
Rio Rancho                                    NO PP                 Y                               120          CNDU
SCOTTSDALE                                    NO PP                 Y                               120          CNDU
HORN LAKE                                     NO PP                 Y                                60          CNDU
Winston Salem                                 NO PP                 Y                               120          CNDU
BALTIMORE                                     2Y PP                 N                                 0          CNDU
COVINGTON                                     5Y PP                 Y                               120          CNDU
BATON ROUGE                                   2Y PP                 Y                               120          CNDU
PALM BEACH GARDENS                            NO PP                 Y                               120          CNDU
CANTON                                        NO PP                 Y                               120          CNDU
BATON ROUGE                                   2Y PP                 Y                               120          CNDU
OCALA                                         NO PP                 Y                               120          CNDU
PORTLAND                                      NO PP                 Y                               120          CNDU
KANSAS CITY                                   NO PP                 N                                 0          CNDU
KANSAS CITY                                   NO PP                 N                                 0          CNDU
WINSTON SALEM                                 NO PP                 Y                               120          CNDU
RAYTOWN                                       NO PP                 Y                               120          CNDU
SAN BERNARDINO                                NO PP                 Y                               120          CNDU
Charlotte                                     NO PP                 Y                               120          CNDU
DALLAS                                        5Y PP                 N                                 0          CNDU
Winston Salem                                 NO PP                 Y                               120          CNDU
MEMPHIS                                       3Y PP                 N                                 0          CNDU
Winston Salem                                 NO PP                 N                                 0          CNDU
Winston Salem                                 NO PP                 N                                 0          CNDU
GALVESTON                                     2Y PP                 N                                 0          CNDU
MEMPHIS                                       3Y PP                 N                                 0          CNDU
MEMPHIS                                       3Y PP                 N                                 0          CNDU
FALLS CHURCH                                  NO PP                 Y                               120          CNDU
RICHMOND                                      NO PP                 Y                               120          CNDU
SOUND BEACH                                   NO PP                 Y                               120          CNDU
AUGUSTA                                       NO PP                 Y                               120          CNDU
Trenton                                       NO PP                 Y                               120          CNDU
TRENTON                                       NO PP                 Y                               120          CNDU
KANNAPOLIS                                    NO PP                 N                                 0          CNDU
TRENTON                                       NO PP                 Y                               120          CNDU
OCOEE                                         NO PP                 Y                               120          CNDU
Concord                                       NO PP                 Y                               120          CNDU
Pompton Plains                                NO PP                 Y                               120          CNDU
KNOXVILLE                                     NO PP                 Y                               120          CNDU
COLUMBIA                                      NO PP                 N                                 0          CNDU
SAN LEANDRO                                   NO PP                 Y                               120          CNDU
TEMPE                                         NO PP                 Y                               120          CNDU
ROCHESTER HILLS                               NO PP                 Y                               120          CNDU
Bradenton Beach                               NO PP                 Y                               120          CNDU
OAKLAND                                       NO PP                 Y                               120          CNDU
ROSELLE                                       NO PP                 N                                 0          CNDU
FLAT ROCK                                     2Y PP                 Y                               120          CNDU
MADRAS                                        NO PP                 Y                               120          CNDU
KANSAS CITY                                   NO PP                 N                                 0          CNDU
MADRAS                                        NO PP                 Y                               120          CNDU
ELK GROVE                                     NO PP                 Y                               120          CNDU
DETROIT                                       NO PP                 Y                               120          CNDU
PORTSMOUTH                                    NO PP                 Y                               120          CNDU
HIALEAH                                       NO PP                 Y                               120          CNDU
MOLINE                                        NO PP                 Y                               120          CNDU
MANCHESTER                                    NO PP                 Y                               120          CNDU
ARVERNE                                       NO PP                 N                                 0          CNDU
WOBURN                                        NO PP                 N                                 0          CNDU
PHOENIX                                       NO PP                 Y                               120          CNDU
LAS VEGAS                                     NO PP                 Y                               120          CNDU
OCEANSIDE                                     NO PP                 Y                               120          CNDU
SPRING                                        NO PP                 N                                 0          CNDU
PHOENIX                                       NO PP                 Y                               120          CNDU
LAREDO                                        NO PP                 N                                 0          CNDU
ROCKVALE                                      NO PP                 Y                               120          CNDU
NORTH BELLMORE                                NO PP                 Y                               120          CNDU
Los Angeles                                   NO PP                 Y                               120          CNDU
SPARTANBURG                                   NO PP                 Y                               120          CNDU
Acworth                                       NO PP                 Y                               120          CNDU
COLUMBUS                                      3Y PP                 N                                 0          CNDU
LAS VEGAS                                     NO PP                 Y                               120          CNDU
COACHELLA                                     NO PP                 Y                               120          CNDU
Lumberton                                     NO PP                 N                                 0          CNDU
BILLINGS                                      NO PP                 N                                 0          CNDU
SCHENECTADY                                   NO PP                 N                                 0          CNDU
BILOXI                                        NO PP                 N                                 0          CNDU
GULFPORT                                      NO PP                 N                                 0          CNDU
SPARTANBURG                                   NO PP                 Y                               120          CNDU
BALTIMORE                                     NO PP                 Y                               120          CNDU
SPARTANBURG                                   NO PP                 Y                               120          CNDU
WALDORF                                       NO PP                 Y                               120          CNDU
ROUND LAKE                                    NO PP                 Y                               120          CNDU
Decatur                                       NO PP                 N                                 0          CNDU
DES PLAINES                                   NO PP                 Y                               120          CNDU
CHICAGO                                       NO PP                 N                                 0          CNDU
PIEDMONT                                      NO PP                 Y                               120          CNDU
PORTLAND                                      NO PP                 N                                 0          CNDU
SAN ANTONIO                                   NO PP                 N                                 0          CNDU
SAN ANTONIO                                   NO PP                 N                                 0          CNDU
SAN ANTONIO                                   NO PP                 N                                 0          CNDU
CRANSTON                                      NO PP                 N                                 0          CNDU
HOUSTON                                       3Y PP                 N                                 0          CNDU
QUEEN CREEK                                   NO PP                 Y                               120          CNDU
DAYTON                                        3Y PP                 N                                 0          CNDU
Atlanta                                       NO PP                 Y                               120          CNDU
EASTPOINTE                                    NO PP                 N                                 0          CNDU
LITTLE ROCK                                   NO PP                 Y                               120          CNDU
MILFORD                                       NO PP                 N                                 0          CNDU
SURPRISE                                      NO PP                 Y                               120          CNDU
ROEBUCK                                       NO PP                 Y                               120          CNDU
SEVIERVILLE                                   3Y PP                 N                                 0          CNDU
NEW HAVEN                                     2Y PP                 N                                 0          CNDU
GATLINBURG                                    3Y PP                 N                                 0          CNDU
WASHINGTON                                    1Y PP                 Y                               120          CNDU
SOUTHFIELD                                    3Y PP                 Y                               120          CNDU
LINCOLNWOOD                                   NO PP                 Y                               120          CNDU
COLUMBUS                                      5Y PP                 N                                 0          CNDU
DOVER                                         NO PP                 Y                               120          CNDU
Buckeye                                       NO PP                 Y                               120          CNDU
QUEEN CREEK                                   3Y PP                 N                                 0          CNDU
MESA                                          NO PP                 N                                 0          CNDU
Everett                                       NO PP                 Y                               120          CNDU
PROVIDENCE                                    NO PP                 Y                               120          CNDU
Atlanta                                       NO PP                 Y                               120          CNDU
Chickamauga                                   3Y PP                 N                                 0          CNDU
JACKSONVILLE                                  5Y PP                 N                                 0          CNDU
North Bethesda                                NO PP                 Y                               120          CNDU
BRENTWOOD                                     NO PP                 Y                               120          CNDU
Glendale                                      2Y PP                 Y                               120          CNDU
PEMBROKE                                      NO PP                 Y                               120          CNDU
PHOENIX                                       3Y PP                 Y                               120          CNDU
TAMPA                                         5Y PP                 N                                 0          CNDU
MIAMI BEACH                                   NO PP                 Y                               120          CNDU
JERSEY CITY                                   NO PP                 N                                 0          CNDU
SIOUX FALLS                                   NO PP                 N                                 0          CNDU
MARICOPA                                      NO PP                 Y                               120          CNDU
AURORA                                        NO PP                 N                                 0          CNDU
Corrales                                      NO PP                 Y                               120          CNDU
BOLINGBROOK                                   NO PP                 Y                               120          CNDU
SPARTANBURG                                   NO PP                 Y                               120          CNDU
NEW YORK                                      NO PP                 N                                 0          CNDU
DOUGLASSVILLE                                 NO PP                 Y                               120          CNDU
Albuquerque                                   NO PP                 Y                               120          CNDU
HILTON HEAD ISLAND                            NO PP                 Y                               120          CNDU
ASTORIA                                       NO PP                 N                                 0          CNDU
WHEATON                                       NO PP                 Y                               120          CNDU
PLATTSBURG                                    NO PP                 Y                               120          CNDU
FORT ATKINSON                                 NO PP                 N                                 0          CNDU
MIDDLETOWN                                    3Y PP                 Y                               120          CNDU
BROOKLYN                                      NO PP                 N                                 0          CNDU
LAS VEGAS                                     3Y PP                 Y                               120          CNDU
FORT LAUDERDALE                               1Y PP                 Y                               120          CNDU
FALLS CHURCH                                  NO PP                 Y                               120          CNDU
OXNARD                                        NO PP                 Y                               120          CNDU
DETROIT                                       3Y PP                 Y                               120          CNDU
CHESTER                                       NO PP                 Y                               120          CNDU
NORFOLK                                       5Y PP                 Y                               120          CNDU
SANDPOINT                                     NO PP                 Y                               120          CNDU
PARADISE                                      NO PP                 Y                               120          CNDU
CAPE CORAL                                    NO PP                 N                                 0          CNDU
SEDONA                                        NO PP                 Y                               120          CNDU
PAWLEYS ISLAND                                NO PP                 Y                               120          CNDU
COUNTRY CLUB HILLS                            NO PP                 Y                               120          CNDU
Passaic                                       NO PP                 Y                               120          CNDU
Franklin                                      NO PP                 Y                               120          CNDU
SAN ANTONIO                                   5Y PP                 Y                               120          CNDU
BRIDGEPORT                                    NO PP                 Y                               120          CNDU
SANDY                                         NO PP                 Y                               120          CNDU
SURPRISE                                      NO PP                 Y                               120          CNDU
CHICAGO                                       NO PP                 Y                               120          CNDU
LAKE FOREST                                   NO PP                 N                                 0          CNDU
FARMINGVILLE                                  NO PP                 Y                               120          CNDU
PALM BAY                                      NO PP                 Y                               120          CNDU
BIRMINGHAM                                    NO PP                 N                                 0          CNDU
WALDORF                                       NO PP                 Y                               120          CNDU
West New York                                 NO PP                 Y                               120          CNDU
PHOENIX                                       NO PP                 Y                               120          CNDU
DETROIT                                       3Y PP                 Y                               120          CNDU
CONWAY                                        NO PP                 N                                 0          CNDU
HUNTLEY                                       NO PP                 Y                               120          CNDU
INDIO                                         2Y PP                 Y                               120          CNDU
WESTWOOD                                      6M PP                 N                                 0          CNDU
TEHACHAI                                      NO PP                 N                                 0          CNDU
CLEVELAND                                     3Y PP                 Y                               120          CNDU
BAKERSFIELD                                   NO PP                 Y                               120          CNDU
SWANSEA                                       NO PP                 Y                               120          CNDU
SCOTTSDALE                                    NO PP                 Y                               120          CNDU
BUCKEYE                                       NO PP                 Y                               120          CNDU
WILLOWBROOK                                   NO PP                 Y                               120          CNDU
KANSAS CITY                                   NO PP                 N                                 0          CNDU
MARICOPA                                      NO PP                 Y                               120          CNDU
FOREST GROVE                                  NO PP                 Y                               120          CNDU
MARICOPA                                      NO PP                 Y                               120          CNDU
RIDGELY                                       NO PP                 Y                               120          CNDU
CEDAR POINT                                   NO PP                 Y                               120          CNDU
FREDERICKSBURG                                NO PP                 Y                               120          CNDU
BALTIMORE                                     NO PP                 N                                 0          CNDU
LAS VEGAS                                     NO PP                 Y                               120          CNDU
PEORIA                                        NO PP                 N                                 0          CNDU
Ahoskie                                       NO PP                 N                                 0          CNDU
JACKSONVILLE                                  NO PP                 Y                               120          CNDU
Evansville                                    NO PP                 Y                               120          CNDU
BRYANS ROAD                                   NO PP                 Y                               120          CNDU
WALDORF                                       NO PP                 Y                               120          CNDU
JACKSONVILLE                                  NO PP                 Y                               120          CNDU
MEMPHIS                                       NO PP                 Y                               120          CNDU
LORTON                                        NO PP                 Y                               120          CNDU
SALISBURY                                     NO PP                 Y                               120          CNDU
SAINT LOUIS                                   NO PP                 N                                 0          CNDU
Trenton                                       NO PP                 N                                 0          CNDU
REDMOND                                       NO PP                 Y                               120          CNDU
MEMPHIS                                       NO PP                 Y                               120          CNDU
TOLEDO                                        3Y PP                 N                                 0          CNDU
TAMPA                                         NO PP                 Y                               120          CNDU
SAINT LOUIS                                   NO PP                 N                                 0          CNDU
PROVIDENCE                                    NO PP                 N                                 0          CNDU
RICHMOND                                      NO PP                 Y                               120          CNDU
ISLE OF PALMS                                 NO PP                 Y                               120          CNDU
CENTEREACH                                    NO PP                 Y                               120          CNDU
SAINT LOUIS                                   NO PP                 Y                               120          CNDU
LANCASTER                                     NO PP                 N                                 0          CNDU
NORTH LAS VEGAS                               NO PP                 Y                               120          CNDU
Woodstock                                     NO PP                 Y                               120          CNDU
LONG BEACH                                    NO PP                 Y                               120          CNDU
EVANSTON                                      NO PP                 Y                               120          CNDU
PEYTON                                        NO PP                 Y                               120          CNDU
Marietta                                      NO PP                 Y                               120          CNDU
EVANSTON                                      NO PP                 Y                               120          CNDU
INDIANAPOLIS                                  5Y PP                 N                                 0          CNDU
Sunbury                                       NO PP                 Y                               120          CNDU
Rome                                          NO PP                 Y                               120          CNDU
ORLANDO                                       NO PP                 N                                 0          CNDU
EVANSTON                                      NO PP                 Y                               120          CNDU
AMSTERDAM                                     NO PP                 N                                 0          CNDU
MIAMI                                         5Y PP                 N                                 0          CNDU
EL PASO                                       NO PP                 N                                 0          CNDU
FALLS CHURCH                                  NO PP                 Y                               120          CNDU
TYLER                                         3Y PP                 Y                               120          CNDU
LADYS ISLAND                                  NO PP                 Y                               120          CNDU
JAMAICA                                       NO PP                 Y                               120          CNDU
CHICAGO                                       NO PP                 Y                               120          CNDU
Fort Wayne                                    3Y PP                 Y                               120          CNDU
BALTIMORE                                     NO PP                 Y                               120          CNDU
PALM COAST                                    NO PP                 Y                               120          CNDU
Hillsborough                                  NO PP                 Y                               120          CNDU
ALEXANDRIA                                    NO PP                 Y                               120          CNDU
CRYSTAL SPRINGS                               NO PP                 N                                 0          CNDU
PHOENIX                                       NO PP                 Y                               120          CNDU
VIRGINIA BEACH                                2Y PP                 Y                               120          CNDU
PORT JEFFERSON STATION                        NO PP                 N                                 0          CNDU
DAYTON                                        3Y PP                 N                                 0          CNDU
BAYONNE                                       NO PP                 Y                               120          CNDU
WELLINGTON                                    NO PP                 Y                               120          CNDU
AKRON                                         3Y PP                 N                                 0          CNDU
MARYVILLE                                     NO PP                 Y                               120          CNDU
WARRENTON                                     NO PP                 N                                 0          CNDU
OGDEN                                         NO PP                 N                                 0          CNDU
EL PASO                                       NO PP                 N                                 0          CNDU
SOUTH PADRE ISLAND                            NO PP                 Y                               120          CNDU
FARMINGTON                                    3Y PP                 Y                               120          CNDU
FARMINGTON                                    3Y PP                 Y                               120          CNDU
GRANDVILLE                                    NO PP                 N                                 0          CNDU
BAY SHORE                                     NO PP                 Y                               120          CNDU
BURNSVILLE                                    3Y PP                 Y                               120          CNDU
Evansville                                    NO PP                 N                                 0          CNDU
KIRKLAND                                      NO PP                 N                                 0          CNDU
DUNELLEN                                      NO PP                 N                                 0          CNDU
HOLLYWOOD                                     NO PP                 Y                               120          CNDU
Tigard                                        NO PP                 Y                               120          CNDU
PORT SAINT LUCIE                              NO PP                 N                                 0          CNDU
PALISADES                                     NO PP                 N                                 0          CNDU
MERCED                                        NO PP                 Y                               120          CNDU
SAINT ALBANS                                  NO PP                 Y                               120          CNDU
DAYTON                                        3Y PP                 N                                 0          CNDU
EL MONTE                                      NO PP                 N                                 0          CNDU
SIDNEY                                        5Y PP                 N                                 0          CNDU
JACKSONVILLE                                  3Y PP                 Y                               120          CNDU
BRIDGEPORT                                    NO PP                 N                                 0          CNDU
LAWRENCEVILLE                                 NO PP                 Y                               120          CNDU
WATERFORD                                     NO PP                 Y                               120          CNDU
MONROE                                        NO PP                 N                                 0          CNDU
Atlantic Beach                                NO PP                 Y                               120          CNDU
Kalamazoo                                     NO PP                 Y                               120          CNDU
WINCHESTER                                    NO PP                 Y                               120          CNDU
SPOKANE                                       NO PP                 Y                               120          CNDU
West Sacramento                               NO PP                 N                                 0          CNDU
FORT WORTH                                    5Y PP                 N                                 0          CNDU
SUNRISE                                       NO PP                 Y                               120          CNDU
MARYSVILLE                                    NO PP                 Y                               120          CNDU
CONCORD                                       3Y PP                 Y                               120          CNDU
SIOUX FALLS                                   NO PP                 N                                 0          CNDU
COLUMBUS                                      NO PP                 Y                               120          CNDU
NEWBERG                                       NO PP                 Y                               120          CNDU
BELLEROSE                                     NO PP                 N                                 0          CNDU
Paterson                                      NO PP                 Y                               120          CNDU
LEWES                                         5Y PP                 Y                               120          CNDU
Boston                                        NO PP                 Y                               120          CNDU
BOOTHWYN                                      NO PP                 Y                               120          CNDU
TUCSON                                        5Y PP                 N                                 0          CNDU
CHICAGO                                       NO PP                 N                                 0          CNDU
CHARLOTTE                                     NO PP                 Y                               120          CNDU
WHEATON                                       NO PP                 Y                               120          CNDU
FORT MYERS                                    3Y PP                 Y                                60          CNDU
TINLEY PARK                                   NO PP                 Y                               120          CNDU
GRANTS PASS                                   NO PP                 Y                               120          CNDU
RIGBY                                         3Y PP                 Y                                60          CNDU
STREAMWOOD                                    NO PP                 Y                                60          CNDU
MILTON                                        NO PP                 Y                               120          CNDU
Toms River                                    NO PP                 Y                               120          CNDU
SAINT GEORGE                                  NO PP                 Y                               120          CNDU
PATASKALA                                     NO PP                 Y                               120          CNDU
LOVELAND                                      NO PP                 Y                               120          CNDU
Boston                                        NO PP                 Y                               120          CNDU
VIRGINIA BEACH                                NO PP                 N                                 0          CNDU
APPLE VALLEY                                  NO PP                 Y                               120          CNDU
BOYNTON BEACH                                 3Y PP                 Y                               120          CNDU
PONTIAC                                       NO PP                 N                                 0          CNDU
CHICAGO                                       NO PP                 Y                               120          CNDU
NEWBURGH                                      NO PP                 N                                 0          CNDU
Mcdonough                                     3Y PP                 N                                 0          CNDU
Boston                                        NO PP                 Y                               120          CNDU
CONWAY                                        NO PP                 N                                 0          CNDU
Durham                                        NO PP                 N                                 0          CNDU
FORT MYERS                                    1Y PP                 Y                                60          CNDU
DETROIT                                       3Y PP                 Y                               120          CNDU
SURPRISE                                      NO PP                 Y                               120          CNDU
LEES SUMMIT                                   NO PP                 Y                               120          CNDU
AVONDALE                                      NO PP                 Y                               120          CNDU
LITHIA                                        NO PP                 Y                                60          CNDU
SURPRISE                                      NO PP                 Y                                60          CNDU
FAIRVIEW                                      NO PP                 N                                 0          CNDU
SHOW LOW                                      NO PP                 Y                               120          CNDU
Charlotte                                     NO PP                 Y                               120          CNDU
OKLAHOMA CITY                                 NO PP                 N                                 0          CNDU
CLEVELAND                                     5Y PP                 N                                 0          CNDU
ALAMEDA                                       NO PP                 Y                               120          CNDU
ORMOND BEACH                                  NO PP                 Y                               120          CNDU
EWING                                         NO PP                 Y                               120          CNDU
SAN ANTONIO                                   5Y PP                 N                                 0          CNDU
FORT PIERCE                                   NO PP                 Y                               120          CNDU
RICHMOND                                      NO PP                 Y                               120          CNDU
DAYTON                                        5Y PP                 Y                               120          CNDU
INDEPENDENCE                                  NO PP                 Y                               120          CNDU
LARGO                                         NO PP                 Y                               120          CNDU
SURPRISE                                      NO PP                 Y                               120          CNDU
HANFORD                                       5Y PP                 N                                 0          CNDU
BRONX                                         NO PP                 Y                               120          CNDU
BRANSON                                       NO PP                 Y                               120          CNDU
ASHBURN                                       NO PP                 Y                               120          CNDU
Belmont                                       NO PP                 Y                                60          CNDU
LYNCHBURG                                     3Y PP                 N                                 0          CNDU
LYNCHBURG                                     3Y PP                 N                                 0          CNDU
DAYTON                                        NO PP                 N                                 0          CNDU
HARLINGEN                                     NO PP                 Y                               120          CNDU
LAWSON                                        NO PP                 Y                               120          CNDU
EAST DURHAM                                   NO PP                 N                                 0          CNDU
STOCKTON                                      1Y PP                 Y                               120          CNDU
ODENTON                                       NO PP                 Y                               120          CNDU
WOODSIDE                                      NO PP                 Y                               120          CNDU
CANTON                                        5Y PP                 Y                               120          CNDU
SAINT LOUIS                                   NO PP                 Y                               120          CNDU
Camden                                        NO PP                 N                                 0          CNDU
COLUMBUS                                      3Y PP                 Y                               120          CNDU
NORTH MIAMI                                   5Y PP                 Y                               120          CNDU
VIRGINIA BEACH                                NO PP                 Y                               120          CNDU
KANSAS CITY                                   3Y PP                 Y                               120          CNDU
AKRON                                         5Y PP                 Y                               120          CNDU
SAINT LOUIS                                   NO PP                 Y                               120          CNDU
Belton                                        NO PP                 Y                               120          CNDU
TOPEKA                                        NO PP                 Y                               120          CNDU
GREENVILLE                                    NO PP                 Y                               120          CNDU
VIENNA                                        NO PP                 Y                               120          CNDU
OZONE PARK                                    NO PP                 Y                               120          CNDU
AURORA                                        NO PP                 Y                               120          CNDU
GOODLETTSVILLE                                NO PP                 Y                               120          CNDU
CHICAGO                                       NO PP                 N                                 0          CNDU
APPLE VALLEY                                  NO PP                 Y                               120          CNDU
Irvington                                     NO PP                 N                                 0          CNDU
MURRIETA                                      NO PP                 Y                               120          CNDU
HENDERSON                                     NO PP                 Y                               120          CNDU
ZEPHYRHILLS                                   NO PP                 Y                               120          CNDU
MERIDEN                                       5Y PP                 Y                               120          CNDU
PHILADELPHIA                                  NO PP                 Y                               120          CNDU
SANTA ROSA                                    3Y PP                 Y                               120          CNDU
PROVIDENCE                                    NO PP                 N                                 0          CNDU
WASHINGTON                                    NO PP                 N                                 0          CNDU
GLENDALE                                      NO PP                 Y                               120          CNDU
UPPER MARLBORO                                NO PP                 Y                               120          CNDU
RESTON                                        NO PP                 Y                                60          CNDU
East Boston                                   NO PP                 Y                               120          CNDU
CHICAGO                                       NO PP                 Y                               120          CNDU
AURORA                                        NO PP                 Y                               120          CNDU
PHOENIX                                       1Y PP                 Y                               120          CNDU
Cottonwood                                    2Y PP                 Y                               120          CNDU
HOMESTEAD                                     NO PP                 Y                               120          CNDU
KANSAS CITY                                   NO PP                 N                                 0          CNDU
HILLSBORO                                     NO PP                 Y                               120          CNDU
LAKE OSWEGO                                   NO PP                 Y                               120          CNDU
NEW LONDON                                    NO PP                 N                                 0          CNDU
GRANTS PASS                                   2Y PP                 Y                               120          CNDU
WARREN                                        NO PP                 Y                               120          CNDU
AIKEN                                         NO PP                 N                                 0          CNDU
BUFFALO                                       5Y PP                 N                                 0          CNDU
CLERMONT                                      NO PP                 Y                               120          CNDU
Louisville                                    NO PP                 N                                 0          CNDU
NEWPORT NEWS                                  3Y PP                 Y                               120          CNDU
LOS ANGELES                                   NO PP                 Y                                60          CNDU
MIAMI                                         NO PP                 Y                               120          CNDU
HOFFMAN ESTATES                               NO PP                 Y                                60          CNDU
NAMPA                                         NO PP                 Y                               120          CNDU
POWDER SPRINGS                                NO PP                 Y                               120          CNDU
Alpharetta                                    NO PP                 Y                               120          CNDU
DETROIT                                       NO PP                 Y                               120          CNDU
JACKSONVILLE BEACH                            NO PP                 Y                               120          CNDU
ANGOLA                                        NO PP                 N                                 0          CNDU
BOILING SPRINGS                               NO PP                 Y                               120          CNDU
Apopka                                        NO PP                 Y                               120          CNDU
BRONX                                         NO PP                 Y                               120          CNDU
SPOKANE                                       5Y PP                 N                                 0          CNDU
ORLANDO                                       NO PP                 Y                               120          CNDU
BROOKLYN                                      NO PP                 N                                 0          CNDU
TYLER                                         NO PP                 Y                               120          CNDU
PHILADELPHIA                                  NO PP                 Y                                60          CNDU
Alpharetta                                    NO PP                 N                                 0          CNDU
TOPEKA                                        NO PP                 N                                 0          CNDU
CHICAGO                                       NO PP                 Y                               120          CNDU
TOPEKA                                        NO PP                 N                                 0          CNDU
TOPEKA                                        NO PP                 N                                 0          CNDU
E FALLOWFIELD                                 NO PP                 N                                 0          CNDU
MESA                                          NO PP                 Y                               120          CNDU
GREENVILLE                                    NO PP                 Y                               120          CNDU
RENTON                                        5Y PP                 Y                               120          CNDU
LANSING                                       NO PP                 Y                               120          CNDU
EL PASO                                       NO PP                 Y                               120          CNDU
Raleigh                                       NO PP                 Y                               120          CNDU
BIRMINGHAM                                    3Y PP                 N                                 0          CNDU
BARTOW                                        NO PP                 Y                               120          CNDU
OKLAHOMA CITY                                 3Y PP                 N                                 0          CNDU
CHICAGO                                       NO PP                 N                                 0          CNDU
ORMOND BEACH                                  NO PP                 Y                               120          CNDU
DETROIT                                       NO PP                 Y                               120          CNDU
HOLLYWOOD                                     5Y PP                 Y                               120          CNDU
NORTH CHARLESTON                              NO PP                 Y                               120          CNDU
VANCOUVER                                     NO PP                 Y                               120          CNDU
AVONDALE                                      NO PP                 Y                               120          CNDU
JACKSONVILLE                                  NO PP                 Y                               120          CNDU
SEGUIN                                        5Y PP                 N                                 0          CNDU
SOUTHFIELD                                    NO PP                 Y                               120          CNDU
KENT                                          NO PP                 Y                               120          CNDU
ROWESVILLE                                    NO PP                 Y                               120          CNDU
MASPETH                                       NO PP                 Y                               120          CNDU
Mutttontown                                   NO PP                 Y                               120          CNDU
GLEN OAKS                                     NO PP                 N                                 0          CNDU
DARLINGTON                                    NO PP                 Y                               120          CNDU
NORTH HOLLYWOOD                               NO PP                 Y                               120          CNDU
NEW DURHAM                                    NO PP                 Y                               120          CNDU
RANCHO PALOS VERDES                           NO PP                 N                                 0          CNDU
SAN ANTONIO                                   NO PP                 N                                 0          CNDU
PORT SAINT LUCIE                              NO PP                 Y                               120          CNDU
COLUMBUS                                      NO PP                 Y                               120          CNDU
KANSAS CITY                                   NO PP                 Y                               120          CNDU
NORTH CHARLESTON                              NO PP                 Y                               120          CNDU
FOUNTAIN                                      NO PP                 Y                               120          CNDU
BALTIMORE                                     NO PP                 Y                               120          CNDU
LAWRENCEVILLE                                 NO PP                 Y                               120          CNDU
HOMESTEAD                                     1Y PP                 N                                 0          CNDU
LA VERGNE                                     NO PP                 Y                               120          CNDU
NORTH LAS VEGAS                               NO PP                 Y                               120          CNDU
WASHINGTON                                    NO PP                 N                                 0          CNDU
ATLANTA                                       NO PP                 N                                 0          CNDU
Cumming                                       NO PP                 Y                                60          CNDU
HILLSBORO                                     NO PP                 Y                               120          CNDU
JACKSONVILLE                                  NO PP                 Y                               120          CNDU
Wilmington                                    NO PP                 Y                               120          CNDU
Las Cruces                                    NO PP                 N                                 0          CNDU
VISALIA                                       2Y PP                 Y                               120          CNDU
SCAPPOOSE                                     NO PP                 Y                               120          CNDU
SALEM                                         3Y PP                 Y                               120          CNDU
Santa Maria                                   NO PP                 Y                               120          CNDU
JACKSONVILLE                                  NO PP                 Y                               120          CNDU
OZARK                                         NO PP                 Y                               120          CNDU
CHICAGO                                       NO PP                 N                                 0          CNDU
SCOTTSDALE                                    NO PP                 Y                               120          CNDU
HOUSTON                                       5Y PP                 N                                 0          CNDU
ELMHURST                                      NO PP                 N                                 0          CNDU
WASHINGTON                                    6M PP                 N                                 0          CNDU
CHICAGO                                       NO PP                 N                                 0          CNDU
CALDWELL                                      NO PP                 Y                               120          CNDU
Powder Springs                                NO PP                 Y                               120          CNDU
PHOENIX                                       NO PP                 Y                               120          CNDU
GLENDALE                                      NO PP                 Y                               120          CNDU
MODESTO                                       NO PP                 Y                               120          CNDU
LAS VEGAS                                     NO PP                 Y                               120          CNDU
WALDORF                                       NO PP                 N                                 0          CNDU
LISLE                                         NO PP                 Y                               120          CNDU
SALEM                                         NO PP                 Y                               120          CNDU
SPARTANBURG                                   NO PP                 N                                 0          CNDU
SPOKANE                                       NO PP                 N                                 0          CNDU
RIDGE                                         NO PP                 Y                               120          CNDU
PHOENIX                                       NO PP                 Y                               120          CNDU
WAKE FOREST                                   NO PP                 Y                               120          CNDU
KANSAS CITY                                   NO PP                 Y                               120          CNDU
REDMOND                                       NO PP                 Y                               120          CNDU
MINNEAPOLIS                                   NO PP                 N                                 0          CNDU
SPRING CITY                                   NO PP                 Y                               120          CNDU
PINE BLUFFS                                   NO PP                 Y                               120          CNDU
WASHINGTON                                    NO PP                 N                                 0          CNDU
MARICOPA                                      NO PP                 Y                               120          CNDU
GIBSONTON                                     NO PP                 Y                               120          CNDU
CHEYENNE                                      NO PP                 Y                               120          CNDU
ANNAPOLIS                                     NO PP                 Y                               120          CNDU
SEAFORD                                       3Y PP                 N                                 0          CNDU
ESSEX                                         NO PP                 Y                               120          CNDU
DES MOINES                                    NO PP                 Y                               120          CNDU
KANSAS CITY                                   NO PP                 Y                               120          CNDU
Scottsdale                                    NO PP                 N                                 0          CNDU
MARYSVILLE                                    NO PP                 Y                               120          CNDU
FORT LAUDERDALE                               2Y PP                 N                                 0          CNDU
LIBERTY LAKE                                  NO PP                 Y                               120          CNDU
Raleigh                                       NO PP                 Y                               120          CNDU
SILVER SPRING                                 NO PP                 Y                               120          CNDU
MIRA LOMA                                     5Y PP                 Y                               120          CNDU
KATONAH                                       NO PP                 Y                               120          CNDU
Cary                                          NO PP                 Y                               120          CNDU
EVERETT                                       5Y PP                 Y                               120          CNDU
PROVIDENCE                                    NO PP                 Y                               120          CNDU
WOODBRIDGE                                    NO PP                 N                                 0          CNDU
CAPE CORAL                                    NO PP                 Y                               120          CNDU
Atlanta                                       NO PP                 Y                               120          CNDU
RENO                                          NO PP                 Y                               120          REPR
RANDALLSTOWN                                  NO PP                 Y                               120          REPR
PERINTON                                      NO PP                 N                                 0          REPR
FRAMINGHAM                                    NO PP                 N                                 0          REPR
Vienna                                        NO PP                 Y                               120          EFLO
Phippsburg                                    NO PP                 N                                 0          EFLO
Detroit                                       NO PP                 N                                 0          EFLO
Detroit                                       NO PP                 N                                 0          EFLO
Washington                                    NO PP                 N                                 0          EFLO
Fort Washington                               NO PP                 Y                               120          EFLO
Clermont                                      NO PP                 Y                               120          EFLO
Manassas                                      NO PP                 Y                               120          EFLO
Fort Washington                               NO PP                 Y                               120          EFLO
Sterling                                      NO PP                 N                                 0          EFLO
Washington                                    NO PP                 Y                               120          EFLO
Suisun City                                   NO PP                 Y                               120          EFLO
Manassas                                      NO PP                 Y                               120          EFLO
Woodbridge                                    3Y PP                 Y                               120          EFLO
Centreville                                   NO PP                 Y                               120          EFLO
Fairfax                                       NO PP                 Y                               120          EFLO
Culpeper                                      NO PP                 Y                               120          EFLO
Fredericksburg                                3Y PP                 Y                               120          EFLO
Hamilton                                      NO PP                 Y                               120          EFLO
Fredericksburg                                3Y PP                 Y                               120          EFLO
Cooksville                                    NO PP                 Y                               120          EFLO
Manassas                                      NO PP                 Y                               120          EFLO
Manassas                                      NO PP                 Y                               120          EFLO
Winston Salem                                 NO PP                 Y                               120          EFLO
Temple Hills                                  NO PP                 Y                               120          EFLO
Germantown                                    NO PP                 Y                               120          EFLO
Manassas                                      NO PP                 Y                               120          EFLO
Richmond                                      NO PP                 Y                               120          EFLO
Alexandria                                    NO PP                 Y                               120          EFLO
Clinton                                       NO PP                 Y                               120          EFLO
Upper Marlboro                                NO PP                 Y                               120          EFLO
Gaithersburg                                  NO PP                 Y                               120          EFLO
Arlington                                     NO PP                 Y                               120          EFLO
Beltsville                                    NO PP                 Y                               120          EFLO
Manassas                                      NO PP                 Y                               120          EFLO
Woodbridge                                    3Y PP                 Y                               120          EFLO
Capitol Heights                               NO PP                 Y                               120          EFLO
Culpeper                                      NO PP                 Y                               120          EFLO
Alexandria                                    NO PP                 Y                               120          EFLO
Woodbridge                                    NO PP                 Y                               120          EFLO
Manassas                                      NO PP                 Y                               120          EFLO
Takoma Park                                   NO PP                 Y                               120          EFLO
Woodbridge                                    NO PP                 Y                               120          EFLO
Leesburg                                      NO PP                 Y                               120          EFLO
Aldie                                         NO PP                 Y                               120          EFLO
TAMARAC                                       NO PP                 N                                 0          EFLO
Reston                                        NO PP                 Y                               120          EFLO
Manassas                                      NO PP                 Y                               120          EFLO
Woodbridge                                    NO PP                 Y                               120          EFLO
Falls Church                                  3Y PP                 Y                               120          EFLO
Baltimore                                     NO PP                 N                                 0          EFLO
PORT REPUBLIC                                 NO PP                 Y                               120          EFLO
STREAMWOOD                                    NO PP                 N                                 0          EFLO
LOUISVILLE                                    NO PP                 Y                               120          EFLO
BALTIMORE                                     NO PP                 N                                 0          EFLO
Fargo                                         NO PP                 N                                 0          EFLO
BEALETON                                      6M PP                 Y                               120          EFLO
COLUMBIA                                      NO PP                 N                                 0          EFLO
DOVER                                         3Y PP                 N                                 0          EFLO
BALTIMORE                                     NO PP                 N                                 0          EFLO
CARENCRO                                      3Y PP                 N                                 0          EFLO
BALTIMORE                                     NO PP                 N                                 0          EFLO
BALTIMORE                                     NO PP                 N                                 0          EFLO
BALTIMORE                                     NO PP                 N                                 0          EFLO
WALDORF                                       NO PP                 N                                 0          EFLO
ARLINGTON                                     NO PP                 N                                 0          EFLO
Pasadena                                      NO PP                 Y                               120          EFLO
ARLINGTON                                     NO PP                 N                                 0          EFLO
BALTIMORE                                     NO PP                 N                                 0          EFLO
ARLINGTON                                     NO PP                 N                                 0          EFLO
DAVIDSONVILLE                                 NO PP                 Y                               120          EFLO
NEW CASTLE                                    NO PP                 N                                 0          EFLO
YORK                                          3Y PP                 N                                 0          EFLO
VIRGINIA BEACH                                NO PP                 N                                 0          EFLO
RICHMOND                                      NO PP                 Y                               120          EFLO
CUMBERLAND                                    NO PP                 N                                 0          EFLO
POTTSTOWN                                     3Y PP                 N                                 0          EFLO
POTTSTOWN                                     3Y PP                 N                                 0          EFLO
BALTIMORE                                     NO PP                 Y                               120          EFLO
Baltimore                                     NO PP                 Y                               120          EFLO
SOUDERTON                                     NO PP                 N                                 0          EFLO
Grant                                         3Y PP                 N                                 0          EFLO
MIAMI                                         NO PP                 N                                 0          EFLO
ELMA                                          3Y PP                 N                                 0          EFLO
TAMPA                                         3Y PP                 N                                 0          EFLO
Romulus                                       3Y PP                 N                                 0          EFLO
Lakeland                                      3Y PP                 N                                 0          REPR
West Palm Beach                               NO PP                 N                                 0          REPR
UPPER MARLBORO                                NO PP                 Y                               120          REPR
Albertson                                     NO PP                 Y                               120          EFLO
Brooklyn                                      1Y PP                 Y                               120          EFLO
Wyandanch                                     1Y PP                 N                                 0          EFLO
ALTURA                                        3Y PP                 N                                 0          EFLO
Alexandria                                    NO PP                 N                                 0          EFLO
APACHE JUNCTION                               3Y PP                 N                                 0          EFLO
MOUNT LAUREL TOWNSHIP                         NO PP                 N                                 0          EFLO
IRVINGTON TOWNSHIP                            NO PP                 N                                 0          EFLO
NEW BRUNSWICK                                 NO PP                 Y                               120          EFLO
PATERSON                                      NO PP                 Y                               120          EFLO
BAYONNE                                       NO PP                 Y                               120          EFLO
Trenton                                       NO PP                 N                                 0          EFLO
WOODBRIDGE                                    NO PP                 Y                               120          EFLO
MT OLIVE TOWNSHIP                             NO PP                 N                                 0          EFLO
TRENTON                                       NO PP                 N                                 0          EFLO
JERSEY CITY                                   NO PP                 Y                               120          EFLO
NORTH BERGEN TWP                              NO PP                 N                                 0          EFLO
PASSAIC                                       NO PP                 Y                               120          EFLO
EAST ORANGE                                   NO PP                 N                                 0          EFLO
EAST ORANGE                                   NO PP                 N                                 0          EFLO
JERSEY CITY                                   NO PP                 Y                               120          EFLO
MENDHAM TOWNSHIP                              NO PP                 N                                 0          EFLO
Miami                                         NO PP                 Y                               120          EFLO
Hialeah                                       3Y PP                 N                                 0          EFLO
Hillsborough                                  NO PP                 N                                 0          EFLO
Maurice River Township                        NO PP                 N                                 0          EFLO
Elizabeth                                     NO PP                 Y                               120          EFLO
Newark                                        NO PP                 N                                 0          EFLO
Fitchburg                                     NO PP                 N                                 0          EFLO
Lawrence                                      NO PP                 Y                               120          EFLO
Orange                                        NO PP                 N                                 0          EFLO
Newark                                        NO PP                 Y                               120          EFLO
Jersey City                                   NO PP                 N                                 0          EFLO
Lynn                                          NO PP                 Y                               120          EFLO
Antioch                                       NO PP                 Y                               120          EFLO
New Port Richey                               NO PP                 Y                               120          EFLO
Mobile                                        NO PP                 N                                 0          EFLO
Nashville                                     NO PP                 N                                 0          EFLO
Dunedin                                       NO PP                 Y                               120          EFLO
Seminole                                      NO PP                 Y                               120          EFLO
Largo                                         NO PP                 Y                               120          EFLO
Mandeville                                    NO PP                 N                                 0          EFLO
Dunedin                                       NO PP                 Y                               120          EFLO
Clearwater                                    NO PP                 Y                               120          EFLO
Ocala                                         NO PP                 Y                               120          EFLO
Clearwater                                    NO PP                 Y                               120          EFLO
Chattanooga                                   NO PP                 N                                 0          EFLO
Hendersonville                                NO PP                 N                                 0          EFLO
Iuka                                          NO PP                 N                                 0          EFLO
Auburn                                        NO PP                 Y                                60          EFLO
Cape Coral                                    NO PP                 Y                                60          EFLO
Jackson                                       NO PP                 N                                 0          EFLO
Celebration                                   NO PP                 Y                               120          EFLO
Orlando                                       NO PP                 Y                               120          EFLO
Gulf Breeze                                   NO PP                 N                                 0          EFLO
Nashville                                     NO PP                 N                                 0          EFLO
Birmingham                                    NO PP                 Y                               120          EFLO
JONESBORO                                     1Y PP                 N                                 0          EFLO
LITHONIA                                      1Y PP                 Y                               120          EFLO
Cincinnati                                    1Y PP                 N                                 0          EFLO
LAKE ALFRED                                   1Y PP                 N                                 0          EFLO
MIAMI                                         3Y PP                 N                                 0          EFLO
Cincinnati                                    1Y PP                 N                                 0          EFLO
MARIETTA                                      NO PP                 N                                 0          EFLO
Kennesaw                                      NO PP                 Y                               120          EFLO
BLUE RIDGE                                    1Y PP                 Y                               120          EFLO
HIGH POINT                                    3Y PP                 N                                 0          EFLO
ATLANTA                                       1Y PP                 N                                 0          EFLO
Cincinnati                                    NO PP                 Y                               120          EFLO
Port Chester                                  NO PP                 N                                 0          EFLO
Bayside                                       NO PP                 N                                 0          EFLO
Fresh Meadows                                 NO PP                 N                                 0          EFLO
Philadelphia                                  NO PP                 N                                 0          EFLO
Westampton                                    NO PP                 Y                               120          EFLO
Philadelphia                                  NO PP                 Y                               120          EFLO
Northfield                                    NO PP                 N                                 0          EFLO
Woodbury                                      NO PP                 N                                 0          EFLO
Ocean City                                    NO PP                 Y                               120          EFLO
BROOKLYN                                      NO PP                 N                                 0          EFLO
Brooklyn                                      NO PP                 N                                 0          EFLO
College Point                                 NO PP                 N                                 0          EFLO
Laurel                                        NO PP                 N                                 0          EFLO
Chicago                                       NO PP                 Y                               120          EFLO
JERSEY CITY                                   NO PP                 Y                               120          EFLO
NOGALES                                       3Y PP                 Y                               120          EFLO
PLACENTIA                                     6M PP                 Y                               120          EFLO
SURPRISE                                      3Y PP                 N                                 0          EFLO
UPLAND                                        6M PP                 Y                               120          EFLO
CHINO                                         6M PP                 Y                               120          EFLO
PLACENTIA                                     6M PP                 Y                               120          EFLO
EL CENTRO                                     NO PP                 N                                 0          EFLO
YUMA                                          3Y PP                 N                                 0          EFLO
Laredo                                        3Y PP                 N                                 0          EFLO
GREELEY                                       3Y PP                 Y                               120          EFLO
GREELEY                                       3Y PP                 Y                               120          EFLO
GREELEY                                       3Y PP                 Y                               120          EFLO
PALM SPRINGS                                  3Y PP                 Y                               120          EFLO
Rio Rico                                      3Y PP                 N                                 0          EFLO
Richardson                                    NO PP                 N                                 0          EFLO
Chicago                                       3Y PP                 N                                 0          EFLO
Minneapolis                                   3Y PP                 N                                 0          EFLO
Chicago                                       3Y PP                 N                                 0          EFLO
Little Rock                                   3Y PP                 N                                 0          EFLO
Murphy                                        3Y PP                 N                                 0          EFLO
Brighton                                      3Y PP                 Y                                60          EFLO
KINGSVILLE                                    3Y PP                 N                                 0          EFLO
Chicago                                       3Y PP                 N                                 0          EFLO
Florissant                                    3Y PP                 N                                 0          EFLO
Atlanta                                       3Y PP                 Y                                60          EFLO
Orlando                                       NO PP                 N                                 0          EFLO
Orlando                                       3Y PP                 N                                 0          EFLO
Ellijay                                       3Y PP                 N                                 0          EFLO
Tampa                                         1Y PP                 N                                 0          EFLO
New River                                     3Y PP                 N                                 0          EFLO
Millington                                    3Y PP                 N                                 0          EFLO
Savannah                                      3Y PP                 Y                                60          EFLO
Arvada                                        3Y PP                 Y                                60          EFLO
Davie Beach                                   3Y PP                 N                                 0          EFLO
York                                          NO PP                 N                                 0          EFLO
Granbury                                      3Y PP                 N                                 0          EFLO
Chicago                                       3Y PP                 N                                 0          EFLO
WASHINGTON                                    NO PP                 Y                               120          WFLN
ELLICOTT CITY                                 NO PP                 Y                               120          WFLN
FORKED RIVER                                  NO PP                 Y                               120          WFLN
EASTON                                        NO PP                 N                                 0          WFLN
LAREDO                                        3Y PP                 N                                 0          WFLN
MESA                                          NO PP                 Y                               120          WFLN
LANHAM                                        NO PP                 Y                               120          WFLN
MISSION                                       NO PP                 N                                 0          WFLN
PHOENIX                                       3Y PP                 N                                 0          WFLN
BELLEVUE                                      3Y PP                 N                                 0          WFLN
ORANGE                                        NO PP                 Y                               120          WFLN
MCALLEN                                       3Y PP                 N                                 0          WFLN
HIGLEY                                        3Y PP                 Y                               120          WFLN
SEVERNA PARK                                  NO PP                 Y                               120          WFLN
SUN CITY WEST                                 NO PP                 N                                 0          WFLN
WESLACO                                       2Y PP                 N                                 0          WFLN
CEDAR PARK                                    3Y PP                 N                                 0          WFLN
DECATUR                                       3Y PP                 Y                               120          WFLN
FORT WORTH                                    3Y PP                 Y                               120          WFLN
LEESBURG                                      NO PP                 Y                               120          WFLN
DAVENPORT                                     3Y PP                 N                                 0          WFLN
GREAT FALLS                                   NO PP                 Y                               120          WFLN
SILVER SPRING                                 NO PP                 N                                 0          WFLN
ATHENS                                        3Y PP                 Y                               120          WFLN
SILVER SPRING                                 NO PP                 Y                               120          WFLN
MIDDLETOWN                                    NO PP                 Y                               120          WFLN
CAPITOL HEIGHTS                               NO PP                 Y                               120          WFLN
MESA                                          NO PP                 Y                               120          WFLN
ROUND ROCK                                    NO PP                 Y                               120          WFLN
MCALLEN                                       3Y PP                 N                                 0          WFLN
CEDAR PARK                                    NO PP                 N                                 0          WFLN
GILBERT                                       NO PP                 Y                               120          WFLN
MESA                                          3Y PP                 N                                 0          WFLN
CLAREMONT                                     NO PP                 Y                               120          WFLN
ORANGE                                        NO PP                 N                                 0          WFLN
CHANDLER                                      NO PP                 N                                 0          WFLN
SAN FRANCISCO                                 3Y PP                 N                                 0          WFLN
KELLER                                        3Y PP                 Y                               120          WFLN
MISSION                                       3Y PP                 N                                 0          WFLN
SANTA ANA                                     NO PP                 N                                 0          WFLN
SAN ANTONIO                                   NO PP                 N                                 0          WFLN
PHOENIX                                       NO PP                 Y                               120          WFLN
GREAT FALLS                                   3Y PP                 Y                               120          WFLN
TOMS RIVER                                    NO PP                 Y                               120          WFLN
SPRING LAKE                                   NO PP                 N                                 0          WFLN
HOLLYWOOD                                     NO PP                 Y                               120          WFLN
HILLSDALE                                     NO PP                 Y                               120          WFLN
MINNEAPOLIS                                   2Y PP                 Y                               120          WFLN
BROWNSVILLE                                   3Y PP                 N                                 0          WFLN
MINNEAPOLIS                                   2Y PP                 Y                               120          WFLN
LAREDO                                        3Y PP                 N                                 0          WFLN
PHOENIX                                       NO PP                 Y                               120          WFLN
BIG BEAR LAKE                                 3Y PP                 N                                 0          WFLN
YONKERS                                       1Y PP                 Y                               120          WFLN
WASHINGTON                                    NO PP                 Y                               120          WFLN
TOTOWA                                        NO PP                 N                                 0          WFLN
BELLINGHAM                                    3Y PP                 Y                               120          WFLN
RICHMOND                                      3Y PP                 N                                 0          WFLN
TAKOMA PARK                                   NO PP                 Y                               120          WFLN
CORONA                                        2Y PP                 Y                               120          WFLN
WESLACO                                       NO PP                 N                                 0          WFLN
MCALLEN                                       3Y PP                 N                                 0          WFLN
ARIZONA CITY                                  3Y PP                 N                                 0          WFLN
WASHINGTON                                    NO PP                 Y                               120          WFLN
MESA                                          NO PP                 Y                               120          WFLN
REMINGTON                                     NO PP                 Y                               120          WFLN
PHOENIX                                       NO PP                 Y                               120          WFLN
BALTIMORE                                     NO PP                 Y                               120          WFLN
Encino                                        7M PP                 Y                               120          EFLO
San Antonio                                   NO PP                 N                                 0          EFLO
OAK POINT                                     NO PP                 N                                 0          EFLO
Dallas                                        NO PP                 Y                               120          EFLO
OAK POINT                                     NO PP                 N                                 0          EFLO
Bethlehem                                     NO PP                 Y                               120          EFLO
Stockbridge                                   NO PP                 N                                 0          EFLO
Frisco                                        NO PP                 Y                               120          EFLO
Bryan                                         NO PP                 N                                 0          EFLO
Ellenwood                                     NO PP                 Y                               120          EFLO
Loris                                         NO PP                 N                                 0          EFLO
Round Rock                                    NO PP                 Y                               120          EFLO
Plano                                         NO PP                 N                                 0          EFLO
Stockbridge                                   NO PP                 Y                               120          EFLO
Rockport                                      NO PP                 N                                 0          EFLO
Hapeville                                     NO PP                 N                                 0          EFLO
Dallas                                        NO PP                 N                                 0          EFLO
San Diego                                     NO PP                 N                                 0          EFLO
Dallas                                        NO PP                 Y                               120          EFLO
Prescott                                      NO PP                 N                                 0          EFLO
Lincoln                                       NO PP                 N                                 0          EFLO
Pflugerville                                  NO PP                 Y                               120          EFLO
FT WORTH                                      NO PP                 Y                               120          EFLO
Dacula                                        NO PP                 Y                               120          EFLO
Aubrey                                        NO PP                 Y                               120          EFLO
San Diego                                     NO PP                 N                                 0          EFLO
Mckinney                                      NO PP                 N                                 0          EFLO
Mesquite                                      3Y PP                 N                                 0          EFLO
Midway City                                   NO PP                 Y                               120          EFLO
Mcdonough                                     NO PP                 Y                               120          EFLO
Los Angeles                                   NO PP                 Y                               120          EFLO
San Diego                                     NO PP                 N                                 0          EFLO
Grand Prairie                                 3Y PP                 N                                 0          EFLO
Houston                                       NO PP                 Y                               120          EFLO
Dallas                                        NO PP                 N                                 0          EFLO
Vista                                         NO PP                 N                                 0          EFLO
Marietta                                      NO PP                 Y                               120          EFLO
FATE                                          NO PP                 N                                 0          EFLO
Lewisville                                    NO PP                 N                                 0          EFLO
Abingdon                                      NO PP                 Y                               120          EFLO
Valdosta                                      NO PP                 N                                 0          EFLO
Mcallen                                       3Y PP                 N                                 0          EFLO
Albuquerque                                   NO PP                 N                                 0          EFLO
Riverdale                                     NO PP                 N                                 0          EFLO
San Antonio                                   NO PP                 N                                 0          EFLO
Douglasville                                  NO PP                 Y                               120          EFLO
Deer Park                                     NO PP                 N                                 0          EFLO
Myrtle Beach                                  NO PP                 Y                               120          EFLO
Valdosta                                      NO PP                 N                                 0          EFLO
Spring                                        NO PP                 Y                               120          EFLO
Forney                                        NO PP                 N                                 0          EFLO
Forney                                        3Y PP                 Y                               120          EFLO
DENTON                                        NO PP                 Y                               120          EFLO
Mesquite                                      3Y PP                 N                                 0          EFLO
Irving                                        NO PP                 N                                 0          EFLO
Eden Prairie                                  NO PP                 Y                               120          EFLO
Houston                                       NO PP                 N                                 0          EFLO
Stockbridge                                   NO PP                 Y                               120          EFLO
OAK POINT                                     NO PP                 Y                               120          EFLO
Dallas                                        NO PP                 Y                               120          EFLO
Jefferson                                     NO PP                 N                                 0          EFLO
Arlington                                     3Y PP                 Y                               120          EFLO
Houston                                       NO PP                 N                                 0          EFLO
OAK POINT                                     3Y PP                 N                                 0          EFLO
Farmers Branch                                NO PP                 N                                 0          EFLO
Albuquerque                                   NO PP                 Y                               120          EFLO
Oklahoma City                                 NO PP                 N                                 0          EFLO
Honolulu                                      3Y PP                 Y                               120          EFLO
Las Vegas                                     6M PP                 Y                               120          EFLO
Pasadena                                      NO PP                 N                                 0          EFLO
ANTIOCH                                       NO PP                 N                                 0          EFLO
SAN MARCOS                                    NO PP                 N                                 0          EFLO
COEUR D ALENE                                 NO PP                 N                                 0          EFLO
DUARTE                                        3Y PP                 Y                               120          EFLO
SPOKANE                                       NO PP                 Y                               120          EFLO
CARMEL VALLEY                                 NO PP                 Y                               120          EFLO
Muldrow                                       NO PP                 N                                 0          EFLO
Carrollton                                    NO PP                 Y                               120          EFLO
ALPINE FOREST                                 NO PP                 Y                               120          EFLO
CERES                                         3Y PP                 Y                               120          EFLO
Indianapolis                                  3Y PP                 N                                 0          EFLO
HOPKINSVILLE                                  3Y PP                 N                                 0          EFLO
CAMPBELL                                      NO PP                 N                                 0          EFLO
INDIANAPOLIS                                  NO PP                 N                                 0          EFLO
COSHOCTON                                     NO PP                 N                                 0          EFLO
HOPKINSVILLE                                  3Y PP                 N                                 0          EFLO
INDIANAPOLIS                                  NO PP                 N                                 0          EFLO
LOUISVILLE                                    NO PP                 N                                 0          EFLO
HOPKINSVILLE                                  3Y PP                 N                                 0          EFLO
HOPKINSVILLE                                  3Y PP                 N                                 0          EFLO
HOPKINSVILLE                                  3Y PP                 N                                 0          EFLO
HOPKINSVILLE                                  3Y PP                 N                                 0          EFLO
Aurora                                        NO PP                 N                                 0          EFLO
Milwaukee                                     NO PP                 Y                               120          EFLO
Cape Coral                                    3Y PP                 Y                               120          EFLO
Keystone                                      NO PP                 Y                               120          EFLO
Kenosha                                       NO PP                 Y                               120          EFLO
Milwaukee                                     NO PP                 Y                               120          EFLO
Thorton                                       NO PP                 Y                               120          EFLO
Coral Gables                                  NO PP                 Y                               120          EFLO
Ashburn                                       NO PP                 Y                               120          EFLO
Shelter Island                                NO PP                 Y                               120          EFLO
Alexandria                                    NO PP                 N                                 0          EFLO
Manassas                                      NO PP                 Y                               120          EFLO
Silver Spring                                 NO PP                 Y                               120          EFLO
Alexandria                                    NO PP                 Y                               120          EFLO
Alexandria                                    NO PP                 Y                               120          EFLO
Falls Church                                  NO PP                 N                                 0          EFLO
Cape Coral                                    NO PP                 Y                               120          EFLO
Washington                                    NO PP                 N                                 0          EFLO
Manassas                                      NO PP                 Y                               120          EFLO
CLEVELAND                                     3Y PP                 Y                               120          EFLO
KAILUA                                        NO PP                 N                                 0          EFLO
PINEVILLE                                     3Y PP                 N                                 0          EFLO
Honolulu                                      NO PP                 N                                 0          EFLO
PLEASANT HILL                                 NO PP                 N                                 0          EFLO
HENDERSON                                     NO PP                 Y                               120          EFLO
Chapin                                        NO PP                 N                                 0          EFLO
Elberton                                      NO PP                 N                                 0          EFLO
Ventura                                       3Y PP                 N                                 0          EFLO
Gilbert                                       3Y PP                 Y                               120          EFLO
Mesa                                          6M PP                 Y                               120          EFLO
Tucson                                        6M PP                 N                                 0          EFLO
Sun City                                      3Y PP                 N                                 0          EFLO
Myrtle                                        6M PP                 N                                 0          EFLO
Scottsdale                                    6M PP                 N                                 0          EFLO
Tempe                                         6M PP                 Y                               120          EFLO
Olathe                                        NO PP                 N                                 0          EFLO
Phoenix                                       3Y PP                 Y                               120          EFLO
Phoenix                                       6M PP                 Y                               120          EFLO
Tucson                                        6M PP                 N                                 0          EFLO
Paradise Valley                               6M PP                 N                                 0          EFLO
Cottonwood                                    6M PP                 Y                               120          EFLO
Kansas City                                   6M PP                 N                                 0          EFLO
Phoenix                                       6M PP                 Y                               120          EFLO
Kansas City                                   6M PP                 N                                 0          EFLO
Phoenix                                       3Y PP                 N                                 0          EFLO
Apache Junction                               3Y PP                 Y                               120          EFLO
Yuma                                          6M PP                 Y                               120          EFLO
Phoenix                                       6M PP                 Y                                60          EFLO
Phoenix                                       6M PP                 Y                               120          EFLO
WEST FARGO                                    NO PP                 Y                               120          EFLO
SPRING                                        NO PP                 N                                 0          EFLO
HOUSTON                                       NO PP                 N                                 0          EFLO
SPRING                                        NO PP                 N                                 0          EFLO
SAN ANTONIO                                   NO PP                 N                                 0          EFLO
HOUSTON                                       NO PP                 N                                 0          EFLO
GROSSE POINTE FARMS                           3Y PP                 Y                               120          EFLO
SPRING                                        NO PP                 N                                 0          EFLO
Palm Bay                                      NO PP                 Y                               120          EFLO
Titusville                                    NO PP                 N                                 0          EFLO
palmbay                                       NO PP                 N                                 0          EFLO
San Diego                                     NO PP                 Y                               120          EFLO
San Diego                                     NO PP                 Y                               120          EFLO
Hiram                                         NO PP                 Y                               120          EFLO
Cincinnati                                    3Y PP                 Y                               120          EFLO
West Springfield                              3Y PP                 N                                 0          EFLO
Columbus                                      3Y PP                 N                                 0          EFLO
Acosta                                        3Y PP                 N                                 0          EFLO
Newark                                        NO PP                 N                                 0          EFLO
Fredericktown                                 3Y PP                 N                                 0          EFLO
Pittsburgh                                    3Y PP                 N                                 0          EFLO
Columbus                                      3Y PP                 N                                 0          EFLO
Pennsburg                                     3Y PP                 N                                 0          EFLO
Fredericktown                                 3Y PP                 N                                 0          EFLO
Harrisburg                                    3Y PP                 N                                 0          EFLO
Union                                         3Y PP                 N                                 0          EFLO
BETHEL                                        3Y PP                 Y                               120          EFLO
Westbury                                      1Y PP                 Y                               120          EFLO
Bay Shore                                     1Y PP                 Y                               120          EFLO
WATERTOWN                                     NO PP                 N                                 0          EFLO
Freeport                                      1Y PP                 Y                                60          EFLO
Elmont                                        NO PP                 Y                               120          EFLO
Fort Worth                                    NO PP                 N                                 0          EFLO
Denton                                        NO PP                 N                                 0          EFLO
Kellyville                                    3Y PP                 N                                 0          EFLO
Lithia                                        NO PP                 N                                 0          EFLO
CLAYTON                                       NO PP                 Y                               120          EFLO
BETHESDA                                      3Y PP                 N                                 0          EFLO
Jessup                                        NO PP                 Y                               120          EFLO
SILVER SPRING                                 NO PP                 Y                               120          EFLO
Clayton                                       NO PP                 Y                               120          EFLO
LAUREL                                        3Y PP                 Y                               120          EFLO
Leesburg                                      NO PP                 Y                               120          EFLO
GERMANTOWN                                    NO PP                 Y                               120          EFLO
Clayton                                       NO PP                 Y                               120          EFLO
Lewiston                                      NO PP                 N                                 0          EFLO
Portland                                      NO PP                 N                                 0          EFLO
Harrison Township                             NO PP                 N                                 0          EFLO
Chicopee                                      NO PP                 N                                 0          EFLO
Highland                                      NO PP                 Y                               120          EFLO
Converse                                      NO PP                 N                                 0          EFLO
Emerald Isle                                  NO PP                 Y                               120          EFLO
Crowley                                       3Y PP                 N                                 0          EFLO
Saint Petersburg                              NO PP                 N                                 0          EFLO
Derby                                         NO PP                 N                                 0          EFLO
Washington                                    NO PP                 N                                 0          EFLO
PERRYVILLE                                    NO PP                 N                                 0          EFLO
Waukegan                                      NO PP                 N                                 0          EFLO
Wilmington                                    NO PP                 N                                 0          EFLO
Charlotte                                     NO PP                 N                                 0          EFLO
Lebanon                                       NO PP                 N                                 0          EFLO
Denver                                        NO PP                 N                                 0          EFLO
Raynham                                       NO PP                 N                                 0          EFLO
San Antonio                                   3Y PP                 N                                 0          EFLO
Freedom                                       NO PP                 N                                 0          EFLO
San Antonio                                   3Y PP                 N                                 0          EFLO
Chicopee                                      NO PP                 N                                 0          EFLO
Pleasant View                                 NO PP                 Y                               120          EFLO
SULLIVAN                                      NO PP                 N                                 0          EFLO
Weymouth                                      NO PP                 Y                               120          EFLO
Charlotte                                     NO PP                 N                                 0          EFLO
Dorchester                                    NO PP                 Y                               120          EFLO
Matthews                                      NO PP                 Y                               120          EFLO
Elkton                                        NO PP                 N                                 0          EFLO
SAN ANTONIO                                   NO PP                 N                                 0          EFLO
Assonet                                       NO PP                 Y                               120          EFLO
Brewer                                        NO PP                 N                                 0          EFLO
Mashpee                                       NO PP                 N                                 0          EFLO
GOSHEN                                        3Y PP                 N                                 0          EFLO
TULARE                                        3Y PP                 N                                 0          EFLO
VISALIA                                       3Y PP                 N                                 0          EFLO
FRESNO                                        3Y PP                 N                                 0          EFLO
Las Vegas                                     3Y PP                 N                                 0          EFLO
Las Vegas                                     3Y PP                 N                                 0          EFLO
MURRIETA                                      3Y PP                 Y                               120          EFLO
Maineville                                    3Y PP                 Y                               120          EFLO
HAGERSTOWN                                    NO PP                 N                                 0          EFLO
CHARLOTTESVILLE                               NO PP                 Y                               120          EFLO
LAUREL                                        NO PP                 Y                               120          EFLO
CHARLOTTESVILLE                               NO PP                 Y                               120          EFLO
CHARLOTTESVILLE                               3Y PP                 N                                 0          EFLO
CHARLOTTESVILLE                               NO PP                 N                                 0          EFLO
CHARLOTTESVILLE                               3Y PP                 Y                               120          EFLO
WICHITA                                       NO PP                 Y                               120          EFLO
CHARLOTTESVILLE                               NO PP                 Y                               120          EFLO
Charlottesville                               NO PP                 Y                               120          EFLO
Washington                                    3Y PP                 Y                               120          EFLO
CHARLOTTESVILLE                               3Y PP                 Y                               120          EFLO
MIAMI                                         3Y PP                 Y                               120          EFLO
WICHITA                                       NO PP                 Y                               120          EFLO
VIENNA                                        NO PP                 N                                 0          EFLO
Temple                                        3Y PP                 N                                 0          EFLO
Myrtle Beach                                  3Y PP                 Y                               120          EFLO
Macon                                         NO PP                 Y                               120          EFLO
Jacksonville                                  3Y PP                 Y                               120          EFLO
San Bernardino                                3Y PP                 Y                               120          EFLO
Grand Rapids                                  NO PP                 N                                 0          EFLO
Weatherford                                   3Y PP                 Y                               120          EFLO
Grand Rapids                                  NO PP                 N                                 0          EFLO
Myrtle Beach                                  NO PP                 Y                               120          EFLO
Elkmont                                       NO PP                 N                                 0          EFLO
Kansas City                                   NO PP                 N                                 0          EFLO
Miami                                         NO PP                 N                                 0          EFLO
Macon                                         NO PP                 Y                               120          EFLO
Rochester                                     NO PP                 N                                 0          EFLO
Saint Augustine                               3Y PP                 N                                 0          EFLO
Riverside Area                                NO PP                 Y                                60          EFLO
SOUTH LAKE TAHOE                              3Y PP                 N                                 0          EFLO
BELL                                          NO PP                 N                                 0          EFLO
PICO RIVERA                                   NO PP                 N                                 0          EFLO
KOLOA                                         3Y PP                 Y                                60          EFLO
CASA GRANDE                                   NO PP                 N                                 0          EFLO
SHOREVIEW                                     NO PP                 N                                 0          EFLO
POMONA                                        NO PP                 Y                               120          EFLO
SANTA ANA                                     NO PP                 Y                               120          EFLO
N LAS VEGAS                                   3Y PP                 Y                               120          EFLO
HENDERSON                                     NO PP                 Y                               120          EFLO
MIDWAY CITY                                   NO PP                 N                                 0          EFLO
REDLANDS                                      3Y PP                 Y                               120          EFLO
Bay Shore                                     NO PP                 Y                               120          EFLO
Clifton                                       NO PP                 Y                               120          EFLO
East Elmhurst                                 3Y PP                 N                                 0          EFLO
North Bergen                                  NO PP                 Y                               120          EFLO
West Orange                                   NO PP                 Y                               120          EFLO
Jamaica                                       3Y PP                 N                                 0          EFLO
Passaic                                       NO PP                 Y                               120          EFLO
Far Rockaway                                  NO PP                 N                                 0          EFLO
Hyattsville                                   NO PP                 Y                               120          EFLO
Hyattsville                                   NO PP                 Y                               120          EFLO
Hyattsville                                   NO PP                 N                                 0          EFLO
Hahira                                        NO PP                 Y                               120          EFLO
Coral Springs                                 3Y PP                 Y                               120          EFLO
Beulaville                                    NO PP                 N                                 0          EFLO
Columbus                                      5Y PP                 Y                               120          EFLO
Lake Oswego                                   3Y PP                 Y                               120          EFLO
WILLINGBORO                                   NO PP                 N                                 0          REPR
Minneapolis                                   2Y PP                 Y                               120          EFLO
DOVE CANYON                                   NO PP                 N                                 0          EFLO
VISALIA                                       3Y PP                 Y                               120          EFLO
SAN FRANCISCO                                 NO PP                 Y                               120          EFLO
Concord                                       NO PP                 N                                 0          EFLO
West New York                                 NO PP                 Y                               120          EFLO
LAS VEGAS                                     3Y PP                 N                                 0          EFLO
Miami                                         NO PP                 Y                               120          EFLO
Hialeah                                       NO PP                 Y                               120          EFLO
Tampa                                         NO PP                 Y                               120          EFLO
Melbourne                                     NO PP                 Y                               120          EFLO
Miami Beach                                   NO PP                 N                                 0          EFLO
MIAMI                                         NO PP                 Y                               120          EFLO
LOS ANGELES                                   3Y PP                 N                                 0          EFLO
MILPITAS                                      6M PP                 N                                 0          EFLO
GREENFIELD                                    6M PP                 N                                 0          EFLO
SANTA ANA                                     6M PP                 N                                 0          EFLO
SAN JOSE                                      6M PP                 Y                               120          EFLO
ORANGE PARK                                   1Y PP                 Y                               120          EFLO
Columbia                                      1Y PP                 N                                 0          EFLO
Savannah                                      1Y PP                 N                                 0          EFLO
Jacksonville                                  1Y PP                 N                                 0          EFLO
Jacksonville                                  1Y PP                 N                                 0          EFLO
Jacksonville                                  1Y PP                 Y                               120          EFLO
Baltimore                                     1Y PP                 N                                 0          EFLO
Easley                                        NO PP                 N                                 0          EFLO
Mount Pleasant                                1Y PP                 N                                 0          EFLO
BRISTOW                                       NO PP                 Y                               120          EFLO
CULPEPER                                      NO PP                 Y                               120          EFLO
QUEEN CREEK                                   NO PP                 Y                               120          EFLO
UPPER MARLBORO                                NO PP                 N                                 0          EFLO
LAVEEN                                        NO PP                 N                                 0          EFLO
LANCASTER                                     NO PP                 Y                               120          EFLO
SURPRISE                                      NO PP                 Y                               120          EFLO
TEMECULA                                      NO PP                 Y                               120          EFLO
FAIRFIELD                                     NO PP                 Y                               120          EFLO
Ponte Vedra Beach                             NO PP                 N                                 0          EFLO
Davie                                         3Y PP                 N                                 0          EFLO
Kennesaw                                      3Y PP                 N                                 0          EFLO
Conyers                                       3Y PP                 N                                 0          EFLO
Orlando                                       NO PP                 N                                 0          EFLO
Covington                                     3Y PP                 N                                 0          EFLO
Davie                                         3Y PP                 N                                 0          EFLO
Milner                                        3Y PP                 N                                 0          EFLO
Athens                                        3Y PP                 N                                 0          EFLO
Hoschton                                      3Y PP                 N                                 0          EFLO
Peachtree City                                NO PP                 N                                 0          EFLO
Pompano Beach                                 3Y PP                 N                                 0          EFLO
Pompano Beach                                 3Y PP                 N                                 0          EFLO
Atlanta                                       3Y PP                 N                                 0          EFLO
Lawrenceville                                 3Y PP                 N                                 0          EFLO
Boone                                         NO PP                 N                                 0          EFLO
Monroe                                        3Y PP                 N                                 0          EFLO
Stockbridge                                   3Y PP                 N                                 0          EFLO
Maitland                                      3Y PP                 N                                 0          EFLO
Lake Wylie                                    NO PP                 N                                 0          EFLO
Alpharetta                                    NO PP                 Y                               120          EFLO
Monroe                                        NO PP                 N                                 0          EFLO
Orlando                                       3Y PP                 N                                 0          EFLO
Jacksonville                                  3Y PP                 N                                 0          EFLO
Bradenton                                     3Y PP                 N                                 0          EFLO
Brandon                                       3Y PP                 N                                 0          EFLO
Dunedin                                       3Y PP                 N                                 0          EFLO
Tampa                                         NO PP                 N                                 0          EFLO
Marietta                                      3Y PP                 N                                 0          EFLO
Woodstock                                     3Y PP                 N                                 0          EFLO
Buford                                        NO PP                 Y                               120          EFLO
Stockbridge                                   3Y PP                 N                                 0          EFLO
Virginia Beach                                3Y PP                 Y                               120          EFLO
Cicero                                        NO PP                 Y                               120          EFLO
PALM BEACH GARDENS                            NO PP                 Y                               120          EFLO
ALEXANDRIA                                    NO PP                 Y                               120          EFLO
Roanoke                                       NO PP                 Y                               120          EFLO
Reisterstown                                  NO PP                 Y                               120          EFLO
MELBOURNE                                     3Y PP                 Y                               120          EFLO
SHERWOOD                                      3Y PP                 Y                               120          EFLO
BEDFORD                                       NO PP                 N                                 0          EFLO
Arlington                                     3Y PP                 Y                               120          EFLO
Glenn Dale                                    3Y PP                 Y                               120          EFLO
PALM BAY                                      NO PP                 Y                               120          EFLO
SAINT AUGUSTINE                               3Y PP                 Y                               120          EFLO
Lauderhill                                    3Y PP                 Y                               120          EFLO
BRENTWOOD                                     NO PP                 Y                               120          EFLO
Benicia                                       NO PP                 N                                 0          EFLO
ORLANDO                                       3Y PP                 Y                               120          EFLO
WEST BABYLON                                  NO PP                 N                                 0          EFLO
FREDERICK                                     NO PP                 N                                 0          EFLO
Oxnard                                        3Y PP                 Y                               120          EFLO
SAN BERNARDINO                                3Y PP                 N                                 0          EFLO
APPLE VALLEY                                  3Y PP                 Y                               120          EFLO
Gahanna                                       NO PP                 N                                 0          EFLO
COLUMBUS                                      NO PP                 N                                 0          EFLO
COLUMBUS                                      NO PP                 N                                 0          EFLO
Westerville                                   NO PP                 N                                 0          EFLO
Westerville                                   NO PP                 N                                 0          EFLO
COLUMBUS                                      NO PP                 N                                 0          EFLO
Salt Lake City                                3Y PP                 Y                               120          EFLO
Park City                                     NO PP                 Y                               120          EFLO
MIDWAY                                        NO PP                 N                                 0          EFLO
Park City                                     NO PP                 Y                               120          EFLO
Oradell                                       3Y PP                 N                                 0          EFLO
KALAMAZOO                                     NO PP                 N                                 0          EFLO
Union                                         NO PP                 Y                               120          EFLO
Zellwood                                      NO PP                 N                                 0          EFLO
Delray Beach                                  NO PP                 Y                               120          EFLO
Gainesville                                   NO PP                 N                                 0          EFLO
Ocoee                                         3Y PP                 N                                 0          EFLO
Ocoee                                         NO PP                 Y                               120          EFLO
Temple Hills                                  NO PP                 N                                 0          EFLO
Glenwood                                      NO PP                 Y                               120          EFLO
Bowie                                         NO PP                 Y                               120          EFLO
Villa Rica                                    NO PP                 Y                               120          EFLO
Deland                                        NO PP                 N                                 0          EFLO
Wesley Chapel                                 NO PP                 Y                               120          EFLO
Newport News                                  NO PP                 N                                 0          EFLO
Baltimore                                     NO PP                 Y                               120          EFLO
Washington                                    NO PP                 Y                               120          EFLO
Maitland                                      NO PP                 Y                               120          EFLO
Rosemount                                     3Y PP                 N                                 0          EFLO
Minneapolis                                   3Y PP                 Y                               120          EFLO
WILLIS                                        3Y PP                 N                                 0          EFLO
Houston                                       3Y PP                 N                                 0          EFLO
HILO                                          6M PP                 Y                               120          EFLO
SANTA ROSA                                    3Y PP                 N                                 0          EFLO
LEWISVILLE                                    3Y PP                 N                                 0          EFLO
Harahan                                       3Y PP                 N                                 0          EFLO
LUBBOCK                                       3Y PP                 N                                 0          EFLO
THE WOODLANDS                                 3Y PP                 N                                 0          EFLO
DESOTO                                        3Y PP                 N                                 0          EFLO
BATON ROUGE                                   3Y PP                 N                                 0          EFLO
GREEN BAY                                     3Y PP                 N                                 0          EFLO
LEWISVILLE                                    3Y PP                 N                                 0          EFLO
WILLIS                                        3Y PP                 N                                 0          EFLO
RACINE                                        3Y PP                 N                                 0          EFLO
Houston                                       3Y PP                 N                                 0          EFLO
LEWISVILLE                                    3Y PP                 N                                 0          EFLO
The Woodlands                                 3Y PP                 N                                 0          EFLO
LEAGUE CITY                                   3Y PP                 N                                 0          EFLO
DURHAM                                        NO PP                 N                                 0          EFLO
PEARLAND                                      3Y PP                 N                                 0          EFLO
OCEAN SPRINGS                                 3Y PP                 N                                 0          EFLO
Spring                                        3Y PP                 N                                 0          EFLO
JONESBOROUGH                                  NO PP                 N                                 0          EFLO
Fountain Valley                               NO PP                 N                                 0          EFLO
San Gabriel                                   3Y PP                 N                                 0          EFLO
MESA                                          3Y PP                 N                                 0          EFLO
Phoenix                                       NO PP                 N                                 0          EFLO
Peoria                                        NO PP                 Y                               120          EFLO
SUMMIT                                        NO PP                 N                                 0          EFLO
Bourbonnais                                   NO PP                 N                                 0          EFLO
Northbrook                                    NO PP                 N                                 0          EFLO
Franklin                                      NO PP                 N                                 0          EFLO
Osakis                                        NO PP                 Y                               120          EFLO
Coon Rapids                                   NO PP                 N                                 0          EFLO
ST LOUIS                                      NO PP                 N                                 0          EFLO
CONWAY                                        3Y PP                 N                                 0          EFLO
LONGVIEW                                      NO PP                 N                                 0          EFLO
DALLAS                                        3Y PP                 N                                 0          EFLO
JACKSONVILLE                                  3Y PP                 Y                               120          EFLO
LONGVIEW                                      NO PP                 N                                 0          EFLO
LONGVIEW                                      NO PP                 N                                 0          EFLO
DALLAS                                        3Y PP                 N                                 0          EFLO
TYLER                                         3Y PP                 N                                 0          EFLO
AZLE                                          3Y PP                 N                                 0          EFLO
JACKSONVILLE                                  3Y PP                 Y                               120          EFLO
JACKSONVILLE                                  3Y PP                 Y                               120          EFLO
HOUSTON                                       3Y PP                 N                                 0          EFLO
Bloomington                                   NO PP                 N                                 0          EFLO
Silverthorne                                  3Y PP                 N                                 0          EFLO
Boulder                                       NO PP                 Y                               120          EFLO
Haiku                                         NO PP                 Y                               120          EFLO
Parker                                        NO PP                 N                                 0          EFLO
Philadelphia                                  3Y PP                 N                                 0          EFLO
Long Beach                                    6M PP                 Y                               120          EFLO
Los Angeles                                   3Y PP                 Y                               120          EFLO
Los Angeles                                   3Y PP                 Y                               120          EFLO
New Preston Marble Dale                       6M PP                 Y                               120          EFLO
Riverside                                     6M PP                 Y                               120          EFLO
Santa Barbara                                 6M PP                 Y                               120          EFLO
Tarzana                                       6M PP                 Y                               120          EFLO
Arlington                                     3Y PP                 N                                 0          EFLO
Los Angeles                                   6M PP                 Y                               120          EFLO
Pebble Beach                                  6M PP                 N                                 0          EFLO
Merrimac                                      NO PP                 N                                 0          EFLO
Kansas City                                   5Y PP                 N                                 0          EFLO
Staten Island                                 NO PP                 N                                 0          EFLO
Venice                                        6M PP                 Y                               120          EFLO
Stockton                                      NO PP                 Y                               120          EFLO
San Diego                                     3Y PP                 Y                               120          EFLO
Orlando                                       3Y PP                 Y                               120          EFLO
Ocean Springs                                 NO PP                 Y                               120          EFLO
Ventura                                       6M PP                 N                                 0          EFLO
Albuquerque                                   NO PP                 Y                               120          EFLO
Phoenix                                       3Y PP                 N                                 0          EFLO
La Quinta                                     NO PP                 Y                               120          EFLO
Stevensville                                  3Y PP                 N                                 0          EFLO
San Diego                                     3Y PP                 Y                               120          EFLO
Palos Verdes Peninsula                        6M PP                 N                                 0          EFLO
Delray Beach                                  6M PP                 N                                 0          EFLO
Indian Orchard                                NO PP                 N                                 0          EFLO
Cashiers Townshi[p                            NO PP                 N                                 0          EFLO
Las Vegas                                     3Y PP                 N                                 0          EFLO
Niles                                         3Y PP                 N                                 0          EFLO
Glendale                                      NO PP                 Y                               120          EFLO
Palmdale                                      NO PP                 Y                               120          EFLO
Anaheim                                       6M PP                 N                                 0          EFLO
Phelan                                        3Y PP                 N                                 0          EFLO
Pearl City                                    NO PP                 Y                               120          EFLO
Long Beach                                    3Y PP                 Y                               120          EFLO
Brockton                                      NO PP                 N                                 0          EFLO
Dallas                                        3Y PP                 Y                               120          EFLO
Rockville                                     NO PP                 Y                               120          EFLO
Ocala                                         3Y PP                 N                                 0          EFLO
Chesterfield                                  NO PP                 Y                                60          EFLO
Cypress                                       NO PP                 N                                 0          EFLO
Dallas                                        3Y PP                 N                                 0          EFLO
CAIRO                                         3Y PP                 N                                 0          EFLO
Laredo                                        3Y PP                 N                                 0          EFLO
Tallahassee                                   NO PP                 Y                               120          EFLO
Houston                                       NO PP                 N                                 0          EFLO
Saint Louis                                   NO PP                 N                                 0          EFLO
KANKAKEE                                      NO PP                 N                                 0          EFLO
Palm Bay                                      NO PP                 Y                                60          EFLO
Katy                                          NO PP                 N                                 0          EFLO
Bryan                                         3Y PP                 N                                 0          EFLO
DALLAS                                        NO PP                 N                                 0          EFLO
Crystal City                                  3Y PP                 N                                 0          EFLO
Oklahoma City                                 NO PP                 N                                 0          EFLO
RINGGOLD                                      NO PP                 Y                               120          EFLO
Jacksonville                                  NO PP                 N                                 0          EFLO
Summerville                                   NO PP                 N                                 0          EFLO
Jacksonville                                  NO PP                 N                                 0          EFLO
Nashville                                     NO PP                 N                                 0          EFLO
Tulsa                                         NO PP                 N                                 0          EFLO
Kennesaw                                      NO PP                 Y                               120          EFLO
Kennesaw                                      NO PP                 Y                               120          EFLO
Flagler Beach                                 3Y PP                 Y                               120          EFLO
Orlando                                       1Y PP                 Y                               120          EFLO
Ft Lauderdale                                 NO PP                 N                                 0          EFLO
LONG BEACH TOWNSHIP                           NO PP                 Y                               120          EFLO
Ball Ground                                   NO PP                 N                                 0          EFLO
LINCOLN                                       NO PP                 N                                 0          CNDU
HARRISON                                      NO PP                 N                                 0          CNDU
MERIDIAN                                      NO PP                 N                                 0          CNDU
CHICAGO                                       NO PP                 N                                 0          CNDU
BALTIMORE                                     NO PP                 N                                 0          CNDU
MADISON                                       NO PP                 N                                 0          CNDU
GLENDALE                                      NO PP                 N                                 0          CNDU
NORTH BERGEN                                  NO PP                 N                                 0          REPR
LAKEWOOD                                      NO PP                 N                                 0          CNDU
BELLEVILLE                                    NO PP                 N                                 0          CNDU
NEW CASTLE                                    NO PP                 N                                 0          CNDU
Tolleson                                      6M PP                 Y                               120          EFLO
Thornton                                      6M PP                 Y                               120          EFLO
Los Angeles                                   NO PP                 Y                               120          EFLO
Lancaster                                     NO PP                 Y                               120          EFLO
ESCONDIDO                                     3Y PP                 Y                               120          REPR
Broken Arrow                                  3Y PP                 N                                 0          EFLO
Jacksonville                                  3Y PP                 N                                 0          EFLO
Benton                                        3Y PP                 N                                 0          EFLO
Broken Arrow                                  3Y PP                 N                                 0          EFLO
Broken Arrow                                  3Y PP                 N                                 0          EFLO
Philadelphia                                  3Y PP                 N                                 0          EFLO
Broken Arrow                                  3Y PP                 N                                 0          EFLO
Broken Arrow                                  3Y PP                 N                                 0          EFLO
Garden Grove                                  NO PP                 N                                 0          EFLO
Sacramento                                    NO PP                 Y                                60          EFLO
Bakersfield                                   NO PP                 N                                 0          EFLO
Gulfport                                      NO PP                 Y                               120          EFLO
kyle                                          NO PP                 N                                 0          EFLO
Shreveport                                    NO PP                 Y                               120          EFLO
Lakewood                                      NO PP                 N                                 0          EFLO
akron                                         NO PP                 Y                               120          EFLO
portland                                      NO PP                 N                                 0          EFLO
conley                                        NO PP                 N                                 0          EFLO
santa fe                                      NO PP                 Y                               120          EFLO
yers                                          NO PP                 N                                 0          EFLO
Cleveland                                     NO PP                 N                                 0          EFLO
houston                                       NO PP                 N                                 0          EFLO
gresham                                       NO PP                 Y                               120          EFLO
houston                                       NO PP                 N                                 0          EFLO
post falls                                    NO PP                 Y                               120          EFLO
houston                                       NO PP                 N                                 0          EFLO
cleveland                                     NO PP                 N                                 0          EFLO
independence                                  NO PP                 N                                 0          EFLO
AKRON                                         NO PP                 Y                               120          EFLO
richmond                                      NO PP                 N                                 0          EFLO
akron                                         NO PP                 Y                               120          EFLO
fort meyers                                   NO PP                 N                                 0          EFLO
Cleveland                                     NO PP                 N                                 0          EFLO
cleveland                                     NO PP                 N                                 0          EFLO
CHELSEA                                       NO PP                 N                                 0          EFLO
SPRING                                        NO PP                 Y                               120          EFLO
Fountain                                      NO PP                 Y                               120          EFLO
Arvada                                        NO PP                 Y                               120          EFLO
Denver                                        NO PP                 Y                               120          EFLO
Hillsborough                                  NO PP                 Y                               120          EFLO
BEALETON                                      NO PP                 Y                               120          EFLO
WEST CHESTER                                  NO PP                 Y                               120          EFLO
RISING SUN                                    NO PP                 Y                               120          EFLO
LUMBERTON                                     NO PP                 Y                               120          EFLO
PITTSTOWN                                     NO PP                 N                                 0          EFLO
ELLICOTT CITY                                 NO PP                 Y                               120          EFLO
Sacramento                                    7M PP                 N                                 0          EFLO
Oakland                                       7M PP                 N                                 0          EFLO
Tallahassee                                   3Y PP                 Y                               120          EFLO
Orlando                                       3Y PP                 N                                 0          EFLO
Tampa                                         3Y PP                 Y                               120          EFLO
Gilbert                                       NO PP                 Y                               120          EFLO
Surprise                                      6M PP                 Y                               120          EFLO
Mesa                                          NO PP                 Y                               120          EFLO
Pottstown                                     NO PP                 N                                 0          EFLO
Collegeville                                  NO PP                 N                                 0          EFLO
Hastings                                      1Y PP                 Y                               120          EFLO
Washington                                    3Y PP                 Y                               120          EFLO
COVINGTON                                     NO PP                 N                                 0          EFLO
LAKELAND                                      NO PP                 Y                               120          EFLO
UNION CITY                                    NO PP                 Y                               120          EFLO
Dallas                                        NO PP                 N                                 0          EFLO
GRIFFIN                                       NO PP                 Y                               120          EFLO
Suwanee                                       NO PP                 N                                 0          EFLO
AUSTELL                                       NO PP                 N                                 0          EFLO
Hampton                                       NO PP                 Y                               120          EFLO
EUHARLEE                                      NO PP                 Y                               120          EFLO
MARIETTA                                      NO PP                 Y                               120          EFLO
DECATUR                                       NO PP                 Y                               120          EFLO
UNION CITY                                    NO PP                 Y                               120          EFLO
KENNESAW                                      NO PP                 N                                 0          EFLO
VILLA RICA                                    NO PP                 Y                               120          EFLO
TEMPLE                                        NO PP                 Y                               120          EFLO
Dallas                                        NO PP                 Y                               120          EFLO
MCDONOUGH                                     NO PP                 N                                 0          EFLO
Riverdale                                     NO PP                 N                                 0          EFLO
CANTON                                        NO PP                 N                                 0          EFLO
NORCROSS                                      NO PP                 Y                               120          EFLO
SNELLVILLE                                    NO PP                 Y                               120          EFLO
SUGAR HILL                                    NO PP                 Y                               120          EFLO
McDonough                                     NO PP                 Y                               120          EFLO
JONESBORO                                     NO PP                 Y                               120          EFLO
COLLEGE PARK                                  NO PP                 Y                               120          EFLO
JONESBORO                                     NO PP                 Y                               120          EFLO
HIRAM                                         NO PP                 Y                               120          EFLO
HAMPTON                                       NO PP                 Y                               120          EFLO
NORCROSS                                      NO PP                 Y                               120          EFLO
FAIRBURN                                      NO PP                 N                                 0          EFLO
DACULA                                        NO PP                 Y                               120          EFLO
Hartwell                                      NO PP                 N                                 0          EFLO
Lithia Springs                                NO PP                 N                                 0          EFLO
Powder Springs                                NO PP                 Y                               120          EFLO
RIVERDALE                                     NO PP                 Y                               120          EFLO
ACWORTH                                       NO PP                 Y                               120          EFLO
CANTON                                        NO PP                 N                                 0          EFLO
CARTERSVILLE                                  NO PP                 Y                               120          EFLO
KINGSTON                                      NO PP                 Y                               120          EFLO
MANHATTAN BEACH                               NO PP                 Y                               120          EFLO
GARDEN GROVE                                  3Y PP                 N                                 0          EFLO
WASHINGTON                                    NO PP                 N                                 0          EFLO
SAN PEDRO                                     NO PP                 N                                 0          EFLO
LAS VEGAS                                     NO PP                 N                                 0          EFLO
VAN NUYS                                      NO PP                 Y                               120          EFLO
PALOS VERDES ESTATES                          NO PP                 Y                               120          EFLO
INGLEWOOD                                     NO PP                 N                                 0          EFLO
PINEHURST                                     NO PP                 Y                               120          EFLO
GARDEN GROVE                                  NO PP                 N                                 0          EFLO
NORWALK                                       NO PP                 N                                 0          EFLO
Las Vegas                                     NO PP                 N                                 0          EFLO
CRANBERRY TWP                                 NO PP                 N                                 0          EFLO
RIVERSIDE                                     NO PP                 N                                 0          EFLO
Rialto                                        NO PP                 N                                 0          EFLO
CORAL GABLES                                  NO PP                 N                                 0          EFLO
PHILADELPHIA                                  3Y PP                 N                                 0          EFLO
YUCAIPA                                       NO PP                 N                                 0          EFLO
REDONDO BEACH                                 NO PP                 N                                 0          EFLO
MIAMI                                         NO PP                 N                                 0          EFLO
RED BLUFF                                     NO PP                 N                                 0          EFLO
REDONDO BEACH                                 NO PP                 Y                               120          EFLO
Los Angeles                                   NO PP                 N                                 0          EFLO
NEWTON                                        NO PP                 N                                 0          EFLO
ETIWANDA                                      NO PP                 Y                               120          EFLO
Hilaleah                                      NO PP                 N                                 0          EFLO
LAS VEGAS                                     NO PP                 N                                 0          EFLO
LOS ANGELES                                   NO PP                 N                                 0          EFLO
FOUNTAIN VALLEY                               NO PP                 Y                               120          EFLO
GALENA                                        NO PP                 N                                 0          EFLO
MEDINA                                        NO PP                 N                                 0          EFLO
ONTARIO                                       NO PP                 N                                 0          EFLO
CHICAGO                                       NO PP                 N                                 0          EFLO
Rolling Meadows                               NO PP                 N                                 0          EFLO
Head Of The Harbor                            NO PP                 N                                 0          EFLO
SAINT LOUIS                                   NO PP                 N                                 0          EFLO
Saint Louis                                   3Y PP                 N                                 0          EFLO
Dallas                                        3Y PP                 N                                 0          EFLO
LOUISVILLE                                    3Y PP                 N                                 0          EFLO
DALLAS                                        NO PP                 N                                 0          EFLO
Houston                                       2Y PP                 N                                 0          EFLO
HOUSTON                                       NO PP                 Y                               120          EFLO
Fort Worth                                    3Y PP                 Y                               120          EFLO
Denton                                        3Y PP                 N                                 0          EFLO
Louisville                                    NO PP                 N                                 0          EFLO
Weatherford                                   3Y PP                 N                                 0          EFLO
HOUSTON                                       NO PP                 Y                               120          EFLO
Gunter                                        3Y PP                 N                                 0          EFLO
Louisville                                    3Y PP                 N                                 0          EFLO
HOUSTON                                       NO PP                 Y                               120          EFLO
Louisville                                    3Y PP                 N                                 0          EFLO
Bowling Green                                 3Y PP                 N                                 0          EFLO
DENTON                                        3Y PP                 N                                 0          EFLO
Valrico                                       3Y PP                 Y                               120          EFLO
Gahanna                                       3Y PP                 Y                               120          EFLO
GILLESPIE                                     NO PP                 Y                               120          EFLO
Krum                                          NO PP                 N                                 0          EFLO
WARSAW                                        NO PP                 N                                 0          EFLO
Sanger                                        NO PP                 N                                 0          EFLO
Cahokia                                       NO PP                 N                                 0          EFLO
Cahokia                                       NO PP                 N                                 0          EFLO
Cahokia                                       NO PP                 N                                 0          EFLO
Stephenville                                  NO PP                 N                                 0          EFLO
Lewisville                                    3Y PP                 N                                 0          EFLO
Little Elm                                    3Y PP                 N                                 0          EFLO
Itasca                                        3Y PP                 N                                 0          EFLO
Alvarado                                      NO PP                 N                                 0          EFLO
NORWALK                                       NO PP                 N                                 0          EFLO
burlingame                                    3Y PP                 Y                               120          EFLO
Chattanooga                                   NO PP                 Y                               120          EFLO
Cumming                                       NO PP                 Y                               120          EFLO
Elberta                                       NO PP                 N                                 0          EFLO
Mt Pleasant                                   NO PP                 Y                               120          EFLO
Dallas                                        NO PP                 Y                               120          EFLO
Yulee                                         NO PP                 Y                               120          EFLO
Kennesaw                                      NO PP                 Y                               120          EFLO
Chelsea                                       NO PP                 Y                               120          EFLO
Atlanta                                       NO PP                 Y                               120          EFLO
Gainesville                                   NO PP                 Y                               120          EFLO
Gulf Shores                                   NO PP                 Y                               120          EFLO
RANCHO CUCAMONGA                              NO PP                 N                                 0          EFLO
APPLE VALLEY                                  NO PP                 Y                               120          EFLO
BAKERSFIELD                                   NO PP                 Y                               120          EFLO
ROSEVILLE                                     NO PP                 N                                 0          EFLO
LANCASTER                                     NO PP                 N                                 0          EFLO
APPLE VALLEY                                  NO PP                 N                                 0          EFLO
HOUSTON                                       NO PP                 N                                 0          EFLO
DENTON                                        NO PP                 Y                               120          EFLO
JACKSONVILLE                                  NO PP                 Y                               120          EFLO
NORTH LAS VEGAS                               NO PP                 Y                               120          EFLO
LAS VEGAS                                     NO PP                 Y                               120          EFLO
NAPLES                                        NO PP                 N                                 0          EFLO
ORLANDO                                       NO PP                 Y                               120          EFLO
NORTH LAS VEGAS                               NO PP                 Y                               120          EFLO
RIVERVIEW                                     NO PP                 N                                 0          EFLO
JACKSONVILLE                                  NO PP                 N                                 0          EFLO
LAS VEGAS                                     NO PP                 N                                 0          EFLO
Caldwell                                      3Y PP                 N                                 0          EFLO
Muskogee                                      NO PP                 N                                 0          EFLO
Caldwell                                      3Y PP                 N                                 0          EFLO
Colorado Springs                              3Y PP                 Y                               120          EFLO
WEST JORDAN                                   NO PP                 N                                 0          EFLO
COLORADO SPRINGS                              3Y PP                 N                                 0          EFLO
WEST VALLEY CITY                              NO PP                 Y                               120          EFLO
SAINT GEORGE                                  NO PP                 N                                 0          EFLO
Roosevelt                                     3Y PP                 N                                 0          EFLO
Aurora                                        3Y PP                 Y                               120          EFLO
EAGLE MOUNTAIN                                NO PP                 Y                               120          EFLO
Norwich                                       3Y PP                 N                                 0          EFLO
Temecula                                      3Y PP                 Y                               120          EFLO
Murrieta                                      3Y PP                 N                                 0          EFLO
Murrieta                                      3Y PP                 Y                               120          EFLO
SPRINGFIELD                                   NO PP                 N                                 0          EFLO
SOUTHBRIDGE                                   NO PP                 Y                               120          EFLO
MANCHESTER                                    NO PP                 N                                 0          EFLO
Lebanon                                       3Y PP                 N                                 0          EFLO
Roseville                                     NO PP                 N                                 0          EFLO
Westminster                                   NO PP                 N                                 0          EFLO
Norcross                                      NO PP                 N                                 0          EFLO
Henryetta                                     3Y PP                 N                                 0          EFLO
Wichita                                       NO PP                 N                                 0          EFLO
Humble                                        3Y PP                 N                                 0          EFLO
Detroit                                       3Y PP                 N                                 0          EFLO
Williamsburg                                  NO PP                 N                                 0          EFLO
Columbia                                      NO PP                 N                                 0          EFLO
Canton                                        NO PP                 N                                 0          EFLO
Garland                                       NO PP                 N                                 0          EFLO
Newark                                        NO PP                 Y                               120          EFLO
Littleton                                     NO PP                 Y                               120          EFLO
Santa Monica                                  NO PP                 N                                 0          EFLO
SCOTTSDALE                                    NO PP                 Y                               120          EFLO
COLUMBIA                                      3Y PP                 Y                               120          EFLO
THOUSAND OAKS                                 3Y PP                 N                                 0          EFLO
Chino                                         NO PP                 Y                               120          EFLO
Apple Valley                                  NO PP                 Y                               120          EFLO
TUSTIN                                        NO PP                 N                                 0          REPR
APPLE VALLEY                                  NO PP                 Y                               120          REPR
APPLE VALLEY                                  NO PP                 Y                               120          REPR
PLEASANT HILL                                 NO PP                 N                                 0          REPR
QUARTZ HILL ARE                               3Y PP                 N                                 0          REPR
LOS ANGELES                                   3Y PP                 N                                 0          CNDU
Williamsburg                                  NO PP                 Y                               120          EFLO
Ft Washington                                 NO PP                 Y                               120          EFLO
Lynchburg                                     NO PP                 N                                 0          EFLO
College Park                                  6M PP                 N                                 0          EFLO
College Park                                  6M PP                 Y                               120          EFLO
Monroe                                        6M PP                 N                                 0          EFLO
Marietta                                      6M PP                 N                                 0          EFLO
Union City                                    NO PP                 Y                               120          EFLO
Phoenix                                       3Y PP                 N                                 0          EFLO
El Mirage                                     3Y PP                 Y                               120          EFLO
Show Low                                      NO PP                 N                                 0          EFLO
North Las Vegas                               NO PP                 N                                 0          EFLO
Colorado Springs                              3Y PP                 Y                               120          EFLO
Shawnee                                       3Y PP                 N                                 0          EFLO
Shawnee                                       3Y PP                 N                                 0          EFLO
Long Beach                                    3Y PP                 Y                               120          EFLO
Fort Worth                                    3Y PP                 N                                 0          EFLO
Federal Way                                   3Y PP                 Y                               120          EFLO
ALBUQUERQUE                                   NO PP                 Y                               120          EFLO
PHOENIX                                       NO PP                 Y                               120          EFLO
SCOTTSDALE                                    NO PP                 Y                               120          EFLO
SAN LUIS                                      NO PP                 Y                               120          EFLO
PHOENIX                                       1Y PP                 Y                               120          EFLO
Glendale                                      NO PP                 N                                 0          EFLO
Phoenix                                       NO PP                 N                                 0          EFLO
QUEEN CREEK                                   1Y PP                 Y                               120          EFLO
Albuquerque                                   NO PP                 Y                               120          EFLO
ALBUQUERQUE                                   NO PP                 Y                               120          EFLO
Salisbury                                     NO PP                 Y                               120          EFLO
Winston Salem                                 NO PP                 Y                               120          EFLO
Winston Salem                                 NO PP                 Y                               120          EFLO
Conyers                                       NO PP                 N                                 0          EFLO
Winston                                       NO PP                 N                                 0          EFLO
Winston Salem                                 NO PP                 Y                               120          EFLO
Hoschton                                      NO PP                 Y                               120          EFLO
Mckinney                                      NO PP                 N                                 0          EFLO
Allen                                         NO PP                 Y                               120          EFLO
Arlington                                     NO PP                 Y                               120          EFLO
Mckinney                                      NO PP                 N                                 0          EFLO
Lewisville                                    NO PP                 Y                               120          EFLO
Kimberly                                      NO PP                 N                                 0          EFLO
Kiawah Island                                 NO PP                 N                                 0          EFLO
CONYERS                                       NO PP                 N                                 0          EFLO
BRUNSWICK                                     NO PP                 N                                 0          EFLO
COLUMBUS                                      NO PP                 N                                 0          CNDU
KISSIMMEE                                     3Y PP                 N                                 0          CNDU
ORLANDO                                       3Y PP                 N                                 0          CNDU
CHARLOTTE                                     NO PP                 N                                 0          CNDU
WAYCROSS                                      3Y PP                 N                                 0          CNDU
CHARLOTTE                                     NO PP                 N                                 0          CNDU
PITTSBURGH                                    NO PP                 N                                 0          CNDU
ORLANDO                                       3Y PP                 N                                 0          CNDU
JACKSONVILLE                                  3Y PP                 N                                 0          CNDU
GOOSE CREEK                                   NO PP                 N                                 0          CNDU
SATELLITE BEACH                               3Y PP                 N                                 0          CNDU
TAMPA                                         3Y PP                 N                                 0          CNDU
DUMFRIES                                      NO PP                 Y                               120          CNDU
BOYCE                                         3Y PP                 N                                 0          CNDU
WEST PALM BEACH                               3Y PP                 N                                 0          CNDU
OGDEN                                         3Y PP                 N                                 0          CNDU
FAIRFAX STATION                               3Y PP                 N                                 0          CNDU
SAGINAW                                       NO PP                 N                                 0          CNDU
PEORIA                                        NO PP                 Y                               120          CNDU
KISSIMMEE                                     NO PP                 N                                 0          CNDU
WAXHAW                                        NO PP                 N                                 0          CNDU
SCOTTSDALE                                    NO PP                 Y                               120          CNDU
NORTH PORT                                    3Y PP                 N                                 0          CNDU
JASPER                                        3Y PP                 Y                               120          CNDU
STATESBORO                                    3Y PP                 N                                 0          CNDU
TAMPA                                         3Y PP                 N                                 0          CNDU
BOULDER                                       3Y PP                 Y                               120          CNDU
ORLANDO                                       NO PP                 N                                 0          CNDU
NAPLES                                        3Y PP                 Y                               120          CNDU
Dover                                         3Y PP                 N                                 0          REPR
ORLANDO                                       3Y PP                 N                                 0          CNDU
Fitzgerald                                    3Y PP                 N                                 0          REPR
ORLANDO                                       5Y PP                 Y                               120          CNDU
CHARLOTTE                                     NO PP                 N                                 0          CNDU
PALM SPRINGS                                  3Y PP                 N                                 0          REPR
SUGAR HILL                                    3Y PP                 N                                 0          CNDU
HARTWELL                                      3Y PP                 N                                 0          CNDU
ORLANDO                                       NO PP                 N                                 0          CNDU
ALEXANDRIA                                    3Y PP                 N                                 0          CNDU
FREDRICKSBERG                                 3Y PP                 Y                               120          CNDU
CAMDEN WYOMING                                3Y PP                 N                                 0          CNDU
LOS ANGELES                                   3Y PP                 N                                 0          REPR
LAWRENCEVILLE                                 3Y PP                 Y                               120          CNDU
PITTSBURGH                                    NO PP                 N                                 0          CNDU
IRMO                                          3Y PP                 N                                 0          CNDU
KISSIMMEE                                     NO PP                 N                                 0          CNDU
NEWPORT NEWS                                  3Y PP                 N                                 0          CNDU
RALEIGH                                       NO PP                 N                                 0          CNDU
KISSIMMEE                                     NO PP                 N                                 0          CNDU
Miami                                         NO PP                 N                                 0          EFLO
Warren                                        NO PP                 N                                 0          EFLO
LANSING                                       NO PP                 Y                               120          EFLO
Aldan                                         NO PP                 Y                               120          EFLO
Phila                                         NO PP                 N                                 0          EFLO
Doylestown                                    NO PP                 N                                 0          EFLO
Lake Harmony                                  NO PP                 N                                 0          EFLO
Philadelphia                                  NO PP                 Y                               120          EFLO
Devon                                         NO PP                 Y                               120          EFLO
Dover                                         NO PP                 Y                               120          EFLO
Blackwood                                     NO PP                 N                                 0          EFLO
Bear                                          NO PP                 N                                 0          EFLO
Pleasantville                                 NO PP                 N                                 0          EFLO
Pleasantville                                 NO PP                 N                                 0          EFLO
Marcus Hook                                   NO PP                 N                                 0          EFLO
Pine Hill                                     NO PP                 N                                 0          EFLO
Fort Washington                               NO PP                 N                                 0          EFLO
Wilmington                                    NO PP                 Y                               120          EFLO
Philadelphia                                  NO PP                 N                                 0          EFLO
Norristown                                    NO PP                 N                                 0          EFLO
Wilmington                                    NO PP                 N                                 0          EFLO
WOOLRICH                                      NO PP                 Y                               120          EFLO
Wilmington                                    NO PP                 Y                               120          EFLO
Philadelphia                                  NO PP                 N                                 0          EFLO
MIRAMAR                                       3Y PP                 Y                               120          REPR
SAN DIEGO                                     NO PP                 Y                               120          EFLO
BELL GARDENS                                  6M PP                 Y                               120          EFLO
GRAND PRAIRIE                                 NO PP                 N                                 0          EFLO
NORFOLK                                       NO PP                 N                                 0          EFLO
VIRGINIA BCH                                  NO PP                 Y                               120          EFLO
JACKSONVILLE                                  NO PP                 Y                               120          EFLO
ST AUGUSTINE                                  NO PP                 Y                               120          EFLO
Monticello                                    NO PP                 Y                               120          EFLO
BALTIMORE                                     NO PP                 N                                 0          EFLO
VIRGINIA BEACH                                NO PP                 N                                 0          EFLO
DAVENPORT                                     NO PP                 Y                               120          EFLO
ATL                                           NO PP                 Y                               120          EFLO
Des Moines                                    NO PP                 N                                 0          EFLO
Stafford                                      NO PP                 Y                               120          EFLO
RICHMOND                                      NO PP                 N                                 0          EFLO
DECATUR                                       NO PP                 Y                               120          EFLO
Lenigh                                        NO PP                 N                                 0          EFLO
CEDAR RAPIDS                                  NO PP                 N                                 0          EFLO
HUXLEY                                        NO PP                 Y                               120          EFLO
Middletown                                    NO PP                 N                                 0          EFLO
MYRTLE BEACH                                  NO PP                 Y                               120          EFLO
BAYVIEW                                       NO PP                 Y                               120          EFLO
HOMER GLEN                                    NO PP                 N                                 0          EFLO
Chicago                                       NO PP                 N                                 0          EFLO
Phoenix                                       3Y PP                 Y                               120          EFLO
PHOENIX                                       NO PP                 Y                               120          EFLO
CHESAPEAKE                                    NO PP                 N                                 0          EFLO
PETERSBURG                                    3Y PP                 Y                               120          EFLO
NEWPORT NEWS                                  NO PP                 Y                               120          EFLO
Dallas                                        NO PP                 N                                 0          EFLO
FORT WORTH                                    NO PP                 N                                 0          EFLO
Plano                                         3Y PP                 N                                 0          EFLO
Plano                                         3Y PP                 Y                               120          EFLO
DALLAS                                        NO PP                 N                                 0          EFLO
PLANO                                         3Y PP                 Y                                60          EFLO
Hilton Head                                   NO PP                 Y                               120          EFLO
JERSEY CITY                                   NO PP                 N                                 0          REPR
LAKE WORTH                                    NO PP                 N                                 0          REPR
FRESNO                                        5Y PP                 N                                 0          REPR
SAVANNAH                                      NO PP                 N                                 0          REPR
DURHAM                                        NO PP                 N                                 0          CNDU
Spring                                        NO PP                 N                                 0          REPR
GREENSBORO                                    NO PP                 Y                               120          CNDU
TIVERTON                                      NO PP                 Y                               120          CNDU
CEDAR CITY                                    NO PP                 N                                 0          CNDU
SAVANNAH                                      NO PP                 N                                 0          CNDU
NORMAN                                        NO PP                 N                                 0          CNDU
CORCORAN                                      NO PP                 N                                 0          CNDU
MIDWEST CITY                                  NO PP                 N                                 0          CNDU
CARY                                          NO PP                 N                                 0          CNDU
CEDAR CITY                                    NO PP                 N                                 0          CNDU
HAWAIIAN GARDENS                              NO PP                 N                                 0          CNDU
MIDWEST CITY                                  NO PP                 N                                 0          CNDU
RICHMOND                                      NO PP                 N                                 0          CNDU
HENDERSON                                     5Y PP                 N                                 0          CNDU
CHARLOTTESVILLE                               5Y PP                 N                                 0          CNDU
FORT LAUDERDALE                               NO PP                 Y                               120          CNDU
TOLEDO                                        2Y PP                 N                                 0          CNDU
SAVANNAH                                      NO PP                 N                                 0          CNDU
OKLAHOMA CITY                                 NO PP                 N                                 0          CNDU
PALM HARBOR                                   5Y PP                 N                                 0          CNDU
DACULA                                        NO PP                 Y                               120          CNDU
PALATINE                                      NO PP                 Y                               120          CNDU
GLENDALE HEIGHTS                              NO PP                 N                                 0          CNDU
CATONSVILLE                                   NO PP                 Y                               120          CNDU
KERNERSVILLE                                  NO PP                 N                                 0          CNDU
CHARLOTTE                                     NO PP                 Y                               120          CNDU
SAVANNAH                                      NO PP                 N                                 0          CNDU
SAVANNAH                                      NO PP                 N                                 0          CNDU
SAVANNAH                                      NO PP                 N                                 0          CNDU
MANASSAS                                      NO PP                 Y                               120          CNDU
NEWBERG                                       5Y PP                 N                                 0          CNDU
SAVANNAH                                      NO PP                 N                                 0          CNDU
LONG BEACH                                    3Y PP                 N                                 0          CNDU
NEWBERG                                       5Y PP                 N                                 0          CNDU
DILLSBURG                                     5Y PP                 N                                 0          CNDU
DILLSBURG                                     5Y PP                 N                                 0          CNDU
FRANKLINTOWN                                  5Y PP                 N                                 0          CNDU
SAVANNAH                                      NO PP                 N                                 0          CNDU
POMPANO BEACH                                 NO PP                 N                                 0          CNDU
OKLAHOMA CITY                                 NO PP                 N                                 0          CNDU
MIDWEST CITY                                  NO PP                 N                                 0          CNDU
VISALIA                                       3Y PP                 N                                 0          CNDU
DOVER                                         5Y PP                 N                                 0          CNDU
CHICAGO                                       NO PP                 Y                               120          UNFD
LAUDERHILL                                    NO PP                 N                                 0          UNFD
SEATTLE                                       NO PP                 Y                               120          UNFD
CABOT                                         NO PP                 N                                 0          UNFD
KAILUA-KONA                                   NO PP                 N                                 0          UNFD
BALDWIN PARK                                  3Y PP                 N                                 0          UNFD
FRESNO                                        5Y PP                 N                                 0          UNFD
BELGRADE                                      5Y PP                 N                                 0          UNFD
LANSDOWNE                                     6M PP                 N                                 0          UNFD
SAN ANTONIO                                   6M PP                 N                                 0          UNFD
CHICAGO                                       NO PP                 N                                 0          UNFD
CHINO HILLS                                   6M PP                 Y                               120          UNFD
LINCOLN CITY                                  6M PP                 Y                               120          UNFD
LEAGUE CITY                                   NO PP                 N                                 0          UNFD
VANCOUVER                                     NO PP                 Y                               120          UNFD
INDIANAPOLIS                                  3Y PP                 N                                 0          UNFD
BELTSVILLE                                    NO PP                 Y                               120          UNFD
FT THOMAS                                     NO PP                 Y                               120          UNFD
NASHUA                                        NO PP                 N                                 0          UNFD
ELFRIDA                                       NO PP                 N                                 0          UNFD
HOUSTON                                       NO PP                 Y                               120          UNFD
GLENDALE                                      6M PP                 N                                 0          UNFD
APPLE VALLEY                                  6M PP                 N                                 0          UNFD
SUN CITY                                      NO PP                 Y                                60          UNFD
CONCORD                                       NO PP                 N                                 0          UNFD

       

      
        
           

        

        
           

          
            

          

        

        
           

        

      

       

       

      EXHIBIT
        C

      

      FORM
        OF
        TRANSFER AFFIDAVIT

       

      
        	 	Affidavit pursuant to Section 860E(e)(4)
                of
                the Internal Revenue Code of 1986, as amended, and for other
                purposes

      

       

      
        	
                STATE
                  OF_____________

              	
                )

              	 
	 	
                )

              	
                ss.:

              
	
                COUNTY
                  OF___________

              	
                )

              	 

      

      

      [NAME
        OF
        OFFICER], being first duly sworn, deposes and says:

       

      1.    That
        he/she is [Title of Officer] of [Name of Investor] (the “Investor”), a [savings
        institution] [corporation] duly organized and existing under the laws of
        [the
        State of _____] [the United States], on behalf of which he makes this
        affidavit.

       

      2.    That
        (i)
        the Investor is not a “disqualified organization” as defined in Section
        860E(e)(5) of the Internal Revenue Code of 1986, as amended (the “Code”), and
        will not be a disqualified organization as of [Closing Date] [date of purchase];
        (ii) it is not acquiring the Bear Stearns Asset-Backed Securities I LLC
        Asset-Backed Certificates, Series 2006-AC3, Class R-__ Certificates (the
        “Residual Certificates”) for the account of a disqualified organization; (iii)
        it consents to any amendment of the Pooling and Servicing Agreement that
        shall
        be deemed necessary by Bear Stearns Asset Backed Securities I LLC (upon advice
        of counsel) to constitute a reasonable arrangement to ensure that the Residual
        Certificates will not be owned directly or indirectly by a disqualified
        organization; and (iv) it will not transfer such Residual Certificates unless
        (a) it has received from the transferee an affidavit in substantially the
        same
        form as this affidavit containing these same four representations and (b)
        as of
        the time of the transfer, it does not have actual knowledge that such affidavit
        is false.

       

      3.    That
        the
        Investor is one of the following: (i) a citizen or resident of the United
        States, (ii) a corporation or partnership (including an entity treated as
        a
        corporation or partnership for federal income tax purposes) created or organized
        in, or under the laws of, the United States or any state thereof or the District
        of Columbia (except, in the case of a partnership, to the extent provided
        in
        regulations), provided that 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 United States Persons, (iii) an estate
        whose income is subject to United States federal income tax regardless of
        its
        source, or (iv) a trust other than a Aforeign
        trust,@
        as
        defined in Section 7701 (a)(31) of the Code.

       

      4.    That
        the
        Investor’s taxpayer identification number is
        ______________________.

       

      5.    That
        no
        purpose of the acquisition of the Residual Certificates is to avoid or impede
        the assessment or collection of tax.

       

      6.    That
        the
        Investor understands that, as the holder of the Residual Certificates, the
        Investor may incur tax liabilities in excess of any cash flows generated
        by such
        Residual Certificates.

       

      7.    That
        the
        Investor intends to pay taxes associated with holding the Residual Certificates
        as they become due.

       

      IN
        WITNESS WHEREOF, the Investor has caused this instrument to be executed on
        its
        behalf, pursuant to authority of its Board of Directors, by its [Title of
        Officer] this ____ day of _________, 20__.

       

      
        	 	 	 
	 	
                [NAME
                  OF INVESTOR]

              
	 
 	 
 	 
 
	 	  	By: 
	 	
                
                  

                

              
	 	
                [Name
                  of Officer]

                
                  [Title
                    of Officer]

                  
                    [Address
                      of Investor for receipt of distributions]

                     

                    
                      Address
                        of Investor for receipt of tax 

                      information:

                    

                  

                

              

      

       

      Personally
        appeared before me the above-named [Name of Officer], known or proved to
        me to
        be the same person who executed the foregoing instrument and to be the [Title
        of
        Officer] of the Investor, 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
        Investor.

      

      Subscribed
        and sworn before me this ___ day of _________, 20___.

      

      NOTARY
        PUBLIC

      

      COUNTY
        OF

      

      STATE
        OF

      

      

      My
        commission expires the ___ day of ___________________, 20___.

      
 

      EXHIBIT
        D

       

      FORM
        OF
        TRANSFEROR CERTIFICATE

       

      ______________,200___

       

      Bear
        Stearns Asset Backed Securities I LLC

      383
        Madison Avenue

      New
        York,
        New York 10179

       

      Wells
        Fargo Bank, National Association

      Sixth
        Street and Marquette Avenue

      Minneapolis,
        MN 55479

       

       

      Attention:
        Bear Stearns Asset Backed Securities I Trust 2006-AC3

       

      
        	 	
                Re:

              	
                Bear
                  Stearns Asset Backed Securities I LLC

              

        	 	 	Asset-Backed Certificates, Series 2006-AC3,
                Class   

      

       

      Ladies
        and Gentlemen:

       

      In
        connection with the sale by ___________ (the “Seller”) to ________ (the
“Purchaser”) of $_________ Initial Certificate Principal Balance of Asset-Backed
        Certificates, Series 2006-AC3, Class _____ (the “Certificates”), issued pursuant
        to the Pooling and Servicing Agreement (the “Pooling and Servicing Agreement”),
        dated as of April 1, 2006, among Bear Stearns Asset-Backed Securities I LLC,
        as
        depositor (the “Depositor”), EMC Mortgage Corporation, as sponsor and company,
        Wells Fargo Bank, National Association, as master servicer and securities
        administrator and U.S. Bank National Association, as trustee (the “Trustee”).
        The Seller hereby certifies, represents and warrants to, a covenants with,
        the
        Depositor, the Certificate Registrar and the Trustee that:

       

      Neither
        the Seller nor anyone acting on its behalf has (a) offered, pledged, sold,
        disposed of or otherwise transferred any Certificate, any interest in any
        Certificate or any other similar security to any person in any manner, (b)
        has
        solicited any offer to buy or to accept a pledge, disposition or other transfer
        of any Certificate, any interest in any Certificate or any other similar
        security from any person in any manner, (c) has otherwise approached or
        negotiated with respect to any Certificate, any interest in any Certificate
        or
        any other similar security with any person in any manner, (d) has made any
        general solicitation by means of general advertising or in any other manner,
        or
        (e) has taken any other action, that (as to any of (a) through (e) above)
        would
        constitute a distribution of the Certificates under the Securities Act of
        1933
        (the “Act”), that would render the disposition of any Certificate a violation of
        Section 5 of the Act or any state securities law, or that would require
        registration or qualification pursuant thereto. The Seller will not act in
        any
        manner set forth in the foregoing sentence with respect to any Certificate.
        The
        Seller has not and will not sell or otherwise transfer any of the Certificates,
        except in compliance with the provisions of the Pooling and Servicing
        Agreement.

       

      
        	 	 	 	 	 	 	 	
                Very
                  truly yours,

              
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	
                (Seller)

              	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	
                By:

              	 
	 	 	 	 	 	 	 	
                Name:

              	 
	 	 	 	 	 	 	 	
                Title:

              	 

      

      

      

      EXHIBIT
        E

       

      FORM
        OF
        INVESTMENT LETTER (NON-RULE 144A)

       

      [Date]

       

      [SELLER]

       

      Bear
        Stearns Asset Backed Securities I LLC

      383
        Madison Avenue

      New
        York,
        New York 10179

       

      Wells
        Fargo Bank, National Association

      Sixth
        Street and Marquette Avenue

      Minneapolis,
        MN 55479

       

      
        	 	
                Re:

              	
                Bear
                  Stearns Asset Backed Securities I Trust 2006-AC3, Asset-Backed
                  Certificates, Series 2006-AC3 (the “Certificates”), including the Class
                  ___ Certificates (the “Privately Offered
                  Certificates”)

              

      

      

      Dear
        Ladies and Gentlemen:

       

      In
        connection with our purchase of Privately Offered Certificates, we confirm
        that:

      

      
        	 	
                (i)

              	
                we
                  understand that the Privately Offered Certificates are not being
                  registered under the Securities Act of 1933, as amended (the “Act”) or any
                  applicable state securities or “Blue Sky” laws, and are being sold to us
                  in a transaction that is exempt from the registration requirements
                  of such
                  laws;

              

      

       

      
        	 	
                (ii)

              	
                any
                  information we desired concerning the Certificates, including the
                  Privately Offered Certificates, the trust in which the Certificates
                  represent the entire beneficial ownership interest (the “Trust”) or any
                  other matter we deemed relevant to our decision to purchase Privately
                  Offered Certificates has been made available to
                  us;

              

      

       

      
        	 	
                (iii)

              	
                we
                  are able to bear the economic risk of investment in Privately Offered
                  Certificates; we are an institutional “accredited investor” as defined in
                  Section 501(a) of Regulation D promulgated under the Act and a
                  sophisticated institutional
                  investor;

              

      

       

      
        	 	
                (iv)

              	
                we
                  are acquiring Privately Offered Certificates for our own account,
                  not as
                  nominee for any other person, and not with a present view to any
                  distribution or other disposition of the Privately Offered
                  Certificates;

              

      

       

      
        	 	
                (v)

              	
                we
                  agree the Privately Offered Certificates must be held indefinitely
                  by us
                  (and may not be sold, pledged, hypothecated or in any way disposed
                  of)
                  unless subsequently registered under the Act and any applicable
                  state
                  securities or “Blue Sky” laws or an exemption from the registration
                  requirements of the Act and any applicable state securities or
“Blue Sky”
                  laws is available;

              

      

       

      
        	 	
                (vi)

              	
                we
                  agree that in the event that at some future time we wish to dispose
                  of or
                  exchange any of the Privately Offered Certificates (such disposition
                  or
                  exchange not being currently foreseen or contemplated), we will
                  not
                  transfer or exchange any of the Privately Offered Certificates
                  unless:

              

      

       

      (A)
        (1)
        the sale is to an Eligible Purchaser (as defined below), (2) if required
        by the
        Pooling and Servicing Agreement (as defined below) a letter to substantially
        the
        same effect as either this letter or, if the Eligible Purchaser is a Qualified
        Institutional Buyer as defined under Rule 144A of the Act, the Rule 144A
        and
        Related Matters Certificate in the form attached to the Pooling and Servicing
        Agreement (as defined below) (or such other documentation as may be acceptable
        to the Securities Administrator) is executed promptly by the purchaser and
        delivered to the addressees hereof and (3) all offers or solicitations in
        connection with the sale, whether directly or through any agent acting on
        our
        behalf, are limited only to Eligible Purchasers and are not made by means
        of any
        form of general solicitation or general advertising whatsoever; and

       

      (B)
        if
        the Privately Offered Certificate is not registered under the Act (as to
        which
        we acknowledge you have no obligation), the Privately Offered Certificate
        is
        sold in a transaction that does not require registration under the Act and
        any
        applicable state securities or “blue sky” laws and, if the Securities
        Administrator so requests, a satisfactory Opinion of Counsel is furnished
        to
        such effect, which Opinion of Counsel shall be an expense of the transferor
        or
        the transferee;

       

      
        	 	
                (vii)

              	
                we
                  agree to be bound by all of the terms (including those relating
                  to
                  restrictions on transfer) of the Pooling and Servicing, pursuant
                  to which
                  the Trust was formed; we have reviewed carefully and understand
                  the terms
                  of the Pooling and Servicing
                  Agreement;

              

      

       

      
        	 	
                (viii)

              	
                we
                  either: (i) are not acquiring the Privately Offered Certificate
                  directly
                  or indirectly by, or on behalf of, an employee benefit plan or
                  other
                  retirement arrangement which is subject to Title I of the Employee
                  Retirement Income Security Act of 1974, as amended, and/or section
                  4975 of
                  the Internal Revenue Code of 1986, as amended, or (ii) in the case
                  of the
                  Privately Offered Certificates, have provided the Opinion of Counsel
                  required by the Agreement,
                  or (iii) in the case of the Class B-4 Certificates, are providing
                  a
                  representation to the effect that the proposed transfer and holding
                  of
                  such Certificate and servicing, management and operation of the
                  Trust and
                  its assets: (I) will not result in any prohibited transaction which
                  is not
                  covered under Prohibited Transaction Exemption (“PTE”) 84-14, PTE 91-38,
                  PTE 90-1, PTE 95-60, PTE 96-23 and (II) will not give rise to any
                  additional obligations on the part of the Depositor, the Master
                  Servicer,
                  the Securities Administrator or the
                  Trustee.

              

      

       

      
        	
              	(ix)	
                We
                  understand that each of the Privately Offered Certificates bears,
                  and will
                  continue to bear, a legend to substantiate the following effect:
                  THIS
                  CERTIFICATE HAS NOT BEEN AND WILL NOT BE REGISTERED UNDER THE SECURITIES
                  ACT OF 1933, AS AMENDED (THE “ACT”), OR UNDER ANY STATE SECURITIES LAWS.
                  THE HOLDER HEREOF, BY PURCHASING THIS CERTIFICATE, AGREES THAT
                  THIS
                  CERTIFICATE MAY BE REOFFERED, RESOLD, PLEDGED OR OTHERWISE TRANSFERRED
                  ONLY IN COMPLIANCE WITH THE ACT AND OTHER APPLICABLE LAWS AND ONLY
                  (1)
                  PURSUANT TO RULE 144A UNDER THE ACT (“RULE 144A”) TO A PERSON THAT THE
                  HOLDER REASONABLY BELIEVES IS A QUALIFIED INSTITUTIONAL BUYER WITHIN
                  THE
                  MEANING OF RULE 144A (A “QIB”), PURCHASING FOR ITS OWN ACCOUNT OR A QIB
                  PURCHASING FOR THE ACCOUNT OF A QIB, WHOM THE HOLDER HAS INFORMED,
                  IN EACH
                  CASE, THAT THE REOFFER, RESALE, PLEDGE OR OTHER TRANSFER IS BEING
                  MADE IN
                  RELIANCE ON RULE 144A, (2) PURSUANT TO AN EXEMPTION FROM REGISTRATION
                  PROVIDED BY RULE 144 UNDER THE ACT (IF AVAILABLE) OR (3) IN CERTIFICATED
                  FORM TO AN “INSTITUTIONAL ACCREDITED INVESTOR” WITHIN THE MEANING THEREOF
                  IN RULE 501(a)(1), (2),(3) OR (7) (OR ANY ENTITY IN WHICH ALL OF
                  THE
                  EQUITY HOLDERS COME WITHIN SUCH PARAGRAPHS) OF REGULATION D UNDER
                  THE ACT
                  PURCHASING NOT FOR DISTRIBUTION IN VIOLATION OF THE ACT, SUBJECT
                  TO (A)
                  THE RECEIPT BY THE SECURITIES ADMINISTRATOR OF A LETTER SUBSTANTIALLY
                  IN
                  THE FORM PROVIDED IN THE AGREEMENT AND (B) THE RECEIPT BY THE SECURITIES
                  ADMINISTRATOR OF AN OPINION OF COUNSEL AS TO COMPLIANCE WITH ALL
                  APPLICABLE SECURITIES LAWS OF THE UNITED STATES. [In
                  the case of the Class B-4 Certificates]: THIS
                  CERTIFICATE MAY NOT BE ACQUIRED DIRECTLY OR INDIRECTLY BY, OR ON
                  BEHALF
                  OF, AN EMPLOYEE BENEFIT PLAN OR OTHER RETIREMENT ARRANGEMENT WHICH
                  IS
                  SUBJECT TO TITLE I OF THE EMPLOYEE RETIREMENT INCOME SECURITY ACT
                  OF 1974,
                  AS AMENDED, OR SECTION 4975 OF THE INTERNAL REVENUE CODE OF 1986,
                  AS
                  AMENDED, UNLESS THE TRANSFEREE CERTIFIES OR REPRESENTS THAT THE
                  PROPOSED
                  TRANSFER AND HOLDING OF A CERTIFICATE AND THE SERVICING, MANAGEMENT
                  AND
                  OPERATION OF THE TRUST AND ITS ASSETS: (I) WILL NOT RESULT IN ANY
                  PROHIBITED TRANSACTION WHICH IS NOT COVERED UNDER AN INDIVIDUAL
                  OR CLASS
                  PROHIBITED TRANSACTION EXEMPTION, INCLUDING, BUT NOT LIMITED TO,
                  PROHIBITED TRANSACTION EXEMPTION (“PTE”) 84-14, PTE 91-38, PTE 90-1, PTE
                  95-60 OR PTE 96-23 AND (II) WILL NOT GIVE RISE TO ANY ADDITIONAL
                  OBLIGATIONS ON THE PART OF THE DEPOSITOR, THE SECURITIES ADMINISTRATOR,
                  THE MASTER SERVICER OR THE TRUSTEE, WHICH WILL BE DEEMED REPRESENTED
                  BY AN
                  OWNER OF A BOOK-ENTRY CERTIFICATE OR A GLOBAL CERTIFICATE, OR PROVIDES
                  AN
                  OPINION OF COUNSEL TO SUCH EFFECT. [In
                  the case of the Class P Certificates and Class C
                  Certificates]:
                  NO TRANSFER OF THIS CERTIFICATE SHALL BE MADE TO ANY PERSON, UNLESS
                  THE
                  TRANSFEREE PROVIDES EITHER (I) A CERTIFICATION PURSUANT TO SECTION
                  7.02(b)
                  OF THE AGREEMENT OR (II) AN OPINION OF COUNSEL PURSUANT TO 7.02(b)
                  OF THE
                  AGREEMENT, SATISFACTORY TO THE SECURITIES ADMINISTRATOR THAT THE
                  PURCHASE
                  AND HOLDING OF THIS CERTIFICATE ARE PERMISSIBLE UNDER APPLICABLE
                  LAW, WILL
                  NOT CONSTITUTE OR RESULT IN ANY NON-EXEMPT PROHIBITED TRANSACTIONS
                  UNDER
                  SECTION 406 OF THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974,
                  AS
                  AMENDED (“ERISA”) OR SECTION 4975 OF THE CODE AND WILL NOT SUBJECT THE
                  TRUSTEE, MASTER SERVICER, THE SECURITIES ADMINISTRATOR, OR THE
                  DEPOSITOR
                  TO ANY OBLIGATION OR LIABILITY IN ADDITION TO THOSE UNDERTAKEN
                  IN THE
                  AGREEMENT.

              

      

      

      “Eligible
        Purchaser” means a corporation, partnership or other entity which we have
        reasonable grounds to believe and do believe (i) can make representations
        with
        respect to itself to substantially the same effect as the representations
        set
        forth herein, and (ii) is either a Qualified Institutional Buyer as defined
        under Rule 144A of the Act or an institutional “Accredited Investor” as defined
        under Rule 501 of the Act.

      

      Terms
        not
        otherwise defined herein shall have the meanings assigned to them in the
        Pooling
        and Servicing Agreement, dated as of April 1, 2006 (the “Pooling and Servicing
        Agreement”), among Bear Stearns Asset Backed Securities I LLC, as depositor,
        U.S. Bank National Association, as trustee, Wells Fargo Bank, National
        Association, as master servicer and securities administrator, and EMC Mortgage
        Corporation, as sponsor and company.

      

      If
        the
        Purchaser proposes that its Certificates be registered in the name of a nominee
        on its behalf, the Purchaser has identified such nominee below, and has caused
        such nominee to complete the Nominee Acknowledgment at the end of this
        letter.

      

      Name
        of
        Nominee (if any): ________________

       

      IN
        WITNESS WHEREOF, this document has been executed by the undersigned who is
        duly
        authorized to do so on behalf of the undersigned Eligible Purchaser on the
        ___
        day of ________, 20___.

      
        	 	 	 
	 	
                Very
                  truly yours,

                 

                 

                
                  [PURCHASER]

                   

                

              
	 
 	 
 	 
 
	 	By:  	 
	 	
                
                  

                

              
	 	
                (Authorized
                  Officer)

              

      

      
        	 	 	 
	 	 
	 
 	 
 	 
 
	 	[By:  	 
	 	
                
                  

                

              
	 	
                Attorney-in-fact]

              

      

      

      Nominee
        Acknowledgment

       

      The
        undersigned hereby acknowledges and agrees that as to the Certificates being
        registered in its name, the sole beneficial owner thereof is and shall be
        the
        Purchaser identified above, for whom the undersigned is acting as
        nominee.

      
        	 	 	 
	 	
                [NAME
                  OF NOMINEE]

              
	 
 	 
 	 
 
	 	By:  	 
	 	
                
                  

                

              
	 	
                (Authorized
                  Officer)

              

      

      
        	 	 	 
	 	COMPANY
                NAME CORPORATION
	 
 	 
 	 
 
	 	[By:  	 
	 	
                
                  

                

              
	 	
                Attorney-in-fact]

              

      

      
 

      EXHIBIT
        F

       

      FORM
        OF
        RULE 144A AND RELATED MATTERS CERTIFICATE

       

      [SELLER]

       

      Bear
        Stearns Asset Backed Securities I LLC

      383
        Madison Avenue

      New
        York,
        New York 10179

       

      Wells
        Fargo Bank, National Association

      Sixth
        Street and Marquette Avenue

      Minneapolis,
        MN 55479

       

      
        	 	
                Re:

              	
                Bear
                  Stearns Asset Backed Securities I Trust 2006-AC3, Asset-Backed
                  Certificates, Series 2006-AC3 (the “Certificates”), including the Class
                  ___ Certificates (the “Privately Offered
                  Certificates”)

              

      

      

       

      Dear
        Ladies and Gentlemen:

       

      In
        connection with our purchase of Privately Offered Certificates, the undersigned
        certifies to each of the parties to whom this letter is addressed that it
        is a
        qualified institutional buyer (as defined in Rule 144A under the Securities
        Act
        of 1933, as amended (the “Act”)) as follows:

       

      
        	1.	
                It
                  owned and/or invested on a discretionary basis eligible securities
                  (excluding affiliate’s securities, bank deposit notes and CD’s, loan
                  participations, repurchase agreements, securities owned but subject
                  to a
                  repurchase agreement and swaps), as described
                  below:

              

      

       

      Date:
        ______________, 20__ (must be on or after the close of its most recent fiscal
        year) 

       

      Amount:
        $
        _____________________; and

       

      
        	2.	
                The
                  dollar amount set forth above is:

              

      

       

      
        	 	
                a.

              	
                greater
                  than $100 million and the undersigned is one of the following
                  entities:

              

      

      
         

        
          	 	
                  (x)

                	
                  [_]

                	
                  an
                    insurance company as defined in Section 2(13) of the Act1 ;
                    or 

                

        

      

      
         

      

      
        	 	
                (y)

              	
                [_]

              	
                an
                  investment company registered under the Investment Company Act
                  or any
                  business development company as defined in Section 2(a)(48) of
                  the
                  Investment Company Act of 1940; or

              

      

       

      
        	 	
                (z)

              	
                [_]

              	
                a
                  Small Business Investment Company licensed by the U.S. Small Business
                  Administration under Section 301(c) or (d) of the Small Business
                  Investment Act of 1958; or

              

      

       

      
        	 	
                (aa)

              	
                [_]

              	
                a
                  plan (i) established and maintained by a state, its political
                  subdivisions, or any agency or instrumentality of a state or its
                  political
                  subdivisions, the laws of which permit the purchase of securities
                  of this
                  type, for the benefit of its employees and (ii) the governing investment
                  guidelines of which permit the purchase of securities of this type;
                  or

              

      

       

      
        	 	
                (bb)

              	
                [_]

              	
                a
                  business development company as defined in Section 202(a)(22) of
                  the
                  Investment Advisers Act of 1940; or

              

      

       

      
        	 	
                (cc)

              	
                [_]

              	
                a
                  corporation (other than a U.S. bank, savings and loan association
                  or
                  equivalent foreign institution), partnership, Massachusetts or
                  similar
                  business trust, or an organization described in Section 501(c)(3)
                  of the
                  Internal Revenue Code; or

              

      

       

      
        	 	
                (dd)

              	
                [_]

              	
                a
                  U.S. bank, savings and loan association or equivalent foreign institution,
                  which has an audited net worth of at least $25 million as demonstrated
                  in
                  its latest annual financial statements;
                  or

              

      

       

      
        	 	
                (ee)

              	
                [_]

              	
                an
                  investment adviser registered under the Investment Advisers Act;
                  or

              

      

       

      
        	 	
                b.

              	
                [_]

              	
                greater
                  than $10 million, and the undersigned is a broker-dealer registered
                  with
                  the SEC; or

              

      

       

      
        	 	
                c.

              	
                [_]

              	
                less
                  than $ 10 million, and the undersigned is a broker-dealer registered
                  with
                  the SEC and will only purchase Rule 144A securities in transactions
                  in
                  which it acts as a riskless principal (as defined in Rule 144A);
                  or

              

      

       

      
        	 	
                d.

              	
                [_]

              	
                less
                  than $100 million, and the undersigned is an investment company
                  registered
                  under the Investment Company Act of 1940, which, together with
                  one or more
                  registered investment companies having the same or an affiliated
                  investment adviser, owns at least $100 million of eligible securities;
                  or

              

      

       

      
        	 	
                e.

              	
                [_]

              	
                less
                  than $100 million, and the undersigned is an entity, all the equity
                  owners
                  of which are qualified institutional
                  buyers.

              

      

       

      
         

        
          
            

          

          
            
              	 	
                      1

                    	
                      A
                        purchase by an insurance company for one or more of its separate
                        accounts,
                        as defined by Section 2(a)(37) of the Investment Company
                        Act of 1940,
                        which are neither registered nor required to be registered
                        thereunder,
                        shall be deemed to be a purchase for the account of such
                        insurance
                        company. 

                    

            

             

          

        

      

       

      The
        undersigned further certifies that it is purchasing a Privately Offered
        Certificate for its own account or for the account of others that independently
        qualify as “Qualified Institutional Buyers” as defined in Rule 144A. It is aware
        that the sale of the Privately Offered Certificates is being made in reliance
        on
        its continued compliance with Rule 144A. It is aware that the transferor
        may
        rely on the exemption from the provisions of Section 5 of the Act provided
        by
        Rule 144A. The undersigned understands that the Privately Offered Certificates
        may be resold, pledged or transferred only to (i) 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 in Rule 144A, or (ii)
        an
        institutional “accredited investor,” as such term is defined under Rule 501 of
        the Act in a transaction that otherwise does not constitute a public offering.
        

       

      The
        undersigned agrees that if at some future time it wishes to dispose of or
        exchange any of the Privately Offered Certificates, it will not transfer
        or
        exchange any of the Privately Offered Certificates to a Qualified Institutional
        Buyer without first obtaining a Rule 144A and Related Matters Certificate
        in the
        form hereof from the transferee and delivering such certificate to the
        addressees hereof. Prior to making any transfer of Privately Offered
        Certificates, if the proposed Transferee is an institutional “accredited
        investor,” the transferor shall obtain from the transferee and deliver to the
        addressees hereof an Investment Letter in the form attached to the Pooling
        and
        Servicing Agreement, dated as of April 1, 2006, among Bear Stearns Asset
        Backed
        Securities I LLC, as depositor, Wells Fargo Bank, National Association, as
        securities administrator and master servicer, EMC Mortgage Corporation, as
        sponsor and company, and U.S. Bank National Association, as trustee, pursuant
        to
        which the Certificates were issued.

       

      The
        undersigned certifies that it either: (i) is not acquiring the Privately
        Offered
        Certificate directly or indirectly by, or on behalf of, an employee benefit
        plan
        or other retirement arrangement which is subject to Title I of the Employee
        Retirement Income Security Act of 1974, as amended, and/or section 4975 of
        the
        Internal Revenue Code of 1986, as amended, or (ii) in the case of the Privately
        Offered Certificates, has provided the Opinion of Counsel required by the
        Agreement,
        or
        (iii) in the case of the Class B-4 Certificates, are providing a representation
        to the effect that the proposed transfer and holding of such Certificate
        and
        servicing, management and operation of the Trust and its assets: (I) will
        not
        result in any prohibited transaction which is not covered under Prohibited
        Transaction Exemption (“PTE”) 84-14, PTE 91-38, PTE 90-1, PTE 95-60, PTE 96-23
        and (II) will not give rise to any additional obligations on the part of
        the
        Depositor, the Master Servicer, the Securities Administrator or the
        Trustee.

       

      If
        the
        Purchaser proposes that its Certificates be registered in the name of a nominee
        on its behalf, the Purchaser has identified such nominee below, and has caused
        such nominee to complete the Nominee Acknowledgment at the end of this letter.
        

      

      Name
        of
        Nominee (if any):

       

      IN
        WITNESS WHEREOF, this document has been executed by the undersigned who is
        duly
        authorized to do so on behalf of the undersigned Eligible Purchaser on the
        ____
        day of ___________, 20___.

      
        	 	 	 
	 	
                Very
                  truly yours,

                 

                 

                
                  [PURCHASER]

                

              
	 
 	 
 	 
 
	 	By:  	 
	 	
                
                  

                

              
	 	
                (Authorized
                  Officer)

              

      

      
        	 	 	 
	 	 
	 
 	 
 	 
 
	 	[By:  	 
	 	
                
                  

                

              
	 	
                Attorney-in-fact]

              

      

      
 

      Nominee
        Acknowledgment

       

      The
        undersigned hereby acknowledges and agrees that as to the Certificates being
        registered in its name, the sole beneficial owner thereof is and shall be
        the
        Purchaser identified above, for whom the undersigned is acting as
        nominee.

      
        	 	 	 
	 	
                [NAME
                  OF NOMINEE]

              
	 
 	 
 	 
 
	 	By:  	 
	 	
                
                  

                

                 

              
	 	
                (Authorized
                  Officer)

              

      

      
        	 	 	 
	 	 
	 
 	 
 	 
 
	 	[By:  	 
	 	
                
                  

                

              
	 	
                Attorney-in-fact]

              

      EXHIBIT
        G

       

      FORM
        OF
        REQUEST FOR RELEASE

       

      
        	
                To:

              	
                Wells
                  Fargo Bank, National Association

              

      

      1015
        10th
        Avenue

      Minneapolis,
        Minnesota 55414

       

      
        	 	
                Re:

              	
                Custodial
                  Agreement, dated as of April 28, 2006, among Bear Stearns Asset
                  Backed
                  Securities I LLC, as depositor, EMC Mortgage Corporation, as sponsor,
                  Wells Fargo Bank, National Association, as master servicer, securities
                  administrator and custodian, and U.S. Bank National Association,
                  as
                  trustee

              

      

      

       

      In
        connection with the administration of the Mortgage Loans held by you pursuant
        to
        the above-captioned Custodial Agreement, we request the release, and hereby
        acknowledge receipt, of the Mortgage File for the Mortgage Loan described
        below,
        for the reason indicated.

       

      Mortgage
        Loan Number:

       

      Mortgagor
        Name, Address & Zip Code:

       

      Reason
        for Requesting Documents (check one):

       

      
        	
                _____

              	 	
                1.

              	 	
                Mortgage
                  Paid in Full and proceeds have been deposited into the Custodial
                  Account

              	 
	 	 	 	 	 	 
	
                _____

              	 	
                2.

              	 	
                Foreclosure

              	 
	 	 	 	 	 	 
	
                _____

              	 	
                3.

              	 	
                Substitution

              	 
	 	 	 	 	 	 
	
                _____

              	 	
                4.

              	 	
                Other
                  Liquidation

              	 
	 	 	 	 	 	 
	
                _____

              	 	
                5.

              	 	
                Nonliquidation

              	
                Reason:________________________

              
	 	 	 	 	 	 
	
                _____

              	 	
                6.

              	 	
                California
                  Mortgage Loan paid in full

              	 

      

       

      

      
        	 	 	 	 	 	 	 	
                By:

              	 
	 	 	 	 	 	 	 	 	
                (authorized
                  signer)

              
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	
                Issuer:

              	 
	 	 	 	 	 	 	 	
                Address:

              	 
	 	 	 	 	 	 	 	
                Date:

              	 

      

      
 

      EXHIBIT
        H

      

      DTC
        LETTER OF REPRESENTATIONS

      

      [Provided
        upon Request]

      

      

      EXHIBIT
        I

      

      SCHEDULE
        OF MORTGAGE LOANS WITH LOST NOTES

      

      [Provided
        upon Request]

      

      

      EXHIBIT
        J

      

      FORM
        OF
        CUSTODIAL AGREEMENT

      

      THIS
        CUSTODIAL AGREEMENT (as amended and supplemented from time to time, the
“Agreement”), dated as of April 28, 2006, by and among U.S. BANK NATIONAL
        ASSOCIATION, as trustee under the Pooling and Servicing Agreement defined
        below
        (including its successors under the Pooling and Servicing Agreement defined
        below, the “Trustee”), BEAR STEARNS ASSET BACKED SECURITIES I LLC, as depositor
        (together with any successor in interest, the “Depositor”), EMC MORTGAGE
        CORPORATION, as sponsor (the “Sponsor”) and company (together with any successor
        in interest or successor under the Pooling and Servicing Agreement referred
        to
        below, the “Company”) and WELLS FARGO BANK, NATIONAL ASSOCIATION, as master
        servicer (together with any successor in interest or successor under the
        Pooling
        and Servicing Agreement referred to below, the “Master Servicer”), securities
        administrator and custodian (together with any successor in interest or any
        successor appointed hereunder, the “Custodian”).

       

      WITNESSETH
        THAT:

       

      WHEREAS,
        the Depositor, the Sponsor, the Master Servicer and the Trustee have entered
        into a Pooling and Servicing Agreement, dated as of April 1, 2006, relating
        to
        the issuance of Bear Stearns Asset Backed Securities I Trust 2006-AC3,
        Asset-Backed Certificates, Series 2006-AC3 (as in effect on the date of this
        Agreement, the “Original Pooling and Servicing Agreement,” and as amended and
        supplemented from time to time, the “Pooling and Servicing Agreement”);
        and

       

      WHEREAS,
        the Custodian has agreed to act as agent for the Trustee for the purposes
        of
        receiving and holding certain documents and other instruments delivered by
        the
        Depositor, the Sponsor or the Master Servicer under the Pooling and Servicing
        Agreement and the Servicers under their respective Servicing Agreements,
        all
        upon the terms and conditions and subject to the limitations hereinafter
        set
        forth;

       

      NOW,
        THEREFORE, in consideration of the premises and the mutual covenants and
        agreements hereinafter set forth, the Trustee, the Depositor, the Sponsor,
        the
        Master Servicer and the Custodian hereby agree as follows:

       

      ARTICLE
        I.

      DEFINITIONS

       

      Capitalized
        terms used in this Agreement and not defined herein shall have the meanings
        assigned in the Original Pooling and Servicing Agreement, unless otherwise
        required by the context herein.

       

      ARTICLE
        II.

      CUSTODY
        OF MORTGAGE DOCUMENTS

       

      Section
        2.1.  Custodian
        to Act as Agent: Acceptance of Mortgage Files.
        The
        Custodian, as the duly appointed custodial agent of the Trustee for these
        purposes, acknowledges (subject to any exceptions noted in the Initial
        Certification referred to in Section 2.3(a)) receipt of the Mortgage Files
        relating to the Mortgage Loans identified on the schedule attached hereto
        (the
“Mortgage Files”) and declares that it holds and will hold such Mortgage Files
        as agent for the Trustee, in trust, for the use and benefit of all present
        and
        future Certificateholders.

       

      Section
        2.2.  Recordation
        of Assignments.
        If any
        Mortgage File includes one or more assignments of Mortgage that have not
        been
        recorded pursuant to the provisions of Section 2.01 of the Pooling and Servicing
        Agreement and the related Mortgage Loan is not a MOM Loan or the related
        Mortgaged Properties are located in jurisdictions specifically excluded by
        the
        Opinion of Counsel delivered to the Trustee pursuant to Section 2.01 of the
        Pooling and Servicing Agreement, each such assignment shall be delivered
        by the
        Custodian to the Sponsor for the purpose of recording it in the appropriate
        public office for real property records, and the Sponsor, at no expense to
        the
        Custodian, shall promptly cause to be recorded in the appropriate public
        office
        for real property records each such assignment of Mortgage and, upon receipt
        thereof from such public office, shall return each such assignment of Mortgage
        to the Custodian.

       

      Section
        2.3.  Review
        of Mortgage Files.
        

       

      (a)  On
        or
        prior to the Closing Date, in accordance with Section 2.02 of the Pooling
        and
        Servicing Agreement, the Custodian shall deliver to the Sponsor and the Trustee
        an Initial Certification in the form annexed hereto as Exhibit One evidencing
        receipt (subject to any exceptions noted therein) of a Mortgage File for
        each of
        the Mortgage Loans listed on the Schedule attached hereto (the “Mortgage Loan
        Schedule”).

       

      (b)  Within
        90
        days of the Closing Date, the Custodian agrees, for the benefit of
        Certificateholders, to review, in accordance with the provisions of Section
        2.02
        of the Pooling and Servicing Agreement, each such document, and shall deliver
        to
        the Sponsor and the Trustee an Interim Certification in the form annexed
        hereto
        as Exhibit Two to the effect that all such documents have been executed and
        received and that such documents relate to the Mortgage Loans identified
        on the
        Mortgage Loan Schedule, except for any exceptions listed on Schedule A attached
        to such Interim Certification. The Custodian shall be under no duty or
        obligation to inspect, review or examine said documents, instruments,
        certificates or other papers to determine that the same are genuine,
        enforceable, or appropriate for the represented purpose or that they have
        actually been recorded or that they are other than what they purport to be
        on
        their face.

       

      (c)  Not
        later
        than 180 days after the Closing Date, the Custodian shall review the Mortgage
        Files as provided in Section 2.02 of the Pooling and Servicing Agreement
        and
        deliver to the Sponsor and the Trustee a Final Certification in the form
        annexed
        hereto as Exhibit Three evidencing the completeness of the Mortgage
        Files.

       

      (d)  In
        reviewing the Mortgage Files as provided herein and in the Pooling and Servicing
        Agreement, the Custodian shall make no representation as to and shall not
        be
        responsible to verify (i) the validity, legality, enforceability, due
        authorization, recordability, sufficiency or genuineness of any of the documents
        included in any Mortgage File or (ii) the collectability, insurability,
        effectiveness or suitability of any of the documents in any Mortgage
        File.

       

      Upon
        receipt of written request from the Trustee, the Custodian shall as soon
        as
        practicable supply the Trustee with a list of all of the documents relating
        to
        the Mortgage Loans missing from the Mortgage Files.

       

      Section
        2.4.  Notification
        of Breaches of Representations and Warranties.
        Upon
        discovery by the Custodian of a breach of any representation or warranty
        made by
        the Depositor as set forth in the Pooling and Servicing Agreement with respect
        to a Mortgage Loan relating to a Mortgage File, the Custodian shall give
        prompt
        written notice to the Depositor, the related Servicer and the
        Trustee.

       

      Section
        2.5.  Custodian
        to Cooperate: Release of Mortgage Files.
        Upon
        receipt of written notice from the Trustee that the Sponsor has repurchased
        a
        Mortgage Loan pursuant to Article II of the Pooling and Servicing Agreement,
        and
        a request for release (a “Request for Release”) confirming that the purchase
        price therefore has been deposited in the Master Servicer Collection Account
        or
        the Distribution Account, then the Custodian agrees to promptly release to
        the
        Sponsor the related Mortgage File.

       

      Upon
        the
        Custodian’s receipt of a Request for Release substantially in the form of
        [Exhibit G] to the Pooling and Servicing Agreement signed by a Servicing
        Officer
        of a Servicer, stating that it has received payment in full of a Mortgage
        Loan
        or that payment in full will be escrowed in a manner customary for such
        purposes, the Custodian agrees promptly to release to the Servicer, the related
        Mortgage File. The Depositor shall deliver to the Custodian and the Custodian
        agrees to review in accordance with the provisions of their Agreement the
        Mortgage Note and other documents constituting the Mortgage File with respect
        to
        any Replacement Mortgage Loan.

       

      From
        time
        to time as is appropriate for the servicing or foreclosure of any Mortgage
        Loan,
        including, for this purpose, collection under any Primary Insurance Policy
        or
        PMI Policy, the Company or the related Servicer, as applicable, shall deliver
        to
        the Custodian a Request for Release signed by a Servicing Officer requesting
        that possession of all of the Mortgage File be released to the Company or
        the
        related Servicer, as applicable, and certifying as to the reason for such
        release and that such release will not invalidate any insurance coverage
        provided in respect of the Mortgage Loan under any of the Insurance Policies.
        Upon receipt of the foregoing, the Custodian shall deliver the Mortgage File
        to
        the Company or the related Servicer, as applicable. The Company or the related
        Servicer, as applicable, shall cause each Mortgage File or any document therein
        so released to be returned to the Custodian when the need therefore by the
        Company or the related Servicer, as applicable, no longer exists, unless
        (i) the
        Mortgage Loan has been liquidated and the Liquidation Proceeds relating to
        the
        Mortgage Loan have been deposited in the Master Servicer Collection Account
        or
        the Distribution Account or (ii) 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 Company or the related Servicer, as applicable, has
        delivered to the Custodian 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.

       

      At
        any
        time that the Company or the related Servicer is required to deliver to the
        Custodian a Request for Release, the Company or the related Servicer, as
        applicable, shall deliver two copies of the Request for Release if delivered
        in
        hard copy or the Company or the related Servicer, as applicable, may furnish
        such Request for Release electronically to the Custodian, in which event
        the
        Servicing Officer transmitting the same shall be deemed to have signed the
        Request for Release. In connection with any Request for Release of a Mortgage
        File because of a repurchase of a Mortgage Loan, such Request for Release
        shall
        be accompanied by an assignment of mortgage, without recourse, representation
        or
        warranty from the Trustee to the Sponsor (unless such Mortgage Loan is a
        MOM
        Loan) and the related Mortgage Note shall be endorsed without recourse,
        representation or warranty by the Trustee (unless such Mortgage Loans is
        registered on the MERS System) and be returned to the Sponsor. In connection
        with any Request for Release of a Mortgage File because of the payment in
        full
        of a Mortgage Loan, such Request for Release shall be accompanied by a
        certificate of satisfaction or other similar instrument to be executed by
        or on
        behalf of the Trustee and returned to the Company or the related Servicer,
        as
        applicable.

       

      Section
        2.6.  Assumption
        Agreements.
        In the
        event that any assumption agreement, substitution of liability agreement
        or sale
        of servicing agreement is entered into with respect to any Mortgage Loan
        subject
        to this Agreement in accordance with the terms and provisions of the Pooling
        and
        Servicing Agreement, the Master Servicer, to the extent provided in the Pooling
        and Servicing Agreement or the related Servicing Agreement, shall cause the
        Company or the related Servicer, as applicable, to notify the Custodian that
        such assumption or substitution agreement has been completed by forwarding
        to
        the Custodian the original of such assumption or substitution agreement,
        which
        shall be added to the related Mortgage File and, for all purposes, shall
        be
        considered a part of such Mortgage File to the same extent as all other
        documents and instruments constituting parts thereof.

       

      ARTICLE
        III.

      CONCERNING
        THE CUSTODIAN

       

      Section
        3.1.  Custodian
        a Bailee and Agent of the Trustee.
        With
        respect to each Mortgage Note, Mortgage and other documents constituting
        each
        Mortgage File which are delivered to the Custodian, the Custodian is exclusively
        the bailee and custodial agent of the Trustee and has no instructions to
        hold
        any Mortgage Note or Mortgage for the benefit of any person other than the
        Trustee and the Certificateholders and undertakes to perform such duties
        and
        only such duties as are specifically set forth in this Agreement and in the
        Pooling and Servicing Agreement. Except upon compliance with the provisions
        of
        Section 2.5 of this Agreement, no Mortgage Note, Mortgage or Mortgage File
        shall
        be delivered by the Custodian to the Company, the Depositor, any Servicer
        or the
        Master Servicer or otherwise released from the possession of the
        Custodian.

       

      Section
        3.2.  Custodian
        May Own Certificates.
        The
        Custodian in its individual or any other capacity may become the owner or
        pledgee of Certificates with the same rights it would have if it were not
        Custodian.

       

      Section
        3.3.  Master
        Servicer to Pay Custodian’s Fees and Expenses.
        The
        Master Servicer covenants and agrees to pay to the Custodian from time to
        time,
        and the Custodian shall be entitled to, reasonable compensation for all services
        rendered by it in the exercise and performance of any of the powers and duties
        hereunder of the Custodian, and the Master Servicer will pay or reimburse
        the
        Custodian upon its request for all reasonable expenses, disbursements and
        advances incurred or made by the Custodian in accordance with any of the
        provisions of this Agreement (including the reasonable compensation and the
        expenses and disbursements of its counsel and of all persons not regularly
        in
        its employ), except any such expense, disbursement or advance as may arise
        from
        its negligence or bad faith or to the extent that such cost or expense is
        indemnified by the Depositor pursuant to the Pooling and Servicing
        Agreement.

       

      Section
        3.4.  Custodian
        May Resign; Trustee May Remove Custodian.
        The
        Custodian may resign from the obligations and duties hereby imposed upon
        it as
        such obligations and duties relate to its acting as Custodian of the Mortgage
        Loans. Upon receiving such written notice of resignation, the Trustee shall
        either take custody of the Mortgage Files itself and give prompt written
        notice
        thereof to the Depositor, the Master Servicer and the Custodian, or promptly
        appoint a successor Custodian by written instrument, in duplicate, one copy
        of
        which instrument shall be delivered to the resigning Custodian and one copy
        to
        the successor Custodian. If the Trustee shall not have taken custody of the
        Mortgage Files and no successor Custodian shall have been so appointed and
        have
        accepted appointment within 30 days after the giving of such written notice
        of
        resignation, the resigning Custodian may petition any court of competent
        jurisdiction for the appointment of a successor Custodian.

       

      The
        Trustee may remove the Custodian at any time upon 60 days prior written notice
        to Custodian. In such event, the Trustee shall appoint, or petition a court
        of
        competent jurisdiction to appoint, a successor Custodian hereunder. Any
        successor Custodian shall be a depository institution subject to supervision
        or
        examination by federal or state authority shall be able to satisfy the other
        requirements contained in Section 3.6 and shall be unaffiliated with the
        Servicers, the Company and the Depositor.

       

      Any
        resignation or removal of the Custodian and appointment of a successor Custodian
        pursuant to any of the provisions of this Section 3.4 shall become effective
        upon acceptance of appointment by the successor Custodian. The Trustee shall
        give prompt notice to the Depositor and the Master Servicer of the appointment
        of any successor Custodian. No successor Custodian shall be appointed by
        the
        Trustee without the prior approval of the Depositor and the Master
        Servicer.

       

      Section
        3.5.  Merger
        or Consolidation of Custodian.
        Any
        Person into which the Custodian may be merged or converted or with which
        it may
        be consolidated, or any Person resulting from any merger, conversion or
        consolidation to which the Custodian shall be a party, or any Person succeeding
        to the business of the Custodian, shall be the successor of the Custodian
        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.

       

      Section
        3.6.  Representations
        of the Custodian.
        The
        Custodian hereby represents that it is a depository institution subject to
        supervision or examination by a federal or state authority, has a combined
        capital and surplus of at least $15,000,000 and is qualified to do business
        in
        the jurisdictions in which it will hold any Mortgage File.

       

      ARTICLE
        IV.

      COMPLIANCE
        WITH REGULATION AB

       

      Section
        4.1.  Intent
        of the parties; Reasonableness.
        The
        parties hereto acknowledge and agree that the purpose of this Article IV
        is to
        facilitate compliance by the Depositor with the provisions of Regulation
        AB and
        related rules and regulations of the Commission. The Depositor shall not
        exercise its right to request delivery of information or other performance
        under
        these provisions other than in good faith, or for purposes other than compliance
        with the Securities Act, the Exchange Act and the rules and regulations of
        the
        Commission under the Securities Act and the Exchange Act. Each of the parties
        hereto acknowledges that interpretations of the requirements of Regulation
        AB
        may change over time, whether due to interpretive guidance provided by the
        Commission or its staff, consensus among participants in the mortgage-backed
        securities markets, advice of counsel, or otherwise, and agrees to comply
        with
        requests made by the Depositor in good faith for delivery of information
        under
        these provisions on the basis of evolving interpretations of Regulation AB
        to
        the extent reasonably practicable. The Custodian shall cooperate reasonably
        with
        the Depositor to deliver to the Depositor (including any of its assignees
        or
        designees), any and all disclosure, statements, reports, certifications,
        records
        and any other information necessary in the reasonable, good faith determination
        of the Depositor to permit the Depositor to comply with the provisions of
        Regulation AB.

       

      Section
        4.2.  Additional
        Representations and Warranties of the Custodian.
        

       

      (a)  The
        Custodian hereby represents and warrants that the information set forth in
        the
        Prospectus Supplement under the caption "Description of the Certificates
        - The
        Custodian" (the "Custodian Disclosure") does not contain any untrue statement
        of
        a material fact or omit to state a material fact required to be stated therein
        or necessary in order to make the statements therein, in the light of the
        circumstances under which they were made, not misleading.

       

      (b)  The
        Custodian shall be deemed to represent to the Depositor as of the date hereof
        and on each date on which information is provided to the Depositor under
        Section
        4.3 that, except as disclosed in writing to the Depositor prior to such date:
        (i) there are no aspects of its financial condition that could have a material
        adverse effect on the performance by it of its Custodian obligations under
        this
        Agreement or any other Securitization Transaction as to which it is the
        custodian; (ii) there are no material legal or governmental proceedings pending
        (or known to be contemplated) against it; and (iii) there are no affiliations,
        relationships or transactions relating to the Custodian with respect to the
        Depositor or any sponsor, issuing entity, servicer, trustee, originator,
        significant obligor, enhancement or support provider or other material
        transaction party (as such terms are used in Regulation AB) relating to the
        Securitization Transaction contemplated by the Agreement, as identified by
        the
        Depositor to the Custodian in writing as of the Closing Date (each, a
        "Transaction Party").

       

      (c)  If
        so
        requested by the Depositor on any date following the Closing Date, the Custodian
        shall, within five Business Days following such request, confirm in writing
        the
        accuracy of the representations and warranties set forth in paragraph (a)
        of
        this Section or, if any such representation and warranty is not accurate
        as of
        the date of such confirmation, provide reasonably adequate disclosure of
        the
        pertinent facts, in writing, to the requesting party. Any such request from
        the
        Depositor shall not be given more than once each calendar quarter, unless
        the
        Depositor shall have a reasonable basis for a determination that any of the
        representations and warranties may not be accurate.

       

      Section
        4.3.  Additional
        Information to Be Provided by the Custodian.
        For so
        long as the Certificates are outstanding, for the purpose of satisfying the
        Depositor 's reporting obligation under the Exchange Act with respect to
        any
        class of Certificates, the Custodian shall (a) notify the Depositor in writing
        of any material litigation or governmental proceedings pending against the
        Custodian that would be material to Certificateholders, and (b) provide to
        the
        Depositor a written description of such proceedings. Any notices and
        descriptions required under this Section 4.3 shall be given no later than
        five
        Business Days prior to the Determination Date following the month in which
        the
        Custodian has knowledge of the occurrence of the relevant event. As of the
        date
        the Depositor or Master Servicer files each Report on Form 10-D or Form 10-K
        with respect to the Certificates, the Custodian will be deemed to represent
        that
        any information previously provided under this Section 4.3, if any, is
        materially correct and does not have any material omissions unless the Custodian
        has provided an update to such information.

       

      Section
        4.4.  Report
        on Assessment of Compliance and Attestation.
        On or
        before March 15 of each calendar year, the Custodian shall:

       

      (a)  deliver
        to the Master Servicer, the Securities Administrator and the Depositor a
        report
        (in form and substance reasonably satisfactory to the Master Servicer, the
        Securities Administrator and the Depositor) regarding the Custodian’s assessment
        of compliance with the Servicing Criteria during the immediately preceding
        calendar year, as required under Rules 13a-18 and 15d-18 of the Exchange
        Act and
        Item 1122 of Regulation AB. Such report shall be addressed to the Master
        Servicer, the Securities Administrator and the Depositor and signed by an
        authorized officer of the Custodian, and shall address each of the Servicing
        Criteria specified on a certification substantially in the form of Exhibit
        Four
        attached hereto; and

       

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

       

      Section
        4.5.  Indemnification;
        Remedies.
        

       

      (a)  The
        Custodian shall indemnify the Depositor, each affiliate of the Depositor,
        EMC
        and each broker dealer acting as underwriter, placement agent or initial
        purchaser of the Certificates or each Person who controls any of such parties
        (within the meaning of Section 15 of the Securities Act and Section 20 of
        the
        Exchange Act); and the respective present and former directors, officers,
        employees and agents of each of the foregoing, and shall hold each of them
        harmless from and against any losses, damages, penalties, fines, forfeitures,
        legal fees and expenses and related costs, judgments, and any other costs,
        fees
        and expenses that any of them may sustain arising out of or based
        upon:

       

      (i) (A)
        any
        untrue statement of a material fact contained or alleged to be contained
        in the
        Custodian Disclosure and any information, report, certification, accountants’
attestation or other material provided under this Article IV by or on behalf
        of
        the Custodian (collectively, the “Custodian Information”), or (B) the omission
        or alleged omission to state in the Custodian Information a material fact
        required to be stated in the Custodian Information or necessary in order
        to make
        the statements therein, in the light of the circumstances under which they were
        made, not misleading; or

       

      (ii) any
        failure by the Custodian to deliver any information, report, certification,
        accountants’ attestation or other material when and as required under this
        Article IV.

       

      (iii) the
        negligence, bad faith or willful misconduct of the Custodian in the performance
        of its obligations under this Article IV. 

       

      (b)  In
        the
        case of any failure of performance described in clause (ii) of Section 4.5(a),
        the Custodian shall promptly reimburse the Depositor for all costs reasonably
        incurred by the Depositor in order to obtain the information, report,
        certification, accountants’ letter or other material not delivered as required
        by the Custodian.

       

      (c)  In
        no
        event shall the Custodian or its directors, officers, and employees be liable
        for any special, indirect or consequential damages from any action taken
        or
        omitted to be taken by it or them hereunder or in connection herewith even
        if
        advised of the possibility of such damages.

       

      This
        indemnification shall survive the termination of this Agreement or the
        termination of the Custodian. 

       

      ARTICLE
        V.

      MISCELLANEOUS
        PROVISIONS

       

      Section
        5.1.  Notices.
        All
        notices, requests, consents and demands and other communications required
        under
        this Agreement or pursuant to any other instrument or document delivered
        hereunder shall be in writing and, unless otherwise specifically provided,
        may
        be delivered personally, by telegram or telex, or by registered or certified
        mail, postage prepaid, return receipt requested, at the addresses specified
        on
        the signature page hereof (unless changed by the particular party whose address
        is stated herein by similar notice in writing), in which case the notice
        will be
        deemed delivered when received.

       

      Section
        5.2.  [Reserved].
        

       

      Section
        5.3.  Amendments.
        No
        modification or amendment of or supplement to this Agreement shall be valid
        or
        effective unless the same is in writing and signed by all parties
        hereto.  The Trustee shall give prompt notice to the Custodian of any
        amendment or supplement to the Pooling and Servicing Agreement and furnish
        the
        Custodian with written copies thereof.

       

      Section
        5.4.  GOVERNING
        LAW.
        THIS
        AGREEMENT SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS
        OF
        THE STATE OF NEW YORK, without
        REGARD
        TO CONFLICT OF LAWS PRINCIPLES THEREOF OTHER THAN SECTION 5-1401 OF THE NEW
        YORK
        GENERAL OBLIGATIONS LAW.

       

      Section
        5.5.  Recordation
        of Agreement.
        To the
        extent permitted by applicable law, this Agreement is subject to recordation
        in
        all appropriate public offices for real property records in all the counties
        or
        other comparable jurisdictions in which any or all of the properties subject
        to
        the Mortgages are situated, and in any other appropriate public recording
        office
        or elsewhere, such recordation to be effected by the Depositor and at the
        Trust’s expense, but only upon direction accompanied by an Opinion of Counsel
        reasonably satisfactory to the Depositor to the effect that the failure to
        effect such recordation is likely to materially and adversely affect 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
        5.6.  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.

       

      [Signature
        Page Follows]

      
 

      IN
        WITNESS WHEREOF, this Agreement is executed as of the date first above
        written.

       

      
        	 	 	 
	Address:	
                U.S.
                  BANK NATIONAL
                  ASSOCIATION, not individually but solely as Trustee

              
	 
 	 
 	 
 
	
                One
                  Federal Street, 3rd
                  Floor

              	 	By: 
	
                Boston,
                  MA 02110

              	
                
                  

                

              
	 	
                Name: 

                Title: 

              

        Attention:
          

        BSABS
          I
          2006-AC3

        Telecopy:
          (617) 603-6638

        Confirmation:

        
          	 	 	 
	Address:	BEAR
                  STEARNS ASSET
                  BACKED SECURITIES I LLC
	
                   

                  383
                    Madison Avenue
New York, New York 10179

                	 
 	 
 
	 	 	By:
	 	
                  
                    

                  

                
	 	
                  Name: 

                  Title: 

                

        

      

      
        	 	 	 
	Address:	
                EMC
                  MORTGAGE
                  CORPORATION

              
	
                 

                909
                  Hidden Ridge Drive, Suite 200

              	 
 	 
 
	
                Irving,
                  Texas 75038

              	 	By: 
	 	
                
                  

                

              
	 	
                Name: 

                Title: 

              

      

      
        	 	 	 
	
                Address:

                 

                9062
                  Old Annapolis Road

              	
                WELLS
                  FARGO BANK,

                NATIONAL
                  ASSOCIATION,

                as
                  Master Servicer

              
	
                Columbia,
                  Maryland 21045

                 

              	 
 	 
 
	 	 	By:  
	 	
                
                  

                

              
	 	
                Name: 

                Title: 

              

      

      
        	 	 	 
	Address:	
                WELLS
                  FARGO BANK,

                NATIONAL
                  ASSOCIATION, as Custodian

              
	 

                1015
                  10th Avenue S.E.

                Minneapolis,
                  Minnesota 55414-0031

              	 
 	 
 
	 	 	By: 
	 	
                

              
	 	
                Name: 

                Title: 

              

      

       

       

      
        	
                STATE
                  OF MASSACHUSETTS

              	
                )

              	 
	 	
                )

              	
                ss.:

              
	
                COUNTY
                  OF SUFFOLK

              	
                )

              	 

      

       

      On
        the
        28th
        day of
        April 2006 before me, a notary public in and for said State, personally appeared
        _____________________, known to me to be a(n) _____________________ of U.S.
        Bank
        National Association, a national banking association, one of the parties
        that
        executed the within agreement, and also known to me to be the person who
        executed the within agreement on behalf of said party and acknowledged to
        me
        that such party 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

              

      

       

       

      [SEAL]

       

      
         

        
          	
                  STATE
                    OF NEW YORK

                	
                  )

                	 
	 	
                  )

                	
                  ss.:

                
	
                  COUNTY
                    OF NEW YORK

                	
                  )

                	 

        

         

      

      On
        the
        28th
        day of
        April 2006 before me, a notary public in and for said State, personally appeared
        _____________________, known to me to be a(n) _____________________ of Bear
        Stearns Asset Backed Securities I LLC, and also known to me to be the person
        who
        executed the within instrument on behalf of said party, and acknowledged
        to me
        that such party 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

                

        

         

         

      

      [SEAL]

       

      
         

        
          	
                  STATE
                    OF TEXAS

                	
                  )

                	 
	 	
                  )

                	
                  ss.:

                
	
                  COUNTY
                    OF DALLAS

                	
                  )

                	 

        

         

      

      On
        the
        28th
        day of
        April 2006 before me, a notary public in and for said State, personally appeared
        _____________________, known to me to be an authorized representative of
        EMC
        Mortgage Corporation, one of the parties that executed the within instrument,
        and also known to me to be the person who executed the within instrument
        on
        behalf of said party, and acknowledged to me that such party executed the
        within
        instrument.

       

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

      
        
          
            	 	 	 
	 	 
	 
 	 
 	 
 
	 	 	 
	 	
                    

                  
	 	
                    Notary
                      Public

                  

          

           

           

        

      

      [Notarial
        Seal]

      

        
           

          
            	
                    STATE
                      OF MARYLAND

                  	
                    )

                  	 
	 	
                    )

                  	
                    ss.:

                  
	
                    COUNTY
                      OF HOWARD

                  	
                    )

                  	 

          

           

        

      

      On
        the
        28th
        day of
        April 2006 before me, a notary public in and for said State, personally appeared
        _____________________, known to me to be a(n) _____________________ of Wells
        Fargo Bank, National Association, a national banking association, one of
        the
        parties that executed the within instrument, and also known to me to be the
        person who executed it on behalf of said party, and acknowledged to me that
        such
        party executed the within instrument.

       

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

      
        
          
            	 	 	 
	 	 
	 
 	 
 	 
 
	 	 	 
	 	
                    

                  
	 	
                    Notary
                      Public

                  

          

           

        

      

       

      [Notarial
        Seal]

      
 

      
        
          
            
              	
                      STATE
                        OF MINNESOTA

                    	
                      )

                    	 
	 	
                      )

                    	
                      ss.:

                    
	
                      COUNTY
                        OF 

                    	
                      )

                    	 

            

          

        

      

       

      On
        the
        28th
        day of
        April 2006 before me, a notary public in and for said State, personally appeared
        ___________________, known to me to be a(n) _________________of Wells Fargo
        Bank, National Association, a national banking association, one of the parties
        that executed the within instrument, and also known to me to be the person
        who
        executed it on behalf of said party, and acknowledged to me that such party
        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
        ONE

       

      FORM
        OF
        CUSTODIAN INITIAL CERTIFICATION

       

      
        	 	April 28,
                2006

      

       

      U.S.
        Bank
        National Association

      One
        Federal Street, 3rd
        Floor

      Boston,
        MA 02110

       

      EMC
        Mortgage Corporation

      909
        Hidden Ridge Drive, Suite 200

       

      Irving,
        Texas 75038

       

      Attention:
        Bear Stearns Asset Backed Securities I LLC, Series 2006-AC3

       

      
        	
              	Re:	
                Custodial
                  Agreement, dated as of April 28, 2006, by and among U.S. Bank National
                  Association, Wells Fargo Bank, National Association, Bear Stearns
                  Asset
                  Backed Securities I LLC and EMC Mortgage Corporation relating to
                  Bear
                  Stearns Asset Backed Securities I Trust 2006-AC3, Asset-Backed
                  Certificates, Series 2006-AC3  

              

      

       

       

      Ladies
        and Gentlemen:

       

      In
        accordance with Section 2.3(a) of the above-captioned Custodial Agreement,
        and
        subject to Section 2.02(a) of the Pooling and Servicing Agreement, the
        undersigned, as Custodian, hereby certifies that it has received a Mortgage
        File
        (which contains an original Mortgage Note or lost note affidavit) to the
        extent
        required in Section 2.01 of the Pooling and Servicing Agreement with respect
        to
        each Mortgage Loan listed in the Mortgage Loan Schedule, with any exceptions
        listed on Schedule A attached hereto.

       

      Capitalized
        words and phrases used herein shall have the respective meanings assigned
        to
        them in the above-captioned Custodial Agreement.

       

      

       

      WELLS
        FARGO BANK, NATIONAL 

      ASSOCIATION

       

      By:_______________________________

      Name:_____________________________

      Title:______________________________

       

       

      

      SCHEDULE
        A

       

      (PROVIDED
        UPON REQUEST)

       

       

      

      EXHIBIT
        TWO

       

      FORM
        OF
        CUSTODIAN INTERIM CERTIFICATION

       

      
        	 	[DATE]

      

       

      U.S.
        Bank
        National Association

      One
        Federal Street, 3rd
        Floor

      Boston,
        MA 02110

       

      EMC
        Mortgage Corporation

      909
        Hidden Ridge Drive, Suite 200

       

      Irving,
        Texas 75038

       

      Attention:
        Bear Stearns Asset Backed Securities I LLC, Series 2006-AC3

       

      
        	
              	Re:	
                Custodial
                  Agreement, dated as of April 28, 2006, by and among U.S. Bank National
                  Association, Wells Fargo Bank, National Association, Bear Stearns
                  Asset
                  Backed Securities I LLC and EMC Mortgage Corporation relating to
                  Bear
                  Stearns Asset Backed Securities I Trust 2006-AC3, Asset-Backed
                  Certificates, Series 2006-AC3   

              

      

       

      Ladies
        and Gentlemen:

       

      In
        accordance with Section 2.3(b) of the above-captioned Custodial Agreement
        and
        subject to Section 2.02(a) of the Pooling and Servicing Agreement, the
        undersigned, as Custodian, hereby certifies that it has received a Mortgage
        File
        to the extent required pursuant to Section 2.01 of the Pooling and Servicing
        Agreement with respect to each Mortgage Loan listed in the Mortgage Loan
        Schedule, and it has reviewed the Mortgage File and the Mortgage Loan Schedule
        and has determined that: all required documents have been executed and received
        and that such documents relate to the Mortgage Loans identified on the Mortgage
        Loan Schedule, with any exceptions listed on Schedule A attached
        hereto.

       

      Capitalized
        words and phrases used herein shall have the respective meanings assigned
        to
        them in the above-captioned Custodial Agreement.

       

      

       

      WELLS
        FARGO BANK, NATIONAL

      ASSOCIATION

       

      By:_______________________________

      Name:_____________________________

      Title:______________________________

       

       

      SCHEDULE
        A

      

      (PROVIDED
        UPON REQUEST)

       

      

      EXHIBIT
        THREE

       

      FORM
        OF
        CUSTODIAN FINAL CERTIFICATION

      
         

        
          	 	[DATE]

        

      

       

      U.S.
        Bank
        National Association

      One
        Federal Street, 3rd
        Floor

      Boston,
        MA 02110

       

      EMC
        Mortgage Corporation

      909
        Hidden Ridge Drive, Suite 200

       

      Irving,
        Texas 75038

       

      Attention:
        Bear Stearns Asset Backed Securities I LLC, Series 2006-AC3

       

      
        	 	
                Re:

              	
                Custodial
                  Agreement, dated as of April 28, 2006, by and among U.S. Bank National
                  Association, Wells Fargo Bank, National Association, Bear Stearns
                  Asset
                  Backed Securities I LLC and EMC Mortgage Corporation relating to
                  Bear
                  Stearns Asset Backed Securities I Trust 2006-AC3, Asset-Backed
                  Certificates, Series 2006-AC3 

              	 

      

       

      In
        accordance with Section 2.3(c) of the above-captioned Custodial
        Agreement

      and,
        subject to Section 2.02(b) of the Pooling and Servicing Agreement, the
        undersigned, as Custodian, hereby certifies that it has received a Mortgage
        File
        to the extent required pursuant to Section 2.01 of the Pooling and Servicing
        Agreement with respect to each Mortgage Loan listed in the Mortgage Loan
        Schedule, and it has reviewed the Mortgage File and the Mortgage Loan Schedule
        and has determined that: all required documents have been executed and received
        and that such documents relate to the Mortgage Loans identified on the Mortgage
        Loan Schedule, with any exceptions listed on Schedule A attached
        hereto.

       

      Capitalized
        words and phrases used herein shall have the respective meanings assigned
        to
        them in the above-captioned Custodial Agreement or in the Pooling and Servicing
        Agreement, as applicable.

       

      

      
         

        WELLS
          FARGO BANK, NATIONAL

        ASSOCIATION

         

        By:_______________________________

        Name:_____________________________

        Title:______________________________

        
 

      

      SCHEDULE
        A

      

      (PROVIDED
        UPON REQUEST)

       

      

      EXHIBIT
        FOUR

      

      SERVICING
        CRITERIA TO BE ADDRESSED IN ASSESSMENT OF COMPLIANCE

      

      The
        assessment of compliance to be delivered by the Custodian shall address,
        at a
        minimum, the criteria identified below as “Applicable Servicing
        Criteria”:

      

      
        	
                 

                Servicing
                  Criteria

              	
                Applicable

                Servicing
                  Criteria

              
	
                Reference

              	
                Criteria

              	 
	 	
                General
                  Servicing Considerations

              	 
	
                 

                 

                1122(d)(1)(i)

              	
                Policies
                  and procedures are instituted to monitor any performance or other
                  triggers
                  and events of default in accordance with the transaction
                  agreements

              	 
	
                 

                 

                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

              	 
	
                 

                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.

              	 
	 	
                 

                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.

              	 
	
                 

                1122(d)(2)(ii)

              	
                Disbursements
                  made via wire transfer on behalf of an obligor or to an investor
                  are made
                  only by authorized personnel.

              	 
	
                 

                 

                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.

              	 
	
                 

                 

                1122(d)(2)(iv)

              	
                The
                  related accounts for the transaction, such as cash reserve accounts
                  or
                  accounts established as a form of overcollateralization, are separately
                  maintained (e.g., with respect to commingling of cash) as set forth
                  in the
                  transaction agreements.

              	 
	
                 

                 

                 

                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 institutions” 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. 

              	 
	
                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
                  reconciliations; 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.

              	 
	 	
                 

                Investor
                  Remittances and Reporting

              	 
	
                 

                 

                 

                 

                1122(d)(3)(i)

              	
                Reports
                  to investors, including those to be filed with the Commission,
                  are
                  maintained in accordance with the transaction agreements and applicable
                  Commission requirements. Specifically, such reports (A) are prepared
                  in
                  accordance with timeframes and other terms set forth in the transaction
                  agreements, (B) provide information calculated in accordance with
                  the
                  terms specified in the transaction agreements; (C) are filed with
                  the
                  Commission as required by its rules and regulations; and (D) agree
                  with
                  investors; or the trustee’s records as to the total unpaid principal
                  balance and number of pool assets serviced by the
                  servicer.

              	 
	
                 

                 

                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.

              	 
	
                 

                 

                1122(d)(3)(iii)

              	
                Disbursements
                  made to an investor are posted within two business days to the
                  servicer’s
                  investor records, or such other number of days specified in the
                  transaction agreements.

              	 
	
                 

                 

                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.

              	 
	 	
                 

                Pool
                  Asset Administration

              	 
	
                 

                1122(d)(4)(i)

              	
                Collateral
                  or security on pool assets is maintained as required by the transaction
                  agreements or related asset pool documents.

              	
                √

              
	
                 

                1122(d)(4)(ii)

              	
                Pool
                  assets and related documents are safeguarded as required by the
                  transaction agreements.

              	
                √

              
	
                 

                 

                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

              	 
	
                 

                 

                 

                1122(d)(4)(iv)

              	
                Payments
                  on pool assets, including any payoffs, made in accordance with
                  the related
                  pool asset documents are posted to the servicer’s obligor records
                  maintained no more than two business days after receipt, or such
                  other
                  number of days specified in the transaction agreements, and allocated
                  to
                  principal, interest or other items (e.g., escrow) in accordance
                  with the
                  related pool asset documents.

              	 
	
                 

                1122(d)(4)(v)

              	
                The
                  servicer’s records regarding the pool assets agree with the servicer’s
                  records with respect to an obligor’s unpaid principal
                  balance.

              	 
	
                 

                 

                1122(d)(4)(vi)

              	
                Changes
                  with respect to the terms or status of an obligor’s pool asset (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.

              	 
	
                 

                 

                 

                1122(d)(4)(vii)

              	
                Loss
                  mitigation of recovery actions (e.g., forbearance plans, modifications
                  and
                  deed 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
                  documents.

              	 
	
                 

                 

                 

                 

                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 in 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).

              	 
	
                 

                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.

              	 
	
                 

                 

                 

                 

                 

                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 3-
                  calendar
                  days of full repayment of the related pool asset, or such other
                  number of
                  days specified in the transaction agreements.

              	 
	
                 

                 

                 

                1122(d)(4)(xi)

              	
                Payments
                  made on behalf of an obligor (such as tax ore 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 service at least 30 calendar days prior
                  to these
                  dates, or such other number of days specified in the transaction
                  agreements.

              	 
	
                 

                 

                1122(d)(4)(xii)

              	
                Any
                  late payment penalties in connection with any payment to be made
                  on behalf
                  of an obligor are paid from the servicer’s funds and not charged to the
                  obligor, unless the late payment was due to the obligor’s error or
                  omission.

              	 
	
                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.

              	 
	
                1122(d)(4)(xiv)

              	
                Delinquencies,
                  charge-offs and uncollectible funds are recognized and recorded
                  in
                  accordance with the transaction agreements.

              	 
	
                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
        K

      

      FORM
        OF BACK-UP CERTIFICATION
        TO FORM 10-K CERTIFICATE

       

      The
        [         ]
        agreement dated as of [     ],
        200[  ] (the “Agreement”),
        among [IDENTIFY PARTIES]

      

      I,
        ________________________________, the _______________________ of [NAME OF
        COMPANY], certify to [the Purchaser], [the Depositor], and the [Master Servicer]
        [Trustee], and their officers, with the knowledge and intent that they will
        rely
        upon this certification, that:

       

      (1)    I
        have
        reviewed the servicer compliance statement of the Company provided in accordance
        with Item 1123 of Regulation AB (the “Compliance Statement”), the report on
        assessment of the Company’s compliance with the servicing criteria set forth in
        Item 1122(d) of Regulation AB (the “Servicing Criteria”), provided in accordance
        with Rules 13a-18 and 15d-18 under Securities Exchange Act of 1934, as amended
        (the “Exchange Act”) and Item 1122 of Regulation AB (the “Servicing
        Assessment”), the registered public accounting firm’s attestation report
        provided in accordance with Rules 13a-18 and 15d-18 under the Exchange Act
        and
        Section 1122(b) of Regulation AB (the “Attestation
        Report”), and all servicing reports, officer’s certificates and other
        information relating to the servicing of the Mortgage Loans by the Company
        during 200[ ] that were delivered by the Company to the [Depositor] [Master
        Servicer] [Trustee] pursuant to the Agreement (collectively, the “Company
        Servicing Information”);

       

      (2)    Based
        on
        my knowledge, the Company Servicing Information, taken as a whole, does not
        contain any untrue statement of a material fact or omit to state a material
        fact
        necessary to make the statements made, in the light of the circumstances
        under
        which such statements were made, not misleading with respect to the period
        of
        time covered by the Company Servicing Information;

       

      (3)    Based
        on
        my knowledge, all of the Company Servicing Information required to be provided
        by the Company under the Agreement has been provided to the [Depositor] [Master
        Servicer] [Trustee];

       

      (4)    I
        am
        responsible for reviewing the activities performed by the Company as servicer
        under the Agreement, and based on my knowledge and the compliance review
        conducted in preparing the Compliance Statement and except as disclosed in
        the
        Compliance Statement, the Servicing Assessment or the Attestation Report,
        the
        Company has fulfilled its obligations under the Agreement in all material
        respects; and

       

      (5)    The
        Compliance Statement required to be delivered by the Company pursuant to
        the
        Agreement, and the Servicing Assessment and Attestation Report required to
        be
        provided by the Company and by any Subservicer or Subcontractor pursuant
        to the
        Agreement, have been provided to the [Depositor] [Master Servicer]. Any material
        instances of noncompliance described in such reports have been disclosed
        to the
        [Depositor] [Master Servicer]. Any material instance of noncompliance with
        the
        Servicing Criteria has been disclosed in such reports.

       

       

      Date: _________________________

      
        	 	 	 	 
	 	 	 	 
	
                By:

              	 	 	
              
	
                 

                Name:
                   ________________________________
                  

                 

                Title:
                   ________________________________

              	 	 	 

      

      

       

      EXHIBIT
        L

      

      FORM
        OF
        MORTGAGE LOAN PURCHASE AGREEMENT

      

      MORTGAGE
        LOAN PURCHASE AGREEMENT, dated as of April 28, 2006, as amended and supplemented
        by any and all amendments hereto (collectively, “this Agreement”),
        by and
        between EMC MORTGAGE CORPORATION, a Delaware corporation (the “Sponsor”
        or “Mortgage Loan Seller”)
        and
        BEAR STEARNS ASSET BACKED SECURITIES I LLC, a Delaware limited liability
        company
        (the “Purchaser”).

       

      Upon
        the
        terms and subject to the conditions of this Agreement, the Mortgage Loan
        Seller
        agrees to sell, and the Purchaser agrees to purchase, certain conventional,
        fixed rate, first and second lien mortgage loans secured by one- to four-family
        residences (collectively, the “Mortgage
        Loans”)
        as
        described herein. The Purchaser intends to deposit the Mortgage Loans into
        a
        trust fund (the “Trust
        Fund”)
        and
        create Bear Stearns Asset Backed Securities I Trust 2006-AC3, Asset-Backed
        Certificates, Series 2006-AC3 (the “Certificates”),
        under
        a pooling and servicing agreement, to be dated as of April 1, 2006 (the
“Pooling
        and Servicing Agreement”),
        among
        the Purchaser, as depositor, the Mortgage Loan Seller, as sponsor and company,
        Wells Fargo Bank, National Association, as master servicer (the “Master
        Servicer”)
        and as
        securities administrator and U.S. Bank National Association, as trustee (the
        “Trustee”).

       

      The
        Purchaser has filed with the Securities and Exchange Commission (the
“Commission”)
        a
        registration statement on Form S-3 (Number 333-131374) relating to its
        Asset-Backed Certificates and the offering of certain series thereof (including
        certain classes of the Certificates) from time to time in accordance with
        Rule
        415 under the Securities Act of 1933, as amended, and the rules and regulations
        of the Commission promulgated thereunder (the “Securities
        Act”).
        Such
        registration statement, when it became effective under the Securities Act,
        and
        the prospectus relating to the public offering of certain classes of the
        Certificates by the Purchaser (the “Public
        Offering”),
        as
        each may be amended or supplemented from time to time pursuant to the Securities
        Act or otherwise, are referred to herein as the “Registration
        Statement”
        and the
“Prospectus,”
        respectively. The “Prospectus
        Supplement”
        shall
        mean that supplement, dated April 27, 2006, to the Prospectus, dated April
        5,
        2006, relating to certain classes of the Certificates. With respect to the
        Public Offering of certain classes of the Certificates, the Purchaser and
        Bear,
        Stearns & Co. Inc. (“Bear
        Stearns”)
        have
        entered into a terms agreement, dated as of April 27, 2006, to an underwriting
        agreement, dated April 13, 2006, between the Purchaser and Bear Stearns
        (together, the “Underwriting
        Agreement”).

       

      Now,
        therefore, in consideration of the premises and the mutual agreements set
        forth
        herein, the parties hereto agree as follows:

       

      SECTION
        1.  Definitions.
        Certain
        terms are defined herein. Capitalized terms used herein but not defined herein
        shall have the meanings specified in the Pooling and Servicing Agreement.
        The
        following other terms are defined as follows:

       

      Acquisition
        Price:
        Cash in
        an amount equal to $            
        *             
        (plus
        $        *       
        in
        accrued interest), and the Retained Certificates.

       

      Bear
        Stearns:
        Bear,
        Stearns & Co. Inc.

       

      Closing
        Date:
        April
        28, 2006.

       

      Custodial
        Agreement:
        An
        agreement, dated as of April 28, 2006 among the Depositor, the Sponsor, the
        Trustee and the Custodian.

       

      Cut-off
        Date Balance:
        Shall
        mean $ 303,251,176 for the Mortgage Loans in loan group I and $231,296,045
        for
        the Mortgage Loans in loan group II.

       

      Deleted
        Mortgage Loan:
        A
        Mortgage Loan replaced or to be replaced by a Replacement Mortgage
        Loan.

       

      Due
        Date:
        With
        respect to each Mortgage Loan, the date in each month on which its scheduled
        payment is due, as set forth in the related Mortgage Note.

       

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

       

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

       

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

       

      Moody’s:
        Moody’s
        Investors Service, Inc., or its successors in interest.

       

      Mortgage:
        The
        mortgage or deed of trust creating a first lien on an interest in real property
        securing a Mortgage Note.

       

      Mortgage
        File:
        The
        items referred to in Exhibit
        1
        pertaining to a particular Mortgage Loan and any additional documents required
        to be added to such documents pursuant to this Agreement.

       

      Mortgage
        Rate:
        The
        annual rate of interest borne by a Mortgage Note as stated therein.

       

      Mortgagor:
        The
        obligor(s) on a Mortgage Note.

       

      Net
        Mortgage Rate:
        For
        each Mortgage Loan, the Mortgage Rate for such Mortgage Loan less (i) the
        Master
        Servicing Fee Rate, (ii) the Servicing Fee Rate and (ii) the rate at which
        the
        LPMI Fee is calculated, if applicable.

       

      Opinion
        of Counsel:
        A
        written opinion of counsel, who may be counsel for the Mortgage Loan Seller
        or
        the Purchaser, reasonably acceptable to the Trustee.

       

      Person:
        Any
        legal person, including any individual, corporation, partnership, joint venture,
        association, joint stock company, trust, unincorporated organization or
        government or any agency or political subdivision thereof.

       

      Purchase
        Price:
        With
        respect to any Mortgage Loan required to be purchased by the Sponsor (on
        its own
        behalf as a Mortgage Loan Seller) pursuant to the applicable provisions of
        this
        Agreement, an amount equal to the sum of (i) 100% of the principal remaining
        unpaid on such Mortgage Loan as of the date of purchase (including if a
        foreclosure has already occurred, the principal balance of the related Mortgage
        Loan at the time the Mortgaged Property was acquired), (ii) accrued and unpaid
        interest thereon at the Mortgage Rate through and including the last day
        of the
        month of purchase and (iii) any costs and damages (if any) incurred by the
        Trust
        in connection with any violation of such Mortgage Loan of any anti-predatory
        lending laws.

       

      Rating
        Agencies:
        Standard & Poor’s and Moody’s, each a “Rating
        Agency.”

       

      Replacement
        Mortgage Loan:
        A
        mortgage loan substituted for a Deleted

      Mortgage
        Loan which must meet on the date of such substitution the requirements stated
        herein and in the Pooling and Servicing Agreement; upon such substitution,
        such
        mortgage loan shall be a “Mortgage Loan” hereunder.

      

      Securities
        Act:
        The
        Securities Act of 1933, as amended.

       

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

       

      Transaction
        Documents:
        This
        Agreement, the Pooling and Servicing Agreement, the Custodial Agreement and
        the
        Underwriting Agreement.

       

      Value:
        The
        value of the Mortgaged Property at the time of origination of the related
        Mortgage Loan, such value being the lesser of (i) the value of such property
        set
        forth in an appraisal accepted by the applicable originator of the Mortgage
        Loan
        or (ii) the sales price of such property at the time of
        origination.

       

      Wells
        Fargo:
        Wells
        Fargo Bank, National Association.

       

       

      
        
          
            
              

            

          

          * Please
            contact Bear Stearns for pricing information.

        

      

       

       

      SECTION
        2.  Purchase
        and Sale of the Mortgage Loans and Related Rights.
        

       

      (a)  Upon
        satisfaction of the conditions set forth in Section 10 hereof, the Mortgage
        Loan
        Seller agrees to sell, and the Purchaser agrees to purchase Mortgage Loans
        sold
        by such Mortgage Loan Seller having an aggregate outstanding principal balance
        as of the Cut-off Date equal to the related Cut-off Date Balance.

       

      (b)  The
        closing for the purchase and sale of the Mortgage Loans and the closing for
        the
        issuance of the Certificates will take place on the Closing Date at the office
        of the Purchaser’s counsel in New York, New York or such other place as the
        parties shall agree.

       

      (c)  Upon
        the
        satisfaction of the conditions set forth in Section 10 hereof, on the Closing
        Date, the Purchaser shall pay to the Mortgage Loan Seller the Acquisition
        Price
        for the Mortgage Loans sold by such Mortgage Loan Seller in immediately
        available funds by wire transfer to such account or accounts as shall be
        designated by the Mortgage Loan Seller.

       

      (d)  In
        addition to the foregoing, on the Closing Date the Mortgage Loan Seller assigns
        to the Purchaser all of its right, title and interest in the Servicing
        Agreements.

       

      SECTION
        3.  Mortgage
        Loan Schedules.
        The
        Sponsor (on its own behalf as Mortgage Loan Seller) agrees to provide to
        the
        Purchaser as of the date hereof a preliminary listing of the Mortgage Loans
        (the
“Preliminary Mortgage Loan Schedule”) setting forth the information listed on
Exhibit
        2
        to this
        Agreement with respect to each of the Mortgage Loans being sold by the Mortgage
        Loan Seller. If there are changes to the Preliminary Mortgage Loan Schedule,
        the
        Sponsor (on its own behalf as Mortgage Loan Seller) shall provide to the
        Purchaser as of the Closing Date a final schedule (the “Final Mortgage Loan
        Schedule”) setting forth the information listed on Exhibit
        2
        to this
        Agreement with respect to each of the Mortgage Loans being sold by the Mortgage
        Loan Seller to the Purchaser. The Final Mortgage Loan Schedule shall be
        delivered to the Purchaser on the Closing Date, shall be attached to an
        amendment to this Agreement to be executed on the Closing Date by the parties
        hereto and shall be in form and substance mutually agreed to by the Sponsor
        (on
        its own behalf as Mortgage Loan Seller) and the Purchaser (the “Amendment”). If
        there are no changes to the Preliminary Mortgage Loan Schedule, the Preliminary
        Mortgage Loan Schedule shall be the Final Mortgage Loan Schedule for all
        purposes hereof.

       

      SECTION
        4.  Mortgage
        Loan Transfer.

       

      (a)  The
        Purchaser will be entitled to all scheduled payments of principal and interest
        on the Mortgage Loans due after the Cut-off Date (regardless of when actually
        collected) and all payments thereof. The Mortgage Loan Seller will be entitled
        to all scheduled payments of principal and interest on the Mortgage Loans
        due on
        or before the Cut-off Date (including payments collected after the Cut-off
        Date)
        and all payments thereof. Such principal amounts and any interest thereon
        belonging to the Mortgage Loan Seller as described above will not be included
        in
        the aggregate outstanding principal balance of the Mortgage Loans as of the
        Cut-off Date as set forth on the Final Mortgage Loan Schedule.

       

      (b)  Pursuant
        to various conveyancing documents to be executed on the Closing Date and
        pursuant to the Pooling and Servicing Agreement, the Purchaser will assign
        on
        the Closing Date all of its right, title and interest in and to the Mortgage
        Loans to the Trustee for the benefit of the Certificateholders. In connection
        with the transfer and assignment of the Mortgage Loans, the Mortgage Loan
        Seller
        has delivered or will deliver or cause to be delivered to the Trustee or
        the
        Custodian on behalf of the Trustee by the Closing Date or such later date
        as is
        agreed to by the Purchaser and the Mortgage Loan Seller (each of the Closing
        Date and such later date is referred to as a “Mortgage
        File Delivery Date”),
        the
        items of each Mortgage File, provided,
        however,
        that in
        lieu of the foregoing, the Mortgage Loan Seller may deliver the following
        documents, under the circumstances set forth below: (x) in lieu of the original
        Mortgage, assignments to the Trustee or intervening assignments thereof which
        have been delivered, are being delivered or will upon receipt of recording
        information relating to the Mortgage required to be included thereon, be
        delivered to recording offices for recording and have not been returned in
        time
        to permit their delivery as specified above, the Mortgage Loan Seller may
        deliver a true copy thereof with a certification by the Mortgage Loan Seller
        or
        the Master Servicer, on the face of such copy, substantially as follows:
        “Certified to be a true and correct copy of the original, which has been
        transmitted for recording;” (y) in lieu of the Mortgage, assignments to the
        Trustee or intervening assignments thereof, if the applicable jurisdiction
        retains the originals of such documents or if the originals are lost (in
        each
        case, as evidenced by a certification from the Mortgage Loan Seller or the
        Master Servicer to such effect), the Mortgage Loan Seller may deliver
        photocopies of such documents containing an original certification by the
        judicial or other governmental authority of the jurisdiction where such
        documents were recorded; and (z) in lieu of the Mortgage Notes relating to
        the
        Mortgage Loans, each identified in the list delivered by the Purchaser to
        the
        Trustee on the Closing Date and attached hereto as Exhibit
        5
        the
        Mortgage Loan Seller may deliver lost note affidavits and indemnities of
        the
        Mortgage Loan Seller; and provided further, however, that in the case of
        Mortgage Loans which have been prepaid in full after the Cut-off Date and
        prior
        to the Closing Date, the Mortgage Loan Seller, in lieu of delivering the
        above
        documents, may deliver to the Trustee a certification by the Mortgage Loan
        Seller or the Master Servicer to such effect. The Mortgage Loan Seller shall
        deliver such original documents (including any original documents as to which
        certified copies had previously been delivered) or such certified copies
        to the
        Trustee, or the Custodian on behalf of the Trustee, promptly after they are
        received. The Sponsor (on its own behalf as Mortgage Loan Seller) shall cause
        the Mortgage and intervening assignments, if any, and the assignment of the
        Mortgage to be recorded not later than 180 days after the Closing Date unless
        such assignment is not required to be recorded under the terms set forth
        in
        Section 6(a) hereof.

       

      (c)  In
        connection with the assignment of any Mortgage Loan registered on the MERS®
System, the Sponsor (on its own behalf as Mortgage Loan Seller) further agrees
        that it will cause, at the Sponsor’s own expense, within 30 days after the
        Closing Date, the MERS® System to indicate that such Mortgage Loans have been
        assigned by the Mortgage Loan Seller to the Purchaser and by the Purchaser
        to
        the Trustee in accordance with this Agreement for the benefit of the
        Certificateholders by including (or deleting, in the case of Mortgage Loans
        which are repurchased in accordance with this Agreement) in such computer
        files
        (a) the code in the field which identifies the specific Trustee and (b) the
        code
        in the field “Pool Field” which identifies the series of the Certificates issued
        in connection with such Mortgage Loans. The Mortgage Loan Seller further
        agrees
        that it will not, and will not permit any Servicer or the Master Servicer
        to,
        and the Master Servicer agrees that it will not, alter the codes referenced
        in
        this paragraph with respect to any Mortgage Loan during the term of the Pooling
        and Servicing Agreement unless and until such Mortgage Loan is repurchased
        in
        accordance with the terms of the Pooling and Servicing Agreement.

       

      (d)  The
        Mortgage Loan Seller and the Purchaser acknowledge hereunder that all of
        the
        Mortgage Loans and the related servicing, will ultimately be assigned to
        U.S.
        Bank National Association, as Trustee for the benefit of the Certificateholders,
        on the date hereof.

       

      SECTION
        5.  Examination
        of Mortgage Files.

       

      (a)  On
        or
        before the Mortgage File Delivery Date, the Mortgage Loan Seller will have
        made
        the Mortgage Files available to the Purchaser or its agent for examination
        which
        may be at the offices of the Trustee or the Mortgage Loan Seller and/or the
        Mortgage Loan Seller’s custodian. The fact that the Purchaser or its agent has
        conducted or has failed to conduct any partial or complete examination of
        the
        Mortgage Files shall not affect the Purchaser’s rights to demand cure,
        repurchase, substitution or other relief as provided in this Agreement. In
        furtherance of the foregoing, the Mortgage Loan Seller shall make the Mortgage
        Files available to the Purchaser or its agent from time to time so as to
        permit
        the Purchaser to confirm the Mortgage Loan Seller’s compliance with the delivery
        and recordation requirements of this Agreement and the Pooling and Servicing
        Agreement. In addition, upon request of the Purchaser, the Mortgage Loan
        Seller
        agrees to provide to the Purchaser, Bear Stearns and to any investors or
        prospective investors in the Certificates information regarding the Mortgage
        Loans and their servicing, to make the Mortgage Files available to the
        Purchaser, Bear Stearns and to such investors or prospective investors (which
        may be at the offices of the Mortgage Loan Seller and/or the Mortgage Loan
        Seller’s custodian) and to make available personnel knowledgeable about the
        Mortgage Loans for discussions with the Purchaser, Bear Stearns and such
        investors or prospective investors, upon reasonable request during regular
        business hours, sufficient to permit the Purchaser, Bear Stearns and such
        investors or potential investors to conduct such due diligence as any such
        party
        reasonably believes is appropriate.

       

      (b)  Pursuant
        to the Pooling and Servicing Agreement, on the Closing Date the Trustee (or
        the
        Custodian as obligated under the Custodial Agreement), for the benefit of
        the
        Certificateholders, will review items of the Mortgage Files as set forth
        on
Exhibit
        1
        and will
        deliver to the Sponsor (on its own behalf as Mortgage Loan Seller an initial
        certification in the form attached as Exhibit One to the Custodial
        Agreement.

       

      (c)  Within
        90
        days of the Closing Date, the Trustee or the Custodian on its behalf shall,
        in
        accordance with the provisions of Section 2.02 of the Pooling and Servicing
        Agreement, deliver to the Sponsor (on its own behalf as Mortgage Loan Seller
        and
        the Trustee an Interim Certification in the form attached as Exhibit Two
        to the
        Custodial Agreement to the effect that all such documents have been executed
        and
        received and that such documents relate to the Mortgage Loans identified
        on the
        Mortgage Loan Schedule, except for any exceptions listed on Schedule A attached
        to such Interim Certification. The Custodian shall be under no duty or
        obligation to inspect, review or examine said documents, instruments,
        certificates or other papers to determine that the same are genuine,
        enforceable, or appropriate for the represented purpose or that they have
        actually been recorded or that they are other than what they purport to be
        on
        their face.

       

      (d)  The
        Trustee or the Custodian on its behalf will review the Mortgage Files within
        180
        days of the Closing Date and will deliver to the Sponsor and the Master
        Servicer, and if reviewed by the Custodian, the Trustee, a final certification
        substantially in the form of Exhibit Three to the Custodial Agreement. If
        the
        Trustee or the Custodian on its behalf is unable to deliver a final
        certification with respect to the items listed in Exhibit
        1
        due to
        any document that is missing, has not been executed, is unrelated, determined
        on
        the basis of the Mortgagor name, original principal balance and loan number,
        to
        the Mortgage Loans identified in the Final Mortgage Loan Schedule (a
“Material
        Defect”),
        the
        Trustee or the Custodian on its behalf shall notify the Sponsor of such Material
        Defect. The Sponsor (on its own behalf as a Mortgage Loan Seller) shall correct
        or cure any such Material Defect within 90 days from the date of notice from
        the
        Trustee of the Material Defect and if the Sponsor (on its own behalf as a
        Mortgage Loan Seller) does not correct or cure such Material Defect within
        such
        period and such defect materially and adversely affects the interests of
        the
        Certificateholders in the related Mortgage Loan, the Sponsor (on its own
        behalf
        as a Mortgage Loan Seller) will, in accordance with the terms of the Pooling
        and
        Servicing Agreement, within 90 days of the date of notice, provide the Trustee
        with a Replacement Mortgage Loan (if within two years of the Closing Date)
        or
        purchase the related Mortgage Loan at the applicable Purchase Price;
provided,
        however,
        that if
        such defect relates solely to the inability of the Sponsor (on its own behalf
        as
        a Mortgage Loan Seller) to deliver the original security instrument or
        intervening assignments thereof, or a certified copy because the originals
        of
        such documents, or a certified copy, have not been returned by the applicable
        jurisdiction, the Sponsor shall not be required to purchase such Mortgage
        Loan
        if the Sponsor (on its own behalf as a Mortgage Loan Seller) delivers such
        original documents or certified copy promptly upon receipt, but in no event
        later than 360 days after the Closing Date. The foregoing repurchase obligation
        shall not apply in the event that the Sponsor (on its own behalf as a Mortgage
        Loan Seller) cannot deliver such original or copy of any document submitted
        for
        recording to the appropriate recording office in the applicable jurisdiction
        because such document has not been returned by such office; provided that
        the
        Sponsor (on its own behalf as a Mortgage Loan Seller) shall instead deliver
        a
        recording receipt of such recording office or, if such receipt is not available,
        a certificate of Sponsor (on its own behalf as a Mortgage Loan Seller) or
        a
        Servicing Officer confirming that such documents have been accepted for
        recording, and delivery to the Trustee shall be effected by the Sponsor (on
        its
        own behalf as a Mortgage Loan Seller) within thirty days of its receipt of
        the
        original recorded document.

       

      (e)  At
        the
        time of any substitution, the Sponsor (on its own behalf as a Mortgage Loan
        Seller) shall deliver or cause to be delivered the Replacement Mortgage Loan,
        the related Mortgage File and any other documents and payments required to
        be
        delivered in connection with a substitution pursuant to the Pooling and
        Servicing Agreement. At the time of any purchase or substitution, the Trustee
        shall (i) assign the selected Mortgage Loan to the Sponsor (on its own behalf
        as
        a Mortgage Loan Seller) and shall release or cause the Custodian to release
        the
        documents (including, but not limited to the Mortgage, Mortgage Note and
        other
        contents of the Mortgage File) in the possession of the Trustee or the
        Custodian, as applicable relating to the Deleted Mortgage Loan and (ii) execute
        and deliver such instruments of transfer or assignment, in each case without
        recourse, as shall be necessary to vest in the Sponsor (on its own behalf
        as a
        Mortgage Loan Seller) title to such Deleted Mortgage Loan.

       

      SECTION
        6.  Recordation
        of Assignments of Mortgage.

       

      (a)  The
        Sponsor (on its own behalf as a Mortgage Loan Seller) will, promptly after
        the
        Closing Date, cause each Mortgage and each assignment of Mortgage from the
        Mortgage Loan Seller to the Trustee, and all unrecorded intervening assignments,
        if any, delivered on or prior to the Closing Date, to be recorded in all
        recording offices in the jurisdictions where the related Mortgaged Properties
        are located; provided,
        however,
        the
        Sponsor (on its own behalf as a Mortgage Loan Seller) need not cause to be
        recorded any assignment which relates to a Mortgage Loan that is a MOM Loan
        or
        for which the related Mortgaged Property is located in any jurisdiction under
        the laws of which, as evidenced by an Opinion of Counsel delivered by the
        Sponsor (on its own behalf as a Mortgage Loan Seller) to the Trustee and
        the
        Rating Agencies, the recordation of such assignment is not necessary to protect
        the Trustee’s interest in the related Mortgage Loan; provided,
        however,
        notwithstanding the delivery of any Opinion of Counsel, each assignment of
        Mortgage shall be submitted for recording by the Sponsor (on its own behalf
        as a
        Mortgage Loan Seller) in the manner described above, at no expense to the
        Trust
        Fund or Trustee, upon the earliest to occur of (i) reasonable direction by
        the
        Holders of Certificates evidencing Percentage Interests aggregating not less
        than 25% of the Trust, (ii) the occurrence of a Company Default, (iii) the
        occurrence of a bankruptcy, insolvency or foreclosure relating to the Sponsor
        under the Pooling and Servicing Agreement, (iv) the occurrence of a servicing
        transfer as described in Section 9.05 of the Pooling and Servicing Agreement
        or
        an assignment of the servicing as described in Section 8.05(b) of the Pooling
        and Servicing Agreement or (iv) with respect to any one assignment of Mortgage,
        the occurrence of a bankruptcy, insolvency or foreclosure relating to the
        Mortgagor under the related Mortgage.

       

      While
        each such Mortgage or assignment is being recorded, if necessary, the Sponsor
        (on its own behalf as a Mortgage Loan Seller) shall leave or cause to be
        left
        with the Trustee or the Custodian on its behalf a certified copy of such
        Mortgage or assignment. In the event that, within 180 days of the Closing
        Date,
        the Trustee has not been provided with an Opinion of Counsel as described
        above
        or received evidence of recording with respect to each Mortgage Loan delivered
        to the Purchaser pursuant to the terms hereof or as set forth above and the
        related Mortgage Loan is not a MOM Loan, the failure to provide evidence
        of
        recording or such Opinion of Counsel shall be considered a Material Defect,
        and
        the provisions of Section 5(c) and (d) shall apply. All customary recording
        fees
        and reasonable expenses relating to the recordation of the assignments of
        mortgage to the Trustee or the Opinion of Counsel, as the case may be, shall
        be
        borne by the Sponsor.

       

      (b)  It
        is the
        express intent of the parties hereto that the conveyance of the Mortgage
        Loans
        by the Mortgage Loan Seller to the Purchaser, as contemplated by this Agreement
        be, and be treated as, a sale. It is, further, not the intention of the parties
        that such conveyance be deemed a pledge of the Mortgage Loans by the Mortgage
        Loan Seller to the Purchaser to secure a debt or other obligation of the
        Mortgage Loan Seller. However, in the event that, notwithstanding the intent
        of
        the parties, the Mortgage Loans are held by a court to continue to be property
        of the Mortgage Loan Seller, then (a) this Agreement shall also be deemed
        to be
        a security agreement within the meaning of Articles 8 and 9 of the applicable
        Uniform Commercial Code; (b) the transfer of the Mortgage Loans provided
        for
        herein shall be deemed to be a grant by the Mortgage Loan Seller to the
        Purchaser of a security interest in all of the Mortgage Loan 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, to the extent the Purchaser
        would otherwise be entitled to own such Mortgage Loans and proceeds pursuant
        to
        Section 4 hereof, including all amounts, other than investment earnings,
        from
        time to time held or invested in any accounts created pursuant to the Pooling
        and Servicing Agreement, whether in the form of cash, instruments, securities
        or
        other property; (c) the possession by the Purchaser or the Trustee (or the
        Custodian on its behalf) of Mortgage Notes and such other items of property
        as
        constitute instruments, money, negotiable documents or chattel paper shall
        be
        deemed to be “possession by the secured party” for purposes of perfecting the
        security interest pursuant to Section 9-305 (or comparable provision) of
        the
        applicable Uniform Commercial Code; and (d) notifications to persons holding
        such property, and acknowledgments, receipts or confirmations from persons
        holding such property, shall be deemed notifications to, or acknowledgments,
        receipts or confirmations from, financial intermediaries, bailees or agents
        (as
        applicable) of the Purchaser for the purpose of perfecting such security
        interest under applicable law. Any assignment of the interest of the Purchaser
        pursuant to any provision hereof or pursuant to the Pooling and Servicing
        Agreement shall also be deemed to be an assignment of any security interest
        created hereby. The Sponsor (on its own behalf as a Mortgage Loan Seller)
        and
        the Purchaser shall, to the extent consistent with this Agreement, take such
        actions as may be reasonably 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
        the
        Pooling and Servicing Agreement.

       

      SECTION
        7.  Representations
        and Warranties of the Sponsor Concerning the Mortgage Loans.
        The
        Sponsor hereby represents and warrants to the Purchaser as of the Closing
        Date
        or such other date as may be specified below with respect to each Mortgage
        Loan
        being sold by it, that:

       

      (a)  The
        information set forth in the Mortgage Loan Schedule hereto is true and correct
        in all material respects and the information provided to the Rating Agencies,
        including the Mortgage Loan level detail, is true and correct according to
        the
        Rating Agency requirements.

       

      (b)  Immediately
        prior to the transfer to the Purchaser, the Mortgage Loan Seller was the
        sole
        owner of beneficial title and holder of each Mortgage and Mortgage Note relating
        to the Mortgage Loans and is conveying the same free and clear of any and
        all
        liens, claims, encumbrances, participation interests, equities, pledges,
        charges
        or security interests of any nature and the Mortgage Loan Seller has full
        right
        and authority to sell or assign the same pursuant to this
        Agreement.

       

      (c)  Each
        Mortgage Loan at the time it was made complied in all material respects with
        all
        applicable laws and regulations, including, without limitation, usury, equal
        credit opportunity, disclosure and recording laws and all applicable
        anti-predatory lending laws; and each Mortgage Loan has been serviced in
        all
        material respects in accordance with all applicable laws and regulations,
        including, without limitation, usury, equal credit opportunity, disclosure
        and
        recording laws and all applicable anti-predatory lending laws and the terms
        of
        the related Mortgage Note, the Mortgage and other loan documents.

       

      (d)  There
        is
        no monetary default existing under any Mortgage or the related Mortgage Note
        and
        there is no material event which, with the passage of time or with notice
        and
        the expiration of any grace or cure period, would constitute a default, breach
        or event of acceleration; and neither the Mortgage Loan Seller, any of its
        affiliates nor any servicer of any related Mortgage Loan has taken any action
        to
        waive any default, breach or event of acceleration; and no foreclosure action
        is
        threatened or has been commenced with respect to the Mortgage Loan.

       

      (e)  The
        terms
        of the Mortgage Note and the Mortgage have not been impaired, waived, altered
        or
        modified in any respect, except by written instruments, (i) if required by
        law
        in the jurisdiction where the Mortgaged Property is located, or (ii) to protect
        the interests of the Trustee on behalf of the Certificateholders.

       

      (f)  No
        selection procedure reasonably believed by the Mortgage Loan Seller to be
        adverse to the interests of the Certificateholders was utilized in selecting
        the
        Mortgage Loans.

       

      (g)  Each
        Mortgage is a valid and enforceable first or second lien on the property
        securing the related Mortgage Note and each Mortgaged Property is owned by
        the
        Mortgagor in fee simple (except with respect to common areas in the case
        of
        condominiums, PUDs and de minimis PUDs) or by leasehold for a term longer
        than
        the term of the related Mortgage, subject only to (i) the lien of current
        real
        property taxes and assessments, (ii) 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 being acceptable to mortgage
        lending
        institutions generally or specifically reflected in the appraisal obtained
        in
        connection with the origination of the related Mortgage Loan or referred
        to in
        the lender’s title insurance policy delivered to the originator of the related
        Mortgage Loan and (iii) 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.

       

      (h)  There
        is
        no mechanics’ lien or claim for work, labor or material affecting the premises
        subject to any Mortgage which is or may be a lien prior to, or equal with,
        the
        lien of such Mortgage except those which are insured against by the title
        insurance policy referred to in xiii below.

       

      (i)  There
        was
        no delinquent tax or assessment lien against the property subject to any
        Mortgage, except where such lien was being contested in good faith and a
        stay
        had been granted against levying on the property.

       

      (j)  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 and
        interest on such Mortgage Note.

       

      (k)  The
        physical property subject to any Mortgage is free of material damage and
        is in
        good repair and there is no proceeding pending or threatened for the total
        or
        partial condemnation of any Mortgaged Property.

       

      (l)  The
        Mortgaged Property and all improvements thereon comply with all requirements
        of
        any applicable zoning and subdivision laws and ordinances;

       

      (m)  A
        lender’s title insurance policy (on an ALTA or CLTA form) or binder, or other
        assurance of title customary in the relevant jurisdiction therefor in a form
        acceptable to Fannie Mae or Freddie Mac, was issued on the date that each
        Mortgage Loan was created by a title insurance company which, to the best
        of the
        Mortgage Loan Seller’s knowledge, was qualified to do business in the
        jurisdiction where the related Mortgaged Property is located, insuring the
        Mortgage Loan Seller and its successors and assigns that the Mortgage is
        a first
        priority lien on the related Mortgaged Property in the original principal
        amount
        of the Mortgage Loan. The Mortgage Loan Seller is the sole insured under
        such
        lender’s title insurance policy, and such policy, binder or assurance is valid
        and remains in full force and effect, and each such policy, binder or assurance
        shall contain all applicable endorsements including a negative amortization
        endorsement, if applicable.

       

      (n)  At
        the
        time of origination, each Mortgaged Property was the subject of an appraisal
        which conformed to the underwriting requirements of the originator of the
        Mortgage Loan and, the appraisal is in a form acceptable to Fannie Mae or
        FHLMC.

       

      (o)  The
        improvements on each Mortgaged Property securing a Mortgage Loan are insured
        (by
        an insurer which is acceptable to the Mortgage Loan Seller) against loss
        by fire
        and such hazards as are covered under a standard extended coverage endorsement
        in the locale in which the Mortgaged Property is located, in an amount which
        is
        not less than the lesser of the maximum insurable value of the improvements
        securing such Mortgage Loan or the outstanding principal balance of the Mortgage
        Loan, but in no event in an amount less than an amount that is required to
        prevent the Mortgagor from being deemed to be a co-insurer thereunder; if
        the
        improvement on the Mortgaged Property is a condominium unit, it is included
        under the coverage afforded by a blanket policy for the condominium project;
        if
        upon origination of the related Mortgage Loan, the improvements on the Mortgaged
        Property were in an area identified as a federally designated flood area,
        a
        flood insurance policy is in effect in an amount representing coverage not
        less
        than the least of (i) the outstanding principal balance of the Mortgage Loan,
        (ii) the restorable cost of improvements located on such Mortgaged Property
        or
        (iii) the maximum coverage available under federal law; and each Mortgage
        obligates the Mortgagor thereunder to maintain the insurance referred to
        above
        at the Mortgagor’s cost and expense.

       

      (p)  Each
        Mortgage Loan constitutes a "qualified mortgage" under Section 860G(a)(3)(A)
        of
        the Code and Treasury Regulation Section 1.860G-2(a)(1), (2), (4), (5), (6),
        (7)
        and (9) without reliance on the provisions of Treasury Regulation Section
        1.860G-2(a)(3) or Treasury Regulation Section 1.860G-2(f)(2) or any other
        provision that would allow a Mortgage Loan to be treated as a “qualified
        mortgage” notwithstanding its failure to meet the requirements of Section
        860G(a)(3)(A) of the Code and Treasury Regulation Section 1.860G-2(a)(1),
        (2),
        (4), (5), (6), (7) and (9).

       

      (q)  None
        of
        the Mortgage Loans are (a) loans subject to 12 CFR Part 226.31, 12 CFR Part
        226.32 or 12 CFR Part 226.34 of Regulation Z, the regulation implementing
        TILA,
        which implements the Home Ownership and Equity Protection Act of 1994, as
        amended or (b) “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” loans under any 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 residential
        mortgage loans having high interest rates, points and/or fees).

       

      (r)  The
        information set forth in Schedule A of the Prospectus Supplement with respect
        to
        the Mortgage Loans is true and correct in all material respects.

       

      (s)  No
        Mortgage Loan (a) is a “high cost loan” or “covered loan” as applicable (as such
        terms are defined in the then current Standard & Poor’s LEVELS® Glossary,
        which is now Version 5.6(d), Appendix E, attached hereto as Exhibit 6 or
        (b) was
        originated on or after October 1, 2002 through March 6, 2003 and is governed
        by
        the Georgia Fair Lending Act.

       

      (t)  Each
        Mortgage Loan was originated in accordance with the underwriting guidelines
        of
        the related originator.

       

      (u)  Each
        original Mortgage has been recorded or is in the process of being recorded
        in
        accordance with the requirements of Section 2.01 of the Pooling and Servicing
        Agreement in the appropriate jurisdictions wherein such recordation is required
        to perfect the lien thereof for the benefit of the Trust Fund.

       

      (v)  The
        related Mortgage File contains each of the documents and instruments listed
        in
        Section 2.01 of the Pooling and Servicing Agreement, subject to any exceptions,
        substitutions and qualifications as are set forth in such Section.

       

      (w)  The
        Mortgage Loans are currently being serviced in accordance with accepted
        servicing practices.

       

      (x)  With
        respect to each Mortgage Loan that has a prepayment penalty feature, each
        such
        prepayment penalty is enforceable and will be enforced by the Mortgage Loan
        Seller and each prepayment penalty is permitted pursuant to federal, state
        and
        local law, provided that (i) no Mortgage Loan will impose a prepayment penalty
        for a term in excess of five years from the date such Mortgage Loan was
        originated and (ii) such prepayment penalty is at least equal to the lesser
        of
        (A) the maximum amount permitted under applicable law and (B) six months
        interest at the related Mortgage Interest Rate on the amount prepaid in excess
        of 20% of the original principal balance of such Mortgage Loan.

       

      (y)  If
        any of
        the Mortgage Loans are secured by a leasehold interest, with respect to each
        leasehold interest: the use of leasehold estates for residential properties
        is
        an accepted practice in the area where the related Mortgaged Property is
        located; residential property in such area consisting of leasehold estates
        is
        readily marketable; the lease is recorded and no party is in any way in breach
        of any provision of such lease; the leasehold is in full force and effect
        and is
        not subject to any prior lien or encumbrance by which the leasehold could
        be
        terminated or subject to any charge or penalty; and the remaining term of
        the
        lease does not terminate less than ten years after the maturity date of such
        Mortgage Loan.

       

      It
        is
        understood and agreed that the representations and warranties set forth in
        this
        Section 7 will inure to the benefit of the Purchaser, its successors and
        assigns, notwithstanding any restrictive or qualified endorsement on any
        Mortgage Note or assignment of Mortgage or the examination of any Mortgage
        File.
        Upon any substitution for a Mortgage Loan, the representations and warranties
        set forth above shall be deemed to be made by the Mortgage Loan Seller as
        to any
        Replacement Mortgage Loan as of the date of substitution.

       

      Upon
        discovery or receipt of notice by the Sponsor, the Purchaser or the Trustee
        of a
        breach of any representation or warranty of the Sponsor set forth in this
        Section 7 which materially and adversely affects the value of the interests
        of
        the Purchaser, the Certificateholders or the Trustee in any of the Mortgage
        Loans delivered to the Purchaser pursuant to this Agreement, the party
        discovering or receiving notice of such breach shall give prompt written
        notice
        to the others. In the case of any such breach of a representation or warranty
        set forth in this Section 7, within 90 days from the date of discovery by
        the
        Sponsor, or the date the Sponsor is notified by the party discovering or
        receiving notice of such breach (whichever occurs earlier), the Sponsor will
        (i)
        cure such breach in all material respects, (ii) purchase the affected Mortgage
        Loan at the applicable Purchase Price or (iii) if within two years of the
        Closing Date, substitute a qualifying Replacement Mortgage Loan in exchange
        for
        such Mortgage Loan; provided that, (A) in the case of a breach of the
        representation and warranty concerning the Mortgage Loan Schedule contained
        in
        clause (a) of this Section 7, if such breach is material and relates to any
        field on the Mortgage Loan Schedule which identifies any Prepayment Charge
        or
        (B) in the case of a breach of the representation contained in clause (hh)
        of
        this Section 7, then, in each case, in lieu of purchasing such Mortgage Loan
        from the Trust Fund at the Purchase Price, the Sponsor shall pay the amount
        of
        the Prepayment Charge (net of any amount previously collected by or paid
        to the
        Trust Fund in respect of such Prepayment Charge) from its own funds and without
        reimbursement therefor, and the Sponsor shall have no obligation to repurchase
        or substitute for such Mortgage Loan. The obligations of the Sponsor to cure,
        purchase or substitute a qualifying Replacement Mortgage Loan shall constitute
        the Purchaser’s, the Trustee’s and the Certificateholder’s sole and exclusive
        remedy under this Agreement or otherwise respecting a breach of representations
        or warranties hereunder with respect to the Mortgage Loans, except for the
        obligation of the Sponsor to indemnify the Purchaser for such breach as set
        forth in and limited by Section 13 hereof.

       

      Any
        cause
        of action against the Sponsor or relating to or arising out of a breach by
        the
        Sponsor of any representations and warranties made in this Section 7 shall
        accrue as to any Mortgage Loan upon (i) discovery of such breach by the Sponsor
        or notice thereof by the party discovering such breach and (ii) failure by
        the
        Sponsor to cure such breach, purchase such Mortgage Loan or substitute a
        qualifying Replacement Mortgage Loan pursuant to the terms hereof.

       

       

      SECTION
        8.  Representations
        and Warranties Concerning the Sponsor.
        As of
        the date hereof and as of the Closing Date, the Sponsor represents and warrants
        to the Purchaser as to itself in the capacity indicated as follows:

       

      (a)  the
        Sponsor (i) is a corporation duly organized, validly existing and in good
        standing under the laws of the State of Delaware and (ii) is qualified and
        in
        good standing to do business in each jurisdiction where such qualification
        is
        necessary, except where the failure so to qualify would not reasonably be
        expected to have a material adverse effect on the Sponsor’s business as
        presently conducted or on the Sponsor’s ability to enter into this Agreement or
        any other Transaction Document to which it is a party and to consummate the
        transactions contemplated hereby or thereby;

       

      (b)  the
        Sponsor has full power to own its property, to carry on its business as
        presently conducted and to enter into and perform its obligations under this
        Agreement or any other Transaction Document to which it is a party;

       

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

       

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

       

      (e)  each
        of
        this Agreement and the other Transaction Document to which it is a party
        has
        been duly executed and delivered by the Sponsor and, assuming due authorization,
        execution and delivery by the Purchaser, constitutes a valid and binding
        obligation of the Sponsor enforceable against it in accordance with its terms
        (subject to applicable bankruptcy and insolvency laws and other similar laws
        affecting the enforcement of the rights of creditors generally);

       

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

       

      (g)  the
        Mortgage Loan Seller’s Information (as defined in Section 13(a) hereof) does not
        include any untrue statement of a material fact or omit to state a material
        fact
        necessary in order to make the statements made, in light of the circumstances
        under which they were made, not misleading.

       

      SECTION
        9.  Representations
        and Warranties Concerning the Purchaser.
        As of
        the date hereof and as of the Closing Date, the Purchaser represents and
        warrants to the Mortgage Loan Seller as follows:

       

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

       

      (b)  the
        Purchaser has full power to own its property, to carry on its business as
        presently conducted and to enter into and perform its obligations under this
        Agreement or any other Transaction Document to which it is a party;

       

      (c)  the
        execution and delivery by the Purchaser of this Agreement or any other
        Transaction Document to which it is a party has been duly authorized by all
        necessary action on the part of the Purchaser; and neither the execution
        and
        delivery of this Agreement, nor the consummation of the transactions herein
        contemplated, nor compliance with the provisions hereof or thereof, will
        conflict with or result in a breach of, or constitute a default under, any
        of
        the provisions of any law, governmental rule, regulation, judgment, decree
        or
        order binding on the Purchaser or its properties or the certificate of formation
        or limited liability company agreement of the Purchaser, except those conflicts,
        breaches or defaults which would not reasonably be expected to have a material
        adverse effect on the Purchaser’s ability to enter into this Agreement or any
        other Transaction Document to which it is a party and to consummate the
        transactions contemplated hereby or thereby;

       

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

       

      (e)  each
        of
        this Agreement and the other Transaction Documents to which it is a party
        has
        been duly executed and delivered by the Purchaser and, assuming due
        authorization, execution and delivery by the Mortgage Loan Seller, constitutes
        a
        valid and binding obligation of the Purchaser enforceable against it in
        accordance with its terms (subject to applicable bankruptcy and insolvency
        laws
        and other similar laws affecting the enforcement of the rights of creditors
        generally);

       

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

       

      (g)  the
        Purchaser’s Information (as defined in Section 13(b) hereof) does not include
        any untrue statement of a material fact or omit to state a material fact
        necessary in order to make the statements made, in light of the circumstances
        under which they were made, not misleading.

       

      SECTION
        10.  Conditions
        to Closing.

       

      (a)  The
        obligations of the Purchaser under this Agreement will be subject to the
        satisfaction, on or prior to the Closing Date, of the following conditions:
        

       

      (1)  Each
        of
        the obligations of the Mortgage Loan Seller required to be performed at or
        prior
        to the Closing Date pursuant to the terms of this Agreement shall have been
        duly
        performed and complied with in all material respects; all of the representations
        and warranties of the Mortgage Loan Seller under this Agreement shall be
        true
        and correct as of the date or dates specified in all material respects; and
        no
        event shall have occurred which, with notice or the passage of time, would
        constitute a default under this Agreement or any of the Transaction Documents;
        and the Purchaser shall have received certificates to that effect signed
        by
        authorized officers of the Mortgage Loan Seller.

       

      (2)  The
        Purchaser shall have received all of the following closing documents, in
        such
        forms as are agreed upon and reasonably acceptable to the Purchaser, duly
        executed by all signatories other than the Purchaser as required pursuant
        to the
        respective terms thereof:

       

      (i)  If
        required pursuant to Section 3 hereof, the Amendment dated as of the Closing
        Date and any documents referred to therein;

       

      (ii)  If
        required pursuant to Section 3 hereof, the Final Mortgage Loan Schedule
        containing the information set forth on Exhibit
        2
        hereto,
        one copy to be attached to each counterpart of the Amendment;

       

      (iii)  The
        Pooling and Servicing Agreement, in form and substance reasonably satisfactory
        to the Trustee and the Purchaser, and all documents required thereby duly
        executed by all signatories;

       

      (iv)  A
        certificate of an officer of the Sponsor dated as of the Closing Date, in
        a form
        reasonably acceptable to the Purchaser, and attached thereto the resolutions
        of
        the Sponsor authorizing the transactions contemplated by this Agreement and
        the
        other Transaction Documents to which it is a party, together with copies
        of the
        articles of incorporation, by-laws and certificate of good standing of the
        Sponsor;

       

      (v)  One
        or
        more opinions of counsel from the Mortgage Loan Seller’s counsel otherwise in
        form and substance reasonably satisfactory to the Purchaser, the Trustee
        and
        each Rating Agency;

       

      (vi)  A
        letter
        from each of the Rating Agencies giving each Class of Certificates set forth
        on
        Schedule A hereto the rating set forth therein; and

       

      (vii)  Such
        other documents, certificates (including additional representations and
        warranties) and opinions as may be reasonably necessary to secure the intended
        ratings from each Rating Agency for the Certificates.

       

      (3)  The
        Certificates to be sold to Bear Stearns pursuant to the Underwriting Agreement
        shall have been issued and sold to Bear Stearns.

       

      (4)  The
        Mortgage Loan Seller shall have furnished to the Purchaser such other
        certificates of its officers or others and such other documents and opinions
        of
        counsel to evidence fulfillment of the conditions set forth in this Agreement
        and the transactions contemplated hereby as the Purchaser and their respective
        counsel may reasonably request.

       

      (b)  The
        obligations of the Mortgage Loan Seller under this Agreement shall be subject
        to
        the satisfaction, on or prior to the Closing Date, of the following
        conditions:

       

      (1)  The
        obligations of the Purchaser required to be performed by it on or prior to
        the
        Closing Date pursuant to the terms of this Agreement shall have been duly
        performed and complied with in all material respects, and all of the
        representations and warranties of the Purchaser under this Agreement shall
        be
        true and correct in all material respects as of the date hereof and as of
        the
        Closing Date, and no event shall have occurred which would constitute a breach
        by it of the terms of this Agreement or any of the Transaction Documents,
        and
        the Mortgage Loan Seller shall have received a certificate to that effect
        signed
        by an authorized officer of the Purchaser.

       

      (2)  The
        Mortgage Loan Seller shall have received copies of all of the following closing
        documents, in such forms as are agreed upon and reasonably acceptable to
        the
        Mortgage Loan Seller, duly executed by all signatories other than the Mortgage
        Loan Seller as required pursuant to the respective terms thereof:

       

      (i)  If
        required pursuant to Section 3 hereof, the Amendment dated as of the Closing
        Date and any documents referred to therein;

       

      (ii)  The
        Pooling and Servicing Agreement, in form and substance reasonably satisfactory
        to the Sponsor, and all documents required thereby duly executed by all
        signatories;

       

      (iii)  A
        certificate of an officer of the Purchaser dated as of the Closing Date,
        in a
        form reasonably acceptable to the Mortgage Loan Seller, and attached thereto
        the
        written consent of the member of the Purchaser authorizing the transactions
        contemplated by this Agreement and the other Transaction Documents to which
        it
        is a party, together with copies of the Purchaser’s certificate of formation,
        limited liability company agreement, and evidence as to the good standing
        of the
        Purchaser dated as of a recent date;

       

      (iv)  One
        or
        more opinions of counsel from the Purchaser’s counsel in form and substance
        reasonably satisfactory to the Mortgage Loan Seller and the Rating Agencies;
        and

       

      (v)  Such
        other documents, certificates (including additional representations and
        warranties) and opinions as may be reasonably necessary to secure the intended
        rating from each Rating Agency for the Certificates.

       

      SECTION
        11.  Fees
        and Expenses.
        Subject
        to Section 16 hereof, the Sponsor (on its own behalf as a Mortgage Loan Seller)
        shall pay on the Closing Date or such later date as may be agreed to by the
        Purchaser (i) the fees and expenses of the Mortgage Loan Seller’s attorneys and
        the reasonable fees and expenses of the Purchaser’s attorneys, (ii) the fees and
        expenses of Deloitte & Touche LLP, (iii) the fee for the use of Purchaser’s
        Registration Statement based on the aggregate original principal amount of
        the
        Certificates and the filing fee of the Commission as in effect on the date
        on
        which the Registration Statement was declared effective, (iv) the fees and
        expenses including counsel’s fees and expenses in connection with any “blue sky”
and legal investment matters, (v) the fees and expenses of the Trustee which
        shall include without limitation the fees and expenses of the Trustee (and
        the
        fees and disbursements of its counsel) with respect to (A) legal and document
        review of this Agreement, the Pooling and Servicing Agreement, the Certificates
        and related agreements, (B) attendance at the Closing and (C) review of the
        Mortgage Loans to be performed by the Trustee or the Custodian on its behalf,
        (vi) the expenses for printing or otherwise reproducing the Certificates,
        the
        Prospectus and the Prospectus Supplement, (vii) the fees and expenses of
        each
        Rating Agency (both initial and ongoing), (viii) the fees and expenses relating
        to the preparation and recordation of mortgage assignments (including
        intervening assignments, if any and if available, to evidence a complete
        chain
        of title from the originator to the Trustee) from the Mortgage Loan Seller
        to
        the Trustee or the expenses relating to the Opinion of Counsel referred to
        in
        Section 6(a) hereof, as the case may be, and (ix) Mortgage File due diligence
        expenses and other out-of-pocket expenses incurred by the Purchaser in
        connection with the purchase of the Mortgage Loans and by Bear Stearns in
        connection with the sale of the Certificates. The Sponsor (on its own behalf
        as
        a Mortgage Loan Seller) additionally agrees to pay directly to any third
        party
        on a timely basis the fees provided for above which are charged by such third
        party and which are billed periodically.

       

      SECTION
        12.  Accountants’
        Letters.

       

      (a)  Deloitte
        & Touche LLP will review the characteristics of a sample of the Mortgage
        Loans described in the Final Mortgage Loan Schedule and will compare those
        characteristics to the description of the Mortgage Loans contained in the
        Prospectus Supplement under the captions “Summary—The Mortgage Loans” and “The
        Mortgage Pool” and in Schedule A thereto. The Sponsor (on its own behalf as a
        Mortgage Loan Seller) will cooperate with the Purchaser in making available
        all
        information and taking all steps reasonably necessary to permit such accountants
        to complete the review and to deliver the letters required of them under
        the
        Underwriting Agreement. Deloitte & Touche LLP will also confirm certain
        calculations as set forth under the caption “Yield, Prepayment and Maturity
        Considerations” in the Prospectus Supplement.

       

      (b)  To
        the
        extent statistical information with respect to the Sponsor’s servicing portfolio
        is included in the Prospectus Supplement under the caption “Servicing of the
        Mortgage Loans—EMC—Delinquency and Foreclosure Experience of EMC,” a letter from
        the certified public accountant for the Sponsor will be delivered to the
        Purchaser dated the date of the Prospectus Supplement, in the form previously
        agreed to by the Sponsor and the Purchaser, with respect to such statistical
        information.

       

      SECTION
        13.  Indemnification.

       

      (a)  The
        Sponsor (on its own behalf as a Mortgage Loan Seller) shall indemnify and
        hold
        harmless the Purchaser and its directors, officers and controlling persons
        (as
        defined in Section 15 of the Securities Act) from and against any loss, claim,
        damage or liability or action in respect thereof, to which they or any of
        them
        may become subject, under the Securities Act or otherwise, insofar as such
        loss,
        claim, damage, liability or action arises out of, or is based upon (i) any
        untrue statement of a material fact contained in the Mortgage
        Loan Seller’s Information
        as
        identified in Exhibit
        3,
        the
        omission to state in the Term Sheet Supplement, the Prospectus Supplement
        or
        Prospectus (or any amendment thereof or supplement thereto approved by the
        Sponsor (on its own behalf as a Mortgage Loan Seller) and in which additional
        Mortgage Loan Seller’s Information is identified), in reliance upon and in
        conformity with Mortgage Loan Seller’s Information a material fact required to
        be stated therein or necessary to make the statements therein in light of
        the
        circumstances in which they were made, not misleading, (ii) any representation
        or warranty assigned or made by the Sponsor in Section 7 or Section 8 hereof
        being, or alleged to be, untrue or incorrect, or (iii) any failure by the
        Sponsor (on its own behalf as a Mortgage Loan Seller) to perform its obligations
        under this Agreement; and the Sponsor (on its own behalf as a Mortgage Loan
        Seller) shall reimburse the Purchaser and each other indemnified party for
        any
        legal and other expenses reasonably incurred by them in connection with
        investigating or defending or preparing to defend against any such loss,
        claim,
        damage, liability or action. 

       

      The
        foregoing indemnity agreement is in addition to any liability which the Sponsor
        otherwise may have to the Purchaser or any other such indemnified
        party.

       

      (b)  The
        Purchaser shall indemnify and hold harmless the Mortgage Loan Seller and
        its
        respective directors, officers and controlling persons (as defined in Section
        15
        of the Securities Act) from and against any loss, claim, damage or liability
        or
        action in respect thereof, to which they or any of them may become subject,
        under the Securities Act or otherwise, insofar as such loss, claim, damage,
        liability or action arises out of, or is based upon (i) any untrue statement
        of
        a material fact contained in the Purchaser’s
        Information
        as
        identified in Exhibit
        4,
        the
        omission to state in the Prospectus Supplement or Prospectus (or any amendment
        thereof or supplement thereto approved by the Purchaser and in which additional
        Purchaser’s Information is identified), in reliance upon and in conformity with
        the Purchaser’s Information, a material fact required to be stated therein or
        necessary to make the statements therein in light of the circumstances in
        which
        they were made, not misleading, (ii) any representation or warranty made
        by the
        Purchaser in Section 9 hereof being, or alleged to be, untrue or incorrect,
        or
        (iii) any failure by the Purchaser to perform its obligations under this
        Agreement; and the Purchaser shall reimburse the Mortgage Loan Seller, and
        each
        other indemnified party for any legal and other expenses reasonably incurred
        by
        them in connection with investigating or defending or preparing to defend
        any
        such loss, claim, damage, liability or action. The foregoing indemnity agreement
        is in addition to any liability which the Purchaser otherwise may have to
        the
        Mortgage Loan Seller, or any other such indemnified party. 

       

      (c)  Promptly
        after receipt by an indemnified party under subsection (a) or (b) above of
        notice of the commencement of any action, such indemnified party shall, if
        a
        claim in respect thereof is to be made against the indemnifying party under
        such
        subsection, notify each party against whom indemnification is to be sought
        in
        writing of the commencement thereof (but the failure so to notify an
        indemnifying party shall not relieve it from any liability which it may have
        under this Section 13 except to the extent that it has been prejudiced in
        any
        material respect by such failure or from any liability which it may have
        otherwise). In case any such action is brought against any indemnified party,
        and it notifies an indemnifying party of the commencement thereof, the
        indemnifying party will be entitled to participate therein and, to the extent
        it
        may elect by written notice delivered to the indemnified party promptly (but,
        in
        any event, within 30 days) after receiving the aforesaid notice from such
        indemnified party, to assume the defense thereof with counsel reasonably
        satisfactory to such indemnified party. Notwithstanding the foregoing, the
        indemnified party or parties shall have the right to employ its or their
        own
        counsel in any such case, but the fees and expenses of such counsel shall
        be at
        the expense of such indemnified party or parties unless (i) the employment
        of
        such counsel shall have been authorized in writing by one of the indemnifying
        parties in connection with the defense of such action, (ii) the indemnifying
        parties shall not have employed counsel to have charge of the defense of
        such
        action within a reasonable time after notice of commencement of the action,
        or
        (iii) such indemnified party or parties shall have reasonably concluded that
        there is a conflict of interest between itself or themselves and the
        indemnifying party in the conduct of the defense of any claim or that the
        interests of the indemnified party or parties are not substantially co-extensive
        with those of the indemnifying party (in which case the indemnifying parties
        shall not have the right to direct the defense of such action on behalf of
        the
        indemnified party or parties), in any of which events such fees and expenses
        shall be borne by the indemnifying parties (provided,
        however,
        that
        the indemnifying party shall be liable only for the fees and expenses of
        one
        counsel in addition to one local counsel in the jurisdiction involved. Anything
        in this subsection to the contrary notwithstanding, an indemnifying party
        shall
        not be liable for any settlement or any claim or action effected without
        its
        written consent; provided,
        however,
        that
        such consent was not unreasonably withheld. 

       

      (d)  If
        the
        indemnification provided for in paragraphs (a) and (b) of this Section 13
        shall
        for any reason be unavailable to an indemnified party in respect of any loss,
        claim, damage or liability, or any action in respect thereof, referred to
        in
        Section 13, then the indemnifying party shall in lieu of indemnifying the
        indemnified party contribute to the amount paid or payable by such indemnified
        party as a result of such loss, claim, damage or liability, or action in
        respect
        thereof, in such proportion as shall be appropriate to reflect the relative
        benefits received by the Mortgage Loan Seller on the one hand and the Purchaser
        on the other from the purchase and sale of the Mortgage Loans, the offering
        of
        the Certificates and the other transactions contemplated hereunder. No person
        found liable for a fraudulent misrepresentation shall be entitled to
        contribution from any person who is not also found liable for such fraudulent
        misrepresentation. 

       

      (e)  The
        parties hereto agree that reliance by an indemnified party on any publicly
        available information or any information or directions furnished by an
        indemnifying party shall not constitute negligence, bad faith or willful
        misconduct by such indemnified party. 

       

      SECTION
        14.  Notices.
        All
        demands, notices and communications hereunder shall be in writing but may
        be
        delivered by facsimile transmission subsequently confirmed in writing. Notices
        to the Sponsor shall be directed to EMC Mortgage Corporation, 909 Hidden
        Ridge
        Drive, Suite 200 Irving, Texas 75038, (Telecopy: (972-444-2880)), and notices
        to
        the Purchaser shall be directed to Bear Stearns Asset Backed Securities I
        LLC,
        383 Madison Avenue, New York, New York 10179, (Telecopy: (212-272-7206)),
        Attention: Chief Counsel; or to any other address as may hereafter be furnished
        by one party to the other party by like notice. Any such demand, notice or
        communication hereunder shall be deemed to have been received on the date
        received at the premises of the addressee (as evidenced, in the case of
        registered or certified mail, by the date noted on the return receipt) provided
        that it is received on a business day during normal business hours and, if
        received after normal business hours, then it shall be deemed to be received
        on
        the next business day.

       

      SECTION
        15.  Transfer
        of Mortgage Loans.
        The
        Purchaser retains the right to assign the Mortgage Loans and any or all of
        its
        interest under this Agreement to the Trustee without the consent of the Mortgage
        Loan Seller, and, upon such assignment, the Trustee shall succeed to the
        applicable rights and obligations of the Purchaser hereunder; provided,
        however,
        the
        Purchaser shall remain entitled to the benefits set forth in Sections 11,
        13 and
        17 hereto and as provided in Section 2(a). Notwithstanding the foregoing,
        the
        sole and exclusive right and remedy of the Trustee with respect to a breach
        of
        representation or warranty of the Mortgage Loan Seller shall be the cure,
        purchase or substitution obligations of the Sponsor contained in Sections
        5 and
        7 hereof.

       

      SECTION
        16.  Termination.
        This
        Agreement may be terminated (a) by the mutual consent of the parties hereto
        prior to the Closing Date, (b) by the Purchaser, if the conditions to the
        Purchaser’s obligation to close set forth under Section 10(a) hereof are not
        fulfilled as and when required to be fulfilled or (c) by the Mortgage Loan
        Seller, if the conditions to the Mortgage Loan Seller’s obligation to close set
        forth under Section 10(b) hereof are not fulfilled as and when required to
        be
        fulfilled. In the event of termination pursuant to clause (b), the Sponsor
        (on
        its own behalf as a Mortgage Loan Seller) shall pay, and in the event of
        termination pursuant to clause (c), the Purchaser shall pay, all reasonable
        out-of-pocket expenses incurred by the other in connection with the transactions
        contemplated by this Agreement. In the event of a termination pursuant to
        clause
        (a), each party shall be responsible for its own expenses.

       

      SECTION
        17.  Representations,
        Warranties and Agreements to Survive Delivery.
        All
        representations, warranties and agreements contained in this Agreement, or
        contained in certificates of officers of the Mortgage Loan Seller submitted
        pursuant hereto, shall remain operative and in full force and effect and
        shall
        survive delivery of the Mortgage Loans to the Purchaser (and by the Purchaser
        to
        the Trustee). Subsequent to the delivery of the Mortgage Loans to the Purchaser,
        the Sponsor’s representations and warranties contained herein with respect to
        the Mortgage Loans shall be deemed to relate to the Mortgage Loans actually
        delivered to the Purchaser and included in the Final Mortgage Loan Schedule
        and
        any Replacement Mortgage Loan and not to those Mortgage Loans deleted from
        the
        Preliminary Mortgage Loan Schedule pursuant to Section 3 hereof prior to
        the
        Closing.

       

      SECTION
        18.  Severability.
        If any
        provision of this Agreement shall be prohibited or invalid under applicable
        law,
        this Agreement shall be ineffective only to such extent, without invalidating
        the remainder of this Agreement.

       

      SECTION
        19.  Counterparts.
        This
        Agreement may be executed in counterparts, each of which will be an original,
        but which together shall constitute one and the same agreement.

       

      SECTION
        20.  Amendment.
        This
        Agreement cannot be amended or modified in any manner without the prior written
        consent of each party.

       

      SECTION
        21.  GOVERNING
        LAW.
        THIS
        AGREEMENT SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS
        OF
        THE STATE OF NEW YORK, WITHOUT REGARD TO CONFLICT OF LAWS PRINCIPLES THEREOF
        OTHER THAN SECTION 5-1401 OF THE NEW YORK GENERAL OBLIGATIONS LAW.

       

      SECTION
        22.  Further
        Assurances.
        Each of
        the parties agrees to execute and deliver such instruments and take such
        actions
        as another party may, from time to time, reasonably request in order to
        effectuate the purpose and to carry out the terms of this Agreement including
        any amendments hereto which may be required by either Rating
        Agency.

       

      SECTION
        23.  Successors
        and Assigns.

       

      (a)  This
        Agreement shall bind and inure to the benefit of and be enforceable by the
        Mortgage Loan Seller and the Purchaser and their permitted successors and
        assigns and, to the extent specified in Section 13 hereof, Bear Stearns,
        and
        their directors, officers and controlling persons (within the meaning of
        federal
        securities laws). The Mortgage Loan Seller acknowledges and agrees that the
        Purchaser may assign its rights under this Agreement (including, without
        limitation, with respect to the Sponsor’s representations and warranties
        respecting the Mortgage Loans) to the Trustee. Any person into which the
        Mortgage Loan Seller may be merged or consolidated (or any person resulting
        from
        any merger or consolidation involving the Mortgage Loan Seller), any person
        resulting from a change in form of the Mortgage Loan Seller or any person
        succeeding to the business of the Mortgage Loan Seller, shall be considered
        the
“successor” of the Mortgage Loan Seller hereunder and shall be considered a
        party hereto without the execution or filing of any paper or any further
        act or
        consent on the part of any party hereto. Except as provided in the two preceding
        sentences, this Agreement cannot be assigned, pledged or hypothecated by
        either
        party hereto without the written consent of the other parties to this Agreement
        and any such assignment or purported assignment shall be deemed null and
        void.

       

      SECTION
        24.  The
        Mortgage Loan Seller.
        The
        Mortgage Loan Seller will keep in full force and effect its existence, all
        rights and franchises as a corporation under the laws of the State of its
        incorporation and will obtain and preserve its qualification to do business
        as a
        foreign corporation in each jurisdiction in which such qualification is
        necessary to perform its obligations under this Agreement.

       

      SECTION
        25.  Entire
        Agreement.
        This
        Agreement contains the entire agreement and understanding between the parties
        with respect to the subject matter hereof, and supersedes all prior and
        contemporaneous agreements, understandings, inducements and conditions, express
        or implied, oral or written, of any nature whatsoever with respect to the
        subject matter hereof.

       

      SECTION
        26.  No
        Partnership.
        Nothing
        herein contained shall be deemed or construed to create a partnership or
        joint
        venture between the parties hereto.

       

      [REMAINDER
        OF PAGE INTENTIONALLY LEFT BLANK]

      

      

 

      IN
        WITNESS WHEREOF, the parties hereto have caused their names to be signed
        hereto
        by their respective duly authorized officers as of the date first above
        written.

       

      
        	 	 	 
	 	
                EMC
                  MORTGAGE
                  CORPORATION

              
	 
 	 
 	 
 
	 	  	By:
	 	
                
                  

                

              
	 	
                Name:

                Title: 

              

      

       

      
        	 	 	 
	 	
                BEAR
                  STEARNS ASSET BACKED

                SECURITIES I LLC

              
	 
 	 
 	 
 
	 	 	By: 
	 	
                
                  

                

              
	 	
                Name:

                Title: 

              

      

       

      

      EXHIBIT
        1

      CONTENTS
        OF MORTGAGE FILE

       

      With
        respect to each Mortgage Loan, the Mortgage File shall include each of the
        following items, which shall be available for inspection by the Purchaser
        or its
        designee, and which shall be delivered to the Purchaser or its designee pursuant
        to the terms of this Agreement.

       

      (i)  The
        original Mortgage Note, including any riders thereto, endorsed without recourse
        to the order of “U.S. Bank National Association”, as Trustee for
        certificateholders of Bear Stearns Asset Backed Securities I LLC Asset-Backed
        Certificates, Series 2006-AC3,” and showing to the extent available to the
        Mortgage Loan Seller an unbroken chain of endorsements from the original
        payee
        thereof to the Person endorsing it to the Trustee;

       

      (ii)  the
        original Mortgage and, if the related Mortgage Loan is a MOM Loan, noting
        the
        presence of the MIN and language indicating that such Mortgage Loan is a
        MOM
        Loan, which shall have been recorded (or if the original is not available,
        a
        copy), with evidence of such recording indicated thereon (or if clause (x)
        in
        the proviso below applies, shall be in recordable form);

       

      (iii)  unless
        the Mortgage Loan is a MOM Loan, the assignment (either an original or a
        copy,
        which may be in the form of a blanket assignment if permitted in the
        jurisdiction in which the Mortgaged Property is located) to the Trustee of
        the
        Mortgage with respect to each Mortgage Loan in the name of “U.S. Bank National
        Association”, as Trustee for certificateholders of Bear Stearns Asset Backed
        Securities I LLC Asset-Backed Certificates, Series 2006-AC3,” which shall have
        been recorded (or if clause (x) in the proviso below applies, shall be in
        recordable form);

       

      (iv)  an
        original or a copy of all intervening assignments of the Mortgage, if any,
        to
        the extent available to the Mortgage Loan Seller, with evidence of recording
        thereon;

       

      (v)  the
        original policy of title insurance or mortgagee’s certificate of title insurance
        or commitment or binder for title insurance, if available, or a copy thereof,
        or, in the event that such original title insurance policy is unavailable,
        a
        photocopy thereof, or in lieu thereof, a current lien search on the related
        Mortgaged Property and

       

      (vi)  originals
        or copies of all available assumption, modification or substitution agreements,
        if any.

       

      Provided,
        however, that in lieu of the foregoing, the Mortgage Loan Seller may deliver
        the
        following documents, under the circumstances set forth below: (x) if any
        Mortgage, assignment thereof to the Trustee or intervening assignments thereof
        have been delivered or are being delivered to recording offices for recording
        and have not been returned in time to permit their delivery as specified
        above,
        the Purchaser may deliver a true copy thereof with a certification by the
        Mortgage Loan Seller or the title company issuing the commitment for title
        insurance, on the face of such copy, substantially as follows: “Certified to be
        a true and correct copy of the original, which has been transmitted for
        recording”; and (y) in lieu of the Mortgage Notes relating to the Mortgage Loans
        identified in the list set forth in Exhibit J to the Pooling and Servicing
        Agreement, the Purchaser may deliver a lost note affidavit and indemnity
        and a
        copy of the original note, if available; and provided, further, however,
        that in
        the case of Mortgage Loans which have been prepaid in full after the Cut-off
        Date and prior to the Closing Date, the Purchaser, in lieu of delivering
        the
        above documents, may deliver to the Trustee and its Custodian a certification
        of
        a Servicing Officer to such effect and in such case shall deposit all amounts
        paid in respect of such Mortgage Loans, in the Master Servicer Collection
        Account or in the Distribution Account on the Closing Date. In the case of
        the
        documents referred to in clause (x) above, the Purchaser shall deliver such
        documents to the Trustee or its Custodian promptly after they are received.
        The
        Sponsor (on its own behalf as a Mortgage Loan Seller) shall cause, at its
        expense, the Mortgage and intervening assignments, if any, and to the extent
        required in accordance with the foregoing, the assignment of the Mortgage
        to the
        Trustee to be submitted for recording promptly after the Closing Date; provided
        that the Sponsor (on its own behalf as a Mortgage Loan Seller) need not cause
        to
        be recorded any assignment (a) in any jurisdiction under the laws of which,
        as
        evidenced by an Opinion of Counsel addressed to the Trustee delivered by
        the
        Sponsor (on its own behalf as a Mortgage Loan Seller) to the Trustee and
        the
        Rating Agencies, the recordation of such assignment is not necessary to protect
        the Trustee’s interest in the related Mortgage Loan or (b) if MERS is identified
        on the Mortgage or on a properly recorded assignment of the Mortgage as
        mortgagee of record solely as nominee for Sponsor (on its own behalf as a
        Mortgage Loan Seller) and its successors and assigns. In the event that the
        Sponsor (on its own behalf as a Mortgage Loan Seller), the Purchaser or the
        Master Servicer gives written notice to the Trustee that a court has
        recharacterized the sale of the Mortgage Loans as a financing, the Sponsor
        (on
        its own behalf as a Mortgage Loan Seller) shall submit or cause to be submitted
        for recording as specified above or, should the Sponsor (on its own behalf
        as a
        Mortgage Loan Seller) fail to perform such obligations, the Master Servicer
        shall cause each such previously unrecorded assignment to be submitted for
        recording as specified above at the expense of the Trust. In the event a
        Mortgage File is released to the Company or the related Servicer as a result
        of
        such Person having completed a Request for Release, the Custodian shall,
        if not
        so completed, complete the assignment of the related Mortgage in the manner
        specified in clause (iii) above.

      
 

      

      EXHIBIT
        2

      MORTGAGE
        LOAN SCHEDULE INFORMATION

       

      The
        Preliminary and Final Mortgage Loan Schedules shall set forth the following
        information with respect to each Mortgage Loan:

       

      
        
          	
                	(i)	
                  the
                    loan number;

                

        

      

       

      
        
          	
                	(ii)	
                  the
                    loan group;

                

        

      

       

      
        
          	
                	(iii)	
                  the
                    Servicer (or the Company, if it services the Mortgage Loan) and
                    the
                    Servicing Fee Rate;

                

        

      

       

      
        
          	
                	(iv)	
                  the
                    Mortgage Rate in effect as of the Cut-off
                    Date;

                

        

      

       

      
        
          	
                	(v)	
                  the
                    LPMI Fee, if applicable;

                

        

      

       

      
        
          	
                	(vi)	
                  the
                    Net Mortgage Rate in effect as of the Cut-off
                    Date;

                

        

      

       

      
        
          	
                	(vii)	
                  the
                    maturity date;

                

        

      

       

      
        
          	
                	(viii)	
                  the
                    original principal balance;

                

        

      

       

      
        
          	
                	(ix)	
                  the
                    Cut-off Date Balance;

                

        

      

       

      
        
          	
                	(x)	
                  the
                    original term;

                

        

      

       

      
        
          	
                	(xi)	
                  the
                    remaining term;

                

        

      

       

      
        
          	
                	(xii)	
                  the
                    property type; 

                

        

      

       

      
        
          	
                	(xiii)	
                  the
                    MIN with respect to each Mortgage Loan;
                    and

                

        

      

       

      
        
          	
                	(xiv)	
                  the
                    Prepayment Charge, if any.

                

        

      

       

      Such
        schedule shall also set forth the Cut-off Date Principal Balance for all
        of the
        related Mortgage Loans.

       

       

      EXHIBIT
        3

      MORTGAGE
        LOAN SELLER’S INFORMATION

       

      All
        information in the Prospectus Supplement described under the following captions:
        “SUMMARY - The Mortgage Loans,” “THE MORTGAGE POOL,” “THE SPONSOR” and “SCHEDULE
        A - Mortgage Loan Statistical Data.”

      
 

      EXHIBIT
        4

      PURCHASER’S
        INFORMATION

       

      All
        information in the Prospectus Supplement and the Prospectus, except the Mortgage
        Loan Seller’s Information.

      
 

      EXHIBIT
        5

      SCHEDULE
        OF LOST NOTES

       

      Available
        Upon Request

      
 

      EXHIBIT
        6

       

      REVISED
        February 14, 2006

      

      APPENDIX
        E - STANDARD & POOR’S PREDATORY LENDING CATEGORIES 

       

      Standard
        & Poor’s has categorized loans governed by anti-predatory lending laws in
        the Jurisdictions listed below into three categories based upon a combination
        of
        factors that include (a) the risk exposure associated with the assignee
        liability and (b) the tests and thresholds set forth in those laws. Note
        that
        certain loans classified by the relevant statute as Covered are included
        in
        Standard & Poor’s High Cost Loan Category because they included thresholds
        and tests that are typical of what is generally considered High Cost by the
        industry. 

       

      STANDARD
        & POOR’S HIGH COST LOAN CATEGORIZATION 

       

      
        	
                State/Jurisdiction

              	
                Name
                  of Anti-Predatory Lending Law/Effective Date

              	
                Category
                  under Applicable Anti-Predatory Lending Law

              
	
                Arkansas
                  

              	
                Arkansas
                  Home Loan Protection Act, Ark. Code Ann. §§ 23-53-101 et
                  seq.
                  

                 

                Effective
                  July 16, 2003 

              	
                High
                  Cost Home Loan 

              
	
                Cleveland
                  Heights, OH 

              	
                Ordinance
                  No. 72-2003 (PSH), Mun. Code §§ 757.01 et
                  seq.
                  

                 

                Effective
                  June 2, 2003 

              	
                Covered
                  Loan 

              
	
                Colorado
                  

              	
                Consumer
                  Equity Protection, Colo. Stat. Ann. §§ 5-3.5-101 et
                  seq.
                  

                 

                Effective
                  for covered loans offered or entered into on or after January 1,
                  2003.
                  Other provisions of the Act took effect on June 7, 2002 

              	
                Covered
                  Loan 

              
	
                Connecticut
                  

              	
                Connecticut
                  Abusive Home Loan Lending Practices Act, Conn. Gen. Stat. §§ 36a-746
                  et
                  seq.
                  

                 

                Effective
                  October 1, 2001 

              	
                High
                  Cost Home Loan 

              
	
                District
                  of Columbia 

              	
                Home
                  Loan Protection Act, D.C. Code §§ 26-1151.01 et
                  seq.

                 

                Effective
                  for loans closed on or after January 28, 2003 

              	
                Covered
                  Loan 

              
	
                Florida
                  

              	
                Fair
                  Lending Act, Fla. Stat. Ann. §§ 494.0078 et
                  seq.
                  

                 

                Effective
                  October 2, 2002 

              	
                High
                  Cost Home Loan 

              
	
                Georgia
                  (Oct. 1, 2002 - Mar. 6, 2003) 

              	
                Georgia
                  Fair Lending Act, Ga. Code Ann. §§ 7-6A-1 et
                  seq.
                  

              	
                High
                  Cost Home Loan 

              
	
                State/Jurisdiction

              	
                Name
                  of Anti-Predatory Lending Law/Effective Date

              	
                Category
                  under Applicable Anti-Predatory Lending Law

              
	 	
                Effective
                  October 1, 2002 - March 6, 2003 

              	 
	
                Georgia
                  as amended (Mar. 7, 2003 - current) 

              	
                Georgia
                  Fair Lending Act, Ga. Code Ann. §§ 7-6A-1 et
                  seq.
                  

                 

                Effective
                  for loans closed on or after March 7, 2003 

              	
                High
                  Cost Home Loan 

              
	
                HOEPA
                  Section 32 

              	
                Home
                  Ownership and Equity Protection Act of 1994, 15 U.S.C. § 1639, 12 C.F.R.
                  §§ 226.32 and 226.34 

                 

                Effective
                  October 1, 1995, amendments October 1, 2002 

              	
                High
                  Cost Loan 

              
	
                Illinois
                  

              	
                High
                  Risk Home Loan Act, Ill. Comp. Stat. tit. 815, §§ 137/5 et
                  seq.
                  

                 

                Effective
                  January 1, 2004 (prior to this date, regulations under Residential
                  Mortgage License Act effective from May 14, 2001) 

              	
                High
                  Risk Home Loan 

              
	
                Kansas
                  

              	
                Consumer
                  Credit Code, Kan. Stat. Ann. §§ 16a-1-101 et
                  seq.
                  

                 

                Sections
                  16a-1-301 and 16a-3-207 became effective April 14, 1999; Section
                  16a-3-308a became effective July 1, 1999 

              	
                High
                  Loan to Value Consumer Loan (id.§
                  16a-3-207) and; 

              
	
                High
                  APR Consumer Loan (id.
                  §
                  16a-3-308a) 

              
	
                Kentucky
                  

              	
                2003
                  KY H.B. 287 - High Cost Home Loan Act, Ky. Rev. Stat. §§ 360.100
                  et
                  seq.
                  

                 

                Effective
                  June 24, 2003 

              	
                High
                  Cost Home Loan 

              
	
                Maine
                  

              	
                Truth
                  in Lending, Me. Rev. Stat. tit. 9-A, §§ 8-101 et
                  seq.
                  

                 

                Effective
                  September 29, 1995 and as amended from time to time 

              	
                High
                  Rate High Fee Mortgage 

              
	
                Massachusetts
                  

              	
                Part
                  40 and Part 32, 209 C.M.R. §§ 32.00 et
                  seq.
                  and 209 C.M.R. §§ 40.01 et seq.
                  

              	
                High
                  Cost Home Loan 

              

      

      

       

      STANDARD
        & POOR'S HIGH COST LOAN CATEGORIZATION

       

      
        	
                State/Jurisdiction

              	
                Name
                  of Anti-Predatory Lending Law/Effective Date

              	
                Category
                  under Applicable Anti-Predatory Lending Law

              
	 	
                Effective
                  March 22, 2001 and amended from time to time 

              	 
	
                Nevada
                  

              	
                Assembly
                  Bill No. 284, Nev. Rev. Stat. §§ 598D.010 et
                  seq.
                  

                 

                Effective
                  October 1, 2003 

              	
                Home
                  Loan 

              
	
                New
                  Jersey 

              	
                New
                  Jersey Home Ownership Security Act of 2002, N.J. Rev. Stat. §§ 46:10B-22
                  et
                  seq.
                  

                 

                Effective
                  for loans closed on or after November 27, 2003 

              	
                High
                  Cost Home Loan 

              
	
                New
                  Mexico 

              	
                Home
                  Loan Protection Act, N.M. Rev. Stat. §§ 58-21A-1 et
                  seq.
                  

                 

                Effective
                  as of January 1, 2004; Revised as of February 26, 2004 

              	
                High
                  Cost Home Loan 

              
	
                New
                  York 

              	
                N.Y.
                  Banking Law Article 6-l 

                 

                Effective
                  for applications made on or after April 1, 2003 

              	
                High
                  Cost Home Loan 

              
	
                North
                  Carolina 

              	
                Restrictions
                  and Limitations on High Cost Home Loans, N.C. Gen. Stat. §§ 24-1.1E
                  et
                  seq.
                  

                 

                Effective
                  July 1, 2000; amended October 1, 2003 (adding open-end lines of
                  credit)
                  

              	
                High
                  Cost Home Loan 

              
	
                Ohio
                  

              	
                H.B.
                  386 (codified in various sections of the Ohio Code), Ohio Rev.
                  Code Ann.
                  §§ 1349.25 et
                  seq.
                  

                 

                Effective
                  May 24, 2002 

              	
                Covered
                  Loan 

              
	
                Oklahoma
                  

              	
                Consumer
                  Credit Code (codified in various sections of Title 14A) 

                 

                Effective
                  July 1, 2000; amended effective January 1, 2004 

              	
                Subsection
                  10 Mortgage 

              
	
                South
                  Carolina 

              	
                South
                  Carolina High Cost and Consumer Home Loans Act, S.C. Code 

              	
                High
                  Cost Home Loan 

              

      

       

      

      STANDARD
        & POOR'S HIGH COST LOAN CATEGORIZATION

       

      
        	
                State/Jurisdiction

              	
                Name
                  of Anti-Predatory Lending Law/Effective Date

              	
                Category
                  under Applicable Anti-Predatory Lending Law

              
	 	
                Ann.
                  §§ 37-23-10 et seq.
                  

                 

                Effective
                  for loans taken on or after January 1, 2004 

              	 
	
                West
                  Virginia 

              	
                West
                  Virginia Residential Mortgage Lender, Broker and Servicer Act,
                  W. Va. Code
                  Ann. §§ 31-17-1 et
                  seq.
                  

                 

                Effective
                  June 5, 2002 

              	
                West
                  Virginia Mortgage Loan Act Loan 

              

      

       

      STANDARD
        & POOR’S COVERED LOAN CATEGORIZATION 

       

      
        	
                State/Jurisdiction

              	
                Name
                  of Anti-Predatory Lending Law/Effective Date

              	
                Category
                  under Applicable Anti-Predatory Lending Law

              
	
                Georgia
                  (Oct. 1, 2002 - Mar. 6, 2003) 

              	
                Georgia
                  Fair Lending Act, Ga. Code Ann. §§ 7-6A-1 et
                  seq.

                 

                Effective
                  October 1, 2002 - March 6, 2003 

              	
                Covered
                  Loan 

              
	
                New
                  Jersey 

              	
                New
                  Jersey Home Ownership Security Act of 2002, N.J. Rev. Stat. §§ 46:10B-22
                  et
                  seq.
                  

                 

                Effective
                  November 27, 2003 - July 5, 2004 

              	
                Covered
                  Home Loan 

              

      

       

      STANDARD
        & POOR’S HOME LOAN CATEGORIZATION 

       

      
        	
                State/Jurisdiction

              	
                Name
                  of Anti-Predatory Lending Law/Effective Date

              	
                Category
                  under Applicable Anti-Predatory Lending Law

              
	
                Georgia
                  (Oct. 1, 2002 - Mar. 6, 2003) 

              	
                Georgia
                  Fair Lending Act, Ga. Code Ann. §§ 7-6A-1 et
                  seq.
                  

                 

                Effective
                  October 1, 2002 - March 6, 2003 

              	
                Home
                  Loan 

              
	
                New
                  Jersey 

              	
                New
                  Jersey Home Ownership Security Act of 2002, N.J. Rev. Stat. §§ 46:10B-22
                  et
                  seq.
                  

                 

                Effective
                  for loans closed on or after November 27, 2003

              	
                Home
                  Loan 

              

      

       

      STANDARD
        & POOR’S HOME LOAN CATEGORIZATION 

       

      
        	
                State/Jurisdiction

              	
                Name
                  of Anti-Predatory Lending Law/Effective Date

              	
                Category
                  under Applicable Anti-Predatory Lending Law

              
	
                New
                  Mexico 

              	
                Home
                  Loan Protection Act, N.M. Rev. Stat. §§ 58-21A-1 et
                  seq.
                  

                 

                Effective
                  as of January 1, 2004; Revised as of February 26, 2004 

              	
                Home
                  Loan 

              
	
                North
                  Carolina 

              	
                Restrictions
                  and Limitations on High Cost Home Loans, N.C. Gen. Stat. §§ 24-1.1E
                  et
                  seq.
                  

                 

                Effective
                  July 1, 2000; amended October 1, 2003 (adding open-end lines of
                  credit)
                  

              	
                Consumer
                  Home Loan 

              
	
                South
                  Carolina 

              	
                South
                  Carolina High Cost and Consumer Home Loans Act, S.C. Code Ann.
§§ 37-23-10
                  et
                  seq.
                  

                 

                Effective
                  for loans taken on or after January 1, 2004 

              	
                Consumer
                  Home Loan 

              

      

      
 

      SCHEDULE
        A

      

      REQUIRED
        RATINGS FOR EACH CLASS OF CERTIFICATES

       

      Public
        Certificates

      

      
        	 	
                Class

              	
                Moody’s

              	
                S&P

              	 
	 	
                A-1

              	
                Aaa

              	
                AAA

              	 
	 	
                A-2

              	
                Aaa

              	
                AAA

              	 
	 	
                A-3

              	
                Aaa

              	
                AAA

              	 
	 	
                A-4

              	
                Aaa

              	
                AAA

              	 
	 	
                A-5

              	
                Aaa

              	
                AAA

              	 
	 	
                A-6

              	
                Aaa

              	
                AAA

              	 
	 	
                A-7

              	
                Aaa

              	
                AAA

              	 
	 	
                M-1

              	
                Aa1

              	
                AA+

              	 
	 	
                M-2

              	
                Aa2

              	
                AA

              	 
	 	
                M-3

              	
                Aa3
                  

              	
                AA-

              	 
	 	
                M-4

              	
                A1

              	
                A+

              	 
	 	
                M-5

              	
                A2

              	
                A

              	 
	 	
                M-6

              	
                A3

              	
                A-

              	 
	 	
                M-7

              	
                Baa1

              	
                BBB+

              	 
	 	
                M-8

              	
                Baa2

              	
                BBB

              	 
	 	
                M-9

              	
                Baa3

              	
                BBB-

              	 

      

      

       

      None
        of
        the above ratings has been lowered, qualified or withdrawn since the dates
        of
        issuance of such ratings by the Rating Agencies.

      
 

      EXHIBIT
        M

      

      CLASS
        I-A-1 CORRIDOR CONTRACT CONFIRMATION

      

      
        	
                 

                DATE:

              	
                April
                  28, 2006 

              
	 	 
	
                TO:

              	
                U.S.
                  Bank National Association, not individually, but solely as Trustee
                  on
                  behalf of Bear Stearns Asset Backed Securities I Trust 2006-AC3,
                  Asset-Backed Certificates, Series 2006-AC3 

              
	
                ATTENTION:

              	
                Maryellen
                  Hunter 

              
	
                TELEPHONE:

              	
                617-603-6401
                  

              
	
                FACSIMILE:

              	
                617-603-6638
                  

              
	 	 
	
                FROM:

              	
                Derivatives
                  Documentation 

              
	
                TELEPHONE:

              	
                212-272-2711
                  

              
	
                FACSIMILE:

              	
                212-272
                  -9857 

              
	 	 
	
                SUBJECT:

              	
                Fixed
                  Income Derivatives Confirmation and Agreement

              
	 	 
	
                REFERENCE
                  NUMBER:

              	
                FXNEC8134

              

      

      

      The
        purpose of this letter agreement (“Agreement”) is to confirm the terms and
        conditions of the Transaction entered into on the Trade Date specified below
        (the “Transaction”) between Bear Stearns Financial Products inc. (“BSFP”) and
        U.S. Bank National Association, not individually, but solely as Trustee (the
        “Trustee”) on behalf of the Bear Stearns Asset Backed Securities I Trust
        2006-AC3, Asset-Backed Certificates, Series 2006-AC3 (“Counterparty”) under the
        Pooling and Servicing Agreement, dated and effective as of April 1, 2006,
        among
        Bear Steams Asset Backed Securities I LLC, as Depositor, EMC Mortgage
        Corporation, as Sponsor and Company, Wells Fargo Bank, National Association,
        as
        Master Servicer and Securities Administrator, and U.S. Bank National
        Association, as Trustee (the “Pooling and Servicing Agreement”). This Agreement,
        which evidences a complete and binding agreement between you and us to enter
        into the Transaction on the terms set forth below, constitutes a “Confirmation”
as referred to in the “ISDA Form Master Agreement” (as defined below), as well
        as a “Schedule” as referred to in the ISDA Form Master Agreement.

       

      1. This
        Agreement is subject to the 2000
        ISDA Definitions
        (the
“Definitions”), as published by the international Swaps and Derivatives
        Association, Inc. (“ISDA”). You and we have agreed to enter into this Agreement
        in lieu of negotiating a Schedule to the 1992 ISDA Master Agreement
        (Multicurrency Cross Border) form (the “ISDA Form Master Agreement”) but,
        rather. an ISDA Form Master Agreement shall be deemed to have been executed
        by
        you and us on the date we entered into the Transaction. In the event of any
        inconsistency between the provisions of this Agreement and the Definitions
        or
        the ISDA Form Master Agreement, this Agreement shall prevail for purposes
        of the
        Transaction. Terms capitalized but not defined herein shall have the meanings
        attributed to them in the Pooling and Servicing Agreement.

       

      2. The
        terms
        of the particular Transaction to which this Confirmation relates are as
        follows:

       

      
        	
                Type
                  of Transaction:

                 

              	
                Rate
                  Cap 

                 

              
	
                Notional
                  Amount:

                 

              	
                With
                  respect to any Calculation Period, the lesser of (i) the amount
                  set forth
                  for such period in Schedule I attached hereto and (ii) the Certificate
                  Principal Balance of the Class I-A-1 Certificates at the beginning
                  of the
                  related Calculation Period. 

                 

              
	
                Trade
                  Date:

                 

              	
                April
                  12, 2006 

                 

              
	
                Effective
                  Date:

                 

              	
                May
                  25, 2006 

                 

              
	
                Termination
                  Date:

                 

              	
                July
                  25, 2013 

                 

              
	
                Fixed
                  Amount (Premium):

                 

              	 
	
                Fixed
                  Rate Payer:

                 

              	
                Counterparty
                  

                 

              
	
                Fix
                  Rate Payer Payment Date:

                 

              	
                April
                  28, 2006

                 

              
	
                Fixed
                  Amount:

                 

              	
                USD
                  1,635,000 

                 

              
	
                Floating
                  Amounts:

                 

              	 
	
                Floating
                  Rate Payer:

                 

              	
                BSFP
                  

                 

              
	
                Cap
                  Rate:

                 

              	
                6.10000%
                  

                 

              
	
                Floating
                  Rate Payer

                 

                Period
                  End Dates:

                 

              	
                The
                  25th calendar day of each month during the Term of’ this Transaction,
                  commencing June 25, 2006 and ending on the Termination Date with
                  No
                  Adjustment. 

                 

              
	
                Floating
                  Rate Payer

                 

                Payment
                  Dates:

                 

              	
                Early
                  Payment shall be applicable. The Floating Rate Payer Payment Date
                  shall be
                  one Business Day preceding each Floating Rate Payer Period End
                  Date.
                  

                 

              
	
                Floating
                  Rate Option:

                 

              	
                USD-LIBOR-BBA,
                  provided, however, that if the Floating Rate Option for any Calculation
                  Period is greater than 9.10000% then the Floating Rate Option for
                  such
                  Calculation Period shall be deemed to be 9.10000%

                 

              
	
                Designated
                  Maturity:

                 

              	
                One
                  month 

                 

              
	
                Floating
                  Rate Day

                 

                Count
                  Fraction:

                 

              	
                30/360
                  

                 

              
	
                Reset
                  Dates:

                 

              	
                The
                  first day of each Calculation Period. 

                 

              
	
                Compounding:

                 

              	
                Inapplicable
                  

                 

              
	
                Business
                  Days:

                 

              	
                New
                  York 

                 

              
	
                Business
                  Day Convention:

                 

              	
                Modified
                  Following 

                 

              
	
                3. Additional
                  Provisions:

                 

              	
                1)
                  Each party hereto is hereby advised and acknowledges that the other
                  party
                  has engaged in (or refrained from engaging in) substantial financial
                  transactions and has taken (or refrained from taking) other material
                  actions in reliance upon the entry by the parties into the Transaction
                  being entered into on the terms and conditions set forth herein
                  and in the
                  Confirmation relating to such Transaction, as applicable. This
                  paragraph
                  (1) shall be deemed repeated on the trade date of each
                  Transaction.

                 

              

      

      

      4. Provisions
        Deemed Incorporated in a Schedule to the ISDA Form Master
        Agreement:

       

      
        	
                1)

              	
                The
                  parties agree that subparagraph (ii) of Section 2(c) of the ISDA
                  Form
                  Master Agreement will apply to any
                  Transaction.

              

      

       

      
        	
                2)

              	
                Termination
                  Provisions.
                  For purposes of the ISDA Form Master
                  Agreement:

              

      

       

      
        	
                (a)

              	
                “Specified
                  Entity” is not applicable to BSFP or Counterparty for any
                  purpose.

              

      

       

      
        	
                (b)

              	
                “Breach
                  of Agreement” provision of Section 5(a)(ii) will not apply to BSFP or
                  Counterparty.

              

      

       

      
        	
                (c)

              	
                “Credit
                  Support Default” provisions of Section 5(a)(iii) will not apply to BSFP or
                  Counterparty.

              

      

       

      
        	
                (d)

              	
                “Misrepresentation”
                  provisions or Section 5(a)(iv) will not apply to BSFP or
                  Counterparty.

              

      

       

      
        	
                (e)

              	
                “Specified
                  Transaction” is not applicable to BSFP or Counterparty for any purpose,
                  and, accordingly, Section 5(a)(v) shall not apply to BSFP or
                  Counterparty.

              

      

       

      
        	
                (f)

              	
                The
                  “Cross Default” provisions of Section 5(a)(vi) will not apply to BSFP or
                  to Counterparty.

              

      

       

      
        	
                (g)

              	
                The
                  “Credit Event Upon Merger” provisions of Section 5(b)(iv) will not apply
                  to BSFP or Counterparty.

              

      

       

      
        	
                (h)

              	
                The
                  “Bankruptcy” provision of Section 5(a)(vii)(2) will not apply to
                  Counterparty.

              

      

       

      
        	
                (i)

              	
                The
                  “Automatic Early Termination” provision of Section 6(a) will not apply to
                  BSFP or to Counterparty.

              

      

       

      
        	
                (j)

              	
                Payments
                  on Early Termination. For the purpose of Section 6(e) of the ISDA
                  Form
                  Master Agreement:

              

      

       

      (i) Market
        Quotation will apply.

       

      (ii) The
        Second Method will apply.

       

      
        	
                (k)

              	
                “Termination
                  Currency” means United States
                  Dollars.

              

      

       

      
        3)    Tax
          Representations.

      

       

      (a)
        Payer
        Representations. For the purpose of Section 3(e) of the ISDA Form Master
        Agreement, each of BSFP and the Counterparty will make the following
        representations:

       

      It
        is not
        required by any applicable law, as modified by the practice of any relevant
        governmental revenue authority, of any Relevant Jurisdiction to make any
        deduction or withholding for or on account of any Tax from any payment (other
        than interest under Section 2(e), 6(d)(ii) or 6(e) of the ISDA Form Master
        Agreement) to be made by it to the other party under this Agreement. In making
        this representation, it may rely on:

       

      (i)
        the
        accuracy of any representations made by the other party pursuant to Section
        3(f)
        of the ISDA Form Master Agreement;

       

      (ii)
        the
        satisfaction of the agreement contained in Sections 4(a)(i) and 4(a)(iii)
        of the
        ISDA Form Master Agreement and the accuracy and effectiveness of any document
        provided by the other party pursuant to Sections 4(a)(i) and 4(a)(iii) of
        the
        ISDA Form Master Agreement; and

       

      (iii)
        the
        satisfaction of the agreement of the other party contained in Section 4(d)
        of
        the ISDA Form Master Agreement, provided that it shall not be a breach of
        this
        representation where reliance is placed on clause (ii) and the other party
        does
        not deliver a form or document under Sections 4(a)(i) and 4(a)(iii) of the
        ISDA
        Form Master Agreement by reason of material prejudice to its legal or commercial
        position.

       

      (b)
        Payee
        Representations. For the purpose of Section 3(f) of the ISDA Form Master
        Agreement, each of BSFP and the Counterparty make the following
        representations.

      
 

      The
        following representation will apply to BSFP:

       

      BSFP
        is a
        corporation organized under the laws of the State of Delaware and its U.S.
        taxpayer identification number is 13-3866307.

       

      The
        following representation will apply to the Counterparty:

       

      The
        beneficial owner of the payments made to it under this Agreement is either
        (i) a “U.S. person” (as that term is used in section 1.1441-4(a)(3)(ii) of
        United States Treasury Regulations) for United States federal income tax
        purposes and an “Exempt recipient” within the meaning of section
        1.6049-4(c)(1)(ii) of United States Treasury Regulations, or (ii) a “non-U.S.
        branch of a foreign person” as that term) is used in section 1.1441-4(a)(3)(ii)
        of the United States Treasury Regulations (the “Regulations) for United States
        federal income tax purposes, and it is a “foreign person” as that term is used
        in section 1.6041-4(a)(4) of the Regulations for United States federal income
        tax purposes.

       

      
        4)    The
          ISDA
          Form Master Agreement is hereby amended as follows:

      

       

      (a)   The
        word “third”
shall be replaced by the word “second” in the third line of Section 5(a)(i) of
        the ISDA Form Master Agreement

       

      5)    Documents
        to be Delivered.
        For the
        purpose of Section 4(a) of the ISDA Form Master Agreement:

       

      (1)   ax
        forms,
        documents, or certificates to be delivered are:

       

      
        	
                Party
                  required

                to
                  deliver document

                 

              	
                Form/Document/

                Certificate

                 

              	
                Date
                  by which to 

                be
                  delivered

                 

              
	
                BSFP
                  and the Counterparty

              	
                Any
                  document required or reasonably requested to allow the other party
                  to make
                  payments under this Agreement without any deduction or withholding
                  for or
                  on the account of any Tax or with such deduction or withholding
                  at a
                  reduced rate

              	
                Promptly
                  after the earlier of (i) reasonable demand by either party or (ii)
                  learning that such form or document is required 

              
	 	 	 
	
                (2) Other
                  documents to be delivered are: 

              

      

       

      
        	
                Party
                  required 

                to
                  deliver document

              	
                Form/Document/

                Certificate

              	
                Date
                  by which to 

                be
                  delivered

              	
                Covered
                  by 

                Section
                  3(d) 

                Representation

              
	
                BSFP
                  and the Counterparty

              	
                Any
                  documents required by the receiving party to evidence the authority
                  of the
                  delivering party or its Credit Support Provider, if any, for it
                  to execute
                  and deliver this Agreement, any Confirmation, and any Credit Support
                  Documents to which it is a party, and to evidence the authority
                  of the
                  delivering party or its Credit Support Provider to perform its
                  obligations
                  under this Agreement, such Confirmation and/or Credit Support Document,
                  as
                  the case may be

              	
                Upon
                  the execution and delivery of this Agreement

              	
                Yes

              
	 	 	 	 
	
                BSFP
                  and the Counterparty

              	
                A
                  certificate of an authorized officer of the party, as to the incumbency
                  and authority of the respective officers of the party signing this
                  Agreement, any relevant Credit Support Document, or any Confirmation,
                  as
                  the case may be

              	
                Upon
                  the execution and delivery of this Agreement

              	
                Yes
                  

              
	 	 	 	 
	
                Counterparty

              	
                An
                  executed copy of the Pooling and Servicing Agreement/

              	
                Within
                  30 days after the date of this Agreement.

              	
                No

              

      

      

      6) Miscellaneous.
        Miscellaneous

       

      
        	
                (a)

              	
                Address
                  for Notices: For the purposes of Section 12(a) of the ISDA Form
                  Master
                  Agreement:

              

      

       

      Address
        for notices or communications to BSFP:

       

      Address:    
383
        Madison Avenue, New York, New York 10179

      Attention:   DPC
        Manager

      Facsimile:    212-272-5823

       

      with
        a
        copy to:

       

      Address:    
One
        Metrotech Center North, Brooklyn, New York 11201

      Attention:   Derivative
        Operations 7th Floor 

      Facsimile:    212-272-1634

       

      (For
        all
        purposes)

       

      Address
        for notices or communications to the Counterparty:

       

      Address:    
U.S.
        Bank
        National Association

      
         US
          Bank Corporate Trust Services 

      

                          
One
        Federal Street, 3rd
        Floor

       Mailcode:E-MA-FED

       Boston,
        MA 02110-2004 

       

      Attention:   Maryellen
        Hunter 

      Facsimile:    617-603-6638
        

      Phone:        
        617-603-6401

       

      With
        a
        copy to:

       

      Address:    Wells
        Fargo Bank, NA.

       9062
        Old Annapolis Rd.

       Columbia,
        Maryland 21045 

      Attention:   Client
        Manager/ BSABS 06-AC3 

      Facsimile:    410-715-2380
        

      Telephone:         410-884-2000

       

      (For
        all
        purposes)

       

      (b)    Process
        Agent. For the purpose of Section 13(c) of the ISDA Form Master
        Agreement:

       

      BSFP
        appoints as its

      Process
        Agent:    Not
        Applicable

       

      The
        Counterparty appoints as its

      Process
        Agent:    Not
        Applicable

       

      
        	
                (c)

              	
                Offices.
                  The provisions of Section 10(a) of the ISDA Form Master Agreement
                  will not
                  apply to this Agreement; neither BSFP nor the Counterparty have
                  any
                  Offices other than as set forth in the Notices Section and BSFP
                  agrees
                  that, for purposes of Section 6(b) of the ISDA Form Master Agreement,
                  it
                  shall not in future have any Office other than one in the United
                  States.

              

      

       

      
        	
                (d)

              	
                Multibranch
                  Party. For the purpose of Section 10(c) of the ISDA Form Master
                  Agreement:

              

      

       

      BSFP
        is
        not a Multibranch Party.

       

      The
        Counterparty is not a Multibranch Party.

       

      (e)    Calculation
        Agent. The Calculation Agent is BSFP.

       

      (f)    Credit
        Support Document. Not applicable fox either BSFP or the
        Counterparty.

       

      (g)    Credit
        Support Provider.

       

       BSFP:
        Not Applicable

       

       The
        Counterparty: Not Applicable

       

      (h)    Governing
        Law. The parties to this Agreement hereby agree that the law of the State
        of New
        York shall govern their rights and duties in whole, without regard to conflict
        of law provisions thereof other than New York General Obligations Law Sections
        5-1401 and 5-1402.

       

      (i)    Severability.
        If any term, provision, covenant, or condition of this Agreement, or the
        application thereof to any party or circumstance, shall be held to be invalid
        or
        unenforceable (in whole or in part) for any reason, the remaining terms,
        provisions, covenants, and conditions hereof shall continue in full force
        and
        effect as if this Agreement had been executed with the invalid or unenforceable
        portion eliminated, so long as this Agreement as so modified continues to
        express, without material change, the original intentions of the parties
        as to
        the subject matter of this Agreement and the deletion of such portion of
        this
        Agreement will not substantially impair the respective benefits or expectations
        of the parties.

       

      The
        parties shall endeavor to engage in good faith negotiations to replace any
        invalid or unenforceable term, provision, covenant or condition with a valid
        or
        enforceable term, provision, covenant or condition, the economic effect of
        which
        comes as close as possible to that of the invalid or unenforceable term,
        provision, covenant or condition.

       

      (j)    Consent
        to Recording. Each party hereto consents to the monitoring or recording,
        at any
        time and from time to time, by the other party of any and all communications
        between officers or employees of the parties, waives any further notice of
        such
        monitoring or recording, and agrees to notify its officers and employees
        of such
        monitoring or recording.

       

      (k)    Waiver
        of
        Jury Trial. Each party waives any right it may have to a trial by jury in
        respect of any Proceedings relating to this Agreement or any Credit Support
        Document.

       

      7)     “Affiliate”:
        BSFP and Counterparty shall be deemed to not have any Affiliates for’ purposes
        of this Agreement, including for purposes of Section 6(b)(ii) of the ISDA
        Form
        Master Agreement.

       

      8)     Section
        3 of
        the ISDA Form Master Agreement is hereby amended by adding at the end thereof
        the following subsection (g):

       

      “(g)    Relationship
        Between Parties.

       

      Each
        party represents to the other party on each date when it enters into a
        Transaction that:—

       

      (1)
        Nonreliance.
        It is
        not relying on any statement or representation of the other party regarding
        the
        Transaction (whether written or oral), other than the representations expressly
        made in this Agreement in respect of that Transaction.

       

      (2)
        Evaluation and Understanding.

       

      (i)
        It
        has the capacity to evaluate (internally or through independent professional
        advice) the Transaction and has made its own decision to enter into the
        Transaction; and

       

      (ii)
        it
        understands the terms, conditions and risks of the Transaction and is willing
        and able to accept those terms and conditions and to assume those risks,
        financially and otherwise.

       

      (3)
        Purpose.
        It is
        an “eligible swap participant” as such term is defined in Section 35.1(b)(2) of
        the regulations (17 C.F.R 35) promulgated under, and an “eligible contract
        participant” as defined in Section 1(a)(12) of, the Commodity Exchange Act, as
        amended, and it is entering into the Transaction for the purposes of managing
        its borrowings or investments, hedging its underlying assets or liabilities
        or
        in connection with a line of business.

       

      (4)
        Status
        of Parties.
        The
        other party is not acting as agent, fiduciary or advisor for it in respect
        of
        the Transaction.”

       

      9)
        Trustee
        Capacity.
        It is
        expressly understood and agreed by the parties hereto that (a) this Agreement
        is
        executed and delivered by U.S. Bank National Association (“U.S. Bank”), not
        individually or personally but solely as Trustee, in the exercise of the
        powers
        and authority conferred and vested in it, (b) each of the representations,
        undertakings and agreements herein made on the part of the Counterparty is
        made
        and intended not as personal representations, undertakings and agreements
        by
        U.S. Bank but is made and intended for the purpose of binding only the
        Counterparty, (c) nothing herein contained shall be construed as creating
        any
        liability on U.S. Bank, 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 (d) under no circumstances shall U.S. Bank be
        personally liable for the payment of any indebtedness or expenses of the
        Counterparty or be liable for the breach or failure of any obligation,
        representation, warranty or covenant made or undertaken by the Counterparty
        under this Agreement or any other related documents.

       

      10)
        Proceedings.
        BSFP
        shall not institute against or cause any other person to institute against,
        or
        join any other person in instituting against, Bear Stearns Asset Backed
        Securities I Trust 2006-AC3, Asset-Backed Certificates, Series 2006-AC3 or
        U.S.
        Bank National Association, not individually, but solely as Trustee any
        bankruptcy, reorganization, arrangement, insolvency or liquidation proceedings,
        or other proceedings under any federal or state bankruptcy or similar law
        for a
        period of one year and one day (or, if longer, the applicable preference
        period)
        following payment in full of the Certificates.

       

      11)
        Set-off.
        Notwithstanding any provision of this Agreement or any other existing or
        future
        agreement, each party irrevocably waives any and all rights it may have to
        set
        off, net, recoup or otherwise withhold or suspend or condition payment or
        performance of any obligation between it and the other party hereunder against
        any obligation between it and the other party under any other agreements.
        The
        provisions for Set-off set forth in Section 6(e) of the ISDA Form Master
        Agreement shall not apply for purposes of this Transaction.

       

      12)
        Additional
        Termination Events.
        The
        following Additional Termination Events will apply:

       

      (a)
        If a
        Rating Agency Downgrade has occurred and BSFP has not, complied with Section
        13
        below, then an Additional Termination Event shall have occurred with respect
        to
        BSFP and BSFP shall be the sole Affected Party with respect to such an
        Additional Termination Event;

       

      (b)
        If,
        at any time, the Majority Class I-C Certificateholder purchases the Mortgage
        Loans pursuant to Section 11.01 of the Pooling and Servicing Agreement, then
        an
        Additional Termination Event shall have occurred with respect to Counterparty
        and Counterparty shall be the sole Affected Party with respect to such
        Additional Termination Event; provided, however, that notwithstanding Section
        6(b)(iv) of the ISDA Form Master Agreement, only Counterparty shall have
        the
        right to designate an Early Termination Date in respect of this Additional
        Termination Event.

       

      (c)
        If,
        upon the occurrence of a Swap Disclosure Event (as defined in paragraph 15
        below) BSFP has not, within 10 Business Days after such Swap Disclosure Event
        complied with any of the provisions set forth in clause (iii) of paragraph
        15
        below, then an Additional Termination Event shall have occurred with respect
        to
        BSFP and BSFP shall be the sole Affected Party with respect to such Additional
        Termination Event.

       

      13)
        Rating
        Agency Downgrade.
        In the
        event that BSFP’s long-term unsecured and unsubordinated debt rating is
        withdrawn or reduced below “AA-” by Standard and Poor’s Ratings Services, Inc.,
        a division of The McGraw-Hill Companies, inc. (“S&P”) or its long-term
        unsecured and unsubordinated debt rating is withdrawn or reduced below “Aa3” by
        Moody’s Investors Service, Inc. (“Moody’s”) (and together with S&P, the
“Swap Rating Agencies”, and such rating thresholds as defined above, “Approved
        Rating Thresholds”), then within 30 days after such rating withdrawal or
        downgrade, BSFP shall, at its own expense, either (1) cause another entity
        to
        replace BSFP as party to this Agreement that meets or exceeds the Approved
        Rating Thresholds on terms substantially similar to this Agreement or (ii)
        obtain a guaranty of, or a contingent agreement of another person with the
        Approved Rating Thresholds, to honor, BSFP’s obligations under this
        Agreement.

       

      14)
        Additional
        Provisions.
        Notwithstanding the terms of Sections 5 and 6 of the ISDA Form Master Agreement,
        if Counterparty has satisfied its payment obligations under Section 2(a)(i)
        of
        the ISDA Form Master Agreement, then unless BSFP is required pursuant to
        appropriate proceedings to return to Counterparty or otherwise returns to
        Counterparty upon demand of Counterparty any portion of such payment, (a)
        the
        occurrence of an event described in Section 5(a) of the ISDA Form Master
        Agreement with respect to Counterparty shall not constitute an Event of Default
        or Potential Event of Default with respect to Counterparty as the Defaulting
        Party and (h) BSFP shall be entitled to designate an Early Termination Event
        Pursuant to Section 6 of the ISDA Form Master Agreement only as a result
        of a
        Termination Event set forth in either Section 5(b)(i) or Section 5(b)(ii)
        of the
        ISDA Form Master Agreement with respect to BSFP as the Affected Party or
        Section
        5(b)(iii) of the ISDA Form Master Agreement with respect to BSFP as the Burdened
        Party. For purposes of the Transaction to which this Agreement relates,
        Counterparty’ s only obligation under Section 2(a)(i) of the ISDA Form Master
        Agreement is to pay the Fixed Amount on the Fixed Rate Payer Payment
        Date.

       

      15)
        Compliance with Regulation AB.

       

      (i)
        BSFP
        agrees and acknowledges that Bear Stearns Asset Backed Securities I LLC
        (“BSABS”) is required under Regulation AB as defined under the Pooling and
        Servicing Agreement, to disclose certain financial information regarding
        BSFP or
        its group of affiliated entities, if applicable, depending on the aggregate
        “significance percentage” of this Agreement and any other derivative contracts
        between BSFP or its group of affiliated entities, if applicable, and
        Counterparty, as calculated from time to time in accordance with Item 1115
        of
        Regulation AB.

       

      (ii)
        It
        shall be a swap disclosure event (“Swap Disclosure Event”) if, on any Business
        Day after the date hereof, BSABS requests from BSFP the applicable financial
        information described in Item 1115 of Regulation AB (such request to be based
        on
        a reasonable determination by BSABS, in good faith, that such information
        is
        required under Regulation AB) (the “Swap Financial Disclosure”).

       

      (iii)
        Upon the occurrence of a Swap Disclosure Event, BSFP, at its own expense,
        shall
        (1)(a) either (i) provide to BSABS the current Swap Financial Disclosure
        in an
        EDGAR-compatible format (for example, such information may be provided in
        Microsoft Word® or Microsoft Excel® format but not in .pdf format) or (ii)
        provide written consent to BSABS to incorporation by reference of such current
        Swap Financial Disclosure that are filed with the Securities and Exchange
        Commission in the reports of the Trust filed pursuant to the Exchange Act,
        (b)
        if applicable, cause its outside accounting firm to provide its consent to
        filing or incorporation by reference of such accounting firm’s report relating
        to their audits of such current Swap Financial Disclosure in the Exchange
        Act
        Reports of the Depositor, and (c) provide to the Depositor any updated Swap
        Financial Disclosure with respect to BSFP or any entity that consolidates
        BSFP
        within five days of the release of any such updated Swap Financial Disclosure;
        (2) secure another entity to replace BSFP as party to this Agreement on terms
        substantially similar to this Agreement, which entity (or a guarantor therefor)
        meets or exceeds the Approved Rating Thresholds and which satisfies the Rating
        Agency Condition and which entity is able to comply with the requirements
        of
        Item 1115 of Regulation AB, or (3) obtain a guaranty of BSFP’s obligations under
        this Agreement from an affiliate of BSFP that is able to comply with the
        financial information disclosure requirements of Item 1115 of Regulation
        AB, and
        cause such affiliate to provide Swap Financial Disclosure and any future
        Swap
        Financial Disclosure, such that disclosure provided in respect of such affiliate
        will satisfy any disclosure requirements applicable to the Swap
        Provider.

       

      (iv)
        BSFP
        agrees that, in the event that BSFP provides Swap Financial Disclosure to
        BSABS
        in accordance with clause (iii)(1) of paragraph 15 or causes its affiliate
        to
        provide Swap Financial Disclosure to BSABS in accordance with clause (iii)(3)
        of
        paragraph 15, it will indemnify and hold harmless BSABS, its respective
        directors or officers and any person controlling BSABS, from and against
        any and
        all losses, claims, damages and liabilities caused by any untrue statement
        or
        alleged untrue statement of a material fact contained in such Swap Financial
        Disclosure or caused by any omission or alleged omission to state in such
        Swap
        Financial Disclosure a material fact required to be stated therein or necessary
        to make the statements therein, in light of the circumstances under which
        they
        were made, not misleading.

       

      (v)
        If
        BSABS reasonably requests, BSFP shall provide such other information as may
        he
        necessary for BSABS to comply with Item 1115 of Regulation AB.

       

      (vi)
        BSABS shall be an express third party beneficiary of this Agreement as if
        a
        party hereto to the extent of BSABS’ rights explicitly specified in this
        paragraph 15.

       

      NEITHER
        THE BEAR STEARNS COMPANIES INC. NOR ANY SUBSIDIARY OR AFFILIATE OF THE BEAR
        STEARNS COMPANIES INC. OTHER THAN BSFP IS AN OBLIGOR OR A CREDIT SUPPORT
        PROVIDER ON THIS AGREEMENT.

       

      
        	
                5.    
                  Account
                  Details and

                Settlement
                  information:

              	
                Payments
                  to BSFP:

              
	 	
                Citibank,
                  N.A., New York

              
	 	
                ABA
                  Number: 021-0000-89, for the account of

              
	 	
                Bear,
                  Stearns Securities Corp.

              
	 	
                Account
                  Number: 0925-3186, for further credit to 

              
	 	
                Bear
                  Steams Financial Products Inc. 

              
	 	
                Sub-account
                  Number: 102-04654-1-3 

              
	 	
                Attention:
                  Derivatives Department 

              
	 	 
	 	
                Payments
                  to Counterparty:

              
	 	
                Wells
                  Fargo Bank, N.A. 

              
	 	
                San
                  Francisco, CA 

              
	 	
                Bank
                  Number ABA: 121000248 

              
	 	
                Beneficiary
                  Account #: 3970771416 

              
	 	
                Beneficiary
                  Account Name: SAS Clearing 

              
	 	
                Reference:
                  FFC: BSABS 2006-AC3 

              
	 	
                Net
                  WAC Reserve Fund 

              
	 	
                SEI
                  Account 50912901 

              
	 	 

      

       

      This
        Agreement may be executed in several counterparts, each of which shall be
        deemed
        an original but all of which together shall constitute one and the same
        instrument.

       

      Counterparty
        hereby agrees to check this Confirmation and to confirm that the foregoing
        correctly sets forth the terms of the Transaction by signing in the space
        provided below and returning to BSFP a facsimile of the fully-executed
        Confirmation to 212-272-9857,
        For
        inquiries regarding U.S. Transactions, please contact Susan
        Donlon
        by
        telephone at 212-272-2364.
        For all
        other inquiries please contact Derivatives
        Documentation
        by
        telephone at 353-1-402-6233.
        Originals will be provided for your execution upon your request.

       

      We
        are
        very pleased to have executed this Transaction with you and we look forward
        to
        completing other transactions with you in the near future.

       

      Very
        truly yours,

       

      BEAR
        STEARNS FINANCIAL PRODUCTS INC.

       

      
        	 	 	 	 
	By: 	 	 	 
	
                
                  

                

              	 	 	
              
	
                Name:
                  Leticia Chévere

                Title:
                  Authorized Signatory

              	 	 	 

      

      
      

      Counterparty,
        acting through its duly authorized signatory, hereby agrees to, accepts and
        confirms the terms of the foregoing as of the Trade Date,.

       

      U.S.
        BANK NATIONAL ASSOCIATION, NOT INDIVIDUALLY, BUT SOLELY AS TRUSTEE OF THE
        BEAR
        STEARNS ASSET BACKED SECURITIES I TRUST 2006-AC3, ASSET-BACKED CERTIFICATES,
        SERIES 2006-AC3

      
        	 	 	 	 
	By:	 	 	 
	
                
                  

                

              	 	 	
              
	
                Name:
                  

                Title:

              	 	 	 

      

      
 

      SCHEDULE
        I

      (except
        for the Termination Date, all such dates subject to adjustment in

      accordance
        with the Business Day Convention)

       

      
        	 	
                From
                  and including

              	 	
                To
                  but excluding

              	 	
                Notional
                  Amount (USD)

              	 
	 	
                Effective
                  Date

              	 	
                6/25/2006

              	 	
                229,614,976.75

              	 
	 	
                6/25/2006

              	 	
                7/25/2006

              	 	
                227,084,931.18

              	 
	 	
                7/25/2006

              	 	
                8/25/2006

              	 	
                224,348,870.96

              	 
	 	
                8/25/2006

              	 	
                9/25/2006

              	 	
                221,411,941.60

              	 
	 	
                9/25/2006

              	 	
                10/25/2006

              	 	
                218,279,892.54

              	 
	 	
                10/2512006

              	 	
                11/25/2006

              	 	
                214,960,912.69

              	 
	 	
                11/25/2006

              	 	
                12/25/2006

              	 	
                211,461,964.01

              	 
	 	
                12/25/2006

              	 	
                1/25/2007

              	 	
                207,792,344.78

              	 
	 	
                1/25/2007

              	 	
                2/25/2007

              	 	
                203,960,891.15

              	 
	 	
                2/25/2007

              	 	
                3/25/2007

              	 	
                200,074,494.50

              	 
	 	
                3/25/2007

              	 	
                4/25/2007

              	 	
                196,260,467.84

              	 
	 	
                4/25/2007

              	 	
                5/25/2007

              	 	
                192,517,814.82

              	 
	 	
                5/25/2007

              	 	
                6/25/2007

              	 	
                188,845,290.31

              	 
	 	
                6/25/2007

              	 	
                7/25/2007

              	 	
                185,241,587.38

              	 
	 	
                7/25/2007

              	 	
                8/25/2007

              	 	
                181,705,423.35

              	 
	 	
                8/25/2007

              	 	
                9/25/2007

              	 	
                178,235,539.37

              	 
	 	
                9/25/2007

              	 	
                10/25/2007

              	 	
                174,830,699.98

              	 
	 	
                10/25/2007

              	 	
                11/25/2007

              	 	
                171,489,692.64

              	 
	 	
                11/25/2007

              	 	
                12/25/2007

              	 	
                168,211,327.35

              	 
	 	
                12/25/2007

              	 	
                1/25/2008

              	 	
                164,994,436.19

              	 
	 	
                1/25/2008

              	 	
                2/25/2008

              	 	
                161,837,872.96

              	 
	 	
                2/25/2008

              	 	
                3/25/2008

              	 	
                158,740,512.73

              	 
	 	
                .3/25/2008

              	 	
                4/25/2008

              	 	
                155,701,251.48

              	 
	 	
                4/25/2008

              	 	
                5/25/2008

              	 	
                152,719,005.67

              	 
	 	
                5/25/2008

              	 	
                6/25/2008

              	 	
                149,792,711.94

              	 
	 	
                6/2,5/2008

              	 	
                7/25/2008

              	 	
                146,921,326.63

              	 
	 	
                7/25/2008

              	 	
                8/25/2008

              	 	
                144,103,825.50

              	 
	 	
                8/25/2008

              	 	
                9/25/2008

              	 	
                141,339,203.36

              	 
	 	
                9/25/2008

              	 	
                10/25/2008

              	 	
                138,626,473.64

              	 
	 	
                10/25/2008

              	 	
                11/25/2008

              	 	
                135,964,668.17

              	 
	 	
                11/25/2008

              	 	
                12/25/2008

              	 	
                133,352,836.71

              	 
	 	
                12/25/2008

              	 	
                1/25/2009

              	 	
                130,790,046.73

              	 
	 	
                1/25/2009

              	 	
                2/25/2009

              	 	
                128,275,383.00

              	 
	 	
                2/25/2009

              	 	
                3/2.5/2009

              	 	
                125,807,947.31

              	 
	 	
                3/25/2009

              	 	
                4/25/2009

              	 	
                123,386,858.14

              	 
	 	
                4/25/2009

              	 	
                5/25/2009

              	 	
                121,011,250.37

              	 
	 	
                5/25/2009

              	 	
                6/25/2009

              	 	
                118,680,274.94

              	 
	 	
                6/25/2009

              	 	
                7/25/2009

              	 	
                116,393,098.59

              	 
	 	
                7/25/2009

              	 	
                8/25/2009

              	 	
                114,148,903.55

              	 
	 	
                8/25/2009

              	 	
                9/25/2009

              	 	
                111,946,887.25

              	 
	 	
                9/25/2009

              	 	
                10/25/2009

              	 	
                109,786,262.03

              	 
	 	
                10/25/2009

              	 	
                11/25/2009

              	 	
                107,666,254.90

              	 
	 	
                11/25/2009

              	 	
                12/25/2009

              	 	
                105,586,107.23

              	 
	 	
                12/25/2009

              	 	
                1/25/2010

              	 	
                103,545,074.50

              	 
	 	
                1/25/2010

              	 	
                2/25/2010

              	 	
                101,542,426.03

              	 
	 	
                2/25/2010

              	 	
                3/25/2010

              	 	
                99,577,444.74

              	 
	 	
                3/25/2010

              	 	
                4/25/2010

              	 	
                97,649,426.87

              	 
	 	
                4/25/2010

              	 	
                5/25/2010

              	 	
                95,757,681.78

              	 
	 	
                5/25/2010

              	 	
                6/25/2010

              	 	
                93,901,531.63

              	 
	 	
                6/25/2010

              	 	
                7/25/2010

              	 	
                92,080,311.25

              	 
	 	
                7/25/2010

              	 	
                8/25/2010

              	 	
                90,293,367.78

              	 
	 	
                8/25/2010

              	 	
                9/25/2010

              	 	
                88,540,060.56

              	 
	 	
                9/25/2010

              	 	
                10/25/2010

              	 	
                86,819,760.82

              	 
	 	
                10/25/2010

              	 	
                11/25/2010

              	 	
                85,131,199.98

              	 
	 	
                11/25/2010

              	 	
                12/25/2010

              	 	
                83,474,444.82

              	 
	 	
                12/25/2010

              	 	
                1/25/2011

              	 	
                81,848,900.51

              	 
	 	
                1/25/2011

              	 	
                2/25/2011

              	 	
                80,253,277.15

              	 
	 	
                2/25/2011

              	 	
                3/25/2011

              	 	
                78,687,730.17

              	 
	 	
                3/25/2011

              	 	
                4/25/2011

              	 	
                77,151,347.58

              	 
	 	
                4/25/2011

              	 	
                5/25/2011

              	 	
                75,643,716.05

              	 
	 	
                5/25/2011

              	 	
                6/25/2011

              	 	
                74,164,521.36

              	 
	 	
                6/25/2011

              	 	
                7/25/2011

              	 	
                72,713,231.20

              	 
	 	
                7/25/2011

              	 	
                8/25/2011

              	 	
                71,289,323.18

              	 
	 	
                8/25/2011

              	 	
                9/25/2011

              	 	
                69,892,284.65

              	 
	 	
                9/25/2011

              	 	
                10/25/2011

              	 	
                68,521,612.50

              	 
	 	
                10/25/2011

              	 	
                11/25/2011

              	 	
                67,176,812.99

              	 
	 	
                11/25/2011

              	 	
                12/25/2011

              	 	
                65,857,401.58

              	 
	 	
                12/25/2011

              	 	
                1/25/2012

              	 	
                64,562,902.76

              	 
	 	
                1/25/2012

              	 	
                2/25/2012

              	 	
                63,292,849.88

              	 
	 	
                2/25/2012

              	 	
                3/25/2012

              	 	
                62,046,784.98

              	 
	 	
                3/25/2012

              	 	
                4/25/2012

              	 	
                60,824,258.64

              	 
	 	
                4/25/2012

              	 	
                5/25/2012

              	 	
                59,624,829.80

              	 
	 	
                5/25/2012

              	 	
                6/25/2012

              	 	
                58,448,065.64

              	 
	 	
                6/25/2012

              	 	
                7/25/2012

              	 	
                57,293,541.40

              	 
	 	
                7/25/2012

              	 	
                8/25/2012

              	 	
                56,160,840.22

              	 
	 	
                8/25/2012

              	 	
                9/25/2012

              	 	
                55,049,553.04

              	 
	 	
                9/25/2012

              	 	
                10/25/2012

              	 	
                53,959,278.40

              	 
	 	
                10/25/2012

              	 	
                11/25/2012

              	 	
                52,889,622.34

              	 
	 	
                11/25/2012

              	 	
                12/25/2012

              	 	
                51,840,198.23

              	 
	 	
                12/25/2012

              	 	
                1/25/2013

              	 	
                50,810,626.67

              	 
	 	
                1/25/2013

              	 	
                2/25/2013

              	 	
                49,800,535.32

              	 
	 	
                2/25/2013

              	 	
                3/25/2013

              	 	
                48,809,558.79

              	 
	 	
                3/25/2013

              	 	
                4/25/2013

              	 	
                47,837,338.49

              	 
	 	
                4/25/2013

              	 	
                5/25/2013

              	 	
                46,883,522.54

              	 
	 	
                5/25/2013

              	 	
                6/25/2013

              	 	
                45,947,765.61

              	 
	 	
                6/25/2013

              	 	
                Termination
                  Date

              	 	
                45,029,728.81

              	 

      

      
 

      EXHIBIT
        N

      

      CLASS
        II-A-1 CORRIDOR CONTRACT CONFIRMATION

      

      
        	
                 

                DATE:

              	
                April
                  28, 2006 

              
	 	 
	
                TO:

              	
                U.S.
                  Bank National Association, not individually, but solely as Trustee
                  on
                  behalf of Bear Stearns Asset Backed Securities I Trust 2006-AC3,
                  Asset-Backed Certificates, Series 2006-AC3 

              
	
                ATTENTION:

              	
                Maryellen
                  Hunter 

              
	
                TELEPHONE:

              	
                617-603-6401
                  

              
	
                FACSIMILE:

              	
                617-603-6638
                  

              
	 	 
	
                FROM:

              	
                Derivatives
                  Documentation 

              
	
                TELEPHONE:

              	
                212-272-2711
                  

              
	
                FACSIMILE:

              	
                212-272
                  -9857 

              
	 	 
	
                SUBJECT:

              	
                Fixed
                  Income Derivatives Confirmation and Agreement

              
	 	 
	
                REFERENCE
                  NUMBER:

              	
                FXNEC8157

              

      

      

      The
        purpose of this letter agreement (“Agreement”) is to confirm the terms and
        conditions of the Transaction entered into on the Trade Date specified below
        (the “Transaction”) between Bear Stearns Financial Products inc. (“BSFP”) and
        U.S. Bank National Association, not individually, but solely as Trustee (the
        “Trustee”) on behalf of the Bear Stearns Asset Backed Securities I Trust
        2006-AC3, Asset-Backed Certificates, Series 2006-AC3 (“Counterparty”) under the
        Pooling and Servicing Agreement, dated and effective as of April 1, 2006,
        among
        Bear Steams Asset Backed Securities I LLC, as Depositor, EMC Mortgage
        Corporation, as Sponsor and Company, Wells Fargo Bank, National Association,
        as
        Master Servicer and Securities Administrator, and U.S. Bank National
        Association, as Trustee (the “Pooling and Servicing Agreement”). This Agreement,
        which evidences a complete and binding agreement between you and us to enter
        into the Transaction on the terms set forth below, constitutes a “Confirmation”
as referred to in the “ISDA Form Master Agreement” (as defined below), as well
        as a “Schedule” as referred to in the ISDA Form Master Agreement.

       

      1.    This
        Agreement is subject to the 2000
        ISDA Definitions
        (the
“Definitions”), as published by the international Swaps and Derivatives
        Association, Inc. (“ISDA”). You and we have agreed to enter into this Agreement
        in lieu of negotiating a Schedule to the 1992 ISDA Master Agreement
        (Multicurrency Cross Border) form (the “ISDA Form Master Agreement”) but,
        rather. an ISDA Form Master Agreement shall be deemed to have been executed
        by
        you and us on the date we entered into the Transaction. In the event of any
        inconsistency between the provisions of this Agreement and the Definitions
        or
        the ISDA Form Master Agreement, this Agreement shall prevail for purposes
        of the
        Transaction. Terms capitalized but not defined herein shall have the meanings
        attributed to them in the Pooling and Servicing Agreement.

       

      2.    The
        terms
        of the particular Transaction to which this Confirmation relates are as
        follows:

       

      
        	
                Type
                  of Transaction

                 

              	
                Rate
                  Cap 

                 

              
	
                Notional
                  Amount

                 

              	
                With
                  respect to any Calculation Period, the lesser of (i) the amount
                  set forth
                  for such period in Schedule I attached hereto and (ii) the Certificate
                  Principal Balance of the Class II-A-1 Certificates at the beginning
                  of the
                  related Calculation Period. 

                 

              
	
                Trade
                  Date:

                 

              	
                April
                  20, 2006 

                 

              
	
                Effective
                  Date:

                 

              	
                May
                  25, 2006 

                 

              
	
                Termination
                  Date:

                 

              	
                July
                  25, 2013 

                 

              
	
                Fixed
                  Amount (Premium):

                 

              	 
	
                Fixed
                  Rate Payer:

                 

              	
                Counterparty
                  

                 

              
	
                Fixed
                  Rate Payer Payment Date:

                 

              	
                April
                  28, 2006 

                 

              
	
                Fixed
                  Amount:

                 

              	
                USD
                  1,450,000 

                 

              
	
                Floating
                  Amounts:

                 

              	 
	
                Floating
                  Rate Payer:

                 

              	
                BSFP
                  

                 

              
	
                Cap
                  Rate:

                 

              	
                6.0000%
                  

                 

              
	
                Floating
                  Rate Payer

                Period
                  End Dates:

                 

              	
                The
                  25th calendar day of each month during the Term of this Transaction,
                  commencing June 25, 2006 and ending on the Termination Date with
                  No
                  Adjustment. 

                 

              
	
                Floating
                  Rate Payer

                Payment
                  Dates:

                 

              	
                Early
                  Payment shall be applicable. The Floating Rate Payer Payment Date
                  shall be
                  one Business Day preceding each Floating Rate Payer Period End
                  Date.
                  

                 

              
	
                Floating
                  Rate Option:

                 

              	
                USD-LIBOR-BBA,
                  provided, however, that if the Floating Rate Option for any Calculation
                  Period is greater than 9.00000% then the Floating Rate Option for
                  such
                  Calculation Period shall be deemed to be 9.00000%

                 

              
	
                Designated
                  Maturity:

                 

              	
                One
                  month 

                 

              
	
                Floating
                  Rate Day

                Count
                  Fraction:

                 

              	
                30/360

                 

              
	
                Reset
                  Dates:

                 

              	
                The
                  first day of each Calculation Period. 

                 

              
	
                Compounding:

                 

              	
                Inapplicable
                  

                 

              
	
                Business
                  Days:

                 

              	
                New
                  York 

                 

              
	
                Business
                  Day Convention:

                 

              	
                Modified
                  Following 

                 

              
	
                3. Additional
                  Provisions:

                 

              	
                1)
                  Each party hereto is hereby advised and acknowledges that the other
                  party
                  has engaged in (or refrained from engaging in) substantial financial
                  transactions and has taken (or refrained from taking) other material
                  actions in reliance upon the entry by the parties into the Transaction
                  being entered into on the terms and conditions set forth herein
                  and in the
                  Confirmation relating to such Transaction, as applicable. This
                  paragraph
                  (1) shall be deemed repeated on the trade date of each
                  Transaction.

                 

              

      

      
        	4.	
                Provisions
                  Deemed Incorporated in a Schedule to the ISDA Form Master
                  Agreement:

              

      

       

      
        	
                1)

              	
                The
                  parties agree that subparagraph (ii) of Section 2(c) of the ISDA
                  Form
                  Master Agreement will apply to any
                  Transaction.

              

      

       

      
        	
                2)

              	
                Termination
                  Provisions.
                  For purposes of the ISDA Form Master
                  Agreement:

              

      

       

      
        	
                (a)

              	
                “Specified
                  Entity” is not applicable to BSFP or Counterparty for any
                  purpose.

              

      

       

      
        	
                (b)

              	
                “Breach
                  of Agreement” provision of Section 5(a)(ii) will not apply to BSFP or
                  Counterparty.

              

      

       

      
        	
                (c)

              	
                “Credit
                  Support Default” provisions of Section 5(a)(iii) will not apply to BSFP or
                  Counterparty.

              

      

       

      
        	
                (d)

              	
                “Misrepresentation”
                  provisions or Section 5(a)(iv) will not apply to BSFP or
                  Counterparty.

              

      

       

      
        	
                (e)

              	
                “Specified
                  Transaction” is not applicable to BSFP or Counterparty for any purpose,
                  and, accordingly, Section 5(a)(v) shall not apply to BSFP or
                  Counterparty.

              

      

       

      
        	
                (f)

              	
                The
                  “Cross Default” provisions of Section 5(a)(vi) will not apply to BSFP or
                  to Counterparty.

              

      

       

      
        	
                (g)

              	
                The
                  “Credit Event Upon Merger” provisions of Section 5(b)(iv) will not apply
                  to BSFP or Counterparty.

              

      

       

      
        	
                (h)

              	
                The
                  “Bankruptcy” provision of Section 5(a)(vii)(2) will not apply to
                  Counterparty.

              

      

       

      
        	
                (i)

              	
                The
                  “Automatic Early Termination” provision of Section 6(a) will not apply to
                  BSFP or to Counterparty.

              

      

       

      
        	
                (j)

              	
                Payments
                  on Early Termination. For the purpose of Section 6(e) of the ISDA
                  Form
                  Master Agreement:

              

      

       

      
        	
              	(i)	
                Market
                  Quotation will apply.

              

      

       

      
        	
              	(ii)	
                The
                  Second Method will apply.

              

      

       

      
        	
                (k)

              	
                “Termination
                  Currency” means United States
                  Dollars.

              

      

       

      3)    Tax
        Representations.

       

      (a)
        Payer
        Representations. For the purpose of Section 3(e) of the ISDA Form Master
        Agreement, each of BSFP and the Counterparty will make the following
        representations:

       

      It
        is not
        required by any applicable law, as modified by the practice of any relevant
        governmental revenue authority, of any Relevant Jurisdiction to make any
        deduction or withholding for or on account of any Tax from any payment (other
        than interest under Section 2(e), 6(d)(ii) or 6(e) of the ISDA Form Master
        Agreement) to be made by it to the other party under this Agreement. In making
        this representation, it may rely on:

       

      (i)
        the
        accuracy of any representations made by the other party pursuant to Section
        3(f)
        of the ISDA Form Master Agreement;

       

      (ii)
        the
        satisfaction of the agreement contained in Sections 4(a)(i) and 4(a)(iii)
        of the
        ISDA Form Master Agreement and the accuracy and effectiveness of any document
        provided by the other party pursuant to Sections 4(a)(i) and 4(a)(iii) of
        the
        ISDA Form Master Agreement; and

       

      (iii)
        the
        satisfaction of the agreement of the other party contained in Section 4(d)
        of
        the ISDA Form Master Agreement, provided that it shall not be a breach of
        this
        representation where reliance is placed on clause (ii) and the other party
        does
        not deliver a form or document under Sections 4(a)(i) and 4(a)(iii) of the
        ISDA
        Form Master Agreement by reason of material prejudice to its legal or commercial
        position.

       

      (b)
        Payee
        Representations. For the purpose of Section 3(f) of the ISDA Form Master
        Agreement, each of BSFP and the Counterparty make the following
        representations.

       

      The
        following representation will apply to BSFP:

       

      BSFP
        is a
        corporation organized under the laws of the State of Delaware and its U.S.
        taxpayer identification number is 13-3866307.

       

      The
        following representation will apply to the Counterparty:

       

      The
        beneficial owner of the payments made to it under this Agreement is either
        (i) a
“U.S. person” (as that term is used in section 1.1441-4(a)(3)(ii) of United
        States Treasury Regulations) for United States federal income tax purposes
        and
        an “Exempt recipient” within the meaning of section 1.6049-4(c)(1)(ii) of United
        States Treasury Regulations, or (ii) a “non-U.S. branch of a foreign person” as
        that tern) is used in section 1. 1441-4(a)(3)(ii) of the United States Treasury
        Regulations (the “Regulations) for United States federal income tax purposes,
        and it is a “foreign person” as that term is used in section 1.6041-4(a)(4) of
        the Regulations for United States federal income tax purposes.

       

      
        4)    The
          ISDA
          Form Master Agreement is hereby amended as follows:

      

       

      (a)
        The
        word “third” shall be replaced by the word “second” in the third line of Section
        5(a)(i) of the ISDA Form Master Agreement

       

      5)    Documents
        to be Delivered.
        For the
        purpose of Section 4(a) of the ISDA Form Master Agreement:

       

      (1)   Tax
        forms, documents, or certificates to be delivered are:

       

      
        	
                Party
                  required to deliver 

                document

                 

              	
                Form/Document/

                Certificate

                 

              	
                Date
                  by which

                to
                  be delivered

                 

              
	
                BSFP
                  and the Counterparty

              	
                Any
                  document required or reasonably requested to allow the other party
                  to make
                  payments under this Agreement without any deduction or withholding
                  for or
                  on the account of any Tax or with such deduction or withholding
                  at a
                  reduced rate

              	
                Promptly
                  after the earlier of (i) reasonable demand by either party or (ii)
                  learning that such form or document is required 

              
	 	 	 
	
                (2) Other
                  documents to be delivered are: 

              

      

      

      
        	
                Party
                  required 

                to
                  deliver document

              	
                Form/Document/

                Certificate

              	
                Date
                  by which to 

                be
                  delivered

              	
                Covered
                  by Section 3(d) 

                Representation

                 

              
	
                BSFP
                  and the Counterparty

              	
                Any
                  documents required by the receiving party to evidence the authority
                  of the
                  delivering party or its Credit Support Provider, if any, for it
                  to execute
                  and deliver this Agreement, any Confirmation, and any Credit Support
                  Documents to which it is a party, and to evidence the authority
                  of the
                  delivering party or its Credit Support Provider to perform its
                  obligations
                  under this Agreement, such Confirmation and/or Credit Support Document,
                  as
                  the case may be

              	
                Upon
                  the execution and delivery of this Agreement

              	
                Yes

              
	 	 	 	 
	
                BSFP
                  and the Counterparty

              	
                A
                  certificate of an authorized officer of the party, as to the incumbency
                  and authority of the respective officers of the party signing this
                  Agreement, any relevant Credit Support Document, or any Confirmation,
                  as
                  the case may be

              	
                Upon
                  the execution and delivery of this Agreement

              	
                Yes
                  

              
	 	 	 	 
	
                Counterparty

              	
                An
                  executed copy of the Pooling and Servicing Agreement/

              	
                Within
                  30 days after the date of this Agreement.

              	
                No

              

      

      

      6)    Miscellaneous.
        Miscellaneous

       

      
        	
                (a)

              	
                Address
                  for Notices: For the purposes of Section 12(a) of the ISDA Form
                  Master
                  Agreement:

              

      

       

      Address
        for notices or communications to BSFP:

       

      Address:    
383
        Madison Avenue, New York, New York 10179

      Attention:   DPC
        Manager

      Facsimile:    212-272-5823

       

      with
        a
        copy to:

       

      Address:    One
        Metrotech Center North, Brooklyn, New York 11201

      Attention:         
        Derivative
        Operations 7th Floor 

      Facsimile:   212-272-1634

       

      (For
        all
        purposes)

       

      Address
        for notices or communications to the Counterparty:

       

      Address:    U.S.
        Bank
        National Association

      US
        Bank
        Corporate Trust Services

      One
        Federal Street, 3rd
        Floor

      Mailcode:
        E-MA-FED

      Boston,
        MA 02110-2004 

      Attention:         Maryellen
        Hunter 

      Facsimile:         
        617-603-6638
        

      Phone:  617-603-6401

       

      With
        a
        copy to:

       

      Address:   Wells
        Fargo Bank, NA.

      9062
        Old
        Annapolis Rd.

      Columbia,
        Maryland 21045 

      Attention:         
        Client
        Manager/ BSABS 06-AC3 

      Facsimile:           410-715-2380
        

      Telephone:        410-884-2000

       

      (For
        all
        purposes)

       

      (b) Process
        Agent. For the purpose of Section 13(c) of the ISDA Form Master
        Agreement:

       

      BSFP
        appoints as its

      Process
        Agent:    Not
        Applicable

       

      The
        Counterparty appoints as its

      Process
        Agent:    Not
        Applicable

       

      
        	
                (c)

              	
                Offices.
                  The provisions of Section 10(a) of the ISDA Form Master Agreement
                  will not
                  apply to this Agreement; neither BSFP nor the Counterparty have
                  any
                  Offices other than as set forth in the Notices Section and BSFP
                  agrees
                  that, for purposes of Section 6(b) of the ISDA Form Master Agreement,
                  it
                  shall not in future have any Office other than one in the United
                  States.

              

      

       

      
        	
                (d)

              	
                Multibranch
                  Party. For the purpose of Section 10(c) of the ISDA Form Master
                  Agreement:

              

      

       

      BSFP
        is
        not a Multibranch Party.

       

      The
        Counterparty is not a Multibranch Party.

       

      (e)    Calculation
        Agent. The Calculation Agent is BSFP.

       

      (f)    Credit
        Support Document. Not applicable fox either BSFP or the
        Counterparty.

       

      (g)   Credit
        Support Provider.

       

      BSFP:
        Not
        Applicable

       

      The
        Counterparty: Not Applicable

       

      (h)   Governing
        Law. The parties to this Agreement hereby agree that the law of the State
        of New
        York shall govern their rights and duties in whole, without regard to conflict
        of law provisions thereof other than New York General Obligations Law Sections
        5-1401 and 5-1402.

       

      (i)    Severability.
        If any term, provision, covenant, or condition of this Agreement, or the
        application thereof to any party or circumstance, shall be held to be invalid
        or
        unenforceable (in whole or in part) for any reason, the remaining terms,
        provisions, covenants, and conditions hereof shall continue in full force
        and
        effect as if this Agreement had been executed with the invalid or unenforceable
        portion eliminated, so long as this Agreement as so modified continues to
        express, without material change, the original intentions of the parties
        as to
        the subject matter of this Agreement and the deletion of such portion of
        this
        Agreement will not substantially impair the respective benefits or expectations
        of the parties.

       

      The
        parties shall endeavor to engage in good faith negotiations to replace any
        invalid or unenforceable term, provision, covenant or condition with a valid
        or
        enforceable term, provision, covenant or condition, the economic effect of
        which
        comes as close as possible to that of the invalid or unenforceable term,
        provision, covenant or condition.

       

      (j)    Consent
        to Recording. Each party hereto consents to the monitoring or recording,
        at any
        time and from time to time, by the other party of any and all communications
        between officers or employees of the parties, waives any further notice of
        such
        monitoring or recording, and agrees to notify its officers and employees
        of such
        monitoring or recording.

       

      (k)   Waiver
        of
        Jury Trial. Each party waives any right it may have to a trial by jury in
        respect of any Proceedings relating to this Agreement or any Credit Support
        Document.

       

      7)
        “Affiliate”: BSFP and Counterparty shall be deemed to not have any Affiliates
        for’ purposes of this Agreement, including for purposes of Section 6(b)(ii) of
        the ISDA Form Master Agreement.

       

      8)
        Section 3 of the ISDA Form Master Agreement is hereby amended by adding at
        the
        end thereof the following subsection (g):

       

      “(g)    Relationship
        Between Parties.

       

      Each
        party represents to the other party on each date when it enters into a
        Transaction that:—

       

      (1)
        Nonreliance.
        It is
        not relying on any statement or representation of the other party regarding
        the
        Transaction (whether written or oral), other than the representations expressly
        made in this Agreement in respect of that Transaction.

       

      (2)
        Evaluation and Understanding.

       

      (i)
        It
        has the capacity to evaluate (internally or through independent professional
        advice) the Transaction and has made its own decision to enter into the
        Transaction; and

       

      (ii)
        it
        understands the terms, conditions and risks of the Transaction and is willing
        and able to accept those terms and conditions and to assume those risks,
        financially and otherwise.

       

      (3)
        Purpose.
        It is
        an “eligible swap participant” as such term is defined in Section 35. 1(b)(2) of
        the regulations (17 C.F.R 35) promulgated under, and an “eligible contract
        participant” as defined in Section 1(a)(12) of, the Commodity Exchange Act, as
        amended, and it is entering into the Transaction for the purposes of managing
        its borrowings or investments, hedging its underlying assets or liabilities
        or
        in connection with a line of business.

       

      (4)
        Status
        of Parties.
        The
        other party is not acting as agent, fiduciary or advisor for it in respect
        of
        the Transaction.”

       

      9)
        Trustee
        Capacity.
        It is
        expressly understood and agreed by the parties hereto that (a) this Agreement
        is
        executed and delivered by U.S. Bank National Association (“U.S. Bank”), not
        individually or personally but solely as Trustee, in the exercise of the
        powers
        and authority conferred and vested in it, (b) each of the representations,
        undertakings and agreements herein made on the part of the Counterparty is
        made
        and intended not as personal representations, undertakings and agreements
        by
        U.S. Bank but is made and intended for the purpose of binding only the
        Counterparty, (c) nothing herein contained shall be construed as creating
        any
        liability on U.S. Bank, 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 (d) under no circumstances shall U.S. Bank be
        personally liable for the payment of any indebtedness or expenses of the
        Counterparty or be liable for the breach or failure of any obligation,
        representation, warranty or covenant made or undertaken by the Counterparty
        under this Agreement or any other related documents.

       

      10)
        Proceedings.
        BSFP
        shall not institute against or cause any other person to institute against,
        or
        join any other person in instituting against, Bear Stearns Asset Backed
        Securities I Trust 2006-AC3, Asset-Backed Certificates, Series 2006-AC3 or
        U.S.
        Bank National Association, not individually, but solely as Trustee any
        bankruptcy, reorganization, arrangement, insolvency or liquidation proceedings,
        or other proceedings under any federal or state bankruptcy or similar law
        for a
        period of one year and one day (or, if longer, the applicable preference
        period)
        following payment in full of the Certificates.

       

      11)
        Set-off.
        Notwithstanding any provision of this Agreement or any other existing or
        future
        agreement, each party irrevocably waives any and all rights it may have to
        set
        off, net, recoup or otherwise withhold or suspend or condition payment or
        performance of any obligation between it and the other party hereunder against
        any obligation between it and the other party under any other agreements.
        The
        provisions for Set-off set forth in Section 6(e) of the ISDA Form Master
        Agreement shall not apply for purposes of this Transaction.

       

      12)
        Additional
        Termination Events.
        The
        following Additional Termination Events will apply:

       

      (a)
        If a
        Rating Agency Downgrade has occurred and BSFP has not, complied with Section
        13
        below, then an Additional Termination Event shall have occurred with respect
        to
        BSFP and BSFP shall be the sole Affected Party with respect to such an
        Additional Termination Event;

       

      (b)
        If,
        at any time, the Majority Class I-C Certificateholder purchases the Mortgage
        Loans pursuant to Section 11.01 of the Pooling and Servicing Agreement, then
        an
        Additional Termination Event shall have occurred with respect to Counterparty
        and Counterparty shall be the sole Affected Party with respect to such
        Additional Termination Event; provided, however, that notwithstanding Section
        6(b)(iv) of the ISDA Form Master Agreement, only Counterparty shall have
        the
        right to designate an Early Termination Date in respect of this Additional
        Termination Event;

       

      (c)
        If,
        upon the occurrence of a Swap Disclosure Event (as defined in paragraph 15
        below) BSFP has not, within 10 Business Days after such Swap Disclosure Event
        complied with any of the provisions set forth in clause (iii) of paragraph
        15
        below, then an Additional Termination Event shall have occurred with respect
        to
        BSFP and BSFP shall be the sole Affected Party with respect to such Additional
        Termination Event.

       

      13)
        Rating
        Agency Downgrade.
        In the
        event that BSFP’s long-term unsecured and unsubordinated debt rating is
        withdrawn or reduced below “AA-” by Standard and Poor’s Ratings Services, Inc.,
        a division of The McGraw-Hill Companies, inc. (“S&P”) or its long-term
        unsecured and unsubordinated debt rating is withdrawn or reduced below “Aa3” by
        Moody’s Investors Service, Inc. (“Moody’s”) (and together with S&P, the
“Swap Rating Agencies”, and such rating thresholds as defined above, “Approved
        Rating Thresholds”), then within 30 days after such rating withdrawal or
        downgrade, BSFP shall, at its own expense, either (1) cause another entity
        to
        replace BSFP as party to this Agreement that meets or exceeds the Approved
        Rating Thresholds on terms substantially similar to this Agreement or (ii)
        obtain a guaranty of, or a contingent agreement of another person with the
        Approved Rating Thresholds, to honor, BSFP’s obligations under this
        Agreement.

       

      14)
        Additional
        Provisions.
        Notwithstanding the terms of Sections 5 and 6 of the ISDA Form Master Agreement,
        if Counterparty has satisfied its payment obligations under Section 2(a)(i)
        of
        the ISDA Form Master Agreement, then unless BSFP is required pursuant to
        appropriate proceedings to return to Counterparty or otherwise returns to
        Counterparty upon demand of Counterparty any portion of such payment, (a)
        the
        occurrence of an event described in Section 5(a) of the ISDA Form Master
        Agreement with respect to Counterparty shall not constitute an Event of Default
        or Potential Event of Default with respect to Counterparty as the Defaulting
        Party and (h) BSFP shall be entitled to designate an Early Termination Event
        Pursuant to Section 6 of the ISDA Form Master Agreement only as a result
        of a
        Termination Event set forth in either Section 5(b)(i) or Section 5(b)(ii)
        of the
        ISDA Form Master Agreement with respect to BSFP as the Affected Party or
        Section
        5(b)(iii) of the ISDA Form Master Agreement with respect to BSFP as the Burdened
        Party. For purposes of the Transaction to which this Agreement relates,
        Counterparty’ s only obligation under Section 2(a)(i) of the ISDA Form Master
        Agreement is to pay the Fixed Amount on the Fixed Rate Payer Payment
        Date.

       

      15)
        Compliance with Regulation AB.

       

      (i)
        BSFP
        agrees and acknowledges that Bear Stearns Asset Backed Securities I LLC
        (“BSABS”) is required under Regulation AB as defined under the Pooling and
        Servicing Agreement, to disclose certain financial information regarding
        BSFP or
        its group of affiliated entities, if applicable, depending on the aggregate
        “significance percentage” of this Agreement and any other derivative contracts
        between BSFP or its group of affiliated entities, if applicable, and
        Counterparty, as calculated from time to time in accordance with Item 1115
        of
        Regulation AB.

       

      (ii)
        It
        shall be a swap disclosure event (“Swap Disclosure Event”) if, on any Business
        Day after the date hereof, BSABS requests from BSFP the applicable financial
        information described in Item 1115 of Regulation AB (such request to be based
        on
        a reasonable determination by BSABS, in good faith, that such information
        is
        required under Regulation AB) (the “Swap Financial Disclosure”).

       

      (iii)
        Upon the occurrence of a Swap Disclosure Event, BSFP, at its own expense,
        shall
        (1)(a) either (i) provide to BSABS the current Swap Financial Disclosure
        in an
        EDGAR-compatible format (for example, such information may be provided in
        Microsoft Word® or Microsoft Excel® format but not in .pdf format) or (ii)
        provide written consent to BSABS to incorporation by reference of such current
        Swap Financial Disclosure that are filed with the Securities and Exchange
        Commission in the reports of the Trust filed pursuant to the Exchange Act,
        (b)
        if applicable, cause its outside accounting firm to provide its consent to
        filing or incorporation by reference of such accounting firm’s report relating
        to their audits of such current Swap Financial Disclosure in the Exchange
        Act
        Reports of the Depositor, and (c) provide to the Depositor any updated Swap
        Financial Disclosure with respect to BSFP or any entity that consolidates
        BSFP
        within five days of the release of any such updated Swap Financial Disclosure;
        (2) secure another entity to replace BSFP as party to this Agreement on terms
        substantially similar to this Agreement, which entity (or a guarantor therefor)
        meets or exceeds the Approved Rating Thresholds and which satisfies the Rating
        Agency Condition and which entity is able to comply with the requirements
        of
        Item 1115 of Regulation AB, or (3) obtain a guaranty of BSFP’s obligations under
        this Agreement from an affiliate of BSFP that is able to comply with the
        financial information disclosure requirements of Item 1115 of Regulation
        AB, and
        cause such affiliate to provide Swap Financial Disclosure and any future
        Swap
        Financial Disclosure, such that disclosure provided in respect of such affiliate
        will satisfy any disclosure requirements applicable to the Swap
        Provider.

       

      (iv)
        BSFP
        agrees that, in the event that BSFP provides Swap Financial Disclosure to
        BSABS
        in accordance with clause (iii)(1) of paragraph 15 or causes its affiliate
        to
        provide Swap Financial Disclosure to BSABS in accordance with clause (iii)(3)
        of
        paragraph 15, it will indemnify and hold harmless BSABS, its respective
        directors or officers and any person controlling BSABS, from and against
        any and
        all losses, claims, damages and liabilities caused by any untrue statement
        or
        alleged untrue statement of a material fact contained in such Swap Financial
        Disclosure or caused by any omission or alleged omission to state in such
        Swap
        Financial Disclosure a material fact required to be stated therein or necessary
        to make the statements therein, in light of the circumstances under which
        they
        were made, not misleading.

       

      (v)
        If
        BSABS reasonably requests, BSFP shall provide such other information as may
        he
        necessary for BSABS to comply with Item 1115 of Regulation AB.

       

      (vi)
        BSABS shall be an express third party beneficiary of this Agreement as if
        a
        party hereto to the extent of BSABS’ rights explicitly specified in this
        paragraph 15.

       

      NEITHER
        THE BEAR STEARNS COMPANIES INC. NOR ANY SUBSIDIARY OR AFFILIATE OF THE BEAR
        STEARNS COMPANIES INC. OTHER THAN BSFP IS AN OBLIGOR OR A CREDIT SUPPORT
        PROVIDER ON THIS AGREEMENT.

       

      
        	
                5.    Account
                  Details and

                Settlement
                  information:

              	
                Payments
                  to BSFP:

              
	 	
                Citibank,
                  N.A., New York

              
	 	
                ABA
                  Number: 021-0000-89, for the account of

              
	 	
                Bear,
                  Stearns Securities Corp.

              
	 	
                Account
                  Number: 0925-3186, for further credit to 

              
	 	
                Bear
                  Steams Financial Products Inc. 

              
	 	
                Sub-account
                  Number: 102-04654-1-3 

              
	 	
                Attention:
                  Derivatives Department 

              
	 	 
	 	
                Payments
                  to Counterparty:

              
	 	
                Wells
                  Fargo Bank, N.A. 

              
	 	
                San
                  Francisco, CA 

              
	 	
                Bank
                  Number ABA: 121000248 

              
	 	
                Beneficiary
                  Account #: 3970771416 

              
	 	
                Beneficiary
                  Account Name: SAS Clearing 

              
	 	
                Reference:
                  FFC: BSABS 2006-AC3 

              
	 	
                Net
                  WAC Reserve Fund 

              
	 	
                SEI
                  Account 50912901 

              
	 	 

      

       

      This
        Agreement may be executed in several counterparts, each of which shall be
        deemed
        an original but all of which together shall constitute one and the same
        instrument.

       

      Counterparty
        hereby agrees to check this Confirmation and to confirm that the foregoing
        correctly sets forth the terms of the Transaction by signing in the space
        provided below and returning to BSFP a facsimile of the fully-executed
        Confirmation to 212-272-9857,
        For
        inquiries regarding U.S. Transactions, please contact Susan
        Donlon
        by
        telephone at 212-272-2364.
        For all
        other inquiries please contact Derivatives
        Documentation
        by
        telephone at 353-1-402-6233.
        Originals will be provided for your execution upon your request.

       

      We
        are
        very pleased to have executed this Transaction with you and we look forward
        to
        completing other transactions with you in the near future.

       

      Very
        truly yours,

       

      BEAR
        STEARNS FINANCIAL PRODUCTS INC.

       

      
        	 	 	 	 
	By:	 	 	 
	
                
                  

                

              	 	 	
              
	
                Name:
                  Leticia Chévere
Title: Authorized Signatory

              	 	 	 

      

       

      Counterparty,
        acting through its duly authorized signatory, hereby agrees to, accepts and
        confirms the terms of the foregoing as of the Trade Date,.

       

      U.S.
        BANK NATIONAL ASSOCIATION, NOT INDIVIDUALLY, BUT SOLELY AS TRUSTEE OF THE
        BEAR
        STEARNS ASSET BACKED SECURITIES I TRUST 2006-AC3, ASSET-BACKED CERTIFICATES,
        SERIES 2006-AC3

      
        	 	 	 	 
	By:	 	 	 
	
                
                  

                

              	 	 	
              
	
                Name:
                  

                Title:

              	 	 	 

      

       

      

      SCHEDULE
        I

      (except
        for the Termination Date, all such dates subject to adjustment in

      accordance
        with the Business Day Convention)

       

      
        	 	
                From
                  and including

              	 	
                To
                  but excluding

              	 	
                Notional
                  Amount (USD)

              	 
	 	
                Effective
                  Date

              	 	
                6/25/2006

              	 	
                175,373,045.48

              	 
	 	
                6/25/2006

              	 	
                7/25/2006

              	 	
                173,709,807.05

              	 
	 	
                7/25/2006

              	 	
                8/25/2006

              	 	
                171,884,884.14

              	 
	 	
                8/25/2006

              	 	
                9/25/2006

              	 	
                169,901,500.87

              	 
	 	
                9/25/2006

              	 	
                10/25/2006

              	 	
                167,763,353.36

              	 
	 	
                10/25/2006

              	 	
                11/25/2006

              	 	
                165,475,330.81

              	 
	 	
                11/25/2006

              	 	
                12/25/2006

              	 	
                163,042,013.90

              	 
	 	
                12/25/2006

              	 	
                1/25/2007

              	 	
                160,468,422.77

              	 
	 	
                1/25/2007

              	 	
                2/25/2007

              	 	
                157,760,002.15

              	 
	 	
                2/25/2007

              	 	
                3/25/2007

              	 	
                154,925,831.33

              	 
	 	
                3/25/2007

              	 	
                4/25/2007

              	 	
                152,007,448.13

              	 
	 	
                4/25/2007

              	 	
                5/25/2007

              	 	
                149,143,294.47

              	 
	 	
                5/25/2007

              	 	
                6/25/2007

              	 	
                146,332,365.56

              	 
	 	
                6/25/2007

              	 	
                7/25/2007

              	 	
                143,573,675.16

              	 
	 	
                7/25/2007

              	 	
                8/25/2007

              	 	
                140,866,255.29

              	 
	 	
                8/25/2007

              	 	
                9/25/2007

              	 	
                138,209,155.87

              	 
	 	
                9/25/2007

              	 	
                10/25/2007

              	 	
                135,601,444.37

              	 
	 	
                10/25/2007

              	 	
                11/25/2007

              	 	
                133,042,205.54

              	 
	 	
                11/25/2007

              	 	
                12/25/2007

              	 	
                130,530,541.04

              	 
	 	
                12/25/2007

              	 	
                1/25/2008

              	 	
                128,065,569.14

              	 
	 	
                1/25/2008

              	 	
                2/25/2008

              	 	
                125,646,424.44

              	 
	 	
                2/25/2008

              	 	
                3/25/2008

              	 	
                123,272,257.53

              	 
	 	
                3/25/2008

              	 	
                4/25/2008

              	 	
                120,942,234.73

              	 
	 	
                4/25/2008

              	 	
                5/25/2008

              	 	
                118,655,537.75

              	 
	 	
                5/25/2008

              	 	
                6/25/2008

              	 	
                116,411,363.47

              	 
	 	
                6/25/2008

              	 	
                7/25/2008

              	 	
                114,208,923.61

              	 
	 	
                7/25/2008

              	 	
                8/25/2008

              	 	
                112,047,444.47

              	 
	 	
                8/25/2008

              	 	
                9/25/2008

              	 	
                109,926,166.68

              	 
	 	
                9/25/2008

              	 	
                10/25/2008

              	 	
                107,844,344.92

              	 
	 	
                10/25/2008

              	 	
                11/25/2008

              	 	
                105,801,247.62

              	 
	 	
                11/25/2008

              	 	
                12/25/2008

              	 	
                103,796,156.80

              	 
	 	
                12/25/2008

              	 	
                1/25/2009

              	 	
                101,828,367.72

              	 
	 	
                1/25/2009

              	 	
                2/25/2009

              	 	
                99,897,188.70

              	 
	 	
                2/25/2009

              	 	
                3/25/2009

              	 	
                98,001,940.87

              	 
	 	
                3/25/2009

              	 	
                4/25/2009

              	 	
                96,141,957.89

              	 
	 	
                4/25/2009

              	 	
                5/25/2009

              	 	
                94,316,585.77

              	 
	 	
                5/25/2009

              	 	
                6/25/2009

              	 	
                92,525,182.62

              	 
	 	
                6/25/2009

              	 	
                7/25/2009

              	 	
                90,767,118.44

              	 
	 	
                7/25/2009

              	 	
                8/25/2009

              	 	
                89,041,774.85

              	 
	 	
                8/25/2009

              	 	
                9/25/2009

              	 	
                87,348,544.96

              	 
	 	
                9/25/2009

              	 	
                10/25/2009

              	 	
                85,686,833.08

              	 
	 	
                10/25/2009

              	 	
                11/25/2009

              	 	
                84,056,054.56

              	 
	 	
                11/25/2009

              	 	
                12/25/2009

              	 	
                82,455,635.56

              	 
	 	
                12/25/2009

              	 	
                1/25/2010

              	 	
                80,885,012.87

              	 
	 	
                1/25/2010

              	 	
                2/25/2010

              	 	
                79,343,633.70

              	 
	 	
                2/25/2010

              	 	
                3/25/2010

              	 	
                77,830,955.49

              	 
	 	
                3/25/2010

              	 	
                4/25/2010

              	 	
                76,346,445.73

              	 
	 	
                4/25/2010

              	 	
                5/25/2010

              	 	
                74,889,581.76

              	 
	 	
                5/25/2010

              	 	
                6/25/2010

              	 	
                73,459,850.59

              	 
	 	
                6/25/2010

              	 	
                7/25/2010

              	 	
                72,056,748.74

              	 
	 	
                7/25/2010

              	 	
                8/25/2010

              	 	
                70,679,782.04

              	 
	 	
                8/25/2010

              	 	
                9/25/2010

              	 	
                69,328,465.48

              	 
	 	
                9/25/2010

              	 	
                10/25/2010

              	 	
                68,002,323.01

              	 
	 	
                10/25/2010

              	 	
                11/25/2010

              	 	
                66,700,538.17

              	 
	 	
                11/25/2010

              	 	
                12/25/2010

              	 	
                65,423,012.64

              	 
	 	
                12/25/2010

              	 	
                1/25/2011

              	 	
                64,169,296.06

              	 
	 	
                1/25/2011

              	 	
                2/25/2011

              	 	
                62,938,946.43

              	 
	 	
                2/25/2011

              	 	
                3/25/2011

              	 	
                61,730,104.31

              	 
	 	
                3/25/2011

              	 	
                4/25/2011

              	 	
                60,543,580.00

              	 
	 	
                4/25/2011

              	 	
                5/25/2011

              	 	
                59,379,195.77

              	 
	 	
                5/25/2011

              	 	
                6/25/2011

              	 	
                58,236,540.24

              	 
	 	
                6/25/2011

              	 	
                7/25/2011

              	 	
                57,115,209.68

              	 
	 	
                7/25/2011

              	 	
                8/25/2011

              	 	
                56,014,807.82

              	 
	 	
                8/25/2011

              	 	
                9/25/2011

              	 	
                54,934,945.74

              	 
	 	
                9/25/2011

              	 	
                10/25/2011

              	 	
                53,875,241.73

              	 
	 	
                10/25/2011

              	 	
                11/25/2011

              	 	
                52,835,321.15

              	 
	 	
                11/25/2011

              	 	
                12/25/2011

              	 	
                51,814,816.30

              	 
	 	
                12/25/2011

              	 	
                1/25/2012

              	 	
                50,813,366.30

              	 
	 	
                1/25/2012

              	 	
                2/25/2012

              	 	
                49,830,616.94

              	 
	 	
                2/25/2012

              	 	
                3/25/2012

              	 	
                48,866,220.61

              	 
	 	
                3/25/2012

              	 	
                4/25/2012

              	 	
                47,919,836.11

              	 
	 	
                4/25/2012

              	 	
                5/25/2012

              	 	
                46,991,128.57

              	 
	 	
                5/25/2012

              	 	
                6/25/2012

              	 	
                46,079,769.35

              	 
	 	
                6/25/2012

              	 	
                7/25/2012

              	 	
                45,185,435.87

              	 
	 	
                7/25/2012

              	 	
                8/25/2012

              	 	
                44,307,811.54

              	 
	 	
                8/25/2012

              	 	
                9/25/2012

              	 	
                43,446,585.66

              	 
	 	
                9/25/2012

              	 	
                10/25/2012

              	 	
                42,601,453.27

              	 
	 	
                10/25/2012

              	 	
                11/25/2012

              	 	
                41,772,115.05

              	 
	 	
                11/25/2012

              	 	
                12/25/2012

              	 	
                40,958,277.26

              	 
	 	
                12/25/2012

              	 	
                1/25/2013

              	 	
                40,159,651.58

              	 
	 	
                1/25/2013

              	 	
                2/25/2013

              	 	
                39,375,955.06

              	 
	 	
                2/25/2013

              	 	
                3/25/2013

              	 	
                38,606,909.97

              	 
	 	
                3/25/2013

              	 	
                4/25/2013

              	 	
                37,852,243.76

              	 
	 	
                4/25/2013

              	 	
                5/25/2013

              	 	
                37,111,688.90

              	 
	 	
                5/25/2013

              	 	
                6/25/2013

              	 	
                36,384,982.85

              	 
	 	
                6/25/2013

              	 	
                Termination
                  Date

              	 	
                35,671,867.92

              	 

      

      

       

      EXHIBIT
        O

      

      SERVICING
        CRITERIA TO BE ADDRESSED IN ASSESSMENT OF COMPLIANCE

       

      Definitions

      Primary
        Servicer - transaction party having borrower contact

      Master
        Servicer - aggregator of pool assets

      Securities
        Administrator - waterfall calculator

      Back-up
        Servicer - named in the transaction (in the event a Back up Servicer becomes
        the
        Primary Servicer, follow Primary Servicer obligations)

      Custodian
        - safe keeper of pool assets

      Trustee
        -
        fiduciary of the transaction

      

      Note:
        The
        definitions above describe the essential function that the party performs,
        rather than the party’s title. So, for example, in a particular transaction, the
        trustee may perform the “paying agent” and “securities administrator” functions,
        while in another transaction, the securities administrator may perform these
        functions.

      

      Where
        there are multiple checks for criteria the attesting party will identify
        in
        their management assertion that they are attesting only to the portion of
        the
        distribution chain they are responsible for in the related transaction
        agreements.

      

      Key:    X
        - obligation

             
    [X]
        - under
        consideration for obligation

       

      
        	
                Reg
                  AB 

                Reference

              	
                Servicing
                  Criteria

              	
                Primary
                  

                Servicer

              	
                Master
                  

                Servicer

              	
                Securities
                  

                Admin

              	
                Custodian

              	
                Trustee

                (nominal)

              
	
                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

              	
                X

              	 	 
	
                1122(d)(1)(ii)

              	
                If
                  any material servicing activities are outsourced to third parties,
                  policies and procedures are instituted to monitor the third party’s
                  performance and compliance with such servicing activities.

              	
                X

              	
                X

              	 	 	 
	
                1122(d)(1)(iii)

              	
                Any
                  requirements in the transaction agreements to maintain a back-up
                  servicer
                  for the Pool Assets are maintained. 

              	 	 	 	 	 
	
                1122(d)(1)(iv)

              	
                A
                  fidelity bond and errors and omissions policy is in effect on the
                  party
                  participating in the servicing function throughout the reporting
                  period in
                  the amount of coverage required by and otherwise in accordance
                  with the
                  terms of the transaction agreements. 

              	
                X

              	
                X

              	 	 	 
	
                Cash
                  Collection and Administration

              
	
                1122(d)(2)(i)

              	
                Payments
                  on pool assets are deposited into the appropriate custodial bank
                  accounts
                  and related bank clearing accounts no more than two business days
                  following receipt, or such other number of days specified in the
                  transaction agreements. 

              	
                X

              	
                X

              	
                X

              	 	 
	
                1122(d)(2)(ii)

              	
                Disbursements
                  made via wire transfer on behalf of an obligor or to an investor
                  are made
                  only by authorized personnel. 

              	
                X

              	
                X

              	
                X

              	 	 
	
                1122(d)(2)(iii)

              	
                Advances
                  of funds or guarantees regarding collections, cash flows or distributions,
                  and any interest or other fees charged for such advances, are made,
                  reviewed and approved as specified in the transaction agreements.
                  

              	
                X

              	
                X

              	
                X

              	 	 
	
                1122(d)(2)(iv)

              	
                The
                  related accounts for the transaction, such as cash reserve accounts
                  or
                  accounts established as a form of over collateralization, are separately
                  maintained (e.g., with respect to commingling of cash) as set forth
                  in the
                  transaction agreements. 

              	
                X

              	
                X

              	
                X

              	 	 
	
                1122(d)(2)(v)

              	
                Each
                  custodial account is maintained at a federally insured depository
                  institution as set forth in the transaction agreements. For purposes
                  of
                  this criterion, “federally insured depository institution” with respect to
                  a foreign financial institution means a foreign financial institution
                  that
                  meets the requirements of Rule 13k-1(b)(1) of the Securities Exchange
                  Act.
                  

              	
                X

              	
                X

              	
                X

              	 	 
	
                1122(d)(2)(vi)

              	
                Unissued
                  checks are safeguarded so as to prevent unauthorized access.
                  

              	
                X

              	 	
                X

              	 	 
	
                1122(d)(2)(vii)
                  

              	
                Reconciliations
                  are prepared on a monthly basis for all asset-backed securities
                  related
                  bank accounts, including custodial accounts and related bank clearing
                  accounts. These reconciliations are (A) mathematically accurate;
                  (B)
                  prepared within 30 calendar days after the bank statement cutoff
                  date, or
                  such other number of days specified in the transaction agreements;
                  (C)
                  reviewed and approved by someone other than the person who prepared
                  the
                  reconciliation; and (D) contain explanations for reconciling items.
                  These
                  reconciling items are resolved within 90 calendar days of their
                  original
                  identification, or such other number of days specified in the transaction
                  agreements. 

              	
                X

              	
                X

              	
                X

              	 	 
	
                Investor
                  Remittances and Reporting

              
	
                1122(d)(3)(i)

              	
                Reports
                  to investors, including those to be filed with the Commission,
                  are
                  maintained in accordance with the transaction agreements and applicable
                  Commission requirements. Specifically, such reports (A) are prepared
                  in
                  accordance with timeframes and other terms set forth in the transaction
                  agreements; (B) provide information calculated in accordance with
                  the
                  terms specified in the transaction agreements; (C) are filed with
                  the
                  Commission as required by its rules and regulations; and (D) agree
                  with
                  investors’ or the trustee’s records as to the total unpaid principal
                  balance and number of Pool Assets serviced by the Servicer.
                  

              	
                X

              	
                X

              	
                X

              	 	 
	
                1122(d)(3)(ii)

              	
                Amounts
                  due to investors are allocated and remitted in accordance with
                  timeframes,
                  distribution priority and other terms set forth in the transaction
                  agreements. 

              	
                X

              	
                X

              	
                X

              	 	 
	
                1122(d)(3)(iii)

              	
                Disbursements
                  made to an investor are posted within two business days to the
                  Servicer’s
                  investor records, or such other number of days specified in the
                  transaction agreements. 

              	
                X

              	
                X

              	
                X

              	 	 
	
                1122(d)(3)(iv)

              	
                Amounts
                  remitted to investors per the investor reports agree with cancelled
                  checks, or other form of payment, or custodial bank statements.
                  

              	
                X

              	
                X

              	
                X

              	 	 
	
                Pool
                  Asset Administration

              
	
                1122(d)(4)(i)
                  

              	
                Collateral
                  or security on pool assets is maintained as required by the transaction
                  agreements or related pool asset documents. 

              	
                X

              	 	 	
                X

              	 
	
                1122(d)(4)(ii)

              	
                Pool
                  assets and related documents are safeguarded as required by the
                  transaction agreements 

              	
                X

              	 	 	
                X

              	 
	
                1122(d)(4)(iii)

              	
                Any
                  additions, removals or substitutions to the asset pool are made,
                  reviewed
                  and approved in accordance with any conditions or requirements
                  in the
                  transaction agreements. 

              	
                X

              	 	
                X

              	 	 
	
                1122(d)(4)(iv)

              	
                Payments
                  on pool assets, including any payoffs, made in accordance with
                  the related
                  pool asset documents are posted to the Servicer’s obligor records
                  maintained no more than two business days after receipt, or such
                  other
                  number of days specified in the transaction agreements, and allocated
                  to
                  principal, interest or other items (e.g., escrow) in accordance
                  with the
                  related pool asset documents. 

              	
                X

              	 	 	 	 
	
                1122(d)(4)(v)

              	
                The
                  Servicer’s records regarding the pool assets agree with the Servicer’s
                  records with respect to an obligor’s unpaid principal balance.
                  

              	
                X

              	 	 	 	 
	
                1122(d)(4)(vi)

              	
                Changes
                  with respect to the terms or status of an obligor's pool assets
                  (e.g.,
                  loan modifications or re-agings) are made, reviewed and approved
                  by
                  authorized personnel in accordance with the transaction agreements
                  and
                  related pool asset documents. 

              	
                X

              	
                X

              	 	 	 
	
                1122(d)(4)(vii)

              	
                Loss
                  mitigation or recovery actions (e.g., forbearance plans, modifications
                  and
                  deeds in lieu of foreclosure, foreclosures and repossessions, as
                  applicable) are initiated, conducted and concluded in accordance
                  with the
                  timeframes or other requirements established by the transaction
                  agreements. 

              	
                X

              	
                X

              	 	 	 
	
                1122(d)(4)(viii)

              	
                Records
                  documenting collection efforts are maintained during the period
                  a pool
                  asset is delinquent in accordance with the transaction agreements.
                  Such
                  records are maintained on at least a monthly basis, or such other
                  period
                  specified in the transaction agreements, and describe the entity’s
                  activities in monitoring delinquent pool assets including, for
                  example,
                  phone calls, letters and payment rescheduling plans in cases where
                  delinquency is deemed temporary (e.g., illness or unemployment).
                  

              	
                X

              	 	 	 	 
	
                1122(d)(4)(ix)

              	
                Adjustments
                  to interest rates or rates of return for pool assets with variable
                  rates
                  are computed based on the related pool asset documents. 

              	
                X

              	 	 	 	 
	
                1122(d)(4)(x)

              	
                Regarding
                  any funds held in trust for an obligor (such as escrow accounts):
                  (A) such
                  funds are analyzed, in accordance with the obligor’s pool asset documents,
                  on at least an annual basis, or such other period specified in
                  the
                  transaction agreements; (B) interest on such funds is paid, or
                  credited,
                  to obligors in accordance with applicable pool asset documents
                  and state
                  laws; and (C) such funds are returned to the obligor within 30
                  calendar
                  days of full repayment of the related pool assets, or such other
                  number of
                  days specified in the transaction agreements. 

              	
                X

              	 	 	 	 
	
                1122(d)(4)(xi)

              	
                Payments
                  made on behalf of an obligor (such as tax or insurance payments)
                  are made
                  on or before the related penalty or expiration dates, as indicated
                  on the
                  appropriate bills or notices for such payments, provided that such
                  support
                  has been received by the servicer at least 30 calendar days prior
                  to these
                  dates, or such other number of days specified in the transaction
                  agreements. 

              	
                X

              	 	 	 	 
	
                1122(d)(4)(xii)

              	
                Any
                  late payment penalties in connection with any payment to be made
                  on behalf
                  of an obligor are paid from the Servicer’s funds and not charged to the
                  obligor, unless the late payment was due to the obligor’s error or
                  omission. 

              	
                X

              	 	 	 	 
	
                1122(d)(4)(xiii)

              	
                Disbursements
                  made on behalf of an obligor are posted within two business days
                  to the
                  obligor’s records maintained by the servicer, or such other number of days
                  specified in the transaction agreements. 

              	
                X

              	 	 	 	 
	
                1122(d)(4)(xiv)
                  

              	
                Delinquencies,
                  charge-offs and uncollectible accounts are recognized and recorded
                  in
                  accordance with the transaction agreements. 

              	
                X

              	
                X

              	 	 	 
	
                1122(d)(4)(xv)

              	
                Any
                  external enhancement or other support, identified in Item 1114(a)(1)
                  through (3) or Item 1115 of Regulation AB, is maintained as set
                  forth in
                  the transaction agreements.

              	
                X

              	 	
                X

              	 	 

      

      

      
 

      EXHIBIT
        P

      

      FORM
        10-D, FORM 8-K AND FORM 10-K

      REPORTING
        RESPONSIBILITY

      

      As
        to
        each item described below, the entity indicated as the Responsible Party
        shall
        be primarily responsible for reporting the information to the party identified
        as responsible for preparing the Securities Exchange Act Reports pursuant
        to
        Section 4.18 of the Pooling and Servicing Agreement.

      

      Under
        Item 1 of Form 10-D: a) items marked “Monthly Statements to Certificateholders”
are required to be included in the periodic Distribution Date statement under
        Section 6.06, provided by the Securities Administrator based on information
        received from the party providing such information; and b) items marked “Form
        10-D report” are required to be in the Form 10-D report but not the Monthly
        Statements to Certificateholders, provided by the party indicated. Information
        under all other Items of Form 10-D is to be included in the Form 10-D report.
        All such information and any other Items on Form 8-K and Form 10-D set forth
        in
        this Exhibit shall be sent to the Securities Administrator and the
        Depositor.

      

      
        	
                Form

              	
                Item

              	
                Description

              	
                Servicers

              	
                Master
                  Servicer

              	
                Securities
                  Administrator

              	
                Custodian

              	
                Trustee

                (nominal)

              	
                Depositor

              	
                Sponsor

              
	
                10-D

              	
                Must
                  be filed within 15 days of the distribution date for the asset-backed
                  securities.

              	 	 	 	 
	
                1

              	
                Distribution
                  and Pool Performance Information

              	 	 	 	 	 	 	 
	
                Item
                  1121(a) - Distribution and Pool Performance
                  Information

              	 	 	 	 	 	 	 
	
                (1)
                  Any applicable record dates, accrual dates, determination dates
                  for
                  calculating distributions and actual distribution dates for the
                  distribution period.

              	 	 	
                X

                 

                (Monthly
                  Statements to Certificateholders)

              	 	 	 	 
	
                (2)
                  Cash flows received and the sources thereof for distributions,
                  fees and
                  expenses.

              	 	 	
                X

                 

                (Monthly
                  Statements to Certificateholders)

              	 	 	 	 
	
                (3)
                  Calculated amounts and distribution of the flow of funds for the
                  period
                  itemized by type and priority of payment, including:

              	 	 	
                X

                 

                (Monthly
                  Statements to Certificateholders)

              	 	 	 	 
	
                (i)
                  Fees or expenses accrued and paid, with an identification of the
                  general
                  purpose of such fees and the party receiving such fees or
                  expenses.

              	 	 	
                X

                 

                (Monthly
                  Statements to Certificateholders)

              	 	 	 	 
	
                (ii)
                  Payments accrued or paid with respect to enhancement or other support
                  identified in Item 1114 of Regulation AB (such as insurance premiums
                  or
                  other enhancement maintenance fees), with an identification of
                  the general
                  purpose of such payments and the party receiving such
                  payments.

              	 	 	
                X

                 

                (Monthly
                  Statements to Certificateholders)

              	 	 	 	 
	
                (iii)
                  Principal, interest and other distributions accrued and paid on
                  the
                  asset-backed securities by type and by class or series and any
                  principal
                  or interest shortfalls or carryovers.

              	 	 	
                X

                 

                (Monthly
                  Statements to Certificateholders)

              	 	 	 	 
	
                (iv)
                  The amount of excess cash flow or excess spread and the disposition
                  of
                  excess cash flow.

              	 	 	
                X

                 

                (Monthly
                  Statements to Certificateholders)

              	 	 	 	 
	
                (4)
                  Beginning and ending principal balances of the asset-backed
                  securities.

              	 	 	
                X

                 

                (Monthly
                  Statements to Certificateholders)

              	 	 	 	 
	
                (5)
                  Interest rates applicable to the pool assets and the asset-backed
                  securities, as applicable. Consider providing interest rate information
                  for pool assets in appropriate distributional groups or incremental
                  ranges.

              	 	 	
                X

                 

                (Monthly
                  Statements to Certificateholders)

              	 	 	 	 
	
                (6)
                  Beginning and ending balances of transaction accounts, such as
                  reserve
                  accounts, and material account activity during the period.

              	 	 	
                X

                 

                (Monthly
                  Statements to Certificateholders)

              	 	 	 	 
	
                (7)
                  Any amounts drawn on any credit enhancement or other support identified
                  in
                  Item 1114 of Regulation AB, as applicable, and the amount of coverage
                  remaining under any such enhancement, if known and
                  applicable.

              	 	 	
                X

                 

                (Monthly
                  Statements to Certificateholders)

              	 	 	 	 
	
                (8)
                  Number and amount of pool assets at the beginning and ending of
                  each
                  period, and updated pool composition information, such as weighted
                  average
                  coupon, weighted average remaining term, pool factors and prepayment
                  amounts.

              	 	 	
                X

                 

                (Monthly
                  Statements to Certificateholders)

              	 	 	
                Updated
                  pool composition information fields to be as specified by Depositor
                  from
                  time to time

              	 
	
                (9)
                  Delinquency and loss information for the period.

              	
                X

              	
                X

              	
                X

                 

                (Monthly
                  Statements to Certificateholders)

              	 	 	 	 
	
                In
                  addition, describe any material changes to the information specified
                  in
                  Item 1100(b)(5) of Regulation AB regarding the pool assets.
                  (methodology)

              	
                X

              	 	 	 	 	 	 
	
                (10)
                  Information on the amount, terms and general purpose of any advances
                  made
                  or reimbursed during the period, including the general use of funds
                  advanced and the general source of funds for
                  reimbursements.

              	
                X

              	
                X

              	
                X

                 

                (Monthly
                  Statements to Certificateholders)

              	 	 	 	 
	
                (11)
                  Any material modifications, extensions or waivers to pool asset
                  terms,
                  fees, penalties or payments during the distribution period or that
                  have
                  cumulatively become material over time.

              	
                X

              	
                X

              	
                X

                 

                (Monthly
                  Statements to Certificateholders)

              	 	 	 	 
	
                (12)
                  Material breaches of pool asset representations or warranties or
                  transaction covenants.

              	
                X

              	
                X

              	
                X

                 

                (if
                  agreed upon by the parties)

              	 	 	
                X

              	 
	
                (13)
                  Information on ratio, coverage or other tests used for determining
                  any
                  early amortization, liquidation or other performance trigger and
                  whether
                  the trigger was met.

              	 	 	
                X

                 

                (Monthly
                  Statements to Certificateholders)

              	 	 	 	 
	
                (14)
                  Information regarding any new issuance of asset-backed securities
                  backed
                  by the same asset pool, 

              	 	 	 	 	 	
                X

              	 
	
                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.

              	
                X

              	
                X

              	
                X

              	 	 	
                X

              	 
	
                Disclose
                  any material changes in the solicitation, credit-granting, underwriting,
                  origination, acquisition or pool selection criteria or procedures,
                  as
                  applicable, used to originate, acquire or select the new pool
                  assets.

              	 	 	 	 	 	
                X

              	
                X

              
	
                Item
                  1121(b) - Pre-Funding or Revolving Period Information

                 

                Updated
                  pool information as required under Item 1121(b).

              	 	 	 	 	 	
                X

              	 
	
                2

              	
                Legal
                  Proceedings

              	 	 	 	 	 	 	 
	
                Item
                  1117 - Legal proceedings pending against the following entities,
                  or their
                  respective property, that is material to Certificateholders, including
                  proceedings known to be contemplated by governmental
                  authorities:

              	 	 	 	 	 	 	 
	
                Sponsor
                  (Seller)

              	 	 	 	 	 	 	
                X

              
	
                Depositor

              	 	 	 	 	 	
                X

              	 
	
                Trustee

              	 	 	 	 	 	 	 
	
                Issuing
                  entity

              	 	 	 	 	 	
                X

              	 
	
                Master
                  Servicer, affiliated Servicer, other Servicer servicing 20% or
                  more of
                  pool assets at time of report, other material servicers

              	
                X

              	
                X

              	 	 	 	 	 
	
                Securities
                  Administrator

              	 	 	
                X

              	 	 	 	 
	
                Originator
                  of 20% or more of pool assets as of the Cut-off Date

              	 	 	 	 	 	
                X

              	 
	
                Custodian

              	 	 	 	
                X

              	 	 	 
	
                3

              	
                Sales
                  of Securities and Use of Proceeds

              	 	 	 	 	 	 	 
	
                Information
                  from Item 2(a) of Part II of Form 10-Q:

                 

                With
                  respect to any sale of securities by the sponsor, depositor or
                  issuing
                  entity, that are backed by the same asset pool or are otherwise
                  issued by
                  the issuing entity, whether or not registered, provide the sales
                  and use
                  of proceeds information in Item 701 of Regulation S-K. Pricing
                  information
                  can be omitted if securities were not registered.

              	 	 	 	 	 	
                X

              	 
	
                4

              	
                Defaults
                  Upon Senior Securities

              	 	 	 	 	 	 	 
	
                Information
                  from Item 3 of Part II of Form 10-Q:

                 

                Report
                  the occurrence of any Event of Default (after expiration of any
                  grace
                  period and provision of any required notice)

              	 	 	
                X

              	 	 	 	 
	
                5

              	
                Submission
                  of Matters to a Vote of Security Holders

              	 	 	 	 	 	 	 
	
                Information
                  from Item 4 of Part II of Form 10-Q

              	 	 	
                X

              	 	 	 	 
	
                6

              	
                Significant
                  Obligors of Pool Assets

              	 	 	 	 	 	 	 
	
                Item
                  1112(b) - Significant
                  Obligor Financial Information*

              	 	 	 	 	 	
                X

              	 
	
                *This
                  information need only be reported on the Form 10-D for the distribution
                  period in which updated information is required pursuant to the
                  Item.

              	 	 	 	 	 	 	 
	
                7

              	
                Significant
                  Enhancement Provider Information

              	 	 	 	 	 	 	 
	
                Item
                  1114(b)(2) - Credit Enhancement Provider Financial
                  Information*

              	 	 	 	 	 	 	 
	
                Determining
                  applicable disclosure threshold

              	 	 	 	 	 	
                X

              	 
	
                Obtain
                  required financial information or effecting incorporation by
                  reference

              	 	 	 	 	 	
                X

              	 
	
                Item
                  1115(b) - Derivative Counterparty Financial
                  Information*

              	 	 	 	 	 	 	 
	
                Determining
                  current maximum probable exposure

              	 	 	 	 	 	
                X

              	 
	
                Determining
                  current significance percentage

              	 	 	
                X

              	 	 	 	 
	
                Notify
                  derivative counterparty of significance percentage and request
                  required
                  financial information

              	 	 	
                X

              	 	 	 	 
	
                Obtain
                  required financial information or effecting incorporation by
                  reference

              	 	 	 	 	 	
                X

              	 
	
                *This
                  information need only be reported on the Form 10-D for the distribution
                  period in which updated information is required pursuant to the
                  Items.

              	 	 	 	 	 	 	 
	
                8

              	
                Other
                  Information

              	 	 	 	 	 	 	 
	
                Disclose
                  any information required to be reported on Form 8-K during the
                  period
                  covered by the Form 10-D but not reported

              	
                The
                  Responsible Party for the applicable Form 8-K item as indicated
                  below.

              
	
                9

              	
                Exhibits

              	 	 	 	 	 	 	 
	
                Distribution
                  report

              	 	 	
                X

              	 	 	 	 
	
                Exhibits
                  required by Item 601 of Regulation S-K, such as material
                  agreements

              	 	 	 	 	 	
                X

              	 
	
                8-K

              	
                Must
                  be filed within four business days of an event reportable on Form
                  8-K.

              	 	 	 	 
	
                1.01

              	
                Entry
                  into a Material Definitive Agreement

              	 	 	 	 	 	 	 
	
                Disclosure
                  is required regarding entry into or amendment of any definitive
                  agreement
                  that is material to the securitization, even if depositor is not
                  a party.
                  

                 

                Examples:
                  servicing agreement, custodial agreement.

                 

                Note:
                  disclosure not required as to definitive agreements that are fully
                  disclosed in the prospectus

              	
                X

              	
                X

              	
                X

              	 	 	
                X

              	
                X

              
	
                1.02

              	
                Termination
                  of a Material Definitive Agreement

              	
                X

              	
                X

              	
                X

              	 	 	
                X

              	
                X

              
	
                Disclosure
                  is required regarding termination of any definitive agreement that
                  is
                  material to the securitization (other than expiration in accordance
                  with
                  its terms), even if depositor is not a party. 

                 

                 

                Examples:
                  servicing agreement, custodial agreement.

              	 	 	 	 	 	 	 
	
                1.03

              	
                Bankruptcy
                  or Receivership

              	 	 	 	 	 	 	 
	
                Disclosure
                  is required regarding the bankruptcy or receivership, if known
                  to the
                  Master Servicer, with respect to any of the following: 

                 

                Sponsor
                  (Seller), Depositor, Master Servicer, affiliated Servicer, other
                  Servicer
                  servicing 20% or more of pool assets at time of report, other material
                  servicers, Certificate Administrator, Trustee, significant obligor,
                  credit
                  enhancer (10% or more), derivatives counterparty,
                  Custodian

              	
                X

              	
                X

              	
                X

              	
                X

              	 	
                X

              	
                X

              
	
                2.04

              	
                Triggering
                  Events that Accelerate or Increase a Direct Financial Obligation
                  or an
                  Obligation under an Off-Balance Sheet Arrangement

              	 	 	 	 	 	 	 
	
                Includes
                  an early amortization, performance trigger or other event, including
                  event
                  of default, that would materially alter the payment priority/distribution
                  of cash flows/amortization schedule.

                 

                Disclosure
                  will be made of events other than waterfall triggers which are
                  disclosed
                  in the Monthly Statement to Certificateholders

              	 	
                X

              	
                X

              	 	 	 	 
	
                3.03

              	
                Material
                  Modification to Rights of Security Holders

              	 	 	 	 	 	 	 
	
                Disclosure
                  is required of any material modification to documents defining
                  the rights
                  of Certificateholders, including the Pooling and Servicing
                  Agreement

              	 	 	
                X

              	 	 	
                X

              	 
	
                5.03

              	
                Amendments
                  to Articles of Incorporation or Bylaws; Change in Fiscal
                  Year

              	 	 	 	 	 	 	 
	
                Disclosure
                  is required of any amendment “to the governing documents of the issuing
                  entity”

              	 	 	 	 	 	
                X

              	 
	
                5.06

              	
                Change
                  in Shell Company Status

              	 	 	 	 	 	 	 
	
                [Not
                  applicable to ABS issuers]

              	 	 	 	 	 	
                X

              	 
	
                6.01

              	
                ABS
                  Informational and Computational Material

              	 	 	 	 	 	 	 
	
                [Not
                  included in reports to be filed under Section 4.18]

              	 	 	 	 	 	
                X

              	 
	
                6.02

              	
                Change
                  of Servicer or Trustee

              	 	 	 	 	 	 	 
	
                Requires
                  disclosure of any removal, replacement, substitution or addition
                  of any
                  master servicer, affiliated servicer, other servicer servicing
                  10% or more
                  of pool assets at time of report, other material servicers, certificate
                  administrator or trustee. 

              	
                X

              	
                X

              	
                X

              	 	 	
                X

              	 
	 	
                Reg
                  AB disclosure about any new servicer is also required.

              	
                X

              	 	 	 	 	 	 
	
                Reg
                  AB disclosure about any new trustee is also required.

              	 	 	 	 	
                X(to
                  the extent of a new trustee)

              	 	 
	
                Reg
                  AB disclosure about any new securities administrator is also
                  required.

              	 	 	
                X

              	 	 	 	 
	
                6.03

              	
                Change
                  in Credit Enhancement or Other External Support

              	 	 	 	 	 	 	 
	
                Covers
                  termination of any enhancement in manner other than by its terms,
                  the
                  addition of an enhancement, or a material change in the enhancement
                  provided. Applies to external credit enhancements as well as derivatives.
                  

              	 	 	
                X

              	 	 	
                X

              	 
	 	
                Reg
                  AB disclosure about any new enhancement provider is also
                  required.

              	 	 	
                X

              	 	 	
                X

              	 
	
                6.04

              	
                Failure
                  to Make a Required Distribution

              	 	 	
                X

              	 	 	 	 
	
                6.05

              	
                Securities
                  Act Updating Disclosure

              	 	 	 	 	 	 	 
	
                If
                  any material pool characteristic differs by 5% or more at the time
                  of
                  issuance of the securities from the description in the final prospectus,
                  provide updated Reg AB disclosure about the actual asset
                  pool.

              	 	 	 	 	 	
                X

              	
                 

              
	
                If
                  there are any new servicers or originators required to be disclosed
                  under
                  Regulation AB as a result of the foregoing, provide the information
                  called
                  for in Items 1108 and 1110 respectively.

              	 	 	 	 	 	
                X

              	 
	
                7.01

              	
                Regulation
                  FD Disclosure

              	
                X

              	
                X

              	
                X

              	 	 	
                X

              	 
	
                8.01

              	
                Other
                  Events

              	 	 	 	 	 	 	 
	
                Any
                  event, with respect to which information is not otherwise called
                  for in
                  Form 8-K, that the registrant deems of importance to security
                  holders.

              	 	 	 	 	 	
                X

              	 
	
                9.01

              	
                Financial
                  Statements and Exhibits

              	
                The
                  Responsible Party applicable to reportable event.

              
	
                10-K

              	
                Must
                  be filed within 90 days of the fiscal year end for the
                  registrant.

              	 	 	 	 
	
                9B

              	
                Other
                  Information

              	 	 	 	 	 	 	 
	 	 	
                Disclose
                  any information required to be reported on Form 8-K during the
                  fourth
                  quarter covered by the Form 10-K but not reported

              	
                The
                  Responsible Party for the applicable Form 8-K item as indicated
                  above.

              
	 	
                15

              	
                Exhibits
                  and Financial Statement Schedules

              	 	 	 	 	 	 	 
	
                Item
                  1112(b) - Significant
                  Obligor Financial Information

              	 	 	 	 	 	
                X

              	 
	
                Item
                  1114(b)(2) - Credit Enhancement Provider Financial
                  Information

              	 	 	 	 	 	 	 
	
                Determining
                  applicable disclosure threshold

              	 	 	 	 	 	
                X

              	 
	
                Obtain
                  required financial information or effecting incorporation by
                  reference

              	 	 	 	 	 	
                X

              	 
	
                Item
                  1115(b) - Derivative Counterparty Financial
                  Information

              	 	 	 	 	 	 	 
	
                Determining
                  current maximum probable exposure

              	 	 	 	 	 	
                X

              	 
	 	 	
                Determining
                  current significance percentage

              	 	 	
                X

              	 	 	 	 
	
                Notify
                  derivative counterparty of significance percentage and request
                  required
                  financial information

              	 	 	
                X

              	 	 	 	 
	
                Obtain
                  required financial information or effecting incorporation by
                  reference

              	 	 	 	 	 	
                X

              	 
	
                Item
                  1117 - Legal proceedings pending against the following entities,
                  or their
                  respective property, that is material to Certificateholders, including
                  proceedings known to be contemplated by governmental
                  authorities:

              	 	 	 	 	 	 	 
	
                Sponsor
                  (Seller)

              	 	 	 	 	 	 	
                X

              
	
                Depositor

              	 	 	 	 	 	
                X

              	 
	
                Trustee

              	 	 	 	 	 	 	 
	
                Issuing
                  entity

              	 	 	 	 	 	
                X

              	 
	
                Master
                  Servicer, affiliated Servicer, other Servicer servicing 20% or
                  more of
                  pool assets at time of report, other material servicers

              	
                X

              	
                X

              	 	 	 	 	 
	
                Securities
                  Administrator

              	 	 	
                X

              	 	 	 	 
	
                Originator
                  of 20% or more of pool assets as of the Cut-off Date

              	 	 	 	 	 	
                X

              	 
	
                Custodian

              	 	 	 	
                X

              	 	 	 
	
                Item
                  1119 - Affiliations and relationships between the following entities,
                  or
                  their respective affiliates, that are material to
                  Certificateholders:

              	 	 	 	 	 	 	 
	
                Sponsor
                  (Seller)

              	 	 	 	 	 	 	
                X

              
	
                Depositor

              	 	 	 	 	 	
                X

              	 
	
                Trustee

              	 	 	 	 	 	 	 
	
                Master
                  Servicer, affiliated Servicer, other Servicer servicing 20% or
                  more of
                  pool assets at time of report, other material servicers

              	
                X

              	
                X

              	 	 	 	 	 
	
                Securities
                  Administrator

              	 	 	
                X

              	 	 	 	 
	
                Originator

              	 	 	 	 	 	
                X

              	 
	
                Custodian

              	 	 	 	
                X

              	 	 	 
	
                Credit
                  Enhancer/Support Provider

              	 	 	 	 	 	
                X

              	 
	
                Significant
                  Obligor

              	 	 	 	 	 	
                X

              	 
	
                Item
                  1122 - Assessment of Compliance with Servicing
                  Criteria

              	
                X

              	
                X

              	
                X

              	
                X

              	 	 	 
	
                Item
                  1123 - Servicer Compliance Statement

              	
                X

              	
                X

              	 	 	 	 	 

      

      

       

      EXHIBIT
        Q

       

      ADDITIONAL
        DISCLOSURE NOTIFICATION

       

      Bear
        Stearns Asset Backed Securities I LLC

      383
        Madison Avenue

      New
        York,
        New York 10179

      Fax:
        (212) 272-2000

      E-mail:
        regabnotifications@bear.com

       

      Wells
        Fargo Bank, N.A. as Securities Administrator 

      9062
        Old
        Annapolis Road

      Columbia,
        Maryland 21045

      Fax:
        (410) 715-2380

      E-mail:
        cts.sec.notifications@wellsfargo.com

       

      Attn:
        Corporate Trust Services - BSABS I 2006-AC3-SEC REPORT PROCESSING

       

      RE:
        **Additional Form [   ] Disclosure**Required

       

      Ladies
        and Gentlemen:

       

      In
        accordance with Section 4.18 of the Pooling and Servicing Agreement, dated
        as of
        April 1, 2006, among EMC Mortgage Corporation, as Sponsor and Company, Wells
        Fargo Bank, National Association, as Master Servicer and Securities
        Administrator and U.S. Bank National Association, as Trustee. The Undersigned
        hereby notifies you that certain events have come to our attention that
        [will][may] need to be disclosed on Form [   ].

       

      Description
        of Additional Form [   ] Disclosure:

       

      

       

      List
        of
        Any Attachments hereto to be included in the Additional Form [   ]
        Disclosure:

       

      

       

      Any
        inquiries related to this notification should be directed to [   ],
        phone number: [    ]; email address: [  
].

       

      
        	 	 	 
	 	
                [NAME
                  OF PARTY]

                as
                  [role]

              
	 
 	 
 	 
 
	 	By:  	 
	 	
                

              
	 	
                Name:

                Title: 

              

      

      
      

      
 

      EXHIBIT
        R-1

      

      
        

        AMERICAN
          HOME SERVICING AGREEMENT

        

         

        
          

          

          

          

          EMC
            MORTGAGE CORPORATION 

          Purchaser,

          

          AMERICAN
            HOME MORTGAGE CORP. 

          Company,

          

          AMERICAN
            HOME MORTGAGE SERVICING, INC.

          Servicer,

          

          PURCHASE,
            WARRANTIES AND SERVICING AGREEMENT

          Dated
            as
            of March 1, 2006

          

          

          (Fixed
            and Adjustable Rate Mortgage Loans)

          

          

          

          

           

          

          
            
              
              

            

            
              
              

              
                

              

            

            
              
              

            

          

          This
            is a
            Purchase, Warranties and Servicing Agreement, dated as of March 1, 2006
            and is
            executed by and among EMC MORTGAGE CORPORATION, as Purchaser, with offices
            located at Mac Arthur Ridge II, 909 Hidden Ridge Drive, Suite 200, Irving,
            Texas
            75038 (the "Purchaser"), American
            Home Mortgage Corp., with offices located at 538 Broadhollow Road, Melville,
            New
            York 11747
            (the
            "Company"), and American Home Mortgage Servicing, Inc., with offices
            located at
            4600 Regent Boulevard, Suite 200, Irving, Texas 75063 (the
            "Servicer").

          

          W I T N E
            S S E T H
            :

          

          WHEREAS,
            the Purchaser has heretofore agreed to purchase from the Company and
            the Company
            has heretofore agreed to sell to the Purchaser, from time to time, certain
            Mortgage Loans on
            a
            servicing retained basis;
            

          

          WHEREAS,
            each of the Mortgage Loans is secured by a mortgage, deed of trust or
            other
            security instrument creating a first lien on a residential dwelling located
            in
            the jurisdiction indicated on the Mortgage Loan Schedule, which is annexed
            to
            the related Term Sheet; and

          

          WHEREAS,
            the Purchaser, the Company and the Servicer wish to prescribe the
            representations and warranties of the Company and the Servicer with respect
            to
            themselves, respectively, and the Mortgage Loans and the management and
            servicing of the Mortgage Loans;

          

          NOW,
            THEREFORE, in consideration of the mutual agreements hereinafter set
            forth, and
            for other good and valuable consideration, the receipt and adequacy of
            which is
            hereby acknowledged, the Purchaser and the Company agree as
            follows:

          

          
            
              
              

            

            
              
              

              
                

              

            

            
              
              

            

          

          

          

          ARTICLE
            I

          

          DEFINITIONS

          

          Section
            1.01 Defined
            Terms.

          

          Whenever
            used in this Agreement, the following words and phrases, unless the context
            otherwise requires, shall have the following meaning specified in this
            Article:

          

          Accepted
            Servicing Practices:
            With
            respect to any Mortgage Loan, those mortgage servicing practices (including
            collection procedures) of prudent mortgage banking institutions which
            service
            mortgage loans of the same type as such Mortgage Loan in the jurisdiction
            where
            the related Mortgaged Property is located, and which are in accordance
            with
            Fannie Mae servicing practices and procedures, for MBS pool mortgages,
            as
            defined in the Fannie Mae Guides including future updates. 

          

          Adjustment
            Date:
            As to
            each adjustable rate Mortgage Loan, the date on which the Mortgage Interest
            Rate
            is adjusted in accordance with the terms of the related Mortgage
            Note.

          

          Agreement:
            This
            Purchase, Warranties and Servicing Agreement including all exhibits hereto,
            amendments hereof and supplements hereto.

          

          Appraised
            Value:
            With
            respect to any Mortgaged Property, 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 requirements
            of the
            Company and Fannie Mae. 

          

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

           

          BIF:
            The
            Bank Insurance Fund, or any successor thereto.

          

          Business
            Day:
            Any day
            other than: (i) a Saturday or Sunday, or (ii) a legal holiday in the
            State of
            New York, or (iii) a day on which banks in the State of New York are
            authorized
            or obligated by law or executive order to be closed.

          

          Closing
            Date:
            With
            respect to any Mortgage Loan, the date stated on the related Term Sheet.
            

           

          Code: The
            Internal Revenue Code of 1986, or any successor statute thereto.

          

          Commission
            or SEC:
            The
            Securities and Exchange Commission.

          

          Company:
            American Home Mortgage Corp., its successors in interest and assigns,
            as
            permitted by this Agreement.

          

          Company's
            Officer's Certificate:
            A
            certificate signed by the President, the Executive Vice President or
            Treasurer
            of Company stating the date by which Company expects to receive any missing
            documents sent for recording from the applicable recording office.

          

          Condemnation
            Proceeds:
            All
            awards or settlements in respect of a Mortgaged Property, whether permanent
            or
            temporary, partial or entire, by exercise of the power of eminent domain
            or
            condemnation, to the extent not required to be released to a Mortgagor
            in
            accordance with the terms of the related Mortgage Loan Documents.

          

          Confirmation:
            The
            trade confirmation letter between the Purchaser and the Company which
            relates to
            the Mortgage Loans.

          

          Consumer
            Information:
             Information
            including, but not limited to, all personal information about Mortgagors
            that is
            supplied to the Purchaser by or on behalf of the Company.

          

          Co-op
            Lease:
            With
            respect to a Co-op Loan, the lease with respect to a dwelling unit occupied
            by
            the Mortgagor and relating to the stock allocated to the related dwelling
            unit.

          

          Co-op
            Loan:
            A
            Mortgage Loan secured by the pledge of stock allocated to a dwelling
            unit in a
            residential cooperative housing corporation and a collateral assignment
            of the
            related Co-op Lease.

          

          Current
            Appraised Value: With
            respect to any Mortgaged Property, the value thereof as determined by
            an
            appraisal made for the Company (by an appraiser who met the requirements
            of the
            Company and Fannie Mae) at the request of a Mortgagor for the purpose
            of
            canceling a Primary Mortgage Insurance Policy in accordance with federal,
            state
            and local laws and regulations or otherwise made at the request of the
            Company
            or Mortgagor.

          

          Current
            LTV: The
            ratio
            of the Stated Principal Balance of a Mortgage Loan to the Current Appraised
            Value of the Mortgaged Property.

          

          Custodial
            Account:
            Each
            separate demand account or accounts created and maintained pursuant to
            Section
            4.04 which shall be entitled "[_____________________], in trust for the
            [Purchaser], Owner of Adjustable Rate Mortgage Loans" and shall be established
            in an Eligible Account, in the name of the Person that is the "Purchaser"
            with
            respect to the related Mortgage Loans.

           

          Custodian:
            With
            respect to any Mortgage Loan, the entity stated on the related Term Sheet,
            and
            its successors and assigns, as custodian for the Purchaser.

          

          Cut-off
            Date:
            With
            respect to any Mortgage Loan, the date stated on the related Term Sheet.
            

          

          Delinquency
            Recognition Policies:
            The
            generally accepted industry standard that defines the proper means of
            reporting
            delinquency status (such as MBA versus OTS reporting methodology) and
            the
            processing standard for addressing residential mortgage loans of the
            same type
            as the Mortgage Loans at various stages throughout default (such as Fannie
            Mae
            Guide or FHLMC Guide standards). 

          

          Depositor:
            The
            depositor, as such term is defined in Regulation AB, with respect to
            any
            Securitization Transaction.

          

          Determination
            Date:
            The
            15th day (or if such 15th day is not a Business Day, the Business Day
            immediately preceding such 15th day) of the month of the related Remittance
            Date.

          

          Due
            Date:
            The day
            of the month on which the Monthly Payment is due on a Mortgage Loan,
            exclusive
            of any days of grace, which is the first day of the month.

          

          Due
            Period:
            With
            respect to any Remittance Date, the period commencing on the second day
            of the
            month preceding the month of such Remittance Date and ending on the first
            day of
            the month of the Remittance Date.

          

          Eligible
            Account:
            An
            account established and maintained: (i) within FDIC insured accounts
            created,
            maintained and monitored by the Servicer so that all funds deposited
            therein are
            fully insured, or (ii) as a trust account with the corporate trust department
            of
            a depository institution or trust company organized under the laws of
            the United
            States of America or any one of the states thereof or the District of
            Columbia
            which is not affiliated with the Company or the Servicer (or any sub-servicer)
            or (iii) with an entity which is an institution whose deposits are insured
            by
            the FDIC, the unsecured and uncollateralized long-term debt obligations
            of which
            shall be rated “A2” or higher by Standard & Poor’s and “A” or higher by
            Fitch, Inc. or one of the two highest short-term ratings by any applicable
            Rating Agency, and which is either (a) a federal savings association
            duly
            organized, validly existing and in good standing under the federal banking
            laws,
            (b) an institution duly organized, validly existing and in good standing
            under
            the applicable banking laws of any state, (c) a national banking association
            under the federal banking laws, or (d) a principal subsidiary of a bank
            holding
            company, or (iv) if ownership of the Mortgage Loans is evidenced by
            mortgaged-backed securities, the equivalent required ratings of each
            Rating
            Agency, and held such that the rights of the Purchaser and the owner
            of the
            Mortgage Loans shall be fully protected against the claims of any creditors
            of
            the Company or the Servicer (or any sub-servicer) and of any creditors
            or
            depositors of the institution in which such account is maintained or
            (v) in a
            separate non-trust account without FDIC or other insurance in an Eligible
            Institution. In the event that a Custodial Account is established pursuant
            to
            clause (iii), (iv) or (v) of the preceding sentence, the Servicer shall
            provide
            the Purchaser with written notice on the Business Day following the date
            on
            which the applicable institution fails to meet the applicable ratings
            requirements.

          

          Eligible
            Institution:
            An
            institution having (i) the highest short-term debt rating, and one of
            the two
            highest long-term debt ratings of each Rating Agency; or (ii) with respect
            to
            any Custodial Account, an unsecured long-term debt rating of at least
            one of the
            two highest unsecured long-term debt ratings of each Rating Agency.

          

          Equity
            Take-Out Refinanced Mortgage Loan:
            A
            Refinanced Mortgage Loan the proceeds of which were in excess of the
            outstanding
            principal balance of the existing mortgage loan as defined in the Fannie
            Mae
            Guide(s). 

          

          Escrow
            Account:
            Each
            separate trust account or accounts created and maintained pursuant to
            Section
            4.06 which shall be entitled "__________________, in trust for the [Purchaser],
            Owner of Adjustable Rate Mortgage Loans, and various Mortgagors" and
            shall be
            established in an Eligible Account, in the name of the Person that is
            the
            "Purchaser" with respect to the related Mortgage Loans.

          

          Escrow
            Payments:
            With
            respect to any Mortgage Loan, the amounts constituting ground rents,
            taxes,
            assessments, water rates, sewer rents, municipal charges, mortgage insurance
            premiums, fire and hazard insurance premiums, condominium charges, and
            any other
            payments required to be escrowed by the Mortgagor with the mortgagee
            pursuant to
            the Mortgage or any other document.

          

          Event
            of Default:
            Any one
            of the conditions or circumstances enumerated in Section 9.01.

          

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

          

          Fannie
            Mae: The
            Federal National Mortgage Association, or any successor thereto.

          

          Fannie
            Mae Guide(s):
            The
            Fannie Mae Selling Guide and the Fannie Mae Servicing Guide and all amendments
            or additions thereto.

          

          FDIC:
            The
            Federal Deposit Insurance Corporation, or any successor thereto.

          

          FHLMC:
            The
            Federal Home Loan Mortgage Corporation, or any successor thereto.

          

          FHLMC
            Guide:
            The
            FHLMC Single Family Seller/Servicer Guide and all amendments or additions
            thereto.

          

          Fidelity
            Bond:
            A
            fidelity bond to be maintained by the Company pursuant to Section
            4.12.

          

          FIRREA:
            The
            Financial Institutions Reform, Recovery, and Enforcement Act of
            1989.

          

          First
            Remittance Date:
            With
            respect to any Mortgage Loan, the Remittance Date occurring in the month
            following the month in which the related Closing Date occurs.

          

          GAAP:
            Generally accepted accounting principles, consistently applied.

          

          HUD:
            The
            United States Department of Housing and Urban Development or any successor
            thereto.

          

          Index:
            With
            respect to any adjustable rate Mortgage Loan, the index identified on
            the
            Mortgage Loan Schedule and set forth in the related Mortgage Note for
            the
            purpose of calculating the interest rate thereon.

          

          Initial
            Rate Cap: As
            to
            each adjustable rate Mortgage Loan, where applicable, the maximum increase
            or
            decrease in the Mortgage Interest Rate on the first Adjustment
            Date.

          

          Insurance
            Proceeds:
            With
            respect to each Mortgage Loan, proceeds of insurance policies insuring
            the
            Mortgage Loan or the related Mortgaged Property.

          

          Lifetime
            Rate Cap:
            As to
            each adjustable rate Mortgage Loan, the maximum Mortgage Interest Rate
            over the
            term of such Mortgage Loan. 

          

          Liquidation
            Proceeds:
            Cash
            received in connection with the liquidation of a defaulted Mortgage Loan,
            whether through the sale or assignment of such Mortgage Loan, trustee's
            sale,
            foreclosure sale or otherwise.

          

          Loan-to-Value
            Ratio or LTV:
            With
            respect to any Mortgage Loan, the ratio of the original outstanding principal
            amount of the Mortgage Loan, to (i) the Appraised Value of the Mortgaged
            Property as of the Origination Date with respect to a Refinanced Mortgage
            Loan,
            and (ii) the lesser of the Appraised Value of the Mortgaged Property
            as of the
            Origination Date or the purchase price of the Mortgaged Property with
            respect to
            all other Mortgage Loans.

          

          Margin:
            With
            respect to each adjustable rate Mortgage Loan, the fixed percentage amount set
            forth in each related Mortgage Note which is added to the Index in order
            to
            determine the related Mortgage Interest Rate, as set forth in the Mortgage
            Loan
            Schedule.

          

          Master
            Servicer:
            With
            respect to any Securitization Transaction, the “master servicer,” if any,
            identified in the related transaction documents.

          

          Monthly
            Advance:
            The
            aggregate of the advances made by the Servicer on any Remittance Date
            pursuant
            to Section 5.03.

          

          Monthly
            Payment:
            The
            scheduled monthly payment of principal and interest on a Mortgage Loan
            which is
            payable by a Mortgagor under the related Mortgage Note.

          

          Mortgage:
            The
            mortgage, deed of trust or other instrument securing a Mortgage Note
            which
            creates a first lien on an unsubordinated estate in fee simple in real
            property
            securing the Mortgage Note.

          

          Mortgage
            File:
            The
            mortgage documents pertaining to a particular Mortgage Loan which are
            specified
            in Exhibit A hereto and any additional documents required to be added
            to the
            Mortgage File pursuant to this Agreement.

          

          Mortgage
            Impairment Insurance Policy:
            A
            mortgage impairment or blanket hazard insurance policy as described in
            Section
            4.11.

          

          Mortgage
            Interest Rate:
            The
            annual rate at which interest accrues on any Mortgage Loan, which may
            be
            adjusted from time to time for an adjustable rate Mortgage Loan, in accordance
            with the provisions of the related Mortgage Note.

          

          Mortgage
            Loan:
            An
            individual mortgage loan which is the subject of this Agreement, each
            Mortgage
            Loan originally sold and subject to this Agreement being identified on
            the
            Mortgage Loan Schedule attached to the related Term Sheet, which Mortgage
            Loan
            includes without limitation the Mortgage File, the Monthly Payments,
            Principal
            Prepayments, Liquidation Proceeds, Condemnation Proceeds, Insurance Proceeds,
            REO Disposition Proceeds, and all other rights, benefits, proceeds and
            obligations arising from or in connection with such Mortgage Loan, excluding
            replaced or repurchased mortgage loans.

          

          Mortgage
            Loan Documents:
            The
            documents listed in
            Exhibit A.

          

          Mortgage
            Loan Remittance Rate:
            With
            respect to each Mortgage Loan, the annual rate of interest remitted to
            the
            Purchaser, which shall be equal to the Mortgage Interest Rate minus the
            Servicing Fee Rate.

          

          Mortgage
            Loan Schedule:
            The
            schedule of Mortgage Loans annexed to the related Term Sheet, such schedule
            setting forth the following information with respect to each Mortgage
            Loan in
            the related Mortgage Loan Package:

          

            	(1).  	
                    the
                      Company's Mortgage Loan identifying
                      number;

                  

            

            	(2).  	
                    the
                      Mortgagor's first and last name;

                  

            

            	(3).  	
                    the
                      street address of the Mortgaged Property including the city,
                      state and zip
                      code;

                  

            

            	(4).  	
                    a
                      code indicating whether the Mortgaged Property is owner-occupied,
                      a second
                      home or an investor property;

                  

            

            	(5).  	
                    the
                      type of residential property constituting the Mortgaged
                      Property;

                  

            

            	(6).  	
                    the
                      original months to maturity of the Mortgage
                      Loan;

                  

            

            	(7).  	
                    the
                      remaining months to maturity from the related Cut-off Date,
                      based on the
                      original amortization schedule and, if different, the maturity
                      expressed
                      in the same manner but based on the actual amortization
                      schedule;

                  

            

            	(8).  	
                    the
                      Sales Price, if applicable, Appraised Value and Loan-to-Value
                      Ratio, at
                      origination;

                  

            

            	(9).  	
                    the
                      Mortgage Interest Rate as of origination and as of the related
                      Cut-off
                      Date; with respect to each adjustable rate Mortgage Loan, the
                      initial
                      Adjustment Date, the next Adjustment Date immediately following
                      the
                      related Cut-off Date, the Index, the Margin, the Initial Rate
                      Cap, if any,
                      Periodic Rate Cap, if any, minimum Mortgage Interest Rate under
                      the terms
                      of the Mortgage Note and the Lifetime Rate
                      Cap;

                  

            

            	(10).  	
                    the
                      Origination Date of the Mortgage Loan;

                  

            

            	(11).  	
                    the
                      stated maturity date;

                  

            

            	(12).  	
                    the
                      amount of the Monthly Payment at
                      origination;

                  

            

            	(13).  	
                    the
                      amount of the Monthly Payment as of the related Cut-off
                      Date;

                  

            

            	(14).  	
                    the
                      original principal amount of the Mortgage Loan;

                  

            

            	(15).  	
                    the
                      scheduled Stated Principal Balance of the Mortgage Loan as
                      of the close of
                      business on the related Cut-off Date, after deduction of payments
                      of
                      principal due on or before the related Cut-off Date whether
                      or not
                      collected;

                  

            

            	(16).  	
                    a
                      code indicating the purpose of the Mortgage Loan (i.e., purchase,
                      rate and
                      term refinance, equity take-out refinance);

                  

            

            	(17).  	
                    a
                      code indicating the documentation style (i.e. full, alternative,
                      etc.);
                      

                  

            

            	(18).  	
                    the
                      number of times during the twelve (12) month period preceding
                      the related
                      Closing Date that any Monthly Payment has been received after
                      the month of
                      its scheduled due date;

                  

            

            	(19).  	
                    the
                      date on which the first payment is or was due;

                  

            

            	(20).  	
                    a
                      code indicating whether or not the Mortgage Loan is the subject
                      of a
                      Primary Mortgage Insurance Policy and the name of the related
                      insurance
                      carrier; 

                  

            

            	(21).  	
                    a
                      code indicating whether or not the Mortgage Loan is currently
                      convertible
                      and the conversion spread; 

                  

            

            	(22).  	
                    the
                      last Due Date on which a Monthly Payment was actually applied
                      to the
                      unpaid principal balance of the Mortgage
                      Loan.

                  

            

            	(23).  	
                    product
                      type (i.e. fixed, adjustable, 3/1, 5/1, etc.);

                  

            

            	(24).  	
                    credit
                      score and/or mortgage score, if
                      applicable;

                  

            

            	(25).  	
                    [reserved];
                      

                  

            

            	(26).  	
                    a
                      code indicating whether or not the Mortgage Loan has a prepayment
                      penalty
                      and if so, the amount and term thereof;

                  

            

            	(27).  	
                    the
                      Current Appraised Value of the Mortgage Loan and Current LTV,
                      if
                      applicable;

                  

            

            	(28).  	
                    whether
                      such Mortgage Loan is a “Home Loan”, “Covered Home Loan”, “Manufactured
                      Housing” or “Home Improvement Loan” as defined in the
                      New Jersey Home Ownership Security Act of 2002;
                      and

                  

            

            	(29).  	
                    whether
                      the Mortgage Loan has a mandatory arbitration
                      clause.

                  

            

          With
            respect to the Mortgage Loans in the aggregate, the Mortgage Loan Schedule
            attached to the related Term Sheet shall set forth the following information,
            as
            of the related Cut-off Date:

          

          (1) the
            number of Mortgage Loans;

          

          (2) the
            current aggregate outstanding principal balance of the Mortgage
            Loans;

          

          (3) the
            weighted average Mortgage Interest Rate of the Mortgage Loans; 

          

          (4) the
            weighted average maturity of the Mortgage Loans; and

          

          (5)
             the
            weighted average months to next Adjustment Date.

           

          Mortgage
            Note:
            The
            note or other evidence of the indebtedness of a Mortgagor secured by
            a
            Mortgage.

          

          Mortgaged
            Property:
            The
            underlying real property securing repayment of a Mortgage Note, consisting
            of a
            single parcel of real estate considered to be real estate under the laws
            of the
            state in which such real property is located which may include condominium
            units
            and planned unit developments, improved by a residential dwelling; except
            that
            with respect to real property located in jurisdictions in which the use
            of
            leasehold estates for residential properties is a widely-accepted practice,
            a
            leasehold estate of the Mortgage, the term of which is equal to or longer
            than
            the term of the Mortgage. 

          

          Mortgagor:
            The
            obligor on a Mortgage Note. 

          

          Nonrecoverable
            Advance:
            Any
            portion of a Monthly Advance or Servicing Advance previously made or
            proposed to
            be made by the Servicer pursuant to this Agreement, that, in the good
            faith
            judgment of the Servicer, will not or, in the case of a proposed advance,
            would
            not, be ultimately recoverable by it from the related Mortgagor or the
            related
            Liquidation Proceeds, Insurance Proceeds, Condemnation Proceeds or otherwise
            with respect to the related Mortgage Loan.

          

          OCC:
            Office
            of the Comptroller of the Currency, or any successor thereto.

          

          Officers'
            Certificate:
            A
            certificate signed by the President, an Executive Vice President or a
            Vice
            President or by the Treasurer or the Secretary or one of the Assistant
            Treasurers or Assistant Secretaries of the Person on behalf of whom such
            certificate is being delivered to the Purchaser as required by this
            Agreement.

          

          Opinion
            of Counsel:
            A
            written opinion of counsel, who may be an employee of the party on behalf
            of
            whom the opinion is being given, reasonably acceptable to the
            Purchaser.

          

          Origination
            Date:
            The
            date on which a Mortgage Loan funded, which date shall not, in connection
            with a
            Refinanced Mortgage Loan, be the date of the funding of the debt being
            refinanced, but rather the closing of the debt currently outstanding
            under the
            terms of the Mortgage Loan Documents. 

          

          OTS:
            Office
            of Thrift Supervision, or any successor thereto.

          

          Periodic
            Rate Cap:
            As to
            each adjustable rate Mortgage Loan, the maximum increase or decrease
            in the
            Mortgage Interest Rate on any Adjustment Date, as set forth in the related
            Mortgage Note and the related Mortgage Loan Schedule.

          

          Permitted
            Investments:
            Any one
            or more of the following obligations or securities:

          

          (i) direct
            obligations of, and obligations fully guaranteed by the United States
            of America
            or any agency or instrumentality of the United States of America the
            obligations
            of which are backed by the full faith and credit of the United States
            of
            America; 

          

          
            	 	
                    (ii)
                      (a) demand or time deposits, federal funds or bankers' acceptances
                      issued
                      by any depository institu-tion or trust company incorporated
                      under the
                      laws of the United States of America or any state thereof and
                      subject to
                      supervision and examination by federal and/or state banking
                      authorities,
                      provided that the commercial paper and/or the short-term deposit
                      rating
                      and/or the long-term unsecured debt obligations or deposits
                      of such
                      depository institution or trust company at the time of such
                      investment or
                      contractual commitment providing for such investment are rated
                      in one of
                      the two highest rating categories by each Rating Agency and
                      (b) any other
                      demand or time deposit or certificate of deposit that is fully
                      insured by
                      the FDIC;

                  

          

          

          
            	 	
                    (iii)
                      repurchase obligations with a term not to exceed thirty (30)
                      days and with
                      respect to (a) any security described in clause (i) above and
                      entered into
                      with a depository institution or trust company (acting as principal)
                      described in clause (ii)(a) above;

                  

          

          

          
            	 	
                    (iv)
                      securities bearing interest or sold at a discount issued by
                      any
                      corporation incorporated under the laws of the United States
                      of America or
                      any state thereof that are rated in one of the two highest
                      rating
                      categories by each Rating Agency at the time of such in-vestment
                      or
                      contractual commitment providing for such investment; provided,
                      however,
                      that securities issued by any particular corporation will not
                      be Permitted
                      Investments to the extent that investments therein will cause
                      the then
                      outstanding principal amount of secur-ities issued by such
                      corporation and
                      held as Permitted Investments to exceed 10% of the aggregate
                      outstand-ing
                      principal balances of all of the Mortgage Loans and Permitted
                      Investments;

                  

          

          

          
            	 	
                    (v)
                      commercial paper (including both non-interest-bearing discount
                      obligations
                      and interest-bearing obliga-tions payable on demand or on a
                      specified date
                      not more than one year after the date of issuance there-of)
                      which are
                      rated in one of the two highest rating categories by each Rating
                      Agency at
                      the time of such investment;

                  

          

          

          
            	 	
                    (vi)
                      any other demand, money market or time deposit, obligation,
                      security or
                      investment as may be acceptable to each Rating Agency as evidenced
                      in
                      writing by each Rating Agency; and

                  

          

          

          
            	 	
                    (vii)
                      any money market funds the collateral of which consists of
                      obligations
                      fully guaranteed by the United States of America or any agency
                      or
                      instru-ment-al-ity of the United States of America the obligations
                      of
                      which are backed by the full faith and credit of the United
                      States of
                      America (which may include repurchase obligations secured by
                      collateral
                      described in clause (i)) and other securities and which money
                      market funds
                      are rated in one of the two highest rating categories by each
                      Rating
                      Agency. 

                  

          

          

          provided,
            however,
            that no
            instrument or security shall be a Permitted Investment if such instrument
            or
            security evidences a right to receive only interest payments with respect
            to the
            ob-li-ga-tions underlying such instrument or if such security provides
            for
            payment of both principal and interest with a yield to matur-ity in excess
            of
            120% of the yield to maturity at par or if such investment or security
            is
            purchased at a price greater than par.

          

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

          

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

          

          Prepayment
            Interest Shortfall:
            With
            respect to any Remittance Date, for each Mortgage Loan that was the subject
            of a
            Principal Prepayment during the related Prepayment Period, an amount
            equal to
            the excess of one month’s interest at the applicable Mortgage Loan Remittance
            Rate on the amount of such Principal Prepayment over the amount of interest
            (adjusted to the Mortgage Loan Remittance Rate) actually paid by the
            related
            Mortgagor with respect to such Prepayment Period.

          

          Prepayment
            Period: With
            respect to any Remittance Date, the calendar month preceding the month
            in which
            such Remittance Date occurs.

          

          Primary
            Mortgage Insurance Policy:
            Each
            primary policy of mortgage insurance represented to be in effect pursuant
            to
            Section 3.02(hh), or any replacement policy therefor obtained by the
            Company
            pursuant to Section 4.08.

          

          Prime
            Rate:
            The
            prime rate announced to be in effect from time to time as published as
            the
            average rate in the Wall Street Journal (Northeast Edition).

          

          Principal
            Prepayment:
            Any
            payment or other recovery of principal on a Mortgage Loan full or partial
            which
            is received in advance of its scheduled Due Date, including any Prepayment
            Charge and which is not accompanied by an amount of interest representing
            scheduled interest due on any date or dates in any month or months subsequent
            to
            the month of prepayment.

          

          Purchase
            Price:
            As
            defined in Section 2.02.

          

          Purchaser:
            EMC
            Mortgage Corporation, its successors in interest and assigns.

          

          Qualified
            Appraiser:
            An
            appraiser, duly appointed by the Company, who had no interest, direct
            or
            indirect in the related Mortgaged Property or in any loan made on the
            security
            thereof, and whose compensation is not affected by the approval or disapproval
            of the Mortgage Loan, and such appraiser and the appraisal made by such
            appraiser both satisfy the requirements of Title XI of FIRREA and the
            regulations promulgated thereunder and the requirements of Fannie Mae,
            all as in
            effect on the date the Mortgage Loan was originated.

          

          Qualified
            Correspondent:
            Any Person from which the Company purchased Mortgage Loans, provided
            that the
            following conditions are satisfied: (i) such Mortgage Loans were originated
            pursuant to an agreement between the Company and such Person that contemplated
            that such Person would underwrite mortgage loans from time to time, for
            sale to
            the Company, in accordance with underwriting guidelines designated by
            the
            Company (“Designated Guidelines”) or guidelines that do not vary materially from
            such Designated Guidelines; (ii) such Mortgage Loans were in fact underwritten
            as described in clause (i) above and were acquired by the Company within
            180
            days after origination; (iii) either (x) the Designated Guidelines were,
            at the
            time such Mortgage Loans were originated, used by the Company in origination
            of
            mortgage loans of the same type as the Mortgage Loans for the Company’s own
            account or (y) the Designated Guidelines were, at the time such Mortgage
            Loans
            were underwritten, designated by the Company on a consistent basis for
            use by
            lenders in originating mortgage loans to be purchased by the Company;
            and (iv)
            the Company employed, at the time such Mortgage Loans were acquired by
            the
            Company, pre-purchase or post-purchase quality assurance procedures (which
            may
            involve, among other things, review of a sample of mortgage loans purchased
            during a particular time period or through particular channels) designed
            to
            ensure that Persons from which it purchased mortgage loans properly applied
            the
            underwriting criteria designated by the Company.

          

          Qualified
            Insurer:
            An
            insurance company duly qualified as such under the laws of the states
            in which
            the related Mortgaged Property is located, duly authorized and licensed
            in such
            states to transact the applicable insurance business and to write the
            insurance
            provided, approved as an insurer by Fannie Mae or FHLMC. 

          

          Rating
            Agency:
            Standard & Poor's, Fitch, Inc. or, in the event that some or all of the
            ownership of the Mortgage Loans is evidenced by mortgage-backed securities,
            the
            nationally recognized rating agencies issuing ratings with respect to
            such
            securities, if any.

           

          Refinanced
            Mortgage Loan:
            A
            Mortgage Loan which was made to a Mortgagor who owned the Mortgaged Property
            prior to the origination of such Mortgage Loan and the proceeds of which
            were
            used in whole or part to satisfy an existing mortgage.

          

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

          

          REMIC:
            A "real
            estate mortgage investment conduit," as such term is defined in Section
            860D of
            the Code.

          

          REMIC
            Provisions:
            The
            provisions of the federal income tax law relating to REMICs, which appear
            at
            Sections 860A through 860G of the Code, and the related provisions and
            regulations promulgated thereunder, as the foregoing may be in effect
            from time
            to time.

          

          Remittance
            Date:
            The
            18th day of any month, beginning with the First Remittance Date, or if
            such 18th
            day is not a Business Day, the first Business Day immediately preceding
            such
            18th day.

          

          REO
            Disposition:
            The
            final sale by the Servicer of any REO Property.

          

          REO
            Disposition Proceeds:
            Amounts
            received by the Servicer in connection with a related REO
            Disposition.

          

          REO
            Property:
            A
            Mortgaged Property acquired by the Servicer on behalf of the Purchaser
            as
            described in Section 4.13.

          

          Repurchase
            Price:
            With
            respect to any Mortgage Loan, a price equal to (i) the product of the
            greater of
            100% or the percentage of par as stated in the Confirmation multiplied
            by the
            Stated Principal
            Balance
            of such Mortgage Loan on the repurchase date, plus
            (ii)
            interest on such outstanding principal balance at the Mortgage Loan Remittance
            Rate from the last date through which interest has been paid and distributed
            to
            the Purchaser to the end of the month of repurchase, plus, (iii) third
            party
            expenses reasonably incurred in connection with the transfer of the Mortgage
            Loan being repurchased; less amounts received or advanced in respect
            of such
            repurchased Mortgage Loan which are being held in the Custodial Account
            for
            distribution in the month of repurchase.

          

          SAIF:
            The
            Savings Association Insurance Fund, or any successor thereto.

          

          Sales
            Price: With
            respect to any Mortgage Loan the proceeds of which were used by the Mortgagor
            to
            acquire the related Mortgaged Property, the amount paid by the related
            Mortgagor
            for such Mortgaged Property.

          

          Securities
            Act:
            The
            Securities Act of 1933, as amended.

          

          Securitization
            Transaction:
            Any
            transaction involving either (1) a sale or other transfer of some or
            all of the
            Mortgage Loans directly or indirectly to an issuing entity in connection
            with an
            issuance of publicly offered or privately placed, rated or unrated
            mortgage-backed securities or (2) an issuance of publicly offered or
            privately
            placed, rated or unrated securities, the payments on which are determined
            primarily by reference to one or more portfolios of residential mortgage
            loans
            consisting, in whole or in part, of some or all of the Mortgage
            Loans.

          

          Servicer:
            American Home Mortgage Servicing, Inc., its successors in interest and
            assigns,
            as permitted by this Agreement.

          

          Servicing
            Advances:
            All
            customary, reasonable and necessary "out of pocket" costs and expenses
            (including reasonable attorneys' fees and disbursements) incurred in
            the
            performance by the Servicer
            of
            its
            servicing obligations, including, but not limited to, the cost of (a)
            the
            preservation, restoration and protection of the Mortgaged Property, (b)
            any
            enforcement, administrative or judicial proceedings, or any legal work
            or advice
            specifically related to servicing the Mortgage Loans, including but not
            limited
            to, foreclosures, bankruptcies, condemnations, drug seizures, elections,
            foreclosures by subordinate or superior lienholders, and other legal
            actions
            incidental to the servicing of the Mortgage Loans (provided that such
            expenses
            are reasonable and that the Servicer specifies the Mortgage Loan(s) to
            which
            such expenses relate and, upon Purchaser’s request, provides documentation
            supporting such expense (which documentation would be acceptable to Fannie
            Mae),
            and provided further that any such enforcement, administrative or judicial
            proceeding does not arise out of a breach of any representation, warranty
            or
            covenant of the Company or the Servicer hereunder), (c) the management
            and
            liquidation of the Mortgaged Property if the Mortgaged Property is acquired
            in
            full or partial satisfaction of the Mortgage, (d) taxes, assessments,
            water
            rates, sewer rates and other charges which are or may become a lien upon
            the
            Mortgaged Property, and Primary Mortgage Insurance Policy premiums and
            fire and
            hazard insurance coverage, (e) any expenses reasonably sustained by the
            Servicer
            with respect to the liquidation of the Mortgaged Property in accordance
            with the
            terms of this Agreement and (f) compliance with the obligations under
            Section
            4.08.

          

          Servicing
            Criteria:
            As of
            any date of determination, the “servicing criteria” set forth in Item 1122(d) of
            Regulation AB, or any amendments thereto, a summary of the requirements
            of which
            as of the date hereof is attached hereto as Exhibit
            M
            for
            convenience of reference only. In the event of a conflict or inconsistency
            between the terms of Exhibit
            M
            and the
            text of Item 1122(d) of Regulation AB, the text of Item 1122(d) of Regulation
            AB
            shall control (or those Servicing Criteria otherwise mutually agreed
            to by the
            Purchaser, the Servicer and any Person that will be responsible for signing
            any
            Sarbanes Certification with respect to a Securitization Transaction in
            response
            to evolving interpretations of Regulation AB and incorporated into a
            revised
Exhibit
            M).

          

          Servicing
            Fee:
            With
            respect to each Mortgage Loan, the amount of the annual fee the Purchaser
            shall
            pay to the Servicer, which shall, for a period of one full month, be
            equal to
            one-twelfth of the product of (a) the Servicing Fee Rate and (b) the
            outstanding
            principal balance of such Mortgage Loan. Such fee shall be payable monthly,
            computed on the basis of the same principal amount and period respecting
            which
            any related interest payment on a Mortgage Loan is computed. The obligation
            of
            the Purchaser to pay the Servicing Fee is limited to, and the Servicing
            Fee is
            payable solely from, the interest portion of such Monthly Payment collected
            by
            the Servicer, or as otherwise provided under Section 4.05 and in accordance
            with
            the Fannie Mae Guide(s). Any fee payable to the Servicer for administrative
            services related to any REO Property as described in Section 4.13 shall
            be
            payable from Liquidation Proceeds of the related REO Property.

          

          Servicing
            Fee Rate:
            As set
            forth in the Term Sheet.

          

          Servicing
            File:
            With
            respect to each Mortgage Loan, the file retained by the Servicer consisting
            of
            originals of all documents in the Mortgage File which are not delivered
            to the
            Purchaser and copies of the Mortgage Loan Documents listed in Exhibit
            A, the
            originals of which are delivered to the Purchaser or its designee pursuant
            to
            Section 2.04.

          

          Servicing
            Officer:
            Any
            officer of the Servicer involved in, or responsible for, the administration
            and
            servicing of the Mortgage Loans whose name appears on a list of servicing
            officers furnished by the Servicer to the Purchaser upon request, as
            such list
            may from time to time be amended.

          

          Stated
            Principal Balance:
            As to
            each Mortgage Loan as of any date of determination, (i) the principal
            balance of
            such Mortgage Loan at the Cut-off Date after giving effect to payments
            of
            principal due on or before such date, whether or not received, minus
            (ii) all
            amounts previously distributed to the Purchaser with respect to the Mortgage
            Loan representing payments or recoveries of principal or advances in
            lieu
            thereof.

          

          Static
            Pool Information:
            Static
            pool information as described in Item 1105(a)(1)-(3) and 1105(c) of Regulation
            AB.

          

          Subcontractor:
            Any
            vendor, subcontractor or other Person that is not responsible for the
            overall
            servicing (as “servicing” is commonly understood by participants in the
            mortgage-backed securities market) of Mortgage Loans but performs one
            or more
            discrete functions identified in Item 1122(d) of Regulation AB with respect
            to
            Mortgage Loans under the direction or authority of the Servicer
            or
            a
            Subservicer. 

          

          Subservicer:
            Any
            Person that services Mortgage Loans on behalf of the Company or any Subservicer
            and is responsible for the performance (whether directly or through Subservicers
            or Subcontractors) of a substantial portion of the material servicing
            functions
            required to be performed by the Company under this Agreement or any
            Reconstitution Agreement that are identified in Item 1122(d) of Regulation
            AB.
            Any subservicer shall meet the qualifications set forth in Section
            4.01.

          

          Subservicing
            Agreement:
            An
            agreement between the Servicer and a Subservicer, if any, for the servicing
            of
            the Mortgage Loans.

          

          Term
            Sheet:
            A
            supplemental agreement in the form attached hereto as Exhibit I which
            shall be
            executed and delivered by the Company, the Servicer and the Purchaser
            to provide
            for the sale and servicing pursuant to the terms of this Agreement of
            the
            Mortgage Loans listed on Schedule I attached thereto, which supplemental
            agreement shall contain certain specific information relating to such
            sale of
            such Mortgage Loans and may contain additional covenants relating to
            such sale
            of such Mortgage Loans.

          

          Third-Party
            Originator:
            Each
            Person, other than a Qualified Correspondent, that originated Mortgage
            Loans
            acquired by the Company.

          

          

          
            
              
              

            

            
              
              

              
                

              

            

            
              
              

            

          

          ARTICLE
            II

          

          PURCHASE
            OF MORTGAGE LOANS; SERVICING OF MORTGAGE LOANS;

          RECORD
            TITLE AND POSSESSION OF MORTGAGE FILES;

          BOOKS
            AND RECORDS; CUSTODIAL AGREEMENT;

          DELIVERY
            OF MORTGAGE LOAN DOCUMENTS

          

          Section
            2.01 Agreement
            to Purchase.

          

          The
            Company agrees to sell and the Purchaser agrees to purchase the Mortgage
            Loans
            having an aggregate Stated Principal Balance on the related Cut-off Date
            set
            forth in the related Term Sheet in an amount as set forth in the Confirmation,
            or in such other amount as agreed by the Purchaser and the Company as
            evidenced
            by the actual aggregate Stated Principal Balance of the Mortgage Loans
            accepted
            by the Purchaser on the related Closing Date, with servicing retained
            by the
            Servicer. The Company shall deliver the related Mortgage Loan Schedule
            attached
            to the related Term Sheet for the Mortgage Loans to be purchased on the
            related
            Closing Date to the Purchaser at least two (2) Business Days prior to
            the
            related Closing Date. The Mortgage Loans shall be sold pursuant to this
            Agreement, and the related Term Sheet shall be executed and delivered
            on the
            related Closing Date.

          

          Section
            2.02 Purchase
            Price.

          

          The
            Purchase Price for each Mortgage Loan shall be the percentage of par
            as stated
            in the Confirmation (subject to adjustment as provided therein), multiplied
            by
            the Stated Principal Balance, as of the related Cut-off Date, of the
            Mortgage
            Loan listed on the related Mortgage Loan Schedule attached to the related
            Term
            Sheet, after application of scheduled payments of principal due on or
            before the
            related Cut-off Date whether or not collected. 

          

          In
            addition to the Purchase Price as described above, the Purchaser shall
            pay to
            the Company, at closing, accrued interest on the Stated Principal Balance
            of
            each Mortgage Loan as of the related Cut-off Date at the Mortgage Loan
            Remittance Rate of each Mortgage Loan from the related Cut-off Date through
            the
            day prior to the related Closing Date, inclusive.

          

          The
            Purchase Price plus accrued interest as set forth in the preceding paragraph
            shall be paid on the related Closing Date by wire transfer of immediately
            available funds.

          

          Purchaser
            shall be entitled to (1) all scheduled principal due after the related
            Cut-off
            Date, (2) all other recoveries of principal collected on or after the
            related
            Cut-off Date (provided, however, that all scheduled payments of principal
            due on
            or before the related Cut-off Date and collected by the Company or the
            Servicer
            or any successor servicer after the related Cut-off Date shall belong
            to the
            Company), and (3) all payments of interest on the Mortgage Loans net
            of
            applicable Servicing Fees (minus that portion of any such payment which
            is
            allocable to the period prior to the related Cut-off Date). The outstanding
            principal balance of each Mortgage Loan as of the related Cut-off Date
            is
            determined after application of payments of principal due on or before
            the
            related Cut-off Date whether or not collected, together with any unscheduled
            principal prepayments collected prior to the related Cut-off Date; provided,
            however, that payments of scheduled principal and interest prepaid for
            a Due
            Date beyond the related Cut-off Date shall not be applied to the principal
            balance as of the related Cut-off Date. Such prepaid amounts shall be
            the
            property of the Purchaser. The Servicer shall deposit any such prepaid
            amounts
            into the Custodial Account, which account is established for the benefit
            of the
            Purchaser for subsequent remittance by the Servicer to the
            Purchaser.

          

          Section
            2.03 Servicing
            of Mortgage Loans.

          

          Simultaneously
            with the execution and delivery of each Term Sheet, the Servicer does
            hereby
            agree to directly service the Mortgage Loans listed on the related Mortgage
            Loan
            Schedule attached to the related Term Sheet subject to the terms of this
            Agreement and the related Term Sheet. The rights of the Purchaser to
            receive
            payments with respect to the related Mortgage Loans shall be as set forth
            in
            this Agreement.

          

          Section
            2.04 Record
            Title and Possession of Mortgage Files; Maintenance of Servicing
            Files.

          

          As
            of the
            related Closing Date, the Company sold, transferred, assigned, set over
            and
            conveyed to the Purchaser, without recourse, on a servicing retained
            basis, and
            the Company hereby acknowledges that the Purchaser has, but subject to
            the terms
            of this Agreement and the related Term Sheet, all the right, title and
            interest
            of the Company in and to the Mortgage Loans. Company will deliver the
            Mortgage
            Files to the Custodian designated by Purchaser, on or before the related
            Closing
            Date, at the expense of the Company. The Servicer shall maintain a Servicing
            File consisting of a copy of the contents of each Mortgage File and the
            originals of the documents in each Mortgage File not delivered to the
            Purchaser.
            The Servicing File shall contain all documents necessary to service the
            Mortgage
            Loans. The possession of each Servicing File by the Servicer is at the
            will of
            the Purchaser, for the sole purpose of servicing the related Mortgage
            Loan, and
            such retention and possession by the Servicer is in a custodial capacity
            only.
            From the related Closing Date, the ownership of each Mortgage Loan, including
            the Mortgage Note, the Mortgage, the contents of the related Mortgage
            File and
            all rights, benefits, proceeds and obligations arising therefrom or in
            connection therewith, has been vested in the Purchaser. All rights arising
            out
            of the Mortgage Loans including, but not limited to, all funds received
            on or in
            connection with the Mortgage Loans and all records or documents with
            respect to
            the Mortgage Loans prepared by or which come into the possession of the
            Company
            and the Servicer shall be received and held by the Company and the Servicer,
            as
            applicable, in trust for the benefit of the Purchaser as the owner of
            the
            Mortgage Loans. Any portion of the Mortgage Files retained by the Servicer
            shall
            be appropriately identified in the Servicer's computer system to clearly
            reflect
            the ownership of the Mortgage Loans by the Purchaser. The Servicer shall
            release
            its custody of the contents of the Mortgage Files only in accordance
            with
            written instructions of the Purchaser, except when such release is required
            as
            incidental to the Servicer's servicing of the Mortgage Loans or is in
            connection
            with a repurchase of any Mortgage Loan or Loans with respect thereto
            pursuant to
            this Agreement and the related Term Sheet, such written instructions
            shall not
            be required.

          

          Section
            2.05  Books
            and Records.

          

          The
            sale
            of each Mortgage Loan shall be reflected on the Company's balance sheet
            and
            other financial statements as a sale of assets by the Company. The Company
            shall
            be responsible for maintaining, and shall maintain, a complete set of
            books and
            records for the Mortgage Loans that shall be appropriately identified
            in the
            Company's computer system to clearly reflect the ownership of the Mortgage
            Loan
            by the Purchaser. In particular, the Company shall maintain in its possession,
            available for inspection by the Purchaser, or its designee and shall
            deliver to
            the Purchaser upon demand, evidence of compliance with all federal, state
            and
            local laws, rules and regulations, and requirements of Fannie Mae or
            FHLMC, as
            applicable, including but not limited to documentation as to the method
            used in
            determining the applicability of the provisions of the Flood Disaster
            Protection
            Act of 1973, as amended, to the Mortgaged Property, documentation evidencing
            insurance coverage of any condominium project as required by Fannie Mae
            or
            FHLMC, and periodic inspection reports as required by Section 4.13. To
            the
            extent that original documents are not required for purposes of realization
            of
            Liquidation Proceeds or Insurance Proceeds, documents maintained by the
            Company
            may be in the form of microfilm or microfiche.

          

          The
            Servicer shall maintain with respect to each Mortgage Loan and shall
            make
            available for inspection by any Purchaser or its designee the related
            Servicing
            File during the time the Purchaser retains ownership of a Mortgage Loan
            and
            thereafter in accordance with applicable laws and regulations.

          

          In
            addition to the foregoing, Company and the Servicer shall provide to
            any
            supervisory agents or examiners that regulate Purchaser, including but
            not
            limited to, the OTS, the FDIC and other similar entities, access, during
            normal
            business hours, upon reasonable advance notice to Company or the Servicer,
            as
            applicable, and without cost to Company or the Servicer, as applicable,
            or such
            supervisory agents or examiners, to any documentation regarding the Mortgage
            Loans that may be required by any applicable regulator.

          

          Section
            2.06. Transfer
            of Mortgage Loans.

          

          The
            Servicer shall keep at its servicing office books and records in which,
            subject
            to such reasonable regulations as it may prescribe, the Servicer shall
            note
            transfers of Mortgage Loans. No transfer of a Mortgage Loan may be made
            unless
            such transfer is in compliance with the terms hereof. For the purposes
            of this
            Agreement, the Company and the Servicer shall be under no obligation
            to deal
            with any person with respect to this Agreement or any Mortgage Loan unless
            a
            notice of the transfer of such Mortgage Loan has been delivered to the
            Company
            or the Servicer, as applicable, in accordance with this Section 2.06
            and the
            books and records of the Servicer show such person as the owner of the
            Mortgage
            Loan. The Purchaser may, subject to the terms of this Agreement, sell
            and
            transfer one or more of the Mortgage Loans, provided, however, that the
            transferee will not be deemed to be a Purchaser hereunder binding upon
            the
            Company and the Servicer, as applicable, unless such transferee shall
            agree in
            writing to be bound by the terms of this Agreement and an original counterpart
            of the instrument of transfer in an Assignment and Assumption of this
            Agreement
            substantially in the form of Exhibit D hereto executed by the transferee
            shall
            have been delivered to the Company and the Servicer, as applicable. The
            Purchaser also shall advise the Company and the Servicer, as applicable,
            of the
            transfer. Upon receipt of notice of the transfer, the Company and the
            Servicer
            shall mark their respective books and records to reflect the ownership
            of the
            Mortgage Loans of such assignee, and the previous Purchaser shall be
            released
            from its obligations hereunder with respect to the Mortgage Loans sold
            or
            transferred.

          

          Section
            2.07 Delivery
            of Mortgage Loan Documents.

          

          The
            Company shall deliver and release to the Purchaser or its designee the
            Mortgage
            Loan Documents in accordance with the terms of this Agreement and the
            related
            Term Sheet. The documents enumerated as items (1), (2), (3), (4), (5),
            (6), (7),
            (8), (9) and (16) in Exhibit A hereto shall be delivered by the Company
            to the
            Purchaser or its designee no later than three (3) Business Days prior
            to the
            related Closing Date pursuant to a bailee letter agreement. All other
            documents
            in Exhibit A hereto, together with all other documents executed in connection
            with the Mortgage Loan that Company may have in its possession, shall
            be
            retained by the Company in trust for the Purchaser. If the Company cannot
            deliver the original recorded Mortgage Loan Documents or the original
            policy of
            title insurance, including riders and endorsements thereto, on the related
            Closing Date, the Company shall, promptly upon receipt thereof and in
            any case
            not later than 120 days from the related Closing Date, deliver such original
            documents, including original recorded documents, to the Purchaser or
            its
            designee (unless the Company is delayed in making such delivery by reason
            of the
            fact that such documents shall not have been returned by the appropriate
            recording office). If delivery is not completed within 120 days solely
            due to
            delays in making such delivery by reason of the fact that such documents
            shall
            not have been returned by the appropriate recording office, Company shall
            deliver such document to Purchaser, or its designee, within such time
            period as
            specified in a Company's Officer's Certificate. In the event that documents
            have
            not been received by the date specified in the Company's Officer's Certificate,
            a subsequent Company's Officer's Certificate shall be delivered by such
            date
            specified in the prior Company's Officer's Certificate, stating a revised
            date
            for receipt of documentation. The procedure shall be repeated until the
            documents have been received and delivered. If delivery is not completed
            within
            180 days solely due to delays in making such delivery by reason of the
            fact that
            such documents shall not have been returned by the appropriate recording
            office,
            the Company shall continue to use its best efforts to effect delivery
            as soon as
            possible thereafter, provided that if such documents are not delivered
            by the
            270th day from the date of the related Closing Date, the Company shall
            repurchase the related Mortgage Loans at the Repurchase Price in accordance
            with
            Section 3.03 hereof.

          

          The
            Company shall pay all initial recording fees, if any, for the assignments
            of
            mortgage and any other fees in connection with the transfer of all original
            documents to the Purchaser or its designee. Company shall prepare, in
            recordable
            form, all assignments of mortgage necessary to assign the Mortgage Loans
            to
            Purchaser, or its designee. Company shall be responsible for recording
            the
            assignments of mortgage.

          

          Company
            shall provide an original or duplicate original of the title insurance
            policy to
            Purchaser or its designee within ninety (90) days of the receipt of the
            recorded
            documents (required for issuance of such policy) from the applicable
            recording
            office.

          

          Any
            review by the Purchaser, or its designee, of the Mortgage Files shall
            in no way
            alter or reduce the Company's obligations hereunder.

          

          If
            the
            Purchaser or its designee discovers any defect with respect to a Mortgage
            File,
            the Purchaser shall, or shall cause its designee to, give written specification
            of such defect to the Company which may be given in the exception report
            or the
            certification delivered pursuant to this Section 2.07, or otherwise in
            writing
            and the Company shall cure or repurchase such Mortgage Loan in accordance
            with
            Section 3.03.

          

          The
            Company shall forward to the Purchaser, or its designee, original documents
            evidencing an assumption, modification, consolidation or extension of
            any
            Mortgage Loan entered into in accordance with Section 4.01 or 6.01 within
            one
            week of their execution; provided, however, that the Company shall provide
            the
            Purchaser, or its designee, with a certified true copy of any such document
            submitted for recordation within one week of its execution, and shall
            provide
            the original of any document submitted for recordation or a copy of such
            document certified by the appropriate public recording office to be a
            true and
            complete copy of the original within sixty (60) days of its submission
            for
            recordation.

          

          From
            time
            to time the Company may have a need for Mortgage Loan Documents to be
            released
            from Purchaser, or its designee. Purchaser shall, or shall cause its
            designee,
            upon the written request of the Company, within ten (10) Business Days,
            deliver
            to the Company, any requested documentation previously delivered to Purchaser
            as
            part of the Mortgage File, provided that such documentation is promptly
            returned
            to Purchaser, or its designee, when the Company no longer requires possession
            of
            the document, and provided that during the time that any such documentation
            is
            held by the Company, such possession is in trust for the benefit of Purchaser.
            Company shall indemnify Purchaser, and its designee, from and against
            any and
            all losses, claims, damages, penalties, fines, forfeitures, costs and
            expenses
            (including court costs and reasonable attorney's fees) resulting from
            or related
            to the loss, damage, or misplacement of any documentation delivered to
            Company
            pursuant to this paragraph.

          

          Section
            2.08 Quality
            Control Procedures.

          

          Each
            of
            the Company and the Servicer must have an internal quality control program
            that,
            among other things, verifies, on a regular basis, the existence and accuracy
            of
            the legal documents, credit documents, property appraisals, and underwriting
            decisions. These programs must be capable of evaluating and monitoring
            the
            overall quality of the Company’s and the Servicer’s respective loan production
            and servicing activities. These programs is to ensure that the Mortgage
            Loans
            are originated and serviced in accordance with prudent mortgage banking
            practices and accounting principles; guard against dishonest, fraudulent,
            or
            negligent acts; and guard against errors and omissions by officers, employees,
            or other authorized persons.

          

          Section
            2.09 Near-term
            Principal Prepayments; Near Term Payment Defaults

          

          In
            the
            event any Principal Prepayment is made by a Mortgagor on or prior to
            three
            months after the related Closing Date, the Company shall remit to the
            Purchaser
            an amount equal to the excess, if any, of the Purchase Price Percentage
            over par
            multiplied by the amount of such Principal Prepayment. Such remittance
            shall be
            made by the Company to Purchaser no later than the third Business Day
            following
            receipt of such Principal Prepayment by the Company or the
            Servicer.

          

          In
            the
            event either of the first three (3) scheduled Monthly Payments which
            are due the
            Purchaser under any Mortgage Loan after the related Cut-off Date are
            not made
            during the month in which such Monthly Payments are due, then not later
            than
            five (5) Business Days after notice to the Company by Purchaser (and
            at
            Purchaser’s sole option), the Company, shall repurchase such Mortgage Loan from
            the Purchaser pursuant to the repurchase provisions contained in this Section
            3.03.

          

          

          Section
            2.10  Modification
            of Obligations. 

          

          Purchaser
            may, without any notice to Company or the Servicer, extend, compromise,
            renew,
            release, change, modify, adjust or alter, by operation of law or otherwise,
            any
            of the obligations of the Mortgagors or other persons obligated under
            a Mortgage
            Loan without releasing or otherwise affecting the obligations of Company
            and the
            Servicer under this Agreement, or with respect to such Mortgage Loan,
            except to
            the extent Purchaser’s extension, compromise, release, change, modification,
            adjustment, or alteration affects the Company’s or the Servicer’s ability to
            collect the Mortgage Loan or realize on the security of the Mortgage,
            but then
            only to the extent such action has such effect.

          

          

          
            
              
                
                

              

              
                
                

                
                  

                

              

              
                
                

              

            

          

          

          

          

          

          ARTICLE
            III

          

          REPRESENTATIONS
            AND WARRANTIES OF

          THE
            COMPANY AND THE SERVICER; 

          REPURCHASE;
            REVIEW OF MORTGAGE LOANS

          

          Section
            3.01 Representations
            and Warranties of the Company and the Servicer. 

          

          Each
            of
            the Company and the Servicer, to the extent set forth in this Section
            3.01,
            hereby represent, warrant and covenant to the Purchaser that, as of the
            related
            Closing Date or as of such date specifically provided herein:

          

          (a) Each
            of
            the Company and the Servicer are a corporation, duly organized, validly
            existing
            and in good standing under the laws of their respective jurisdictions
            of
            incorporation or formation and have all licenses necessary to carry out
            their
            respective business as now being conducted, and is licensed and qualified
            to
            transact business in and is in good standing under the laws of each state
            in
            which any Mortgaged Property is located or is otherwise exempt under
            applicable
            law from such licensing or qualification or is otherwise not required
            under
            applicable law to effect such licensing or qualification and no demand
            for such
            licensing or qualification has been made upon the Company or the Servicer
            by any
            such state, and in any event each of the Company and the Servicer are
            in
            compliance with the laws of any such state to the extent necessary to
            ensure the
            enforceability of each Mortgage Loan and the servicing of the Mortgage
            Loans in
            accordance with the terms of this Agreement;

           

          (b)
            Each
            of the Company and the Servicer have the full corporate power and authority
            and
            legal right to hold, transfer and convey each Mortgage Loan, to sell
            each
            Mortgage Loan and to execute, deliver and perform, and to enter into
            and
            consummate all transactions contemplated by this Agreement and the related
            Term
            Sheet and to conduct its business as presently conducted, has duly authorized
            the execution, delivery and performance of this Agreement and the related
            Term
            Sheet and any agreements contemplated hereby, has duly executed and delivered
            this Agreement and the related Term Sheet, and any agreements contemplated
            hereby, and
            this
            Agreement and the related Term Sheet and each Assignment to the Purchaser
            and
            any agreements contemplated hereby, constitutes a legal, valid and binding
            obligation of the Company
            and the Servicer,
            as
            applicable, enforceable against it in accordance with its terms, and
            all
            requisite corporate action has been taken by the Company and the Servicer
            to
            make this Agreement and the related Term Sheet and all agreements contemplated
            hereby valid and binding upon the Company and the Servicer, as applicable,
            in
            accordance with their terms;
            

          

          (c)
            Neither the execution and delivery of this Agreement and the related
            Term Sheet
            by the Company and the Servicer, nor the origination or purchase of the
            Mortgage
            Loans by the Company, the sale of the Mortgage Loans to the Purchaser,
            the
            consummation of the transactions contemplated hereby, nor the fulfillment
            of or
            compliance with the terms and conditions of this Agreement and the related
            Term
            Sheet, will conflict with any of the terms, conditions or provisions
            of the
            Company's and the Servicer’s, as applicable, charter or by-laws or materially
            conflict with or result in a material breach of any of the terms, conditions
            or
            provisions of any legal restriction or any agreement or instrument to
            which the
            Company or the Servicer, as applicable, is now a party or by which it
            is bound,
            or constitute a default or result in an acceleration under any of the
            foregoing,
            or result in the material violation of any law, rule, regulation, order,
            judgment or decree to which the Company or the Servicer, or their respective
            properties are subject, or impair the ability of the Purchaser to realize
            on the
            Mortgage Loans.

          

          (d)
            There
            is no litigation, suit, proceeding or investigation pending or, to the
            best of
            Company’s or the Servicer’s, as applicable, knowledge, threatened, or any order
            or decree outstanding, with respect to the Company or the Servicer, as
            applicable, which, either in any one instance or in the aggregate, is
            reasonably
            likely to have a material adverse effect on the sale of the Mortgage
            Loans, the
            execution, delivery, performance or enforceability of this Agreement
            and the
            related Term Sheet, or which is reasonably likely to have a material
            adverse
            effect on the financial condition of the Company and the Servicer, as
            applicable.

          

          (e)
            No
            consent, approval, authorization or order of any court or governmental
            agency or
            body is required for the execution, delivery and performance by the Company
            or
            the Servicer, as applicable, of or compliance by the Company or the Servicer
            with this Agreement or the related Term Sheet, or the sale of the Mortgage
            Loans
            and delivery of the Mortgage Files to the Purchaser or the consummation
            of the
            transactions contemplated by this Agreement or the related Term Sheet,
            except
            for consents, approvals, authorizations and orders which have been
            obtained;

          

          (f)
            The
            consummation of the transactions contemplated by this Agreement or the
            related
            Term Sheet is in the ordinary course of business of the Company and Company,
            and
            the transfer, assignment and conveyance of the Mortgage Notes and the
            Mortgages
            by the Company pursuant to this Agreement or the related Term Sheet are
            not
            subject to bulk transfer or any similar statutory provisions in effect
            in any
            applicable jurisdiction;

          

          (g)
            The
            origination and servicing practices used by the Company or the Servicer,
            as
            applicable, and any prior originator or servicer with respect to each
            Mortgage
            Note and Mortgage have been legal and in accordance with applicable laws
            and
            regulations and the Mortgage Loan Documents, and in all material respects
            proper
            and prudent in the mortgage origination and servicing business. Each
            Mortgage
            Loan has been serviced by the Servicer
            in
            all
            material respects with Accepted Servicing Practices. With respect to
            escrow
            deposits and payments that the Servicer, on behalf of an investor, is
            entitled
            to collect, all such payments are in the possession of, or under the
            control of,
            the Servicer, and there exist no deficiencies in connection therewith
            for which
            customary arrangements for repayment thereof have not been made. All
            escrow
            payments have been collected in full compliance with state and federal
            law and
            the provisions of the related Mortgage Note and Mortgage. As to any Mortgage
            Loan that is the subject of an escrow, escrow of funds is not prohibited
            by
            applicable law and has been established in an amount sufficient to pay
            for every
            escrowed item that remains unpaid and has been assessed but is not yet
            due and
            payable. No escrow deposits or other charges or payments due under the
            Mortgage
            Note have been capitalized under any Mortgage or the related Mortgage
            Note;

          

          (h)
            The
            Company used no selection procedures that identified the Mortgage Loans
            as being
            less desirable or valuable than other comparable mortgage loans in the
            Company's
            portfolio at the related Cut-off Date; 

          

          (i) The
            Company will treat the sale of the Mortgage Loans to the Purchaser as
            a sale for
            reporting and accounting purposes and, to the extent appropriate, for
            federal
            income tax purposes; 

          

          (j) The
            Company is an approved seller of residential mortgage loans for Fannie
            Mae,
            FHLMC and HUD. The Company is duly qualified, licensed, registered and
            otherwise
            authorized under all applicable federal, state and local laws, and regulations,
            if applicable, meets the minimum capital requirements set forth by the
            OCC, and
            is in good standing to sell mortgage loans to Fannie Mae and FHLMC and
            no event
            has occurred which would make Company unable to comply with eligibility
            requirements or which would require notification to either Fannie Mae
            or FHLMC.
            The Servicer
            is
            an
            approved servicer of residential mortgage loans for Fannie Mae, FHLMC
            and HUD,
            with such facilities, procedures and personnel necessary for the sound
            servicing
            of such mortgage loans. The Servicer is duly qualified, licensed, registered
            and
            otherwise authorized under all applicable federal, state and local laws,
            and
            regulations, if applicable, meets the minimum capital requirements set
            forth by
            the OCC, and is in good standing to service mortgage loans for Fannie
            Mae and
            FHLMC and no event has occurred which would make Servicer unable to comply
            with
            eligibility requirements or which would require notification to either
            Fannie
            Mae or FHLMC;

          

          (k) Neither
            the Company nor the Servicer believe, nor do they have any cause or reason
            to
            believe, that they cannot perform each and every one of their respective
            covenants contained in this Agreement or the related Term Sheet. The
            Company is
            solvent and the sale of the Mortgage Loans will not cause the Company
            to become
            insolvent. The sale of the Mortgage Loans is not undertaken with the
            intent to
            hinder, delay or defraud any of the Company's creditors;

          

          (l) No
            statement, tape, diskette, form, report or other document prepared by,
            or on
            behalf of, Company pursuant to this Agreement or the related Term Sheet
            or in
            connection with the transactions contemplated hereby, contains or will
            contain
            any statement that is inaccurate or misleading in any material
            respect;

          

          (m)
             The
            Servicer acknowledges and agrees that the Servicing Fee represents reasonable
            compensation for performing such services and that the entire Servicing
            Fee
            shall be treated by the Servicer, for accounting and tax purposes, as
            compensation for the servicing and administration of the Mortgage Loans
            pursuant
            to this Agreement. In the opinion of Company, the consideration received
            by
            Company upon the sale of the Mortgage Loans to Purchaser under this Agreement
            and the related Term Sheet constitutes fair consideration for the Mortgage
            Loans
            under current market conditions. 

          

          (n) Company
            has delivered to the Purchaser financial statements of its parent, for
            its last
            two complete fiscal years. All such financial information fairly presents
            the
            pertinent results of operations and financial position for the period
            identified
            and has been prepared in accordance with GAAP consistently applied throughout
            the periods involved, except as set forth in the notes thereto. There
            has been
            no change in the servicing policies and procedures of the Servicer, business,
            operations, financial condition, properties or assets of the Company
            or the
            Servicer since the date of the financial statements referenced hereunder
            that
            would have a material adverse effect on its ability to perform its obligations
            under this Agreement;

          

          (o)  The
            Company has not dealt with any broker, investment banker, agent or other
            person
            that may be entitled to any commission or compensation in connection
            with the
            sale of the Mortgage Loans;

          

          (p) As
            of the
            date of each Securitization Transaction, and except as has been otherwise
            disclosed to the Purchaser, any Master Servicer and any Depositor: (1)
            no
            default or servicing related performance trigger has occurred as to any
            other
            securitization due to any act or failure to act of the Company or the
            Servicer;
            (2) no material noncompliance with applicable servicing criteria as to
            any other
            securitization has occurred, been disclosed or reported by the Company
            or the
            Servicer; (3) neither the Company nor the Servicer has been terminated
            as
            servicer in a residential mortgage loan securitization, either due to
            a
            servicing default or to application of a servicing performance test or
            trigger;
            (4) no material changes to the Company’s or the Servicer’s servicing policies
            and procedures for similar loans has occurred in the preceding three
            years; (5)
            there are no aspects of the Company’s or the Servicer’s financial condition that
            could have a material adverse impact on the performance by the Company
            or the
            Servicer, as applicable, of its obligations hereunder; (6) there are
            no legal
            proceedings pending, or known to be contemplated by governmental authorities,
            against the Company or the Servicer that could be material to investors
            in the
            securities issued in such Securitization Transaction; and (7) there are
            no
            affiliations, relationships or transactions relating to the Company or
            the
            Servicer of a type that are described under Item 1119 of Regulation
            AB;

          

          (q) If
            so
            requested by the Purchaser or any Depositor on any date, the Company
            and the
            Servicer shall, within five (5) Business Days following such request,
            confirm in
            writing the accuracy of the representations and warranties set forth
            in Section
            3.01(p) of this Section or, if any such representation and warranty is
            not
            accurate as of the date of such request, provide reasonably adequate
            disclosure
            of the pertinent facts, in writing, to the requesting party; 

          

          (r) Notwithstanding
            anything to the contrary in the Agreement, the Company and the Servicer
            shall
            (or shall cause each Subservicer and Third-Party Originator to) (i) immediately
            notify the Purchaser, any Master Servicer and any Depositor in writing
            of (A)
            any material litigation or governmental proceedings pending against the
            Company,
            the Servicer, any Subservicer or any Third-Party Originator, (B) any
            affiliations or relationships that develop following the closing date
            of a
            Securitization Transaction between the Company, the Servicer, any Subservicer
            or
            any Third-Party Originator and any of the parties specified in clause
            (7) of
            paragraph (p) of this Section (and any other parties identified in writing
            by
            the requesting party) with respect to such Securitization
            Transaction,
            (C) any
            Event of Default under the terms of this Agreement or any Reconstitution
            Agreement, (D) any merger, consolidation or sale of substantially all
            of the
            assets of the Company or the Servicer, and (E) the Servicer’s entry into an
            agreement with a Subservicer to perform or assist in the performance
            of any of
            the Servicer’s obligations under this Agreement or any Reconstitution Agreement
            and (ii)
            provide
            to the Purchaser and any Depositor a description of such proceedings,
            affiliations or relationships.

          

          All
            notification pursuant to this Section 3.01(r) should be sent by e-mail
            transmission to regABnotifications@bear.com,
            and
            additionally as specified below.

          

          All
            notification pursuant to this Section 3.01(r), other than those pursuant
            to
            Section 3.01(r)(i)(A), should be sent to:

          

          EMC
            Mortgage Corporation

          2780
            Lake
            Vista Drive

          Lewisville,
            TX 75067-3884

          Attention:
            Conduit Seller Approval Dept.

          Facsimile:
            (214) 626-3751

          Email:
            sellerapproval@bear.com

          

          With
            a
            copy to:

          

          Bear,
            Stearns & Co. Inc.

          383
            Madison Avenue, 3rd Floor

          New,
            York, NY 10179

          Attention:
            Global Credit Administration

          Facsimile:
            (212) 272-6564

          

          Notifications
            pursuant to Section 3.01(r)(i)(A) should be sent to: 

          

          EMC
            Mortgage Corporation

          Two
            Mac
            Arthur Ridge

          909
            Hidden Ridge Drive, Suite 200

          Irving,
            TX 75038

          Attention:
            Associate General Counsel for Loan Administration

          Facsimile:
            (972) 831-2555

          

          With
            copies to:

          

          Bear,
            Stearns & Co. Inc.

          383
            Madison Avenue, 3rd Floor

          New,
            York, NY 10179

          Attention:
            Global Credit Administration

          Facsimile:
            (212) 272-6564

          

          EMC
            Mortgage Corporation

          2780
            Lake
            Vista Drive

          Lewisville,
            TX 75067-3884

          Attention:
            Conduit Seller Approval Dept.

          Facsimile:
            (214) 626-3751

          Email:
            sellerapproval@bear.com

          

          (s) As
            a
            condition to the succession to the Servicer or any Subservicer as servicer
            or
            subservicer under this Agreement or any Reconstitution Agreement by any
            Person
            (i) into which the Servicer
            or
            such
            Subservicer may be merged or consolidated, or (ii) which may be appointed
            as a
            successor to the Servicer or any Subservicer, the Servicer shall provide
            to the
            Purchaser, any Master Servicer and any Depositor, at least 15 calendar
            days
            prior to the effective date of such succession or appointment, (x) written
            notice to the Purchaser, any Master Servicer and any Depositor of such
            succession or appointment and (y) in writing and in form and substance
            reasonably satisfactory to the Purchaser, any Master Servicer and such
            Depositor, all information reasonably requested by the Purchaser, any
            Master
            Servicer or any Depositor in order to comply with its reporting obligation
            under
            Item 6.02 of Form 8-K with respect to any class of asset-backed
            securities.

          

          Section
            3.02 Representations
            and Warranties as to Individual Mortgage Loans.

          

          References
            in this Section to percentages of Mortgage Loans refer in each case to
            the
            percentage of the aggregate Stated Principal Balance of the Mortgage
            Loans as of
            the related Cut-off Date, based on the outstanding Stated Principal Balances
            of
            the Mortgage Loans as of the related Cut-off Date, and giving effect
            to
            scheduled Monthly Payments due on or prior to the related Cut-off Date,
            whether
            or not received. References to percentages of Mortgaged Properties refer,
            in
            each case, to the percentages of expected aggregate Stated Principal
            Balances of
            the related Mortgage Loans (determined as described in the preceding
            sentence).
            Each of the Company and the Servicer (but with respect to the Servicer,
            only to
            the extent expressly set forth in this Section 3.02), hereby represent
            and
            warrant to the Purchaser, as to each Mortgage Loan, as of the related
            Closing
            Date as follows:

          

            
            (a)
The
            information set forth in the Mortgage Loan Schedule attached to the related
            Term
            Sheet is true, complete and correct in all material respects as of the
            related
            Cut-Off Date;

          

          (b) The
            Mortgage creates a valid, subsisting and enforceable first lien or a
            first
            priority ownership interest in an estate in fee simple in real property
            securing
            the related Mortgage Note subject to principles of equity, bankruptcy,
            insolvency and other laws of general application affecting the rights
            of
            creditors;

          

          (c)
            All
            payments due prior to the related Cut-off Date for such Mortgage Loan
            have been
            made as of the related Closing Date; the Mortgage Loan has not been dishonored;
            there are no material defaults under the terms of the Mortgage Loan;
            the Company
            has not advanced its own funds, or induced, solicited or knowingly received
            any
            advance of funds from a party other than the owner of the Mortgaged Property
            subject to the Mortgage, directly or indirectly, for the payment of any
            amount
            required by the Mortgage Loan. As of the related Closing Date, all of
            the
            Mortgage Loans will have an actual interest paid to date of their related
            Cut-off Date (or later) and will be due for the scheduled monthly payment
            next
            succeeding the Cut-off Date (or later), as evidenced by a posting to
            Servicer's
            servicing collection system. No payment under any Mortgage Loan is delinquent
            as
            of the related Closing Date nor has any scheduled payment been delinquent
            at any
            time during the twelve (12) months prior to the month of the related
            Closing
            Date. For purposes of this paragraph, a Mortgage Loan will be deemed
            delinquent
            if any payment due thereunder was not paid by the Mortgagor in the month
            such
            payment was due;

          

          (d)
            There
            are no defaults by Company in complying with the terms of the Mortgage,
            and all
            taxes, governmental assessments, insurance premiums, water, sewer and
            municipal
            charges, leasehold payments or ground rents which previously became due
            and
            owing have been paid, or escrow funds have been established in an amount
            sufficient to pay for every such escrowed item which remains unpaid and
            which
            has been assessed but is not yet due and payable;

          

          (e)
            The
            terms of the Mortgage Note and the Mortgage have not been impaired, waived,
            altered or modified in any respect, except by written instruments which
            have
            been recorded to the extent any such recordation is required by law,
            or,
            necessary to protect the interest of the Purchaser. No instrument of
            waiver,
            alteration or modification has been executed except in connection with
            a
            modification agreement and which modification agreement is part of the
            Mortgage
            File and the terms of which are reflected in the related Mortgage Loan
            Schedule,
            and no Mortgagor has been released, in whole or in part, from the terms
            thereof
            except in connection with an assumption agreement and which assumption
            agreement
            is part of the Mortgage File and the terms of which are reflected in
            the related
            Mortgage Loan Schedule; the substance of any such waiver, alteration
            or
            modification has been approved by the issuer of any related Primary Mortgage
            Insurance Policy and title insurance policy, to the extent required by
            the
            related policies;

          

          (f)
            The
            Mortgage Note and the Mortgage are not subject to any right of rescission,
            set-off, counterclaim or defense, including, without limitation, the
            defense of
            usury, nor will the operation of any of the terms of the Mortgage Note
            or the
            Mortgage, or the exercise of any right thereunder, render the Mortgage
            Note or
            Mortgage unenforceable, in whole or in part, or subject to any right
            of
            rescission, set-off, counterclaim or defense, including the defense of
            usury,
            and no such right of rescission, set-off, counterclaim or defense has
            been
            asserted with respect thereto; and as of the related Closing Date the
            Mortgagor
            was not a debtor in any state or federal bankruptcy or insolvency
            proceeding;

          

          (g)
            All
            buildings or other customarily insured improvements upon the Mortgaged
            Property
            are insured by a Qualified Insurer, against loss by fire, hazards of
            extended
            coverage and such other hazards as are provided for in the Fannie Mae
            or FHLMC
            Guide, as well as all additional requirements set forth in Section 4.10
            of this
            Agreement. All such standard hazard policies are in full force and effect
            and
            contain a standard mortgagee clause naming the Company and its successors
            in
            interest and assigns as loss payee and such clause is still in effect
            and all
            premiums due thereon have been paid. If required by the Flood Disaster
            Protection Act of 1973, as amended, the Mortgage Loan is covered by a
            flood
            insurance policy meeting the requirements of the current guidelines of
            the
            Federal Insurance Administration which policy conforms to Fannie Mae
            or FHLMC
            requirements, as well as all additional requirements set forth in Section
            4.10
            of this Agreement. Such policy was issued by a Qualified Insurer. The
            Mortgage
            obligates the Mortgagor thereunder to maintain all such insurance at
            the
            Mortgagor's cost and expense, and on the Mortgagor's failure to do so,
            authorizes the holder of the Mortgage to maintain such insurance at the
            Mortgagor's cost and expense and to seek reimbursement therefor from
            the
            Mortgagor. None of the Company, the Servicer (nor any prior originator
            or
            servicer of any of the Mortgage Loans) nor any Mortgagor has engaged
            in any act
            or omission which has impaired or would impair the coverage of any such
            policy,
            the benefits of the endorsement provided for herein, or the validity
            and binding
            effect of either;

          

          (h)
            Each
Mortgage
            Loan complies with, and the Company has complied with, applicable local,
            state
            and federal laws, regulations and other requirements including, without
            limitation, usury, equal credit opportunity, real estate settlement procedures,
            the Federal Truth-In-Lending Act, disclosure laws and all predatory and
            abusive
            lending laws and consummation of the transactions contemplated hereby,
            including
            without limitation, the receipt of interest by the owner of such Mortgage
            Loan,
            will not involve the violation of any such laws, rules or regulations.
            None of
            the Mortgage Loans are (a) Mortgage Loans subject to 12 CFR Part 226.31,
            12 CFR
            Part 226.32 or 226.34 of Regulation Z, the regulation implementing TILA,
            which
            implements the Home Ownership and Equity Protection Act of 1994, as amended,
            or
            (b) except as may be provided in subparagraph (c) below, classified and/or
            defined, as a “high cost”, “threshold”, “predatory” “high risk home loan” or
“covered” loan (or a similarly classified loan using different terminology under
            a law imposing additional legal liability for mortgage loans having high
            interest rates, points and or/fees) under any other state, federal or
            local law
            including, but not limited to, the States of Georgia, New York, North
            Carolina,
            Arkansas, Kentucky or New Mexico, (c) Mortgage Loans subject to the New
            Jersey
            Home Ownership Security Act of 2002 (the “Act”), unless such Mortgage Loan is a
            (1) “Home Loan” as defined in the Act that is a first lien Mortgage Loan, which
            is not a “High Cost Home Loan” as defined in the Act or (2) “Covered Home Loan”
as defined in the Act that is a first lien purchase money Mortgage Loan,
            which
            is not a High Cost Home Loan under the Act, or (d) secured by Mortgaged
            Property
            in the Commonwealth of Massachusetts with a loan application date on
            or after
            November 7, 2004 that refinances a mortgage loan that is less than sixty
            (60)
            months old, unless such Mortgage Loan (1) is on an investment property,
            (ii)
            meets the requirements set forth in the Code of Massachusetts Regulation
            (“CMR”), 209 CMR 53.04(1)(b), or (iii) meets the requirements set forth in
            the
            209 CMR 53.04(1)(c). In addition to and notwithstanding anything to the
            contrary
            herein, no Mortgage Loan for which the Mortgaged Property is located
            in New
            Jersey is a Home Loan as defined in the Act that was made, arranged,
            or assigned
            by a person selling either a manufactured home or home improvements to
            the
            Mortgaged Property or was made by an originator to whom the Mortgagor
            was
            referred by any such seller. Each Mortgage Loan is being (and has been)
            serviced
            in accordance with Accepted Servicing Practices and applicable state
            and federal
            laws, including, without limitation, the Federal Truth-In-Lending Act
            and other
            consumer protection laws, real estate settlement procedures, usury, equal
            credit
            opportunity and disclosure laws. Company shall maintain in its possession,
            available for the Purchaser’s inspection, as appropriate, and shall deliver to
            the Purchaser or its designee upon demand, evidence of compliance with
            all such
requirements;
            

          

          (i)
            The
            Mortgage has not been satisfied, canceled or subordinated, in whole or
            in part,
            or rescinded, and the Mortgaged Property has not been released from the
            lien of
            the Mortgage, in whole or in part, nor has any instrument been executed
            that
            would effect any such release, cancellation, subordination or rescission.
            The
            Company has not waived the performance by the Mortgagor of any action,
            if the
            Mortgagor’s failure to perform such action would cause the Mortgage Loan to be
            in default, nor has the Company waived any default resulting from any
            action or
            inaction by the Mortgagor;

          

          (j) The
            Mortgage is a valid, subsisting, enforceable and perfected first lien
            on the
            Mortgaged Property, including all buildings on the Mortgaged Property
            and all
            installations and mechanical, electrical, plumbing, heating and air conditioning
            systems affixed to such buildings, and all additions, alterations and
            replacements made at any time with respect to the foregoing securing
            the
            Mortgage Note's original principal balance subject to principles of equity,
            bankruptcy, insolvency and other laws of general application affecting
            the
            rights of creditors. The Mortgage and the Mortgage Note do not contain
            any
            evidence of any security interest or other interest or right thereto.
            Such lien
            is free and clear of all adverse claims, liens and encumbrances having
            priority
            over the first lien of the Mortgage subject only to (1) the lien of
            non-delinquent current real property taxes and assessments not yet due
            and
            payable, (2) covenants, conditions and restrictions, rights of way, easements
            and other matters of the public record as of the date of recording which
            are
            acceptable to mortgage lending institutions generally and either (A)
            which are
            referred to in the lender’s title insurance policy delivered to the originator
            or otherwise considered in the appraisal made for the originator of the
            Mortgage
            Loan, or (B) which do not adversely affect the residential use or Appraised
            Value of the Mortgaged Property as set forth in such appraisal, and (3)
            other
            matters to which like properties are commonly subject which do not individually
            or in the aggregate materially interfere with the benefits of the security
            intended to be provided by the Mortgage or the use, enjoyment, value
            or
            marketability of the related Mortgaged Property. Any security agreement,
            chattel
            mortgage or equivalent document related to and delivered in connection
            with the
            Mortgage Loan establishes and creates a valid, subsisting, enforceable
            and
            perfected first lien and first priority security interest on the property
            described therein, and the Company has the full right to sell and assign
            the
            same to the Purchaser;

          

          (k)
            The
            Mortgage Note and the related Mortgage are original and genuine and each
            is the
            legal, valid and binding obligation of the maker thereof, enforceable
            in all
            respects in accordance with its terms subject to principles of equity,
            bankruptcy, insolvency and other laws of general application affecting
            the
            rights of creditors, and the Company has taken all action necessary to
            transfer
            such rights of enforceability to the Purchaser. All parties to the Mortgage
            Note
            and the Mortgage had the legal capacity to enter into the Mortgage Loan
            and to
            execute and deliver the Mortgage Note and the Mortgage. The Mortgage
            Loan
            Documents are on forms acceptable to Fannie Mae and FHLMC. The Mortgage
            Note and
            the Mortgage have been duly and properly executed by such parties. No
            fraud,
            error, omission, misrepresentation, negligence or similar occurrence
            with
            respect to a Mortgage Loan has taken place on the part of Company, the
            Servicer
            or the Mortgagor, or on the part of any other party involved in the origination
            or servicing of the Mortgage Loan. The proceeds of the Mortgage Loan
            have been
            fully disbursed and there is no requirement for future advances thereunder,
            and
            any and all requirements as to completion of any on-site or off-site
            improvements and as to disbursements of any escrow funds therefor have
            been
            complied with. All costs, fees and expenses incurred in making or closing
            the
            Mortgage Loan and the recording of the Mortgage were paid, and the Mortgagor
            is
            not entitled to any refund of any amounts paid or due under the Mortgage
            Note or
            Mortgage;

          

          (l)
            The
            Company is the sole owner and holder of the Mortgage Loan and the indebtedness
            evidenced by the Mortgage Note. Upon the sale of the Mortgage Loan to
            the
            Purchaser, the Company will retain the Mortgage File or any part thereof
            with
            respect thereto not delivered to the Purchaser or the Purchaser’s designee in
            trust only for the purpose of servicing and supervising the servicing
            of the
            Mortgage Loan. Immediately prior to the transfer and assignment to the
            Purchaser, the Mortgage Loan, including the Mortgage Note and the Mortgage,
            were
            not subject to an assignment, sale or pledge to any person other than
            Purchaser,
            and the Company had good and marketable title to and was the sole owner
            thereof
            and had full right to transfer and sell the Mortgage Loan to the Purchaser
            free
            and clear of any encumbrance, equity, lien, pledge, charge, claim or
            security
            interest and has the full right and authority subject to no interest
            or
            participation of, or agreement with, any other party, to sell and assign
            the
            Mortgage Loan pursuant to this Agreement and following the sale of the
            Mortgage
            Loan, the Purchaser will own such Mortgage Loan free and clear of any
            encumbrance, equity, participation interest, lien, pledge, charge, claim
            or
            security interest. The Company intends to relinquish all rights to possess,
            control and monitor the Mortgage Loan, except for the purposes of the
            Servicer’s
            servicing the Mortgage Loan as set forth in this Agreement. After the
            related
            Closing Date, the Company will not have any right to modify or alter
            the terms
            of the sale of the Mortgage Loan and the Company will not have any obligation
            or
            right to repurchase the Mortgage Loan or substitute another Mortgage
            Loan,
            except as provided in this Agreement, or as otherwise agreed to by the
            Company
            and the Purchaser;

          

          (m)
            Each
            Mortgage Loan is covered by an ALTA lender's title insurance policy or
            other
            generally acceptable form of policy or insurance acceptable to Fannie
            Mae or
            FHLMC (including adjustable rate endorsements), issued by a title insurer
            acceptable to Fannie Mae or FHLMC and qualified to do business in the
            jurisdiction where the Mortgaged Property is located, insuring (subject
            to the
            exceptions contained in (j)(1), (2) and (3) above) the Company, its successors
            and assigns, as to the first priority lien of the Mortgage in the original
            principal amount of the Mortgage Loan and against any loss by reason
            of the
            invalidity or unenforceability of the lien resulting from the provisions
            of the
            Mortgage providing for adjustment in the Mortgage Interest Rate and Monthly
            Payment. Where required by state law or regulation, the Mortgagor has
            been given
            the opportunity to choose the carrier of the required mortgage title
            insurance.
            The Company, its successors and assigns, is the sole insured of such
            lender's
            title insurance policy, such title insurance policy has been duly and
            validly
            endorsed to the Purchaser or the assignment to the Purchaser of the Company's
            interest therein does not require the consent of or notification to the
            insurer
            and such lender's title insurance policy is in full force and effect
            and will be
            in full force and effect upon the consummation of the transactions contemplated
            by this Agreement. No claims have been made under such lender's title
            insurance
            policy, and no prior holder or servicer of the related Mortgage, including
            the
            Company, nor any Mortgagor, has done, by act or omission, anything which
            would
            impair the coverage of such lender's title insurance policy;

          

          (n)
            Other
            than a Monthly Payment due but not delinquent (as provided in Section
            3.02(c)
            herein) and in such case, only if specified on the related Mortgage Loan
            Schedule, there is no default, breach, violation or event of acceleration
            existing under the Mortgage or the related Mortgage Note and no event
            which,
            with the passage of time or with notice and the expiration of any grace
            or cure
            period, would constitute a default, breach, violation or event permitting
            acceleration; and neither the Company, nor any prior mortgagee has waived
            any
            default, breach, violation or event permitting acceleration;

          

          (o)
            There
            are no mechanics' or similar liens or claims which have been filed for
            work,
            labor or material (and no rights are outstanding that under law could
            give rise
            to such liens) affecting the related Mortgaged Property which are or
            may be
            liens prior to or equal to the lien of the related Mortgage;

          

          (p)
            All
            improvements subject to the Mortgage which were considered in determining
            the
            Appraised Value of the Mortgaged Property lie wholly within the boundaries
            and
            building restriction lines of the Mortgaged Property (and wholly within
            the
            project with respect to a condominium unit) and no improvements on adjoining
            properties encroach upon the Mortgaged Property except those which are
            insured
            against by the title insurance policy referred to in clause (m) above
            and all
            improvements on the property comply with all applicable zoning and subdivision
            laws and ordinances;

          

          (q)
            Each
            Mortgage Loan was originated by or for the Company pursuant to, and conforms
            with, the Company’s underwriting guidelines attached as Exhibit H hereto. The
            Mortgage Loan bears interest at an adjustable rate (if applicable) as
            set forth
            in the related Mortgage Loan Schedule, and Monthly Payments under the
            Mortgage
            Note are due and payable on the first day of each month. The Mortgage
            contains
            the usual and enforceable provisions of the Company at the time of origination
            for the acceleration of the payment of the unpaid principal amount of
            the
            Mortgage Loan if the related Mortgaged Property is sold without the prior
            consent of the mortgagee thereunder;

          

          (r)
            The
            Mortgaged Property is not subject to any material damage. At origination
            of the
            Mortgage Loan there was not, since origination of the Mortgage Loan there
            has
            not been, and there currently is no proceeding pending for the total
            or partial
            condemnation of the Mortgaged Property. The Company has not received
            notification that any such proceedings are scheduled to commence at a
            future
            date;

          

          (s)
            The
            related Mortgage contains customary and enforceable provisions such as
            to render
            the rights and remedies of the holder thereof adequate for the realization
            against the Mortgaged Property of the benefits of the security provided
            thereby,
            including, (1) in the case of a Mortgage designated as a deed of trust,
            by
            trustee's sale, and (2) otherwise by judicial foreclosure. There is no
            homestead
            or other exemption available to the Mortgagor which would interfere with
            the
            right to sell the Mortgaged Property at a trustee's sale or the right
            to
            foreclose the Mortgage;

          

          (t)
            If
            the Mortgage constitutes a deed of trust, a trustee, authorized and duly
            qualified if required under applicable law to act as such, has been properly
            designated and currently so serves and is named in the Mortgage, and
            no fees or
            expenses, except as may be required by local law, are or will become
            payable by
            the Purchaser to the trustee under the deed of trust, except in connection
            with
            a trustee's sale or attempted sale after default by the Mortgagor;

          

          (u)
            The
            Mortgage File contains an appraisal of the related Mortgaged Property
            signed
            prior to the final approval of the mortgage loan application by a Qualified
            Appraiser, approved by the Company, who had no interest, direct or indirect,
            in
            the Mortgaged Property or in any loan made on the security thereof, and
            whose
            compensation is not affected by the approval or disapproval of the Mortgage
            Loan, and the appraisal and appraiser both satisfy the requirements of
            Fannie
            Mae or FHLMC and Title XI of the Federal Institutions Reform, Recovery,
            and
            Enforcement Act of 1989 and the regulations promulgated thereunder, all
            as in
            effect on the date the Mortgage Loan was originated. The appraisal is
            in a form
            acceptable to Fannie Mae or FHLMC;

          

          (v)
            All
            parties which have had any legal 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) (A) in compliance with any and all
            applicable licensing requirements of the laws of the state wherein the
            Mortgaged
            Property is located, and (B) (1) organized under the laws of such state,
            or (2)
            qualified to do business in such state, or (3) federal savings and loan
            associations or national banks or a Federal Home Loan Bank or savings
            bank
            having principal offices in such state, or (4) not doing business in
            such
            state;

          

          (w)
            The
            related Mortgage Note is not and has not been secured by any collateral
            except
            the lien of the corresponding Mortgage and the security interest of any
            applicable security agreement or chattel mortgage referred to above and
            such
            collateral does not serve as security for any other obligation;

          

          (x)
            The
            Mortgagor has received and has executed, where applicable, all disclosure
            materials required by applicable law with respect to the making of such
            mortgage
            loans;

          

          (y)
            The
            Mortgage Loan does not contain balloon or "graduated payment" features.
            No
            Mortgage Loan is subject to a buydown agreement or contains any buydown
            provision;

          

          (z)
            The
            Mortgagor is not in bankruptcy and, the Mortgagor is not insolvent and
            the
            Company has no knowledge of any circumstances or conditions with respect
            to the
            Mortgage, the Mortgaged Property, the Mortgagor or the Mortgagor's credit
            standing that could reasonably be expected to cause investors who invest
            in
            mortgage loans of the type similar to the Mortgage Loans to regard the
            Mortgage
            Loan as an unacceptable investment, cause the Mortgage Loan to become
            delinquent, or materially adversely affect the value or marketability
            of the
            Mortgage Loan;

          

          (aa)
            Each
            Mortgage Loan bears interest based upon a thirty (30) day month and a
            three
            hundred and sixty (360) day year. The Mortgage Loans have an original
            term to
            maturity of not more than thirty (30) years, with interest payable in
            arrears on
            the first day of each month. As to each adjustable rate Mortgage Loan,
            on each
            applicable Adjustment Date, the Mortgage Interest Rate will be adjusted
            to equal
            the sum of the Index, plus the applicable Margin; provided, that the
            Mortgage
            Interest Rate, on each applicable Adjustment Date, will not increase
            by more
            than the Initial Rate Cap or Periodic Rate Cap, as applicable. Over the
            term of
            each adjustable rate Mortgage Loan, the Mortgage Interest Rate will not
            exceed
            such Mortgage Loan's Lifetime Rate Cap. None of the Mortgage Loans are
            “interest-only” Mortgage Loans or “negative amortization” Mortgage Loans. With
            respect to each adjustable rate Mortgage Loan, each Mort-gage Note requires
            a
            monthly payment which is suffi-cient (a) during the period prior to the
            first
            adjust-ment to the Mortgage Interest Rate, to fully amortize the original
            principal balance over the original term thereof and to pay interest
            at the
            related Mortgage Interest Rate, and (b) during the period following each
            Adjust-ment Date, to fully amortize the outstanding principal balance
            as of the
            first day of such period over the then remaining term of such Mortgage
            Note and
            to pay interest at the related Mortgage Interest Rate. With respect to
            each
            adjustable rate Mortgage Loan, the Mortgage Note provides that when the
            Mortgage
            Interest Rate changes on an Adjustment Date, the then outstanding principal
            balance will be reamortized over the remaining life of the Mortgage Loan.
            No
            Mortgage Loan contains terms or provi-sions which would result in negative
            amortization. None of the Mortgage Loans contain a conversion feature
            which
            would cause the Mortgage Loan interest rate to convert to a fixed interest
            rate.
            None of the Mortgage Loans are considered agricultural loans; 

          

          (bb) (INTENTIONALLY
            LEFT BLANK)

          

          (cc) (INTENTIONALLY
            LEFT BLANK)

          

          (dd) (INTENTIONALLY
            LEFT BLANK)

           

          (ee) (INTENTIONALLY
            LEFT BLANK) 

          

          (ff) (INTENTIONALLY
            LEFT BLANK)

          

          (gg) (INTENTIONALLY
            LEFT BLANK)

          

          (hh) In
            the
            event the Mortgage Loan had an LTV at origination greater than 80.00%,
            the
            excess of the principal balance of the Mortgage Loan over 75.0% of the
            Appraised
            Value of the Mortgaged Property with respect to a Refinanced Mortgage
            Loan, or
            the lesser of the Appraised Value or the purchase price of the Mortgaged
            Property with respect to a purchase money Mortgage Loan was insured as
            to
            payment defaults by a Primary Mortgage Insurance Policy issued by a Qualified
            Insurer. No Mortgage Loan has an LTV over 95%. All provisions of such
            Primary
            Mortgage Insurance Policy have been and are being complied with, such
            policy is
            in full force and effect, and all premiums due thereunder have been paid.
            No
            Mortgage Loan requires payment of such premiums, in whole or in part,
            by the
            Purchaser. No action, inaction, or event has occurred and no state of
            facts
            exists that has, or will result in the exclusion from, denial of, or
            defense to
            coverage. Any Mortgage Loan subject to a Primary Mortgage Insurance Policy
            obligates the Mortgagor thereunder to maintain the Primary Mortgage Insurance
            Policy, subject to state and federal law, and to pay all premiums and
            charges in
            connection therewith. No action has been taken or failed to be taken,
            on or
            prior to the Closing Date which has resulted or will result in an exclusion
            from, denial of, or defense to coverage under any Primary Mortgage Insurance
            Policy (including, without limitation, any exclusions, denials or defenses
            which
            would limit or reduce the availability of the timely payment of the full
            amount
            of the loss otherwise due thereunder to the insured) whether arising
            out of
            actions, representations, errors, omissions, negligence, or fraud of
            the Company
            or the Mortgagor, or for any other reason under such coverage; The mortgage
            interest rate for the Mortgage Loan as set forth on the related Mortgage
            Loan
            Schedule is net of any such insurance premium. None of the Mortgage Loans
            are
            subject to “lender-paid” mortgage insurance;

          

          (ii) The
            Assignment is in recordable form and is acceptable for recording under
            the laws
            of the jurisdiction in which the Mortgaged Property is located;

          

          (jj) None
            of
            the Mortgage Loans are secured by an interest in a leasehold estate.
            The
            Mortgaged Property is located in the state identified in the related
            Mortgage
            Loan Schedule and consists of a single parcel of real property with a
            detached
            single family residence erected thereon, or a townhouse, or a two-to
            four-family
            dwelling, or an individual condominium unit in a condominium project,
            or an
            individual unit in a planned unit development or a de minimis planned
            unit
            development, provided, however, that no residence or dwelling is a single
            parcel
            of real property with a manufactured home not affixed to a permanent
            foundation,
            or a mobile home. Any
            condominium unit or planned unit development conforms with the Company’s
            underwriting guidelines. As
            of the
            date of origination, no portion of any Mortgaged Property was used for
            commercial purposes, and since the Origination Date, no portion of any
            Mortgaged
            Property has been, or currently is, used for commercial purposes;

          

          (kk) Payments
            on the Mortgage Loan commenced no more than sixty (60) days after the
            funds were
            disbursed in connection with the Mortgage Loan. The Mortgage Note is
            payable on
            the first day of each month in monthly installments of principal and
            interest,
            which installments are subject to change due to the adjustments to the
            Mortgage
            Interest Rate on each Adjustment Date, with interest calculated and payable
            in
            arrears. Each of the Mortgage Loans will amortize fully by the stated
            maturity
            date, over an original term of not more than thirty years from commencement
            of
            amortization;

          

          (ll) As
            of the
            Closing Date of the Mortgage Loan, the Mortgage Property was lawfully
            occupied
            under applicable law, and all inspections, licenses and certificates
            required to
            be made or issued with respect to all occupied portions of the Mortgaged
            Property and, with respect to the use and occupancy of the same, including
            but
            not limited to certificates of occupancy and fire underwriting certificates,
            have been made or obtained from the appropriate authorities;

          

          (mm) There
            is
            no pending action or proceeding directly involving the Mortgaged Property
            in
            which compliance with any environmental law, rule or regulation is an
            issue;
            there is no violation of any environmental law, rule or regulation with
            respect
            to the Mortgaged Property; and the Company has not received any notice
            of any
            environmental hazard on the Mortgaged Property and nothing further remains
            to be
            done to satisfy in full all requirements of each such law, rule or regulation
            constituting a prerequisite to use and enjoyment of said property;

          

          (nn) The
            Mortgagor has not notified the Company, and the Company has no knowledge
            of any
            relief requested or allowed to the Mortgagor under the Soldiers' and
            Sailors'
            Civil Relief Act of 1940;

          

          (oo)
             No
            Mortgage Loan is a construction or rehabilitation Mortgage Loan or was
            made to
            facilitate the trade-in or exchange of a Mortgaged Property;

          

          (pp) The
            Mortgagor for each Mortgage Loan is a natural person;

          

          (qq) None
            of
            the Mortgage Loans are Co-op Loans; 

          

          (rr)
             With
            respect to each Mortgage Loan that has a prepayment penalty feature,
            each such
            prepayment penalty is enforceable and will be enforced by the Company
            and each
            prepayment penalty is permitted pursuant to federal, state and local
            law. No
            Mortgage Loan will impose a prepayment penalty for a term in excess of
            five
            years from the date such Mortgage Loan was originated. Except as otherwise
            set
            forth on the Mortgage Loan Schedule, with respect to each Mortgage Loan
            that
            contains a prepayment penalty, such prepayment penalty is at least equal
            to the
            lesser of (A) the maximum amount permitted under applicable law and (B)
            six
            months interest at the related Mortgage Interest Rate on the amount prepaid
            in
            excess of 20% of the original principal balance of such Mortgage
            Loan;

          

          (ss)
             With
            respect to each Mortgage Loan either (i) the fair market value of the
            Mortgaged
            Property securing such Mortgage Loan was at least equal to 80 percent
            of the
            original principal balance of such Mortgage Loan at the time such Mortgage
            Loan
            was originated or (ii) (a) the Mortgage Loan is only secured by the Mortgage
            Property and (b) substantially all of the proceeds of such Mortgage Loan
            were
            used to acquire or to improve or protect the Mortgage Property. For the
            purposes
            of the preceding sentence, if the Mortgage Loan has been significantly
            modified
            other than as a result of a default or a reasonable foreseeable default,
            the
            modified Mortgage Loan will be viewed as having been originated on the
            date of
            the modification;

          

          (tt)
            The
            Mortgage Loan was originated by a mortgagee approved by the Secretary
            of Housing
            and Urban Development pursuant to sections 203 and 211 of the National
            Housing
            Act, a savings and loan association, a savings bank, a commercial bank,
            credit
            union, insurance company or similar institution which is supervised and
            examined
            by a federal or state authority; 

          

          (uu)
            None
            of the Mortgage Loans are simple interest Mortgage Loans and none of
            the
            Mortgaged Properties are timeshares; 

          

          (vv)
            All
            of the terms of the Mortgage pertaining to interest rate adjustments,
            payment
            adjustments and adjustments of the outstanding principal balance are
            enforceable, all such adjustments have been properly made, including
            the mailing
            of required notices, and such adjustments do not and will not affect
            the
            priority of the Mortgage lien. With respect to each Mortgage Loan which
            has
            passed its initial Adjustment Date, Company has performed an audit of
            the
            Mortgage Loan to determine whether all interest rate adjustments have
            been made
            in accordance with the terms of the Mortgage Note and Mortgage;

          

          (ww)
            Each
            Mortgage Note, each Mortgage, each Assignment and any other documents
            required
            pursuant to this Agreement to be delivered to the Purchaser or its designee,
            or
            its assignee for each Mortgage Loan, have been, on or before the related
            Closing
            Date, delivered to the Purchaser or its designee, or its assignee;

          

          (xx)
            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;

          

          (yy)
            [reserved];

          

          (zz)
            No
            borrower was encouraged or required to select a Mortgage Loan product
            offered by
            the Mortgage Loan’s originator which is a higher cost product designed for less
            creditworthy borrowers, unless at the time of the Mortgage Loan’s origination,
            such borrower did not qualify taking into account credit history and
            debt-to-income ratios for a lower-cost credit product then offered by
            the
            Mortgage Loan’s originator or any affiliate of the Mortgage Loan’s originator.
            If, at the time of loan application, the borrower may have qualified
            for a
            lower-cost credit product then offered by any mortgage lending affiliate
            of the
            Mortgage Loan’s originator, the Mortgage Loan’s originator referred the
            borrower’s application to such affiliate for underwriting
            consideration;

          

          (aaa) The
            methodology used in underwriting the extension of credit for each Mortgage
            Loan
            employs objective mathematical principles which relate the borrower’s income,
            assets and liabilities to the proposed payment and such underwriting
            methodology
            does not rely on the extent of the borrower’s equity in the collateral as the
            principal determining factor in approving such credit extension. Such
            underwriting methodology confirmed that at the time of origination
            (application/approval) the borrower had a reasonable ability to make
            timely
            payments on the Mortgage Loan;

           

          (bbb) With
            respect to any Mortgage Loan that contains a provision permitting imposition
            of
            a premium upon a prepayment prior to maturity: (i) prior to the loan’s
            origination, the borrower agreed to such premium in exchange for a monetary
            benefit, including but not limited to a rate or fee reduction, (ii) prior
            to the
            loan’s origination, the borrower was offered the option of obtaining a mortgage
            loan that did not require payment of such a premium, (iii) the prepayment
            premium is disclosed to the borrower in the loan documents pursuant to
            applicable state and federal law, and (iv) notwithstanding any state
            or federal
            law to the contrary, the Servicer shall not impose such prepayment premium
            in
            any instance when the mortgage debt is accelerated as the result of the
            borrower’s default in making the loan payments;

           

          (ccc) No
            borrower was required to purchase any credit life, disability, accident
            or
            health insurance product as a condition of obtaining the extension of
            credit. No
            borrower obtained a prepaid single-premium credit life, disability, accident
            or
            health insurance policy in connection with the origination of the Mortgage
            Loan;
            No proceeds from any Mortgage Loan were used to purchase or finance single
            premium credit insurance policies as part of the origination of, or as
            a
            condition to closing, such Mortgage Loan; 

           

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

           

          (eee)
            [reserved]; 

          

          (fff)
            With
            respect to any Mortgage Loan originated on or after August 1, 2004 and
            underlying the security, 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;
            

           

          (ggg)
            No Mortgage Loan is secured by Mortgaged Property in the Commonwealth
            of
            Massachusetts with a loan application date on or after November 7, 2004
            that
            refinances a mortgage loan that is less than sixty (60) months old, unless
            such
            Mortgage Loan (1) is on an investment property, (ii) meets the requirements
            set
            forth in the Code of Massachusetts Regulation (“CMR”), 209 CMR 53.04(1)(b), or
            (iii) meets the requirements set forth in the 209 CMR 53.04(1)(c); 

          

          (hhh) 
            For any Mortgage Loan with Mortgaged Property located in Texas which
            is a second
            lien and the interest rate is in excess of 10% where terms of the Mortgage
            Note
            contain a provision for which the Mortgagor may be entitled to prepaid
            interest
            upon payoff, no Mortgagor paid any administrative fees, points, or loan
            origination fees which would actually result in any prepaid interest
            being due
            the Mortgagor under the terms of the Mortgage Note;

           

          (iii)  
            The Company and the Servicer have complied with all applicable anti-money
            laundering laws and regulations, including without limitation the USA
            Patriot
            Act of 2001 (collectively, the Anti-Money Laundering Laws").  The Company
            and the Servicer have each established an anti-money laundering compliance
            program as required by the Anti-Money Laundering Laws and has conducted the
            requisite due diligence in connection with the origination of each Mortgage
            Loan
            for the purposes of the Anti-Money Laundering Laws.  The Company and
            the Servicer further represent that each takes reasonable efforts to
            determine
            whether any Mortgagor appears on any list of blocked or prohibited parties
            designated by the U.S. Department of Treasury; and

          

          (jjj)
            With respect to each Mortgage Loan, information regarding the borrower
            credit
            files related to such Mortgage Loan has been furnished to credit reporting
            agencies in compliance with the provisions of the Fair Credit Reporting
            Act and
            the applicable implementing regulations.

          

          Section
            3.03 Repurchase.

          

          It
            is
            understood and agreed that the representations and warranties set forth
            in
            Sections 3.01 and 3.02 shall survive the sale of the Mortgage Loans and
            delivery
            of the Mortgage Loan Documents to the Purchaser, or its designee, and
            shall
            inure to the benefit of the Purchaser, notwithstanding any restrictive
            or
            qualified endorsement on any Mortgage Note or Assignment or the examination,
            or
            lack of examination, of any Mortgage File. Upon discovery by any of the
            Company,
            the Servicer or the Purchaser of a breach of any of the foregoing
            representations and warranties which materially and adversely affects
            the value
            of the Mortgage Loans or the interest of the Purchaser in any Mortgage
            Loan, the
            party discovering such breach shall give prompt written notice to the
            other. The
            Company or the Servicer, as applicable, shall have a period of sixty
            (60) days
            from the earlier of its discovery or its receipt of notice of any such
            breach
            within which to correct or cure such breach. The Company and the Servicer,
            as
            applicable, hereby covenant and agree that if any such breach is not
            corrected
            or cured within such sixty day period, the Company shall, at the Purchaser's
            option and not later than ninety (90) days of its discovery or its receipt
            of
            notice of such breach, repurchase such Mortgage Loan at the Repurchase
            Price. In
            the event that any such breach shall involve any representation or warranty
            set
            forth in Section 3.01, and such breach is not cured within sixty (60)
            days of
            the earlier of either discovery by or notice to the Company of such breach,
            all
            Mortgage Loans shall, at the option of the Purchaser, be repurchased
            by the
            Company at the Repurchase Price. Any such repurchase shall be accomplished
            by
            wire transfer of immediately available funds to Purchaser in the amount
            of the
            Repurchase Price. Notwithstanding anything to the contrary contained
            herein, it
            is understood by the parties hereto that a breach of the representations
            made in
            Section 3.02 (h ),
            (xx),
            (yy), (zz), (aaa), (bbb), (ccc), (fff), (ggg) or (iii) will be deemed
            to
            materially and adversely affect the value of the related Mortgage Loan
            or the
            interest of Purchaser therein. 

          

          It
            is
            understood and agreed that the obligation of the Company and the Servicer,
            as
            applicable, set forth in this Section 3.03 to cure or repurchase for
            a defective
            Mortgage Loan, and to indemnify Purchaser pursuant to Section 8.01, constitute
            the sole remedies of the Purchaser respecting a breach of the foregoing
            representations and warranties. If the Company fails to repurchase a
            defective
            Mortgage Loan in accordance with this Section 3.03, or fails to cure
            a defective
            Mortgage Loan to Purchaser's reasonable satisfaction in accordance with
            this
            Section 3.03, or to indemnify Purchaser pursuant to Section 8.01, that
            failure
            shall be an Event of Default and the Purchaser shall be entitled to pursue
            all
            remedies available in this Agreement as a result thereof. No provision
            of this
            paragraph shall affect the rights of the Purchaser to terminate this
            Agreement
            for cause, as set forth in Sections 10.01 and 11.01.

          

          Any
            cause
            of action against the Company or the Servicer, as applicable, relating
            to or
            arising out of the breach of any representations and warranties made
            in Sections
            3.01 and 3.02 shall accrue as to any Mortgage Loan upon (i) the earlier
            of
            discovery of such breach by the Company or the Servicer or notice thereof
            by the
            Purchaser to the Company or the Servicer, (ii) failure by the Company
            or the
            Servicer, as applicable, to cure such breach or repurchase such Mortgage
            Loan as
            specified above, and (iii) demand upon the Company or the Servicer, as
            applicable, by the Purchaser for compliance with this Agreement.

          

          Section
            3.04 Representations
            and Warranties of the Purchaser.

           

          The
            Purchaser represents, warrants and convenants to the Company and the
            Servicer
            that, as of the related Closing Date or as of such date specifically
            provided
            herein:

          

          (a)  The
            Purchaser is a corporation, dully organized validly existing and in good
            standing under the laws of the State of Delaware and is qualified to
            transact
            business in, is in good standing under the laws of, and possesses all
            licenses
            necessary for the conduct of its business in, each state in which any
            Mortgaged
            Property is located or is otherwise exempt or not required under applicable
            law
            to effect such qualification or license;

          

          (b)  The
            Purchaser has full corporate power and authority and legal right to hold
            each
            Mortgage Loan, to purchase each Mortgage Loan pursuant to this Agreement
            and the
            related Term Sheet and to execute, deliver and perform, and to enter
            into and
            consummate all transactions contemplated by this Agreement and the related
            Term
            Sheet and to conduct its business as presently conducted, has duly authorized
            the execution, delivery and performance of this Agreement and the related
            Term
            Sheet, has duly executed and delivered this Agreement and the related
            Term
            Sheet, and this Agreement and the related Term Sheet and any agreements
            contemplated hereby, constitutes a legal, valid and binding obligation
            of the
            Purchaser, enforceable against it in accordance with its terms, and all
            requisite corporate action has been taken by the Purchaser to make this
            Agreement and the related Term Sheet and all agreements contemplated
            hereby
            valid and binding upon the Purchaser, in accordance with their
            terms;

          

          (c) None
            of
            the execution and delivery of this Agreement and the related Term Sheet,
            the
            purchase of the Mortgage Loans, the consummation of the transactions
            contemplated hereby, or the fulfillment of or compliance with the terms
            and
            conditions of this Agreement and the related Term Sheet will conflict
            with any
            of the terms, conditions or provisions of the Purchaser’s charter or by-laws or
            materially conflict with or result in a material breach of any of the
            terms,
            conditions or provisions
            of any legal restriction or any agreement or instrument to which the
            Purchaser
            is now a party or by which it is bound, or constitute a default or result
            in an
            acceleration under any of the foregoing, or result in the material violation
            of
            any law, rule, regulation, order, judgment or decree to which the Purchaser
            or
            its property is subject;

          

          (d) There
            is
            no litigation, legal proceeding or governmental investigation pending
            or to the
            best of the Purchaser’s knowledge, threatened with respect to the Purchaser
            which is reasonably likely to have a material adverse effect on the purchase
            of
            the related Mortgage Loans hereunder, the execution, delivery, performance
            or
            enforceability of this Agreement and the related Term Sheet, or which
            is
            reasonably likely to have a material adverse effect on the financial
            condition
            of the Purchaser;

          

          (e) No
            consent, approval, authorization or order of any court or governmental
            agency or
            body is required for the execution, delivery and performance by the Purchaser
            of
            or compliance by the Purchaser with this Agreement and the related Term
            Sheet,
            the purchase of the Mortgage Loans or the consummation of the transactions
            contemplated by this Agreement and the related Term Sheet except for
            consents,
            approvals, authorizations and orders which have been obtained;

          

          (f) The
            consummation of the transactions contemplated by this Agreement and the
            related
            Term Sheet is in the ordinary course of business of the Purchaser;

          

          (h) The
            Purchaser will treat the purchase of the Mortgage Loans from the Company
            as a
            purchase for reporting, tax and accounting purposes; and

          

          (i) The
            Purchaser does not believe, nor does it have any cause or reason to believe,
            that it cannot perform each and every one of its covenants contained
            in this
            Agreement and the related Term Sheet.

          

          The
            Purchaser shall indemnify the Company and the Servicer, as applicable,
            and hold
            them harmless against any claims, proceedings, losses, damages, penalties,
            fines, forfeitures, reasonable and necessary legal fees and related costs,
            judgments, and other costs and expenses resulting from a breach by the
            Purchaser
            of the representations and warranties contained in this Section 3.04.
            It is
            understood and agreed that the obligations of the Purchaser set forth
            in this
            Section 3.04 to indemnify the Company and the Servicer as provided herein
            constitute the sole remedies of the Company and the Servicer respecting
            a breach
            of the foregoing representations and warranties.

          

          

          
            
              
                
                

              

              
                
                

                
                  

                

              

              
                
                

              

            

          

          

          ARTICLE
            IV

          

          ADMINISTRATION
            AND SERVICING OF MORTGAGE LOANS

          

          Section
            4.01 Servicer
            to Act as Servicer.

          

          The
            Servicer,
            as
            independent contract servicer, shall service and administer the Mortgage
            Loans
            in accordance with this Agreement and the related Term Sheet and with
            Accepted
            Servicing Practices, and shall have full power and authority, acting
            alone, to
            do or cause to be done any and all things in connection with such servicing
            and
            administration which the Servicer may deem necessary or desirable and
            consistent
            with the terms of this Agreement and the related Term Sheet and with
            Accepted
            Servicing Practices and exercise the same care that it customarily employs
            for
            its own account. In
            addition, the Servicer shall furnish information regarding the borrower
            credit
            files related to such Mortgage Loan to credit reporting agencies in compliance
            with the provisions of the Fair Credit Reporting Act and the applicable
            implementing regulations. Except
            as
            set forth in this Agreement and the related Term Sheet, the Servicer
            shall
            service the Mortgage Loans in strict compliance with the servicing provisions
            of
            the Fannie Mae Guides (special servicing option), which include, but
            are not
            limited to, provisions regarding the liquidation of Mortgage Loans, the
            collection of Mortgage Loan payments, the payment of taxes, insurance
            and other
            charges, the maintenance of hazard insurance with a Qualified Insurer,
            the
            maintenance of mortgage impairment insurance, the maintenance of fidelity
            bond
            and errors and omissions insurance, inspections, the restoration of Mortgaged
            Property, the maintenance of Primary Mortgage Insurance Policies, insurance
            claims, the title, management and disposition of REO Property, permitted
            withdrawals with respect to REO Property, liquidation reports, and reports
            of
            foreclosures and abandonments of Mortgaged Property, the transfer of
            Mortgaged
            Property, the release of Mortgage Files, annual statements, and examination
            of
            records and facilities. In the event of any conflict, inconsistency or
            discrepancy between any of the servicing provisions of this Agreement
            and the
            related Term Sheet and any of the servicing provisions of the Fannie
            Mae Guides,
            the provisions of this Agreement and the related Term Sheet shall control
            and be
            binding upon the Purchaser and the Servicer. 

          

          Consistent
            with the terms of this Agreement and the related Term Sheet, the Servicer
            may
            waive, modify or vary any term of any Mortgage Loan or consent to the
            postponement of any such term or in any manner grant indulgence to any
            Mortgagor
            if in the Servicer's reasonable and prudent determination such waiver,
            modification, postponement or indulgence is not materially adverse to
            the
            Purchaser, provided, however, that unless the Servicer has obtained the
            prior
            written consent of the Purchaser, the Servicer shall not permit any modification
            with respect to any Mortgage Loan that would change the Mortgage Interest
            Rate,
            defer for more than ninety days or forgive any payment of principal or
            interest,
            reduce or increase the outstanding principal balance (except for actual
            payments
            of principal) or change the final maturity date on such Mortgage Loan.
            In the
            event of any such modification which has been agreed to in writing by
            the
            Purchaser and which permits the deferral of interest or principal payments
            on
            any Mortgage Loan, the Servicer shall, on the Business Day immediately
            preceding
            the Remittance Date in any month in which any such principal or interest
            payment
            has been deferred, deposit in the Custodial Account from its own funds,
            in
            accordance with Section 4.04, the difference between (a) such month's
            principal
            and one month's interest at the Mortgage Loan Remittance Rate on the
            unpaid
            principal balance of such Mortgage Loan and (b) the amount paid by the
            Mortgagor. The Servicer shall be entitled to reimbursement for such advances
            to
            the same extent as for all other advances pursuant to Section 4.05. Without
            limiting the generality of the foregoing, the Servicer shall continue,
            and is
            hereby authorized and empowered, to prepare, execute and deliver, all
            instruments of satisfaction or cancellation, or of partial or full release,
            discharge and all other comparable instruments, with respect to the Mortgage
            Loans and with respect to the Mortgaged Properties. Notwithstanding anything
            herein to the contrary, the Servicer may not enter into a forbearance
            agreement
            or similar arrangement with respect to any Mortgage Loan which runs more
            than
            180 days after the first delinquent Due Date. Any such agreement shall
            be
            approved by Purchaser and, if required, by the Primary Mortgage Insurance
            Policy
            insurer, if required. 

          

          Notwithstanding
            anything in this Agreement to the contrary, if any Mortgage Loan becomes
            subject
            to a Securitization Transaction, the servicing provisions set forth in
            the
            related Reconstitution Agreement shall govern the servicing of such Mortgage
            Loans to the extent such terms contradict the servicing provisions set
            forth in
            this Agreement, including but not limited to the servicing provisions
            of
            Articles IV, V and VI hereof.

          

          Notwithstanding
            anything in this Agreement to the contrary, if any Mortgage Loan becomes
            subject
            to a Securitization Transaction, the Servicer (a) with respect to such
            Mortgage
            Loan, shall not permit any modification with respect to such Mortgage
            Loan that
            would change the Mortgage Interest Rate and (b) shall not (unless the
            Mortgagor
            is in default with respect to such Mortgage Loan or such default is,
            in the
            judgment of the Servicer, reasonably foreseeable) make or permit any
            modification, waiver or amendment of any term of such Mortgage Loan that
            would
            both (i) effect an exchange or reissuance of such Mortgage Loan under
            Section
            1001 of the Code (or Treasury regulations promulgated thereunder) and
            (ii) cause
            any REMIC to fail to qualify as a REMIC under the Code or the imposition
            of any
            tax on “prohibited transactions” or “contributions” after the startup date under
            the REMIC Provisions.

          

          Prior
            to
            taking any action with respect to the Mortgage Loans subject to a Securitization
            Transaction, which is not contemplated under the terms of this Agreement,
            the
            Servicer will obtain an Opinion of Counsel reasonably acceptable to the
            trustee
            in such Securitization Transaction with respect to whether such action
            could
            result in the imposition of a tax upon any REMIC (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”), and the Servicer shall not
            take any such actions as to which it has been advised that an Adverse
            REMIC
            Event could occur.

          

          The
            Servicer shall not permit the creation of any “interests” (within the meaning of
            Section 860G of the Code) in any REMIC. The Servicer shall not enter
            into any
            arrangement by which a REMIC will receive a fee or other compensation
            for
            services nor permit a REMIC to receive any income from assets other than
            “qualified mortgages” as defined in Section 860G(a)(3) of the Code or “permitted
            investments” as defined in Section 860G(a)(5) of the Code.

          

          In
            servicing and administering the Mortgage Loans, the Servicer shall employ
            Accepted Servicing Practices, giving due consideration to the Purchaser's
            reliance on the Servicer. Unless a different time period is stated in
            this
            Agreement or the related Term Sheet, Purchaser shall be deemed to have
            given
            consent in connection with a particular matter if Purchaser does not
            affirmatively grant or deny consent within five (5) Business Days from
            the date
            Purchaser receives a second written request for consent for such matter
            from
            Servicer as servicer. 

          

          The
            Mortgage Loans may be subserviced by a Subservicer on behalf of the Servicer
            provided that the Subservicer is an entity that engages in the business
            of
            servicing loans, and in either case shall be authorized to transact business,
            and licensed to service mortgage loans, in the state or states where
            the related
            Mortgaged Properties it is to service are situated, if and to the extent
            required by applicable law to enable the Subservicer to perform its obligations
            hereunder and under the Subservicing Agreement, and in either case shall
            be a
            FHLMC or Fannie Mae approved mortgage servicer in good standing, and
            no event
            has occurred, including but not limited to a change in insurance coverage,
            which
            would make it unable to comply with the eligibility requirements for
            lenders
            imposed by Fannie Mae or for seller/servicers imposed by Fannie Mae or
            FHLMC, or
            which would require notification to Fannie Mae or FHLMC. In addition,
            each
            Subservicer will obtain and preserve its qualifications to do business
            as a
            foreign corporation and its licenses to service mortgage loans, in each
            jurisdiction in which such qualifications and/or licenses are or shall
            be
            necessary to protect the validity and enforceability of this Agreement,
            or any
            of the Mortgage Loans and to perform or cause to be performed its duties
            under
            the related Subservicing Agreement. The Servicer may perform any of its
            servicing responsibilities hereunder or may cause the Subservicer to
            perform any
            such servicing responsibilities on its behalf, but the use by the Servicer
            of
            the Subservicer shall not release the Servicer from any of its obligations
            hereunder and the Servicer shall remain responsible hereunder for all
            acts and
            omissions of the Subservicer as fully as if such acts and omissions were
            those
            of the Servicer. The Servicer shall pay all fees and expenses of the
            Subservicer
            from its own funds, and the Subservicer's fee shall not exceed the Servicing
            Fee. Servicer shall notify Purchaser promptly in writing upon the appointment
            of
            any Subservicer.

          

          At
            the
            cost and expense of the Servicer, without any right of reimbursement
            from the
            Custodial Account, the Servicer shall be entitled to terminate the rights
            and
            responsibilities of the Subservicer and arrange for any servicing
            responsibilities to be performed by a successor subservicer meeting the
            requirements in the preceding paragraph, provided, however, that nothing
            contained herein shall be deemed to prevent or prohibit the Servicer,
            at the
            Servicer's option, from electing to service the related Mortgage Loans
            itself.
            In the event that the Servicer's responsibilities and duties under this
            Agreement are terminated pursuant to Section 4.13, 8.04, 9.01 or 10.01
            and if
            requested to do so by the Purchaser, the Servicer shall at its own cost
            and
            expense terminate the rights and responsibilities of the Subservicer
            effective
            as of the date of termination of the Servicer. The Servicer shall pay
            all fees,
            expenses or penalties necessary in order to terminate the rights and
            responsibilities of the Subservicer from the Servicer's own funds without
            reimbursement from the Purchaser.

          

          Notwithstanding
            any of the provisions of this Agreement relating to agreements or arrangements
            between the Servicer and the Subservicer or any reference herein to actions
            taken through the Subservicer or otherwise, the Servicer shall not be
            relieved
            of its obligations to the Purchaser and shall be obligated to the same
            extent
            and under the same terms and conditions as if it alone were servicing
            and
            administering the Mortgage Loans. The Servicer shall be entitled to enter
            into
            an agreement with the Subservicer for indemnification of the Servicer
            by the
            Subservicer and nothing contained in this Agreement shall be deemed to
            limit or
            modify such indemnification. The Servicer will indemnify and hold Purchaser
            harmless from any loss, liability or expense arising out of its use of
            a
            Subservicer to perform any of its servicing duties, responsibilities
            and
            obligations hereunder.

          

          Any
            Subservicing Agreement and any other transactions or services relating
            to the
            Mortgage Loans involving the Subservicer shall be deemed to be between
            the
            Subservicer and Servicer alone, and the Purchaser shall have no obligations,
            duties or liabilities with respect to the Subservicer including no obligation,
            duty or liability of Purchaser to pay the Subservicer's fees and expenses.
            For
            purposes of distributions and advances by the Servicer pursuant to this
            Agreement, the Servicer shall be deemed to have received a payment on
            a Mortgage
            Loan when the Subservicer has received such payment.

          

          Section
            4.02 Collection
            of Mortgage Loan Payments.

          

          Continuously
            from the date hereof until the date each Mortgage Loan ceases to be subject
            to
            this Agreement, the Servicer will proceed diligently to collect all payments
            due
            under each Mortgage Loan when the same shall become due and payable and
            shall,
            to the extent such procedures shall be consistent with this Agreement,
            Accepted
            Servicing Practices, and the terms and provisions of any related Primary
            Mortgage Insurance Policy, follow such collection procedures as it follows
            with
            respect to mortgage loans comparable to the Mortgage Loans and held for
            its own
            account. Further, the Servicer will take special care in ascertaining
            and
            estimating annual escrow payments, and all other charges that, as provided
            in
            the Mortgage, will become due and payable, so that the installments payable
            by
            the Mortgagors will be sufficient to pay such charges as and when they
            become
            due and payable.

          

          The
            Servicer shall not waive any 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,
            (ii) the enforcement thereof is illegal, or any local, state or federal
            agency
            has threatened legal action if the prepayment penalty is enforced, (iii)
            the
            mortgage debt has been accelerated in connection with a foreclosure or
            other
            involuntary payment or (iv) such waiver is standard and customary in
            servicing
            similar Mortgage Loans and relates to a default or a reasonably foreseeable
            default and would, in the reasonable judgment of the Servicer, maximize
            recovery
            of total proceeds taking into account the value of such Prepayment Charge
            and
            the related Mortgage Loan. If a Prepayment Charge is waived, but does
            not meet
            the standards described above, then the Servicer is required to pay the
            amount
            of such waived Prepayment Charge by remitting such amount to the Purchaser
            by
            the Remittance Date.

          

          Section
            4.03 Realization
            Upon Defaulted Mortgage

          

          The
            Servicer shall use its best efforts, consistent with the procedures that
            the
            Servicer would use in servicing loans for its own account, consistent
            with
            Accepted Servicing Practices, any Primary Mortgage Insurance Policies
            and the
            best interest of Purchaser, to foreclose upon or otherwise comparably
            convert
            the ownership of properties securing such of the Mortgage Loans as come
            into and
            continue in default and as to which no satisfactory arrangements can
            be made for
            collection of delinquent payments pursuant to Section 4.01. In
            determining the delinquency status of any Mortgage Loan, the Servicer
            will use
            Delinquency Recognition Policies, and shall revise these policies as
            reasonably
            requested by the Purchaser from time to time. Foreclosure
            or comparable proceedings shall be initiated within ninety (90) days
            of default
            for Mortgaged Properties for which no satisfactory arrangements can be
            made for
            collection of delinquent payments, subject to state and federal law and
            regulation. The Servicer shall use its best efforts to realize upon defaulted
            Mortgage Loans in such manner as will maximize the receipt of principal
            and
            interest by the Purchaser, taking into account, among other things, the
            timing
            of foreclosure proceedings. The foregoing is subject to the provisions
            that, in
            any case in which a Mortgaged Property shall have suffered damage, the
            Servicer
            shall not be required to expend its own funds toward the restoration
            of such
            property unless it shall determine in its discretion (i) that such restoration
            will increase the proceeds of liquidation of the related Mortgage Loan
            to the
            Purchaser after reimbursement to itself for such expenses, and (ii) that
            such
            expenses will be recoverable by the Servicer through Insurance Proceeds
            or
            Liquidation Proceeds from the related Mortgaged Property, as contemplated
            in
            Section 4.05. The Servicer shall obtain prior approval of Purchaser as
            to repair
            or restoration expenses in excess of ten thousand dollars ($10,000).
            The
            Servicer shall notify the Purchaser in writing of the commencement of
            foreclosure proceedings and not less than five (5) days prior to the
            acceptance
            or rejection of any offer of reinstatement. The Servicer shall be responsible
            for all costs and expenses incurred by it in any such proceedings or
            functions;
            provided, however, that it shall be entitled to reimbursement thereof
            from the
            related property, as contemplated in Section 4.05. Notwithstanding anything
            to
            the contrary contained herein, in connection with a foreclosure or acceptance
            of
            a deed in lieu of foreclosure, in the event the Servicer has reasonable
            cause to
            believe that a Mortgaged Property is contaminated by hazardous or toxic
            substances or wastes, or if the Purchaser otherwise requests an environmental
            inspection or review of such Mortgaged Property, such an inspection or
            review is
            to be conducted by a qualified inspector at the Purchaser's expense.
            Upon
            completion of the inspection, the Servicer shall promptly provide the
            Purchaser
            with a written report of the environmental inspection. After reviewing
            the
            environmental inspection report, the Purchaser shall determine how the
            Servicer
            shall proceed with respect to the Mortgaged Property. 

          

          Notwithstanding
            anything to the contrary contained herein, the Purchaser may, at the
            Purchaser's
            sole option, terminate the Servicer as servicer of any Mortgage Loan
            which
            becomes ninety (90) days or greater delinquent in payment of a scheduled
            Monthly
            Payment, without payment of any termination fee with respect thereto,
            provided
            that the Servicer shall on the date said termination takes effect be
            reimbursed
            for any unreimbursed Monthly Advances of the Servicer's funds made pursuant
            to
            Section 5.03 and any unreimbursed Servicing Advances and Servicing Fees
            in each
            case relating to the Mortgage Loan underlying such delinquent Mortgage
            Loan
            notwithstanding anything to the contrary set forth in Section 4.05. In
            the event
            of any such termination, the provisions of Section 11.01 hereof shall
            apply to
            said termination and the transfer of servicing responsibilities with
            respect to
            such delinquent Mortgage Loan to the Purchaser or its designee.

          

          In
            the
            event that a Mortgage Loan becomes part of a REMIC, and becomes REO Property,
            such property shall be disposed of by the Servicer, with the consent
            of
            Purchaser as required pursuant to this Agreement, before the close of
            the third
            taxable year following the taxable year in which the Mortgage Loan became
            an REO
            Property, unless the Servicer provides to the trustee under such REMIC
            an
            opinion of counsel to the effect that the holding of such REO Property
            subsequent to the close of the third taxable year following the taxable
            year in
            which the Mortgage Loan became an REO Property, will not result in the
            imposition of taxes on "prohibited transactions" as defined in Section
            860F of
            the Code, or cause the transaction to fail to qualify as a REMIC at any
            time
            that certificates are outstanding. The Servicer shall manage, conserve,
            protect
            and operate each such REO Property for the certificateholders solely
            for the
            purpose of its prompt disposition and sale in a manner which does not
            cause such
            property to fail to qualify as "foreclosure property" within the meaning
            of
            Section 860F(a)(2)(E) of the Code, or any "net income from foreclosure
            property"
            which is subject to taxation under the REMIC provisions of the Code.
            Pursuant to
            its efforts to sell such property, the Servicer shall either itself or
            through
            an agent selected by Servicer, protect and conserve such property in
            the same
            manner and to such an extent as is customary in the locality where such
            property
            is located. Additionally, Servicer shall perform the tax withholding
            and
            reporting related to Sections 1445 and 6050J of the Code.

          

          Section
            4.04 Establishment
            of Custodial Accounts; Deposits in Custodial Accounts.

          

          The
            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 one or more Custodial Accounts.
            The
            Custodial Account shall be an Eligible Account. Funds shall be deposited
            in the
            Custodial Account within two (2) Business Days hours of receipt, and
            shall at
            all times be insured by the FDIC up to the FDIC insurance limits, or
            must be
            invested in Permitted Investments for the benefit of the Purchaser. Funds
            deposited in the Custodial Account may be drawn on by the Servicer in
            accordance
            with Section 4.05. The creation of any Custodial Account shall be evidenced
            by a
            letter agreement in the form shown in Exhibit B hereto. The original
            of such
            letter agreement shall be furnished to the Purchaser on the Closing Date,
            and
            upon the request of any subsequent Purchaser.

          

          The
            Servicer shall deposit in the Custodial Account on a daily basis, and
            retain
            therein the following payments and collections received or made by it
            subsequent
            to the Cut-off Date, or received by it prior to the Cut-off Date but
            allocable
            to a period subsequent thereto, other than in respect of principal and
            interest
            on the Mortgage Loans due on or before the Cut-off Date:

          

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

          

          (ii)
             all
            payments on account of interest on the Mortgage Loans adjusted to the
            Mortgage
            Loan Remittance Rate;

          

          (iii)
             all
            Liquidation Proceeds;

          

          (iv)
             any
            amounts required to be deposited by the Servicer in connection with any
            REO
            Property pursuant to Section 4.13 and in connection therewith, the Servicer
            shall provide the Purchaser with written detail itemizing all of such
            amounts;

          

          (v)
             all
            Insurance Proceeds including amounts required to be deposited pursuant
            to
            Sections 4.08, 4.10 and 4.11, 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 Accepted Servicing Practices,
            the
            Mortgage Loan Documents or applicable law;

          

          (vi)
             all
            Condemnation Proceeds affecting any Mortgaged Property which are not
            released to
            the Mortgagor in accordance with Accepted Servicing Practices, the loan
            documents or applicable law;

          

          (vii)
             any
            Monthly Advances;

          

          (viii)
             with
            respect to each full or partial Principal Prepayment, any Prepayment
            Interest
            Shortfalls, to the extent of the Servicer’s aggregate Servicing Fee received
            with respect to the related Prepayment Period;

          

          (ix)
             any
            amounts required to be deposited by the Servicer pursuant to Section
            4.10 in
            connection with the deductible clause in any blanket hazard insurance
            policy,
            such deposit shall be made from the Servicer's own funds, without reimbursement
            therefor; and

          

          (x)
             any
            amounts required to be deposited in the Custodial Account pursuant to
            Section
            4.01, 4.13 or 6.02.

          

          The
            foregoing requirements for deposit in the Custodial 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 and assumption
            fees,
            to the extent permitted by Section 6.01, need not be deposited by the
            Servicer
            in the Custodial Account. Any interest paid on funds deposited in the
            Custodial
            Account by the depository institution shall accrue to the benefit of
            the
            Servicer and the Servicer shall be entitled to retain and withdraw such
            interest
            from the Custodial Account pursuant to Section 4.05 (iv). The Purchaser
            shall
            not be responsible for any losses suffered with respect to investment
            of funds
            in the Custodial Account.

          

          

          Section
            4.05 Permitted
            Withdrawals From the Custodial Account.

          

          The
            Servicer may, from time to time, withdraw from the Custodial Account
            for the
            following purposes:

          

          (i) to
            make
            payments to the Purchaser in the amounts and in the manner provided for
            in
            Section 5.01;

          

          (ii)
             to
            reimburse itself for Monthly Advances, the Servicer's right to reimburse
            itself
            pursuant to this subclause (ii) being limited to amounts received on
            the related
            Mortgage Loan which represent late collections (net of the related Servicing
            Fees) of principal and/or interest respecting which any such advance
            was made,
            it being understood that, in the case of such reimbursement, the Servicer's
            right thereto shall be prior to the rights of the Purchaser, except that,
            where
            the Company is required to repurchase a Mortgage Loan, pursuant to Section
            3.03,
            the Servicer's right to such reimbursement shall be subsequent to the
            payment to
            the Purchaser of the Repurchase Price pursuant to such Section and all
            other
            amounts required to be paid to the Purchaser with respect to such Mortgage
            Loan;

          

          (iii)
             to
            reimburse itself for unreimbursed Servicing Advances and any unpaid Servicing
            Fees, the Servicer's right to reimburse itself pursuant to this subclause
            (iii)
            with respect to any defaulted Mortgage Loan being limited to related
            proceeds
            from Liquidation Proceeds, Condemnation Proceeds and Insurance Proceeds
            in
            accordance with the relevant provisions of the Fannie Mae Guides or as
            otherwise
            set forth in this Agreement
            and only
            to the extent that the aggregate of Liquidation Proceeds and Insurance
            Proceeds
            with respect to such Mortgage Loan, after any reimbursement to the Servicer,
            exceeds the outstanding Stated Principal Balance of such Mortgage Loan
            plus
            accrued and unpaid interest thereon at the related Mortgage Rate less
            the
            Servicing Fee Rate to but not including the date of payment (in any event,
            the
            aggregate amount of servicing compensation received by a Subservicer
            and the
            Servicer with respect to any defaulted Monthly Payment shall not exceed
            the
            applicable Servicing Fee);
            

          

          (iv) to
            pay to
            itself as part of its servicing compensation (a) any interest earned
            on funds in
            the Custodial Account (all such interest to be withdrawn monthly not
            later than
            each Remittance Date), and (b) the Servicing Fee from that portion of
            any
            payment or recovery as to interest with respect to a particular Mortgage
            Loan;

          

          (v) to
            pay to
            itself with respect to each Mortgage Loan that has been repurchased pursuant
            to
            Section 3.03 all amounts received thereon and not distributed as of the
            date on
            which the related repurchase price is determined,

          

          (vi) to
            transfer funds to another Eligible Account in accordance with Section
            4.09
            hereof;

          

          (vii) to
            remove
            funds inadvertently placed in the Custodial Account by the Servicer;
            

          

          (vi) to
            clear
            and terminate the Custodial Account upon the termination of this Agreement;
            and

          

          (vii) to
            reimburse itself for Nonrecoverable Advances to the extent not reimbursed
            pursuant to clause (ii) or clause (iii).

          

          Section
            4.06 Establishment
            of Escrow Accounts; Deposits
            in Escrow Accounts.

          

          The
            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
            one or more
            Escrow Accounts. The Escrow Account shall be an Eligible Account. Funds
            deposited in each Escrow Account shall at all times be insured in a manner
            to
            provide maximum insurance under the insurance limitations of the FDIC,
            or must
            be invested in Permitted Investments. Funds
            deposited in the Escrow Account may be drawn on by the Servicer in accordance
            with Section 4.07. The creation of any Escrow Account shall be evidenced
            by a
            letter agreement in the form shown in Exhibit C. The original of such
            letter
            agreement shall be furnished to the Purchaser on the Closing Date, and
            upon
            request to any subsequent purchaser.

          

          The
            Servicer shall deposit in the Escrow Account or Accounts on a daily basis,
            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;

          

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

          

          (iii) all
            Servicing Advances for Mortgagors whose Escrow Payments are insufficient
            to
            cover escrow disbursements.

          

          The
            Servicer shall make withdrawals from the Escrow Account only to effect
            such
            payments as are required under this Agreement, and for such other purposes
            as
            shall be as set forth or in accordance with Section 4.07. The Servicer
            shall be
            entitled to retain any interest paid on funds deposited in the Escrow
            Account by
            the depository institution other than interest on escrowed funds required
            by law
            to be paid to the Mortgagor and, to the extent required by law, the Servicer
            shall pay interest on escrowed funds to the Mortgagor notwithstanding
            that the
            Escrow Account is non-interest bearing or that interest paid thereon
            is
            insufficient for such purposes. The
            Purchaser shall not be responsible for any losses suffered with respect
            to
            investment of funds in the Escrow Account.

          

          

          Section
            4.07 Permitted
            Withdrawals From Escrow Account.

          

          Withdrawals
            from the Escrow Account may be made by Servicer only:

          

          (i) to
            effect
            timely payments of ground rents, taxes, assessments, water rates, Primary
            Mortgage Insurance Policy premiums, if applicable, fire and hazard insurance
            premiums, condominium assessments and comparable items;

          

          (ii) to
            reimburse Servicer for any Servicing Advance made by Servicer with respect
            to a
            related Mortgage Loan but only from amounts received on the related Mortgage
            Loan which represent late payments or 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 Custodial 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 Servicer, or to the Mortgagor to the extent required by law, 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.
            As part
            of its servicing duties, the Servicer shall pay to the Mortgagors interest
            on
            funds in Escrow Account, to the extent required by law, 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;
            and

          

          (viii)
             to
            pay to
            the Mortgagors or other parties Insurance Proceeds deposited in accordance
            with
            Section 4.06.

          

          Section
            4.08 Payment
            of Taxes, Insurance and Other Charges;
            Maintenance of Primary Mortgage Insurance
            Policies; Collections Thereunder.

           

          With
            respect to each Mortgage Loan, the Servicer shall maintain accurate records
            reflecting the status of ground rents, taxes, assessments, water rates
            and other
            charges which are or may become a lien upon the Mortgaged Property and
            the
            status of primary mortgage insurance premiums and fire and hazard insurance
            coverage and 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 Servicer in amounts sufficient for such purposes, as allowed under
            the
            terms of the Mortgage or applicable law. To the extent that the Mortgage
            does
            not provide for Escrow Payments, the Servicer shall determine that any
            such
            payments are made by the Mortgagor at the time they first become due.
            The
            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 advances from its own funds to effect
            such
            payments. Notwithstanding
            anything else contained herein, it is agreed that Servicer will not be
            required
            to pay any such bills for ground rents, taxes, assessments, water rates
            and
            other charges if the Mortgage does not provide for Escrow Payments until
            such time at which such unpaid amounts would be considered delinquent or
            result in a superior lien being imposed on the Mortgaged Property or
            otherwise impair Purchaser's interest in the Mortgaged Property.

          

          The
            Servicer will maintain in full force and effect Primary Mortgage Insurance
            Policies issued by a Qualified Insurer with respect to each Mortgage
            Loan for
            which such coverage is herein required. Such coverage will be terminated
            only
            with the approval of Purchaser, or as required by applicable law or regulation.
            The Servicer will not cancel or refuse to renew any Primary Mortgage
            Insurance
            Policy in effect on the Closing Date that is required to be kept in force
            under
            this Agreement unless a replacement Primary Mortgage Insurance Policy
            for such
            canceled or nonrenewed policy is obtained from and maintained with a
            Qualified
            Insurer. The Servicer shall not take any action which would result in
            non-coverage under any applicable Primary Mortgage Insurance Policy of
            any loss
            which, but for the actions of the Servicer would have been covered thereunder.
            In connection with any assumption or substitution agreement entered into
            or to
            be entered into pursuant to Section 6.01, the Servicer shall promptly
            notify the
            insurer under the related Primary Mortgage Insurance Policy, if any,
            of such
            assumption or substitution of liability in accordance with the terms
            of such
            policy and shall take all actions which may be required by such insurer
            as a
            condition to the continuation of coverage under the Primary Mortgage
            Insurance
            Policy. If such Primary Mortgage Insurance Policy is terminated as a
            result of
            such assumption or substitution of liability, the Servicer shall obtain
            a
            replacement Primary Mortgage Insurance Policy as provided above.

          

          The
            Servicer agrees to prepare and present, on behalf of itself and the Purchaser,
            claims to the insurer under any Private Mortgage Insurance Policy in
            a timely
            fashion in accordance with the terms of such Primary Mortgage Insurance
            Policy
            and, in this regard, to take such action as shall be necessary to permit
            recovery under any Primary Mortgage Insurance Policy respecting a defaulted
            Mortgage Loan. Pursuant to Section 4.04, any amounts collected by the
            Servicer
            under any Primary Mortgage Insurance Policy shall be deposited in the
            Custodial
            Account, subject to withdrawal pursuant to Section 4.05.

          

          Section
            4.09 Transfer
            of Accounts.

          

          The
            Servicer may transfer the Custodial Account or the Escrow Account to
            a different
            Eligible Account from time to time. Such transfer shall be made only
            upon
            obtaining the prior written consent of the Purchaser, which consent will
            not be
            unreasonably withheld.

          

          Section
            4.10 Maintenance
            of Hazard Insurance.

          

          The
            Servicer shall cause to be maintained for each Mortgage Loan fire and
            hazard
            insurance with extended coverage as is acceptable to Fannie Mae or FHLMC
            and
            customary in the area where the Mortgaged Property is located in an amount
            which
            is equal to the lesser of (i) the maximum insurable value of the improvements
            securing such Mortgage Loan or (ii) the greater of (a) the outstanding
            principal
            balance of the Mortgage Loan, and (b) an amount such that the proceeds
            thereof
            shall be sufficient to prevent the Mortgagor and/or the mortgagee from
            becoming
            a co-insurer. If required by the Flood Disaster Protection Act of 1973,
            as
            amended, each Mortgage Loan shall be covered by a flood insurance policy
            meeting
            the requirements of the current guidelines of the Federal Insurance
            Administration in effect with an insurance carrier acceptable to Fannie
            Mae or
            FHLMC, in an amount representing coverage not less than the least of
            (i) the
            outstanding principal balance of the Mortgage Loan, (ii) the maximum
            insurable
            value of the improvements securing such Mortgage Loan or (iii) the maximum
            amount of insurance which is available under the Flood Disaster Protection
            Act
            of 1973, as amended. If at any time during the term of the Mortgage Loan,
            the
            Servicer determines in accordance with applicable law and pursuant to
            the Fannie
            Mae Guides that a Mortgaged Property is located in a special flood hazard
            area
            and is not covered by flood insurance or is covered in an amount less
            than the
            amount required by the Flood Disaster Protection Act of 1973, as amended,
            the
            Servicer shall notify the related Mortgagor that the Mortgagor must obtain
            such
            flood insurance coverage, and if said Mortgagor fails to obtain the required
            flood insurance coverage within forty-five (45) days after such notification,
            the Servicer shall immediately force place the required flood insurance
            on the
            Mortgagor’s behalf. The Servicer shall also maintain on each REO Property, fire
            and hazard insurance with extended coverage in an amount which is at
            least equal
            to the maximum insurable value of the improvements which are a part of
            such
            property, and, to the extent required and available under the Flood Disaster
            Protection Act of 1973, as amended, flood insurance in an amount as provided
            above. Any amounts collected by the Servicer under any such policies
            other than
            amounts to be deposited in the Escrow Account and applied to the restoration
            or
            repair of the Mortgaged Property or REO Property, or released to the
            Mortgagor
            in accordance with Accepted Servicing Practices, shall be deposited in
            the
            Custodial Account, subject to withdrawal pursuant to Section 4.05. It
            is
            understood and agreed that no other additional insurance need be required
            by the
            Servicer of the Mortgagor or maintained on property acquired in respect
            of the
            Mortgage Loan, other than pursuant to this Agreement, the Fannie Mae
            Guides or
            such applicable state or federal laws and regulations as shall at any
            time be in
            force and as shall require such additional insurance. All such policies
            shall be
            endorsed with standard mortgagee clauses with loss payable to the Servicer
            and
            its successors and/or assigns and shall provide for at least thirty (30)
            days
            prior written notice of any cancellation, reduction in the amount or
            material
            change in coverage to the Servicer. The Servicer shall not interfere
            with the
            Mortgagor's freedom of choice in selecting either his insurance carrier
            or
            agent, provided, however, that the Servicer shall not accept any such
            insurance
            policies from insurance companies unless such companies are Qualified
            Insurers.

          

          Section
            4.11 Maintenance
            of Mortgage Impairment Insurance Policy.

          

          In
            the
            event that the Servicer shall obtain and maintain a blanket policy issued
            by a
            Qualified Insurer insuring against hazard losses on all of the Mortgage
            Loans,
            then, to the extent such policy provides coverage in an amount equal
            to the
            amount required pursuant to Section 4.10 and otherwise complies with
            all other
            requirements of Section 4.10, it shall conclusively be deemed to have
            satisfied
            its obligations as set forth in Section 4.10, it being understood and
            agreed
            that such policy may contain a deductible clause, in which case the Servicer
            shall, in the event that there shall not have been maintained on the
            related
            Mortgaged Property or REO Property a policy complying with Section 4.10,
            and
            there shall have been a loss which would have been covered by such policy,
            deposit in the Custodial Account the amount not otherwise payable under
            the
            blanket policy because of such deductible clause. In connection with
            its
            activities as servicer of the Mortgage Loans, the Servicer agrees to
            prepare and
            present, on behalf of the Purchaser, claims under any such blanket policy
            in a
            timely fashion in accordance with the terms of such policy. Upon request
            of the
            Purchaser, the Servicer shall cause to be delivered to the Purchaser
            a certified
            true copy of such policy and shall use its best efforts to obtain a statement
            from the insurer thereunder that such policy shall in no event be terminated
            or
            materially modified without thirty (30) days' prior written notice to
            the
            Purchaser.

          

          Section
            4.12 Fidelity
            Bond, Errors and Omissions Insurance.

          

          The
            Servicer shall maintain, at its own expense, a blanket fidelity bond
            and an
            errors and omissions insurance policy, with broad coverage with responsible
            companies on all officers, employees or other persons acting in any capacity
            with regard to the Mortgage Loan to handle funds, money, documents and
            papers
            relating to the Mortgage Loan. The Fidelity Bond shall be in the form
            of the
            Mortgage Banker's Blanket Bond and shall protect and insure the Servicer
            against
            losses, including forgery, theft, embezzlement and fraud of such persons.
            The
            errors and omissions insurance shall protect and insure the Servicer
            against
            losses arising out of errors and omissions and negligent acts of such
            persons.
            Such errors and omissions insurance shall also protect and insure the
            Servicer
            against losses in connection with the failure to maintain any insurance
            policies
            required pursuant to this Agreement and the release or satisfaction of
            a
            Mortgage Loan without having obtained payment in full of the indebtedness
            secured thereby. No provision of this Section 4.12 requiring the Fidelity
            Bond
            or errors and omissions insurance shall diminish or relieve the Servicer
            from
            its duties and obligations as set forth in this Agreement. The minimum
            coverage
            under any such bond and insurance policy shall be at least equal to the
            corresponding amounts required by Fannie Mae in the Fannie Mae Guides.
            Upon
            request by the Purchaser, the Servicer shall deliver to the Purchaser
            a
            certificate from the surety and the insurer as to the existence of the
            Fidelity
            Bond and errors and omissions insurance policy and shall obtain a statement
            from
            the surety and the insurer that such Fidelity Bond or insurance policy
            shall in
            no event be terminated or materially modified without thirty (30) days'
            prior
            written notice to the Purchaser. The Servicer shall notify the Purchaser
            within
            five (5) business days of receipt of notice that such Fidelity Bond or
            insurance
            policy will be, or has been, materially modified or terminated. The Purchaser
            (or any party having the status of Purchaser hereunder) and any subsidiary
            thereof and their successors or assigns as their interests may appear
            must be
            named as loss payees on the Fidelity Bond and as additional insured on
            the
            errors and omissions policy. Upon request by Purchaser, Servicer shall
            provide
            Purchaser with an insurance certificate certifying coverage under this
            Section
            4.12, and will provide an update to such certificate upon request, or
            upon
            renewal or material modification of coverage.

          

          Section
            4.13 Title,
            Management and Disposition of REO Property.

          

          In
            the
            event that title to the Mortgaged Property is acquired in foreclosure
            or by deed
            in lieu of foreclosure, the deed or certificate of sale shall be taken
            in the
            name of the Purchaser or its designee, or in the event the Purchaser
            or its
            designee is not authorized or permitted to hold title to real property
            in the
            state where the REO Property is located, or would be adversely affected
            under
            the "doing business" or tax laws of such state by so holding title, the
            deed or
            certificate of sale shall be taken in the name of such Person or Persons
            as
            shall be consistent with an opinion of counsel obtained by the Servicer
            from an
            attorney duly licensed to practice law in the state where the REO Property
            is
            located. Any Person or Persons holding such title other than the Purchaser
            shall
            acknowledge in writing that such title is being held as nominee for the
            benefit
            of the Purchaser.

          

          The
            Servicer shall notify the Purchaser in accordance with the Fannie Mae
            Guides of
            each acquisition of REO Property upon such acquisition (and, in any event,
            shall
            provide notice of the consummation of any foreclosure sale within three
            (3)
            Business Days of the date Servicer receives notice of such consummation),
            together with a copy of the drive by appraisal or brokers price opinion
            of the
            Mortgaged Property obtained in connection with such acquisition, and
            thereafter
            assume the responsibility for marketing such REO property in accordance
            with
            Accepted Servicing Practices. Thereafter, the Servicer shall continue
            to provide
            certain administrative services to the Purchaser relating to such REO
            Property
            as set forth in this Section 4.13. 

          The
            Servicer shall, either itself or through an agent selected by the Servicer,
            and
            in accordance with the Fannie Mae Guides manage, conserve, protect and
            operate
            each REO Property in the same manner that it manages, conserves, protects
            and
            operates other foreclosed property for its own account, and in the same
            manner
            that similar property in the same locality as the REO Property is managed.
            The
            Servicer shall cause each REO Property to be inspected promptly upon
            the
            acquisition of title thereto and shall cause each REO Property to be
            inspected
            at least monthly thereafter or more frequently as required by the circumstances.
            The Servicer shall make or cause to be made a written report of each
            such
            inspection. Such reports shall be retained in the Mortgage File and copies
            thereof shall be forwarded by the Servicer to the Purchaser.

          

          The
            Servicer shall use its best efforts to dispose of the REO Property as
            soon as
            possible and shall sell such REO Property in any event within one (1)
            year after
            title has been taken to such REO Property, unless the Servicer determines,
            and
            gives an appropriate notice to the Purchaser to such effect, that a longer
            period is necessary for the orderly liquidation of such REO Property.
            If a
            longer period than one (1) year is permitted under the foregoing sentence
            and is
            necessary to sell any REO Property, the Servicer shall report monthly
            to the
            Purchaser as to the progress being made in selling such REO Property.
            No REO
            Property shall be marketed for less than the Appraised Value, without
            the prior
            consent of Purchaser. No REO Property shall be sold for less than ninety
            five
            percent (95%) of its Appraised Value, without the prior consent of Purchaser.
            All requests for reimbursement of Servicing Advances shall be in accordance
            with
            the Fannie Mae Guides. The disposition of REO Property shall be carried
            out by
            the Servicer at such price, and upon such terms and conditions, as the
            Servicer
            deems to be in the best interests of the Purchaser (subject to the above
            conditions) only with the prior written consent of the Purchaser. Servicer
            shall
            provide monthly reports to Purchaser in reference to the status of the
            marketing
            of the REO Properties.

          

          Notwithstanding
            anything to the contrary contained herein, the Purchaser may, at the
            Purchaser's
            sole option, terminate the Servicer as servicer of any such REO Property
            without
            payment of any termination fee with respect thereto, provided that the
            Servicer
            shall on the date said termination takes effect be reimbursed for any
            unreimbursed advances of the Servicer's funds made pursuant to Section
            5.03 and
            any unreimbursed Servicing Advances and Servicing Fees in each case relating
            to
            the Mortgage Loan underlying such REO Property notwithstanding anything
            to the
            contrary set forth in Section 4.05. In the event of any such termination,
            the
            provisions of Section 11.01 hereof shall apply to said termination and
            the
            transfer of servicing responsibilities with respect to such REO Property
            to the
            Purchaser or its designee. Within five (5) Business Days of any such
            termination, the Servicer shall, if necessary convey such property to
            the
            Purchaser and shall further provide the Purchaser with the following
            information
            regarding the subject REO Property: the related drive by appraisal or
            brokers
            price opinion, and copies of any related Mortgage Impairment Insurance
            Policy
            claims. In addition, within five (5) Business Days, the Servicer shall
            provide
            the Purchaser with the following information and documents regarding
            the subject
            REO Property: the related trustee’s deed upon sale and copies of any related
            hazard insurance claims, or repair bids.

          

          Section
            4.14 Notification
            of Maturity Date.

          

          With
            respect to each Mortgage Loan, the Servicer shall execute and deliver
            to the
            Mortgagor any and all necessary notices required under applicable law
            and the
            terms of the related Mortgage Note and Mortgage regarding the maturity
            date if
            required under applicable law.

          

          ARTICLE
            V

          

          PAYMENTS
            TO THE PURCHASER

          

          Section
            5.01 Distributions.

          

          On
            each
            Remittance Date, the Servicer shall distribute by wire transfer of immediately
            available funds to the Purchaser (i) all amounts credited to the Custodial
            Account as of the close of business on the preceding Determination Date,
            net of
            charges against or withdrawals from the Custodial Account pursuant to
            Section
            4.05, plus (ii) all Monthly Advances, if any, which the Servicer is obligated
            to
            distribute pursuant to Section 5.03, plus, (iii) interest at the Mortgage
            Loan
            Remittance Rate on any Principal Prepayment from the date of such Principal
            Prepayment through the end of the month for which disbursement is made
            provided
            that the Servicer’s obligation as to payment of such interest shall be limited
            to the Servicing Fee earned during the month of the distribution, minus
            (iv) any
            amounts attributable to Monthly Payments collected but due on a Due Date
            or
            Dates subsequent to the preceding Determination Date, which amounts shall
            be
            remitted on the Remittance Date next succeeding the Due Period for such
            amounts.
            It is understood that, by operation of Section 4.04, the remittance on
            the first
            Remittance Date with respect to Mortgage Loans purchased pursuant to
            the related
            Term Sheet is to include principal collected after the Cut-off Date through
            the
            preceding Determination Date plus interest, adjusted to the Mortgage
            Loan
            Remittance Rate collected through such Determination Date exclusive of
            any
            portion thereof allocable to the period prior to the Cut-off Date, with
            the
            adjustments specified in clauses (ii), (iii) and (iv) above.

          

          With
            respect to any remittance received by the Purchaser after the Remittance
            Date,
            the Servicer shall pay to the Purchaser interest on any such late payment
            at an
            annual rate equal to the Prime Rate, adjusted as of the date of each
            change,
            plus three (3) percentage points, but in no event greater than the maximum
            amount permitted by applicable law. Such interest shall cover the period
            commencing with the day following the Business Day such payment was due
            and
            ending with the Business Day on which such payment is made to the Purchaser,
            both inclusive. The payment by the Servicer of any such interest shall
            not be
            deemed an extension of time for payment or a waiver of any Event of Default
            by
            the Servicer. On each Remittance Date, the Servicer shall provide a remittance
            report detailing all amounts being remitted pursuant to this Section
            5.01.

          

          Section
            5.02 Statements
            to the Purchaser.

          

          The
            Servicer shall furnish to Purchaser an individual loan accounting report,
            as of
            the last Business Day of each month, in the Servicer's assigned loan
            number
            order to document Mortgage Loan payment activity on an individual Mortgage
            Loan
            basis. With respect to each month, the corresponding individual loan
            accounting
            report shall be received by the Purchaser no later than the fifth Business
            Day
            of the following month on a disk or tape or other computer-readable format
            in
            such format as may be mutually agreed upon by both Purchaser and Servicer,
            and
            no later than the fifth Business Day of the following month in hard copy,
            and
            shall contain the following:

          

          (i) with
            respect to each Mortgage Loan and each Monthly Payment, the amount of
            such
            remittance allocable to principal (including a separate breakdown of
            any
            Principal Prepayment, including the date of such prepayment, and any
            prepayment
            penalties or premiums, along with a detailed report of interest on principal
            prepayment amounts remitted in accordance with Section 4.04);

          

          (ii) with
            respect to each Mortgage Loan and each Monthly Payment, the amount of
            such
            remittance allocable to interest;

          

          (iii) with
            respect to each Mortgage Loan, the amount of servicing compensation received
            by
            the Servicer during the prior distribution period;

          

          (iv) the
            Stated Principal Balance of each Mortgage Loan and the aggregate Stated
            Principal Balance of all Mortgage Loans as of the beginning of the distribution
            period and the ending of the distribution period;

          

          (v) with
            respect to each Mortgage Loan, the current Mortgage Interest Rate;

          

          (vi) with
            respect to each Mortgage Loan for which liquidation and final distribution
            has
            occurred, the aggregate amount of any Insurance Proceeds, Condemnation
            Proceeds,
            Liquidation Proceeds and REO Disposition Proceeds received during the
            prior
            distribution period;

          

          (vii) with
            respect to each Mortgage Loan, the amount of any Prepayment Interest
            Shortfalls
            paid by the Servicer in accordance with Section 4.04(viii) during the
            prior
            distribution period; 

          

          (viii) [RESERVED];

          

          (ix) the
            number of Mortgage Loans as of the beginning of the distribution period
            and the
            ending of the distribution period; 

          

          (x) with
            respect to each Mortgage Loan, the Stated Principal Balance of each Mortgage
            Loan that is (A)
            delinquent (exclusive of Mortgage Loans in foreclosure and bankruptcy)
            (1) 30
            days delinquent, (2) 60 days delinquent and (3) 90 days or more delinquent;
            (B)
            in foreclosure and delinquent (1) 30 days delinquent, (2) 60 days delinquent
            and
            (3) 90 days or more delinquent; and (C) in bankruptcy and delinquent
            (1) 30 days
            delinquent, (2) 60 days delinquent and (3) 90 days or more delinquent,
            in each
            case as of the close of business on the last day of the calendar month
            preceding
            such Distribution Date and separately identifying such information for
            the (1)
            first lien Mortgage Loans, (2) second lien Mortgage Loans, and (3) adjustable
            rate Mortgage Loans;

          

          (xi) with
            respect to each Mortgage Loan, the amount and severity of any realized
            loss
            following liquidation of such Mortgage Loan; 

          

          (xii) with
            respect to each Mortgage Loan, and in the aggregate for all Mortgage
            Loans, the
            amount of the month end Monthly Advance balances made by the Servicer
            during the
            prior distribution period; 

          

          (xiii) with
            respect to each Mortgage Loan, a description of any Servicing Advances
            made by
            the Servicer with respect to such Mortgage Loan including the amount,
            terms and
            general purpose of such Servicing Advances, and the aggregate amount
            of
            Servicing Advances for all Mortgage Loans during the prior distribution
            period;

          

          (xiv) with
            respect to each Mortgage Loan, a description of any Nonrecoverable Advances
            made
            by the Servicer with respect to such Mortgage Loan including the amount,
            terms
            and general purpose of such Nonrecoverable Advances, and the aggregate
            amount of
            Nonrecoverable Advances for all Mortgage Loans during the prior distribution
            period;

          

          (xv) with
            respect to each Mortgage Loan, a description of any Monthly Advances,
            Servicing
            Advances and Nonrecoverable Advances reimbursed to the Servicer with
            respect to
            such Mortgage Loan during the prior distribution period pursuant to Section
            4.05, and the source of funds for such reimbursement, and the aggregate
            amount
            of any Monthly Advances, Servicing Advances and Nonrecoverable Advances
            reimbursed to the Servicer for all Mortgage Loans during the prior distribution
            period pursuant to Section 4.05; 

          

          (xvi) with
            respect to any Mortgage Loan, a description of any material modifications,
            extensions or waivers to the terms, fees, penalties or payments of such
            Mortgage
            Loan during the prior distribution period or that have cumulatively become
            material over time;

          

          (xvii) a
            description of any material breach of a representation or warranty set
            forth in
            Section 3.01 or Section 3.02 herein or of any other breach of a covenant
            or
            condition contained herein and the status of any resolution of such
            breach;

          

          (xviii) [reserved];

          

          (xix) with
            respect to each Mortgage Loan, the Stated Principal Balance of any Mortgage
            Loan
            that has been repurchased by the Servicer in accordance with Section
            3.03
            herein.

          

          In
            addition, the Servicer shall provide to the Purchaser such other information
            known or available to the Servicer that is necessary in order to provide
            the
            distribution and pool performance information as required under Regulation
            AB,
            as amended from time to time, as determined by the Purchaser in its sole
            discretion. The Servicer shall also provide a monthly report, in the
            form of
Exhibit
            E
            hereto,
            or such other form as is mutually acceptable to the Servicer, the Purchaser
            and
            any Master Servicer, Exhibit
            F
            with
            respect to defaulted mortgage loans and Exhibit
            P,
            with
            respect to realized losses and gains, with each such report. 

          

          The
            Servicer shall prepare and file any and all information statements or
            other
            filings required to be delivered to any governmental taxing authority
            or to
            Purchaser pursuant to any applicable law with respect to the Mortgage
            Loans and
            the transactions contemplated hereby. In addition, the Servicer shall
            provide
            Purchaser with such information concerning the Mortgage Loans as is necessary
            for Purchaser to prepare its federal income tax return as Purchaser may
            reasonably request from time to time.

          

          In
            addition, not more than sixty (60) days after the end of each calendar
            year, the
            Servicer shall furnish to each Person who was a Purchaser at any time
            during
            such calendar year an annual statement in accordance with the requirements
            of
            applicable federal income tax law as to the aggregate of remittances
            for the
            applicable portion of such year.

          

          Section
            5.03 Monthly
            Advances by the Servicer.

          

          Not
            later
            than the close of business on the Business Day preceding each Remittance
            Date,
            the Servicer shall deposit in the Custodial Account an amount equal to
            all
            payments not previously advanced by the Servicer, whether or not deferred
            pursuant to Section 4.01, of principal (due after the Cut-off Date) and
            interest
            not allocable to the period prior to the Cut-off Date, adjusted to the
            Mortgage
            Loan Remittance Rate, which were due on a Mortgage Loan and delinquent
            at the
            close of business on the related Determination Date.

          

          The
            Servicer's obligation to make such Monthly Advances as to any Mortgage
            Loan will
            continue through the last Monthly Payment due prior to the payment in
            full of
            the Mortgage Loan, or through the Remittance Date prior to the date on
            which the
            Mortgaged Property liquidates (including Insurance Proceeds, proceeds
            from the
            sale of REO Property or Condemnation Proceeds) with respect to the Mortgage
            Loan
            unless the Servicer deems such advance to be a Nonrecoverable Advance.
            In such
            event, the Servicer shall deliver to the Purchaser an Officer's Certificate
            of
            the Servicer to the effect that an officer of the Servicer has reviewed
            the
            related Mortgage File and has made the reasonable determination that
            any
            additional advances are nonrecoverable. 

          

          Section
            5.04 Liquidation
            Reports.

          

          Upon
            the
            foreclosure sale of any Mortgaged Property or the acquisition thereof
            by the
            Purchaser pursuant to a deed-in-lieu of foreclosure, the Servicer shall
            submit
            to the Purchaser a liquidation report with respect to such Mortgaged
            Property in
            a form mutually acceptable to the Servicer and Purchaser. The Servicer
            shall
            also provide reports on the status of REO Property containing such information
            as Purchaser may reasonably require.

          

          Section
            5.05 Prepayment
            Interest Shortfalls.

          

          Not
            later
            than the close of business on the Business Day preceding each Remittance
            Date in
            the month following the related Prepayment Period, the Servicer shall
            deposit in
            the Custodial Account an amount equal to any Prepayment Interest Shortfalls
            with
            respect to such Prepayment Period, which in the aggregate shall not exceed
            the
            Servicer’s aggregate Servicing Fee received with respect to the related Due
            Period.

           

          ARTICLE
            VI

          

          GENERAL
            SERVICING PROCEDURES

          

          Section
            6.01 Assumption
            Agreements.

          

          The
            Servicer will, to the extent it has knowledge of any conveyance or prospective
            conveyance by any Mortgagor of the Mortgaged Property (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 any "due-on-sale"
            clause to the extent permitted by law; provided, however, that the Servicer
            shall not exercise any such rights if prohibited by law or the terms
            of the
            Mortgage Note from doing so or if the exercise of such rights would impair
            or
            threaten to impair any recovery under the related Primary Mortgage Insurance
            Policy, if any. If the Servicer reasonably believes it is unable under
            applicable law to enforce such "due-on-sale" clause, the Servicer, with
            the
            approval of the Purchaser, will enter into an assumption agreement with
            the
            person to whom the Mortgaged 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. Where an assumption is allowed pursuant to this Section
            6.01,
            the Servicer, with the prior consent of the Purchaser and the primary
            mortgage
            insurer, if any, is authorized to enter into a substitution of liability
            agreement with the person to whom the Mortgaged Property has been conveyed
            or is
            proposed to be conveyed pursuant to which the original mortgagor is released
            from liability and such Person is substituted as mortgagor and becomes
            liable
            under the related Mortgage Note. Any such substitution of liability agreement
            shall be in lieu of an assumption agreement. 

          

          In
            connection with any such assumption or substitution of liability, the
            Servicer
            shall follow the underwriting practices and procedures of the Servicer.
            With
            respect to an assumption or substitution of liability, the Mortgage Interest
            Rate borne by the related Mortgage Note, the amount of the Monthly Payment
            and
            the maturity date may not be changed (except pursuant to the terms of
            the
            Mortgage Note). If the credit of the proposed transferee does not meet
            such
            underwriting criteria, the Servicer diligently shall, to the extent permitted
            by
            the Mortgage or the Mortgage Note and by applicable law, accelerate the
            maturity
            of the Mortgage Loan. The Servicer shall notify the Purchaser that any
            such
            substitution of liability or assumption agreement has been completed
            by
            forwarding to the Purchaser the original of any such substitution of
            liability
            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. All fees collected by the Servicer for entering into an assumption
            or
            substitution of liability agreement shall belong to the Servicer.

          

          Notwithstanding
            the foregoing paragraphs of this Section or any other provision of this
            Agreement, the Servicer shall not be deemed to be in default, breach
            or any
            other violation of its obligations hereunder by reason of any assumption
            of a
            Mortgage Loan by operation of law or any assumption which the Servicer
            may be
            restricted by law from preventing, for any reason whatsoever. For purposes
            of
            this Section 6.01, 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
            6.02 Satisfaction
            of Mortgages and Release of Mortgage Files.

          

          Upon
            the
            payment in full of any Mortgage Loan, or the receipt by the Servicer
            of a
            notification that payment in full will be escrowed in a manner customary
            for
            such purposes, the Servicer will immediately notify the Purchaser by
            a
            certification, 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 Custodial Account pursuant to Section
            4.04 have
            been or will be so deposited, of a Servicing Officer and shall request
            delivery
            to it of the portion of the Mortgage File held by the Purchaser. The
            Purchaser
            shall no later than five (5) Business Days after receipt of such certification
            and request, release or cause to be released to the Servicer, the related
            Mortgage Loan Documents and, upon its receipt of such documents, the
            Servicer
            shall promptly prepare and deliver to the Purchaser the requisite satisfaction
            or release. No later than five (5) Business Days following its receipt
            of such
            satisfaction or release, the Purchaser shall deliver, or cause to be
            delivered,
            to the Servicer the release or satisfaction properly executed by the
            owner of
            record of the applicable mortgage or its duly appointed attorney in fact.
            No
            expense incurred in connection with any instrument of satisfaction or
            deed of
            reconveyance shall be chargeable to the Custodial Account.

          

          In
            the
            event the Servicer satisfies or releases a Mortgage without having obtained
            payment in full of the indebtedness secured by the Mortgage or should
            it
            otherwise prejudice any right the Purchaser may have under the mortgage
            instruments, the Servicer, upon written demand, shall remit within two
            (2)
            Business Days to the Purchaser the then outstanding principal balance
            of the
            related Mortgage Loan by deposit thereof in the Custodial Account. The
            Servicer
            shall maintain the Fidelity Bond and errors and omissions insurance insuring
            the
            Servicer against any loss it may sustain with respect to any Mortgage
            Loan not
            satisfied in accordance with the procedures set forth herein.

          

          From
            time
            to time and as appropriate for the servicing or foreclosure of the Mortgage
            Loan, including for the purpose of collection under any Primary Mortgage
            Insurance Policy, the Purchaser shall, upon request of the Servicer and
            delivery
            to the Purchaser of a servicing receipt signed by a Servicing Officer,
            release
            the portion of the Mortgage File held by the Purchaser to the Servicer.
            Such
            servicing receipt shall obligate the Servicer to return the related Mortgage
            documents to the Purchaser when the need therefor by the 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 Custodial
            Account or the Mortgage File or such document has been delivered to an
            attorney,
            or to a public trustee or other public official as required by law, for
            purposes
            of initiating or pursuing legal action or other proceedings for the foreclosure
            of the Mortgaged Property either judicially or non-judicially, and the
            Servicer
            has delivered to the Purchaser 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, the servicing receipt shall be released by the Purchaser
            to the
            Servicer.

          

          Section
            6.03 Servicing
            Compensation.

          

          As
            compensation for its services hereunder, the Servicer shall be entitled
            to
            withdraw from the Custodial Account (to the extent of interest payments
            collected on the Mortgage Loans) or to retain from interest payments
            collected
            on the Mortgage Loans, the amounts provided for as the Servicer's Servicing
            Fee,
            subject to payment of compensating interest on Principal Prepayments
            as capped
            by the Servicing Fee pursuant to Section 5.01 (iii). Additional servicing
            compensation in the form of assumption fees, as provided in Section 6.01,
            late
            payment charges and ancillary fees or otherwise shall be retained by
            the
            Servicer to the extent not required to be deposited in the Custodial
            Account. No
            Servicing Fee shall be payable in connection with partial Monthly Payments.
            The
            Servicer shall be required to pay all expenses incurred by it in connection
            with
            its servicing activities hereunder and shall not be entitled to reimbursement
            therefor except as specifically provided for.

          

          Section
            6.04 Annual
            Statement as to Compliance; Annual Certification.

          

          (a) The
            Servicer will deliver to the Purchaser and any Master Servicer, using
            best
            efforts by March 1st,
            but in
            no event later than March 15th of
            each
            calendar year beginning in 2007, an Officer’s Certificate acceptable to the
            Purchaser (an “Annual Statement of Compliance”) stating, as to each signatory
            thereof, that (i) a review of the activities of the Servicer during the
            preceding calendar year and of performance under this Agreement or other
            applicable servicing agreement has been made under such officer’s supervision
            and (ii) to the best of such officer’s knowledge, based on such review, the
            Servicer has fulfilled all of its obligations under this Agreement or
            other
            applicable servicing 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. Copies of such statement
            shall be provided by the Servicer to the Purchaser upon request and by
            the
            Purchaser to any Person identified as a prospective purchaser of the
            Mortgage
            Loans. In the event that the Servicer has delegated any servicing
            responsibilities with respect to the Mortgage Loans to a Subservicer,
            the
            Servicer shall deliver an Annual Statement of Compliance of the Subservicer
            as
            described above as to each Subservicer as and when required with respect
            to the
            Servicer.

          

          (b) With
            respect to any Mortgage Loans that are the subject of a Securitization
            Transaction, using best efforts by March 1st,
            but in
            no event later than March 15th
            of each
            calendar year beginning in 2007, an officer of the Servicer shall execute
            and
            deliver an officer’s certificate (an “Annual Certification”) to the Purchaser,
            any Master Servicer and any related Depositor for the benefit of each
            such
            entity and such entity’s affiliates and the officers, directors and agents of
            any such entity and such entity’s affiliates, in the form attached hereto as
Exhibit
            L.
            In the
            event that the Servicer has delegated any servicing responsibilities
            with
            respect to the Mortgage Loans to a Subservicer, the Servicer shall deliver
            an
            Annual Certification of the Subservicer as described above as to each
            Subservicer as and when required with respect to the Servicer.

          

          Failure
            of the Servicer to timely comply with this Section 6.04 (including with
            respect
            to the cure timeframes required in this section) shall be deemed an Event
            of
            Default, automatically, without notice and without any cure period, and
            Purchaser may, in addition to whatever rights the Purchaser may have
            under
            Sections 3.03 and 8.01 and at law or equity or to damages, including
            injunctive
            relief and specific performance, terminate all the rights and obligations
            of the
            Servicer under this Agreement and in and to the Mortgage Loans and the
            proceeds
            thereof without compensating the Servicer for the same, as provided in
            Section
            9.01. Such termination shall be considered with cause pursuant to Section
            10.01
            of this Agreement. This paragraph shall supercede any other provision
            in this
            Agreement or any other agreement to the contrary.

          

          Section
            6.05 [Reserved]

          

          Section
            6.06 Purchaser's
            Right to Examine Compnay and the Servicer Records.

          

          The
            Purchaser shall have the right to examine and audit upon reasonable notice
            to
            the Company or the Servicer, as applicable, during business hours or
            at such
            other times as might be reasonable under applicable circumstances, any
            and all
            of the books, records, documentation or other information of the Company
            or the
            Servicer, as applicable, or held by another for the Company or the Servicer
            or
            on their behalf or otherwise, which relates to the performance or observance
            by
            the Company or the Servicer, as applicable, of the terms, covenants or
            conditions of this Agreement.

          

          The
            Company and the Servicer shall provide to the Purchaser and any supervisory
            agents or examiners representing a state or federal governmental agency
            having
            jurisdiction over the Purchaser, including but not limited to OTS, FDIC
            and
            other similar entities, access to any documentation regarding the Mortgage
            Loans
            in the possession of the Company or the Servicer which may be required
            by any
            applicable regulations. Such access shall be afforded without charge,
            upon
            reasonable request, during normal business hours and at the offices of
            the
            Company or the Servicer, as applicable, and in accordance with the FDIC,
            OTS, or
            any other similar federal or state regulations, as applicable.

          

          Section
            6.07 Assessment
            of Compliance with Servicing Criteria.

          

          On
            and
            after January 1, 2006, the Servicer shall service and administer, and
            shall
            cause each subservicer to servicer or administer, the Mortgage Loans
            in
            accordance with all applicable requirements of the Servicing
            Criteria.

          

          With
            respect to any Mortgage Loans that are the subject of a Securitization
            Transaction, the Servicer shall deliver to the Purchaser or its designee,
            any
            Master Servicer and any Depositor, using best efforts by March 1st,
            but in
            no event later than March 15th
            of each
            calendar year beginning in 2007, a report (an “Assessment of Compliance”)
            reasonably satisfactory to the Purchaser, any Master Servicer and any
            Depositor
            regarding the Servicer’s assessment of compliance with the Servicing Criteria
            during the preceding calendar year as required by Rules 13a-18 and 15d-18
            of the
            Exchange Act and Item 1122 of Regulation AB or as otherwise required
            by the
            Master Servicer, which as of the date hereof, require a report by an
            authorized
            officer of the Servicer that contains the following:

          

          (a) A
            statement by such officer of its responsibility for assessing compliance
            with
            the Servicing Criteria applicable to the Servicer;

          

          (b) A
            statement by such officer that such officer used the Servicing Criteria
            to
            assess compliance with the Servicing Criteria applicable to the
            Servicer;

          

          (c) An
            assessment by such officer of the 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 Servicer, that are backed by the same asset type as the
            Mortgage
            Loans;

          

          (d) A
            statement that a registered public accounting firm has issued an attestation
            report on the Servicer’s Assessment of Compliance for the period consisting of
            the preceding calendar year; and

          

          (e) A
            statement as to which of the Servicing Criteria, if any, are not applicable
            to
            the Servicer, which statement shall be based on the activities it performs
            with
            respect to asset-backed securities transactions taken as a whole involving
            the
            Servicer, that are backed by the same asset type as the Mortgage
            Loans.

          

          Such
            report at a minimum shall address each of the Servicing Criteria specified
            on a
            certification substantially in the form of Exhibit
            O
            hereto
            delivered to the Servicer concurrently with the execution of this
            Agreement.

          

          With
            respect to any Mortgage Loans that are the subject of a Securitization
            Transaction, using best efforts by March 1st,
            but in
            no event later than March 15th
            of each
            calendar year beginning in 2007, the Servicer shall furnish to the Purchaser
            or
            its designee, any Master Servicer and any Depositor a report (an “Attestation
            Report”) by a registered public accounting firm that attests to, and reports
            on,
            the Assessment of Compliance made by the Servicer, as required by Rules
            13a-18
            and 15d-18 of the Exchange Act and Item 1122(b) of Regulation AB or as
            otherwise
            required by the Master Servicer, which Attestation Report must be made
            in
            accordance with standards for attestation reports issued or adopted by
            the
            Public Servicer Accounting Oversight Board. 

          

          The
            Servicer shall cause each Subservicer, and each Subcontractor determined
            by the
            Servicer pursuant to Section 11.20 to be “participating in the servicing
            function” within the meaning of Item 1122 of Regulation AB, to deliver to the
            Purchaser, any Master Servicer and any Depositor an assessment of compliance
            and
            accountants’ attestation as and when provided in Sections 6.07.

          

          Failure
            of the Servicer to timely comply with this Section 6.07 shall be deemed
            an Event
            of Default, automatically, without notice and without any cure period,
            unless
            otherwise agreed to by the Purchaser as described herein, and Purchaser
            may, in
            addition to whatever rights the Purchaser may have under Sections 3.03
            and 8.01
            and at law or equity or to damages, including injunctive relief and specific
            performance, terminate all the rights and obligations of the Servicer
            under this
            Agreement and in and to the Mortgage Loans and the proceeds thereof without
            compensating the Servicer for the same, as provided in Section 9.01.
            Such
            termination shall be considered with cause pursuant to Section 10.01
            of this
            Agreement. This paragraph shall supercede any other provision in this
            Agreement
            or any other agreement to the contrary.

          

          Section
            6.08 Intent
            of the Parties; Reasonableness.

          

          The
            Purchaser, the Company and the Servicer acknowledge and agree that a
            purpose of
            Sections 3.01(p), 5.02, 6.04, 6.07 and 11.18 of this Agreement is to
            facilitate
            compliance by the Purchaser and any Depositor with the provisions of
            Regulation
            AB and related rules and regulations of the Commission. None of the Purchaser,
            any Master Servicer or any Depositor shall exercise its right to request
            delivery of information or other performance under these provisions other
            than
            in good faith, or for purposes other than compliance with the Securities
            Act,
            the Exchange Act and the rules and regulations of the Commission thereunder.
            The
            Company and the Servicer acknowledge that interpretations of the requirements
            of
            Regulation AB may change over time, whether due to interpretive guidance
            provided by the Commission or its staff, consensus among participants
            in the
            asset-backed securities markets, advice of counsel, or otherwise, and
            agrees to
            comply with requests made by the Purchaser or any Depositor in good faith
            for
            delivery of information under these provisions on the basis of evolving
            interpretations of Regulation AB. In connection with any Securitization
            Transaction, the Company shall cooperate fully with the Purchaser to
            deliver to
            the Purchaser (including any of its assignees or designees) and any Depositor,
            any and all statements, reports, certifications, records and any other
            information necessary in the good faith determination of the Purchaser
            or any
            Depositor to permit the Purchaser or such Depositor to comply with the
            provisions of Regulation AB, together with such disclosures relating
            to the
            Company, the Servicer, any Subservicer, any Third-Party Originator and
            the
            Mortgage Loans, or the servicing of the Mortgage Loans, reasonably believed
            by
            the Purchaser or any Depositor to be necessary in order to effect such
            compliance.

          

          ARTICLE
            VII

          

          REPORTS
            TO BE PREPARED BY COMPANY AND SERVICER

          

          Section
            7.01 Company
            and Servicer Shall Provide Information as Reasonably Required.

          

          The
            Company and the Servicer shall furnish to the Purchaser during the term
            of this
            Agreement, such periodic, special or other reports, information or
            documentation, whether or not provided for herein, as shall be necessary,
            reasonable or appropriate in respect to the Purchaser, or otherwise in
            respect
            to the Mortgage Loans and the performance of the Company and the Servicer,
            as
            applicable, under this Agreement, including any reports, information
            or
            documentation reasonably required to comply with any regulations regarding
            any
            supervisory agents or examiners of the Purchaser all such reports or
            information
            to be as provided by and in accordance with such applicable instructions
            and
            directions as the Purchaser may reasonably request in relation to this
            Agreement
            or the performance of the Company and the Servicer, as applicable, under
            this
            Agreement. The Company and the Servicer agree to execute and deliver
            all such
            instruments and take all such action as the Purchaser, from time to time,
            may
            reasonably request in order to effectuate the purpose and to carry out
            the terms
            of this Agreement.

          

          In
            connection with marketing the Mortgage Loans, the Purchaser may make
            available
            to a prospective purchaser audited financial statements of the Company
            and the
            Servicer for the most recently completed two (2) fiscal years for which
            such
            statements are available, as well as a Consolidated Statement of Condition
            at
            the end of the last two (2) fiscal years covered by any Consolidated
            Statement
            of Operations. If it has not already done so, the Company and the Servicer
            shall
            furnish promptly to the Purchaser or a prospective purchaser copies of
            the
            statements specified above.

          

          The
            Servicer shall make reasonably available to the Purchaser or any prospective
            Purchaser a knowledgeable financial or accounting officer for the purpose
            of
            answering questions and to permit any prospective purchaser to inspect
            the
            Servicer’s servicing facilities for the purpose of satisfying such prospective
            purchaser that the Servicer has the ability to service the Mortgage Loans
            as
            provided in this Agreement.

          

          
            
              
                
                

              

              
                
                

                
                  

                

              

              
                
                

              

            

          

          

          

          ARTICLE
            VIII

          

          THE
            COMPANY AND THE SERVICER

          

          Section
            8.01 Indemnification;
            Third Party Claims.

          

          (a)
             The
            Company agrees to indemnify the Purchaser and hold it harmless against
            any and
            all claims, losses, damages, penalties, fines, forfeitures, legal fees
            and
            related costs, judgments, and any other costs, fees and expenses that
            the
            Purchaser may sustain in any way related to the failure of the Company
            to
            observe and perform its duties, obligations, covenants, and agreements
            in strict
            compliance with the terms of this Agreement. The Company agrees to indemnify
            the
            Purchaser and hold it harmless against any and all claims, losses, damages,
            penalties, fines, forfeitures, legal fees and related costs, judgments,
            and any
            other costs, fees and expenses that the Purchaser may sustain in any
            way from
            any claim, demand, defense or assertion based on or grounded upon, or
            resulting
            from any assertion based on, grounded upon or resulting from a breach
            or alleged
            breach of any of its representation or warranty set forth in Sections
            3.01 or
            3.02 of this Agreement. The Company shall immediately notify the Purchaser
            if a
            claim is made by a third party against Company with respect to this Agreement
            or
            the Mortgage Loans, assume (with the consent of the Purchaser) the defense
            of
            any such claim and pay all expenses in connection therewith, including
            counsel
            fees, whether or not such claim is settled prior to judgment, and promptly
            pay,
            discharge and satisfy any judgment or decree which may be entered against
            it or
            the Purchaser in respect of such claim. The Company shall follow any
            written
            instructions received from the Purchaser in connection with such claim.
            The
            Purchaser shall promptly reimburse the Company for all amounts advanced
            by it
            pursuant to the two preceding sentences except when the claim relates
            to its
            breach of representation or warranty set forth in Sections 3.01 or 3.02,
            or the
            negligence, bad faith or willful misconduct of Company. The provisions
            of this
            Section 8.01(a) shall survive termination of this Agreement.

          

          (b) The
            Servicer agrees to indemnify the Purchaser and hold it harmless against
            any and
            all claims, losses, damages, penalties, fines, forfeitures, legal fees
            and
            related costs, judgments, and any other costs, fees and expenses that
            the
            Purchaser may sustain in any way related to the failure of the Servicer
            to
            observe and perform its duties, obligations, covenants, and agreements
            to
            service the Mortgage Loans in strict compliance with the terms of this
            Agreement. The Servicer agrees to indemnify the Purchaser and hold it
            harmless
            against any and all claims, losses, damages, penalties, fines, forfeitures,
            legal fees and related costs, judgments, and any other costs, fees and
            expenses
            that the Purchaser may sustain in any way from any claim, demand, defense
            or
            assertion based on or grounded upon, or resulting from any assertion
            based on,
            grounded upon or resulting from a breach or alleged breach of any of
            its
            representation or warranty set forth in Sections 3.01 or 3.02 of this
            Agreement.
            The Servicer shall immediately notify the Purchaser if a claim is made
            by a
            third party against Servicer with respect to this Agreement or the Mortgage
            Loans, assume (with the consent of the Purchaser) the defense of any
            such claim
            and pay all expenses in connection therewith, including counsel fees,
            whether or
            not such claim is settled prior to judgment, and promptly pay, discharge
            and
            satisfy any judgment or decree which may be entered against it or the
            Purchaser
            in respect of such claim. The Servicer shall follow any written instructions
            received from the Purchaser in connection with such claim. The Purchaser
            shall
            promptly reimburse the Servicer for all amounts advanced by it pursuant
            to the
            two preceding sentences except when the claim relates to the failure of the
            Servicer to service and administer the Mortgages in strict compliance
            with the
            terms of this Agreement, its breach of representation or warranty set
            forth in
            Sections 3.01 or 3.02, or the negligence, bad faith or willful misconduct
            of
            Servicer. The provisions of this Section 8.01(b) shall survive termination
            of
            this Agreement.

          

          Section
            8.02 Merger
            or Consolidation of the Company and the Servicer

          

          The
            Company and the Servicer will each keep in full effect its respective
            existence,
            rights and franchises as a corporation under the laws of the state of
            its
            incorporation except as permitted herein, and will obtain and preserve
            its
            qualification to do business as a foreign corporation in each jurisdiction
            in
            which such qualification is or shall be necessary to protect the validity
            and
            enforceability of this Agreement, or any of the Mortgage Loans and to
            perform
            its duties under this Agreement.

          

          Any
            Person into which the Company may be merged or consolidated, or any corporation
            resulting from any merger, conversion or consolidation to which the Company
            shall be a party, or any Person succeeding to the business of the Company
            whether or not related to loan servicing, shall be the successor of the
            Company
            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.

          

          Any
            Person into which the Servicer may be merged or consolidated, or any
            corporation
            resulting from any merger, conversion or consolidation to which the Servicer
            shall be a party, or any Person succeeding to the business of the Servicer
            whether or not related to loan servicing, shall be the successor of the
            Servicer
            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
            shall
            be an institution (i) having a GAAP net worth of not less than $25,000,000,
            (ii)
            the deposits of which are insured by the FDIC, SAIF and/or BIF, and which
            is a
            HUD-approved mortgagee whose primary business is in servicing of first
            lien
            mortgage loans, and (iii) who is a Fannie Mae or FHLMC approved servicer
            in good
            standing.

           

          Section
            8.03 Limitation
            on Liability of the Company and Others.

          

          Neither
            the Company nor any of the officers, employees or agents of the Company
            shall be
            under any liability to the Purchaser 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 made in good faith; provided, however, that this provision
            shall not
            protect the Company or any such person against any breach of warranties
            or
            representations made herein, or failure to perform its obligations in
            strict
            compliance with any standard of care set forth in this Agreement, or
            any
            liability which would otherwise be imposed by reason of negligence, bad
            faith or
            willful misconduct, or any breach of the terms and conditions of this
            Agreement.
            The Company and any officer, employee or agent of the Company may rely
            in good
            faith on any document of any kind prima facie properly executed and submitted
            by
            the Purchaser respecting any matters arising hereunder. The Company shall
            not be
            under any obligation to appear in, prosecute or defend any legal action
            which is
            not incidental to its duties to service the Mortgage Loans in accordance
            with
            this Agreement and which in its reasonable opinion may involve it in
            any
            expenses or liability; provided, however, that the Company may, with
            the consent
            of the Purchaser, undertake any such action which it may deem necessary
            or
            desirable in respect to this Agreement and the rights and duties of the
            parties
            hereto. In such event, the reasonable legal expenses and costs of such
            action
            and any liability resulting therefrom shall be expenses, costs and liabilities
            for which the Purchaser will be liable, and the Company shall be entitled
            to be
            reimbursed therefor from the Purchaser upon written demand.

          

          Section
            8.04 Company
            and Servicer Not to Assign or Resign.

          

          The
            Company shall not assign this Agreement or resign from the obligations
            and
            duties hereby imposed on it except by mutual consent of the Company and
            the
            Purchaser or upon the determination that its duties hereunder are no
            longer
            permissible under applicable law and such incapacity cannot be cured
            by the
            Company. Any such determination permitting the resignation of the Company
            shall
            be evidenced by an Opinion of Counsel to such effect delivered to the
            Purchaser
            which Opinion of Counsel shall be in form and substance reasonably acceptable
            to
            the Purchaser.

          

          The
            Servicer shall not assign this Agreement or resign from the obligations
            and
            duties hereby imposed on it except by mutual consent of the Servicer
            and the
            Purchaser or upon the determination that its duties hereunder are no
            longer
            permissible under applicable law and such incapacity cannot be cured
            by the
            Servicer. Any such determination permitting the resignation of the Servicer
            shall be evidenced by an Opinion of Counsel to such effect delivered
            to the
            Purchaser which Opinion of Counsel shall be in form and substance reasonably
            acceptable to the Purchaser. No such resignation shall become effective
            until a
            successor shall have assumed the Servicer's responsibilities and obligations
            hereunder in the manner provided in Section 11.01.

          

          Section
            8.05 No
            Transfer of Servicing.

          

          With
            respect to the retention of the Servicer to service the Mortgage Loans
            hereunder, the Servicer acknowledges that the Purchaser has acted in
            reliance
            upon the Servicer's independent status, the adequacy of its servicing
            facilities, plan, personnel, records and procedures, its integrity, reputation
            and financial standing and the continuance thereof. Without in any way
            limiting
            the generality of this Section, the Servicer shall not either assign
            this
            Agreement or the servicing hereunder or delegate its rights or duties
            hereunder
            or any portion thereof, or sell or otherwise dispose of all or substantially
            all
            of its property or assets, without the prior written approval of the
            Purchaser,
            which consent shall be granted or withheld in the Purchaser's sole reasonable
            discretion.

          

          Without
            in any way limiting the generality of this Section 8.05, in the event
            that the
            Servicer either shall assign this Agreement or the servicing responsibilities
            hereunder or delegate its duties hereunder or any portion thereof without
            (i)
            satisfying the requirements set forth herein or (ii) the prior written
            consent
            of the Purchaser, then the Purchaser shall have the right to terminate
            this
            Agreement, without any payment of any penalty or damages and without
            any
            liability whatsoever to the Servicer (other than with respect to accrued
            but
            unpaid Servicing Fees and Servicing Advances remaining unpaid) or any
            third
            party. 

          

           

          

          
            
              
                
                

              

              
                
                

                
                  

                

              

              
                
                

              

            

          

          

          

          ARTICLE
            IX

          

          DEFAULT

          

          Section
            9.01 Events
            of Default.

          

          In
            case
            one or more of the following Events of Default by the Company or the
            Servicer
            shall occur and be continuing, that is to say:

          

          (i)
            any
            failure by the Servicer to remit to the Purchaser any payment required
            to be
            made under the terms of this Agreement which continues unremedied for
            a period
            of one (1) Business Day after notice; or

          

          (ii)
            failure on the part of the Company or the Servicer, as applicable, duly
            to
            observe or perform in any material respect any other of the covenants
            or
            agreements on the part of the Company or the Servicer, as applicable,
            set forth
            in this Agreement which continues unremedied for a period of thirty (30)
            days
            after the date on which written notice of such failure, requiring the
            same to be
            remedied, shall have been given to the Company by the Purchaser; or

          

          (iii)
            a
            decree or order of a court or agency or supervisory authority having
            jurisdiction for the appointment of a conservator or receiver or liquidator
            in
            any insolvency, bankruptcy, readjustment of debt, marshalling of assets
            and
            liabilities or similar proceedings, or for the winding-up or liquidation
            of its
            affairs, shall have been entered against the Company or the Servicer
            and such
            decree or order shall have remained in force undischarged or unstayed
            for a
            period of sixty days; or

          

          (iv)
            the
            Company or the Servicer shall consent to the appointment of a conservator
            or
            receiver or liquidator in any insolvency, bankruptcy, readjustment of
            debt,
            marshalling of assets and liabilities or similar proceedings of or relating
            to
            the Company or the Servicer, as applicable, or of or relating to all
            or
            substantially all of its property; or

          

          (v)
            the
            Company or the Servicer shall admit in writing its inability to pay its
            respective 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)
            Company ceases to be approved by either Fannie Mae or FHLMC as a mortgage
            loan
            seller for more than thirty days, or the Servicer ceases to be approved
            by
            either Fannie Mae or FHLMC as a mortgage loan servicer for more than
            thirty
            days; or

          

          (vii)
            the
            Servicer attempts to assign its right to servicing compensation hereunder
            or the
            Servicer attempts, without the consent of the Purchaser, to sell or otherwise
            dispose of all or substantially all of its property or assets or to assign
            this
            Agreement or the servicing responsibilities hereunder or to delegate
            its duties
            hereunder or any portion thereof; or

          

          (viii)
            (a) the Servicer ceases to be licensed to service first lien residential
            mortgage loans in any jurisdiction in which a Mortgaged Property is located
            and
            such licensing is required, or (b) either the Servicer or the Company
            cease to
            be qualified to transact business in any jurisdiction where it is currently
            so
            qualified, but only to the extent such non-qualification materially and
            adversely affects the Company’s or the Servicer's ability to perform its
            obligations hereunder; or

          

          (ix)
            the
            Servicer fails to meet the eligibility criteria set forth in the last
            sentence
            of Section 8.02.

          

          Then,
            and
            in each and every such case, so long as an Event of Default shall not
            have been
            remedied, the Purchaser, by notice in writing to the Company or the Servicer,
            as
            applicable (except in the case of an Event of Default under clauses (iii),
            (iv)
            or (v) above, or as otherwise stated herein, in which case, automatically
            and
            without notice) may, in addition to whatever rights the Purchaser may
            have under
            Sections 3.03 and 8.01 and at law or equity or to damages, including
            injunctive
            relief and specific performance, terminate all the rights and obligations
            of the
            Company or the Servicer, as applicable (and if the Servicer is servicing
            any of
            the Mortgage Loans in a Securitization Transaction, appoint a successor
            servicer
            reasonably acceptable to any Master Servicer for such Securitization
            Transaction) under this Agreement and in and to the Mortgage Loans and
            the
            proceeds thereof without compensating the Company and the Servicer for
            the
            same.
            On or
            after the receipt by the Company or Servicer of such written notice (or,
            in the
            case of an Event of Default under clauses (iii), (iv) or (v) above, in
            which
            case, automatically and without notice), all authority and power of the
            Company
            or the Servicer, as applicable, under this Agreement, whether with respect
            to
            the Mortgage Loans or otherwise, shall pass to and be vested in the successor
            appointed pursuant to Section 11.01. Upon written request from the Purchaser,
            the Servicer shall prepare, execute and deliver, any and all documents
            and other
            instruments, place in such successor's possession all Mortgage Files,
            and do or
            accomplish all other acts or things necessary or appropriate to effect
            the
            purposes of such notice of termination, whether to complete the transfer
            and
            endorsement or assignment of the Mortgage Loans and related documents,
            or
            otherwise, at the Servicer's sole expense. The Servicer agrees to cooperate
            with
            the Purchaser and such successor in effecting the termination of the
            Servicer's
            responsibilities and rights hereunder, including, without limitation,
            the
            transfer to such successor for administration by it of all cash amounts
            which
            shall at the time be credited by the Servicer to the Custodial Account
            or Escrow
            Account or thereafter received with respect to the Mortgage Loans or
            any REO
            Property.

          

          The
            Servicer shall promptly reimburse the Purchaser (or any designee of the
            Purchaser, such as a master servicer) and any Depositor, as applicable,
            for all
            reasonable expenses incurred by the Purchaser (or such designee) or such
            Depositor, as such are incurred, in connection with the termination of
            the
            Servicer as servicer and the transfer of servicing of the Mortgage Loans
            to a
            successor servicer. The provisions of this paragraph shall not limit
            whatever
            rights the Purchaser or any Depositor may have under other provisions
            of this
            Agreement and/or any applicable Reconstitution Agreement or otherwise,
            whether
            in equity or at law, such as an action for damages, specific performance
            or
            injunctive relief.

           

          Section
            9.02 Waiver
            of Defaults.

          

          The
            Purchaser may waive only by written notice any default by the Company
            or the
            Servicer in the performance of its obligations hereunder and its consequences.
            Upon any such waiver of a past default, such default shall cease to exist,
            and
            any Event of Default arising therefrom shall be deemed to have been remedied
            for
            every purpose of this Agreement. No such waiver shall extend to any subsequent
            or other default or impair any right consequent thereon except to the
            extent
            expressly so waived in writing.

          

          

          
            
              
                
                

              

              
                
                

                
                  

                

              

              
                
                

              

            

          

          

          ARTICLE
            X

          

          TERMINATION

          

          Section
            10.01 Termination.

           

          The
            respective obligations and responsibilities of the Company and the Servicer
            shall terminate upon: (i) the later of the final payment or other liquidation
            (or any advance with respect thereto) of the last Mortgage Loan and the
            disposition of all remaining REO Property and the remittance of all funds
            due
            hereunder; or (ii) by mutual consent of the Company, the Servicer and
            the
            Purchaser in writing; or (iii) termination with cause under the terms
            of this
            Agreement. Termination of the Agreement pursuant to Section 10.01 (iii)
            shall
            void Purchaser’s obligation to purchase Mortgage Loans for which Purchaser has
            issued a Confirmation, commitment confirmation or a substantially similar
            commitment to purchase Mortgage Loans.

          

          

          Section
            10.02 [Reserved]

          

          Section
            10.03 Survival.

           

          Termination
            of this Agreement under Section 10.01 shall not affect any of the Company’s or
            the Servicer’s obligations regarding repurchase, indemnification or otherwise,
            all of which shall survive such termination and remain in full force
            and
            effect.

          

           

          ARTICLE
            XI

          

          MISCELLANEOUS
            PROVISIONS

          

          Section
            11.01 Successor
            to the Servicer.

          

          Prior
            to
            termination of Servicer's responsibilities and duties under this Agreement
            pursuant to Sections 4.13, 8.04, 9.01, 10.01 (ii) or (iii), the Purchaser
            shall
            (i) succeed to and assume all of the Servicer's responsibilities, rights,
            duties
            and obligations relating to servicing under this Agreement, or (ii) appoint
            a
            successor having the characteristics set forth in Section 8.02 hereof
            and which
            shall succeed to all rights and assume all of the responsibilities, duties
            and
            liabilities of the Servicer under this Agreement prior to the termination
            of
            Servicer's responsibilities, duties and liabilities under this Agreement.
            In
            connection with such appointment and assumption, the Purchaser may make
            such
            arrangements for the compensation of such successor out of payments on
            Mortgage
            Loans as the Purchaser and such successor shall agree. In the event that
            the
            Servicer's duties, responsibilities and liabilities under this Agreement
            should
            be terminated pursuant to the aforementioned Sections, the Servicer shall
            discharge such duties and responsibilities during the period from the
            date it
            acquires knowledge of such termination until the effective date thereof
            with the
            same degree of diligence and prudence which it is obligated to exercise
            under
            this Agreement, and shall take no action whatsoever that might impair
            or
            prejudice the rights or financial condition of its successor. The resignation
            or
            removal of Servicer pursuant to the aforementioned Sections shall not
            become
            effective until a successor shall be appointed pursuant to this Section
            and
            shall in no event relieve the Company or the Servicer of the representations
            and
            warranties made pursuant to Sections 3.01, 3.02 and 3.03 and the remedies
            available to the Purchaser thereunder and under Section 8.01, it being
            understood and agreed that the provisions of such Sections 3.01, 3.02,
            3.03 and
            8.01 shall be applicable to the Company and the Servicer notwithstanding
            any
            such resignation or termination of the Servicer, or the termination of
            this
            Agreement.

          

          Any
            successor appointed as provided herein shall execute, acknowledge and
            deliver to
            the Servicer and to the Purchaser an instrument accepting such appointment,
            whereupon such successor shall become fully vested with all the rights,
            powers,
            duties, responsibilities, obligations and liabilities of the Servicer,
            with like
            effect as if originally named as a party to this Agreement. Any termination
            or
            resignation of the Servicer or this Agreement pursuant to Section 4.13,
            8.04,
            9.01 or 10.01 shall not affect any claims that the Purchaser may have
            against
            the Servicer arising prior to any such termination or resignation.

          

          The
            Servicer shall promptly deliver to the successor the funds in the Custodial
            Account and the Escrow Account and the Mortgage Files and related documents
            and
            statements held by it hereunder and the Servicer shall account for all
            funds.
            The Servicer shall execute and deliver such instruments and do such other
            things
            all as may reasonably be required to more fully and definitely vest and
            confirm
            in the successor all such rights, powers, duties, responsibilities, obligations
            and liabilities of the Servicer. The successor shall make arrangements
            as it may
            deem appropriate to reimburse the Servicer for unrecovered Servicing
            Advances
            which the successor retains hereunder and which would otherwise have
            been
            recovered by the Servicer pursuant to this Agreement but for the appointment
            of
            the successor servicer.

          

          Upon
            a
            successor's acceptance of appointment as such, the Servicer shall notify
            by mail
            the Purchaser of such appointment.

          

          Section
            11.02 Amendment.

          

          This
            Agreement may be amended from time to time by the Company, the Servicer
            and the
            Purchaser by written agreement signed by the Company, the Servicer and
            the
            Purchaser.

          

          
            
              
                
                

              

              
                
                

                
                  

                

              

              
                
                

              

            

          

          

          

          Section
            11.03 Recordation
            of Agreement.

          

          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 of the properties subject
            to the
            Mortgages are situated, and in any other appropriate public recording
            office or
            elsewhere, such recordation to be effected by the Servicer at the Servicer's
            expense on direction of the Purchaser accompanied by an opinion of counsel
            to
            the effect that such recordation materially and beneficially affects
            the
            interest of the Purchaser or is necessary for the administration or servicing
            of
            the Mortgage Loans.

          

          Section
            11.04 Governing
            Law.

          

          This
            Agreement and the related Term Sheet shall be governed by and construed
            in
            accordance with the laws of the State of New York (without giving effect
            to its
            choice of law rules and principles) except to the extent preempted by
            Federal
            law. The obligations, rights and remedies of the parties hereunder shall
            be
            determined in accordance with such laws.

          

          Section
            11.05 Notices.

          

          Any
            demands, notices or other communications permitted or required hereunder
            shall
            be in writing and shall be deemed conclusively to have been given if
            personally
            delivered at or mailed by registered mail, postage prepaid, and return
            receipt
            requested or certified mail, return receipt requested, or transmitted
            by telex,
            telegraph or telecopier and confirmed by a similar mailed writing, as
            follows:

          

          (i)
             if
            to the
            Purchaser:

           

          EMC
            Mortgage Corporation 

          Mac
            Arthur Ridge II, 

          909
            Hidden Ridge Drive, Suite 200

          Irving,
            Texas 75038

          Attention:
            Ms. Ralene Ruyle

          Telecopier
            No.: (972) 444-2810

          

          With
            a
            copy to:

          

          Bear
            Stearns Mortgage Capital Corporation

          383
            Madison Avenue

          New
            York,
            New York 10179

          Attention:
            Mary Haggerty

          

          
            	(ii)  	
                    if
                      to the Servicer:

                  

          

          

          David
            Friedman

          American
            Home Mortgage Servicing, Inc.

          4600
            Regent Boulevard, Suite 200

          Irving,
            Texas 75063

          

          With
            a
            copy to:

          

          Alan
            Horn, General Counsel

          American
            Home Mortgage Corp.

          538
            Broadhollow Road

          Melville,
            New York 11747

          Telecopier
            No. (800) 209-7276

          

          
            	(iii)  	
                    if
                      to the Company:

                  

          

          

          Robert
            F.
            Johnson, Jr.

          American
            Home Mortgage Corp.

          538
            Broadhollow Road

          Melville,
            New York 11747

          Telecopier
            No. (866) 822-3288

          

          With
            a
            copy to:

          

          Alan
            Horn, General Counsel

          American
            Home Mortgage Corp.

          538
            Broadhollow Road

          Melville,
            New York 11747

          Telecopier
            No. (800) 209-7276

          

          or
            such
            other address as may hereafter be furnished to the other party by like
            notice.
            Any such demand, notice or communication hereunder shall be deemed to
            have been
            received on the date delivered to or received at the premises of the
            addressee
            (as evidenced, in the case of registered or certified mail, by the date
            noted on
            the return receipt).

          

          Section
            11.06 Severability
            of Provisions.

          

          Any
            part,
            provision, representation or warranty of this Agreement and the related
            Term
            Sheet 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
            be ineffective, as to such jurisdiction, 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 that prohibits or renders void or unenforceable
            any
            provision hereof. If the invalidity of any part, provision, representation
            or
            warranty of this Agreement shall deprive any party of the economic benefit
            intended to be conferred by this Agreement, the parties shall negotiate,
            in good
            faith, to develop a structure the economic effect of which is nearly
            as possible
            the same as the economic effect of this Agreement without regard to such
            invalidity.

          

          Section
            11.07 Exhibits.

          

          The
            exhibits to this Agreement are hereby incorporated and made a part hereof
            and
            are an integral part of this Agreement.

          

          Section
            11.08 General
            Interpretive Principles.

          

          For
            purposes of this Agreement, except as otherwise expressly provided or
            unless the
            context otherwise requires:

          

          (i)
             the
            terms
            defined in this Agreement have the meanings assigned to them in this
            Agreement
            and include the plural as well as the singular, and the use of any gender
            herein
            shall be deemed to include the other gender;

          

          (ii)
             accounting
            terms not otherwise defined herein have the meanings assigned to them
            in
            accordance with generally accepted accounting principles;

           

          (iii)
             references
            herein to "Articles", "Sections", Subsections", "Paragraphs", and other
            subdivisions without reference to a document are to designated Articles,
            Sections, Subsections, Paragraphs and other subdivisions of this
            Agreement;

          

          (iv)
             a
            reference to a Subsection without further reference to a Section is a
            reference
            to such Subsection as contained in the same Section in which the reference
            appears, and this rule shall also apply to Paragraphs and other
            subdivisions;

          

          (v)
             the
            words
            "herein", "hereof ", "hereunder" and other words of similar import refer
            to this
            Agreement as a whole and not to any particular provision; 

          

          (vi)
             the
            term
            "include" or "including" shall mean without limitation by reason of enumeration;
            and

          

          (viii)
             headings
            of the Articles and Sections in this Agreement are for reference purposes
            only
            and shall not be deemed to have any substantive effect.

          

          Section
            11.09 Reproduction
            of Documents.

          

          This
            Agreement and all documents relating thereto, including, without limitation,
            (i)
            consents, waivers and modifications which may hereafter be executed,
            (ii)
            documents received by any party at the closing, and (iii) financial statements,
            certificates and other information previously or hereafter furnished,
            may be
            reproduced by any photographic, photostatic, microfilm, micro-card, miniature
            photographic or other similar process. The parties agree that any such
            reproduction shall be admissible in evidence as the original itself in
            any
            judicial or administrative proceeding, whether or not the original is
            in
            existence and whether or not such reproduction was made by a party hereto
            in the
            regular course of business, and that any enlargement, facsimile or further
            reproduction of such reproduction shall likewise be admissible in
            evidence.

          

          Section
            11.10 Confidentiality
            of Information.

          

          Each
            party recognizes that, in connection with this Agreement, it may become
            privy to
            non-public information regarding the financial condition, operations
            and
            prospects of the other party. Each party agrees to keep all non-public
            information regarding the other party strictly confidential, and to use
            all such
            information solely in order to effectuate the purpose of the Agreement,
            provided
            that each party may provide confidential information to (i) its employees,
            agents and affiliates who have a need to know such information in order
            to
            effectuate the transaction, (ii) a regulatory authority with supervisory
            power
            over Purchaser, the Servicer or the Company, or (iii) to any Person that
            the
            disclosing party reasonably believes to be necessary relating to the
            enforcement
            of such party’s rights hereunder, provided in all cases that such information is
            identified as confidential non-public information.

          

          Notwithstanding
            other provisions of this Section 11.10 or any other express or implied
            agreement, arrangement, or understanding to the contrary, the Company,
            the
            Servicer and Purchaser (the “Parties”) agree that the Parties (and their
            employees, representatives and other agents) may disclose to any and
            all
            persons, without limitation of any kind from the commencement of discussions,
            the purported or claimed U.S. federal income tax treatment of the purchase
            of
            the Mortgage Loans and related transactions covered by this letter agreement
            (“tax treatment”) and any fact that may be relevant to understanding the tax
            treatment (“tax structure”) and all materials of any kind (including opinions or
            other tax analyses) that are provided to the Parties relating to such
            tax
            treatment and tax structure, except where confidentiality is reasonably
            necessary to comply with securities laws.

          

          The
            Company and the Servicer each agree that the Company and Servicer, as
            applicable, (i) shall comply with any applicable laws and regulations
            regarding
            the privacy and security of Consumer Information including, but not limited
            to
            the Gramm-Leach-Bliley
            Act, Title V, Subtitle A, 15 U.S.C. § 6801 et seq.,
            (ii)
            shall not use Consumer Information in any manner inconsistent with any
            applicable laws and regulations regarding the privacy and security of
            Consumer
            Information, (iii) shall not disclose Consumer Information to third parties
            except at the specific written direction of the Purchaser, (iv) shall
            maintain
            adequate physical, technical and administrative safeguards to protect
            Consumer
            Information from unauthorized access as provided by the applicable laws
            and
            regulations, and (v) shall immediately notify the Purchaser of any actual
            or
            suspected breach of the confidentiality of Consumer Information that
            would have
            a material and adverse effect on the Purchaser.

          The
            Company and the Servicer each agree that the Company and the Servicer,
            as
            applicable, shall indemnify, defend and hold the Purchaser harmless from
            and
            against any loss, claim or liability the Purchaser may suffer by reason
            of the
            Company's or the Servicer’s, as applicable, failure to perform the obligations
            set forth in this Section 11.10.

          

          

          Section
            11.11 Recordation
            of Assignments of Mortgage.

          

          To
            the
            extent permitted by applicable law, each of the Assignments 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
            Mortgaged Properties are situated, and in any other appropriate public
            recording
            office or elsewhere, such recordation to be effected by and at the Company’s
            expense in the event recordation is either necessary under applicable
            law or
            requested by the Purchaser at its sole option.

          

          Section
            11.12 Assignment.

          

          The
            Purchaser shall have the right, without the consent of the Company or
            the
            Servicer, to assign, in whole or in part, its interest under this Agreement
            with
            respect to some or all of the Mortgage Loans, and designate any person
            to
            exercise any rights of the Purchaser hereunder, by executing an Assignment
            and
            Assumption Agreement substantially in the form of Exhibit D hereto and
            the
            assignee or designee shall accede to the rights and obligations hereunder
            of the
            Purchaser with respect to such Mortgage Loans. In no event shall Purchaser
            sell
            a partial interest in any Mortgage Loan without the prior written consent
            of
            Company, which consent shall not be unreasonably denied. All references
            to the
            Purchaser in this Agreement shall be deemed to include its assignee or
            designee.
            The Company shall have the right, only with the consent of the Purchaser
            or
            otherwise in accordance with this Agreement, to assign, in whole or in
            part, its
            interest under this Agreement with respect to some or all of the Mortgage
            Loans.

          

          Section
            11.13 No
            Partnership.

          

          Nothing
            herein contained shall be deemed or construed to create a co-partnership
            or
            joint venture between the parties hereto and the services of the Company
            or the
            Servicer shall be rendered as an independent contractor and not as agent
            for
            Purchaser.

          

          Section
            11.14 Signature
            Pages/Counterparts; Successors and Assigns.
            

          

          This
            Agreement and/or any Term Sheet shall be executed by each party (i) in
            one or
            more fully executed copies, each of which shall constitute a fully executed
            original Agreement, and/or (ii) in counterparts having one or more original
            signatures, and all such counterparts containing the original signatures
            of all
            of the parties hereto taken together shall constitute a fully executed
            original
            Agreement or Term Sheet, as applicable, and/or (iii) by delivery of one
            or more
            original signed signature pages to the other parties hereto (x) by mail
            or
            courier, and/or (y) by electronic transmission, including without limitation
            by
            telecopier, facsimile or email of a scanned image (“Electronic Transmission”),
            each of which as received shall constitute for all purposes an executed
            original
            signature page of such party. The Purchaser may deliver a copy of this
            Agreement
            and/or any Term Sheet, fully executed as provided herein, to each other
            party
            hereto by mail and/or courier and/or Electronic Transmission, and such
            copy as
            so delivered shall constitute a fully executed original Agreement or
            Term Sheet,
            as applicable, superseding any prior form of the Agreement or Term Sheet,
            as
            applicable, that differs therefrom in any respect. This Agreement shall
            inure to
            the benefit of and be binding upon the Company and the Purchaser and
            their
            respective successor and assigns.

           

          

          Section
            11.15 Entire
            Agreement.

          

          The
            Company acknowledges that no representations, agreements or promises
            were made
            to the Company by the Purchaser or any of its employees other than those
            representations, agreements or promises specifically contained herein
            and in the
            Confirmation. The Confirmation and this Agreement and the related Term
            Sheet
            sets forth the entire understanding between the parties hereto; provided,
            however, only this Agreement and the related Term Sheet shall be binding
            upon
            all successors of both parties. In the event of any inconsistency between
            the
            Confirmation and this Agreement, this Agreement and the related Term
            Sheet shall
            control.

          

          Section
            11.16. No
            Solicitation.

          

          From
            and
            after the related Closing Date, the Company and the Servicer agree that
            each
            will not take any action or permit or cause any action to be taken by
            any of its
            agents or affiliates, to personally, by telephone or mail, solicit the
            borrower
            or obligor under any Mortgage Loan to refinance the Mortgage Loan, in
            whole or
            in part, without the prior written consent of the Purchaser. Notwithstanding
            the
            foregoing, it is understood and agreed that (i) promotions undertaken
            by the
            Company or the Servicer or any affiliate of the Company or the Servicer
            which
            are directed to the general public at large, or segments thereof, provided
            that
            no segment shall consist primarily of the Mortgage Loans, including,
            without
            limitation, mass mailing based on commercially acquired mailing lists,
            newspaper, radio and television advertisements and (ii) responses to
            unsolicited
            requests or inquiries made by a Mortgagor or an agent of a Mortgagor,
            shall not
            constitute solicitation under this Section 11.16. This Section 11.16
            shall not
            be deemed to preclude the Company or the Servicer or any of their respective
            affiliates from soliciting any Mortgagor for any other financial products
            or
            services. The Company and the Servicer shall each use its best efforts
            to
            prevent the sale of the name of any Mortgagor to any Person who is not
            affiliate
            of the Company or the Servicer, as applicable.

          

          Section
            11.17. Closing.

          

          The
            closing for the purchase and sale of the Mortgage Loans shall take place
            on the
            related Closing Date. The closing shall be either: by telephone, confirmed
            by
            letter or wire as the parties shall agree, or conducted in person, at
            such place
            as the parties shall agree.

          

          The
            closing for the Mortgage Loans to be purchased on the related Closing
            Date shall
            be subject to each of the following conditions:

          

          (a) at
            least
            one (1) Business Day prior to the related Closing Date, the Company shall
            deliver to the Purchaser a magnetic diskette, or transmit by modem, a
            listing on
            a loan-level basis of the information contained in the related Mortgage
            Loan
            Schedule attached to the related Term Sheet;

          

          (b) all
            of
            the representations and warranties of the Company and the Servicer under
            this
            Agreement shall be materially true and correct as of the related Closing
            Date
            and no event shall have occurred which, with notice or the passage of
            time,
            would constitute a material default under this Agreement;

          

          (c) the
            Purchaser shall have received, or the Purchaser's attorneys shall have
            received
            in escrow, all documents required pursuant to this Agreement, the related
            Term
            Sheet, an opinion of counsel and an officer's certificate, all 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 terms
            hereof;

          

          (d) the
            Company and the Servicer shall have each delivered and released to the
            Purchaser
            (or its designee) on or prior to the related Closing Date all documents
            required
            pursuant to the terms of this Agreement and the related Term Sheet;
            and

          

          (e) all
            other
            terms and conditions of this Agreement, the related Term Sheet and the
            Confirmation shall have been materially complied with.

          

          Subject
            to the foregoing conditions, the Purchaser shall pay to the Company on
            the
            related Closing Date the Purchase Price, plus accrued interest pursuant
            to
            Section 2.02 of this Agreement, by wire transfer of immediately available
            funds
            to the account designated by the Company.

          

          Section
            11.18. Cooperation
            of Company with a Reconstitution.

          

          The
            Company, the Servicer and the Purchaser agree that with respect to some
            or all
            of the Mortgage Loans, on or after the related Closing Date, on one or
            more
            dates (each a "Reconstitution Date") at the Purchaser's sole option,
            the
            Purchaser may effect a sale (each, a "Reconstitution") of some or all
            of the
            Mortgage Loans then subject to this Agreement, without recourse,
            to:

          

          (a) one
            or
            more third party purchasers in one or more in whole loan transfers (each,
            a
            "Whole Loan Transfer"); or

          

          (b) one
            or
            more trusts or other entities to be formed as part of one or more Securitization
            Transactions.

          

          The
            Company and the Servicer agree to execute in connection with any agreements
            among the Purchaser, the Company, the Servicer and any servicer in connection
            with a Whole Loan Transfer, an Assignment, Assumption and Recognition
            Agreement
            substantially in the form of Exhibit
            D
            hereto,
            or, at Purchaser’s request, a seller's warranties and servicing agreement or a
            participation and servicing agreement or similar agreement in form and
            substance
            reasonably acceptable to the parties, and in connection with a Securitization
            Transaction, a pooling and servicing agreement in form and substance
            reasonably
            acceptable to the parties, (collectively the agreements referred to herein
            are
            designated, the “Reconstitution Agreements”). It is understood that any such
            Reconstitution Agreements will not contain any greater obligations on
            the part
            of Company or the Servicer than are contained in this Agreement. Notwithstanding
            anything to the contrary in this Section 11.18, the Servicer agrees that
            it is
            required to perform the obligations described in Exhibit
            K
            hereto.

          

          With
            respect to each Whole Loan Transfer and each Securitization Transaction
            entered
            into by the Purchaser, the Company and the Servicer agree (1) to cooperate
            fully
            with the Purchaser and any prospective purchaser with respect to all
            reasonable
            requests and due diligence procedures; (2) to execute, deliver and perform
            all
            Reconstitution Agreements required by the Purchaser; (3) to restate the
            representations and warranties set forth in this Agreement as of the
            settlement
            or closing date in connection with such Reconstitution (each, a "Reconstitution
            Date"). 

          

          In
            addition, the Company and the Servicer shall provide to such servicer
            or issuer,
            as the case may be, and any other participants in such Reconstitution:
            

          

          (i) any
            and
            all information and appropriate verification of information which may
            be
            reasonably available to the Company or the Servicer, whether through
            letters of
            its auditors and counsel or otherwise, as the Purchaser or any such other
            participant shall request upon reasonable demand; 

          

          (ii) such
            additional representations, warranties, covenants, opinions of counsel,
            letters
            from auditors, and certificates of public officials or officers of the
            Company
            or the Servicer as are reasonably agreed upon by the Company or the Servicer,
            as
            applicable, and the Purchaser or any such other participant;

          

          (iii) within
            five (5) Business Days after request by the Purchaser, the information
            with
            respect to the Company (as originator) and each Third-Party Originator
            of the
            Mortgage Loans as required under Item 1110(a) and (b) of Regulation AB,
            a
            summary of the requirements of which has of the date hereof is attached
            hereto
            as Exhibit
            N
            for
            convenience of reference only, as determined by Purchaser in its sole
            discretion. If requested by the Purchaser, this will include information
            about
            the applicable credit-granting or underwriting criteria;

          

          (iv) within
            five (5) Business Days after request by the Purchaser, the Company shall
            provide
            (or, as applicable, cause each Third-Party Originator to provide) Static
            Pool
            Information with respect to the mortgage loans (of a similar type as
            the
            Mortgage Loans, as reasonably identified by the Purchaser as provided
            below)
            originated by (i) the Company, if the Company is an originator of Mortgage
            Loans
            (including as an acquirer of Mortgage Loans from a Qualified Correspondent),
            and/or (ii) each Third-Party Originator. Such Static Pool Information
            shall be
            prepared by the Company (or Third-Party Originator) on the basis of its
            reasonable, good faith interpretation of the requirements of Item 1105(a)(1)-(3)
            and (c) of Regulation AB. To the extent that there is reasonably available
            to
            the Company (or Third-Party Originator) Static Pool Information with
            respect to
            more than one mortgage loan type, the Purchaser or any Depositor shall
            be
            entitled to specify whether some or all of such information shall be
            provided
            pursuant to this paragraph. The content of such Static Pool Information
            may be
            in the form customarily provided by the Company, and need not be customized
            for
            the Purchaser or any Depositor. Such Static Pool Information for each
            vintage
            origination year or prior securitized pool, as applicable, shall be presented
            in
            increments no less frequently than quarterly over the life of the mortgage
            loans
            included in the vintage origination year or prior securitized pool. The
            most
            recent periodic increment must be as of a date no later than 135 days
            prior to
            the date of the prospectus or other offering document in which the Static
            Pool
            Information is to be included or incorporated by reference. The Static
            Pool
            Information shall be provided in an electronic format that provides a
            permanent
            record of the information provided, such as a portable document format
            (pdf)
            file, or other such electronic format reasonably required by the Purchaser
            or
            the Depositor, as applicable;

          

          (v) within
            five (5) Business Days after request by the Purchaser, information with
            respect
            to the Servicer (as servicer) as required by Item 1108(b) and (c) of
            Regulation
            AB, a summary of the requirements of which as of the date hereof is attached
            hereto as Exhibit
            N
            for
            convenience of reference only, as determined by Purchaser in its sole
            discretion. In the event that the Servicer has delegated any servicing
            responsibilities with respect to the Mortgage Loans to a Subservicer,
            the
            Servicer shall provide the information required pursuant to this clause
            with
            respect to the Subservicer;

          

          (vi) within
            five (5) Business Days after request by the Purchaser, 

          (a)
            information regarding any legal proceedings pending (or known to be
            contemplated) against the Company (as originator) and Servicer (as servicer)
            and
            each other originator of the Mortgage Loans and each Subservicer as required
            by
            Item 1117 of Regulation AB, a summary of the requirements of which as
            of the
            date hereof is attached hereto as Exhibit N for convenience of reference
            only,
            as determined by Purchaser in its sole discretion,

          (b)
            information regarding affiliations with respect to the Company (as originator)
            and Servicer (as servicer) and each other originator of the Mortgage
            Loans and
            each Subservicer as required by Item 1119(a) of Regulation AB, a summary
            of the
            requirements of which as of the date hereof is attached hereto as Exhibit
            N
            for
            convenience of reference only, as determined by Purchaser in its sole
            discretion, and

          (c)
            information regarding relationships and transactions with respect to
            the Company
            (as originator) and Servicer (as servicer) and each other originator
            of the
            Mortgage Loans and each Subservicer as required by Item 1119(b) and (c)
            of
            Regulation AB, a summary of the requirements of which as of the date
            hereof is
            attached hereto as Exhibit
            N
            for
            convenience of reference only, as determined by Purchaser in its sole
            discretion; 

          

          (vii) if
            so
            requested by the Purchaser, the Company shall provide (or, as applicable,
            cause
            each Third-Party Originator to provide), at the expense of the requesting
            party
            (to the extent of any additional incremental expense associated with
            delivery
            pursuant to this Agreement), such statements and agreed-upon procedures
            letters
            of certified public accountants reasonably acceptable to the Purchaser
            or
            Depositor, as applicable, pertaining to Static Pool Information relating
            to
            prior securitized pools for securitizations closed on or after January
            1, 2006
            or, in the case of Static Pool Information with respect to the Company’s or
            Third-Party Originator’s originations or purchases, to calendar months
            commencing January 1, 2006, or to any financial information included
            in any
            other disclosure provided under this Section 11.18, as the Purchaser
            or such
            Depositor shall reasonably request. Such statements and letters shall
            be
            addressed to and be for the benefit of such parties as the Purchaser
            or such
            Depositor shall designate, which may include, by way of example, any
            Sponsor,
            any Depositor and any broker dealer acting as underwriter, placement
            agent or
            initial purchaser with respect to a Securitization Transaction. Any such
            statement or letter may take the form of a standard, generally applicable
            document accompanied by a reliance letter authorizing reliance by the
            addressees
            designated by the Purchaser or such Depositor; 

          

          (viii)
            For the purpose of satisfying the reporting obligation under the Exchange
            Act
            with respect to any class of asset-backed securities, the Company and
            the
            Servicer shall each (or shall cause each Subservicer and Third-Party
            Originator
            to), in accordance with Section 3.01(r), (i) provide immediate notice
            to the
            Purchaser, any Master Servicer and any Depositor in writing of (A) any
            material
            litigation or governmental proceedings involving the Company, the Servicer
            any
            Subservicer or any Third-Party Originator, (B) any affiliations or relationships
            that develop following the closing date of a Securitization Transaction
            between
            the Company, the Servicer, any Subservicer or any Third-Party Originator
            and any
            of the parties specified in clause (D) of paragraph (a) of this Section
            (and any
            other parties identified in writing by the requesting party) with respect
            to
            such Securitization Transaction, (C) any Event of Default under the terms
            of
            this Agreement or any Reconstitution Agreement, (D) any merger, consolidation
            or
            sale of substantially all of the assets of the Company or the Servicer,
            and (E)
            the Servicer’s entry into an agreement with a Subservicer to perform or assist
            in the performance of any of the Company’s obligations under this Agreement or
            any Reconstitution Agreement and (ii) provide to the Purchaser and any
            Depositor
            a description of such proceedings, affiliations or relationships; 

          

          (ix)
            As a
            condition to the succession to the Servicer or any Subservicer as servicer
            or
            subservicer under this Agreement or any Reconstitution Agreement by any
            Person
            (i) into which the Servicer or such Subservicer may be merged or consolidated,
            or (ii) which may be appointed as a successor to the Servicer or any
            Subservicer, the Servicer shall provide to the Purchaser, any Master
            Servicer,
            and any Depositor, at least 15 calendar days prior to the effective date
            of such
            succession or appointment, (x) written notice to the Purchaser and any
            Depositor
            of such succession or appointment and (y) in writing and in form and
            substance
            reasonably satisfactory to the Purchaser and such Depositor, all information
            reasonably requested by the Purchaser or any Depositor in order to comply
            with
            its reporting obligation under Item 6.02 of Form 8-K with respect to
            any class
            of asset-backed securities; 

          

          (x)
            In
            addition to such information as the Servicer, as servicer, is obligated
            to
            provide pursuant to other provisions of this Agreement, not later than
            ten (10)
            days prior to the deadline for the filing of any distribution report
            on Form
            10-D in respect of any Securitization Transaction that includes any of
            the
            Mortgage Loans serviced by the Servicer or any Subservicer, the Servicer
            or such
            Subservicer, as applicable, shall, to the extent the Servicer or such
            Subservicer has knowledge, provide to the party responsible for filing
            such
            report (including, if applicable, the Master Servicer) notice of the
            occurrence
            of any of the following events along with all information, data, and
            materials
            related thereto as may be required to be included in the related distribution
            report on Form 10-D (as specified in the provisions of Regulation AB
            referenced
            below):

          

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

          

          (B) material
            breaches of pool asset representations or warranties or transaction covenants
            (Item 1121(a)(12) of Regulation AB); and

          

          (C) information
            regarding new asset-backed securities issuances backed by the same pool
            assets,
            any pool asset changes (such as, additions, substitutions or repurchases),
            and
            any material changes in origination, underwriting or other criteria for
            acquisition or selection of pool assets (Item 1121(a)(14) of Regulation
            AB);
            and

          

          (xi)
            The
            Servicer shall provide to the Purchaser, any Master Servicer and any
            Depositor,
            evidence of the authorization of the person signing any certification
            or
            statement, copies or other evidence of Fidelity Bond Insurance and Errors
            and
            Omission Insurance policy, financial information and reports, and such
            other
            information related to the Servicer or any Subservicer or the Servicer
            or such
            Subservicer’s performance hereunder.

          

          In
            the
            event of a conflict or inconsistency between the terms of Exhibit N and
            the text
            of the applicable Item of Regulation AB as cited above, the text of Regulation
            AB, its adopting release and other public statements of the SEC shall
            control.

          

          The
            Company shall indemnify the Purchaser, each affiliate of the Purchaser,
            and each
            of the following parties participating in a Securitization Transaction:
            each
            sponsor and issuing entity; each Person (including, but not limited to,
            any
            Master Servicer, if applicable) responsible for the preparation, execution
            or
            filing of any report required to be filed with the Commission with respect
            to
            such Securitization Transaction, or for execution of a certification
            pursuant to
            Rule 13a-14(d) or Rule 15d-14(d) under the Exchange Act with respect
            to such
            Securitization Transaction; each broker dealer acting as underwriter,
            placement
            agent or initial purchaser, each Person who controls any of such parties
            or the
            Depositor (within the meaning of Section 15 of the Securities Act and
            Section 20
            of the Exchange Act); and the respective present and former directors,
            officers,
            employees, agents and affiliates of each of the foregoing and of the
            Depositor
            (each, an “Indemnified Party”), and shall hold each of them harmless from and
            against any claims, losses, damages, penalties, fines, forfeitures, legal
            fees
            and expenses and related costs, judgments, and any other costs, fees
            and
            expenses that any of them may sustain arising out of or based upon:

          

          (i)(A)
            any untrue statement of a material fact contained or alleged to be contained
            in
            any information, report, certification, data, accountants’ letter or other
            material provided under this Section 11.18 by or on behalf of the Company,
            or
            provided under this Section 11.18 by or on behalf of the Servicer, or
            any
            Subservicer, Subcontractor or Third-Party Originator (collectively, the
“Company
            Information”), or (B) the omission or alleged omission to state in the Company
            Information a material fact required to be stated in the Company Information
            or
            necessary in order to make the statements therein, in the light of the
            circumstances under which they were made, not misleading; provided, by
            way of
            clarification, that clause (B) of this paragraph shall be construed solely
            by
            reference to the Company Information and not to any other information
            communicated in connection with a sale or purchase of securities, without
            regard
            to whether the Company Information or any portion thereof is presented
            together
            with or separately from such other information;

          

          (ii)
            any
            breach by the Company of its obligations under this Section 11.18, including
            particularly any failure by the Company, the Servicer, any Subservicer,
            any
            Subcontractor or any Third-Party Originator to deliver any information,
            report,
            certification, accountants’ letter or other material when and as required under
            this Section 11.18, including any failure by the Company to identify
            pursuant to
            Section 11.20 any Subcontractor “participating in the servicing function” within
            the meaning of Item 1122 of Regulation AB; 

          

          (iii)
            any
            breach by the Company of a representation or warranty set forth in Section
            3.01
            or in a writing furnished pursuant to Section 3.01(q) and made as of
            a date
            prior to the closing date of the related Securitization Transaction,
            to the
            extent that such breach is not cured by such closing date, or any breach
            by the
            Company of a representation or warranty in a writing furnished pursuant
            to
            Section 3.01(q) to the extent made as of a date subsequent to such closing
            date;
            or

           

          (iv) the
            negligence bad faith or willful misconduct of the Company in connection
            with its
            performance under this Section
            11.18.

            

            If
            the
            indemnification provided for herein is unavailable or insufficient to
            hold
            harmless an Indemnified Party, then the Company agrees that it shall
            contribute
            to the amount paid or payable by such Indemnified Party as a result of
            any
            claims, losses, damages or liabilities incurred by such Indemnified Party
            in
            such proportion as is appropriate to reflect the relative fault of such
            Indemnified Party on the one hand and the Company on the other. 

            

            In
            the
            case of any failure of performance described above, the Company shall
            promptly
            reimburse the Purchaser, any Depositor, as applicable, and each Person
            responsible for the preparation, execution or filing of any report required
            to
            be filed with the Commission with respect to such Securitization Transaction,
            or
            for execution of a certification pursuant to Rule 13a-14(d) or Rule 15d-14(d)
            under the Exchange Act with respect to such Securitization Transaction,
            for all
            costs reasonably incurred by each such party in order to obtain the information,
            report, certification, accountants’ letter or other material not delivered as
            required by the Company, the Servicer, any Subservicer, any Subcontractor
            or any
            Third-Party Originator.

          

          This
            indemnification shall survive the termination of this Agreement or the
            termination of any party to this Agreement.

          

          The
            Servicer shall indemnify the Purchaser, each affiliate of the Purchaser,
            and
            each of the following parties participating in a Securitization Transaction:
            each sponsor and issuing entity; each Person (including, but not limited
            to, any
            Master Servicer, if applicable) responsible for the preparation, execution
            or
            filing of any report required to be filed with the Commission with respect
            to
            such Securitization Transaction, or for execution of a certification
            pursuant to
            Rule 13a-14(d) or Rule 15d-14(d) under the Exchange Act with respect
            to such
            Securitization Transaction; each broker dealer acting as underwriter,
            placement
            agent or initial purchaser, each Person who controls any of such parties
            or the
            Depositor (within the meaning of Section 15 of the Securities Act and
            Section 20
            of the Exchange Act); and the respective present and former directors,
            officers,
            employees, agents and affiliates of each of the foregoing and of the
            Depositor
            (each, an “Indemnified Party”), and shall hold each of them harmless from and
            against any claims, losses, damages, penalties, fines, forfeitures, legal
            fees
            and expenses and related costs, judgments, and any other costs, fees
            and
            expenses that any of them may sustain arising out of or based upon:

          

          (i)(A)
            any untrue statement of a material fact contained or alleged to be contained
            in
            any information, report, certification, data, accountants’ letter or other
            material provided under this Section 11.18 by or on behalf of the Servicer,
            or
            provided under this Section 11.18 by or on behalf of any Subservicer
            or
            Subcontractor (collectively, the “Servicer Information”), or (B) the omission or
            alleged omission to state in the Servicer Information a material fact
            required
            to be stated in the Servicer Information or necessary in order to make
            the
            statements therein, in the light of the circumstances under which they
            were
            made, not misleading; provided, by way of clarification, that clause
            (B) of this
            paragraph shall be construed solely by reference to the Servicer Information
            and
            not to any other information communicated in connection with a sale or
            purchase
            of securities, without regard to whether the Servicer Information or
            any portion
            thereof is presented together with or separately from such other
            information;

          

          (ii)
            any
            breach by the Servicer of its obligations under this Section 11.18, including
            particularly any failure by the Servicer, any Subservicer or any Subcontractor
            to deliver any information, report, certification, accountants’ letter or other
            material when and as required under this Section 11.18, including any
            failure by
            the Servicer to identify pursuant to Section 11.20 any Subcontractor
            “participating in the servicing function” within the meaning of Item 1122 of
            Regulation AB; 

          

          (iii)
            any
            breach by the Servicer of a representation or warranty set forth in Section
            3.01
            or in a writing furnished pursuant to Section 3.01(q) and made as of
            a date
            prior to the closing date of the related Securitization Transaction,
            to the
            extent that such breach is not cured by such closing date, or any breach
            by the
            Servicer of a representation or warranty in a writing furnished pursuant
            to
            Section 3.01(q) to the extent made as of a date subsequent to such closing
            date;
            or

           

          (iv) the
            negligence bad faith or willful misconduct of the Servicer in connection
            with
            its performance under this Section 11.18.

            

            If
            the
            indemnification provided for herein is unavailable or insufficient to
            hold
            harmless an Indemnified Party, then the Servicer agrees that it shall
            contribute
            to the amount paid or payable by such Indemnified Party as a result of
            any
            claims, losses, damages or liabilities incurred by such Indemnified Party
            in
            such proportion as is appropriate to reflect the relative fault of such
            Indemnified Party on the one hand and the Servicer on the other. 

            

            In
            the
            case of any failure of performance described above, the Servicer shall
            promptly
            reimburse the Purchaser, any Depositor, as applicable, and each Person
            responsible for the preparation, execution or filing of any report required
            to
            be filed with the Commission with respect to such Securitization Transaction,
            or
            for execution of a certification pursuant to Rule 13a-14(d) or Rule 15d-14(d)
            under the Exchange Act with respect to such Securitization Transaction,
            for all
            costs reasonably incurred by each such party in order to obtain the information,
            report, certification, accountants’ letter or other material not delivered as
            required by the Servicer, any Subservicer or any Subcontractor.

          

          This
            indemnification shall survive the termination of this Agreement or the
            termination of any party to this Agreement.

          

          All
            Mortgage Loans not sold or transferred pursuant to a Reconstitution shall
            remain
            subject to, and serviced in accordance with the terms of, this Agreement
            and the
            related Term Sheet, and with respect thereto this Agreement and the related
            Term
            Sheet shall remain in full force and effect.

          

          Section
            11.19. Monthly
            Reporting with Respect to a Reconstitution.

          

          As
            long
            as the Servicer
            continues
            to service Mortgage Loans, the Servicer
            agrees
            that with respect to any Mortgage Loan sold or transferred pursuant to
            a
            Reconstitution as described in Section 11.18 of this Agreement (a “Reconstituted
            Mortgage Loan”), the Servicer,
            at its
            expense, shall provide the Purchaser with the information set forth in
            Exhibit J
            attached hereto for each Reconstituted Mortgage Loan in Excel or such
            electronic
            delimited file format as may be mutually agreed upon by both Purchaser
            and
Servicer.
            Such
            information shall be provided monthly for all Reconstituted Mortgage
            Loans on
            the fifth (5th)
            Business Day of each month for the immediately preceding monthly period,
            and
            shall be transmitted to fast.data@bear.com.

          

          Section
            11.20. Unpaid
            Fees and Expenses and other Amounts Owing to Purchaser; Offset. 

          

          It
            is
            understood that this Agreement creates an ongoing relationship between
            the
            parties.  As a result, there may be various fees, charges, and expenses
            assessed by Purchaser on each sale.  In addition, there may be amounts owed
            to Purchaser as a result of certain obligations relating to repurchase
            of
            Mortgage Loans, premium recapture or indemnification of Purchaser, all
            as set
            forth in the Agreement or in each related Term Sheet.   If any such
            amount due Purchaser from Company remains outstanding more than thirty
            (30) days
            after it is due, Company then hereby authorizes Purchaser to deduct from
            any
            subsequent purchase proceeds hereunder such amounts (which
            amounts may be an initial payment of amounts owed Purchaser, subject
            to further
            adjustment) due
            Purchaser, plus interest at an annual rate equal to the Prime Rate from
            the due
            date through the date of payment. Furthermore, Company authorizes Purchaser
            to set off any funds or other assets of Company in possession of Bear,
            Stearns
& Co. Inc. or any of its affiliates against any loss, damage or expense
            Purchaser may incur as a result of Company’s breach of its obligations hereunder
            or in the related Term Sheet.

          

          Section
            11.21. Use
            of
            Subservicers and Subcontractors.

          

          (a) The
            Servicer shall not hire or otherwise utilize the services of any Subservicer
            to
            fulfill any of the obligations of the Servicer as servicer under this
            Agreement
            or any Reconstitution Agreement unless the Servicer complies with the
            provisions
            of paragraph (b) of this Section. The Servicer shall not hire or otherwise
            utilize the services of any Subcontractor, and shall not permit any Subservicer
            to hire or otherwise utilize the services of any Subcontractor, to fulfill
            any
            of the obligations of the Servicer as servicer under this Agreement or
            any
            Reconstitution Agreement unless the Servicer complies with the provisions
            of
            paragraph (d) of this Section. 

          

          (b) The
            Servicer shall cause any Subservicer used by the Servicer (or by any
            Subservicer) for the benefit of the Purchaser and any Depositor to comply
            with
            the provisions of this Section and with Sections 3.01(p), 3.01(s), 6.04,
            6.07
            and 11.18 of this Agreement to the same extent as if such Subservicer
            were the
            Servicer, and to provide the information required with respect to such
            Subservicer under Section 3.01(r) of this Agreement. The Servicer shall
            be
            responsible for obtaining from each Subservicer and delivering to the
            Purchaser,
            any Master Servicer and any Depositor any Annual Statement of Compliance
            required to be delivered by such Subservicer under Section 6.04(a), any
            Assessment of Compliance and Attestation Report required to be delivered
            by such
            Subservicer under Section 6.07 and any Annual Certification required
            under
            Section 6.04(b) as and when required to be delivered.

          

          (c) The
            Servicer shall promptly upon request provide to the Purchaser, any Master
            Servicer and any Depositor (or any designee of the Depositor, such as
            an
            administrator) a written description (in form and substance reasonably
            satisfactory to the Purchaser, any Master Servicer and such Depositor)
            of the
            role and function of each Subcontractor utilized by the Servicer or any
            Subservicer, specifying (i) the identity of each such Subcontractor,
            (ii) which
            (if any) of such Subcontractors are “participating in the servicing function”
within the meaning of Item 1122 of Regulation AB, and (iii) which elements
            of
            the Servicing Criteria will be addressed in assessments of compliance
            provided
            by each Subcontractor identified pursuant to clause (ii) of this
            paragraph.

          

          (d) As
            a
            condition to the utilization of any Subcontractor determined to be
“participating in the servicing function” within the meaning of Item 1122 of
            Regulation AB, the Servicer shall cause any such Subcontractor used by
            the
            Servicer (or by any Subservicer) for the benefit of the Purchaser and
            any
            Depositor to comply with the provisions of Sections 6.07 and 11.18 of
            this
            Agreement to the same extent as if such Subcontractor were the Servicer.
            The
            Servicer shall be responsible for obtaining from each Subcontractor and
            delivering to the Purchaser and any Depositor any Assessment of Compliance
            and
            Attestation Report and the other certificates required to be delivered
            by such
            Subservicer and such Subcontractor under Section 6.07, in each case as
            and when
            required to be delivered.

          

          Section
            11.22. Third
            Party Beneficiary.

          

          For
            purposes of this Agreement, each Master Servicer shall be considered a
            third party beneficiary to this Agreement, entitled to all the rights
            and
            benefits hereof as if it were a direct party to this
            Agreement.

          

          

          
            
              
                
                

              

              
                
                

                
                  

                

              

              
                
                

              

            

          

          

          

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

          

          
            	
                    EMC
                      MORTGAGE CORPORATION

                    Purchaser

                  
	 	 
	
                    By:

                  	 
	
                    Name:

                  	 
	
                    Title:

                  	 
	 	 
	 	 
	
                    AMERICAN
                      HOME MORTGAGE CORP.  

                    Company

                  
	 	 
	 	 
	
                    By:

                  	 
	
                    Name:

                  	 
	
                    Title:

                  	 
	 	 
	 	 
	
                    AMERICAN
                      HOME MORTGAGE SERVICING, INC.  

                    Servicer

                  
	 	 
	 	 
	
                    By:

                  	 
	
                    Name:

                  	 
	
                    Title:

                  	 

          

          

          

          
            
              
                
                

              

              
                
                

                
                  

                

              

              
                
                

              

            

          

          

          

          EXHIBIT
            A

          CONTENTS
            OF MORTGAGE FILE

          

          With
            respect to each Mortgage Loan, the Mortgage File shall include each of
            the
            following items, which shall be available for inspection by the Purchaser,
            and
            which shall be retained by the Company in the Servicing File or delivered
            to the
            Purchaser or its designee pursuant to Sections 2.04 and 2.05 of the Purchase,
            Warranties and Servicing Agreement.

          

          1.
            The
            original Mortgage Note endorsed "Pay to the order of
            ____________________________________________________, without recourse,"
            and
            signed via original signature in the name of the Company by an authorized
            officer, with all intervening endorsements showing a complete chain of
            title
            from the originator to the Company, together with any applicable riders.
            In no
            event may an endorsement be a facsimile endorsement. If the Mortgage
            Loan was
            acquired by the Company in a merger, the endorsement must be by "[Company],
            successor by merger to the [name of predecessor]". If the Mortgage Loan
            was
            acquired or originated by the Company while doing business under another
            name,
            the endorsement must be by "[Company] formerly known as [previous name]".
            Mortgage Notes may be in the form of a lost note affidavit subject to
            Purchaser
            acceptability. 

          

          2.
            The
            original Mortgage (together with a standard adjustable rate mortgage
            rider) with
            evidence of recording thereon, or a copy thereof certified by the public
            recording office in which such mortgage has been recorded or, if the
            original
            Mortgage has not been returned from the applicable public recording office,
            a
            true certified copy, certified by the Company.

          

          3.
            The
            original or certified copy, certified by the Company, of the Primary
            Mortgage
            Insurance Policy, if required.

          

          4. The
            original Assignment, from the Company to _____________________________________,
            or in accordance with Purchaser's instructions, which assignment shall,
            but for
            any blanks requested by Purchaser, be in form and substance acceptable
            for
            recording. If the Mortgage Loan was acquired or originated by the Company
            while
            doing business under another name, the Assignment must be by "[Company]
            formerly
            known as [previous name]". If the Mortgage Loan was acquired by the Company
            in a
            merger, the endorsement must be by "[Company], successor by merger to
            the [name
            of predecessor]". None of the Assignments are blanket assignments of
            mortgage.

          

          5. The
            original policy of title insurance, including riders and endorsements
            thereto,
            or if the policy has not yet been issued, a written commitment or interim
            binder
            or preliminary report of title issued by the title insurance or escrow
            company.

          

          6. Originals
            of all recorded intervening Assignments, or copies thereof, certified
            by the
            public recording office in which such Assignments have been recorded
            showing a
            complete chain of title from the originator to the Company, with evidence
            of
            recording thereon, or a copy thereof certified by the public recording
            office in
            which such Assignment has been recorded or, if the original Assignment
            has not
            been returned from the applicable public recording office, a true certified
            copy, certified by the Company.

          

          7. Originals,
            or copies thereof certified by the public recording office in which such
            documents have been recorded, of each assumption, extension, modification,
            written assurance or substitution agreements, if applicable, or if the
            original
            of such document has not been returned from the applicable public recording
            office, a true certified copy, certified by the Company. 

          

          8. If
            the
            Mortgage Note or Mortgage or any other material document or instrument
            relating
            to the Mortgage Loan has been signed by a person on behalf of the Mortgagor,
            the
            original or copy of power of attorney or other instrument that authorized
            and
            empowered such person to sign bearing evidence that such instrument has
            been
            recorded, if so required in the appropriate jurisdiction where the Mortgaged
            Property is located, or a copy thereof certified by the public recording
            office
            in which such instrument has been recorded or, if the original instrument
            has
            not been returned from the applicable public recording office, a true
            certified
            copy, certified by the Company.

          

          9. reserved.

          

          10. Mortgage
            Loan closing statement (Form HUD-1) and any other truth-in-lending or
            real
            estate settlement procedure forms required by law.

          

          11.
            Residential loan application.

          

          12. Uniform
            underwriter and transmittal summary (Fannie Mae Form 1008) or reasonable
            equivalent.

          

          13. Credit
            report on the mortgagor.

          

          14. Business
            credit report, if applicable.

          

          15. Residential
            appraisal report and attachments thereto.

          

          16. The
            original of any guarantee executed in connection with the Mortgage
            Note.

          

          17. Verification
            of employment and income except for Mortgage Loans originated under a
            limited
            documentation program, all in accordance with Company's underwriting
            guidelines.

          

          18. Verification
            of acceptable evidence of source and amount of down payment, in accordance
            with
            Company's underwriting guidelines.

          

          19. Photograph
            of the Mortgaged Property (may be part of appraisal).

          

          20. Survey
            of
            the Mortgaged Property, if any.

          

          21. Sales
            contract, if applicable.

          

          22. If
            available, termite report, structural engineer’s report, water portability and
            septic certification.

          

          23. Any
            original security agreement, chattel mortgage or equivalent executed
            in
            connection with the Mortgage.

          

          24. Name
            affidavit, if applicable.

          

          Notwithstanding
            anything to the contrary herein, Company may provide one certificate
            for all of
            the Mortgage Loans indicating that the documents were delivered for
            recording.

          

          
            
              
                
                

              

              
                
                

                
                  

                

              

              
                
                

              

            

          

          

          EXHIBIT
            B

          

          CUSTODIAL
            ACCOUNT LETTER AGREEMENT

          

          ______________,
            2005

          

          To: [_______________________]
            

          (the
            "Depository")

          

          As
            "Company" under the Purchase, Warranties and Servicing Agreement, dated
            as of
            [_____________________] 1, 200[_] (the "Agreement"), we hereby authorize
            and
            request you to establish an account, as a Custodial Account pursuant
            to Section
            4.04 of the Agreement, to be designated as
            "[______________________________________], in trust for the [Purchaser],
            Owner
            of Adjustable Rate Mortgage Loans". All deposits in the account shall
            be subject
            to withdrawal therefrom by order signed by the Company. This letter is
            submitted
            to you in duplicate. Please execute and return one original to us.

          
            	
                     

                    [__________________________]

                  
	 	 
	
                    By:

                  	 
	
                    Name:

                  	 
	
                    Title:

                  	 

          

          

           

          

          The
            undersigned, as "Depository", hereby certifies that the above described
            account
            has been established under Account Number [__________], at the office
            of the
            depository indicated above, and agrees to honor withdrawals on such account
            as
            provided above. The full amount deposited at any time in the account
            will be
            insured up to applicable limits by the Federal Deposit Insurance Corporation
            through the Bank Insurance Fund or the Savings Association Insurance
            Fund or
            will be invested in Permitted Investments as defined in the
            Agreement.

          

          
            	
                     

                    [__________________________]

                  
	 	 
	
                    By:

                  	 
	
                    Name:

                  	 
	
                    Title:

                  	 

          

          

          

          
            
              
                
                

              

              
                
                

                
                  

                

              

              
                
                

              

            

          

          

          EXHIBIT
            C

          

          ESCROW
            ACCOUNT LETTER AGREEMENT

          _____________,
            2005

          

          To: [_______________________]

          (the
            "Depository")

          

          As
            “Company” under the Purchase Warranties and Servicing Agreement, dated as of
            [____________________]1, 200[_] (the "Agreement"), we hereby authorize
            and
            request you to establish an account, as an Escrow Account pursuant to
            Section
            4.06 of the Agreement, to be designated as "[__________________________],
            in
            trust for the [Purchaser], Owner of Adjustable Rate Mortgage Loans, and
            various
            Mortgagors." All deposits in the account shall be subject to withdrawal
            therefrom by order signed by the Company. This letter is submitted to
            you in
            duplicate. Please execute and return one original to us.

          
            	
                     

                    [__________________________]

                  
	 	 
	
                    By:

                  	 
	
                    Name:

                  	 
	
                    Title:

                  	 

          

          

          

          

          The
            undersigned, as "Depository", hereby certifies that the above described
            account
            has been established under Account Number __________, at the office of
            the
            depository indicated above, and agrees to honor withdrawals on such account
            as
            provided above. The full amount deposited at any time in the account
            will be
            insured up to applicable limits by the Federal Deposit Insurance Corporation
            through the Bank Insurance Fund or the Savings Association Insurance
            Fund or
            will be invested in Permitted Investments as defined in the
            Agreement.

          

          
            	
                     

                    [__________________________]

                  
	 	 
	
                    By:

                  	 
	
                    Name:

                  	 
	
                    Title:

                  	 

          

          

          
            
              
                
                

              

              
                
                

                
                  

                

              

              
                
                

              

            

          

          

          

          EXHIBIT
            D

          

          FORM
            OF
            ASSIGNMENT, ASSUMPTION AND RECOGNITION AGREEMENT

          

          This
            is a
            Purchase, Assignment, Assumption and Recognition Agreement (this “PAAR
            Agreement”) made as of __________, 200__, among EMC Mortgage Corporation (the
“Assignor”), ___________________ (the “Assignee”), and _______________________
            (the “Company”).

          

          In
            consideration of the mutual promises contained herein the parties hereto
            agree
            that the residential mortgage loans (the “Assigned Loans”) listed on Attachment
            1 annexed hereto (the "Assigned Loan Schedule") now serviced by Company
            for
            Assignor and its successors and assigns pursuant to the Purchase, Warranties
            and
            Servicing Agreement, dated as of _________, 200__, between Assignor and
            Company
            (the “Purchase Agreement”) shall be subject to the terms of this PAAR Agreement.
            Capitalized terms used herein but not defined shall have the meanings
            ascribed
            to them in the Purchase Agreement.

          

          Purchase,
            Assignment and Assumption

          

          1. Assignor
            hereby grants, transfers and assigns to Assignee all of the right, title
            and
            interest of Assignor in the Assigned Loans and, as they relate to the
            Assigned
            Loans, all of its right, title and interest in, to and under the Purchase
            Agreement.

          

          2. Simultaneously
            with the execution hereof, (i) Assignee shall pay to Assignor the “Funding
            Amount” as set forth in that certain letter agreement, dated as of _________
            ____, between Assignee and Assignor (the “Confirmation”) and (ii) Assignor, at
            its expense, shall have caused to be delivered to Assignee or its designee
            the
            Mortgage File for each Assigned Loan in Assignor's or its custodian's
            possession, as set forth in the Purchase Agreement, along with, for each
            Assigned Loan, an endorsement of the Mortgage Note from the Company,
            in blank,
            and an assignment of mortgage in recordable form from the Company, in
            blank.
            Assignee shall pay the Funding Amount by wire transfer of immediately
            available
            funds to the account specified by Assignor. Assignee shall be entitled
            to all
            scheduled payments due on the Assigned Loans after ___________, 200__
            and all
            unscheduled payments or other proceeds or other recoveries on the Assigned
            Loans
            received on and after _____________, 200__.

          

          Representations,
            Warranties and Covenants

          

          3. Assignor
            warrants and represents to Assignee and Company as of the date
            hereof:

          

          (a) Attached
            hereto as Attachment 2 is a true and accurate copy of the Purchase Agreement,
            which agreement is in full force and effect as of the date hereof and
            the
            provisions of which have not been waived, amended or modified in any
            respect,
            nor has any notice of termination been given thereunder;

          

          (b) Assignor
            is the lawful owner of the Assigned Loans with full right to transfer
            the
            Assigned Loans and any and all of its interests, rights and obligations
            under
            the Purchase Agreement as they relate to the Assigned Loans, free and
            clear from
            any and all claims and encumbrances; and upon the transfer of the Assigned
            Loans
            to Assignee as contemplated herein, Assignee shall have good title to
            each and
            every Assigned Loan, as well as any and all of Assignee’s interests, rights and
            obligations under the Purchase Agreement as they relate to the Assigned
            Loans,
            free and clear of any and all liens, claims and encumbrances;

          

          (c) There
            are
            no offsets, counterclaims or other defenses available to Company with
            respect to
            the Assigned Loans or the Purchase Agreement;

           

          (d) Assignor
            has no knowledge of, and has not received notice of, any waivers under,
            or any
            modification of, any Assigned Loan;

          

          (e) Assignor
            is duly organized, validly existing and in good standing under the laws
            of the
            jurisdiction of its incorporation, and has all requisite power and authority
            to
            acquire, own and sell the Assigned Loans;

          

          (f) Assignor
            has full corporate power and authority to execute, deliver and perform
            its
            obligations under this PAAR Agreement, and to consummate the transactions
            set
            forth herein. The consummation of the transactions contemplated by this
            PAAR
            Agreement is in the ordinary course of Assignor’s business and will not conflict
            with, or result in a breach of, any of the terms, conditions or provisions
            of
            Assignor’s charter or by-laws or any legal restriction, or any material
            agreement or instrument to which Assignor is now a party or by which
            it is
            bound, or result in the violation of any law, rule, regulation, order,
            judgment
            or decree to which Assignor or its property is subject. The execution,
            delivery
            and performance by Assignor of this PAAR Agreement and the consummation
            by it of
            the transactions contemplated hereby, have been duly authorized by all
            necessary
            corporate action on part of Assignor. This PAAR Agreement has been duly
            executed
            and delivered by Assignor and, upon the due authorization, execution
            and
            delivery by Assignee and Company, will constitute the valid and legally
            binding
            obligation of Assignor enforceable against Assignor in accordance with
            its terms
            except as enforceability may be limited by bankruptcy, reorganization,
            insolvency, moratorium or other similar laws now or hereafter in effect
            relating
            to creditors’ rights generally, and by general principles of equity regardless
            of whether enforceability is considered in a proceeding in equity or
            at law;

           

          (g)  No
            consent, approval, order or authorization of, or declaration, filing
            or
            registration with, any governmental entity is required to be obtained
            or made by
            Assignor in connection with the execution, delivery or performance by
            Assignor
            of this PAAR Agreement, or the consummation by it of the transactions
            contemplated hereby; and

          

          (h)  Neither
            Assignor nor anyone acting on its behalf has offered, transferred, pledged,
            sold
            or otherwise disposed of the Assigned Loans or any interest in the Assigned
            Loans, or solicited any offer to buy or accept a transfer, pledge or
            other
            disposition of the Assigned Loans, or any interest in the Assigned Loans
            or
            otherwise approached or negotiated with respect to the Assigned Loans,
            or any
            interest in the Assigned Loans with any Person in any manner, or made
            any
            general solicitation by means of general advertising or in any other
            manner, or
            taken any other action which would constitute a distribution of the Assigned
            Loans under the Securities Act of 1933, as amended (the “1933 Act”) or which
            would render the disposition of the Assigned Loans a violation of Section
            5 of
            the 1933 Act or require registration pursuant thereto.

          

           

          4. Assignee
            warrants and represents to, and covenants with, Assignor and Company
            as of the
            date hereof:

           

          

          (a) Assignee
            is duly organized, validly existing and in good standing under the laws
            of the
            jurisdiction of its organization and has all requisite power and authority
            to
            acquire, own and purchase the Assigned Loans;

          

          (b) Assignee
            has full corporate power and authority to execute, deliver and perform
            its
            obligations under this PAAR Agreement, and to consummate the transactions
            set
            forth herein. The consummation of the transactions contemplated by this
            PAAR
            Agreement is in the ordinary course of Assignee’s business and will not conflict
            with, or result in a breach of, any of the terms, conditions or provisions
            of
            Assignee’s charter or by-laws or any legal restriction, or any material
            agreement or instrument to which Assignee is now a party or by which
            it is
            bound, or result in the violation of any law, rule, regulation, order,
            judgment
            or decree to which Assignee or its property is subject. The execution,
            delivery
            and performance by Assignee of this PAAR Agreement and the consummation
            by it of
            the transactions contemplated hereby, have been duly authorized by all
            necessary
            corporate action on part of Assignee. This PAAR Agreement has been duly
            executed
            and delivered by Assignee and, upon the due authorization, execution
            and
            delivery by Assignor and Company, will constitute the valid and legally
            binding
            obligation of Assignee enforceable against Assignee in accordance with
            its terms
            except as enforceability may be limited by bankruptcy, reorganization,
            insolvency, moratorium or other similar laws now or hereafter in effect
            relating
            to creditors’ rights generally, and by general principles of equity regardless
            of whether enforceability is considered in a proceeding in equity or
            at law;

          

          (c) No
            consent, approval, order or authorization of, or declaration, filing
            or
            registration with, any governmental entity is required to be obtained
            or made by
            Assignee in connection with the execution, delivery or performance by
            Assignee
            of this PAAR Agreement, or the consummation by it of the transactions
            contemplated hereby; and 

          

          (d) Assignee
            agrees to be bound as “Purchaser” by all of the terms, covenants and conditions
            of the Purchase Agreement with respect to the Assigned Loans, and from
            and after
            the date hereof, Assignee assumes for the benefit of each of Assignor
            and
            Company all of Assignor's obligations as “Purchaser” thereunder but solely with
            respect to such Assigned Loans.

           

          5. Company
            warrants and represents to, and covenant with, Assignor and Assignee
            as of the
            date hereof:

           

          
            	(a)  	
                    Attached
                      hereto as Attachment 2 is a true and accurate copy of the Purchase
                      Agreement, which agreement is in full force and effect as of
                      the date
                      hereof and the provisions of which have not been waived, amended
                      or
                      modified in any respect, nor has any notice of termination
                      been given
                      thereunder; 

                  

            

            	(b)  	
                    Company
                      is duly organized, validly existing and in good standing under
                      the laws of
                      the jurisdiction of its incorporation, and has all requisite
                      power and
                      authority to service the Assigned Loans and otherwise to perform
                      its
                      obligations under the Purchase Agreement;

                  

            

            	(c)  	
                    Company
                      has full corporate power and authority to execute, deliver
                      and perform its
                      obligations under this PAAR Agreement, and to consummate the
                      transactions
                      set forth herein. The consummation of the transactions contemplated
                      by
                      this PAAR Agreement is in the ordinary course of Company’s business and
                      will not conflict with, or result in a breach of, any of the
                      terms,
                      conditions or provisions of Company’s charter or by-laws or any legal
                      restriction, or any material agreement or instrument to which
                      Company is
                      now a party or by which it is bound, or result in the violation
                      of any
                      law, rule, regulation, order, judgment or decree to which Company
                      or its
                      property is subject. The execution, delivery and performance
                      by Company of
                      this PAAR Agreement and the consummation by it of the transactions
                      contemplated hereby, have been duly authorized by all necessary
                      corporate
                      action on part of Company. This PAAR Agreement has been duly
                      executed and
                      delivered by Company, and, upon the due authorization, execution
                      and
                      delivery by Assignor and Assignee, will constitute the valid
                      and legally
                      binding obligation of Company, enforceable against Company
                      in accordance
                      with its terms except as enforceability may be limited by bankruptcy,
                      reorganization, insolvency, moratorium or other similar laws
                      now or
                      hereafter in effect relating to creditors’ rights generally, and by
                      general principles of equity regardless of whether enforceability
                      is
                      considered in a proceeding in equity or at
                      law;

                  

            

            	(d)  	
                    No
                      consent, approval, order or authorization of, or declaration,
                      filing or
                      registration with, any governmental entity is required to be
                      obtained or
                      made by Assignee in connection with the execution, delivery
                      or performance
                      by Company of this PAAR Agreement, or the consummation by it
                      of the
                      transactions contemplated hereby; and

                  

            

            	(e)  	
                    No
                      event has occurred
                      from the Closing Date to the date hereof which would render
                      the
                      representations and warranties as to the related Assigned Loans
                      made by
                      the Company in Sections 3.01 and 3.02 of the Purchase Agreement
                      to be
                      untrue in any material respect.

                  

            

            	(f)  	
                    Neither
                      this AAR Agreement nor any certification, statement, report
                      or other
                      agreement, document or instrument furnished or to be furnished
                      by the
                      Company pursuant to this AAR Agreement contains or will contain
                      any
                      materially untrue statement of fact or omits or will omit to
                      state a fact
                      necessary to make the statements contained therein not
                      misleading.

                  

            

          

          Recognition
            of Assignee

          

          6. From
            and
            after the date hereof, Company shall recognize Assignee as owner of the
            Assigned
            Loans and will service the Assigned Loans in accordance with the Purchase
            Agreement. It is the intention of Assignor, Company and Assignee that
            this PAAR
            Agreement shall be binding upon and for the benefit of the respective
            successors
            and assigns of the parties hereto. Neither Company nor Assignor shall
            amend or
            agree to amend, modify, waiver, or otherwise alter any of the terms or
            provisions of the Purchase Agreement which amendment, modification, waiver
            or
            other alteration would in any way affect the Assigned Loans without the
            prior
            written consent of Assignee.

          

           

          Miscellaneous

          

          7. All
            demands, notices and communications related to the Assigned Loans, the
            Purchase
            Agreement and this PAAR Agreement shall be in writing and shall be deemed
            to
            have been duly given if personally delivered at or mailed by registered
            mail,
            postage prepaid, as follows:

           

          

          (a) In
            the
            case of Company,

          

          ____________________

          ____________________

          ____________________

          ____________________

          ____________________

           

          With
            a copy to ______________________________________.

          

          (b)  In
            the
            case of Assignor,

          

          ____________________

          ____________________

          ____________________

          ____________________

          ____________________

          

          (c) In
            the
            case of Assignee,

          

          EMC
            Mortgage Corporation 

          Mac
            Arthur Ridge II 

          909
            Hidden Ridge Drive, Suite 200

          Irving,
            Texas 75038

          Attention:
            Raylene Ruyle

          Telecopier
            No.: (972) 444-2810

          

          with
            a
            copy to:

          

          ___________________

          383
            Madison Avenue

          New
            York,
            New York 10179

          Attention:
            ___________

          Telecopier
            No.: (212) 272-____

          

          8. Each
            party will pay any commissions it has incurred and the fees of its attorneys
            in
            connection with the negotiations for, documenting of and closing of the
            transactions contemplated by this PAAR Agreement. 

          

          9. This
            PAAR
            Agreement shall be construed in accordance with the laws of the State
            of New
            York, without regard to conflicts of law principles, and the obligations,
            rights
            and remedies of the parties hereunder shall be determined in accordance
            with
            such laws.

          

          10. No
            term
            or provision of this PAAR Agreement may be waived or modified unless
            such waiver
            or modification is in writing and signed by the party against whom such
            waiver
            or modification is sought to be enforced.

          

          11. This
            PAAR
            Agreement shall inure to the benefit of the successors and assigns of
            the
            parties hereto. Any entity into which Assignor, Assignee or Company may
            be
            merged or consolidated shall, without the requirement for any further
            writing,
            be deemed Assignor, Assignee or Company, respectively, hereunder.

          

          12. This
            PAAR
            Agreement shall survive the conveyance of the Assigned Loans, the assignment
            of
            the Purchase Agreement to the extent of the Assigned Loans by Assignor
            to
            Assignee and the termination of the Purchase Agreement.

          

          13. This
            PAAR
            Agreement may be executed simultaneously in any number of counterparts.
            Each
            counterpart shall be deemed to be an original and all such counterparts
            shall
            constitute one and the same instrument.

          

          14. In
            the
            event that any provision of this PAAR Agreement conflicts with any provision
            of
            the Purchase Agreement with respect to the Assigned Loans, the terms
            of this
            PAAR Agreement shall control. In the event that any provision of this
            PAAR
            Agreement conflicts with any provision of the Confirmation with respect
            to the
            Assigned Loans, the terms of this PAAR Agreement shall control.

          

          

          [Modification
            of Purchase Agreement

          

          15.  The
            Company and Assignor hereby amend the Purchase Agreement as
            follows:

          

          (a) The
            following definitions are added to Section 1.01 of the Purchase
            Agreement:

          

          Securities
            Administrator:     ________________________

          

          Supplemental
            PMI Insurer:    ________________________

          

          Supplemental
            PMI Policy: The
            primary guarantee insurance policy of the Supplemental PMI Insurer attached
            hereto as Exhibit J, or any successor Supplemental PMI Policy given to
            the
            Servicer by the Assignee.

          

          Trustee:
             ________________________

          

          (b) The
            following definition is amended and restated:

          

          Insurance
            Proceeds: Proceeds
            of any Primary Mortgage Insurance Policy, the Supplemental PMI Policy,
            any title
            policy, any hazard insurance policy or any other insurance policy covering
            a
            Mortgage Loan or other related Mortgaged Property, including any amounts
            required to be deposited in the Custodial Account pursuant to Section
            4.04, 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 Accepted
            Servicing Practices.

          

          (c) The
            following are added as the fourth, fifth and sixth paragraphs of Section
            4.08:

          

          “In
            connection with its activities as servicer, the Company agrees to prepare
            and
            present, on behalf of itself and the Purchaser, claims to the Supplemental
            PMI
            Insurer with respect to the Supplemental PMI Policy and, in this regard,
            to take
            such action as shall be necessary to permit recovery under any Supplemental
            PMI
            Policy respecting a defaulted Mortgage Loan. Pursuant to Section 4.04,
            any
            amounts collected by the Company under any Supplemental PMI Policy shall
            be
            deposited in the Custodial Account, subject to withdrawal pursuant to
            Section
            4.05.

          

          In
            accordance with the Supplemental PMI Policy, the Company shall provide
            to the
            Supplemental PMI Insurer any required information regarding the Mortgage
            Loans.

          

          The
            Company shall provide to the [Securities Administrator] on a monthly
            basis via
            computer tape, or other mutually acceptable format, the unpaid principal
            balance, insurer certificate number, lender loan number, and premium
            due the
            Supplemental PMI Insurer for each Mortgage Loan covered by the Supplemental
            PMI
            Policy. In addition, the Company agrees to forward to the Purchaser and
            the
            [Securities Administrator] any statements or other reports given by the
            Supplemental PMI Insurer to the Servicer in connection with a claim under
            the
            Supplemental PMI Policy.”

          

          (d) Clause
            (vi) of Section 6.1 is amended to read as follows:

          

          “Company
            ceases to be approved by either Fannie Mae or FHLMC as a mortgage loan
            seller or
            servicer for more than thirty days, or the Company fails to meet the
            servicer
            eligibility requirements of the Supplemental PMI Insurer; or”]

          

          
            
              
                
                

              

              
                
                

                
                  

                

              

              
                
                

              

            

          

          

          IN
            WITNESS WHEREOF, the parties hereto have executed this PAAR Agreement
            as of the
            day and year first above written.

          

          
            	
                    EMC
                      MORTGAGE CORPORATION

                    Assignor

                  
	 	 
	
                    By:

                  	 
	
                    Name:

                  	 
	
                    Title:

                  	 
	 	 
	 	 
	
                    _________________________________

                    Assignee

                  
	 	 
	 	 
	
                    By:

                  	 
	
                    Name:

                  	 
	
                    Title:

                  	 
	 	 
	 	 
	
                    _________________________________

                    Company

                  
	 	 
	 	 
	
                    By:

                  	 
	
                    Name:

                  	 
	
                    Title:

                  	 

          

          

          

          

          

          
            
              
                
                

              

              
                
                

                
                  

                

              

              
                
                

              

            

          

          

           EXHIBIT
            ___

          

          FORM
            OF COMPANY CERTIFICATION

          

          I,
            [identify certifying individual], certify to the [Trustee] [Seller] [Securities
            Administrator] [Mortgage Loan Seller] [Purchaser] and [Master Servicer]
            that:

          

          1. I
            have reviewed the servicing reports prepared by [COMPANY] (the “Company”)
            pursuant to the [Servicing Agreement] (the “Servicing Agreement”), dated as of
            __________ between __________ and the Company (as modified by the AAR
            Agreement
            (as defined below) and delivered to [MASTER SERVICER] (the “Master Servicer”)
            pursuant to the Assignment, Assumption and Recognition Agreement (the
“AAR
            Agreement”), dated as of __________ among [ASSIGNOR] as Assignor, Company and
            [ASSIGNEE], as Assignee.

          

          2. Based
            on my knowledge, the information in these 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 as of the last day of the period
            covered by such servicing reports.

          

          3. Based
            on my knowledge, the servicing information required to be provided to
            the Master
            Servicer under the Servicing Agreement and the AAR Agreement is included
            in
            these reports.

          

          4. I
            am responsible for reviewing the activities performed the Company under
            the
            Servicing Agreement and the AAR Agreement and based upon the review required
            under the Servicing Agreement and the AAR Agreement, and except as disclosed
            in
            the Annual Statement of Compliance, the Company has fulfilled its obligations
            under the Servicing Agreement and the AAR Agreement.

          

          5. I
            have disclosed to the Master Servicer's certified public accountants
            all
            significant deficiencies relating to the Company's compliance with the
            minimum
            servicing standards in accordance with a review conduced in compliance
            with the
            Uniform Single Attestation Program for Mortgage Bankers or similar standard
            as
            set forth in the Servicing Agreement and the AAR Agreement.

          

          Capitalized
            terms used but not defined herein have the meanings ascribed to them
            in the AAR
            Agreement.

          

          Date:______________

          

          _____________________

          [Signature]

          [Title]

          

          

          
            
              
                
                

              

              
                
                

                
                  

                

              

              
                
                

              

            

          

          

          ATTACHMENT
            1

          

          ASSIGNED
            LOAN SCHEDULE

          

          

          
            
              
              

            

            
              
              

              
                

              

            

            
              
              

            

          

          

          ATTACHMENT
            2

          

          PURCHASE,
            WARRANTIES AND SERVICING AGREEMENT

          

          
            
              
              

            

            
              
              

              
                

              

            

            
              
              

            

          

          

          EXHIBIT
            E

          

          REPORTING
            DATA FOR MONTHLY REPORT

          

          
            	
                    Standard
                      File Layout - Master Servicing

                  
	
                    Column
                      Name

                  	
                    Description

                  	
                    Decimal

                  	
                    Format
                      Comment

                  	
                    Max
                      Size

                  
	
                    SER_INVESTOR_NBR

                  	
                    A
                      value assigned by the Servicer to define a group of loans.

                  	 	
                    Text
                      up to 10 digits

                  	
                    20

                  
	
                    LOAN_NBR

                  	
                    A
                      unique identifier assigned to each loan by the investor.

                  	 	
                    Text
                      up to 10 digits

                  	
                    10

                  
	
                    SERVICER_LOAN_NBR

                  	
                    A
                      unique number assigned to a loan by the Servicer. This may
                      be different
                      than the LOAN_NBR.

                  	 	
                    Text
                      up to 10 digits

                  	
                    10

                  
	
                    BORROWER_NAME

                  	
                    The
                      borrower name as received in the file. It is not separated
                      by first and
                      last name.

                  	 	
                    Maximum
                      length of 30 (Last, First)

                  	
                    30

                  
	
                    SCHED_PAY_AMT

                  	
                    Scheduled
                      monthly principal and scheduled interest payment that a borrower
                      is
                      expected to pay, P&I constant.

                  	
                    2

                  	
                    No
                      commas(,) or dollar signs ($)

                  	
                    11

                  
	
                    NOTE_INT_RATE

                  	
                    The
                      loan interest rate as reported by the Servicer.

                  	
                    4

                  	
                    Max
                      length of 6

                  	
                    6

                  
	
                    NET_INT_RATE

                  	
                    The
                      loan gross interest rate less the service fee rate as reported
                      by the
                      Servicer.

                  	
                    4

                  	
                    Max
                      length of 6

                  	
                    6

                  
	
                    SERV_FEE_RATE

                  	
                    The
                      servicer's fee rate for a loan as reported by the
                      Servicer.

                  	
                    4

                  	
                    Max
                      length of 6

                  	
                    6

                  
	
                    SERV_FEE_AMT

                  	
                    The
                      servicer's fee amount for a loan as reported by the
                      Servicer.

                  	
                    2

                  	
                    No
                      commas(,) or dollar signs ($)

                  	
                    11

                  
	
                    NEW_PAY_AMT

                  	
                    The
                      new loan payment amount as reported by the Servicer.

                  	
                    2

                  	
                    No
                      commas(,) or dollar signs ($)

                  	
                    11

                  
	
                    NEW_LOAN_RATE

                  	
                    The
                      new loan rate as reported by the Servicer.

                  	
                    4

                  	
                    Max
                      length of 6

                  	
                    6

                  
	
                    ARM_INDEX_RATE

                  	
                    The
                      index the Servicer is using to calculate a forecasted
                      rate.

                  	
                    4

                  	
                    Max
                      length of 6

                  	
                    6

                  
	
                    ACTL_BEG_PRIN_BAL

                  	
                    The
                      borrower's actual principal balance at the beginning of the
                      processing
                      cycle.

                  	
                    2

                  	
                    No
                      commas(,) or dollar signs ($)

                  	
                    11

                  
	
                    ACTL_END_PRIN_BAL

                  	
                    The
                      borrower's actual principal balance at the end of the processing
                      cycle.

                  	
                    2

                  	
                    No
                      commas(,) or dollar signs ($)

                  	
                    11

                  
	
                    BORR_NEXT_PAY_DUE_DATE

                  	
                    The
                      date at the end of processing cycle that the borrower's next
                      payment is
                      due to the Servicer, as reported by Servicer.

                  	 	
                    MM/DD/YYYY

                  	
                    10

                  
	
                    SERV_CURT_AMT_1

                  	
                    The
                      first curtailment amount to be applied.

                  	
                    2

                  	
                    No
                      commas(,) or dollar signs ($)

                  	
                    11

                  
	
                    SERV_CURT_DATE_1

                  	
                    The
                      curtailment date associated with the first curtailment
                      amount.

                  	 	
                    MM/DD/YYYY

                  	
                    10

                  
	
                    CURT_ADJ_
                      AMT_1

                  	
                    The
                      curtailment interest on the first curtailment amount, if
                      applicable.

                  	
                    2

                  	
                    No
                      commas(,) or dollar signs ($)

                  	
                    11

                  
	
                    SERV_CURT_AMT_2

                  	
                    The
                      second curtailment amount to be applied.

                  	
                    2

                  	
                    No
                      commas(,) or dollar signs ($)

                  	
                    11

                  
	
                    SERV_CURT_DATE_2

                  	
                    The
                      curtailment date associated with the second curtailment
                      amount.

                  	 	
                    MM/DD/YYYY

                  	
                    10

                  
	
                    CURT_ADJ_
                      AMT_2

                  	
                    The
                      curtailment interest on the second curtailment amount, if
                      applicable.

                  	
                    2

                  	
                    No
                      commas(,) or dollar signs ($)

                  	
                    11

                  
	
                    SERV_CURT_AMT_3

                  	
                    The
                      third curtailment amount to be applied.

                  	
                    2

                  	
                    No
                      commas(,) or dollar signs ($)

                  	
                    11

                  
	
                    SERV_CURT_DATE_3

                  	
                    The
                      curtailment date associated with the third curtailment
                      amount.

                  	 	
                    MM/DD/YYYY

                  	
                    10

                  
	
                    CURT_ADJ_AMT_3

                  	
                    The
                      curtailment interest on the third curtailment amount, if
                      applicable.

                  	
                    2

                  	
                    No
                      commas(,) or dollar signs ($)

                  	
                    11

                  
	
                    PIF_AMT

                  	
                    The
                      loan "paid in full" amount as reported by the Servicer.

                  	
                    2

                  	
                    No
                      commas(,) or dollar signs ($)

                  	
                    11

                  
	
                    PIF_DATE

                  	
                    The
                      paid in full date as reported by the Servicer.

                  	 	
                    MM/DD/YYYY

                  	
                    10

                  
	 	 	 	
                    Action
                      Code Key: 15=Bankruptcy, 30=Foreclosure, , 60=PIF, 63=Substitution,
                      65=Repurchase,70=REO

                  	
                    2

                  
	
                    ACTION_CODE

                  	
                    The
                      standard FNMA numeric code used to indicate the default/delinquent
                      status
                      of a particular loan.

                  
	
                    INT_ADJ_AMT

                  	
                    The
                      amount of the interest adjustment as reported by the
                      Servicer.

                  	
                    2

                  	
                    No
                      commas(,) or dollar signs ($)

                  	
                    11

                  
	
                    SOLDIER_SAILOR_ADJ_AMT

                  	
                    The
                      Soldier and Sailor Adjustment amount, if applicable.

                  	
                    2

                  	
                    No
                      commas(,) or dollar signs ($)

                  	
                    11

                  
	
                    NON_ADV_LOAN_AMT

                  	
                    The
                      Non Recoverable Loan Amount, if applicable.

                  	
                    2

                  	
                    No
                      commas(,) or dollar signs ($)

                  	
                    11

                  
	
                    LOAN_LOSS_AMT

                  	
                    The
                      amount the Servicer is passing as a loss, if applicable.

                  	
                    2

                  	
                    No
                      commas(,) or dollar signs ($)

                  	
                    11

                  
	
                    SCHED_BEG_PRIN_BAL

                  	
                    The
                      scheduled outstanding principal amount due at the beginning
                      of the cycle
                      date to be passed through to investors.

                  	
                    2

                  	
                    No
                      commas(,) or dollar signs ($)

                  	
                    11

                  
	
                    SCHED_END_PRIN_BAL

                  	
                    The
                      scheduled principal balance due to investors at the end of
                      a processing
                      cycle.

                  	
                    2

                  	
                    No
                      commas(,) or dollar signs ($)

                  	
                    11

                  
	
                    SCHED_PRIN_AMT

                  	
                    The
                      scheduled principal amount as reported by the Servicer for
                      the current
                      cycle -- only applicable for Scheduled/Scheduled Loans.

                  	
                    2

                  	
                    No
                      commas(,) or dollar signs ($)

                  	
                    11

                  
	
                    SCHED_NET_INT

                  	
                    The
                      scheduled gross interest amount less the service fee amount
                      for the
                      current cycle as reported by the Servicer -- only applicable
                      for
                      Scheduled/Scheduled Loans.

                  	
                    2

                  	
                    No
                      commas(,) or dollar signs ($)

                  	
                    11

                  
	
                    ACTL_PRIN_AMT

                  	
                    The
                      actual principal amount collected by the Servicer for the current
                      reporting cycle -- only applicable for Actual/Actual
                      Loans.

                  	
                    2

                  	
                    No
                      commas(,) or dollar signs ($)

                  	
                    11

                  
	
                    ACTL_NET_INT

                  	
                    The
                      actual gross interest amount less the service fee amount for
                      the current
                      reporting cycle as reported by the Servicer -- only applicable
                      for
                      Actual/Actual Loans.

                  	
                    2

                  	
                    No
                      commas(,) or dollar signs ($)

                  	
                    11

                  
	
                    PREPAY_PENALTY_
                      AMT

                  	
                    The
                      penalty amount received when a borrower prepays on his loan
                      as reported by
                      the Servicer.

                  	
                    2

                  	
                    No
                      commas(,) or dollar signs ($)

                  	
                    11

                  
	
                    PREPAY_PENALTY_
                      WAIVED

                  	
                    The
                      prepayment penalty amount for the loan waived by the
                      servicer.

                  	
                    2

                  	
                    No
                      commas(,) or dollar signs ($)

                  	
                    11

                  
	
                    MOD_DATE

                  	
                    The
                      Effective Payment Date of the Modification for the loan.

                  	 	
                    MM/DD/YYYY

                  	
                    10

                  
	
                    MOD_TYPE

                  	
                    The
                      Modification Type.

                  	 	
                    Varchar
                      - value can be alpha or numeric

                  	
                    30

                  
	
                    DELINQ_P&I_ADVANCE_AMT

                  	
                    The
                      current outstanding principal and interest advances made by
                      Servicer.

                  	
                    2

                  	
                    No
                      commas(,) or dollar signs ($)

                  	
                    11

                  

          

          

          

          
            
              
              

            

            
              
              

              
                

              

            

            
              
              

            

          

          

          EXHIBIT
            F

          

          REPORTING
            DATA FOR DEFAULTED LOANS

          

          Standard
            File Layout - Delinquency Reporting

          

          
            	
                    Column/Header
                      Name

                  	
                    Description

                  	
                    Decimal

                  	
                    Format
                      Comment

                  
	
                    SERVICER_LOAN_NBR

                  	
                    A
                      unique number assigned to a loan by the Servicer. This may
                      be different
                      than the LOAN_NBR

                  	 	
                     

                  
	
                    LOAN_NBR

                  	
                    A
                      unique identifier assigned to each loan by the originator.

                  	 	
                     

                  
	
                    CLIENT_NBR

                  	
                    Servicer
                      Client Number

                  	 	 
	
                    SERV_INVESTOR_NBR

                  	
                    Contains
                      a unique number as assigned by an external servicer to identify
                      a group of
                      loans in their system.

                  	 	
                     

                  
	
                    BORROWER_FIRST_NAME

                  	
                    First
                      Name of the Borrower.

                  	 	 
	
                    BORROWER_LAST_NAME

                  	
                    Last
                      name of the borrower.

                  	 	 
	
                    PROP_ADDRESS

                  	
                    Street
                      Name and Number of Property

                  	 	
                     

                  
	
                    PROP_STATE

                  	
                    The
                      state where the property located.

                  	 	
                     

                  
	
                    PROP_ZIP

                  	
                    Zip
                      code where the property is located.

                  	 	
                     

                  
	
                    BORR_NEXT_PAY_DUE_DATE

                  	
                    The
                      date that the borrower's next payment is due to the servicer
                      at the end of
                      processing cycle, as reported by Servicer.

                  	 	
                    MM/DD/YYYY

                  
	
                    LOAN_TYPE

                  	
                    Loan
                      Type (i.e. FHA, VA, Conv)

                  	 	
                     

                  
	
                    BANKRUPTCY_FILED_DATE

                  	
                    The
                      date a particular bankruptcy claim was filed.

                  	 	
                    MM/DD/YYYY

                  
	
                    BANKRUPTCY_CHAPTER_CODE

                  	
                    The
                      chapter under which the bankruptcy was filed.

                  	 	
                     

                  
	
                    BANKRUPTCY_CASE_NBR

                  	
                    The
                      case number assigned by the court to the bankruptcy
                      filing.

                  	 	
                     

                  
	
                    POST_PETITION_DUE_DATE

                  	
                    The
                      payment due date once the bankruptcy has been approved by the
                      courts

                  	 	
                    MM/DD/YYYY

                  
	
                    BANKRUPTCY_DCHRG_DISM_DATE

                  	
                    The
                      Date The Loan Is Removed From Bankruptcy. Either by Dismissal,
                      Discharged
                      and/or a Motion For Relief Was Granted. 

                  	 	
                    MM/DD/YYYY

                  
	
                    LOSS_MIT_APPR_DATE

                  	
                    The
                      Date The Loss Mitigation Was Approved By The Servicer

                  	 	
                    MM/DD/YYYY

                  
	
                    LOSS_MIT_TYPE

                  	
                    The
                      Type Of Loss Mitigation Approved For A Loan Such As;

                  	 	 
	
                    LOSS_MIT_EST_COMP_DATE

                  	
                    The
                      Date The Loss Mitigation /Plan Is Scheduled To End/Close

                  	 	
                    MM/DD/YYYY

                  
	
                    LOSS_MIT_ACT_COMP_DATE

                  	
                    The
                      Date The Loss Mitigation Is Actually Completed

                  	 	
                    MM/DD/YYYY

                  
	
                    FRCLSR_APPROVED_DATE

                  	
                    The
                      date DA Admin sends a letter to the servicer with instructions
                      to begin
                      foreclosure proceedings.

                  	 	
                    MM/DD/YYYY

                  
	
                    ATTORNEY_REFERRAL_DATE

                  	
                    Date
                      File Was Referred To Attorney to Pursue Foreclosure

                  	 	
                    MM/DD/YYYY

                  
	
                    FIRST_LEGAL_DATE

                  	
                    Notice
                      of 1st legal filed by an Attorney in a Foreclosure Action

                  	 	
                    MM/DD/YYYY

                  
	
                    FRCLSR_SALE_EXPECTED_DATE

                  	
                    The
                      date by which a foreclosure sale is expected to occur.

                  	 	
                    MM/DD/YYYY

                  
	
                    FRCLSR_SALE_DATE

                  	
                    The
                      actual date of the foreclosure sale.

                  	 	
                    MM/DD/YYYY

                  
	
                    FRCLSR_SALE_AMT

                  	
                    The
                      amount a property sold for at the foreclosure sale.

                  	
                    2

                  	
                    No
                      commas(,) or dollar signs ($)

                  
	
                    EVICTION_START_DATE

                  	
                    The
                      date the servicer initiates eviction of the borrower.

                  	 	
                    MM/DD/YYYY

                  
	
                    EVICTION_COMPLETED_DATE

                  	
                    The
                      date the court revokes legal possession of the property from
                      the
                      borrower.

                  	 	
                    MM/DD/YYYY

                  
	
                    LIST_PRICE

                  	
                    The
                      price at which an REO property is marketed.

                  	
                    2

                  	
                    No
                      commas(,) or dollar signs ($)

                  
	
                    LIST_DATE

                  	
                    The
                      date an REO property is listed at a particular price.

                  	 	
                    MM/DD/YYYY

                  
	
                    OFFER_AMT

                  	
                    The
                      dollar value of an offer for an REO property.

                  	
                    2

                  	
                    No
                      commas(,) or dollar signs ($)

                  
	
                    OFFER_DATE_TIME

                  	
                    The
                      date an offer is received by DA Admin or by the Servicer.

                  	 	
                    MM/DD/YYYY

                  
	
                    REO_CLOSING_DATE

                  	
                    The
                      date the REO sale of the property is scheduled to close.

                  	 	
                    MM/DD/YYYY

                  
	
                    REO_ACTUAL_CLOSING_DATE

                  	
                    Actual
                      Date Of REO Sale

                  	 	
                    MM/DD/YYYY

                  
	
                    OCCUPANT_CODE

                  	
                    Classification
                      of how the property is occupied.

                  	 	
                     

                  
	
                    PROP_CONDITION_CODE

                  	
                    A
                      code that indicates the condition of the property.

                  	 	
                     

                  
	
                    PROP_INSPECTION_DATE

                  	
                    The
                      date a property inspection is performed.

                  	 	
                    MM/DD/YYYY

                  
	
                    APPRAISAL_DATE

                  	
                    The
                      date the appraisal was done.

                  	 	
                    MM/DD/YYYY

                  
	
                    CURR_PROP_VAL

                  	
                     The
                      current "as is" value of the property based on brokers price
                      opinion or
                      appraisal.

                  	
                    2

                  	
                     

                  
	
                    REPAIRED_PROP_VAL

                  	
                    The
                      amount the property would be worth if repairs are completed
                      pursuant to a
                      broker's price opinion or appraisal.

                  	
                    2

                  	
                     

                  
	
                    If
                      applicable:

                  	
                     

                  	 	
                     

                  
	
                    DELINQ_STATUS_CODE

                  	
                    FNMA
                      Code Describing Status of Loan

                  	 	 
	
                    DELINQ_REASON_CODE

                  	
                    The
                      circumstances which caused a borrower to stop paying on a loan.
                      Code
                      indicates the reason why the loan is in default for this
                      cycle.

                  	 	 
	
                    MI_CLAIM_FILED_DATE

                  	
                    Date
                      Mortgage Insurance Claim Was Filed With Mortgage Insurance
                      Company.

                  	 	
                    MM/DD/YYYY

                  
	
                    MI_CLAIM_AMT

                  	
                    Amount
                      of Mortgage Insurance Claim Filed

                  	 	
                    No
                      commas(,) or dollar signs ($)

                  
	
                    MI_CLAIM_PAID_DATE

                  	
                    Date
                      Mortgage Insurance Company Disbursed Claim Payment

                  	 	
                    MM/DD/YYYY

                  
	
                    MI_CLAIM_AMT_PAID

                  	
                    Amount
                      Mortgage Insurance Company Paid On Claim

                  	
                    2

                  	
                    No
                      commas(,) or dollar signs ($)

                  
	
                    POOL_CLAIM_FILED_DATE

                  	
                    Date
                      Claim Was Filed With Pool Insurance Company

                  	 	
                    MM/DD/YYYY

                  
	
                    POOL_CLAIM_AMT

                  	
                    Amount
                      of Claim Filed With Pool Insurance Company

                  	
                    2

                  	
                    No
                      commas(,) or dollar signs ($)

                  
	
                    POOL_CLAIM_PAID_DATE

                  	
                    Date
                      Claim Was Settled and The Check Was Issued By The Pool
                      Insurer

                  	 	
                    MM/DD/YYYY

                  
	
                    POOL_CLAIM_AMT_PAID

                  	
                    Amount
                      Paid On Claim By Pool Insurance Company

                  	
                    2

                  	
                    No
                      commas(,) or dollar signs ($)

                  
	
                    FHA_PART_A_CLAIM_FILED_DATE

                  	
                     Date
                      FHA Part A Claim Was Filed With HUD

                  	 	
                    MM/DD/YYYY

                  
	
                    FHA_PART_A_CLAIM_AMT

                  	
                     Amount
                      of FHA Part A Claim Filed

                  	
                    2

                  	
                    No
                      commas(,) or dollar signs ($)

                  
	
                    FHA_PART_A_CLAIM_PAID_DATE

                  	
                     Date
                      HUD Disbursed Part A Claim Payment

                  	 	
                    MM/DD/YYYY

                  
	
                    FHA_PART_A_CLAIM_PAID_AMT

                  	
                     Amount
                      HUD Paid on Part A Claim

                  	
                    2

                  	
                    No
                      commas(,) or dollar signs ($)

                  
	
                    FHA_PART_B_CLAIM_FILED_DATE

                  	
                      Date
                      FHA Part B Claim Was Filed With HUD

                  	 	
                    MM/DD/YYYY

                  
	
                    FHA_PART_B_CLAIM_AMT

                  	
                      Amount
                      of FHA Part B Claim Filed

                  	
                    2

                  	
                    No
                      commas(,) or dollar signs ($)

                  
	
                    FHA_PART_B_CLAIM_PAID_DATE

                  	
                       Date
                      HUD Disbursed Part B Claim Payment

                  	 	
                    MM/DD/YYYY

                  
	
                    FHA_PART_B_CLAIM_PAID_AMT

                  	
                     Amount
                      HUD Paid on Part B Claim

                  	
                    2

                  	
                    No
                      commas(,) or dollar signs ($)

                  
	
                    VA_CLAIM_FILED_DATE

                  	
                     Date
                      VA Claim Was Filed With the Veterans Admin

                  	 	
                    MM/DD/YYYY

                  
	
                    VA_CLAIM_PAID_DATE

                  	
                     Date
                      Veterans Admin. Disbursed VA Claim Payment

                  	 	
                    MM/DD/YYYY

                  
	
                    VA_CLAIM_PAID_AMT

                  	
                     Amount
                      Veterans Admin. Paid on VA Claim

                  	
                    2

                  	
                    No
                      commas(,) or dollar signs ($)

                  

          

           

           

          

          Exhibit
            2: Standard
            File Codes - Delinquency Reporting

           

           

          The
            Loss
            Mit Type
            field
            should show the approved Loss Mitigation Code as follows: 

           

          

            
              	
                      ·  ASUM-

                    	
                      Approved
                        Assumption

                    
	
                      ·  BAP-

                    	
                      Borrower
                        Assistance Program

                    
	
                      ·  CO-

                    	
                      Charge
                        Off

                    
	
                      ·  DIL-

                    	
                      Deed-in-Lieu

                    
	
                      ·  FFA-

                    	
                      Formal
                        Forbearance Agreement

                    
	
                      ·  MOD-

                    	
                      Loan
                        Modification

                    
	
                      ·  PRE-

                    	
                      Pre-Sale

                    
	
                      ·  SS-

                    	
                      Short
                        Sale

                    
	
                      ·  MISC-

                    	
                      Anything
                        else approved by the PMI or Pool
                        Insurer

                    

            

          

          

           

          NOTE:
            Wells Fargo Bank will accept alternative Loss Mitigation Types to those
            above,
            provided that they are consistent with industry standards. If Loss Mitigation
            Types other than those above are used, the Servicer must supply Wells
            Fargo Bank
            with a description of each of the Loss Mitigation Types prior to sending
            the
            file.

           

          

           

          The
            Occupant
            Code
            field should show the current status of the property code as
            follows:

           

          
            	·  	
                    Mortgagor

                  

          

           

          
            	·  	
                    Tenant

                  

          

           

          
            	·  	
                    Unknown
                      

                  

          

           

          
            	·  	
                    Vacant

                  

          

           

          

           

          The
            Property
            Condition
            field should show the last reported condition of the property as follows:
            

           

          
            	·  	
                    Damaged

                  

          

           

          
            	·  	
                    Excellent

                  

          

           

          
            	·  	
                    Fair

                  

          

           

          
            	·  	
                    Gone

                  

          

           

          
            	·  	
                    Good

                  

          

           

          
            	·  	
                    Poor

                  

          

           

          
            	·  	
                    Special
                      Hazard

                  

          

           

          
            	·  	
                    Unknown

                  

          

          

           

          
            
              
              

            

            
              
              

              
                

              

            

            
              
              

            

          

          

          Exhibit
            2: Standard
            File Codes - Delinquency Reporting, Continued

           

          The
            FNMA
            Delinquent Reason Code
            field should show the Reason for Delinquency as follows: 

           

          

          
            	
                    Delinquency
                      Code

                  	
                    Delinquency
                      Description

                  
	
                    001

                  	
                    FNMA-Death
                      of principal mortgagor

                  
	
                    002

                  	
                    FNMA-Illness
                      of principal mortgagor

                  
	
                    003

                  	
                    FNMA-Illness
                      of mortgagor’s family member

                  
	
                    004

                  	
                    FNMA-Death
                      of mortgagor’s family member

                  
	
                    005

                  	
                    FNMA-Marital
                      difficulties

                  
	
                    006

                  	
                    FNMA-Curtailment
                      of income

                  
	
                    007

                  	
                    FNMA-Excessive
                      Obligation

                  
	
                    008

                  	
                    FNMA-Abandonment
                      of property

                  
	
                    009

                  	
                    FNMA-Distant
                      employee transfer

                  
	
                    011

                  	
                    FNMA-Property
                      problem

                  
	
                    012

                  	
                    FNMA-Inability
                      to sell property

                  
	
                    013

                  	
                    FNMA-Inability
                      to rent property

                  
	
                    014

                  	
                    FNMA-Military
                      Service

                  
	
                    015

                  	
                    FNMA-Other

                  
	
                    016

                  	
                    FNMA-Unemployment

                  
	
                    017

                  	
                    FNMA-Business
                      failure

                  
	
                    019

                  	
                    FNMA-Casualty
                      loss

                  
	
                    022

                  	
                    FNMA-Energy
                      environment costs

                  
	
                    023

                  	
                    FNMA-Servicing
                      problems

                  
	
                    026

                  	
                    FNMA-Payment
                      adjustment

                  
	
                    027

                  	
                    FNMA-Payment
                      dispute

                  
	
                    029

                  	
                    FNMA-Transfer
                      of ownership pending

                  
	
                    030

                  	
                    FNMA-Fraud

                  
	
                    031

                  	
                    FNMA-Unable
                      to contact borrower

                  
	
                    INC

                  	
                    FNMA-Incarceration

                  

          

          

          
 

          
 

          
            
              
              

            

            
              
              

              
                

              

            

            
              
              

            

          

          

          Exhibit
            2: Standard
            File Codes - Delinquency Reporting, Continued

          

           

          The
            FNMA
            Delinquent Status Code
            field should show the Status of Default as follows: 

           

          

          
            	
                    Status
                      Code

                  	
                    Status
                      Description

                  
	
                    09

                  	
                    Forbearance

                  
	
                    17

                  	
                    Pre-foreclosure
                      Sale Closing Plan Accepted

                  
	
                    24

                  	
                    Government
                      Seizure

                  
	
                    26

                  	
                    Refinance

                  
	
                    27

                  	
                    Assumption

                  
	
                    28

                  	
                    Modification

                  
	
                    29

                  	
                    Charge-Off

                  
	
                    30

                  	
                    Third
                      Party Sale

                  
	
                    31

                  	
                    Probate

                  
	
                    32

                  	
                    Military
                      Indulgence

                  
	
                    43

                  	
                    Foreclosure
                      Started

                  
	
                    44

                  	
                    Deed-in-Lieu
                      Started

                  
	
                    49

                  	
                    Assignment
                      Completed

                  
	
                    61

                  	
                    Second
                      Lien Considerations

                  
	
                    62

                  	
                    Veteran’s
                      Affairs-No Bid

                  
	
                    63

                  	
                    Veteran’s
                      Affairs-Refund

                  
	
                    64

                  	
                    Veteran’s
                      Affairs-Buydown

                  
	
                    65

                  	
                    Chapter
                      7 Bankruptcy

                  
	
                    66

                  	
                    Chapter
                      11 Bankruptcy

                  
	
                    67

                  	
                    Chapter
                      13 Bankruptcy

                  

          

           

          

          

           

           

          
            
              
              

            

            
              
              

              
                

              

            

            
              
              

            

          

          

          EXHIBIT
            G

          

          REQUEST
            FOR RELEASE OF DOCUMENTS AND RECEIPT

          

          RE: Mortgage
            Loan #___________________________________

          BORROWER:__________________________________________________

          PROPERTY:
            __________________________________________________

          

          

          Pursuant
            to a Purchase, Warranties and Servicing Agreement (the "Agreement") between
            the
            Company and the Purchaser, the undersigned hereby certifies that he or
            she is an
            officer of the Company requesting release of the documents for the reason
            specified below. The undersigned further certifies that:

          

          (Check
            one of the items below)

          

          _____ On
            _________________, the above captioned mortgage loan was paid in full
            or that
            the Company has been notified that payment in full has been or will be
            escrowed.
            The Company hereby certifies that all amounts with respect to this loan
            which
            are required under the Agreement have been or will be deposited in the
            Custodial
            Account as required.

          

          _____ The
            above
            captioned loan is being repurchased pursuant to the terms of the Agreement.
            The
            Company hereby certifies that the repurchase price has been credited
            to the
            Custodial Account as required under the Agreement.

          

          _____ The
            above
            captioned loan is being placed in foreclosure and the original documents
            are
            required to proceed with the foreclosure action. The Company hereby certifies
            that the documents will be returned to the Purchaser in the event of
            reinstatement.

          

          _____ Other
            (explain)

          

          _______________________________________________________

          _______________________________________________________

          

          All
            capitalized terms used herein and not defined shall have the meanings
            assigned
            to them in the Agreement.

          

          Based
            on
            this certification and the indemnities provided for in the Agreement,
            please
            release to the Company all original mortgage documents in your possession
            relating to this loan.

          

          Dated:_________________

          

          By:________________________________

          Signature

          ___________________________________

          Title

          

          Send
            documents to: _____________________________________________

          _____________________________________________

          _____________________________________________

          

          Acknowledgement:

          

          Purchaser
            hereby acknowledges that all original documents previously released on
            the above
            captioned mortgage loan have been returned and received by the
            Purchaser.

          

          

          Dated:________________

          

          By:________________________________

          Signature

          

          _______________________________

          Title

          

           

          
            
              
              

            

            
              
              

              
                

              

            

            
              
              

            

          

          

          

          

          EXHIBIT
            H

          

          COMPANY’S
            UNDERWRITING GUIDELINES

          

          

           

          
            
              
              

            

            
              
              

              
                

              

            

            
              
              

            

          

          

          EXHIBIT
            I

           

          TERM
            SHEET

          

          This
            TERM
            SHEET (the "Term Sheet") dated _____________, by and among American Home
            Mortgage Corporation, with offices located at 520 Broadhollow Road, Melville,
            New York 11747 (the “Company”), American Home Mortgage Servicing, Inc., with
            offices located at 4600 Regent Boulevard, Suite 200, Irving, Texas 75063
            (the
            "Servicer"), and EMC Mortgage Corporation, a Delaware corporation, located
            at
            909 Hidden Ridge Drive, Suite 200, Irving, Texas 75038 (the "Purchaser")
            is made
            pursuant to the terms and conditions of that certain Purchase, Warranties
            and
            Servicing Agreement (the "Agreement") dated as of March 1, 2006, by and
            among
            the Company, the Servicer and the Purchaser, the provisions of which
            are
            incorporated herein as if set forth in full herein, as such terms and
            conditions
            may be modified or supplemented hereby. All initially capitalized terms
            used
            herein unless otherwise defined shall have the meanings ascribed thereto
            in the
            Agreement. 

          

          The
            Purchaser hereby purchases from the Company and the Company hereby sells
            to the
            Purchaser, all of the Company’s right, title and interest in and to the Mortgage
            Loans on a servicing retained basis described on the Mortgage Loan Schedule
            annexed hereto as Schedule
            I,
            pursuant to and in accordance with the terms and conditions set forth
            in the
            Agreement, as same may be supplemented or modified hereby. Hereinafter,
            the
            Servicer shall service the Mortgage Loans for the benefit of the Purchaser
            and
            all subsequent transferees of the Mortgage Loans pursuant to and in accordance
            with the terms and conditions set forth in the Agreement. 

          

          1. Definitions

          

          For
            purposes of the Mortgage Loans to be sold pursuant to this Term Sheet,
            the
            following terms shall have the following meanings:

          

          Aggregate
            Principal Balance

          (as
            of
            the Cut-Off Date):    

          

          Closing
            Date:    

          

          Custodian:    

          

          Cut-off
            Date:    

          

          Initial
            Weighted Average

          Mortgage
            Loan Remittance Rate:  

          

          Mortgage
            Loan:    

          

          Purchase
            Price Percentage:   

          

          Servicing
            Fee Rate: 

            

          Additional
            Closing Conditions: 

          

          In
            addition to the conditions specified in the Agreement, the obligation
            of each of
            the Company and the Purchaser is subject to the fulfillment, on or prior
            to the
            applicable Closing Date, of the following additional conditions: [None].
            

          

          Additional
            Loan Documents: 

          

          In
            addition to the contents of the Mortgage File specified in the Agreement,
            the
            following documents shall be delivered with respect to the Mortgage Loans:
            [None]

          

          [Additional]
            [Modification] of Representations and Warranties:

           

          [In
            addition to the representations and warranties set forth in the Agreement,
            as of
            the date hereof, the Company makes the following additional representations
            and
            warranties with respect to the Mortgage Loans: [None]. [Notwithstanding
            anything
            to the contrary set forth in the Agreement, with respect to each Mortgage
            Loan
            to be sold on the Closing Date, the representation and warranty set forth
            in
            Section ______ of the Agreement shall be modified to read as
            follows:]

          

          Except
            as
            modified herein, Section ______ of the Agreement shall remain in full
            force and
            effect as of the date hereof.

           

          

           

          
            
              
              

            

            
              
              

              
                

              

            

            
              
              

            

          

          

          IN
            WITNESS WHEREOF, the parties hereto have caused their names to be signed
            hereto
            by their respective duly authorized officers as of the date first above
            written.

           

          
            	
                    AMERICAN
                      HOME MORTGAGE CORPORATION

                  
	 	 
	
                    By:

                  	 
	
                    Name:

                  	 
	
                    Title:

                  	 
	 	 
	 	 
	
                    EMC
                      MORTGAGE CORPORATION

                  
	 	 
	 	 
	
                    By:

                  	 
	
                    Name:

                  	 
	
                    Title:

                  	 
	 	 
	 	 
	
                    AMERICAN
                      HOME MORTGAGE SERVICING, INC.

                  
	 	 
	 	 
	
                    By:

                  	 
	
                    Name:

                  	 
	
                    Title:

                  	 
	 	 

          

          

          

          
            
              
              

            

            
              
              

              
                

              

            

            
              
              

            

          

          

          SCHEDULE
            I

          

          MORTGAGE
            LOAN SCHEDULE

          

          
            
              
                
                

              

              
                
                

                
                  

                

              

              
                
                

              

            

          

          

          EXHIBIT
            J

          

          RECONSTITUTED
            MORTGAGE LOAN REPORTING

          

          (a) Servicer
            Mortgage Loan Number  

          (b) FNMA
            Mortgage Loan Number (if applicable)

          (c) Lender/Seller
            Mortgage Loan Number (plus any other loan number)

          (d) Month
            end
            date/ date file created 

          (e) Scheduled
            Beginning Balance 

          (f) Actual
            Beginning Balance 

          (g) Scheduled
            Ending Balance 

          (h) Actual
            Ending Balance 

          (i) Gross
            Rate (current gross rate)

          (j) Net
            Rate
            (current passthrough)

          (k) Last
            Payment Date (LPI_DATE in Fannie's Laser Reporting)

          (l) Next
            Due
            Date

          (m) Delinquency
            Month (if available)

          (n) Default
            Flag, i.e. FC, REO, etc. (if applicable)

          (o) Pay-In-Full
            Date (Mortgage Loan paid off by Mortgagor)

          (p) Foreclosure
            start date  

          (q) Foreclosure
            end date  

          (r) REO
            Property date  

          (s) With
            respect to Liquidated Mortgage Loans:  

          (i) claim
            date

          (ii)
             claim
            amount

          (iii)
             proceeds

          (iv)
             amount
            of
            loss or gain (as applicable)  

          (v)
             the
            date
            of the loss or gain.  

          (vi)
             the
            liquidation reason (paid in full or repurchased out of deal) 

          (t) Fannie's
            Laser Reporting (For FNMA loans)

          (i)
             Action
            Code (for default or paid off Mortgage Loans; i.e. 60, 65, etc.)

          (ii)
             Action
            Date  

          (iii)
             Remit
            Prin (submitted principal amount)

          (iv)
             Remit
            Int
            (submitted interest amount)

          (v)
             Pool/Invest
            indicator (indicating Schedule/Schedule or Actual/Actual pool)

           

           

          

          
            
              
                
                

              

              
                
                

                
                  

                

              

              
                
                

              

            

          

          

          EXHIBIT
            K

          

          COMPANY’S
            OBLIGATIONS IN CONNECTION 

          WITH
            A
            RECONSTITUTION

          

          •     The
            Servicer shall (i) possess the ability to service to a securitization
            documents;
            (ii) service on a “Scheduled/Scheduled” reporting basis (advancing through the
            liquidation of an REO Property), (iii) make compensating interest payments
            on
            payoffs and curtailments, (iv) report to a Master Servicer in format
            acceptable
            to such Master Servicer by the 10th calendar day of each month, and (v)
            remit to
            a Master Servicer in format acceptable to such Master Servicer by the
            18th
            calendar day of each month, and if such 18th
            calendar
            day is not a Business Day, the Business Day immediately preceding the
            18th
            calendar
            day)..

          .

          

          •     The
            Servicer
            shall provide an acceptable annual certification (officer’s certificate) to the
            Master Servicer (as required by the Sarbanes-Oxley Act of 2002) as well
            as any
            other annual certifications required under the securitization documents
            (i.e.
            the annual statement as to compliance/annual independent certified public
            accountants’ servicing report due by March 15 of each year).

          

          •     The
            Servicer
            shall allow for the Purchaser, the Master Servicer or their designee
            to perform
            a review of audited financials and net worth of the Servicer.

          

          •     The
            Servicer
            shall provide a Uniform Single Attestation Program certificate and Management
            Assertion as requested by the Master Servicer or the Purchaser.

          

          •     The
            Servicer
            shall provide information on each Custodial Account as requested by the
            Master
            Servicer or the Purchaser, and each Custodial Accounts shall comply with
            the
            requirements for such accounts as set forth in the securitization
            documents.

          

          •     The
            Servicer
            shall maintain its servicing system in accordance with the requirements
            of the
            Master Servicer.

          

          

          
            
              
                
                

              

              
                
                

                
                  

                

              

              
                
                

              

            

          

          

          EXHIBIT
            L

          

          FORM
            OF
            COMPANY CERTIFICATION

          

          Re: The
            [ ]
            agreement dated as of [ l,
            200[ ]
            (the “Agreement”), among [IDENTIFY PARTIES]

          

          I,
            ____________________________, the _______________________ of [NAME OF
            COMPANY]
            (the “Company”), certify to [the Purchaser], [the Depositor], and the [Master
            Servicer] [Securities Administrator] [Trustee], and their officers, with
            the
            knowledge and intent that they will rely upon this certification,
            that:

          

          I
            have
            reviewed the servicer compliance statement of the Company provided in
            accordance
            with Item 1123 of Regulation AB (the “Compliance Statement”), the report on
            assessment of the Company’s compliance with the servicing criteria set forth in
            Item 1122(d) of Regulation AB (the “Servicing Criteria”), provided in accordance
            with Rules 13a-18 and 15d-18 under Securities Exchange Act of 1934, as
            amended
            (the “Exchange Act”) and Item 1122 of Regulation AB (the “Servicing
            Assessment”), the registered public accounting firm’s attestation report
            provided in accordance with Rules 13a-18 and 15d-18 under the Exchange
            Act and
            Section 1122(b) of Regulation AB (the “Attestation Report”), and all servicing
            reports, officer’s certificates and other information relating to the servicing
            of the Mortgage Loans by the Company during 200[ ] that were delivered
            by the
            Company to the [Depositor] [Master Servicer] [Securities Administrator]
            [Trustee] pursuant to the Agreement (collectively, the “Company Servicing
            Information”);

          

          Based
            on
            my knowledge, the Company Servicing Information, taken as a whole, does
            not
            contain any untrue statement of a material fact or omit to state a material
            fact
            necessary to make the statements made, in the light of the circumstances
            under
            which such statements were made, not misleading with respect to the period
            of
            time covered by the Company Servicing Information;

          

          Based
            on
            my knowledge, all of the Company Servicing Information required to be
            provided
            by the Company under the Agreement has been provided to the [Depositor]
            [Master
            Servicer] [Securities Administrator] [Trustee];

          

          I
            am
            responsible for reviewing the activities performed by the Company as
            servicer
            under the Agreement, and based on my knowledge and the compliance review
            conducted in preparing the Compliance Statement and except as disclosed
            in the
            Compliance Statement, the Servicing Assessment or the Attestation Report,
            the
            Company has fulfilled its obligations under the Agreement in all material
            respects; and

          

          The
            Compliance Statement required to be delivered by the Company pursuant
            to this
            Agreement, and the Servicing Assessment and Attestation Report required
            to be
            provided by the Company and by any Subservicer and Subcontractor pursuant
            to the
            Agreement, have been provided to the [Depositor] [Master Servicer]. Any
            material
            instances of noncompliance described in such reports have been disclosed
            to the
            [Depositor] [Master Servicer]. Any material instance of noncompliance
            with the
            Servicing Criteria has been disclosed in such reports.

          

          
            
              
                
                

              

              
                
                

                
                  

                

              

              
                
                

              

            

          

          

          EXHIBIT
            M

          

          SUMMARY
            OF REGULATION AB

          SERVICING
            CRITERIA

          

          NOTE:
            This Exhibit M is provided for convenience of reference only. In the
            event of a
            conflict or inconsistency between the terms of this Exhibit M and the
            text of
            Regulation AB, the text of Regulation AB, its adopting release and other
            public
            statements of the SEC shall control. 

          

          Item
            1122(d)

           

          
            	(a)  	
                    General
                      servicing considerations.

                  

          

           

          (1)  Policies
            and procedures are instituted to monitor any performance or other triggers
            and
            events of default in accordance with the transaction agreements.

           

          (2)  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.

           

          (3)  Any
            requirements in the transaction agreements to maintain a back-up servicer
            for
            the mortgage loans are maintained.

           

          (4)  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.

           

          
            	(b)  	
                    Cash
                      collection and administration.

                  

          

           

          (1)  Payments
            on mortgage loans are deposited into the appropriate custodial bank accounts
            and
            related bank clearing accounts no more than two business days following
            receipt,
            or such other number of days specified in the transaction
            agreements.

           

          (2)  Disbursements
            made via wire transfer on behalf of an obligor or
            to an
            investor are made only by authorized personnel.

           

          (3)  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.

           

          (4)  The
            related accounts for the transaction, such as cash reserve accounts or
            accounts
            established as a form of overcollateralization, are separately maintained
            (e.g.,
            with respect to commingling of cash) as set forth in the transaction
            agreements.

           

          (5)  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.

           

          (6)  Unissued
            checks are safeguarded so as to prevent unauthorized access.

           

          (7)  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.

           

          
            	(c)  	
                    Investor
                      remittances and reporting.

                  

          

           

          (1)  Reports
            to investors, including those to be filed with the Commission, are maintained
            in
            accordance with the transaction agreements and applicable Commission
            requirements. Specifically, such reports (A) are prepared in accordance
            with
            timeframes and other terms set forth in the transaction agreements; (B)
            provide
            information calculated in accordance with the terms specified in the
            transaction
            agreements; (C) are filed with the Commission as required by its rules
            and
            regulations; and (D) agree with investors’ or the trustee’s records as to the
            total unpaid principal balance and number of mortgage loans serviced
            by the
            Servicer.

           

          (2)  Amounts
            due to investors are allocated and remitted in accordance with timeframes,
            distribution priority and other terms set forth in the transaction
            agreements.

           

          (3)  Disbursements
            made to an investor are posted within two business days to the Servicer’s
            investor records, or such other number of days specified in the transaction
            agreements.

           

          (4)  Amounts
            remitted to investors per the investor reports agree with cancelled checks,
            or
            other form of payment, or custodial bank statements.

           

          
            	(d)  	
                    Mortgage
                      Loan administration.

                  

          

           

          (1)  Collateral
            or security on mortgage loans is maintained as required by the transaction
            agreements or related mortgage loan documents.

           

          (2)  Mortgage
            loan and related documents are safeguarded as required by the transaction
            agreements.

           

          (3)  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.

           

          (4)  Payments
            on mortgage loans, including any payoffs, made in accordance with the
            related
            mortgage loan documents are posted to the Servicer’s obligor records maintained
            no more than two business days after receipt, or such other number of
            days
            specified in the transaction agreements, and allocated to principal,
            interest or
            other items (e.g., escrow) in accordance with the related mortgage loan
            documents.

           

          (5)  The
            Servicer’s records regarding the mortgage loans agree with the Servicer’s
            records with respect to an obligor’s unpaid principal balance.

           

          (6)  Changes
            with respect to the terms or status of an obligor’s mortgage loans (e.g., loan
            modifications or re-agings) are made, reviewed and approved by authorized
            personnel in accordance with the transaction agreements and related mortgage
            loan documents.

           

          (7)  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.

           

          (8)  Records
            documenting collection efforts are maintained during the period a mortgage
            loan
            is delinquent in accordance with the transaction agreements. Such records
            are
            maintained on at least a monthly basis, or such other period specified
            in the
            transaction agreements, and describe the entity’s activities in monitoring
            delinquent mortgage loans including, for example, phone calls, letters
            and
            payment rescheduling plans in cases where delinquency is deemed temporary
            (e.g.,
            illness or unemployment).

           

          (9)  Adjustments
            to interest rates or rates of return for mortgage loans with variable
            rates are
            computed based on the related mortgage loan documents.

           

          (10)  Regarding
            any funds held in trust for an obligor (such as escrow accounts): (A)
            such funds
            are analyzed, in accordance with the obligor’s mortgage loan documents, on at
            least an annual basis, or such other period specified in the transaction
            agreements; (B) interest on such funds is paid, or credited, to obligors
            in
            accordance with applicable mortgage loan documents and state laws; and
            (C) such
            funds are returned to the obligor within 30 calendar days of full repayment
            of
            the related mortgage loans, or such other number of days specified in
            the
            transaction agreements.

           

          (11)  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.

           

          (12)  Any
            late
            payment penalties in connection with any payment to be made on behalf
            of an
            obligor are paid from the Servicer’s funds and not charged to the obligor,
            unless the late payment was due to the obligor’s error or omission.

           

          (13)  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.

           

          (14)  Delinquencies,
            charge-offs and uncollectable accounts are recognized and recorded in
            accordance
            with the transaction agreements.

           

          (15)  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

          

          SUMMARY
            OF APPLICABLE REGULATION AB REQUIREMENTS

          

          NOTE:
            This Exhibit N is provided for convenience of reference only. In the
            event of a
            conflict or inconsistency between the terms of this Exhibit N and the
            text of
            Regulation AB, the text of Regulation AB, its adopting release and other
            public
            statements of the SEC shall control. 

           

          Item
            1105(a)(1)-(3) and (c)

          

          -Provide
            static pool information with respect to mortgage loans that were originated
            or
            purchased by the Company and which are of the same type as the Mortgage
            Loans.

           

          -Provide
            static pool information regarding delinquencies, cumulative losses and
            prepayments for prior securitized pools of the Company.

           

          -If
            the
            Company has less than 3 years experience securitizing assets of the same
            type as
            the Mortgage Loans, provide the static pool information by vintage origination
            years regarding loans originated or purchased by the Company, instead
            of by
            prior securitized pool. A vintage origination year represents mortgage
            loans
            originated during the same year.

           

          -Such
            static pool information shall be for the prior five years, or for so
            long as the
            Company has been originating or purchasing (in the case of data by vintage
            origination year) or securitizing (in the case of data by prior securitized
            pools) such mortgage loans if for less than five years.

           

          -The
            static pool information for each vintage origination year or prior securitized
            pool, as applicable, shall be presented in monthly increments over the
            life of
            the mortgage loans included in the vintage origination year or prior
            securitized
            pool.

           

          -Provide
            summary information for the original characteristics of the prior securitized
            pools or vintage origination years, as applicable and material, including:
            number of pool assets, original pool balance, weighted average initial
            loan
            balance, weighted average mortgage rate, weighted average and minimum
            and
            maximum FICO, product type, loan purpose, weighted average and minimum
            and
            maximum LTV, distribution of loans by mortgage rate, and geographic
            concentrations of 5% or more.

           

          

          Item
            1108(b) and (c)

          

          Provide
            the following information with respect to each servicer that will service,
            including interim service, 20% or more of the mortgage loans in any loan
            group
            in the securitization issued in the Securitization Transaction: 

           

          -a
            description of the Company’s form of organization;

           

          -a
            description of how long the Company has been servicing residential mortgage
            loans; a general discussion of the Company’s experience in servicing assets of
            any type as well as a more detailed discussion of the Company’s experience in,
            and procedures for the servicing function it will perform under this
            Agreement
            and any Reconstitution Agreements; information regarding the size, composition
            and growth of the Company’s portfolio of mortgage loans of the type similar to
            the Mortgage Loans and information on factors related to the Company
            that may be
            material to any analysis of the servicing of the Mortgage Loans or the
            related
            asset-backed securities, as applicable, including whether any default
            or
            servicing related performance trigger has occurred as to any other
            securitization due to any act or failure to act of the Company, whether
            any
            material noncompliance with applicable servicing criteria as to any other
            securitization has been disclosed or reported by the Company, and the
            extent of
            outsourcing the Company uses;

           

          -a
            description of any material changes to the Company’s policies or procedures in
            the servicing function it will perform under this Agreement and any
            Reconstitution Agreements for mortgage loans of the type similar to the
            Mortgage
            Loans during the past three years;

           

          -information
            regarding the Company’s financial condition to the extent that there is a
            material risk that the effect on one or more aspects of servicing resulting
            from
            such financial condition could have a material impact on the performance
            of the
            securities issued in the Securitization Transaction, or on servicing
            of mortgage
            loans of the same asset type as the Mortgage Loans;

           

          -any
            special or unique factors involved in servicing loans of the same type
            as the
            Mortgage Loans, and the Company’s processes and procedures designed to address
            such factors;

           

          -statistical
            information regarding principal and interest advances made by the Company
            on the
            Mortgage Loans and the Company’s overall servicing portfolio for the past three
            years; and

           

          -the
            Company’s process for handling delinquencies, losses, bankruptcies and
            recoveries, such as through liquidation of REO Properties, foreclosure,
            sale of
            the Mortgage Loans or workouts.

           

          Item
            1110(a)

          

          -Identify
            any originator or group of affiliated originators that originated, or
            is
            expected to originate, 10% or more of the mortgage loans in any loan
            group in
            the securitization issued in the Securitization Transaction.

           

          

          Item
            1110(b)

          

          Provide
            the following information with respect to any originator or group of
            affiliated
            originators that originated, or is expected to originate, 20% or more
            of the
            mortgage loans in any loan group in the securitization issued in the
            Securitization Transaction:

           

          -the
            Company’s form of organization; and

           

          -a
            description of the Company’s origination program and how long the Company has
            been engaged in originating residential mortgage loans, which description
            must
            include a discussion of the Company’s experience in originating mortgage loans
            of the same type as the Mortgage Loans and information regarding the
            size and
            composition of the Company’s origination portfolio as well as information that
            may be material to an analysis of the performance of the Mortgage Loans,
            such as
            the Company’s credit-granting or underwriting criteria for mortgage loans of the
            same type as the Mortgage Loans.

           

          

          Item
            1117

          

          -describe
            any legal proceedings pending against the Company or against any of its
            property, including any proceedings known to be contemplated by governmental
            authorities, that may be material to the holders of the securities issued
            in the
            Securitization Transaction.

           

          

          Item
            1119(a)

          

          -describe
            any affiliations of the Company, each other originator of the Mortgage
            Loans and
            each Subservicer with the sponsor, depositor, issuing entity, trustee,
            any
            originator, any other servicer, any significant obligor, enhancement
            or support
            provider or any other material parties related to the Securitization
            Transaction.

           

          

          Item
            1119(b)

          

          -describe
            any business relationship, agreement, arrangement, transaction or understanding
            entered into outside of the ordinary course of business or on terms other
            than
            those obtained in an arm’s length transaction with an unrelated third party,
            apart from the Securitization Transaction, between the Company, each
            other
            originator of the Mortgage Loans and each Subservicer, or their respective
            affiliates, and the sponsor, depositor or issuing entity or their respective
            affiliates, that exists currently or has existed during the past two
            years, that
            may be material to the understanding of an investor in the securities
            issued in
            the Securitization Transaction.

           

          Item
            1119(c)

          

          -describe
            any business relationship, agreement, arrangement, transaction or understanding
            involving or relating to the Mortgage Loans or the Securitization Transaction,
            including the material terms and approximate dollar amount involved,
            between the
            Company, each other originator of the Mortgage Loans and each Subservicer,
            or
            their respective affiliates and the sponsor, depositor or issuing entity
            or
            their respective affiliates, that exists currently or has existed during
            the
            past two years.

           

          

          
            
              
                
                

              

              
                
                

                
                  

                

              

              
                
                

              

            

          

          

          EXHIBIT
            O

          

          SERVICING
            CRITERIA TO BE ADDRESSED IN ASSESSMENT OF COMPLIANCE

          

          The
            assessment of compliance to be delivered by [the Company] [Name of Subservicer]
            shall address, at a minimum, the criteria identified as below as “Applicable
            Servicing Criteria”:

          

          
            	
                    Servicing
                      Criteria 

                  	
                    Applicable
                      Servicing Criteria

                  
	
                    Reference

                  	
                    Criteria

                  	
                     

                  
	
                     

                  	
                    General
                      Servicing Considerations

                  	
                     

                  
	
                    1122(d)(1)(i)

                  	
                    Policies
                      and procedures are instituted to monitor any performance or
                      other triggers
                      and events of default in accordance with the transaction
                      agreements.

                  	
                    X

                  
	
                    1122(d)(1)(ii)

                  	
                    If
                      any material servicing activities are outsourced to third parties,
                      policies and procedures are instituted to monitor the third
                      party’s
                      performance and compliance with such servicing activities.

                  	
                    X

                  
	
                    1122(d)(1)(iii)

                  	
                    Any
                      requirements in the transaction agreements to maintain a back-up
                      servicer
                      for the mortgage loans are maintained.

                  	 
	
                    1122(d)(1)(iv)

                  	
                    A
                      fidelity bond and errors and omissions policy is in effect
                      on the party
                      participating in the servicing function throughout the reporting
                      period in
                      the amount of coverage required by and otherwise in accordance
                      with the
                      terms of the transaction agreements.

                  	
                    X

                  
	
                     

                  	
                    Cash
                      Collection and Administration

                  	 
	
                    1122(d)(2)(i)

                  	
                    Payments
                      on mortgage loans are deposited into the appropriate custodial
                      bank
                      accounts and related bank clearing accounts no more than two
                      business days
                      following receipt, or such other number of days specified in
                      the
                      transaction agreements.

                  	
                    X

                  
	
                    1122(d)(2)(ii)

                  	
                    Disbursements
                      made via wire transfer on behalf of an obligor or to an investor
                      are made
                      only by authorized personnel.

                  	
                    X

                  
	
                    1122(d)(2)(iii)

                  	
                    Advances
                      of funds or guarantees regarding collections, cash flows or
                      distributions,
                      and any interest or other fees charged for such advances, are
                      made,
                      reviewed and approved as specified in the transaction
                      agreements.

                  	
                    X

                  
	
                    1122(d)(2)(iv)

                  	
                    The
                      related accounts for the transaction, such as cash reserve
                      accounts or
                      accounts established as a form of overcollateralization, are
                      separately
                      maintained (e.g., with respect to commingling of cash) as set
                      forth in the
                      transaction agreements.

                  	
                    X

                  
	
                    1122(d)(2)(v)

                  	
                    Each
                      custodial account is maintained at a federally insured depository
                      institution as set forth in the transaction agreements. For
                      purposes of
                      this criterion, “federally insured depository institution” with respect to
                      a foreign financial institution means a foreign financial institution
                      that
                      meets the requirements of Rule 13k-1(b)(1) of the Securities
                      Exchange
                      Act.

                  	
                    X

                  
	
                    1122(d)(2)(vi)

                  	
                    Unissued
                      checks are safeguarded so as to prevent unauthorized
                      access.

                  	
                    X

                  
	
                    1122(d)(2)(vii)

                  	
                    Reconciliations
                      are prepared on a monthly basis for all asset-backed securities
                      related
                      bank accounts, including custodial accounts and related bank
                      clearing
                      accounts. These reconciliations are (A) mathematically accurate;
                      (B)
                      prepared within 30 calendar days after the bank statement cutoff
                      date, or
                      such other number of days specified in the transaction agreements;
                      (C)
                      reviewed and approved by someone other than the person who
                      prepared the
                      reconciliation; and (D) contain explanations for reconciling
                      items. These
                      reconciling items are resolved within 90 calendar days of their
                      original
                      identification, or such other number of days specified in the
                      transaction
                      agreements.

                  	
                    X

                  
	
                     

                  	
                    Investor
                      Remittances and Reporting

                  	 
	
                    1122(d)(3)(i)

                  	
                    Reports
                      to investors, including those to be filed with the Commission,
                      are
                      maintained in accordance with the transaction agreements and
                      applicable
                      Commission requirements. Specifically, such reports (A) are
                      prepared in
                      accordance with timeframes and other terms set forth in the
                      transaction
                      agreements; (B) provide information calculated in accordance
                      with the
                      terms specified in the transaction agreements; (C) are filed
                      with the
                      Commission as required by its rules and regulations; and (D)
                      agree with
                      investors’ or the trustee’s records as to the total unpaid principal
                      balance and number of mortgage loans serviced by the
                      Servicer.

                  	
                    X

                  
	
                    1122(d)(3)(ii)

                  	
                    Amounts
                      due to investors are allocated and remitted in accordance with
                      timeframes,
                      distribution priority and other terms set forth in the transaction
                      agreements.

                  	
                    X

                  
	
                    1122(d)(3)(iii)

                  	
                    Disbursements
                      made to an investor are posted within two business days to
                      the Servicer’s
                      investor records, or such other number of days specified in
                      the
                      transaction agreements.

                  	
                    X

                  
	
                    1122(d)(3)(iv)

                  	
                    Amounts
                      remitted to investors per the investor reports agree with cancelled
                      checks, or other form of payment, or custodial bank
                      statements.

                  	
                    X

                  
	
                     

                  	
                    Pool
                      Asset Administration

                  	 
	
                    1122(d)(4)(i)

                  	
                    Collateral
                      or security on mortgage loans is maintained as required by
                      the transaction
                      agreements or related mortgage loan documents.

                  	
                    X

                  
	
                    1122(d)(4)(ii)

                  	
                    Mortgage
                      loan and related documents are safeguarded as required by the
                      transaction
                      agreements

                  	
                    X

                  
	
                    1122(d)(4)(iii)

                  	
                    Any
                      additions, removals or substitutions to the asset pool are
                      made, reviewed
                      and approved in accordance with any conditions or requirements
                      in the
                      transaction agreements.

                  	
                    X

                  
	
                    1122(d)(4)(iv)

                  	
                    Payments
                      on mortgage loans, including any payoffs, made in accordance
                      with the
                      related mortgage loan documents are posted to the Servicer’s obligor
                      records maintained no more than two business days after receipt,
                      or such
                      other number of days specified in the transaction agreements,
                      and
                      allocated to principal, interest or other items (e.g., escrow)
                      in
                      accordance with the related mortgage loan documents.

                  	
                    X

                  
	
                    1122(d)(4)(v)

                  	
                    The
                      Servicer’s records regarding the mortgage loans agree with the Servicer’s
                      records with respect to an obligor’s unpaid principal
                      balance.

                  	
                    X

                  
	
                    1122(d)(4)(vi)

                  	
                    Changes
                      with respect to the terms or status of an obligor's mortgage
                      loans (e.g.,
                      loan modifications or re-agings) are made, reviewed and approved
                      by
                      authorized personnel in accordance with the transaction agreements
                      and
                      related pool asset documents.

                  	
                    X

                  
	
                    1122(d)(4)(vii)

                  	
                    Loss
                      mitigation or recovery actions (e.g., forbearance plans, modifications
                      and
                      deeds in lieu of foreclosure, foreclosures and repossessions,
                      as
                      applicable) are initiated, conducted and concluded in accordance
                      with the
                      timeframes or other requirements established by the transaction
                      agreements.

                  	
                    X

                  
	
                    1122(d)(4)(viii)

                  	
                    Records
                      documenting collection efforts are maintained during the period
                      a mortgage
                      loan is delinquent in accordance with the transaction agreements.
                      Such
                      records are maintained on at least a monthly basis, or such
                      other period
                      specified in the transaction agreements, and describe the entity’s
                      activities in monitoring delinquent mortgage loans including,
                      for example,
                      phone calls, letters and payment rescheduling plans in cases
                      where
                      delinquency is deemed temporary (e.g., illness or
                      unemployment).

                  	
                    X

                  
	
                    1122(d)(4)(ix)

                  	
                    Adjustments
                      to interest rates or rates of return for mortgage loans with
                      variable
                      rates are computed based on the related mortgage loan
                      documents.

                  	
                    X

                  
	
                    1122(d)(4)(x)

                  	
                    Regarding
                      any funds held in trust for an obligor (such as escrow accounts):
                      (A) such
                      funds are analyzed, in accordance with the obligor’s mortgage loan
                      documents, on at least an annual basis, or such other period
                      specified in
                      the transaction agreements; (B) interest on such funds is paid,
                      or
                      credited, to obligors in accordance with applicable mortgage
                      loan
                      documents and state laws; and (C) such funds are returned to
                      the obligor
                      within 30 calendar days of full repayment of the related mortgage
                      loans,
                      or such other number of days specified in the transaction
                      agreements.

                  	
                    X

                  
	
                    1122(d)(4)(xi)

                  	
                    Payments
                      made on behalf of an obligor (such as tax or insurance payments)
                      are made
                      on or before the related penalty or expiration dates, as indicated
                      on the
                      appropriate bills or notices for such payments, provided that
                      such support
                      has been received by the servicer at least 30 calendar days
                      prior to these
                      dates, or such other number of days specified in the transaction
                      agreements.

                  	
                    X

                  
	
                    1122(d)(4)(xii)

                  	
                    Any
                      late payment penalties in connection with any payment to be
                      made on behalf
                      of an obligor are paid from the servicer’s funds and not charged to the
                      obligor, unless the late payment was due to the obligor’s error or
                      omission.

                  	
                    X

                  
	
                    1122(d)(4)(xiii)

                  	
                    Disbursements
                      made on behalf of an obligor are posted within two business
                      days to the
                      obligor’s records maintained by the servicer, or such other number
                      of days
                      specified in the transaction agreements.

                  	
                    X

                  
	
                    1122(d)(4)(xiv)

                  	
                    Delinquencies,
                      charge-offs and uncollectible accounts are recognized and recorded
                      in
                      accordance with the transaction agreements.

                  	
                    X

                  
	
                    1122(d)(4)(xv)

                  	
                    Any
                      external enhancement or other support, identified in Item 1114(a)(1)
                      through (3) or Item 1115 of Regulation AB, is maintained as
                      set forth in
                      the transaction agreements.

                  	 
	
                     

                  	
                     

                  	
                     

                  

          

          

          
            	
                    [NAME
                      OF COMPANY]

                    [NAME
                      OF SUBSERVICER]

                  
	
                    Date:

                  	 
	 	 
	
                    By:

                  	 
	
                    Name:

                  	 
	
                    Title:

                  	 

          

          

          

          

          
            
              
                
                

              

              
                
                

                
                  

                

              

              
                
                

              

            

          

          

          EXHIBIT
            P

          

          REPORTING
            DATA FOR REALIZED LOSSES AND GAINS

          

          Calculation
            of Realized Loss/Gain Form 332- Instruction Sheet

          

          NOTE:
            Do not net or combine items. Show all expenses individually and all credits
            as
            separate line items. Claim packages are due on the remittance report
            date. Late
            submissions may result in claims not being passed until the following
            month. The
            Servicer is responsible to remit all funds pending loss approval and
            /or
            resolution of any disputed items. 

          

           

          The
            numbers on the 332 form correspond with the numbers listed
            below.

           

          Liquidation
            and Acquisition Expenses:

           

          
            
              	
                      1.

                    	
                      The
                        Actual Unpaid Principal Balance of the Mortgage Loan. For
                        documentation,
                        an Amortization Schedule from date of default through liquidation
                        breaking
                        out the net interest and servicing fees advanced is
                        required.

                    
	 	 
	
                      2.

                    	
                      The
                        Total Interest Due less the aggregate amount of servicing
                        fee that would
                        have been earned if all delinquent payments had been made
                        as agreed. For
                        documentation, an Amortization Schedule from date of default
                        through
                        liquidation breaking out the net interest and servicing fees
                        advanced is
                        required.

                    
	 	 
	
                      3.
                        

                    	
                      Accrued
                        Servicing Fees based upon the Scheduled Principal Balance
                        of the Mortgage
                        Loan as calculated on a monthly basis. For documentation,
                        an Amortization
                        Schedule from date of default through liquidation breaking
                        out the net
                        interest and servicing fees advanced is required.

                    
	 	 
	
                      4-12.

                    	
                      Complete
                        as applicable. Required documentation:

                    
	 	 

            

            *
              For
              taxes and insurance advances - see page 2 of 332 form - breakdown required
              showing period

            of
              coverage, base tax, interest, penalty. Advances prior to default require
              evidence of servicer efforts to recover advances.

            *
              For
              escrow advances - complete payment history 

            (to
              calculate advances from last positive escrow balance forward)

            *
              Other
              expenses -  copies of corporate advance history showing all payments

            *
              REO
              repairs > $1500 require explanation

            *
              REO
              repairs >$3000 require evidence of at least 2 bids.

            *
              Short
              Sale or Charge Off require P&L supporting the decision and WFB’s approved
              Officer Certificate 

            *
              Unusual
              or extraordinary items may require further documentation. 

            
              	
                      13.

                    	
                      The
                        total of lines 1 through 12.

                    

            

            Credits:
              

             

            
              	
                      14-21.

                    	
                      Complete
                        as applicable. Required
                        documentation:

                    

            

            *
              Copy of
              the HUD 1 from the REO sale. If a 3rd
              Party
              Sale, bid instructions and Escrow Agent / Attorney

            Letter
              of
              Proceeds Breakdown.

            *
              Copy of
              EOB for any MI or gov't guarantee 

            *
              All
              other credits need to be clearly defined on the 332
              form      
     

            
              	
                      22.

                    	
                      The
                        total of lines 14 through 21.

                    

            

             

            Please
              Note: For
              HUD/VA loans, use line (18a) for Part A/Initial proceeds and line (18b)
              for Part
              B/Supplemental proceeds.

          

           

          Total
            Realized Loss (or Amount of Any Gain)

           

          23.           The
            total
            derived from subtracting line 22 from 13. If the amount represents a
            realized
            gain, show the amount in parenthesis ( ). 

          

          
            
              
                
                

              

              
                
                

                
                  

                

              

              
                
                

              

            

          

          

          

          

          Calculation
            of Realized Loss/Gain Form 332

           

          Prepared
            by: __________________   Date:
            _______________

           

          Phone:
            ______________________     Email
            Address:_____________________

           

           

          
            	
                    Servicer
                      Loan No.

                  	 	
                    Servicer
                      Name

                  	 	
                    Servicer
                      Address 

                     

                  

          

           

          WELLS
            FARGO BANK, N.A. Loan No._____________________________

           

          Borrower's
            Name: _________________________________________________________

          Property
            Address: _________________________________________________________

           

          Liquidation
            Type: REO Sale  
            3rd
            Party Sale  Short
            Sale     Charge
            Off 

           

          Was
            this loan granted a Bankruptcy deficiency or cramdown  Yes 
            No

          If
“Yes”,
            provide deficiency or cramdown amount
            _______________________________

           

          Liquidation
            and Acquisition Expenses:

           

          
            	
                    (1)

                  	
                    Actual
                      Unpaid Principal Balance of Mortgage Loan

                  	
                    $
                      ______________

                  	
                    (1)

                  
	
                    (2)

                  	
                    Interest
                      accrued at Net Rate

                  	
                    ________________

                  	
                    (2)

                  
	
                    (3)

                  	
                    Accrued
                      Servicing Fees

                  	
                    ________________

                  	
                    (3)

                  
	
                    (4)

                  	
                    Attorney's
                      Fees

                  	
                    ________________

                  	
                    (4)

                  
	
                    (5)

                  	
                    Taxes

                  	
                    ________________

                  	
                    (5)

                  
	
                    (6)

                  	
                    Property
                      Maintenance

                  	
                    ________________

                  	
                    (6)

                  
	
                    (7)

                  	
                    MI/Hazard
                      Insurance Premiums

                  	
                    ________________

                  	
                    (7)

                  
	
                    (8)

                  	
                    Utility
                      Expenses

                  	
                    ________________

                  	
                    (8)

                  
	
                    (9)

                  	
                    Appraisal/BPO

                  	
                    ________________

                  	
                    (9)

                  
	
                    (10)

                  	
                    Property
                      Inspections

                  	
                    ________________

                  	
                    (10)

                  
	
                    (11)

                  	
                    FC
                      Costs/Other Legal Expenses

                  	
                    ________________

                  	
                    (11)

                  
	
                    (12)

                  	
                    Other
                      (itemize)

                  	
                    $________________

                  	
                    (12)

                  
	
                    Cash
                      for Keys__________________________

                  	 	
                    ________________

                  	 
	
                    HOA/Condo
                      Fees_______________________

                  	 	
                    ________________

                  	 
	
                    ______________________________________

                  	 	
                    ________________

                  	 
	
                    ______________________________________

                  	 	
                    ________________

                  	 
	
                    Total
                      Expenses

                  	 	
                    $
                      _______________

                  	
                    (13)

                  
	
                    Credits:

                  	 	 	 
	
                    (14)

                  	
                    Escrow
                      Balance

                  	
                    $
                      _______________

                  	
                    (14)

                  
	
                    (15)

                  	
                    HIP
                      Refund

                  	
                    ________________

                  	
                    (15)

                  
	
                    (16)

                  	
                    Rental
                      Receipts

                  	
                    ________________

                  	
                    (16)

                  
	
                    (17)

                  	
                    Hazard
                      Loss Proceeds

                  	
                    ________________

                  	
                    (17)

                  
	
                    (18)

                  	
                    Primary
                      Mortgage Insurance Proceeds

                  	
                    ________________

                  	
                    (18)

                  
	
                    (19)

                  	
                    Pool
                      Insurance Proceeds

                  	
                    ________________

                  	
                    (19)

                  
	
                    (20)

                  	
                    Proceeds
                      from Sale of Acquired Property

                  	
                    ________________

                  	
                    (20)

                  
	
                    (21)

                  	
                    Other
                      (itemize)

                  	
                    ________________

                  	
                    (21)

                  
	
                    _________________________________________

                  	 	
                    _________________

                  	 
	
                    _________________________________________

                  	 	
                    _________________

                  	 
	
                    Total
                      Credits

                  	
                    $________________

                  	
                    (22)

                  	 
	
                    Total
                      Realized Loss (or Amount of Gain)

                  	
                    $________________

                  	
                    (23)

                  	 

          

          

          

          
            
              
                
                

              

              
                
                

                
                  

                

              

              
                
                

              

            

          

          

          

          Escrow
            Disbursement Detail

          

          

          
            	
                    Type

                    (Tax
                      /Ins.)

                  	
                    Date
                      Paid

                  	
                    Period
                      of Coverage

                  	
                    Total
                      Paid

                  	
                    Base
                      Amount

                  	
                    Penalties

                  	
                    Interest

                  
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 

          

          

        

      

      

      

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

      EXHIBIT
        R-2

      

      
        

        CHEVY
          CHASE SERVICING AGREEMENT

        

        

           

          

          

          

          EMC
            MORTGAGE CORPORATION

          Purchaser,

          

          CHEVY
            CHASE BANK, F.S.B.

          Company,

          

          PURCHASE,
            WARRANTIES AND SERVICING AGREEMENT

          Dated
            as
            of July 1, 2001

          

          

          

          (Adjustable
            Rate Mortgage Loans)

          

          

          
            
              
              

            

            
              
              

              
                

              

            

            
              
              

            

          

          

          This
            is a
            Purchase, Warranties and Servicing Agreement, dated as of July 1, 2001
            and is
            executed between EMC Mortgage Corporation, as Purchaser (the "Purchaser")
            and
            Chevy Chase Bank, F.S.B., as the Company (the “Company”).

          

          
            W I T N E
              S S E T H
              :

          

          

          WHEREAS,
            the Purchaser has heretofore agreed to purchase from the Company and
            the Company
            has heretofore agreed to sell to the Purchaser, from time to time, certain
            Mortgage Loans on a servicing retained basis, pursuant to the terms of
            a letter
            agreement dated as of June 29, 2001 by and between the Company and the
            Purchaser
            (the "Confirmation").

          

          WHEREAS,
            each of the Mortgage Loans is secured by a mortgage, deed of trust or
            other
            security instrument creating a first lien on a residential dwelling located
            in
            the jurisdiction indicated on the Mortgage Loan Schedule, which is annexed
            to
            the related Term Sheet; and

          

          WHEREAS,
            the Purchaser and the Company wish to prescribe the representations and
            warranties of the Company with respect to itself and the Mortgage Loans
            and the
            management, servicing and control of the Mortgage Loans;

          

          NOW,
            THEREFORE, in consideration of the mutual agreements hereinafter set
            forth, and
            for other good and valuable consideration, the receipt and adequacy of
            which is
            hereby acknowledged, the Purchaser and the Company agree as
            follows:

          
            
              
              

            

            
              
              

              
                

              

            

            
              
              

            

          

          

          ARTICLE
            I

          

          DEFINITIONS

          

          Section
            1.01 Defined
            Terms.

          

          Whenever
            used in this Agreement, the following words and phrases, unless the context
            otherwise requires, shall have the following meaning specified in this
            Article:

          

          Accepted
            Servicing Practices:
            With
            respect to any Mortgage Loan, those mortgage servicing practices (including
            collection procedures) of prudent mortgage banking institutions which
            service
            mortgage loans of the same type as such Mortgage Loan in the jurisdiction
            where
            the related Mortgaged Property is located, and which are in accordance
            with FNMA
            or Freddie Mac servicing practices and procedures, for MBS pool mortgages,
            as
            defined in the FNMA or Freddie Mac Guides including future updates.

          

          Adjustment
            Date:
            As to
            each Mortgage Loan, the date on which the Mortgage Interest Rate is adjusted
            in
            accordance with the terms of the related Mortgage Note.

          

          Agency
            Guide: The
            FNMA
            Guides or the Freddie Mac Guides. 

          

          Agreement:
            This
            Purchase, Warranties and Servicing Agreement including all exhibits hereto,
            amendments hereof and supplements hereto.

          

          Appraised
            Value:
            The
            value set forth in an appraisal made in connection with the origination
            of the
            related Mortgage Loan as of the Origination Date as the value of the
            Mortgaged
            Property.

          

          Assignment:
            An
            assignment of the Mortgage, notice of transfer or equivalent instrument,
            in
            recordable form, sufficient under the laws of the jurisdiction wherein
            the
            related Mortgaged Property is located to reflect of record the sale or
            transfer
            of the Mortgage Loan, or
            a
            notice of transfer or equivalent instrument delivered in accordance with
            the
            MERS requirements.

           

          BIF:
            The
            Bank Insurance Fund, or any successor thereto.

          

          Business
            Day:
            Any day
            other than: (i) a Saturday or Sunday, or (ii) a legal holiday in the
            State of
            New York or Maryland, or (iii) a day on which banks in the State of New
            York or
            Maryland are authorized or obligated by law or executive order to be
            closed.

          

          Closing
            Date:
            With
            respect to any Mortgage Loan or pool of Mortgage Loans, the date stated
            on the
            related Term Sheet.

          

          

          Code:
            The
            Internal Revenue Code, as amended (the “Code”).

          

          

          Company:
            Chevy
            Chase Bank, F.S.B., its successor in interest and assigns, as permitted
            by this
            Agreement.

          

          Company's
            Officer's Certificate:
            A
            certificate signed by the Chairman of the Board, President, any Assistant
            Vice
            President, Vice President or Treasurer of Company stating the date by
            which
            Company expects to receive any missing documents sent for recording from
            the
            applicable recording office.

          

          Condemnation
            Proceeds:
            All
            awards or settlements in respect of a Mortgaged Property, whether permanent
            or
            temporary, partial or entire, by exercise of the power of eminent domain
            or
            condemnation, to the extent not required to be released to a Mortgagor
            in
            accordance with the terms of the related Mortgage Loan Documents.

          

          Confirmation:
            As
            defined in the Recitals to this Agreement.

          

          Conversion
            Feature: A
            provision whereby the Mortgagor may elect to convert to a fixed Mortgage
            Interest Rate pursuant to the terms set forth in the Mortgage Note.

          

          Custodial
            Account:
            Each
            separate demand account or accounts created and maintained pursuant to
            Section
            4.04 which shall be entitled "Chevy Chase Bank, F.S.B., in trust for
            EMC
            Mortgage Corporation" and shall be established in an Eligible Account,
            in the
            name of the Person that is the "Purchaser" with respect to the related
            Mortgage
            Loans.

          

          Cut-off
            Date:
            With
            respect to any Mortgage Loan, the date stated on the related Term
            Sheet.

          

          Determination
            Date:
            The
            15th day (or if such 15th day is not a Business Day, the Business Day
            immediately preceding such 15th day) of the month of the related Remittance
            Date.

          

          Due
            Date:
            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 Remittance Date, the period commencing on the second day
            of the
            month preceding the month of such Remittance Date and ending on the first
            day of
            the month of the Remittance Date.

          

          Eligible
            Account:
            An
            account established and maintained: (a) within FDIC insured accounts
            (or other
            accounts with comparable insurance coverage acceptable to the Rating
            Agencies)
            created, maintained and monitored by the Company so that all funds deposited
            therein are fully insured, (b) with the corporate trust department of
            a
            financial institution assigned a long-term debt rating of not less than
            Baa3,
            and a short term debt rating of P3, from Moody's Investors Services and,
            if
            ownership of the Mortgage Loans is evidenced by mortgaged backed securities,
            the
            equivalent required ratings of the Rating Agencies, and held such that
            the
            rights of the Purchaser and the owner of the Mortgage Loans shall be
            fully
            protected against the claims of any creditors of the Company and of any
            creditors or depositors of the institution in which such account is maintained
            or (c) in a separate non-trust account without FDIC or other insurance
            in an
            Eligible Institution. In the event that a Custodial Account is established
            pursuant to clause (b) or (c) of the preceding sentence, the Company
            shall
            provide the Purchaser with written notice on the Business Day following
            the date
            on which the applicable institution fails to meet the applicable ratings
            requirements.

          

          Eligible
            Institution:
            Chevy
            Chase Bank, F.S.B., or an institution having (i) the highest short-term
            debt
            rating, and one of the two highest long-term debt ratings of the Rating
            Agencies; or (ii) with respect to any Custodial Account, an unsecured
            long-term
            debt rating of at least one of the two highest unsecured long-term debt
            ratings
            of the Rating Agencies.

          

          Equity
            Take-Out Refinanced Mortgage Loan:
            A
            Refinanced Mortgage Loan the proceeds of which were in excess of the
            outstanding
            principal balance of the existing mortgage loan.

          

          Escrow
            Account:
            Each
            separate trust account or accounts created and maintained pursuant to
            Section
            4.06 which shall be entitled "Chevy Chase Bank, F.S.B., in trust for
            EMC
            Mortgage Corporation, and various Mortgagors" and shall be established
            in an
            Eligible Account, in the name of the Person that is the "Purchaser" with
            respect
            to the related Mortgage Loans.

          

          Escrow
            Payments:
            With
            respect to any Mortgage Loan, the amounts constituting ground rents,
            taxes,
            assessments, water rates, sewer rents, municipal charges, mortgage insurance
            premiums, fire and hazard insurance premiums, condominium charges, and
            any other
            payments required to be escrowed by the Mortgagor with the mortgagee
            pursuant to
            the Mortgage or any other document.

          

          Event
            of Default:
            Any one
            of the conditions or circumstances enumerated in Section 9.01.

          

          FDIC:
            The
            Federal Deposit Insurance Corporation, or any successor thereto.

          

          FHLMC:
            The
            Federal Home Loan Mortgage Corporation, or any successor thereto.

          

          Fidelity
            Bond:
            A
            fidelity bond to be maintained by the Company pursuant to Section
            4.12.

          

          FIRREA:
            The
            Financial Institutions Reform, Recovery, and Enforcement Act of
            1989.

          

          FNMA:
            The
            Federal National Mortgage Association, or any successor thereto.

          

          FNMA
            Guides:
            The
            FNMA Seller's Guide and the FNMA Servicer's Guide and all amendments
            or
            additions thereto.

          

          Freddie
            Mac Guides: The
            Freddie Mac Seller’s Guide and the Freddie Mac Servicer’s Guide and all
            amendments or additions thereto.

          

          GAAP:
            Generally accepted accounting principles,

          consistently
            applied.

          

          HUD:
            The
            United States Department of Housing and Urban Development or any
            successor.

          

          Index:
            On each
            Adjustment Date, the applicable index shall be the
            six
            month London Interbank Offered Rate (LIBOR) as

          published
            in the Wall Street Journal. For purposes of determining the Index, for
            each
            Adjustment Date LIBOR shall
            be
            the most
            recent figure available as of the first business day of the month immediately
            preceding the Adjust-ment
            Date. 

          

          Insurance
            Proceeds:
            With
            respect to each Mortgage Loan, proceeds of insurance policies insuring
            the
            Mortgage Loan or the related Mortgaged Property.

          

          Lender
            Paid Mortgage Insurance Rate:
            The
            Lender Paid Mortgage Insurance Rate shall be a rate per annum equal to
            the
            percentage shown on the Mortgage Loan Schedule.

          

          Lifetime
            Rate Cap:
            As to
            each Mortgage Loan, the maximum Mortgage Interest Rate over the term
            of such
            Mortgage Loan which is 600 basis points (6%) above the initial Mortgage
            Interest
            Rate. 

          

          Liquidation
            Proceeds:
            Cash
            received in connection with the liquidation of a defaulted Mortgage Loan,
            whether through the sale or assignment of such Mortgage Loan, trustee's
            sale,
            foreclosure sale or otherwise.

          

          Loan-to-Value
            Ratio or LTV:
            With
            respect to any Mortgage Loan, the ratio of the original outstanding principal
            amount of the Mortgage Loan, to (i) the Appraised Value of the Mortgaged
            Property as of the Origination Date with respect to a Refinanced Mortgage
            Loan,
            and (ii) the lesser of the Appraised Value of the Mortgaged Property
            as of the
            Origination Date or the purchase price of the Mortgaged Property with
            respect to
            all other Mortgage Loans.

          

          Margin:
            With
            respect to each Mortgage Loan, the fixed percentage amount set forth
            in each
            related Mortgage Note which is added to the Index in order to determine
            the
            related Mortgage Interest Rate, as set forth in the Mortgage Loan
            Schedule.

          

          MERS: Mortgage
            Electronic Registration Systems, Inc.

          

          Monthly
            Advance:
            The
            aggregate of the advances made by the Company on any Remittance Date
            pursuant to
            Section 5.03.

          

          Monthly
            Payment:
            The
            scheduled monthly payment of principal and interest on a Mortgage Loan
            which is
            payable by a Mortgagor under the related Mortgage Note.

          

          Mortgage:
            The
            mortgage, deed of trust or other instrument securing a Mortgage Note
            which
            creates a first lien on an unsubordinated estate in fee simple in real
            property
            securing the Mortgage Note. 

          

          Mortgage
            File:
            The
            mortgage documents pertaining to a particular Mortgage Loan which are
            specified
            in Exhibit A hereto and any additional documents required to be added
            to the
            Mortgage File pursuant to this Agreement.

          

          Mortgage
            Impairment Insurance Policy:
            A
            mortgage impairment or blanket hazard insurance policy as required by
            Section
            4.11.

          

          Mortgage
            Interest Rate:
            The
            annual rate at which interest accrues on any Mortgage Loan, which may
            be
            adjusted from time to time, in accordance with the provisions of the
            related
            Mortgage Note.

          

          Mortgage
            Loan:
            An
            individual Mortgage Loan which is the subject of this Agreement, each
            Mortgage
            Loan originally sold and subject to this Agreement being identified on
            the
            Mortgage Loan Schedule attached to the related Term Sheet, which Mortgage
            Loan
            includes without limitation the Mortgage File, the Monthly Payments,
            Principal
            Prepayments, Liquidation Proceeds, Condemnation Proceeds, Insurance Proceeds,
            REO Disposition Proceeds, and all other rights, benefits, proceeds and
            obligations arising from or in connection with such Mortgage Loan, excluding
            replaced or repurchased mortgage loans.

          

          Mortgage
            Loan Documents:
            The
            documents listed in
            Exhibit A.

          

          Mortgage
            Loan Remittance Rate:
            With
            respect to each Mortgage Loan, the annual rate of interest remitted to
            the
            Purchaser, which shall be equal to the Mortgage Interest Rate minus the
            Servicing Fee Rate minus the Lender Paid Mortgage Insurance
            Premium.

          

          Mortgage
            Loan Schedule:
            The
            schedule of Mortgage Loans annexed to the related Term Sheet, such schedule
            setting forth the following information with respect to each Mortgage
            Loan in
            the related Mortgage Loan Package:

          

          (1) the
            Company's Mortgage Loan identifying number;

          

          (2) the
            Mortgagor's name;

          

          (3)
             the
            street address of the Mortgaged Property including the city, state and
            zip
            code;

          

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

          

          (5) the
            type
            of residential property constituting the Mortgaged Property;

          

          (6) the
            original months to maturity or the remaining months to maturity from
            the related
            Cut-off Date, in any case based on the original amortization schedule
            and, if
            different, the maturity expressed in the same manner but based on the
            actual
            amortization schedule;

          

          (7) the
            Sales
            Price, if applicable, appraised value and Loan-to-Value Ratio, at
            origination;

          

          (8) the
            Mortgage Interest Rate as of origination and as of the related Cut-off
            Date; the
            initial Adjustment Date, the next Adjustment Date immediately following
            the
            related Cut-off Date, the Index, the Margin, the Periodic Rate Cap and
            the
            Lifetime Rate Cap;

          

          (9) the
            Origination Date of the Mortgage Loan; the stated maturity date; and
            the amount
            of the Monthly Payment at origination;

          

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

          

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

          

          (12) the
            principal balance of the Mortgage Loan as of the close of business on
            the
            Cut-off Date, after deduction of payments of principal due on or before
            the
            related Cut-off Date whether or not collected;

          

          (13)
            a
            code indicating the purpose of the Mortgage Loan (i.e., purchase, rate
            and term
            refinance, equity take-out refinance); 

          

          (14)
            a
            code indicating the documentation style (i.e. full, alternative or reduced);
            

          

          (15) the
            number of times during the twelve (12) month period preceding the related
            Closing Date that any Monthly Payment has been received thirty (30) or
            more days
            after its Due Date;

          

          (16) the
            date
            on which the first payment is or was due; 

          

          (17) a
            code
            indicating whether or not the Mortgage Loan is the subject of Primary
            Mortgage
            Insurance;

          

          (18)
            a
            code indicating whether or not the Mortgage Loan is currently convertible
            and
            the conversion spread;

          

          (19)
            actual next due date as of the Cutoff Date;

          

          (20)
            product type; and

          

          (21)
            Lender Paid Mortgage Insurance Rate.

          

          With
            respect to the Mortgage Loans in the aggregate, the Mortgage Loan Schedule
            attached to the related Term Sheet shall set forth the following information,
            as
            of the related Cut-off Date:

          

          (1) the
            number of Mortgage Loans;

          

          (2) the
            current aggregate outstanding principal balance of the Mortgage
            Loans;

          

          (3) the
            weighted average Mortgage Interest Rate of the Mortgage Loans; 

          

          (4) the
            weighted average maturity of the Mortgage Loans; and

          

          (5)
            the
            weighted average months to next Adjustment Date.

          

          Mortgage
            Note:
            The
            note or other evidence of the indebtedness of a Mortgagor secured by
            a
            Mortgage.

          

          Mortgaged
            Property:
            The
            underlying real property securing repayment of a Mortgage Note, consisting
            of a
            single parcel of real estate considered to be real estate under the laws
            of the
            state in which such real property is located, which may include condominium
            units and planned unit developments, improved by a residential dwelling;
            except
            that with respect to real property located in jurisdictions in which
            the use of
            leasehold estates for residential properties is a widely-accepted practice,
            a
            leasehold estate of the Mortgage, the term of which is equal to or longer
            than
            the term of the Mortgage. 

          

          Mortgagor:
            The
            obligor on a Mortgage Note. 

          

          OCC:
            Office
            of the Comptroller of the Currency, its successors and assigns.

          

          Officers'
            Certificate:
            A
            certificate signed by the Chairman of the Board, the Vice Chairman of
            the Board,
            the President, a Senior Vice President, Assistant Vice President or a
            Vice
            President and by the Treasurer or the Secretary or one of the Assistant
            Treasurers or Assistant Secretaries of the Company, and delivered to
            the
            Purchaser as required by this Agreement.

          

          Opinion
            of Counsel:
            A
            written opinion of counsel, who may be an employee of the party on behalf
            of
            whom the opinion is being given, reasonably acceptable to the
            Purchaser.

          

          Origination
            Date:
            The
            date on which a Mortgage Loan closed and funded, which date shall not,
            in
            connection with a Refinanced Mortgage Loan, be the date of the closing
            and
            funding of the debt being refinanced, but rather the closing and funding
            of the
            debt currently outstanding under the terms of the Mortgage Loan Documents.
            

          

          OTS:
            Office
            of Thrift Supervision, its successors and assigns.

          

          Periodic
            Rate Cap:
            As to
            each Mortgage Loan, the maximum increase or decrease in the Mortgage
            Interest
            Rate on any Adjustment Date, starting with the second Adjustment Date,
            which is
            200 basis points (2%) above or below, respectively, the Mortgage Interest
            Rate
            in effect during the immediately preceding 12 month period. As to the
            first
            Adjustment Date, the maximum increase or decrease in the Mortgage Interest
            Rate
            is 300 basis points (3%) above or below, respectively, the Mortgage Interest
            Rate in effect during the immediately preceding fixed-rate period.

          

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

          

          Primary
            Mortgage Insurance Policy:
            Each
            primary policy of mortgage insurance represented to be in effect pursuant
            to
            Section 3.02(hh), or any replacement policy therefor obtained by the
            Company
            pursuant to Section 4.08.

          

          Prime
            Rate:
            The
            prime rate announced to be in effect from time to time as published as
            the
            average rate in the Wall Street Journal (Northeast Edition).

          

          Principal
            Prepayment:
            Any
            payment or other recovery of principal on a Mortgage Loan full or partial
            which
            is received in advance of its scheduled Due Date, including any prepayment
            penalty or premium thereon and which is not accompanied by an amount
            of interest
            representing scheduled interest due on any date or dates in any month
            or months
            subsequent to the month of prepayment.

          

          Purchase
            Price:
            As
            defined in Section 2.02.

          

          Purchaser:
            EMC
            Mortgage Corporation, its successors in interest and assigns.

          

          Qualified
            Appraiser:
            An
            appraiser, duly appointed by the Company, who had no interest, direct
            or
            indirect in the Mortgaged Property or in any loan made on the security
            thereof,
            and whose compensation is not affected by the approval or disapproval
            of the
            Mortgage Loan, and such appraiser and the appraisal made by such appraiser
            both
            satisfy the requirements of Title XI of FIRREA and the regulations promulgated
            thereunder, all as in effect on the date the Mortgage Loan was
            originated.

          

          Qualified
            Insurer:
            An
            insurance company duly qualified as such under the laws of the states
            in which
            the Mortgaged Properties are located, duly authorized and licensed in
            such
            states to transact the applicable insurance business and to write the
            insurance
            provided, approved as an insurer by FNMA or FHLMC. 

          

          Rating
            Agencies:
            Standard & Poor's Ratings Services, Moody's Investor Service or, in the
            event that some or all of ownership of the Mortgage Loans is evidenced
            by
            mortgage-backed securities, the nationally recognized rating agencies
            issuing
            ratings with respect to such securities, if any.

           

          Refinanced
            Mortgage Loan:
            A
            Mortgage Loan which was made to a Mortgagor who owned the Mortgaged Property
            prior to the origination of such Mortgage Loan and the proceeds of which
            were
            used in whole or part to satisfy an existing mortgage.

          

          Remittance
            Date:
            The
            18th day of any month, beginning with the First Remittance Date, or if
            such 18th
            day is not a Business Day, the first Business Day immediately preceding
            such
            18th day.

          

          REO
            Disposition:
            The
            final sale by the Company of any REO Property.

          

          REO
            Disposition Proceeds:
            Amounts
            received by the Company in connection with a related REO
            Disposition.

          

          REO
            Property:
            A
            Mortgaged Property acquired by the Company on behalf of the Purchaser
            as
            described in Section 4.13.

          

          Repurchase
            Price:
            With
            respect to any Mortgage Loan, a price equal to (i) the outstanding principal
            balance of the Mortgage Loan, plus (ii) interest on such outstanding
            principal
            balance at the Mortgage Loan Remittance Rate from the last date through
            which
            interest has been paid and distributed to the Purchaser to the date of
            repurchase, plus, (iii) third party expenses incurred in connection with
            the
            transfer of the Mortgage Loan being repurchased; less amounts received
            or
            advanced in respect of such repurchased Mortgage Loan which are being
            held in
            the Custodial Account for distribution in the month of repurchase.

          

          SAIF:
            The
            Savings Association Insurance Fund, or any successor thereto.

          

          Servicing
            Advances:
            All
            customary, reasonable and necessary "out of pocket" costs and expenses
            (including reasonable attorneys' fees and disbursements) incurred in
            the
            performance by the Company of its servicing obligations, including, but
            not
            limited to, the cost of (a) the preservation, restoration and protection
            of the
            Mortgaged Property, (b) any enforcement, administrative or judicial proceedings,
            or any legal work or advice specifically related to servicing the Mortgage
            Loans, including but not limited to, foreclosures, bankruptcies, condemnations,
            drug seizures, elections, foreclosures by subordinate or superior lienholders,
            and other legal actions incidental to the servicing of the Mortgage Loans
            (provided that such expenses are reasonable and that the Company specifies
            the
            Mortgage Loan(s) to which such expenses relate, and provided further
            that any
            such enforcement, administrative or judicial proceeding does not arise
            out of a
            breach of any representation, warranty or covenant of the Company hereunder),
            (c) the management and liquidation of the Mortgaged Property if the Mortgaged
            Property is acquired in full or partial satisfaction of the Mortgage,
            (d) taxes,
            assessments, water rates, sewer rates and other charges which are or
            may become
            a lien upon the Mortgaged Property, and Primary Mortgage Insurance Policy
            premiums and fire and hazard insurance coverage, (e) any expenses reasonably
            sustained by the Company, as Company, with respect to the liquidation
            of the
            Mortgaged Property in accordance with the terms of this Agreement and
            (f)
            compliance with the obligations under Section 4.08.

          

          Servicing
            Fee:
            With
            respect to each Mortgage Loan, the amount of the annual fee the Purchaser
            shall
            pay to the Company, which shall, for a period of one full month, be equal
            to
            one-twelfth of the product of (a) the Servicing Fee Rate and (b) the
            outstanding
            principal balance of such Mortgage Loan. Such fee shall be payable monthly,
            computed on the basis of the same principal amount and period respecting
            which
            any related interest payment on a Mortgage Loan is computed. The obligation
            of
            the Purchaser to pay the Servicing Fee is limited to, and the Servicing
            Fee is
            payable solely from, the interest portion (including recoveries with
            respect to
            interest from Liquidation Proceeds, to the extent permitted by Section
            4.05) of
            such Monthly Payment collected by the Company, or as otherwise provided
            under
            Section 4.05.

          

          Servicing
            Fee Rate:
            The
            Servicing Fee Rate shall be a rate per annum equal to 37.5 basis
            points.

          

          Servicing
            File:
            With
            respect to each Mortgage Loan, the file retained by the Company consisting
            of
            originals or microfilmed copies of all documents in the Mortgage File
            which are
            not delivered to the Purchaser and copies of the Mortgage Loan Documents
            listed
            in Exhibit A, the originals of which are delivered to the Purchaser or
            its
            designee pursuant to Section 2.04.

          

          Servicing
            Officer:
            Any
            officer of the Company involved in, or responsible for, the administration
            and
            servicing of the Mortgage Loans whose name appears on a list of servicing
            officers furnished by the Company to the Purchaser upon request, as such
            list
            may from time to time be amended.

          

          Stated
            Principal Balance:
            As to
            each Mortgage Loan as of any date of determination, (i) the principal
            balance of
            such Mortgage Loan at the Cut-off Date after giving effect to payments
            of
            principal due on or before such date, whether or not received, minus
            (ii) all
            amounts previously distributed to the Purchaser with respect to the Mortgage
            Loan representing payments or recoveries of principal or advances in
            lieu
            thereof.

          

          Subservicer:
            Any
            subservicer which is subservicing the Mortgage Loans pursuant to a Subservicing
            Agreement. Any subservicer shall meet the qualifications set forth in
            Section
            4.01.

          

          Subservicing
            Agreement:
            An
            agreement between the Company and a Subservicer, if any, for the servicing
            of
            the Mortgage Loans. 

          

          Term
            Sheet:
            A
            supplemental agreement in the form attached hereto as Exhibit I which
            shall be
            executed and delivered by the Company and the Purchaser to provide for
            the sale
            and servicing pursuant to the terms of this Agreement of the Mortgage
            Loans
            listed on Schedule I attached thereto, which supplemental agreement shall
            contain certain specific information relating to such sale of such Mortgage
            Loans and may contain additional covenants relating to such sale of such
            Mortgage Loans.

          

          

          ARTICLE
            II

          

          SERVICING
            OF MORTGAGE LOANS;

          RECORD
            TITLE AND POSSESSION OF MORTGAGE FILES;

          BOOKS
            AND RECORDS; CUSTODIAL AGREEMENT;

          DELIVERY
            OF MORTGAGE LOAN DOCUMENTS

          

          Section
            2.01 Agreement
            to Purchase.

          

          The
            Company agrees to sell and the Purchaser agrees to purchase the Mortgage
            Loans
            having an aggregate principal balance on the related Cut-off Date set
            forth in
            the related Term Sheet in an amount as set forth in the Confirmation,
            or in such
            other amount as agreed by the Purchaser and the Company as evidenced
            by the
            actual Stated Principal Balance of the Mortgage Loans accepted by the
            Purchaser
            on the Closing Date, with servicing retained by Company. The Company
            shall
            deliver the related Mortgage Loan Schedule attached to the related Term
            Sheet
            for the Mortgage Loans to be purchased on the related Closing Date to
            the
            Purchaser at least one (1) Business Day prior to the related Closing
            Date. The
            Mortgage Loans shall be sold pursuant to this Agreement, and the related
            Term
            Sheet shall be executed and delivered on the related Closing Date.

          

          

          Section
            2.02 Purchase
            Price.

          

          The
            Purchase Price for each Mortgage Loan shall be the percentage of par
            as stated
            in the Confirmation (subject to adjustment as provided therein), multiplied
            by
            the aggregate principal balance, as of the related Cut-off Date, of the
            Mortgage
            Loans listed on the related Mortgage Loan Schedule attached to the related
            Term
            Sheet, after application of scheduled payments of principal due on or
            before the
            related Cut-off Date whether or not collected. The initial principal
            amount of
            the Mortgage Loans shall be the aggregate principal balance of the Mortgage
            Loans, so computed as of the related Cut-off Date.

          

          In
            addition to the Purchase Price as described above, the Purchaser shall
            pay to
            the Company, at closing, accrued interest on the current principal amount
            of
            each Mortgage Loan as of the related Cut-off Date at the Mortgage Loan
            Remittance Rate of each Mortgage Loan from the related Cut-off Date through
            the
            day prior to the related Closing Date, inclusive.

          

          The
            Purchase Price plus accrued interest as set forth in the preceding paragraph
            shall be paid on the related Closing Date by wire transfer of immediately
            available funds.

          

          Purchaser
            shall be entitled to (1) all scheduled principal due after the related
            Cut-off
            Date, (2) all other recoveries of principal collected on or after the
            related
            Cut-off Date (provided, however, that all scheduled payments of principal
            due on
            or before the related Cut-off Date and collected by the Company or any
            successor
            servicer to the Company after the related Cut-off Date shall belong to
            the
            Company), and (3) all payments of interest on the Mortgage Loans net
            of
            applicable Servicing Fees (minus that portion of any such payment which
            is
            allocable to the period prior to the related Cut-off Date). The outstanding
            principal balance of each Mortgage Loan as of the related Cut-off Date
            is
            determined after application of payments of principal due on or before
            the
            related Cut-off Date whether or not collected, together with any unscheduled
            principal prepayments collected prior to the related Cut-off Date; provided,
            however, that payments of scheduled principal and interest prepaid for
            a Due
            Date beyond the related Cut-off Date shall not be applied to the principal
            balance as of the related Cut-off Date. Such prepaid amounts shall be
            the
            property of the Purchaser. The Company shall deposit any such prepaid
            amounts
            into the Custodial Account, which account is established for the benefit
            of the
            Purchaser for subsequent remittance by the Company to the
            Purchaser.

          

          Section
            2.03 Servicing
            of Mortgage Loans.

          

          Simultaneously
            with the execution and delivery of each Term Sheet, the Company does
            hereby
            agree to directly service the Mortgage Loans listed on the related Mortgage
            Loan
            Schedule attached to the related Term Sheet subject to the terms of this
            Agreement and the related Term Sheet. The rights of the Purchaser to
            receive
            payments with respect to the related Mortgage Loans shall be as set forth
            in
            this Agreement.

          

          Section
            2.04 Record
            Title and Possession of Mortgage Files; Maintenance of Servicing
            Files.

          

          As
            of the
            related Closing Date, the Company sold, transferred, assigned, set over
            and
            conveyed to the Purchaser, without recourse, and the Company hereby acknowledges
            that the Purchaser has, but subject to the terms of this Agreement and
            the
            related Term Sheet, all the right, title and interest of the Company
            in and to
            the Mortgage Loans. Company will deliver the Mortgage Files to the custodian
            designated by Purchaser, on or before the related Closing Date, at the
            expense
            of the Company. The Company shall maintain a Servicing File consisting
            of a copy
            of the contents of each Mortgage File and the originals or microfilmed
            copies of
            the documents in each Mortgage File not delivered to the Purchaser. The
            Servicing File shall contain all documents necessary to service the Mortgage
            Loans. The possession of each Servicing File by the Company is at the
            will of
            the Purchaser, for the sole purpose of servicing the related Mortgage
            Loan, and
            such retention and possession by the Company is in a custodial capacity
            only.
            From the related Closing Date, the ownership of each Mortgage Loan, including
            the Mortgage Note, the Mortgage, the contents of the related Mortgage
            File and
            all rights, benefits, proceeds and obligations arising therefrom or in
            connection therewith, has been vested in the Purchaser. All rights arising
            out
            of the Mortgage Loans including, but not limited to, all funds received
            on or in
            connection with the Mortgage Loans and all records or documents with
            respect to
            the Mortgage Loans prepared by or which come into the possession of the
            Company
            shall be received and held by the Company in trust for the benefit of
            the
            Purchaser as the owner of the Mortgage Loans. Any portion of the Mortgage
            Files
            retained by the Company shall be appropriately identified in the Company's
            computer system to clearly reflect the ownership of the Mortgage Loans
            by the
            Purchaser. The Company shall release its custody of the contents of the
            Mortgage
            Files only in accordance with written instructions of the Purchaser,
            except when
            such release is required as incidental to the Company's servicing of
            the
            Mortgage Loans or is in connection with a repurchase of any Mortgage
            Loan or
            Loans with respect thereto pursuant to this Agreement and the related
            Term
            Sheet, such written instructions shall not be required.

          

          Section
            2.05  Books
            and Records.

          

          The
            sale
            of each Mortgage Loan has been reflected on the Company's balance sheet
            and
            other financial statements as a sale of assets by the Company. The Company
            shall
            be responsible for maintaining, and shall maintain, a complete set of
            books and
            records for the Mortgage Loans which shall be appropriately identified
            in the
            Company's computer system to clearly reflect the ownership of the Mortgage
            Loan
            by the Purchaser. In particular, the Company shall maintain in its possession,
            available for inspection by the Purchaser, or its designee and shall
            deliver to
            the Purchaser upon demand, evidence of compliance with all federal, state
            and
            local laws, rules and regulations, and requirements of FNMA or FHLMC,
            as
            applicable, including but not limited to documentation as to the method
            used in
            determining the applicability of the provisions of the Flood Disaster
            Protection
            Act of 1973, as amended, to the Mortgaged Property, documentation evidencing
            insurance coverage of any condominium project as required by FNMA or
            FHLMC, and
            periodic inspection reports as required by Section 4.13. To the extent
            that
            original documents are not required for purposes of realization of Liquidation
            Proceeds or Insurance Proceeds, documents maintained by the Company may
            be in
            the form of microfilm or microfiche.

          

          The
            Company shall maintain with respect to each Mortgage Loan and shall make
            available for inspection by any Purchaser or its designee the related
            Servicing
            File during the time the Purchaser retains ownership of a Mortgage Loan
            and
            thereafter in accordance with applicable laws and regulations.

          

          In
            addition to the foregoing, Company shall provide to any supervisory agents
            or
            examiners that regulate Purchaser, including but not limited to, the
            OTS, the
            FDIC and other similar entities, access, during normal business hours,
            upon
            reasonable advance notice to Company and without charge to Company or
            such
            supervisory agents or examiners, to any documentation regarding the Mortgage
            Loans that may be required by any applicable regulator.

          

          Section
            2.06. Transfer
            of Mortgage Loans.

          

          The
            Company shall keep at its servicing office books and records in which,
            subject
            to such reasonable regulations as it may prescribe, the Company shall
            note
            transfers of Mortgage Loans. No transfer of a Mortgage Loan may be made
            unless
            such transfer is in compliance with the terms hereof. For the purposes
            of this
            Agreement, the Company shall be under no obligation to deal with any
            person with
            respect to this Agreement or any Mortgage Loan unless a notice of the
            transfer
            of such Mortgage Loan has been delivered to the Company in accordance
            with this
            Section 2.06 and the books and records of the Company show such person
            as the
            owner of the Mortgage Loan. The Purchaser may, subject to the terms of
            this
            Agreement, sell and transfer one or more of the Mortgage Loans, provided,
            however, that (i) the transferee will not be deemed to be a Purchaser
            hereunder
            binding upon the Company unless such transferee shall agree in writing
            to be
            bound by the terms of this Agreement and an original counterpart of the
            instrument of transfer in an Assignment and Assumption of this Agreement
            substantially in the form of Exhibit D hereto executed by the transferee
            shall
            have been delivered to the Company and the Company, and (ii) in no event
            shall
            there be more than three (3) Persons at any given time having the status
            of
            "Purchaser" hereunder. The Purchaser also shall advise the Company of
            the
            transfer. Upon receipt of notice of the transfer, the Company shall mark
            its
            books and records to reflect the ownership of the Mortgage Loans of such
            assignee, and the previous Purchaser shall be released from its obligations
            hereunder with respect to the Mortgage Loans sold or transferred.

          

          Section
            2.07 Delivery
            of Mortgage Loan Documents.

          

          The
            Company shall deliver and release to the Purchaser or its designee the
            Mortgage
            Loan Documents in accordance with the terms of this Agreement and the
            related
            Term Sheet. The documents enumerated as items (1), (2), (3), (4), (5),
            (6), (7)
            and (8) in Exhibit A hereto shall be delivered by the Company to the
            Purchaser
            or its designee no later than one (1) Business Days prior to the related
            Closing
            Date pursuant to a bailee letter agreement. All other documents in Exhibit
            A
            hereto, together with all other documents executed in connection with
            the
            Mortgage Loan that Company may have in its possession, shall be retained
            by the
            Company in trust for the Purchaser. If the Company cannot deliver the
            original
            recorded Mortgage Loan Documents or the original policy of title insurance,
            including riders and endorsements thereto, on the Closing Date, the Company
            shall, promptly upon receipt thereof and in any case not later than 120
            days
            from the related Closing Date, deliver such original documents, including
            original recorded documents, to the Purchaser or its designee (unless
            the
            Company is delayed in making such delivery by reason of the fact that
            such
            documents shall not have been returned by the appropriate recording office).
            If
            delivery is not completed within 120 days solely due to delays in making
            such
            delivery by reason of the fact that such documents shall not have been
            returned
            by the appropriate recording office, the Company shall deliver such document
            to
            Purchaser, or its designee, within such time period as specified in a
            Company's
            Officer's Certificate. In the event that documents have not been received
            by the
            date specified in the Company's Officer's Certificate, a subsequent Company's
            Officer's Certificate shall be delivered by such date specified in the
            prior
            Company's Officer's Certificate, stating a revised date for receipt of
            documentation. The procedure shall be repeated until the documents have
            been
            received and delivered. The Company shall continue to use its best efforts
            to
            effect delivery within 210 days of the related Closing Date.

          

          The
            Company shall pay all initial recording fees, for the assignments of
            mortgage
            and any other fees in connection with the transfer of all original documents
            to
            the Purchaser or its designee, including
            any fees, costs or expenses related to the registration of the Mortgage
            Loans
            with MERS, if applicable.
            The
            Company shall prepare, in recordable form, all assignments of mortgage
            necessary
            to assign the Mortgage Loans to Purchaser, or its designee.

          

          Company
            shall provide an original or duplicate original of the title insurance
            policy to
            Purchaser or its designee within ninety (90) days of the receipt of the
            recorded
            documents (required for issuance of such policy) from the applicable
            recording
            office.

          

          Any
            review by the Purchaser, or its designee, of the Mortgage Files shall
            in no way
            alter or reduce the Company's obligations hereunder.

          

          If
            the
            Purchaser or its designee discovers any defect with respect to a Mortgage
            File,
            the Purchaser shall, or shall cause its designee to, give written specification
            of such defect to the Company which may be given in the exception report
            or the
            certification delivered pursuant to this Section 2.07, or otherwise in
            writing
            and the Company shall cure or repurchase such Mortgage Loan in accordance
            with
            Section 3.03.

          

          The
            Company shall forward to the Purchaser, or its designee, original documents
            evidencing an assumption, modification, consolidation or extension of
            any
            Mortgage Loan entered into in accordance with Section 4.01 or 6.01 within
            one
            week of their execution; provided, however, that the Company shall provide
            the
            Purchaser, or its designee, with a certified true copy of any such document
            submitted for recordation within two weeks of its execution, and shall
            provide
            the original of any document submitted for recordation or a copy of such
            document certified by the appropriate public recording office to be a
            true and
            complete copy of the original within 120 days of its submission for
            recordation.

          

          From
            time
            to time the Company may have a need for Mortgage Loan Documents to be
            released
            from Purchaser, or its designee. Purchaser shall, or shall cause its
            designee,
            upon the written request of the Company, in the form of Exhibit G attached
            hereto, within ten (10) Business Days, deliver to the Company, any requested
            documentation previously delivered to Purchaser as part of the Mortgage
            File,
            provided that such documentation is promptly returned to Purchaser, or
            its
            designee, when the Company no longer requires possession of the document,
            and
            provided that during the time that any such documentation is held by
            the
            Company, such possession is in trust for the benefit of Purchaser. Company
            shall
            indemnify Purchaser, and its designee, from and against any and all losses,
            claims, damages, penalties, fines, forfeitures, costs and expenses (including
            court costs and reasonable attorney's fees) resulting from or related
            to the
            loss, damage, or misplacement of any documentation delivered to Company
            pursuant
            to this paragraph.

          

          Section
            2.08 Quality
            Control Procedures.

          

          The
            Company must have an internal quality control program that verifies,
            on a
            regular basis, the existence and accuracy of the legal documents, credit
            documents, property appraisals, and underwriting decisions. The program
            must be
            capable of evaluating and monitoring the overall quality of its loan
            production
            and servicing activities. The program is to ensure that the Mortgage
            Loans are
            originated and serviced in accordance with prudent mortgage banking practices
            and accounting principles; guard against dishonest, fraudulent, or negligent
            acts; and guard against errors and omissions by officers, employees,
            or other
            authorized persons.

          

          Section
            2.09 No
            Commission.

          

          The
            Company and the Purchaser agree that no broker, Investment Banker, agent
            or
            other person (including but not limited to Purchaser) is entitled to
            any
            commission or compensation in connection with the sale of the Mortgage
            Loans.

          

          ARTICLE
            III

          

          REPRESENTATIONS
            AND WARRANTIES OF

          THE
            COMPANY AND THE COMPANY; REPURCHASE; REVIEW OF MORTGAGE LOANS

          

          Section
            3.01 Representations
            and Warranties of the Company.

          

          The
            Company represents, warrants and covenants to the Purchaser that, as
            of the
            related Closing Date or as of such date specifically provided
            herein:

          

          (a) Chevy
            Chase Bank, F.S.B. is a federally chartered savings bank duly organized,
            validly
            existing and in good standing and has all licenses and qualifications
            necessary
            to carry out its business as now being conducted, and in any event the
            Company
            is in compliance with the applicable laws of any state to the extent
            necessary
            to ensure the enforceability of each Mortgage Loan in accordance with
            the terms
            of this Agreement; the Company is licensed and qualified to transact
            business in
            and is in good standing under the laws of each state in which any Mortgaged
            Property is located or is otherwise exempt under applicable law from
            such
            licensing or qualification or is otherwise not required under applicable
            law to
            effect such licensing or qualification and no unresolved demand for such
            licensing or qualification has been made upon such Company by any such
            state,
            and in any event such Company is in compliance with the laws of any such
            state
            to the extent necessary to ensure the enforceability of each Mortgage
            Loan and
            the servicing of the Mortgage Loans in accordance with the terms of this
            Agreement;

           

          (b)
            The
            Company has the full power and authority and legal right to hold, transfer
            and
            convey each Mortgage Loan, to sell each Mortgage Loan and to execute,
            deliver
            and perform, and to enter into and consummate all transactions contemplated
            by
            this Agreement and the related Term Sheet and to conduct its business
            as
            presently conducted, has duly authorized the execution, delivery and
            performance
            of this Agreement and the related Term Sheet and any agreements contemplated
            hereby, has duly executed and delivered this Agreement and the related
            Term
            Sheet, and any agreements contemplated hereby, and this Agreement and
            the
            related Term Sheet and each Assignment of Mortgage to the Purchaser and
            any
            agreements contemplated hereby, constitutes a legal, valid and binding
            obligation of the Company, enforceable against it in accordance with
            its terms,
            and all requisite corporate action has been taken by the Company to make
            this
            Agreement and the related Term Sheet and all agreements contemplated
            hereby
            valid and binding upon the Company in accordance with their terms; the
            Company
            has the full power and authority and legal right to execute, deliver
            and
            perform, and to enter into and consummate all transactions contemplated
            by this
            Agreement and the related Term Sheet and to conduct its business as presently
            conducted, has duly authorized the execution, delivery and performance
            of this
            Agreement and the related Term Sheet and any agreements contemplated
            hereby, has
            duly executed and delivered this Agreement and the related Term Sheet,
            and any
            agreements contemplated hereby, and this Agreement and any agreements
            contemplated hereby, constitutes a legal, valid and binding obligation
            of the
            Company, enforceable against it in accordance with its terms, and all
            requisite
            corporate action has been taken by the Company to make this Agreement
            and the
            related Term Sheet and all agreements contemplated hereby valid and binding
            upon
            the Company in accordance with their terms;

          

          (c)
            Neither the execution and delivery of this Agreement nor the related
            Term Sheet,
            nor the origination of the Mortgage Loans by the Company, the sale of
            the
            Mortgage Loans to the Purchaser, the consummation of the transactions
            contemplated hereby, or the fulfillment of or compliance with the terms
            and
            conditions of this Agreement and the related Term Sheet will conflict
            with any
            of the terms, conditions or provisions of the Company's or the Company's
            charter
            or by-laws or materially conflict with or result in a material breach
            of any of
            the terms, conditions or provisions of any legal restriction or any agreement
            or
            instrument to which the Company is now a party or by which they are bound,
            or
            constitute a default or result in an acceleration under any of the foregoing,
            or
            result in the material violation of any law, rule, regulation, order,
            judgment
            or decree to which the Company or its properties are subject, or impair
            the
            ability of the Purchaser to realize on the Mortgage Loans.

          

          (d)
            There
            is no litigation, suit, proceeding or investigation pending or to the
            Company’s
            knowledge, threatened, or any order or decree outstanding, with respect
            to the
            Company which, either in any one instance or in the aggregate, is reasonably
            likely to have a material adverse effect on the sale of the Mortgage
            Loans, the
            execution, delivery, performance or enforceability of this Agreement
            or the
            related Term Sheet, or which is reasonably likely to have a material
            adverse
            effect on the financial condition of the Company.

          

          (e)
            No
            consent, approval, authorization or order of any court or governmental
            agency or
            body is required for the execution, delivery and performance by the Company
            of
            or compliance by the Company with this Agreement or the related Term
            Sheet, or
            the sale of the Mortgage Loans and delivery of the Mortgage Files to
            the
            Purchaser or the consummation of the transactions contemplated by this
            Agreement
            and the related Term Sheet, except for consents, approvals, authorizations
            and
            orders which have been obtained;

          

          (f)
            The
            consummation of the transactions contemplated by this Agreement and the
            related
            Term Sheet is in the ordinary course of business of the Company, and
            the
            transfer, assignment and conveyance of the Mortgage Notes and the Mortgages
            by
            the Company pursuant to this Agreement and the related Term Sheet are
            not
            subject to bulk transfer or any similar statutory provisions in effect
            in any
            applicable jurisdiction;

          

          (g)
            The
            origination and servicing practices used by the Company, and any prior
            originator or Company with respect to each Mortgage Note and Mortgage
            have been
            legal and in accordance with applicable laws and regulations and the
            Mortgage
            Loan Documents, and in all material respects proper and prudent in the
            mortgage
            origination and servicing business. With respect to escrow deposits and
            payments
            that the Company, on behalf of the investor, is entitled to collect,
            all such
            payments are in the possession of, or under the control of, the Company,
            and
            there exist no deficiencies in connection therewith for which customary
            arrangements for repayment thereof have not been made. All escrow payments
            have
            been collected in full compliance with state and federal law and the
            provisions
            of the related Mortgage Note and Mortgage. As to any Mortgage Loan that
            is the
            subject of an escrow, escrow of funds is not prohibited by applicable
            law and
            has been established in an amount sufficient to pay for every escrowed
            item that
            remains unpaid and has been assessed but is not yet due and payable.
            No escrow
            deposits or other charges or payments due under the Mortgage Note have
            been
            capitalized under any Mortgage or the related Mortgage Note;

          

          (h)
            The
            Company used no selection procedures that identified the Mortgage Loans
            as being
            less desirable or valuable than other comparable mortgage loans in the
            Company's
            portfolio at the related Cut-off Date; 

          

          (i) The
            Company will treat the sale of the Mortgage Loans to the Purchaser as
            a sale for
            reporting and accounting purposes and, to the extent appropriate, for
            federal
            income tax purposes; 

          

          (j) The
            Company is an approved Seller/Servicer of residential mortgage loans
            for FNMA,
            FHLMC and HUD, with such facilities, procedures and personnel necessary
            for the
            sound servicing of such mortgage loans. The Company is duly qualified,
            licensed,
            registered and otherwise authorized under all applicable federal, state
            and
            local laws, and regulations, if applicable, meets the minimum capital
            requirements set forth by the OCC, and is in good standing to sell mortgage
            loans to and service mortgage loans for FNMA and FHLMC and no event has
            occurred
            which would make Company unable to comply with eligibility requirements
            or which
            would require notification to either FNMA or FHLMC; 

          

          (k) The
            Company does not believe, nor does it have any cause or reason to believe,
            that
            it cannot perform each and every covenant contained in this Agreement
            and the
            related Term Sheet. The Company is solvent and the sale of the Mortgage
            Loans
            will not cause the Company to become insolvent. The sale of the Mortgage
            Loans
            is not undertaken with the intent to hinder, delay or defraud any of
            the
            Company's creditors;

          

          (l) No
            statement, tape, diskette, form, report or other document prepared by,
            or on
            behalf of, Company or Company pursuant to this Agreement and the related
            Term
            Sheet or in connection with the transactions contemplated hereby, contains
            or
            will contain any statement that is or will be inaccurate or misleading
            in any
            material respect;

          

          (m)
             The
            Company acknowledges and agrees that the Servicing Fee represents reasonable
            compensation for performing such services and that the entire Servicing
            Fee
            shall be treated by the Company, for accounting and tax purposes, as
            compensation for the servicing and administration of the Mortgage Loans
            pursuant
            to this Agreement and the related Term Sheet. In the opinion of Company,
            the
            consideration received by Company upon the sale of the Mortgage Loans
            to
            Purchaser under this Agreement and the related Term Sheet constitutes
            fair
            consideration for the Mortgage Loans under current market conditions.
            

          

          (n)
             If
            requested by the Purchaser, the Company shall have delivered to the Purchaser
            financial statements of its parent, for its last two complete fiscal
            years. If
            so, all such financial information fairly presents the pertinent results
            of
            operations and financial position for the period identified and has been
            prepared in accordance with generally accepted accounting principles
            consistently applied throughout the periods involved, except as set forth
            in the
            notes thereto. There has been no change in the business, operations,
            financial
            condition, properties or assets of the Company since the date of the
            Company’s
            financial information that would have a material adverse effect on its
            ability
            to perform its obligations under this Agreement and the related Term
            Sheet;
            and

          

          (o)
             Neither
            the Company nor the Purchaser have dealt with any broker, investment
            banker,
            agent or other person that may be entitled to any commission or compensation
            in
            connection with the sale of the Mortgage Loans.

          

          Section
            3.02 Representations
            and Warranties as to Individual Mortgage Loans.

          

          References
            in this Section to percentages of Mortgage Loans refer in each case to
            the
            percentage of the aggregate principal balance of the Mortgage Loans as
            of the
            related Cut-off Date, based on the outstanding balances of the Mortgage
            Loans as
            of the Cut-off Date, and giving effect to scheduled Monthly Payments
            due on or
            prior to the related Cut-off Date, whether or not received. References
            to
            percentages of Mortgaged Properties refer, in each case, to the percentages
            of
            expected aggregate principal balances of the related Mortgage Loans (determined
            as described in the preceding sentence). The Company hereby represents
            and
            warrant to the Purchaser, as to each Mortgage Loan, as of the related
            Closing
            Date as follows:

          

          (a) The
            information set forth in the Mortgage Loan Schedule
            attached
            to the related Term Sheet is true, complete and correct in all material
            respects
            as of the related Cut-Off Date;

          

          (b) The
            Mortgage creates a valid, subsisting and enforceable first lien or a
            first
            priority ownership interest in an estate in fee simple in real property
            securing
            the related Mortgage Note subject to principles of equity, bankruptcy,
            insolvency and other laws of general application affecting the rights
            of
            creditors. 

          

          (c)
            All
            payments due prior to the related Cut-off Date for such Mortgage Loan
            have been
            made as of the related Closing Date, the Mortgage Loan has not been dishonored;
            there are no material defaults under the terms of the Mortgage Loan;
            the Company
            has not advanced its own funds, or induced, solicited or knowingly received
            any
            advance of funds from a party other than the owner of the Mortgaged Property
            subject to the Mortgage, directly or indirectly, for the payment of any
            amount
            required by the Mortgage Loan; and, as of the related Closing Date, there
            has
            been no more than one delinquency during the related preceding twelve-month
            period, and such delinquency did not last more than 30 days;

          

          (d)
            There
            are no defaults by the Company in complying with the terms of the Mortgage,
            and
            all taxes, governmental assessments, insurance premiums, water, sewer
            and
            municipal charges, leasehold payments or ground rents which previously
            became
            due and owing have been paid, or escrow funds have been established in
            an amount
            sufficient to pay for every such escrowed item which remains unpaid and
            which
            has been assessed but is not yet due and payable;

          

          (e)
            The
            terms of the Mortgage Note and the Mortgage have not been impaired, waived,
            altered or modified in any respect, except by written instruments which
            have
            been recorded to the extent any such recordation is required by law,
            or,
            necessary to protect the interest of the Purchaser. No instrument of
            waiver,
            alteration or modification has been executed, and no Mortgagor has been
            released, in whole or in part, from the terms thereof except in connection
            with
            an assumption agreement and which assumption agreement is part of the
            Mortgage
            File and the terms of which are reflected in the Mortgage Loan Schedule;
            the
            substance of any such waiver, alteration or modification has been approved
            by
            the issuer of any related Primary Mortgage Insurance Policy and title
            insurance
            policy, to the extent required by the related policies;

          

          (f)
            The
            Mortgage Note and the Mortgage are not subject to any right of rescission,
            set-off, counterclaim or defense, including, without limitation, the
            defense of
            usury, nor will the operation of any of the terms of the Mortgage Note
            or the
            Mortgage, or the exercise of any right thereunder, render the Mortgage
            Note or
            Mortgage unenforceable, in whole or in part, or subject to any right
            of
            rescission, set-off, counterclaim or defense, including the defense of
            usury,
            and no such right of rescission, set-off, counterclaim or defense has
            been
            asserted with respect thereto; and as of the Closing Date the Mortgagor
            was not
            a debtor in any state or federal bankruptcy or insolvency
            proceeding;

          

          (g)
            All
            buildings or other customarily insured improvements upon the Mortgaged
            Property
            are insured by an insurer acceptable under the FNMA or FHLMC Guides,
            against
            loss by fire, hazards of extended coverage and such other hazards as
            are
            provided for in the FNMA or FHLMC Guide, as well as all additional requirements
            set forth in Section 4.10 of this Agreement. All such standard hazard
            policies
            are in full force and effect and on the date of origination contained
            a standard
            mortgagee clause naming the Company and its successors in interest and
            assigns
            as loss payee and such clause is still in effect and all premiums due
            thereon
            have been paid. If required by the Flood Disaster Protection Act of 1973,
            as
            amended, the Mortgage Loan is covered by a flood insurance policy meeting
            the
            requirements of the current guidelines of the Federal Insurance Administration
            which policy conforms to FNMA or FHLMC requirements, as well as all additional
            requirements set forth in Section 4.10 of this Agreement. Such policy
            was issued
            by an insurer acceptable under FNMA or FHLMC guidelines. The Mortgage
            obligates
            the Mortgagor thereunder to maintain all such insurance at the Mortgagor's
            cost
            and expense, and on the Mortgagor's failure to do so, authorizes the
            holder of
            the Mortgage to maintain such insurance at the Mortgagor's cost and expense
            and
            to seek reimbursement therefor from the Mortgagor;

          

          (h)
            Any
            and all requirements of any federal, state or local law including, without
            limitation, usury, truth-in-lending, real estate settlement procedures,
            consumer
            credit protection, equal credit opportunity or disclosure laws applicable
            to the
            Mortgage Loan have been complied with in all material respects; the Company
            maintains, and shall maintain, evidence of such compliance as required
            by
            applicable law or regulation and shall make such evidence available for
            inspection at the Company's office during normal business hours upon
            reasonable
            advance notice;

          

          (i)
            The
            Mortgage has not been satisfied, canceled or subordinated, in whole or
            in part,
            or rescinded, and the Mortgaged Property has not been released from the
            lien of
            the Mortgage, in whole or in part nor has any instrument been executed
            that
            would effect any such release, cancellation, subordination or rescission.
            The
            Company has not waived the performance by the Mortgagor of any action,
            if the
            Mortgagor’s failure to perform such action would cause the Mortgage Loan to be
            in default, nor has the Company waived any default resulting from any
            action or
            inaction by the Mortgagor;

          

          (j) The
            Mortgage is a valid, subsisting, enforceable and perfected first lien
            on the
            Mortgaged Property, including all buildings on the Mortgaged Property
            and all
            installations and mechanical, electrical, plumbing, heating and air conditioning
            systems affixed to such buildings, and all additions, alterations and
            replacements made at any time with respect to the foregoing securing
            the
            Mortgage Note's original principal balance subject to principles of equity,
            bankruptcy, insolvency and other laws of general application affecting
            the
            rights of creditors. The Mortgage and the Mortgage Note do not contain
            any
            evidence of any security interest or other interest or right thereto.
            Such lien
            is free and clear of all adverse claims, liens and encumbrances having
            priority
            over the first lien of the Mortgage subject only to (1) the lien of
            non-delinquent current real property taxes and assessments not yet due
            and
            payable, (2) covenants, conditions and restrictions, rights of way, easements
            and other matters of the public record as of the date of recording which
            are
            acceptable to mortgage lending institutions generally and either (A)
            which are
            referred to in the lender’s title insurance policy delivered to the originator
            or otherwise considered in the appraisal made for the originator of the
            Mortgage
            Loan, or (B) which do not adversely affect the residential use or Appraised
            Value of the Mortgaged Property as set forth in such appraisal, and (3)
            other
            matters to which like properties are commonly subject which do not individually
            or in the aggregate materially interfere with the benefits of the security
            intended to be provided by the Mortgage or the use, enjoyment, value
            or
            marketability of the related Mortgaged Property. Any security agreement,
            chattel
            mortgage or equivalent document related to and delivered in connection
            with the
            Mortgage Loan establishes and creates a valid, subsisting, enforceable
            and
            perfected first lien and first priority security interest on the property
            described therein, and the Company has the full right to sell and assign
            the
            same to the Purchaser;

          

          (k)
            The
            Mortgage Note and the related Mortgage are original and genuine and each
            is the
            legal, valid and binding obligation of the maker thereof, enforceable
            in all
            respects in accordance with its terms subject to principles of equity,
            bankruptcy, insolvency and other laws of general application affecting
            the
            rights of creditors, and the Company has taken all action necessary to
            transfer
            such rights of enforceability to the Purchaser. All parties to the Mortgage
            Note
            and the Mortgage had the legal capacity to enter into the Mortgage Loan
            and to
            execute and deliver the Mortgage Note and the Mortgage. The Mortgage
            Note and
            the Mortgage have been duly and properly executed by such parties. No
            fraud,
            error, omission, misrepresentation, negligence or similar occurrence
            with
            respect to a Mortgage Loan has taken place on the part of Company, the
            Mortgagor, or, to the best of Company's knowledge, on the part of any
            other
            party involved in the origination of the Mortgage Loan. Either the borrower
            or a
            guarantor is a natural person. The proceeds of the Mortgage Loan have
            been fully
            disbursed and there is no requirement for future advances thereunder,
            and any
            and all requirements as to completion of any on-site or off-site improvements
            and as to disbursements of any escrow funds therefor have been complied
            with.
            All costs, fees and expenses incurred in making or closing the Mortgage
            Loan and
            the recording of the Mortgage (including
            any fees, costs or expenses related to the registration of the Mortgage
            Loans
            with MERS, if applicable)
            were
            paid or are in the process of being paid, and the Mortgagor is not entitled
            to
            any refund of any amounts paid or due under the Mortgage Note or
            Mortgage;

          

          (l)
            The
            Company is the sole owner and holder of the Mortgage Loan and the indebtedness
            evidenced by the Mortgage Note. Upon the sale of the Mortgage Loan to
            the
            Purchaser, the Company will retain the Mortgage File or any part thereof
            with
            respect thereto not delivered to the Purchaser or the Purchaser’s designee in
            trust only for the purpose of servicing and supervising the servicing
            of the
            Mortgage Loan. Immediately prior to the transfer and assignment to the
            Purchaser, the Mortgage Loan, including the Mortgage Note and the Mortgage,
            were
            not subject to an assignment, sale or pledge to any person other than
            Purchaser,
            and the Company had good and marketable title to and was the sole owner
            thereof
            and had full right to transfer and sell the Mortgage Loan to the Purchaser
            free
            and clear of any encumbrance, equity, lien, pledge, charge, claim or
            security
            interest and has the full right and authority subject to no interest
            or
            participation of, or agreement with, any other party, to sell and assign
            the
            Mortgage Loan pursuant to this Agreement and following the sale of the
            Mortgage
            Loan, the Purchaser will own such Mortgage Loan free and clear of any
            encumbrance, equity, participation interest, lien, pledge, charge, claim
            or
            security interest. The Company intends to relinquish all rights to possess,
            control and monitor the Mortgage Loan, except for the purposes of servicing
            the
            Mortgage Loan as set forth in this Agreement. After the Closing Date,
            the
            Company will not have any right to modify or alter the terms of the sale
            of the
            Mortgage Loan and the Company will not have any obligation or right to
            repurchase the Mortgage Loan or substitute another Mortgage Loan, except
            as
            provided in this Agreement, or as otherwise agreed to by the Company
            and the
            Purchaser;

          

          (m)
            Each
            Mortgage Loan is covered by an ALTA lender's title insurance policy or
            other
            generally acceptable form of policy or insurance acceptable to FNMA or
            FHLMC
            (including adjustable rate endorsements), issued by a title insurer acceptable
            to FNMA or FHLMC and qualified to do business in the jurisdiction where
            the
            Mortgaged Property is located, insuring (subject to the exceptions contained
            in
            (j)(1), (2) and (3) above) the Company, its successors and assigns, as
            to the
            first priority lien of the Mortgage in the original principal amount
            of the
            Mortgage Loan and against any loss by reason of the invalidity or
            unenforceability of the lien resulting from the provisions of the Mortgage
            providing for adjustment in the Mortgage Interest Rate and Monthly Payment.
            Where required by state law or regulation, the Mortgagor has been given
            the
            opportunity to choose the carrier of the required mortgage title insurance.
            The
            Company, its successors and assigns, are the sole insureds of such lender's
            title insurance policy, such title insurance policy has been duly and
            validly
            endorsed to the Purchaser or the assignment to the Purchaser of the Company's
            interest therein does not require the consent of or notification to the
            insurer
            and such lender's title insurance policy is in full force and effect
            and will be
            in full force and effect upon the consummation of the transactions contemplated
            by this Agreement. No claims have been made under such lender's title
            insurance
            policy, and no prior holder of the related Mortgage, including the Company,
            has
            done, by act or omission, anything which would impair the coverage of
            such
            lender's title insurance policy;

          

          (n)
            There
            is no default, breach, violation or event of acceleration existing under
            the
            Mortgage or the related Mortgage Note and no event which, with the passage
            of
            time or with notice and the expiration of any grace or cure period, would
            constitute a default, breach, violation or event permitting acceleration;
            and
            neither the Company, nor any prior mortgagee has waived any default,
            breach,
            violation or event permitting acceleration;

          

          (o)
            There
            are no mechanics' or similar liens or claims which have been filed for
            work,
            labor or material (and no rights are outstanding that under law could
            give rise
            to such liens) affecting the related Mortgaged Property which are or
            may be
            liens prior to or equal to the lien of the related Mortgage;

          

          (p)
            All
            improvements subject to the Mortgage which were considered in determining
            the
            appraised value of the Mortgaged Property lie wholly within the boundaries
            and
            building restriction lines of the Mortgaged Property (and wholly within
            the
            project with respect to a condominium unit) and no improvements on adjoining
            properties encroach upon the Mortgaged Property except those which are
            insured
            against by the title insurance policy referred to in clause (m) above
            and all
            improvements on the property comply with all applicable zoning and subdivision
            laws and ordinances;

          

          (q)
            Each
            Mortgage Loan was originated by or for the Company pursuant to, and conforms
            with, the Company’s underwriting guidelines attached as Exhibit H hereto. The
            Mortgage Notes and Mortgages are on forms generally acceptable in the
            industry.
            The Mortgage Loan bears interest at an adjustable rate as set forth in
            the
            Mortgage Loan Schedule, and Monthly Payments under the Mortgage Note
            are due and
            payable on the first day of each month. The Mortgage contains the usual
            and
            enforceable provisions of the Company at the time of origination for
            the
            acceleration of the payment of the unpaid principal amount of the Mortgage
            Loan
            if the related Mortgaged Property is sold without the prior consent of
            the
            mortgagee thereunder;

          

          (r)
            No
            Mortgaged Property has been materially damaged by waste, fire, earthquake,
            earth
            movement, windstorm, tornado, flood or other casualty. At origination
            of the
            Mortgage Loan there was not, since origination of the Mortgage Loan there
            has
            been and there currently is, no proceeding pending for the total or partial
            condemnation of the Mortgaged Property. The Company has not received
            notification that any such proceedings are scheduled to commence at a
            future
            date;

          

          (s)
            The
            related Mortgage contains customary and enforceable provisions such as
            to render
            the rights and remedies of the holder thereof adequate for the realization
            against the Mortgaged Property of the benefits of the security provided
            thereby,
            including, (1) in the case of a Mortgage designated as a deed of trust,
            by
            trustee's sale, and (2) otherwise by judicial foreclosure. There is no
            homestead
            or other exemption available to the Mortgagor which would interfere with
            the
            right to sell the Mortgaged Property at a trustee's sale or the right
            to
            foreclose the Mortgage;

          

          (t)
            If
            the Mortgage constitutes a deed of trust, a trustee, authorized and duly
            qualified if required under applicable law to act as such, has been properly
            designated and currently so serves and is named in the Mortgage, and
            no fees or
            expenses, except as may be required by local law, are or will become
            payable by
            the Purchaser to the trustee under the deed of trust, except in connection
            with
            a trustee's sale or attempted sale after default by the Mortgagor;

          

          (u)
            The
            Mortgage File contains an appraisal of the related Mortgaged Property
            signed
            prior to the final approval of the mortgage loan application by a Qualified
            Appraiser, approved by the Company, who had no interest, direct or indirect,
            in
            the Mortgaged Property or in any loan made on the security thereof, and
            whose
            compensation is not affected by the approval or disapproval of the Mortgage
            Loan, and the appraisal and appraiser both satisfy the requirements of
            FNMA or
            FHLMC and Title XI of the Federal Institutions Reform, Recovery, and
            Enforcement
            Act of 1989 and the regulations promulgated thereunder, all as in effect
            on the
            date the Mortgage Loan was originated. The appraisal is in a form acceptable
            to
            FNMA or FHLMC and was made by a Qualified Appraiser;

          

          (v)
            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) (A) in compliance with any and all
            applicable licensing requirements of the laws of the state wherein the
            Mortgaged
            Property is located, and (B) (1) organized under the laws of such state,
            or (2)
            qualified to do business in such state, or (3) federal savings and loan
            associations or national banks or a Federal Home Loan Bank or savings
            bank
            having principal offices in such state, or (4) not doing business in
            such
            state;

          

          (w)
            The
            related Mortgage Note is not and has not been secured by any collateral
            except
            the lien of the corresponding Mortgage and the security interest of any
            applicable security agreement or chattel mortgage referred to above and
            such
            collateral does not serve as security for any other obligation;

          

          (x)
            The
            Mortgagor has received and has executed, where applicable, all disclosure
            materials required by applicable law with respect to the making of such
            mortgage
            loans;

          

          (y)
            The
            Mortgage Loan does not contain “balloon” or "graduated payment" features; No
            Mortgage Loan is subject to a buydown agreement or contains any buydown
            provision;

          

          (z)
            The
            Mortgagor is not in bankruptcy and, to the best of the Company's knowledge,
            the
            Mortgagor is not insolvent and the Company has no knowledge of any circumstances
            or condition with respect to the Mortgage, the Mortgaged Property, the
            Mortgagor
            or the Mortgagor's credit standing that could reasonably be expected
            to cause
            investors to regard the Mortgage Loan as an unacceptable investment,
            cause the
            Mortgage Loan to become delinquent, or materially adversely affect the
            value or
            marketability of the Mortgage Loan;

          

          (aa)
            [reserved] 

          

          (bb)
            [reserved]

          

          (cc)
            [reserved] 

          

          (dd)
            [reserved] 

          

          (ee)
            None
            of the Mortgage Loans have a Loan-to-Value Ratio greater than 95%; 

          

          (ff) For
            all
            of the Mortgage Loans, based on representations made by the Mortgagor
            at the
            time of origination, all of the Mortgaged Properties are occupied as
            the
            Mortgagor's primary residence. To the best of the Company's knowledge,
            the
            Mortgaged Property is lawfully occupied under applicable law;

          

          (gg) In
            the
            event the Mortgage Loan has an LTV greater than 80.00%, the excess of
            the
            principal balance of the Mortgage Loan over 75.0% of the Appraised Value
            of the
            Mortgaged Property with respect to a Refinanced Mortgage Loan, or the
            lesser of
            the Appraised Value or the purchase price of the Mortgaged Property with
            respect
            to a purchase money Mortgage Loan is and will be insured as to payment
            defaults
            by a Primary Mortgage Insurance Policy issued by a Qualified Insurer.
            No
            Mortgage Loan has an LTV over 95%. All provisions of such Primary Mortgage
            Insurance Policy have been and are being complied with, such policy is
            in full
            force and effect, and all premiums due thereunder have been paid. No
            Mortgage
            Loan requires payment of such premiums, in whole or in part, by the Purchaser.
            No action, inaction, or event has occurred and no state of facts exists
            that
            has, or will result in the exclusion from, denial of, or defense to coverage.
            The Mortgage Loan Remittance Rate for the Mortgage Loan as set forth
            on the
            related Mortgage Loan Schedule is net of any such insurance
            premium;

          

          (hh) The
            assignment of Mortgage (unless
            the Mortgage is registered with MERS in accordance with Subsection 2.07)
            is
            in
            recordable form and is acceptable for recording under the laws of the
            jurisdiction in which the Mortgaged Property is located. Any
            Assignments of Mortgage registered with MERS in accordance with Subsection
            2.07
            have been assigned a valid mortgage identification number by MERS. Company
            is an
            approved MERS participant. Any and all costs, fees and expenses associated
            with
            the registration of the Mortgages with MERS and the transfer of the Mortgage
            Loans on the MERS system to Purchaser have been paid by Company and Purchaser
            shall not be responsible for any such costs, fees and expenses;

          

          (ii) The
            Mortgaged Property is located in the state identified in the related
            Mortgage
            Loan Schedule and consists of a single parcel of real property with a
            detached
            single family residence erected thereon, or a townhouse, or a two-to
            four-family
            dwelling, or an individual condominium unit in a condominium project,
            or an
            individual unit in a planned unit development or a de minimis planned
            unit
            development, provided, however, that no residence or dwelling is a single
            parcel
            of real property with a manufactured home not affixed to a permanent
            foundation,
            or a mobile home. As of the date of origination, no portion of any Mortgaged
            Property is used for commercial purposes, and since the Origination Date,
            to the
            best of the Company's knowledge, no portion of any Mortgaged Property
            is used
            for commercial purposes;

          

          (jj) Except
            for the Mortgage Loans indicated on the Mortgage Loan Schedule which
            require
            interest-only payments until the first Adjustment Date and both interest
            and
            principal payments after such Adjustment Date (the “Interest Only Mortgage
            Loans”), principal payments on the Mortgage Loan commenced no more than sixty
            (60) days after the funds were disbursed in connection with the Mortgage
            Loan.
            The Mortgage Note is payable on the first day of each month in monthly
            installments of principal (other than with respect to the Interest Only
            Mortgage
            Loans) and interest, which installments are subject to change due to
            the
            adjustments to the Mortgage Interest Rate on each Adjustment Date, with
            interest
            calculated and payable in arrears, sufficient to amortize the Mortgage
            Loan
            fully by the stated maturity date, over an original term of not more
            than thirty
            years from commencement of amortization;

          

          (kk) As
            of the
            date of origination and to the best of Company’s knowledge, as of the related
            Closing Date of the Mortgage Loan, the Mortgage Property was lawfully
            occupied
            under applicable law, and all inspections, licenses and certificates
            required to
            be made or issued with respect to all occupied portions of the Mortgaged
            Property and, with respect to the use and occupancy of the same, including
            but
            not limited to certificates of occupancy and fire underwriting certificates,
            have been made or obtained from the appropriate authorities;

          

          (ll) If
            the
            Mortgaged Property is a condominium unit or a planned unit development
            (other
            than a de minimis planned unit development), such condominium or planned
            unit
            development project meets Company's eligibility requirements as set forth
            in
            Exhibit H;

          

          (mm) To
            the
            best of Company’s knowledge, there is no pending action or proceeding directly
            involving the Mortgaged Property in which compliance with any environmental
            law,
            rule or regulation is an issue; to the best of Company's knowledge, there
            is no
            violation of any environmental law, rule or regulation with respect to
            the
            Mortgaged Property; and the Company has not received any notice of any
            environmental hazard on the Mortgaged Property and nothing further remains
            to be
            done to satisfy in full all requirements of each such law, rule or regulation
            constituting a prerequisite to use and enjoyment of said property;

          

          (nn) The
            Mortgagor has not notified the Company, and the Company does not have
            any
            knowledge of any relief requested or allowed to the Mortgagor under the
            Soldiers' and Sailors' Civil Relief Act of 1940;

          

          (oo)
            No
            Mortgage Loan is currently a construction or rehabilitation Mortgage
            Loan or
            facilitates the trade-in or exchange of a Mortgaged Property;

          

          (pp) No
            action
            has been taken or failed to be taken by Company, on or prior to the Closing
            Date
            which has resulted or will result in an exclusion from, denial of, or
            defense to
            coverage under any Primary Mortgage Insurance Policy (including, without
            limitation, any exclusions, denials or defenses which would limit or
            reduce the
            availability of the timely payment of the full amount of the loss otherwise
            due
            thereunder to the insured) whether arising out of actions, representations,
            errors, omissions, negligence, or fraud of the Company or for any other
            reason
            under such coverage;

          

          (qq) Each
            Mortgage Loan has been serviced in all material respects in compliance
            with
            Accepted Servicing Practices; 

           

          (rr)
            The
            Mortgage Loan was originated by a mortgagee approved by the Secretary
            of Housing
            and Urban Development pursuant to sections 203 and 211 of the National
            Housing
            Act, a savings and loan association, a savings bank, a commercial bank,
            credit
            union, insurance company or similar institution which is supervised and
            examined
            by a federal or state authority. No Mortgaged Property is a timeshare;
            and

           

          (ss)
            Each
            Mortgage Note, each Mortgage, each Assignment of Mortgage and any other
            documents required pursuant to this Agreement to be delivered to the
            Purchaser
            or its designee, or its assignee for each Mortgage Loan, have been, on
            or before
            the Closing Date, delivered to the Purchaser or its designee, or its
            assignee.

          

          

          Section
            3.03 Repurchase;
            Substitution.

          

          It
            is
            understood and agreed that the representations and warranties set forth
            in
            Sections 3.01 and 3.02 shall survive the sale of the Mortgage Loans and
            delivery
            of the Mortgage Loan Documents to the Purchaser, or its designee, and
            shall
            inure to the benefit of the Purchaser, notwithstanding any restrictive
            or
            qualified endorsement on any Mortgage Note or Assignment or the examination,
            or
            lack of examination, of any Mortgage File. Upon discovery by either the
            Company
            or the Purchaser of a breach of any of the foregoing representations
            and
            warranties which materially and adversely affects the value of the Mortgage
            Loans or the interest of the Purchaser in any Mortgage Loan, the party
            discovering such breach shall give prompt written notice to the other.
            The
            Company shall have a period of sixty days from the earlier of its discovery
            or
            its receipt of notice of any such breach within which to correct or cure
            such
            breach. The Company hereby covenants and agrees that if any such breach
            is not
            corrected or cured within such sixty day period, the Company shall, at
            the
            Purchaser's option and not later than ninety days of its discovery or
            its
            receipt of notice of such breach, repurchase such Mortgage Loan at the
            Repurchase Price or, with the Purchaser's prior consent and, at Purchaser’s sole
            option, substitute a Mortgage Loan as provided below. In the event that
            any such
            breach shall involve any representation or warranty set forth in Section
            3.01,
            and such breach is not cured within sixty days of the earlier of either
            discovery by or notice to the Company of such breach, all affected Mortgage
            Loans shall, at the option of the Purchaser, be repurchased by the Company
            at
            the Repurchase Price. Any such repurchase shall be accomplished by wire
            transfer
            of immediately available funds to Purchaser in the amount of the Repurchase
            Price.

          

          If
            the
            Company is required to repurchase any Mortgage Loan pursuant to this
            Section
            3.03, the Company may, with the Purchaser's prior consent and, at Purchaser’s
            sole option, within one hundred twenty (120) days from the related Closing
            Date,
            remove such defective Mortgage Loan from the terms of this Agreement
            and
            substitute another mortgage loan for such defective Mortgage Loan, in
            lieu of
            repurchasing such defective Mortgage Loan; provided however, that in
            the event
            that any Mortgage Loan was part of a securitization, notwithstanding
            any
            contrary provision of this Agreement, no substitution shall be made.
            Any
            substitute Mortgage Loan shall be acceptable to Purchaser. Any substituted
            Loans
            will comply with the representations and warranties set forth in this
            Agreement
            as of the substituted date

          

          The
            Company shall amend the related Mortgage Loan Schedule to reflect the
            withdrawal
            of the removed Mortgage Loan from this Agreement and the substitution
            of such
            substitute Mortgage Loan therefor. Upon such amendment, the Purchaser
            shall
            review the Mortgage File delivered to it relating to the substitute Mortgage
            Loan. In the event of such a substitution, accrued interest on the substitute
            Mortgage Loan for the month in which the substitution occurs and any
            Principal
            Prepayments made thereon during such month shall be the property of the
            Purchaser and accrued interest for such month on the Mortgage Loan for
            which the
            substitution is made and any Principal Prepayments made thereon during
            such
            month shall be the property of the Company. The principal payment on
            a
            substitute Mortgage Loan due on the Due Date in the month of substitution
            shall
            be the property of the Company and the principal payment on the Mortgage
            Loan
            for which the substitution is made due on such date shall be the property
            of the
            Purchaser.

          

          It
            is
            understood and agreed that the obligation of the Company set forth in
            this
            Section 3.03 to cure, repurchase or substitute for a defective Mortgage
            Loan,
            and to indemnify Purchaser pursuant to Section 8.01, constitute the sole
            remedies of the Purchaser respecting a breach of the foregoing representations
            and warranties. If the Company fails to repurchase or substitute for
            a defective
            Mortgage Loan in accordance with this Section 3.03, or fails to cure
            a defective
            Mortgage Loan to Purchaser's reasonable satisfaction in accordance with
            this
            Section 3.03, or to indemnify Purchaser pursuant to Section 8.01, that
            failure
            shall be an Event of Default and the Purchaser shall be entitled to pursue
            all
            remedies available in this Agreement as a result thereof. No provision
            of this
            paragraph shall affect the rights of the Purchaser to terminate this
            Agreement
            for cause, as set forth in Sections 10.01 and 11.01.

          

          Any
            cause
            of action against the Company relating to or arising out of the breach
            of any
            representations and warranties made in Sections 3.01 and 3.02 shall accrue
            as to
            any Mortgage Loan upon (i) the earlier of discovery of such breach by
            the
            Company or notice thereof by the Purchaser to the Company, (ii) failure
            by the
            Company to cure such breach or repurchase such Mortgage Loan as specified
            above,
            and (iii) demand upon the Company by the Purchaser for compliance with
            this
            Agreement.

          

          Section
            3.04 Representations
            and Warranties of the Purchaser.

          

          Purchaser
            represents, warrants and covenants to Company that, as of the related
            Closing
            Date or as of such date specifically provided herein:

           

          
            	(a)  	
                    Purchaser
                      is duly organized, validly existing and in good standing under
                      the laws of
                      the State of Delaware and is qualified to transact business
                      in and is in
                      good standing under the laws of each state in which the business
                      transacted by it or the character of the properties owned or
                      leased by it
                      requires such qualification.

                  

          

          

          
            	(b)  	
                    Purchaser
                      has the full power an authority to perform, and to enter into
                      and
                      consummate, all transactions contemplated by this Agreement
                      and the
                      related Term Sheet. Purchaser has the full power and authority
                      to purchase
                      and hold each Mortgage Loan.

                  

          

          

          
            	(c)  	
                    Neither
                      the acquisition of the Mortgage Loans by Purchaser pursuant
                      to this
                      Agreement and the related Term Sheet, the consummation of the
                      transactions
                      contemplated hereby, nor the fulfillment of or the compliance
                      with the
                      terms and conditions of this Agreement and the related Term
                      Sheet, will
                      conflict with or result in a breach of any of the terms, conditions
                      or
                      provisions of the Purchaser’s charter or by-laws or result in a material
                      breach of any legal restriction or any material agreement or
                      instrument to
                      which the Purchaser is now a party or by which it is bound,
                      or constitute
                      a material default or result in an acceleration under any of
                      the
                      foregoing, or result in the violation of any material law,
                      rule,
                      regulation, order, judgment or decree to which Purchaser or
                      its property
                      is subject;

                  

          

          

          
            	(d)  	
                    There
                      is no action, suit, proceeding, investigation or litigation
                      pending or, to
                      the Purchaser’s knowledge, threatened, which either in any one instance or
                      in the aggregate, if determined adversely to Purchaser would
                      adversely
                      affect the purchase of the Mortgage Loans by Purchaser hereunder,
                      or
                      Purchaser’s ability to perform its obligations under this Agreement and
                      the related Term Sheet; and

                  

          

          

          
            	(e)  	
                    No
                      consent, approval, authorization or order of any court or governmental
                      agency or body is required for the execution, delivery and
                      performance by
                      Purchaser of or compliance by Purchaser with this Agreement
                      and the
                      related Term Sheet or the consummation of the transactions
                      contemplated by
                      this Agreement and the related Term Sheet (including, but not
                      limited to,
                      any approval from HUD), or if required, such consent, approval,
                      authorization or order has been obtained prior to the related
                      Closing
                      Date.

                  

          

          

          

          

          

          ARTICLE
            IV

          

          ADMINISTRATION
            AND SERVICING OF MORTGAGE LOANS

          

          Section
            4.01 Company
            to Act as Servicer.

          

          The
            Company, as an independent contractor, shall service and administer the
            Mortgage
            Loans in accordance with this Agreement and the related Term Sheet and
            with
            Accepted Servicing Practices, and shall have full power and authority,
            acting
            alone, to do or cause to be done any and all things in connection with
            such
            servicing and administration which the Company may deem necessary or
            desirable
            and consistent with the terms of this Agreement and the related Term
            Sheet and
            with Accepted Servicing Practices and exercise the same care that it
            customarily
            employs for its own account. Except as set forth in this Agreement and
            the
            related Term Sheet, the Company shall service the Mortgage Loans in strict
            compliance with the servicing provisions of the FNMA Guides (special
            servicing
            option), which include, but are not limited to, provisions regarding
            the
            liquidation of Mortgage Loans, the collection of Mortgage Loan payments,
            the
            payment of taxes, insurance and other charges, the maintenance of hazard
            insurance with a Qualified Insurer, the maintenance of mortgage impairment
            insurance, the maintenance of fidelity bond and errors and omissions
            insurance,
            inspections, the restoration of Mortgaged Property, the maintenance of
            Primary
            Mortgage Insurance Policies, insurance claims, the title, management
            of REO
            Property, permitted withdrawals with respect to REO Property, liquidation
            reports, and reports of foreclosures and abandonments of Mortgaged Property,
            the
            transfer of Mortgaged Property, the release of Mortgage Files, annual
            statements, and examination of records and facilities. In the event of
            any
            conflict, inconsistency or discrepancy between any of the servicing provisions
            of this Agreement and any of the servicing provisions of the Agency Guides,
            the
            provisions of this Agreement and the related Term Sheet shall control
            and be
            binding upon the Purchaser and the Company. 

          

          Consistent
            with the terms of this Agreement and the related Term Sheet, the Company
            may
            waive, modify or vary any term of any Mortgage Loan or consent to the
            postponement of any such term or in any manner grant indulgence to any
            Mortgagor
            if in the Company's reasonable and prudent determination such waiver,
            modification, postponement or indulgence is not materially adverse to
            the
            Purchaser, provided, however, that unless the Company has obtained the
            prior
            written consent of the Purchaser, the Company shall not permit any modification
            with respect to any Mortgage Loan that would change the Mortgage Interest
            Rate,
            forgive the payment of principal or interest, reduce or increase the
            outstanding
            principal balance (except for actual payments of principal) or change
            the final
            maturity date on such Mortgage Loan. In the event of any such modification
            which
            has been agreed to in writing by the Purchaser and which permits the
            deferral of
            interest or principal payments on any Mortgage Loan, the Company shall,
            on the
            Business Day immediately preceding the Remittance Date in any month in
            which any
            such principal or interest payment has been deferred, deposit in the
            Custodial
            Account from its own funds, in accordance with Section 4.04, the difference
            between (a) such month's principal and one month's interest at the Mortgage
            Loan
            Remittance Rate on the unpaid principal balance of such Mortgage Loan
            and (b)
            the amount paid by the Mortgagor. The Company shall be entitled to reimbursement
            for such advances to the same extent as for all other advances pursuant
            to
            Section 4.05. Without limiting the generality of the foregoing, the Company
            shall continue, and is hereby authorized and empowered, to prepare, execute
            and
            deliver, all instruments of satisfaction or cancellation, or of partial
            or full
            release, discharge and all other comparable instruments, with respect
            to the
            Mortgage Loans and with respect to the Mortgaged Properties. Notwithstanding
            anything herein to the contrary, the Company may not enter into a forbearance
            agreement or similar arrangement with respect to any Mortgage Loan which
            runs
            more than 180 days after the first delinquent Due Date. Any such agreement
            shall
            be approved by Purchaser and, if required, by the Primary Mortgage Insurance
            Policy issuer, if required. In no event shall Company be obligated to
            repurchase
            a Mortgage Loan due to the exercise of any Conversion Feature.

          

          In
            servicing and administering the Mortgage Loans, the Company shall employ
            Accepted Servicing Practices, giving due consideration to the Purchaser's
            reliance on the Company. Unless a different time period is stated in
            this
            Agreement, Purchaser shall be deemed to have given consent in connection
            with
            respect to a particular matter if Purchaser does not affirmatively grant
            or deny
            consent within 5 Business Days from the date Purchaser receives a written
            request for consent for such matter from Company as Company. 

           

          Section
            4.02 Collection
            of Mortgage Loan Payments.

          

          Continuously
            from the date hereof until the date each Mortgage Loan ceases to be subject
            to
            this Agreement, the Company will proceed diligently to collect all payments
            due
            under each Mortgage Loan when the same shall become due and payable and
            shall,
            to the extent such procedures shall be consistent with this Agreement,
            Accepted
            Servicing Practices, and the terms and provisions of any related Primary
            Mortgage Insurance Policy, follow such collection procedures as it follows
            with
            respect to mortgage loans comparable to the Mortgage Loans and held for
            its own
            account. 

          

          Section
            4.03 Realization
            Upon Defaulted Mortgage

          

          The
            Company shall use its best efforts, consistent with the procedures that
            the
            Company would use in servicing loans for its own account, consistent
            with
            Accepted Servicing Practices, any Primary Mortgage Insurance Policies
            and the
            best interest of Purchaser, to foreclose upon or otherwise comparably
            convert
            the ownership of properties securing such of the Mortgage Loans as come
            into and
            continue in default and as to which no satisfactory arrangements can
            be made for
            collection of delinquent payments pursuant to Section 4.01. Foreclosure
            or
            comparable proceedings shall be initiated within ninety (90) days of
            default for
            Mortgaged Properties for which no satisfactory arrangements can be made
            for
            collection of delinquent payments. The Company shall use its best efforts
            to
            realize upon defaulted Mortgage Loans in such manner as will maximize
            the
            receipt of principal and interest by the Purchaser, taking into account,
            among
            other things, the timing of foreclosure proceedings. The foregoing is
            subject to
            the provisions that, in any case in which a Mortgaged Property shall
            have
            suffered damage, the Company shall not be required to expend its own
            funds
            toward the restoration of such property unless it shall determine in
            its
            discretion (i) that such restoration will increase the proceeds of liquidation
            of the related Mortgage Loan to the Purchaser after reimbursement to
            itself for
            such expenses, and (ii) that such expenses will be recoverable by the
            Company
            through Insurance Proceeds or Liquidation Proceeds from the related Mortgaged
            Property, as contemplated in Section 4.05. Company shall obtain prior
            approval
            of Purchaser as to restoration expenses in excess of five thousand dollars
            ($5,000). The Company shall notify the Purchaser in writing of the commencement
            of foreclosure proceedings and prior to the rejection of any offer of
            reinstatement. The Company shall be responsible for all costs and expenses
            incurred by it in any such proceedings or functions; provided, however,
            that it
            shall be entitled to reimbursement thereof from the related property,
            as
            contemplated in Section 4.05. 

          

          Notwithstanding
            anything to the contrary contained herein, the Purchaser may, at the
            Purchaser's
            sole option, terminate the Company as servicer of any Mortgage Loan which
            becomes ninety (90 days or greater delinquent in payment of a scheduled
            Monthly
            Payment, without payment of any termination fee with respect thereto,
            provided
            that the Company shall on the date said termination takes effect be reimbursed
            for any unreimbursed advances of the Company's funds made pursuant to
            Section
            5.03 and any unreimbursed Servicing Advances and Servicing Fees in each
            case
            relating to the Mortgage Loan underlying such delinquent Mortgage Loan
            notwithstanding anything to the contrary set forth in Section 4.05. In
            the event
            of any such termination, the provisions of Section 11.01 hereof shall
            apply to
            said termination and the transfer of servicing responsibilities with
            respect to
            such delinquent Mortgage Loan to the Purchaser or its designee.

          

          Notwithstanding
            anything to the contrary contained herein, in connection with a foreclosure
            or
            acceptance of a deed in lieu of foreclosure, in the event the Company
            has
            reasonable cause to believe that a Mortgaged Property is contaminated
            by
            hazardous or toxic substances or wastes, or if the Purchaser otherwise
            requests
            an environmental inspection or review of such Mortgaged Property, such
            an
            inspection or review is to be conducted by a qualified inspector at the
            Purchaser's expense. Upon completion of the inspection, the Company shall
            promptly provide the Purchaser with a written report of the environmental
            inspection. After reviewing the environmental inspection report, the
            Purchaser
            shall determine how the Company shall proceed with respect to the Mortgaged
            Property. 

          

          In
            the
            event that a Mortgage Loan becomes REO Property, such property shall
            be disposed
            of by Company, with the consent of Purchaser as required pursuant to
            this
            Agreement, within two years after becoming an REO Property. Company shall
            manage, conserve, protect and operate each such REO Property for the
            certificateholders solely for the purpose of its prompt disposition and
            sale,
            and if such REO Property has been securitized, the Company shall consult
            with
            any applicable master servicer with respect to such securitization so
            that the
            foregoing will be in compliance with the applicable securitization’s structure.
            Moreover, pursuant to its efforts to sell such property, the Company
            shall
            either itself or through an agent selected by Company, protect and conserve
            such
            property in the same manner and to such an extent as is customary in
            the
            locality where such property is located. Additionally, if such REO Property
            has
            been securitized, the Company shall perform the tax withholding and reporting
            related to Sections 1445 and 6050J of the Code after consultation with
            the
            applicable master servicer for the related securitization.

          

          Section
            4.04 Establishment
            of Custodial Accounts; Deposits in
            Custodial Accounts.

          

          The
            Company 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 one or more Custodial Accounts.
            The
            Custodial Account shall be an Eligible Account. Funds deposited in the
            Custodial
            Account may be drawn on by the Company in accordance with Section 4.05.
            The
            creation of any Custodial Account shall be evidenced by a letter agreement
            in
            the form shown in Exhibit B hereto. The original of such letter agreement
            shall
            be furnished to the Purchaser on the Closing Date, and upon the request
            of any
            subsequent Purchaser.

          

          The
            Company shall deposit in the Custodial Account on a daily basis, and
            retain
            therein the following payments and collections received or made by it
            subsequent
            to the Cut-off Date, or received by it prior to the Cut-off Date but
            allocable
            to a period subsequent thereto, other than in respect of principal and
            interest
            on the Mortgage Loans due on or before the Cut-off Date:

          

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

          

          (ii)
            all
            payments on account of interest on the Mortgage Loans adjusted to the
            Mortgage
            Loan Remittance Rate;

          

          (iii)
            all
            Liquidation Proceeds;

          

          (iv)
            any
            amounts required to be deposited by the Company in connection with any
            REO
            Property pursuant to Section 4.13;

          

          (v)
            all
            Insurance Proceeds including amounts required to be deposited pursuant
            to
            Sections 4.08, 4.10 and 4.11, 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 Accepted Servicing Practices,
            the
            Mortgage Loan Documents or applicable law;

          

          (vi)
            all
            Condemnation Proceeds affecting any Mortgaged Property which are not
            released to
            the Mortgagor in accordance with the Company's normal servicing procedures,
            the
            loan documents or applicable law;

          

          (vii)
            any
            Monthly Advances;

          

          (viii)
            Intentionally Omitted;

          

          (ix)
            any
            amounts required to be deposited by the Company pursuant to Section 4.10
            in
            connection with the deductible clause in any blanket hazard insurance
            policy,
            such deposit shall be made from the Company's own funds, without reimbursement
            therefor;

          

          (x)
            any
            amounts required to be deposited in the Custodial Account pursuant to
            Section
            4.01, 4.13 or 6.02.

          

          The
            foregoing requirements for deposit in the Custodial Account shall be
            exclusive,
            it being understood and agreed that, without limiting the generality
            of the
            foregoing, payments in the nature of: amortization
            schedule fees, fees for copies of canceled escrow checks, escrow analysis
            and
            loan documents, credit verification fees, fees for property inspections
            for
            defaults and lost drafts, fees for fax copies, partial release fees,
            nsf fees,
            speed pay fees, subordination fees and wire

          Fees,
            as
            well as late
            payment charges and assumption fees, to the extent permitted by Section
            6.01,
            need not be deposited by the Company in the Custodial Account. Any interest
            paid
            on funds deposited in the Custodial Account by the depository institution
            shall
            accrue to the benefit of the Company and the Company shall be entitled
            to retain
            and withdraw such interest from the Custodial Account pursuant to Section
            4.05
            (iv).

          

          Section
            4.05 Permitted
            Withdrawals From the Custodial Account.

          

          The
            Company may, from time to time, withdraw from the Custodial Account for
            the
            following purposes:

          

          (i) to
            make
            payments to the Purchaser in the amounts and in the manner provided for
            in
            Section 5.01;

          

          (ii)
            to
            reimburse itself for Monthly Advances, the Company's right to reimburse
            itself
            pursuant to this subclause (ii) being limited to amounts received on
            the related
            Mortgage Loan which represent late collections (net of the related Servicing
            Fees) of principal and/or interest respecting which any such advance
            was made,
            it being understood that, in the case of such reimbursement, the Company's
            right
            thereto shall be prior to the rights of the Purchaser, except that, where
            the
            Company is required to repurchase a Mortgage Loan, pursuant to Section
            3.03 or
            Section 3.04, the Company's right to such reimbursement shall be subsequent
            to
            the payment to the Purchaser of the Repurchase Price pursuant to such
            Section
            and all other amounts required to be paid to the Purchaser with respect
            to such
            Mortgage Loan;

          

          (iii)
            to
            reimburse itself for unreimbursed Servicing Advances and any unpaid Servicing
            Fees, the Company's right to reimburse itself pursuant to this subclause
            (iii)
            with respect to any Mortgage Loan being limited to related proceeds from
            Liquidation Proceeds, Condemnation Proceeds and Insurance Proceeds in
            accordance
            with the relevant provisions of the FNMA Guides or as otherwise set forth
            in
            this Agreement or the related Term Sheet, it being understood that for
            those
            Mortgage Loans in foreclosure, Company shall recover for Servicing Advances
            and
            Servicing Fees through the completion of foreclosure and disposition
            of the REO
            Property; such recovery shall be made upon liquidation of the REO Property;
            

          

          (iv) to
            pay to
            itself as part of its servicing compensation (a) any interest earned
            on funds in
            the Custodial Account (all such interest to be withdrawn monthly not
            later than
            each Remittance Date), and (b) the Servicing Fee from that portion of
            any
            payment or recovery as to interest with respect to a particular Mortgage
            Loan;

          

          (v) to
            pay to
            itself with respect to each Mortgage Loan that has been repurchased pursuant
            to
            Section 3.03 or Section 3.04 all amounts received thereon and not distributed
            as
            of the date on which the related repurchase price is determined,

          

          (vi) to
            transfer funds to another Eligible Account in accordance with Section
            4.09
            hereof;

          

          (vii)to
            remove funds inadvertently placed in the Custodial Account by the Company;
            and

          

          (vi) to
            clear
            and terminate the Custodial Account upon the termination of this
            Agreement.

          

          

          Section
            4.06 Establishment
            of Escrow Accounts; Deposits in Escrow Accounts.

          

          The
            Company 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
            one or more
            Escrow Accounts. The Escrow Account shall be an Eligible Account. Funds
            deposited in the Escrow Account may be drawn on by the Company in accordance
            with Section 4.07. The creation of any Escrow Account shall be evidenced
            by a
            letter agreement in the form shown in Exhibit C. The original of such
            letter
            agreement shall be furnished to the Purchaser on the Closing Date, and
            upon
            request to any subsequent purchaser.

          

          The
            Company shall deposit in the Escrow Account or Accounts on a daily basis,
            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;

          

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

          

          (iii)all
            Servicing Advances for Mortgagors whose Escrow Payments are insufficient
            to
            cover escrow disbursements.

          

          The
            Company shall make withdrawals from the Escrow Account only to effect
            such
            payments as are required under this Agreement, and for such other purposes
            as
            shall be as set forth or in accordance with Section 4.07. The Company
            shall be
            entitled to retain any interest paid on funds deposited in the Escrow
            Account by
            the depository institution other than interest on escrowed funds required
            by law
            to be paid to the Mortgagor and, to the extent required by law, the Company
            shall pay interest on escrowed funds to the Mortgagor notwithstanding
            that the
            Escrow Account is non-interest bearing or that interest paid thereon
            is
            insufficient for such purposes.

          

          Section
            4.07 Permitted
            Withdrawals From Escrow Account.

          

          Withdrawals
            from the Escrow Account may be made by Company only:

          

          (i) to
            effect
            timely payments of ground rents, taxes, assessments, water rates, Primary
            Mortgage Insurance Policy premiums, if applicable, fire and hazard insurance
            premiums, condominium assessments and comparable items;

          

          (ii) to
            reimburse Company for any Servicing Advance made by Company with respect
            to a
            related Mortgage Loan but only from amounts received on the related Mortgage
            Loan which represent late payments or 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 Custodial 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 Company, or to the Mortgagor to the extent required by law, 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.
            As
            part of its servicing duties, the Company shall pay to the Mortgagors
            interest
            on funds in Escrow Account, to the extent required by law, 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;
            and

          

          (viii)
            to
            pay to the Mortgagors or other parties Insurance Proceeds deposited in
            accordance with Section 4.06.

          

          Section
            4.08 Payment
            of Taxes, Insurance and Other Charges; Maintenance of Primary Mortgage
            Insurance
            Policies; Collections Thereunder.

           

          With
            respect to each Mortgage Loan, the Company shall maintain accurate records
            reflecting the status of ground rents, taxes, assessments, water rates
            and other
            charges which are or may become a lien upon the Mortgaged Property and
            the
            status of primary mortgage insurance premiums and fire and hazard insurance
            coverage and 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 Company in amounts sufficient for such purposes, as allowed under
            the
            terms of the Mortgage or applicable law. To the extent that the Mortgage
            does
            not provide for Escrow Payments, the Company shall determine that any
            such
            payments are made by the Mortgagor at the time they first become due.
            The
            Company 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 advances from its own funds to effect such payments.

          

          The
            Company will maintain in full force and effect Primary Mortgage Insurance
            Policies issued by a Qualified Insurer with respect to each Mortgage
            Loan for
            which such coverage is herein required. Such coverage will be terminated
            only
            with the approval of Purchaser, or as required by applicable law or regulation;
            provided, however that any such lender paid mortgage insurance coverage
            may also
            be terminated without approval by Purchaser in the event that such coverage
            is
            terminated in accordance with the Mortgagor’s Mortgage Note, Mortgage, or any
            riders or addenda thereto. The Company will not cancel or refuse to renew
            any
            Primary Mortgage Insurance Policy in effect on the Closing Date that
            is required
            to be kept in force under this Agreement unless a replacement Primary
            Mortgage
            Insurance Policy for such canceled or nonrenewed policy is obtained from
            and
            maintained with a Qualified Insurer. The Company shall not take any action
            which
            would result in non-coverage under any applicable Primary Mortgage Insurance
            Policy of any loss which, but for the actions of the Company would have
            been
            covered thereunder. In connection with any assumption or substitution
            agreement
            entered into or to be entered into pursuant to Section 6.01, the Company
            shall
            promptly notify the insurer under the related Primary Mortgage Insurance
            Policy,
            if any, of such assumption or substitution of liability in accordance
            with the
            terms of such policy and shall take all actions which may be required
            by such
            insurer as a condition to the continuation of coverage under the Primary
            Mortgage Insurance Policy. If such Primary Mortgage Insurance Policy
            is
            terminated as a result of such assumption or substitution of liability,
            the
            Company shall obtain a replacement Primary Mortgage Insurance Policy
            as provided
            above.

          

          In
            connection with its activities as Company, the Company agrees to prepare
            and
            present, on behalf of itself and the Purchaser, claims to the insurer
            under any
            Private Mortgage Insurance Policy in a timely fashion in accordance with
            the
            terms of such Primary Mortgage Insurance Policy and, in this regard,
            to take
            such action as shall be necessary to permit recovery under any Primary
            Mortgage
            Insurance Policy respecting a defaulted Mortgage Loan. Pursuant to Section
            4.04,
            any amounts collected by the Company under any Primary Mortgage Insurance
            Policy
            shall be deposited in the Custodial Account, subject to withdrawal pursuant
            to
            Section 4.05.

          

          Section
            4.09 Transfer
            of Accounts.

          

          The
            Company may transfer the Custodial Account or the Escrow Account to a
            different
            Eligible Account from time to time. Such transfer shall be made only
            upon
            obtaining the prior written consent of the Purchaser, which consent will
            not be
            unreasonably withheld.

          

          Section
            4.10 Maintenance
            of Hazard Insurance.

          

          The
            Company shall cause to be maintained for each Mortgage Loan fire and
            hazard
            insurance with extended coverage as is acceptable to FNMA or FHLMC and
            customary
            in the area where the Mortgaged Property is located in an amount which
            is equal
            to the lesser of (i) the maximum insurable value of the improvements
            securing
            such Mortgage Loan or (ii) the greater of (a) the outstanding principal
            balance
            of the Mortgage Loan, and (b) an amount such that the proceeds thereof
            shall be
            sufficient to prevent the Mortgagor and/or the mortgagee from becoming
            a
            co-insurer. If required by the Flood Disaster Protection Act of 1973,
            as
            amended, each Mortgage Loan shall be covered by a flood insurance policy
            meeting
            the requirements of the current guidelines of the Federal Insurance
            Administration in effect with an insurance carrier acceptable to FNMA
            or FHLMC,
            in an amount representing coverage not less than the least of (i) the
            outstanding principal balance of the Mortgage Loan, (ii) the maximum
            insurable
            value of the improvements securing such Mortgage Loan or (iii) the maximum
            amount of insurance which is available under the Flood Disaster Protection
            Act
            of 1973, as amended. If at any time during the term of the Mortgage Loan,
            the
            Company determines in accordance with applicable law and pursuant to
            the FNMA
            Guides that a Mortgaged Property is located in a special flood hazard
            area and
            is not covered by flood insurance or is covered in an amount less than
            the
            amount required by the Flood Disaster Protection Act of 1973, as amended,
            the
            Company shall notify the related Mortgagor that the Mortgagor must obtain
            such
            flood insurance coverage, and if said Mortgagor fails to obtain the required
            flood insurance coverage within forty-five (45) days after such notification,
            the Company shall immediately force place the required flood insurance
            on the
            Mortgagor’s behalf. The Company shall also maintain on each REO Property, fire
            and hazard insurance with extended coverage in an amount which is at
            least equal
            to the maximum insurable value of the improvements which are a part of
            such
            property, and, to the extent required and available under the Flood Disaster
            Protection Act of 1973, as amended, flood insurance in an amount as provided
            above. Any amounts collected by the Company under any such policies other
            than
            amounts to be deposited in the Escrow Account and applied to the restoration
            or
            repair of the Mortgaged Property or REO Property, or released to the
            Mortgagor
            in accordance with Accepted Servicing Practices, shall be deposited in
            the
            Custodial Account, subject to withdrawal pursuant to Section 4.05. It
            is
            understood and agreed that no other additional insurance need be required
            by the
            Company of the Mortgagor or maintained on property acquired in respect
            of the
            Mortgage Loan, other than pursuant to this Agreement, the FNMA Guides
            or such
            applicable state or federal laws and regulations as shall at any time
            be in
            force and as shall require such additional insurance. All such policies
            shall be
            endorsed with standard mortgagee clauses with loss payable to the Company
            and
            its successors and/or assigns and shall provide for at least thirty days
            prior
            written notice of any cancellation, reduction in the amount or material
            change
            in coverage to the Company. The Company shall not interfere with the
            Mortgagor's
            freedom of choice in selecting either his insurance carrier or agent,
            provided,
            however, that the Company shall not accept any such insurance policies
            from
            insurance companies unless such companies are Qualified Insurers.

          

          Section
            4.11 Maintenance
            of Mortgage Impairment Insurance Policy.

          

          In
            the
            event that the Company shall obtain and maintain a blanket policy issued
            by an
            insurer acceptable to FNMA or FHLMC insuring against hazard losses on
            all of the
            Mortgage Loans, then, to the extent such policy provides coverage in
            an amount
            equal to the amount required pursuant to Section 4.10 and otherwise complies
            with all other requirements of Section 4.10, it shall conclusively be
            deemed to
            have satisfied its obligations as set forth in Section 4.10, it being
            understood
            and agreed that such policy may contain a deductible clause, in which
            case the
            Company shall, in the event that there shall not have been maintained
            on the
            related Mortgaged Property or REO Property a policy complying with Section
            4.10,
            and there shall have been a loss which would have been covered by such
            policy,
            deposit in the Custodial Account the amount not otherwise payable under
            the
            blanket policy because of such deductible clause. In connection with
            its
            activities as servicer of the Mortgage Loans, the Company agrees to prepare
            and
            present, on behalf of the Purchaser, claims under any such blanket policy
            in a
            timely fashion in accordance with the terms of such policy. Upon request
            of the
            Purchaser, the Company shall cause to be delivered to the Purchaser a
            certified
            true copy of such policy and shall use its best efforts to obtain a statement
            from the insurer thereunder that such policy shall in no event be terminated
            or
            materially modified without thirty days' prior written notice to the
            Purchaser.

          

          Section
            4.12 Fidelity
            Bond, Errors and Omissions Insurance.

          

          The
            Company shall maintain, at its own expense, a blanket fidelity bond and
            an
            errors and omissions insurance policy, with broad coverage with responsible
            companies on all officers, employees or other persons acting in any capacity
            with regard to the Mortgage Loan to handle funds, money, documents and
            papers
            relating to the Mortgage Loan. The Fidelity Bond shall be in the form
            of the
            Mortgage Banker's Blanket Bond and shall protect and insure the Company
            against
            losses, including forgery, theft, embezzlement and fraud of such persons.
            The
            errors and omissions insurance shall protect and insure the Company against
            losses arising out of errors and omissions and negligent acts of such
            persons.
            Such errors and omissions insurance shall also protect and insure the
            Company
            against losses in connection with the failure to maintain any insurance
            policies
            required pursuant to this Agreement and the release or satisfaction of
            a
            Mortgage Loan without having obtained payment in full of the indebtedness
            secured thereby. No provision of this Section 4.12 requiring the Fidelity
            Bond
            or errors and omissions insurance shall diminish or relieve the Company
            from its
            duties and obligations as set forth in this Agreement. The minimum coverage
            under any such bond and insurance policy shall be at least equal to the
            corresponding amounts required by FNMA in the FNMA Guide. The Company
            shall
            deliver to the Purchaser a certificate from the surety and the insurer
            as to the
            existence of the Fidelity Bond and errors and omissions insurance policy
            and
            shall obtain a statement from the surety and the insurer that such Fidelity
            Bond
            or insurance policy shall in no event be terminated or materially modified
            without thirty days' prior written notice to the Purchaser. The Company
            shall
            notify the Purchaser within thirty business days of receipt of notice
            that such
            Fidelity Bond or insurance policy will be, or has been, materially modified
            or
            terminated. The Purchaser (or any party having the status of Purchaser
            hereunder) and any subsidiary thereof and their successors or assigns
            as their
            interests may appear must be named as loss payees on the Fidelity Bond
            and as
            additional insured on the errors and omissions policy. Upon request by
            Purchaser, Company shall provide Purchaser with an insurance certificate
            certifying coverage under this Section 4.12, and will provide an update
            to such
            certificate upon request, or upon renewal or material modification of
            coverage.

          

          Section
            4.13 Title,
            Management and Disposition of REO Property.

          

          In
            the
            event that title to the Mortgaged Property is acquired in foreclosure
            or by deed
            in lieu of foreclosure, the deed or certificate of sale shall be taken
            in the
            name of the Purchaser or its designee, or in the event the Purchaser
            or its
            designee is not authorized or permitted to hold title to real property
            in the
            state where the REO Property is located, or would be adversely affected
            under
            the "doing business" or tax laws of such state by so holding title, the
            deed or
            certificate of sale shall be taken in the name of such Person or Persons
            as
            shall be consistent with an opinion of counsel obtained by the Company
            from an
            attorney duly licensed to practice law in the state where the REO Property
            is
            located. Any Person or Persons holding such title other than the Purchaser
            shall
            acknowledge in writing that such title is being held as nominee for the
            benefit
            of the Purchaser.

          

          The
            Company shall notify the Purchaser in accordance with the FNMA Guides
            of each
            acquisition of REO Property upon such acquisition, together with a copy
            of the
            drive by appraisal or brokers price opinion of the Mortgaged Property
            obtained
            in connection with such acquisition, and thereafter assume the responsibility
            for marketing such REO property in accordance with Accepted Servicing
            Practices.
            Thereafter, the Company shall continue to provide certain administrative
            services to the Purchaser relating to such REO Property as set forth
            in this
            Section 4.13. The fee for such administrative services (the “Administrative
            Fee”) shall be $1,500 to be paid upon liquidation of the REO Property. No
            Servicing Fee shall be assessed on any REO Property from and after the
            date on
            which it becomes an REO Property. 

          

          The
            Company shall, either itself or through an agent selected by the Company,
            and in
            accordance with the FNMA Guides manage, conserve, protect and operate
            each REO
            Property in the same manner that it manages, conserves, protects and
            operates
            other foreclosed property for its own account, and in the same manner
            that
            similar property in the same locality as the REO Property is managed.
            The
            Company shall cause each REO Property to be inspected promptly upon the
            acquisition of title thereto and shall cause each REO Property to be
            inspected
            at least monthly thereafter or more frequently as required by the circumstances.
            The Company shall make or cause to be made a written report of each such
            inspection. Such reports shall be retained in the Mortgage File and copies
            thereof shall be forwarded by the Company to the Purchaser at Purchaser’s
            request.

          

          The
            Company shall use its best efforts to dispose of the REO Property as
            soon as
            possible and shall sell such REO Property in any event within one year
            after
            title has been taken to such REO Property, unless the Company determines,
            and
            gives an appropriate notice to the Purchaser to such effect, that a longer
            period is necessary for the orderly liquidation of such REO Property.
            If a
            longer period than one (1) year is permitted under the foregoing sentence
            and is
            necessary to sell any REO Property, the Company shall report monthly
            to the
            Purchaser as to the progress being made in selling such REO Property.
            No REO
            Property shall be marketed for less than the Appraised Value, without
            the prior
            consent of Purchaser. No REO Property shall be sold for less than ninety
            five
            percent (95%) of its Appraised Value, without the prior consent of Purchaser.
            All requests for reimbursement of Servicing Advances shall be in accordance
            with
            the FNMA Guides. The disposition of REO Property shall be carried out
            by the
            Company at such price, and upon such terms and conditions, as the Company
            deems
            to be in the best interests of the Purchaser (subject to the above conditions).
            Company shall provide monthly reports to Purchaser in reference to the
            status of
            the marketing of the REO Properties.

          

          Notwithstanding
            anything to the contrary contained herein, the Purchaser may, at the
            Purchaser's
            sole option, terminate the Company as servicer of any such REO Property
            without
            payment of any termination fee with respect thereto, provided that the
            Company
            shall on the date said termination takes effect be reimbursed for any
            unreimbursed advances of the Company's funds made pursuant to Section
            5.03 and
            any unreimbursed Servicing Advances and Servicing Fees, in each case
            relating to
            the Mortgage Loan underlying such REO Property notwithstanding anything
            to the
            contrary set forth in Section 4.05, and, only to the extent the related
            REO
            Property was not liquidated prior to Company’s termination, any Administrative
            Fee prorated based on the following ratio: (1) the total number of months
            the
            Company serviced it as REO Property to (2) the total number of months
            from
            completion of foreclosure to completion of liquidation of the REO Property.
            In
            the event of any such termination, the provisions of Section 11.01 hereof
            shall
            apply to said termination and the transfer of servicing responsibilities
            with
            respect to such REO Property to the Purchaser or its designee.

          

          Section
            4.14 Notification
            of Maturity Date.

          

          With
            respect to each Mortgage Loan, the Company shall execute and deliver
            to the
            Mortgagor any and all necessary notices required under applicable law
            and the
            terms of the related Mortgage Note and Mortgage regarding the maturity
            date if
            required under applicable law.

          

          

          
            
              
              

            

            
              
              

              
                

              

            

            
              
              

            

          

          

          ARTICLE
            V

          

          PAYMENTS
            TO THE PURCHASER

          

          Section
            5.01 Distributions.

          

          On
            each
            Remittance Date, the Company shall distribute by wire transfer of immediately
            available funds to the Purchaser (i) all amounts credited to the Custodial
            Account as of the close of business on the preceding Determination Date,
            net of
            charges against or withdrawals from the Custodial Account pursuant to
            Section
            4.05, plus (ii) all Monthly Advances, if any, which the Company is obligated
            to
            distribute pursuant to Section 5.03, plus, (iii) interest at the Mortgage
            Loan
            Remittance Rate on any Principal Prepayment from the date of such Principal
            Prepayment through the end of the month for which disbursement is made
            provided
            that the Company’s obligation as to payment of such interest shall be limited to
            the Servicing Fee earned during the month of the distribution, minus
            (iv) any
            amounts attributable to Monthly Payments collected but due on a Due Date
            or
            Dates subsequent to the preceding Determination Date, which amounts shall
            be
            remitted on the Remittance Date next succeeding the Due Period for such
            amounts.
            It is understood that, by operation of Section 4.04, the remittance on
            the first
            Remittance Date with respect to Mortgage Loans purchased pursuant to
            the related
            Term Sheet is to include principal collected after the related Cut-off
            Date
            through the preceding Determination Date plus interest, adjusted to the
            Mortgage
            Loan Remittance Rate collected through such Determination Date exclusive
            of any
            portion thereof allocable to the period prior to the related Cut-off
            Date, with
            the adjustments specified in clauses (ii), (iii) and (iv) above.

          

          With
            respect to any remittance received by the Purchaser after the Remittance
            Date,
            the Company shall pay to the Purchaser interest on any such late payment
            at an
            annual rate equal to the Prime Rate, adjusted as of the date of each
            change,
            plus three percentage points, but in no event greater than the maximum
            amount
            permitted by applicable law. Such interest shall cover the period commencing
            with the day following the Business Day such payment was due and ending
            with the
            Business Day on which such payment is made to the Purchaser, both inclusive.
            The
            payment by the Company of any such interest shall not be deemed an extension
            of
            time for payment or a waiver of any Event of Default by the
            Company.

          

          Section
            5.02 Statements
            to the Purchaser.

          

          The
            Company shall furnish to Purchaser an individual loan accounting report,
            as of
            the last Business Day of each month, in the Company's assigned loan number
            order
            to document Mortgage Loan payment activity on an individual Mortgage
            Loan basis.
            With respect to each month, the corresponding individual loan accounting
            report
            shall be received by the Purchaser no later than the fifth Business Day
            of the
            following month on a disk or tape or other computer-readable format in
            such
            format as may be mutually agreed upon by both Purchaser and Company,
            and no
            later than the fifth Business Day of the following month in hard copy,
            which
            report, in hard copy, shall contain the following:

          

          (i)
            With
            respect to each Monthly Payment, the amount of such remittance allocable
            to
            principal (including a separate breakdown of any Principal Prepayment,
            including
            the date of such prepayment, and any prepayment penalties or premiums,
            along
            with a detailed report of interest on principal prepayment amounts remitted
            in
            accordance with Section 4.04);

          

          (ii)
            with
            respect to each Monthly Payment, the amount of such remittance allocable
            to
            interest;

          

          (iii)
            the
            amount of servicing compensation received by the Company during the prior
            distribution period;

          

          (iv)
            the
            aggregate Stated Principal Balance of the Mortgage Loans;

          

          (v)
            the
            aggregate of any expenses reimbursed to the Company during the prior
            distribution period pursuant to Section 4.05; 

          

          (vi)
            The
            number and aggregate outstanding principal balances of Mortgage Loans
            (a)
            delinquent (1) 30 to 59 days, (2) 60 to 89 days, (3) 90 days or more;
            (b) as to
            which foreclosure has commenced; and (c) as to which REO Property has
            been
            acquired; and

          

          The
            Company shall also provide a trial balance, sorted in Purchaser's assigned
            loan
            number order with each such Report.

          

          The
            Company shall prepare and file any and all information statements or
            other
            filings required to be delivered to any governmental taxing authority
            pursuant
            to any applicable law with respect to the Mortgage Loans and the transactions
            contemplated hereby. In addition, the Company
            shall provide Purchaser with such information concerning the Mortgage
            Loans as
            is necessary for Purchaser to prepare its federal income tax return as
            Purchaser
            may reasonably request from time to time.

          

          Section
            5.03 Monthly
            Advances by the Company.

          

          Not
            later
            than the close of business on the Business Day preceding each Remittance
            Date,
            the Company shall deposit in the Custodial Account an amount equal to
            all
            payments not previously advanced by the Company, whether or not deferred
            pursuant to Section 4.01, of principal (due after the Cut-off Date) and
            interest
            not allocable to the period prior to the Cut-off Date, adjusted to the
            Mortgage
            Loan Remittance Rate, which were due on a Mortgage Loan and delinquent
            at the
            close of business on the related Determination Date.

          

          The
            Company's obligation to make such Monthly Advances as to any Mortgage
            Loan will
            continue through the last Monthly Payment due prior to the payment in
            full of
            the Mortgage Loan, or through the Remittance Date prior to the date on
            which the
            Mortgaged Property liquidates (including Insurance Proceeds, proceeds
            from the
            sale of REO Property or Condemnation Proceeds) with respect to the Mortgage
            Loan
            unless the Company deems such advance to be nonrecoverable. In such event,
            the
            Company shall deliver to the Purchaser an Officer's Certificate of the
            Company
            to the effect that an officer of the Company has reviewed the related
            Mortgage
            File and has made the reasonable determination that any additional advances
            are
            nonrecoverable. 

          

          Section
            5.04 Liquidation
            Reports.

          

          Upon
            the
            foreclosure sale of any Mortgaged Property or the acquisition thereof
            by the
            Purchaser pursuant to a deed-in-lieu of foreclosure, the Company shall
            submit to
            the Purchaser a liquidation report with respect to such Mortgaged Property
            in a
            form mutually acceptable to Company and Purchaser. The Company shall
            also
            provide reports on the status of REO Property containing such information
            as
            Purchaser may reasonably require.

           

          
 

          

          ARTICLE
            VI

          

          GENERAL
            SERVICING PROCEDURES

          

          Section
            6.01 Assumption
            Agreements.

          

          The
            Company will, to the extent it has knowledge of any conveyance or prospective
            conveyance by any Mortgagor of the Mortgaged Property (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 any "due-on-sale"
            clause to the extent permitted by law; provided, however, that the Company
            shall
            not exercise any such rights if prohibited by law or the terms of the Mortgage
            Note from doing so or if the exercise of such rights would impair or
            threaten to
            impair any recovery under the related Primary Mortgage Insurance Policy,
            if any.
            If the Company reasonably believes it is unable under applicable law
            to enforce
            such "due-on-sale" clause, the Company, with the approval of the Purchaser
            (such
            approval not to be unreasonably withheld), will enter into an assumption
            agreement with the person to whom the Mortgaged 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. Where an assumption is allowed pursuant
            to
            this Section 6.01, the Company, with the prior consent of the Purchaser
            and the
            primary mortgage insurer, if any, is authorized to enter into a substitution
            of
            liability agreement with the person to whom the Mortgaged Property has
            been
            conveyed or is proposed to be conveyed pursuant to which the original
            mortgagor
            is released from liability and such Person is substituted as mortgagor
            and
            becomes liable under the related Mortgage Note. Any such substitution
            of
            liability agreement shall be in lieu of an assumption agreement. Purchaser
            shall
            be deemed to have consented to any assumption for which Purchaser was
            given
            notification and requested to consent, but for which neither a consent
            nor an
            objection was given by Purchaser within five Business Days of such notification.
            

          

          In
            connection with any such assumption or substitution of liability, the
            Company
            shall follow the underwriting practices and procedures of the FNMA Guides.
            With
            respect to an assumption or substitution of liability, the Mortgage Interest
            Rate borne by the related Mortgage Note, the amount of the Monthly Payment
            and
            the maturity date may not be changed (except pursuant to the terms of
            the
            Mortgage Note). If the credit of the proposed transferee does not meet
            such
            underwriting criteria, the Company diligently shall, to the extent permitted
            by
            the Mortgage or the Mortgage Note and by applicable law, accelerate the
            maturity
            of the Mortgage Loan. The Company shall notify the Purchaser that any
            such
            substitution of liability or assumption agreement has been completed
            by
            forwarding to the Purchaser the original of any such substitution of
            liability
            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. All fees collected by the Company for entering into an assumption
            or
            substitution of liability agreement shall belong to the Company.

          

          Notwithstanding
            the foregoing paragraphs of this Section or any other provision of this
            Agreement, the Company 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 any assumption which the Company may be restricted
            by law from preventing, for any reason whatsoever. For purposes of this
            Section
            6.01, 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
            6.02 Satisfaction
            of Mortgages and Release of Mortgage Files.

          

          Upon
            the
            payment in full of any Mortgage Loan, or the receipt by the Company of
            a
            notification that payment in full will be escrowed in a manner customary
            for
            such purposes, the Company will immediately notify the Purchaser by a
            certification, 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 Custodial Account pursuant to Section
            4.04 have
            been or will be so deposited, of a Servicing Officer and shall request
            delivery
            to it of the portion of the Mortgage File held by the Purchaser. The
            Purchaser
            shall no later than five Business Days after receipt of such certification
            and
            request, release or cause to be released to the Company, the related
            Mortgage
            Loan Documents and, upon its receipt of such documents, the Company shall
            promptly prepare and deliver to the Purchaser the requisite satisfaction
            or
            release. No later than three Business Days following its receipt of such
            satisfaction or release, the Purchaser shall deliver, or cause to be
            delivered,
            to the Company the release or satisfaction properly executed by the owner
            of
            record of the applicable mortgage or its duly appointed attorney in fact.
            No
            expense incurred in connection with any instrument of satisfaction or
            deed of
            reconveyance shall be chargeable to the Custodial Account.

          

          In
            the
            event the Company satisfies or releases a Mortgage without having obtained
            payment in full of the indebtedness secured by the Mortgage or should
            it
            otherwise prejudice any right the Purchaser may have under the mortgage
            instruments, the Company, upon written demand, shall remit within two
            Business
            Days to the Purchaser the then outstanding principal balance of the related
            Mortgage Loan by deposit thereof in the Custodial Account. The Company
            shall
            maintain the Fidelity Bond and errors and omissions insurance insuring
            the
            Company against any loss it may sustain with respect to any Mortgage
            Loan not
            satisfied in accordance with the procedures set forth herein.

          

          From
            time
            to time and as appropriate for the servicing or foreclosure of the Mortgage
            Loan, including for the purpose of collection under any Primary Mortgage
            Insurance Policy, the Purchaser shall, upon request of the Company and
            delivery
            to the Purchaser of a servicing receipt signed by a Servicing Officer,
            release
            the portion of the Mortgage File held by the Purchaser to the Company.
            Such
            servicing receipt shall obligate the Company to return the related Mortgage
            documents to the Purchaser when the need therefor by the Company no longer
            exists, unless the Mortgage Loan has been liquidated and the Liquidation
            Proceeds relating to the Mortgage Loan have been deposited in the Custodial
            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
            Company
            has delivered to the Purchaser 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, the servicing receipt shall be released by the Purchaser
            to the
            Company.

          

          Section
            6.03 Servicing
            Compensation.

          

          As
            compensation for its services hereunder, the Company shall be entitled
            to
            withdraw from the Custodial Account (to the extent of interest payments
            collected on the Mortgage Loans) or to retain from interest payments
            collected
            on the Mortgage Loans, the amounts provided for as the Company's Servicing
            Fee,
            subject to payment of compensating interest on Principal Prepayments
            as capped
            by the Servicing Fee pursuant to Section 5.01 (iii). Additional servicing
            compensation in the form of assumption fees, as provided in Section 6.01,
            and
            late payment charges and other ancillary fees shall be retained by the
            Company
            to the extent not required to be deposited in the Custodial Account.
            No
            Servicing Fee shall be payable in connection with partial Monthly Payments.
            The
            Company shall be required to pay all expenses incurred by it in connection
            with
            its servicing activities hereunder and shall not be entitled to reimbursement
            therefor except as specifically provided for.

          

          Section
            6.04 Annual
            Statement as to Compliance.

          

          The
            Company will deliver to the Purchaser as of September 30th of each year,
            beginning with 2001, an Officers' Certificate stating, as to each signatory
            thereof, that (i) a review of the activities of the Company during the
            preceding
            fiscal 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 Company has fulfilled all of its obligations under
            this
            Agreement throughout such year, or, if there has been a default in the
            fulfillment of any such obligation, specifying each such default known
            to such
            officers and the nature and status of cure provisions thereof. Copies
            of such
            statement shall be provided by the Company to the Purchaser upon
            request.

          

          Section
            6.05 Annual
            Independent Certified Public Accountants' Servicing Report.

          

          Within
            one hundred twenty (120) days of Company's fiscal year end the Company
            at its
            expense shall cause a firm of independent public accountants which is
            a member
            of the American Institute of Certified Public Accountants to furnish
            a statement
            to the Purchaser to the effect that such firm has examined certain documents
            and
            records relating to the Company's servicing of mortgage loans of the
            same type
            as the Mortgage Loans pursuant to servicing agreements substantially
            similar to
            this Agreement, which agreements may include this Agreement, and that,
            on the
            basis of such an examination, conducted substantially in the uniform
            single
            audit program for mortgage bankers, such firm is of the opinion that
            the
            Company's servicing has been conducted in compliance with the agreements
            examined pursuant to this Section 6.05, except for (i) such exceptions
            as such
            firm shall believe to be immaterial, and (ii) such other exceptions as
            shall be
            set forth in such statement. Copies of such statement shall be provided
            by the
            Company to the Purchaser. In addition, on an annual basis, Company shall
            provided Purchaser with copies of its audited financial statements upon
            execution by Purchaser of an agreement to keep confidential the contents
            of such
            financial statements.

          

          Section
            6.06 Purchaser's
            Right to Examine Company Records.

          

          The
            Purchaser shall have the right to examine and audit upon reasonable notice
            to
            the Company, during business hours or at such other times as might be
            reasonable
            under applicable circumstances, any and all of the books, records, documentation
            or other information of the Company, or held by another for the Company
            or on
            its behalf or otherwise, which relates to the performance or observance
            by the
            Company of the terms, covenants or conditions of this Agreement.

          

          The
            Company shall provide to the Purchaser and any supervisory agents or
            examiners
            representing a state or federal governmental agency having jurisdiction
            over the
            Purchaser, including but not limited to OTS, FDIC and other similar entities,
            access to any documentation regarding the Mortgage Loans in the possession
            of
            the Company which may be required by any applicable regulations. Such
            access
            shall be afforded without charge, upon reasonable request, during normal
            business hours and at the offices of the Company, and in accordance with
            the
            federal government, FDIC, OTS, or any other similar regulations.

           

          
 

          ARTICLE
            VII

          

          REPORTS
            TO BE PREPARED BY COMPANY

          

          Section
            7.01 Company
            Shall Provide Information as Reasonably Required.

          

          The
            Company shall furnish to the Purchaser during the term of this Agreement,
            such
            periodic, special or other reports, information or documentation, whether
            or not
            provided for herein, as shall be necessary, reasonable or appropriate
            in respect
            to the Purchaser, or otherwise in respect to the Mortgage Loans and the
            performance of the Company under this Agreement, including any reports,
            information or documentation reasonably required to comply with any regulations
            regarding any supervisory agents or examiners of the Purchaser all such
            reports
            or information to be as provided by and in accordance with such applicable
            instructions and directions as the Purchaser may reasonably request in
            relation
            to this Agreement or the performance of the Company under this Agreement.
            The
            Company agrees to execute and deliver all such instruments and take all
            such
            action as the Purchaser, from time to time, may reasonably request in
            order to
            effectuate the purpose and to carry out the terms of this
            Agreement.

          

          In
            connection with marketing the Mortgage Loans, the Purchaser may make
            available
            to a prospective purchaser audited financial statements of the Company
            for the
            most recently completed two (2) fiscal years for which such statements
            are
            available, as well as a Consolidated Statement of Condition at the end
            of the
            last two (2) fiscal years covered by any Consolidated Statement of Operations.
            If it has not already done so, the Company shall furnish promptly to
            the
            Purchaser or a prospective purchaser copies of the statements specified
            above;
            provided, however, that prior to furnishing such statements or information
            to
            any prospective purchaser, the Company may require such prospective purchaser
            to
            execute a confidentiality agreement in a form satisfactory to the
            Company.

          

          The
            Company shall make reasonably available to the Purchaser or any prospective
            Purchaser a knowledgeable financial or accounting officer for the purpose
            of
            answering questions and to permit any prospective purchaser to inspect
            the
            Company’s servicing facilities for the purpose of satisfying such prospective
            purchaser that the Company has the ability to service the Mortgage Loans
            as
            provided in this Agreement.

          

           

          
 

          ARTICLE
            VIII

          

          THE
            COMPANY

          

          Section
            8.01 Indemnification;
            Third Party Claims.

          

          The
            Company agrees to indemnify the Purchaser and hold it harmless against
            any and
            all claims, losses, damages, penalties, fines, forfeitures, legal fees
            and
            related costs, judgments, and any other costs, fees and expenses that
            the
            Purchaser may sustain in any way related to the failure of the Company
            to
            observe and perform its duties, obligations, covenants, and agreements
            to
            service the Mortgage Loans in strict compliance with the terms of this
            Agreement. The Company agrees to indemnify the Purchaser and hold it
            harmless
            against any and all claims, losses, damages, penalties, fines, forfeitures,
            legal fees and related costs, judgments, and any other costs, fees and
            expenses
            that the Purchaser may sustain in any way related to the breach of a
            representation or warranty set forth in Sections 3.01 or 3.02 of this
            Agreement.
            The Company shall immediately notify the Purchaser if a claim is made
            by a third
            party against Company with respect to this Agreement or the Mortgage
            Loans,
            assume (with the consent of the Purchaser) the defense of any such claim
            and pay
            all expenses in connection therewith, including counsel fees, whether
            or not
            such claim is settled prior to judgment, and promptly pay, discharge
            and satisfy
            any judgment or decree which may be entered against it or the Purchaser
            in
            respect of such claim. The Company shall follow any reasonable written
            instructions received from the Purchaser in connection with such claim.
            The
            Purchaser shall promptly reimburse the Company for all amounts advanced
            by it
            pursuant to the two preceding sentences except when the claim relates
            to the
            failure of the Company to service and administer the Mortgages in strict
            compliance with the terms of this Agreement, the breach of representation
            or
            warranty set forth in Sections 3.01 or 3.02, or the gross negligence,
            bad faith
            or willful misconduct of Company. The provisions of this Section 8.01
            shall
            survive termination of this Agreement.

          

          Section
            8.02 Merger
            or Consolidation of the Company.

          

          Unless
            the Purchaser is notified in writing that the Company intends to change
            its
            status as a federal savings bank (such notice shall be given by the Company
            to
            Purchaser one month prior to such change), the Company will keep in full
            effect
            its existence, rights and franchises as a federal savings bank under
            federal law
            except as permitted herein, and will obtain and preserve its qualification
            to do
            business as a foreign corporation in each jurisdiction in which such
            qualification is or shall be necessary to protect the validity and
            enforceability of this Agreement, or any of the Mortgage Loans and to
            perform
            its duties under this Agreement.

          

          Any
            Person into which the Company may be merged or consolidated, or any corporation
            resulting from any merger, conversion or consolidation to which the Company
            shall be a party, or any Person succeeding to the business of the Company
            whether or not related to loan servicing, shall be the successor of the
            Company
            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
            shall
            be an institution (i) having a GAAP net worth of not less than $25,000,000,
            (ii)
            the deposits of which are insured by the FDIC, SAIF and/or BIF, or which
            is a
            HUD-approved mortgagee whose primary business is in origination and servicing
            of
            first lien mortgage loans, and (iii) who is a FNMA or FHLMC approved
            Seller/Servicer in good standing.

          

          Section
            8.03 Limitation
            on Liability of the Company and Others.

          

          Neither
            the Company nor any of the officers, employees or agents of the Company
            shall be
            under any liability to the Purchaser 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 made in good faith; provided, however, that this provision
            shall not
            protect the Company against any breach of warranties or representations
            made
            herein, or failure to perform its obligations in strict compliance with
            any
            standard of care set forth in this Agreement, or any liability which
            would
            otherwise be imposed by reason of negligence, bad faith or willful misconduct,
            or any breach of the terms and conditions of this Agreement. The Company
            and any
            officer, employee or agent of the Company may rely in good faith on any
            document
            of any kind prima facie properly executed and submitted by the Purchaser
            respecting any matters arising hereunder. The Company shall not be under
            any
            obligation to appear in, prosecute or defend any legal action which is
            not
            incidental to its duties to service the Mortgage Loans in accordance
            with this
            Agreement and which in its reasonable opinion may involve it in any expenses
            or
            liability; provided, however, that the Company may, with the consent
            of the
            Purchaser, undertake any such action which it may deem necessary or desirable
            in
            respect to this Agreement and the rights and duties of the parties hereto.
            In
            such event, the reasonable legal expenses and costs of such action and
            any
            liability resulting therefrom shall be expenses, costs and liabilities
            for which
            the Purchaser will be liable, and the Company shall be entitled to be
            reimbursed
            therefor from the Purchaser upon written demand.

          

          Section
            8.04 Company
            Not to Assign or Resign.

          

          The
            Company shall not assign this Agreement or resign from the obligations
            and
            duties hereby imposed on it except by mutual consent of the Company and
            the
            Purchaser or upon the determination that its duties hereunder are no
            longer
            permissible under applicable law and such incapacity cannot be cured
            by the
            Company. Any such determination permitting the resignation of the Company
            shall
            be evidenced by an Opinion of Counsel to such effect delivered to the
            Purchaser
            which Opinion of Counsel shall be in form and substance acceptable to
            the
            Purchaser. No such resignation shall become effective until a successor
            shall
            have assumed the Company's responsibilities and obligations hereunder
            in the
            manner provided in Section 11.01.

          

          Section
            8.05 No
            Transfer of Servicing.

          

          With
            respect to the retention of the Company to service the Mortgage Loans
            hereunder,
            the Company acknowledges that the Purchaser has acted in reliance upon
            the
            Company's independent status, the adequacy of its servicing facilities,
            plan,
            personnel, records and procedures, its integrity, reputation and financial
            standing and the continuance thereof. Without in any way limiting the
            generality
            of this Section, the Company shall not either assign this Agreement or
            the
            servicing hereunder or delegate its rights or duties hereunder or any
            portion
            thereof, or sell or otherwise dispose of all or substantially all of
            its
            property or assets, without the prior written approval of the Purchaser,
            which
            consent shall be granted or withheld in the Purchaser's sole
            discretion.

          

          Without
            in any way limiting the generality of this Section 8.05, in the event
            that the
            Company either shall assign this Agreement or the servicing responsibilities
            hereunder or delegate its duties hereunder or any portion thereof without
            (i)
            satisfying the requirements set forth herein or (ii) the prior written
            consent
            of the Purchaser, then the Purchaser shall have the right to terminate
            this
            Agreement as set forth in Section 10.02, without any payment of any penalty
            or
            damages and without any liability whatsoever to the Company (other than
            with
            respect to accrued but unpaid Servicing Fees and Servicing Advances remaining
            unpaid) or any third party. 

           

          
 

          ARTICLE
            IX

          

          DEFAULT

          

          Section
            9.01 Events
            of Default.

          

          In
            case
            one or more of the following Events of Default by the Company shall occur
            and be
            continuing, that is to say:

          

          (i)
            any
            failure by the Company to remit to the Purchaser any payment required
            to be made
            under the terms of this Agreement which continues unremedied for a period
            of two
            Business Days after the earlier of the date upon which written notice
            of such
            failure, requiring the same to be remedied, shall have been given to
            the Company
            by the Purchaser or the date upon which such non-payment is discovered
            by
            Company; or

          

          (ii)
            failure on the part of the Company duly to observe or perform in any
            material
            respect any other of the covenants or agreements on the part of the Company
            set
            forth in this Agreement which continues unremedied for a period of thirty
            days
            (except that such number of days shall be fifteen in the case of a failure
            to
            pay any premium for any insurance policy required to be maintained under
            this
            Agreement) after the date on which written notice of such failure, requiring
            the
            same to be remedied, shall have been given to the Company by the Purchaser;
            or

          

          (iii)
            a
            decree or order of a court or agency or supervisory authority having
            jurisdiction for the appointment of a conservator or receiver or liquidator
            in
            any insolvency, bankruptcy, readjustment of debt, marshalling of assets
            and
            liabilities or similar proceedings, or for the winding-up or liquidation
            of its
            affairs, shall have been entered against the Company and such decree
            or order
            shall have remained in force undischarged or unstayed for a period of
            sixty
            days; or

          

          (iv)
            the
            Company shall consent to the appointment of a conservator or receiver
            or
            liquidator in any insolvency, bankruptcy, readjustment of debt, marshalling
            of
            assets and liabilities or similar proceedings of or relating to the Company
            or
            of or relating to all or substantially all of its property; or

          

          (v)
            the
            Company 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)
            Company ceases to be approved by both FNMA and FHLMC as a mortgage loan
            Company
            and Company for more than thirty days; or

          

          (vii)
            the
            Company attempts to assign its right to servicing compensation hereunder
            or the
            Company attempts, without the consent of the Purchaser, to sell or otherwise
            dispose of all or substantially all of its property or assets or to assign
            this
            Agreement or the servicing responsibilities hereunder or to delegate
            its duties
            hereunder or any portion thereof; or

          

          (viii)
            the Company ceases to be (a) licensed to service first lien residential
            mortgage
            loans in any jurisdiction in which a Mortgaged Property is located and
            such
            licensing is required, and (b) qualified to transact business in any
            jurisdiction where it is currently so qualified, but only to the extent
            such
            non-qualification materially and adversely affects the Company's ability
            to
            perform its obligations hereunder; or

          

          (ix)
            the
            Company fails to meet the eligibility criteria set forth in the last
            sentence of
            Section 8.02.

          

          Then,
            and
            in each and every such case, so long as an Event of Default shall not
            have been
            remedied, the Purchaser, by notice in writing to the Company may, in
            addition to
            whatever rights the Purchaser may have under Sections 3.03 and 8.01 and
            at law
            or equity or to damages, including injunctive relief and specific performance,
            terminate all the rights and obligations of the Company under this Agreement
            and
            in and to the Mortgage Loans and the proceeds thereof without compensating
            the
            Company for the same. On or after the receipt by the Company of such
            written
            notice, all authority and power of the Company under this Agreement,
            whether
            with respect to the Mortgage Loans or otherwise, shall pass to and be
            vested in
            the successor appointed pursuant to Section 11.01. Upon written request
            from the
            Purchaser, the Company shall prepare, execute and deliver, any and all
            documents
            and other instruments, place in such successor's possession all Mortgage
            Files,
            and do or accomplish all other acts or things necessary or appropriate
            to effect
            the purposes of such notice of termination, whether to complete the transfer
            and
            endorsement or assignment of the Mortgage Loans and related documents,
            or
            otherwise, at the Company's sole expense. The Company agrees to cooperate
            with
            the Purchaser and such successor in effecting the termination of the
            Company's
            responsibilities and rights hereunder, including, without limitation,
            the
            transfer to such successor for administration by it of all cash amounts
            which
            shall at the time be credited by the Company to the Custodial Account
            or Escrow
            Account or thereafter received with respect to the Mortgage Loans or
            any REO
            Property.

          

          Section
            9.02 Waiver
            of Defaults.

          

          The
            Purchaser may waive only by written notice any default by the Company
            in the
            performance of its obligations hereunder and its consequences. Upon any
            such
            waiver of a past default, such default shall cease to exist, and any
            Event of
            Default arising therefrom shall be deemed to have been remedied for every
            purpose of this Agreement. No such waiver shall extend to any subsequent
            or
            other default or impair any right consequent thereon except to the extent
            expressly so waived in writing.

           

          
 

          ARTICLE
            X

          

          TERMINATION

          

          Section
            10.01 Termination.

           

          The
            respective obligations and responsibilities of the Company shall terminate
            upon:
            (i) the later of the final payment or other liquidation (or any advance
            with
            respect thereto) of the last Mortgage Loan or the disposition of all
            REO
            Property and the remittance of all funds due hereunder; or (ii) by mutual
            consent of the Company and the Purchaser in writing; or (iii) termination
            with
            or without cause under the terms of this Agreement.

          

          Section
            10.02 Termination
            Without Cause.

          

          The
            Purchaser may, at its sole option, terminate any rights the Company may
            have
            hereunder, without cause, upon no less than 90 days written notice. Any
            such
            notice of termination shall be in writing and delivered to the Company
            as
            provided in Section 11.05 of this Agreement. In the event of such termination,
            the Purchaser agrees to pay, as liquidated damages, a sum equal to three
            percent
            (3.0%) of the aggregate unpaid principal balance of the Mortgage
            Loans.

           

          
 

          ARTICLE
            XI

          

          MISCELLANEOUS
            PROVISIONS

          

          Section
            11.01 Successor
            to the Company.

          

          Prior
            to
            termination of Company's responsibilities and duties under this Agreement
            pursuant to Sections 4.13, 8.04, 9.01, 10.01 (ii) or (iii) or 10.02,
            the
            Purchaser shall (i) succeed to and assume all of the Company's responsibilities,
            rights, duties and obligations under this Agreement, or (ii) appoint
            a successor
            having the characteristics set forth in Section 8.02 hereof and which
            shall
            succeed to all rights and assume all of the responsibilities, duties
            and
            liabilities of the Company under this Agreement prior to the termination
            of
            Company's responsibilities, duties and liabilities under this Agreement.
            In
            connection with such appointment and assumption, the Purchaser may make
            such
            arrangements for the compensation of such successor out of payments on
            Mortgage
            Loans as the Purchaser and such successor shall agree. In the event that
            the
            Company's duties, responsibilities and liabilities under this Agreement
            should
            be terminated pursuant to the aforementioned Sections, the Company shall
            discharge such duties and responsibilities during the period from the
            date it
            acquires knowledge of such termination until the effective date thereof
            with the
            same degree of diligence and prudence which it is obligated to exercise
            under
            this Agreement, and shall take no action whatsoever that might impair
            or
            prejudice the rights or financial condition of its successor. The Company
            shall
            be compensated in accordance with this Agreement up until the effective
            date of
            its termination or resignation. The resignation or removal of Company
            pursuant
            to the aforementioned Sections shall not become effective until a successor
            shall be appointed pursuant to this Section and shall in no event relieve
            the
            Company of the representations and warranties made pursuant to Sections
            3.01,
            3.02 and 3.03 and the remedies available to the Purchaser thereunder
            and under
            Section 8.01, it being understood and agreed that the provisions of such
            Sections 3.01, 3.02, 3.03 and 8.01 shall be applicable to the Company
            notwithstanding any such resignation or termination of the Company, or
            the
            termination of this Agreement.

          

          Any
            successor appointed as provided herein shall execute, acknowledge and
            deliver to
            the Company and to the Purchaser an instrument accepting such appointment,
            whereupon such successor shall become fully vested with all the rights,
            powers,
            duties, responsibilities, obligations and liabilities of the Company,
            with like
            effect as if originally named as a party to this Agreement. Any termination
            or
            resignation of the Company or this Agreement pursuant to Section 4.13,
            8.04,
            9.01, 10.01, or 10.02 shall not affect any claims that the Purchaser
            may have
            against the Company arising prior to any such termination or
            resignation.

          

          The
            Company shall promptly deliver to the successor the funds in the Custodial
            Account and the Escrow Account and the Mortgage Files and related documents
            and
            statements held by it hereunder and the Company shall account for all
            funds. The
            Company shall execute and deliver such instruments and do such other
            things all
            as may reasonably be required to more fully and definitely vest and confirm
            in
            the successor all such rights, powers, duties, responsibilities, obligations
            and
            liabilities of the Company. The successor shall make arrangements as
            it may deem
            appropriate to reimburse the Company for unrecovered Servicing Advances
            which
            the successor retains hereunder and which would otherwise have been recovered
            by
            the Company pursuant to this Agreement but for the appointment of the
            successor
            Company.

          

          Upon
            a
            successor's acceptance of appointment as such, the Company shall notify
            by mail
            the Purchaser of such appointment.

          

          Section
            11.02 Amendment.

          

          This
            Agreement and the related Term Sheet may be amended from time to time
            by the
            Company and the Purchaser only by written agreement signed by the Company
            and
            the Purchaser.

          

          Section
            11.03 Recordation
            of Agreement.

          

          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 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 Company at the Company's
            expense on direction of the Purchaser accompanied by an opinion of counsel
            to
            the effect that such recordation materially and beneficially affects
            the
            interest of the Purchaser or is necessary for the administration or servicing
            of
            the Mortgage Loans.

          

          Section
            11.04 Governing
            Law.

          

          This
            Agreement shall be governed by and construed in accordance with the laws
            of the
            State of New York except to the extent preempted by Federal law. The
            obligations, rights and remedies of the parties hereunder shall be determined
            in
            accordance with such laws.

          

          Section
            11.05 Notices.

          

          Any
            demands, notices or other communications permitted or required hereunder
            shall
            be in writing and shall be deemed conclusively to have been given if
            personally
            delivered at or mailed by registered mail, postage prepaid, and return
            receipt
            requested or certified mail, return receipt requested, or transmitted
            by telex,
            telegraph or telecopier and confirmed by a similar mailed writing, as
            follows:

          

          (i)           
            if
            to the
            Company:

          Chevy
            Chase Bank, F.S.B.

          7501
            Wisconsin Avenue, West Tower, 6th
            Floor

          Bethesda,
            MD 20814

          Attention:
            Michael Drayne

           

          With
            copy
            to: 

          Keith
            McLendon, Esq.

          Deputy
            General Counsel

          7501
            Wisconsin Avenue, West Tower, 13th
            Floor

          Bethesda,
            MD 20814 

          

          and:

          

          Vicki
            Parry

          Loan
            Servicing Manager

          6151
            Chevy Chase Drive

          Laurel,
            MD 20707

          

          

          (ii)          
            if
            to the
            Purchaser:

          EMC
            Mortgage Corporation

          Mac
            Arthur Ridge II

          909
            Hidden Ridge Drive, Suite 200

          Irvine,
            Texas 75038

          Attention:
            Edward Raice

           

          with
            copy
            to: EMC Mortgage Corporation, General Counsel

          

          or
            such
            other address as may hereafter be furnished to the other party by like
            notice.
            Any such demand, notice or communication hereunder shall be deemed to
            have been
            received on the date delivered to or received at the premises of the
            addressee
            (as evidenced, in the case of registered or certified mail, by the date
            noted on
            the return receipt).

          

          Section
            11.06 Severability
            of Provisions.

          

          Any
            part,
            provision, representation or warranty of this Agreement and the related
            Term
            Sheet 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
            be ineffective, as to such jurisdiction, 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. If the invalidity of any part, provision, representation
            or
            warranty of this Agreement shall deprive any party of the economic benefit
            intended to be conferred by this Agreement, the parties shall negotiate,
            in good
            faith, to develop a structure the economic effect of which is nearly
            as possible
            the same as the economic effect of this Agreement without regard to such
            invalidity.

          

          Section
            11.07 Exhibits.

          

          The
            exhibits to this Agreement are hereby incorporated and made a part hereof
            and
            are an integral part of this Agreement.

          

          Section
            11.08 General
            Interpretive Principles.

          

          For
            purposes of this Agreement, except as otherwise expressly provided or
            unless the
            context otherwise requires:

          

          (i)
             the
            terms
            defined in this Agreement have the meanings assigned to them in this
            Agreement
            and include the plural as well as the singular, and the use of any gender
            herein
            shall be deemed to include the other gender;

          

          (ii)
             accounting
            terms not otherwise defined herein have the meanings assigned to them
            in
            accordance with generally accepted accounting principles;

           

          (iii)
             references
            herein to "Articles", "Sections", Subsections", "Paragraphs", and other
            subdivisions without reference to a document are to designated Articles,
            Sections, Subsections, Paragraphs and other subdivisions of this
            Agreement;

          

          (iv)
             a
            reference to a Subsection without further reference to a Section is a
            reference
            to such Subsection as contained in the same Section in which the reference
            appears, and this rule shall also apply to Paragraphs and other
            subdivisions;

          

          (v)
             the
            words
            "herein", "hereof ", "hereunder" and other words of similar import refer
            to this
            Agreement as a whole and not to any particular provision; 

          

          (vi)
             the
            term
            "include" or "including" shall mean without limitation by reason of enumeration;
            and

          

          (viii)
             headings
            of the Articles and Sections in this Agreement are for reference purposes
            only
            and shall not be deemed to have any substantive effect.

          

          Section
            11.09 Reproduction
            of Documents.

          

          This
            Agreement and all documents relating thereto, including, without limitation,
            (i)
            consents, waivers and modifications which may hereafter be executed,
            (ii)
            documents received by any party at the closing, and (iii) financial statements,
            certificates and other information previously or hereafter furnished,
            may be
            reproduced by any photographic, photostatic, microfilm, micro-card, miniature
            photographic or other similar process. The parties agree that any such
            reproduction shall be admissible in evidence as the original itself in
            any
            judicial or administrative proceeding, whether or not the original is
            in
            existence and whether or not such reproduction was made by a party in
            the
            regular course of business, and that any enlargement, facsimile or further
            reproduction of such reproduction shall likewise be admissible in
            evidence.

          

          Section
            11.10 Confidentiality
            of Information.

          

          Each
            party recognizes that, in connection with this Agreement, it may become
            privy to
            non-public information regarding the financial condition, operations
            and
            prospects of the other party, in addition to consumer information some
            of which
            information may be deemed confidential pursuant to the Gramm-Leach-Bliley
            Act (Pub. L. 106-102).
            Each
            party agrees to keep all such non-public information strictly confidential
            (and
            shall require any third party which receives any such confidential information
            to keep such information confidential), and to use all such information
            solely
            in order to effectuate the purpose of the Agreement, provided that each
            party
            may provide confidential information to its employees, agents and affiliates
            who
            have a need to know such information in order to effectuate the transaction,
            provided further that such information is identified as confidential
            non-public
            information. In addition, confidential information may be provided to
            a
            regulatory authority with supervisory power over Purchaser, provided
            such
            information is identified as confidential non-public information.

          

          Section
            11.11 Recordation
            of Assignments of Mortgage.

          

          To
            the
            extent permitted by applicable law, each of the Assignments of Mortgage
            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 Mortgaged Properties are situated, and in any other appropriate
            public recording office or elsewhere, such recordation to be effected
            at the
            Company’s expense in the event recordation is either necessary under applicable
            law or requested by the Purchaser at its sole option.

          

          Section
            11.12 Assignment
            by Purchaser.

          

          The
            Purchaser shall have the right, without the consent of the Company, to
            assign,
            in whole or in part, its interest under this Agreement with respect to
            some or
            all of the Mortgage Loans, and designate any person to exercise any rights
            of
            the Purchaser hereunder, by executing an Assignment and Assumption Agreement
            substantially in the form of Exhibit D hereto and the assignee or designee
            shall
            accede to the rights and obligations hereunder of the Purchaser with
            respect to
            such Mortgage Loans. All references to the Purchaser in this Agreement
            shall be
            deemed to include its assignee or designee. However, in no event shall
            there be
            more than three (3) Persons at any given time having the status of "Purchaser"
            hereunder.

          

          Section
            11.13 No
            Partnership.

          

          Nothing
            herein contained shall be deemed or construed to create a co-partnership
            or
            joint venture between the parties hereto and the services of the Company
            shall
            be rendered as an independent contractor and not as agent for
            Purchaser.

          

          Section
            11.14 Execution:
            Successors and Assigns.

          

          This
            Agreement may be executed in one or more counterparts and by the different
            parties hereto on separate counterparts, each of which, when so executed,
            shall
            be deemed to be an original; such counterparts, together, shall constitute
            one
            and the same agreement. Subject to Section 8.04, this Agreement shall
            inure to
            the benefit of and be binding upon the Company and the Purchaser and
            their
            respective successors and assigns.

          

          Section
            11.15 Entire
            Agreement.

          

          The
            Company acknowledges that no representations, agreements or promises
            were made
            to the Company by the Purchaser or any of its employees other than those
            representations, agreements or promises specifically contained herein
            or in the
            Confirmation. This Agreement and the related Term Sheet sets forth the
            entire
            understanding between the parties hereto and shall be binding upon all
            successors of both parties. In the event of any inconsistency between
            the
            Confirmation and this Agreement and the related Term Sheet, this Agreement
            and
            the related Term Sheet shall control.

          

          Section
            11.16. No
            Solicitation.

          

          From
            and
            after the Closing Date, the Company agrees that it will not take any
            action or
            permit or cause any action to be taken by any of its agents or affiliates,
            or by
            any independent contractors on the Company's behalf, to personally, by
            telephone
            or mail, solicit the borrower or obligor under any Mortgage Loan to refinance
            the Mortgage Loan, in whole or in part, without the prior written consent
            of the
            Purchaser. Notwithstanding the foregoing, it is understood and agreed
            that
            promotions undertaken by the Company or any affiliate of the Company
            which are
            directed to the general public at large, or segments thereof, provided
            that no
            segment shall consist primarily of the Mortgage Loans, including, without
            limitation, mass mailing based on commercially acquired mailing lists,
            newspaper, radio and television advertisements shall not constitute solicitation
            under this Section 11.16. This Section 11.16 shall not be deemed to preclude
            the
            Company or any of its affiliates from soliciting any Mortgagor for any
            other
            financial products or services. 

          

          Section
            11.17. Closing.

          

          The
            closing for the purchase and sale of the Mortgage Loans shall take place
            on the
            related Closing Date. The closing shall be either: by telephone, confirmed
            by
            letter or wire as the parties shall agree, or conducted in person, at
            such place
            as the parties shall agree.

          

          The
            closing for the Mortgage Loans to be purchased on the related Closing
            Date shall
            be subject to each of the following conditions:

          

          (a) at
            least
            one (1) Business Day prior to the related Closing Date, the Company shall
            deliver to the Purchaser a magnetic diskette, or transmit by modem, a
            listing on
            a loan-level basis of the information contained in the related Mortgage
            Loan
            Schedule attached to the related Term Sheet;

          

          (b) all
            of
            the representations and warranties of the Company and Company under this
            Agreement and the related Term Sheet shall be materially true and correct
            as of
            the related Closing Date and no event shall have occurred which, with
            notice or
            the passage of time, would constitute a material default under this Agreement
            or
            the related Term Sheet;

          

          (c) the
            Purchaser shall have received, or the Purchaser's attorneys shall have
            received
            in escrow, all documents required pursuant to this Agreement and the
            related
            Term Sheet, an opinion of counsel and an officer's certificate, all 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 terms
            of this
            Agreement and the related Term Sheet;

          

          (d) the
            Company shall have delivered and released to the Purchaser (or its designee)
            on
            or prior to the related Closing Date all documents required pursuant
            to the
            terms of this Agreement and the related Term Sheet; and

          

          (e) all
            other
            terms and conditions of this Agreement, the related Term Sheet and the
            Confirmation shall have been materially complied with.

          

          Subject
            to the foregoing conditions, the Purchaser shall pay to the Company on
            the
            related Closing Date the Purchase Price, plus accrued interest pursuant
            to
            Section 2.02 of this Agreement and the related Term Sheet, by wire transfer
            of
            immediately available funds to the account designated by the
            Company.

          

          Section
            11.18. Cooperation
            of Company with a Reconstitution.

          

          The
            Company and the Purchaser agree that with respect to some or all of the
            Mortgage
            Loans, on or after the related Closing Date, on one or more dates (each
            a
            "Reconstitution Date") at the Purchaser's sole option, the Purchaser
            may effect
            a sale (each, a "Reconstitution") of some or all of the Mortgage Loans
            then
            subject to this Agreement and the related Term Sheet, without recourse,
            to:

          

          (a) 
            one or
            more third party purchasers in one or more in whole loan transfers (each,
            a
            "Whole Loan Transfer"); or

          

          (b) one
            or
            more trusts or other entities to be formed as part of one or more pass-through
            transfers (each, a "Pass-Through Transfer");

          

          however,
            in no event shall there be more than three (3) persons at any given time
            having
            the status of "Purchaser" hereunder.

          

          The
            Company agrees to execute in connection with any agreements between the
            Purchaser and the Company in connection with a Whole Loan Transfer, a
            Company's
            warranties and servicing agreement or a participation and servicing agreement
            or
            similar agreement in form and substance reasonably acceptable to the
            parties,
            and in connection with a Pass-Through Transfer, a pooling and servicing
            agreement in form and substance reasonably acceptable to the parties,
            (collectively the agreements referred to herein are designated, the
            "Reconstitution Agreements"). It is understood that any such Reconstitution
            Agreements will not contain any greater obligations on the part of Company
            than
            are contained in this Agreement and the related Term Sheet.

          

          With
            respect to each Whole Loan Transfer and each Pass-Through Transfer entered
            into
            by the Purchaser, the Company agrees (1) to cooperate fully with the
            Purchaser
            and any prospective purchaser with respect to all reasonable requests
            and due
            diligence procedures; (2) to execute, deliver and perform all Reconstitution
            Agreements required by the Purchaser; (3) to restate the representations
            and
            warranties set forth in this Agreement (provided that with respect to
            those
            representations and warranties set forth in Section 3.02, the Company
            shall only
            restate those representations and warranties that relate in any way to
            the
            Mortgage Loan (or any set of facts with respect thereto) as of origination
            and
            any representations and warranties that relate to the servicing of such
            Mortgage
            Loan as of the settlement or closing date in connection with such Reconstitution
            (each, a "Reconstitution Date"). In that connection, the Company shall
            provide
            to such Company or issuer, as the case may be, and any other participants
            in
            such Reconstitution: (i) any and all information and appropriate verification
            of
            information which may be reasonably available to the Company, whether
            through
            letters of its auditors and counsel or otherwise, as the Purchaser or
            any such
            other participant shall request upon reasonable demand; and (ii) such
            additional
            representations, warranties, covenants, opinions of counsel, letters
            from
            auditors, and certificates of public officials or officers of the Company
            as are
            reasonably agreed upon by the Company and the Purchaser or any such other
            participant. The Purchaser shall be responsible for the costs relating
            to the
            delivery of such information. 

           

          All
            Mortgage Loans not sold or transferred pursuant to a Reconstitution shall
            remain
            subject to, and serviced in accordance with the terms of, this Agreement
            and the
            related Term Sheet, and with respect thereto this Agreement and the related
            Term
            Sheet shall remain in full force and effect.

          
            
              
              

            

            
              
              

              
                

              

            

            
              
              

            

          

          

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

          

          EMC
            MORTGAGE CORPORATION

          Purchaser

          

          By:________________________

          Name:
            Virginia Darrow

          Title:
            Attorney in Fact

          

          

          CHEVY
            CHASE BANK, F.S.B. 

          Company

          

          By:
            _______________________

          Name:

          Title:

          

          
            
              
              

            

            
              
              

              
                

              

            

            
              
              

            

          

          

          EXHIBIT
            A

          CONTENTS
            OF MORTGAGE FILE

          

          With
            respect to each Mortgage Loan, the Mortgage File shall include each of
            the
            following items, which shall be available for inspection by the Purchaser,
            and
            which shall be retained by the Company in the Servicing File or delivered
            to the
            Purchaser or its designee pursuant to Sections 2.04 and 2.05 of the Purchase,
            Warranties and Servicing Agreement.

          

          1.
            The
            original Mortgage Note endorsed "Pay to the order of
            ____________________________________________________, without recourse,"
            and
            signed in the name of the Company by an authorized officer, with all
            intervening
            endorsements showing a complete chain of title from the originator to
            the
            Company, together with any applicable riders. If the Mortgage Loan was
            acquired
            by the Company in a merger, the endorsement must be by "[Company], successor
            by
            merger to the [name of predecessor]". If the Mortgage Loan was acquired
            or
            originated by the Company while doing business under another name, the
            endorsement must be by "[Company] formerly known as [previous name]".
            In the
            event that the original Mortgage Note is lost, a lost note affidavit
            may be
            provided.

          

          2.
            The
            original Mortgage (together with a standard adjustable rate mortgage
            rider) with
            evidence of recording thereon, or a copy thereof certified by the public
            recording office in which such mortgage has been recorded or, if the
            original
            Mortgage has not been returned from the applicable public recording office,
            a
            true certified copy, certified by the Company.

          

          3.
            The
            original or certified copy, certified by the Company, of the Primary
            Mortgage
            Insurance Policy, if required.

          

          4. At
            Purchaser’s option, the Company shall either deliver (i) the original
            Assignment, from the Company to _____________________________________,
            or in
            accordance with Purchaser's instructions, which assignment shall, but
            for any
            blanks requested by Purchaser, be in form and substance acceptable for
            recording; or (ii) if the Assignment of Mortgage is issued in accordance
            with
            MERS requirements, Company shall cause each Mortgage Loan to be registered
            with
            MERS in the name of Purchaser (or as otherwise directed by Purchaser).
            If an
            Assignment of Mortgage is issued in accordance with (i) above, and if
            the
            Mortgage Loan was acquired or originated by the Company while doing business
            under another name, the Assignment must be by "[Company] formerly known
            as
            [previous name]".

          

          5. The
            original policy of title insurance, including riders and endorsements
            thereto,
            or if the policy has not yet been issued, a written commitment or interim
            binder
            or preliminary report of title issued by the title insurance or escrow
            company.

          

          6. Originals
            of all recorded intervening Assignments, or copies thereof, certified
            by the
            public recording office in which such Assignments have been recorded
            showing a
            complete chain of title from the originator to the Company, with evidence
            of
            recording thereon, or a copy thereof certified by the public recording
            office in
            which such Assignment has been recorded or, if the original Assignment
            has not
            been returned from the applicable public recording office, a true certified
            copy, certified by the Company.

          

          7. Originals,
            or copies thereof certified by the public recording office in which such
            documents have been recorded, of each assumption, extension, modification,
            written assurance or substitution agreements, if applicable, or if the
            original
            of such document has not been returned from the applicable public recording
            office, a true certified copy, certified by the Company. 

          

          8. If
            the
            Mortgage Note or Mortgage or any other material document or instrument
            relating
            to the Mortgage Loan has been signed by a person on behalf of the Mortgagor,
            the
            original or copy of power of attorney or other instrument that authorized
            and
            empowered such person to sign bearing evidence that such instrument has
            been
            recorded, if so required in the appropriate jurisdiction where the Mortgaged
            Property is located, or a copy thereof certified by the public recording
            office
            in which such instrument has been recorded or, if the original instrument
            has
            not been returned from the applicable public recording office, a true
            certified
            copy, certified by the Company.

          

          9. Mortgage
            Loan closing statement (Form HUD-1) and any other truth-in-lending or
            real
            estate settlement procedure forms required by law.

          

          10.
            Residential loan application.

          

          11. Uniform
            underwriter and transmittal summary (FNMA Form 1008) or reasonable
            equivalent.

          

          12. Credit
            report on the mortgagor.

          

          13. Business
            credit report, if applicable.

          

          14. Residential
            appraisal report and attachments thereto.

          

          15. The
            original of any guarantee executed in connection with the Mortgage
            Note.

          

          16. Verification
            of employment and income except for Mortgage Loans originated under a
            Limited
            Documentation Program, all in accordance with Company's underwriting
            guidelines.

          

          17. Verification
            of acceptable evidence of source and amount of down payment, in accordance
            with
            Company's underwriting guidelines.

          

          18. Photograph
            of the Mortgaged Property (may be part of appraisal).

          

          19. Survey
            of
            the Mortgaged Property, if any.

          

          20. Sales
            contract, if applicable.

          

          21. If
            available, termite report, structural engineer’s report, water portability and
            septic certification.

          

          22. Any
            original security agreement, chattel mortgage or equivalent executed
            in
            connection with the Mortgage.

          

          23. Name
            affidavit, if applicable.

          

          Notwithstanding
            anything to the contrary herein, Company may provide one certificate
            for all of
            the Mortgage Loans indicating that the documents were delivered for
            recording.

          
            
              
              

            

            
              
              

              
                

              

            

            
              
              

            

          

          EXHIBIT
            B

          

          CUSTODIAL
            ACCOUNT LETTER AGREEMENT

          

          

          To: Chevy
            Chase Bank, F.S.B.

          _____________________

          _____________________

          

          (the
            "Depository")

          

          As
            "Company" under the Purchase, Warranties and Servicing Agreement, dated
            as of
            July 1, 2001, Adjustable Rate Mortgage Loans (the "Agreement"), we hereby
            authorize and request you to establish an account, as a Custodial Account
            pursuant to Section 4.04 of the Agreement, to be designated as "Chevy
            Chase
            Bank, F.S.B., in trust for EMC Mortgage Corporation". All deposits in
            the
            account shall be subject to withdrawal therefrom by order signed by the
            Company.
            This letter is submitted to you in duplicate. Please execute and return
            one
            original to us.

          

          CHEVY
            CHASE BANK, F.S.B.

          

          By:____________________________

          Name:__________________________

          Title:___________________________

          

          

          The
            undersigned, as "Depository", hereby certifies that the above described
            account
            has been established under Account Number _____________ at the office
            of the
            depository indicated above, and agrees to honor withdrawals on such account
            as
            provided above. 

          

          CHEVY
            CHASE BANK, F.S.B.

          

          By:____________________________

          Name:__________________________

          Title:___________________________

          

          

          
            
              
              

            

            
              
              

              
                

              

            

            
              
              

            

          

          EXHIBIT
            C

          

          ESCROW
            ACCOUNT LETTER AGREEMENT

          

          

          To: Chevy
            Chase Bank, F.S.B.

          _____________________

          _____________________

          

          (the
            "Depository")

          

          As
            “Company” under the Purchase Warranties and Servicing Agreement, dated as of
            July 1, 2001, Adjustable Rate Mortgage Loans (the "Agreement"), we hereby
            authorize and request you to establish an account, as an Escrow Account
            pursuant
            to Section 4.06 of the Agreement, to be designated as " Chevy Chase Bank,
            F.S.B., in trust for EMC Mortgage Corporation, and various Mortgagors."
            All
            deposits in the account shall be subject to withdrawal therefrom by order
            signed
            by the Company. This letter is submitted to you in duplicate. Please
            execute and
            return one original to us.

          

          CHEVY
            CHASE BANK, F.S.B.

          

          By:____________________________

          Name:__________________________

          Title:___________________________

          

          

          The
            undersigned, as "Depository", hereby certifies that the above described
            account
            has been established under Account Number __________________ , at the
            office of
            the depository indicated above, and agrees to honor withdrawals on such
            account
            as provided above. 

          

          CHEVY
            CHASE BANK, F.S.B.

          

          

          By:______________________________

          Name:____________________________

          Title:_____________________________

          
            
              
              

            

            
              
              

              
                

              

            

            
              
              

            

          

          

          EXHIBIT
            D

          

          FORM
            OF
            ASSIGNMENT AND ASSUMPTION

          

          THIS
            ASSIGNMENT AND ASSUMPTION AGREEMENT, dated ___________________, between
            __________________, a _____________________ corporation("Assignor") and
            _____________________, a __________________ corporation
            ("Assignee"):

          

          For
            and
            in consideration of the sum of TEN DOLLARS ($10.00) and other valuable
            consideration the receipt and sufficiency of which hereby are acknowledged,
            and
            of the mutual covenants herein contained, the parties hereto hereby agree
            as
            follows:

          

          1. The
            Assignor hereby grants, transfers and assigns to Assignee all of the
            right,
            title and interest of Assignor, as Purchaser, in, to and under (a) those
            certain
            Mortgage Loans listed on Exhibit A attached hereto (the "Mortgage Loans")
            and
            (b) that certain Purchase, Warranties and Servicing Agreement, Adjustable
            Rate
            Mortgage Loans (the "Purchase, Warranties and Servicing Agreement"),
            dated as of
            July 1, 2001 by and among EMC Mortgage Corporation ("Purchaser"), and
            Chevy
            Chase Bank, F.S.B. (the "Company") with respect to the Mortgage
            Loans.

          

          The
            Assignor specifically reserves and does not assign to the Assignee hereunder
            any
            and all right, title and interest in, to and under and all obligations
            of the
            Assignor with respect to any mortgage loans subject to the Purchase,
            Warranties
            and Servicing Agreement which are not the Mortgage Loans set forth on
            Exhibit A
            attached hereto and are not the subject of this Assignment and Assumption
            Agreement.

          

          2. The
            assignor warrants and represents to, and covenants with, the Assignee
            that:

          

          a. The
            Assignor is the lawful owner of the Mortgage Loans with the full right
            to
            transfer the Mortgage Loans free from any and all claims and encumbrances
            whatsoever;

          

          b. The
            Assignor has not received notice or, and has no knowledge of, any offsets,
            counterclaims or other defenses available to the Company with respect
            to the
            Purchase, Warranties and Servicing Agreement or the Mortgage Loans;

          

          c. The
            Assignor has not waived or agreed to any waiver under, or agreed to any
            amendment or other modification of, the Purchase, Warranties and Servicing
            Agreement or the Mortgage Loans, including without limitation the transfer
            of
            the servicing obligations under the Purchase, Warranties and Servicing
            Agreement. The Assignor has no knowledge of, and has not received notice
            of, any
            waivers under or amendments or other modifications of, or assignments
            of rights
            or obligations under or defaults under, the Purchase, Warranties and
            Servicing
            Agreement, or the Mortgage Loans; and

          

          d. Neither
            the Assignor nor anyone acting on its behalf has offered, transferred,
            pledged,
            sold or otherwise disposed of the Mortgage Loans, any interest in the
            Mortgage
            Loans or any other similar security to, or solicited any offer to buy
            or accept
            a transfer, pledge or other disposition of the Mortgage Loans, any interest
            in
            the Mortgage Loans or any other similar security from, or otherwise approached
            or negotiated with respect to the Mortgage Loans, any interest in the
            Mortgage
            Loans or any other similar security with, any person in any manner, or
            made by
            general solicitation by means of general advertising or in any other
            manner, or
            taken any other action which would constitute a distribution of the Mortgage
            Loans under the Securities Act of 1933 (the "1933 Act") or which would
            render
            the disposition of the Mortgage Loans a violation of Section 5 of the
            1933 Act
            or require registration pursuant thereto.

          

          3. The
            Assignee warrants and represents to, and covenants with, the Assignor
            and the
            Company that:

          

          a. The
            Assignee is a corporation duly organized, validly existing and in good
            standing
            under the laws of the jurisdiction of its incorporation, and has all
            requisite
            corporate power and authority to acquire, own and purchase the Mortgage
            Loans;

          

          b. The
            Assignee has full corporate power and authority to execute, deliver and
            perform
            under this Assignment and Assumption Agreement, and to consummate the
            transactions set forth herein. The execution, delivery and performance
            of the
            Assignee of this Assignment and Assumption Agreement, and the consummation
            by it
            of the transactions contemplated hereby, have been duly authorized by
            all
            necessary corporate action of the Assignee. This Assignment and Assumption
            Agreement has been duly executed and delivered by the Assignee and constitutes
            the valid and legally binding obligation of the Assignee enforceable
            against the
            Assignee in accordance with its respective terms;

          

          c. To
            the
            best of Assignee's knowledge, no material consent, approval, order or
            authorization of, or declaration, filing or registration with, any governmental
            entity is required to be obtained or made by the Assignee in connection
            with the
            execution, delivery or performance by the Assignee of this Assignment
            and
            Assumption Agreement, or the consummation by it of the transactions contemplated
            hereby;

          

          d. The
            Assignee agrees to be bound, as Purchaser, by all of the terms, covenants
            and
            conditions of the Purchase, Warranties and Servicing Agreement and the
            Mortgage
            Loans, and from and after the date hereof, the Assignee assumes for the
            benefit
            of each of the Company and the Assignor all of the Assignor's obligations
            as
            Purchaser thereunder, with respect to the Mortgage Loans;

          

          e. The
            Assignee understands that the Mortgage Loans have not been registered
            under the
            1933 Act or the securities laws of any state;

          

          f.
            The
            purchase price being paid by the Assignee for the Mortgage Loans is in
            excess of
            $250,000 and will be paid by cash remittance of the full purchase price
            within
            sixty (60) days of the sale;

          

          g. The
            Assignee is acquiring the Mortgage Loans for investment for its own account
            only
            and not for any other person;

          

          h. The
            Assignee considers itself a substantial, sophisticated institutional
            investor
            having such knowledge and financial and business matters that it is capable
            of
            evaluating the merits and the risks of investment in the Mortgage
            Loans;

          

          i. The
            Assignee has been furnished with all information regarding the Mortgage
            Loans
            that it has requested from the Assignor or the Company;

          

          j. Neither
            the Assignee nor anyone acting on its behalf has offered, transferred,
            pledged,
            sold or otherwise disposed of the Mortgage Loans, an interest in the
            Mortgage
            Loans or any other similar security to, or solicited any offer to buy
            or accept
            a transfer, pledge or other disposition of the Mortgage Loans, any interest
            in
            the Mortgage Loans or any other similar security from, or otherwise approached
            or negotiated with respect to the Mortgage Loans, any interest in the
            Mortgage
            Loans or any other similar security with, any person in any manner, or
            made any
            general solicitation by means of general advertising or in any other
            manner, or
            taken any other action which would constitute a distribution of the Mortgage
            Loans under the 1933 Act or which would render the disposition of the
            Mortgage
            Loans a violation of Section 5 of the 1933 Act or require registration
            pursuant
            thereto, nor will it act, nor has it authorized or will it authorize
            any person
            to act, in such manner with respect to the Mortgage Loans; and

          

          k.
            Either: (1) the Assignee is not an employee benefit plan ("Plan") within
            the
            meaning of section 3(3) of the Employee Retirement Income Security Act
            of 1974,
            as amended ("ERISA") or a plan (also "Plan") within the meaning of section
            4975(e)(1) of the Internal Revenue Code of 1986 ("Code"), and the Assignee
            is
            not directly or indirectly purchasing the Mortgage Loans on behalf of,
            investment manager of, as named fiduciary of, as Trustee of, or with
            assets of,
            a Plan; or (2) the Assignee's purchase of the Mortgage Loans will not
            result in
            a prohibited transaction under section 406 of ERISA or section 4975 of
            the
            Code.

          

          Distributions
            shall be made by wire transfer of immediately available funds to
            _____________________________

          for
            the
            account of _________________________________________

          account
            number ___________________________________________________. Applicable
            statements should be mailed to ____________________

          _____________________________________________________________.

          

          Any
            new
            loan number assigned to a Mortgage Loan by the Assignee shall be provided
            to the
            Company at the following address: Chevy Chase Bank, F.S.B., 7501
            Wisconsin Avenue, Bethesda, MD 20814, Attention: _______________.
            In
            addition, if Assignee has changed its document custodian from the previous
            custodian, such new custodian’s name, address and contact information shall be
            provided to the Company at the aforementioned address.

          
            
              
              

            

            
              
              

              
                

              

            

            
              
              

            

          

          The
            Assignor's address for purposes for all notices and correspondence related
            to
            the Mortgage Loans and this Agreement is:

          

          ________________________________________

          ________________________________________

          

          Attention:
            ______________________________

          

          

          IN
            WITNESS WHEREOF, the parties have caused this Assignment and Assumption
            to be
            executed by their duly authorized officers as of the date first above
            written.

          

          _____________________________                
            ______________________________

          Assignor     
Assignee

          

          By:______________________  
By:___________________________

          Its:______________________                           
            Its:____________________________

          

          Taxpayer
            Identification                                           
Taxpayer
            Identification

          Number:________________--__                        
            Number:_______________________

          

          

          

          Acknowledged:

          

          Chevy
            Chase Bank, F.S.B.

          

          By:___________________________

          Its:___________________________

          
            
              
              

            

            
              
              

              
                

              

            

            
              
              

            

          

          EXHIBIT
            E

          

          RESERVED

          
            
              
              

            

            
              
              

              
                

              

            

            
              
              

            

          

          EXHIBIT
            F

          

          RESERVED

          
            
              
              

            

            
              
              

              
                

              

            

            
              
              

            

          

          EXHIBIT
            G

          

          REQUEST
            FOR RELEASE/RETURN OF DOCUMENTS

          

          

          To
            Custodian/Name:

          Address:

          Date:

          

          In
            connection with the administration of the pool of mortgages held by you
            in
            custody for _______________ (“Owner”), the undersigned (the “Company”) requests
            the release of the mortgage documents for the mortgage described below
            for the
            reason indicated.

          

          

          Property
            address:

          Pool
            number:

          Lender
            loan number:

          

          

          Original
            Mortgage Amount........................................$

          Date
            of
            Original Mortgage.........................................

          Interest
            Rate...............................................................

          Monthly
            Fixed Installment (P&I).................................

          Paid
            Through Date........................................................

          

          

          REASON
            FOR REQUESTING DOCUMENTS (Check one of the items below):

          

          ____
              On
            __________ (date), the above captioned mortgage loan was paid in full
            or the
            Company has been notified that payment in full has been or will be escrowed.
            The
            Company hereby certifies that all amounts with respect to this loan which
            are
            required to be paid have been or will be deposited in the Custodial Account
            as
            required.

          

          ____
              The
            above
            captioned loan is being placed in foreclosure and the original documents
            are
            required to proceed with the foreclosure action. The Company hereby certifies
            that the documents will be returned to the Owner in the event of
            reinstatement.

          

          ____
              Other
            (explain)

          _________________________________________________

          _________________________________________________
            

          

          
            
              
              

            

            
              
              

              
                

              

            

            
              
              

            

          

          TO
            CUSTODIAN: PLEASE ACKNOWLEDGE RELEASE OF THE DOCUMENTS BY YOUR
            SIGNATURE.

          

          Lender
            Number: 149020004

          Lender
            Address: 6151 Chevy Chase Drive, Laurel, MD 20707, Telephone No: (800)
            933-9100

          

          Acknowledged:

          

          By
            Custodian:                                                                               
By
            Lender: 

          _______________________________                                 CHEVY
            CHASE BANK, F.S.B.

          

           

          
            	
                    ________________________________

                  	 	 	
                    ________________________________

                  	 

          

          Authorized
            Signature                                                                   
Authorized
            Signature

          Name:       
Name:

          Date:
            __________________________                                  
Date:
            _________________________

           

          

          

          

          --------------------------------------------------------------------------------------------------------------------------------------

          TO
            CUSTODIAN: PLEASE ACKNOWLEDGE RETURN OF THE DOCUMENTS BY YOUR
            SIGNATURE.

          

          Acknowledged:

          

          By
            Custodian:      Reason
            For Returning Documents (check one):

          

          
            	
                    ________________________________

                  	 	 	
                    ____
                      

                  	
                    Loan
                      was reinstated

                  

          

          Authorized
            Signature

          Name:

          Date:
            __________________________   ____
            Other: (Explain) ________________

          
            
              
              

            

            
              
              

              
                

              

            

            
              
              

            

          

          EXHIBIT
            H

          

          COMPANY’S
            UNDERWRITING GUIDELINES

          

          
            
              
              

            

            
              
              

              
                

              

            

            
              
              

            

          

          EXHIBIT
            I

          

          

          TERM
            SHEET

          

          This
            TERM
            SHEET (the "Term Sheet") dated _____________, between and Chevy Chase
            Bank,
            F.S.B., a federal savings bank, located at 7700 Old Georgetown Road,
            Bethesda,
            MD 20814 (the “Company”) and EMC Mortgage Corporation, a Delaware corporation,
            located at Mac Arthur Ridge II, 909 Hidden Ridge Drive, Suite 200, Irvine,
            Texas
            75038 (the "Purchaser") is made pursuant to the terms and conditions
            of that
            certain Purchase, Warranties and Servicing Agreement (the "Agreement")
            dated as
            of July 1, 2001, between the Company and the Purchaser, the provisions
            of which
            are incorporated herein as if set forth in full herein, as such terms
            and
            conditions may be modified or supplemented hereby. All initially capitalized
            terms used herein unless otherwise defined shall have the meanings ascribed
            thereto in the Agreement. 

          

          The
            Purchaser hereby purchases from the Company and the Company hereby sells
            to the
            Purchaser, all of the Company’s right, title and interest in and to the Mortgage
            Loans described on the Mortgage Loan Schedule annexed hereto as Schedule
            I,
            pursuant to and in accordance with the terms and conditions set forth
            in the
            Agreement, as same may be supplemented or modified hereby. Hereinafter,
            the
            Company shall service the Mortgage Loans for the benefit of the Purchaser
            and
            all subsequent transferees of the Mortgage Loans pursuant to and in accordance
            with the terms and conditions set forth in the Agreement. 

          

          1. Definitions

          

          For
            purposes of the Mortgage Loans to be sold pursuant to this Term Sheet,
            the
            following terms shall have the following meanings:

          

          Aggregate
            Principal Balance

          (as
            of
            the Cut-Off Date):    

          

          Closing
            Date:    

          

          Custodian:    

          

          Cut-off
            Date:    

          

          Initial
            Weighted Average

          Mortgage
            Loan Remittance Rate:  

          

          Mortgage
            Loan:    

          

          Purchase
            Price Percentage:   

          

          Servicing
            Fee Rate:  

           

          Additional
            Closing Conditions: 

          

          In
            addition to the conditions specified in the Agreement, the obligation
            of each of
            the Company and the Purchaser is subject to the fulfillment, on or prior
            to the
            applicable Closing Date, of the following additional conditions: 

          

          Additional
            Loan Documents: 

          

          In
            addition to the contents of the Mortgage File specified in the Agreement,
            the
            following documents shall be delivered with respect to the Mortgage Loans:
            

          

          [Additional]
            [Modification] of Representations and Warranties:

           

          [In
            addition to the representations and warranties set forth in the Agreement,
            as of
            the date hereof, the Company makes the following additional representations
            and
            warranties with respect to the Mortgage Loans: [None]. [Notwithstanding
            anything
            to the contrary set forth in the Agreement, with respect to each Mortgage
            Loan
            to be sold on the Closing Date, the representation and warranty set forth
            in
            Section ______ of the Agreement shall be modified to read as
            follows:]

          

          Except
            as
            modified herein, Section ______ of the Agreement shall remain in full
            force and
            effect as of the date hereof.

           

          
            
              
              

            

            
              
              

              
                

              

            

            
              
              

            

          

          IN
            WITNESS WHEREOF, the parties hereto have caused their names to be signed
            hereto
            by their respective duly authorized officers as of the date first above
            written.

           

          CHEVY
            CHASE BANK, F.S.B.

           

          

          
            	 	 	 	 	
                    By:
                      ______________________________

                  

          

          
            	 	 	 	 	
                    Name:
                      ____________________________

                  

          

          
            	 	 	 	 	
                    Title:
                      _____________________________

                  

          

          

          

          

          
            	 	 	 	 	
                    EMC
                      MORTGAGE CORPORATION

                  

          

          

          

          
            	 	 	 	 	
                    By:
                      ______________________________

                  

          

          
            	 	 	 	 	
                    Name:
                      ____________________________

                  

          

          
            	 	 	 	 	
                    Title:
                      _____________________________

                  

          

          

          

          

          
            
              
              

            

            
              
              

              
                

              

            

            
              
              

            

          

          SCHEDULE
            I

          

          MORTGAGE
            LOAN SCHEDULE

          

          

        

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

        
 

        

          

          AMENDMENT
            NO. 1 TO PURCHASE, WARRANTIES AND SERVICING AGREEMENT

          

          

          THIS
            AMENDMENT NO. 1, effective as of January 13, 2003, amends the Purchase,
            Warranties and Servicing Agreement by and between EMC Mortgage Corporation
            (the
“Purchaser”) and Chevy Chase Bank, F.S.B. (the “Company”), previously entered
            into as of July 1, 2002 (the “Agreement”). 

          

          RECITALS

          

          WHEREAS,
            the Company sells to the Purchaser, and the Purchaser purchases from
            the
            Company, from time to time, pursuant to the Agreement, certain conventional
            residential Mortgage Loans, including all Servicing Rights related thereto;
            and

          

          WHEREAS,
            in connection with future sales of Mortgage Loans to the Purchaser, the
            Company
            and the Purchaser wish to amend the Agreement as set forth below.

          

          NOW,
            THEREFORE, in consideration of the premises and the mutual covenants
            hereinafter
            set forth and for good and valuable consideration, the receipt and sufficiency
            of which are hereby acknowledged, the Purchaser and the Company agree
            to amend
            the Agreement as follows:

          

          1.  Section
            1.01 of the Agreement shall be amended as follows: (a) The definitions
            of
            Cash-Out Refinancing and Rate/Term Refinancing shall be added.

          

          “Cash-Out
            Refinancing:
            As
            defined in the Fannie Mae Guide under the heading Cash-Out Refinance.”

          

          “Rate/Term
            Refinancing:
            As
            defined in the Fannie Mae Guide under the heading Limited Cash-Out
            Refinance.”

          

          (b)
            Item
            (16) of the definition of “Mortgage
            Loan Schedule”
shall
            be revised as follows: “(16) a code indicating the purpose of the Mortgage Loan
            (i.e., purchase, Cash-Out Refinancing, Rate/Term Refinance);” 

          

          2.
            The second
            sentence of Section 3.02 (h) of the Agreement shall be deleted in its
            entirety
            and replaced with the following: “None
            of the Mortgage Loans are (a) loans subject to 12 CFR Part 226.31, 12
            CFR Part
            226.32 or 12 CFR Part 226.34 of Regulation Z, the regulation implementing
            TILA,
            which implements the Home Ownership and Equity Protection Act of 1994,
            as
            amended or (b) classified and/or defined as a “high cost”, “covered”, or
“predatory” loan under any other state, federal or local law or regulation or
            ordinance, including, but not limited to, the States of Georgia or North
            Carolina, or the City of New York.”

          

          3.
            All
            other terms and conditions of the Agreement remain unchanged and in full
            force
            and effect.

           

          4.
            Capitalized terms used but not defined herein shall have the meanings
            ascribed
            to them in the Agreement.

          IN
            WITNESS WHEREOF, the parties hereto have caused this Addendum to be executed
            and
            delivered by their proper and duly authorized officers as of the day
            and year
            first above written.

          

          

          EMC
            Mortgage Corporation   Chevy
            Chase Bank, F.S.B.

          

          

          BY:______________________________   BY:______________________________

          NAME:                                                                  
            NAME:

          

          ITS:
            (Title)________________________      ITS:
            (Title)_________________________

           

          

          

        

         

        
 

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

         

        

          AMENDMENT
            NUMBER TWO

           

          to
            the

          

          PURCHASE,
            WARRANTIES AND SERVICING AGREEMENT

          

          Dated
            as
            of January 31, 2006

          

          between

          

          EMC
            MORTGAGE CORPORATION, 

          as
            Purchaser

          

          and

          

          CHEVY
            CHASE BANK, F.S.B,

          as
            Company

          

          This
            AMENDMENT NUMBER TWO (this “Amendment”) is made and entered into this 31st day
            of January, 2006, by and between EMC Mortgage Corporation, a Delaware
            corporation, as purchaser (the “Purchaser”) and Chevy Chase Bank, F.S.B., as
            company (the “Company”) in connection with the Purchase, Warranties and
            Servicing Agreement, dated as of July 1, 2001, between the above mentioned
            parties (the “Agreement”). This Amendment is made pursuant to Section 11.02 of
            the Agreement.

          

          RECITALS

           

          WHEREAS,
             the
            parties hereto have entered into the Agreement; 

          

          WHEREAS,
            the Agreement provides that the parties thereto may enter into an amendment
            to
            the Agreement;

          

          WHEREAS,
            the parties hereto desire to amend the Agreement as set forth in this
            Amendment;
            and

          

          NOW,
            THEREFORE, in consideration of the premises and for other good and valuable
            consideration, the receipt and sufficiency of which is hereby acknowledged,
            the
            parties hereto agree as follows:

          

          1. Capitalized
            terms used herein and not defined herein shall have the meanings assigned
            to
            such terms in the Agreement or Regulation AB as applicable. 

          

          2. Article
            I
            of the Agreement is hereby amended effective as of the date hereof by
            adding the
            following definitions to Section 1.01: 

          

          Commission
            or SEC:
            The
            Securities and Exchange Commission.

          

          Depositor:
            The
            depositor, as such term is defined in Regulation AB, with respect to
            any
            Securitization Transaction and
            as
            identified in writing to the Company as the depositor for such Securitization
            Transaction.

          

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

          

          Master
            Servicer:
            With
            respect to any Securitization Transaction, the “master servicer,” if any,
            identified in the related transaction documents and as identified in
            writing to
            the Company as the depositor for such Securitization Transaction.

          

          Nonrecoverable
            Advance:
            Any
            portion of a Monthly Advance or Servicing Advance previously made or
            proposed to
            be made by the Company pursuant to this Agreement, that, in the good
            faith
            judgment of the Company, will not or, in the case of a proposed advance,
            would
            not, be ultimately recoverable by it from the related Mortgagor or the
            related
            Liquidation Proceeds, Insurance Proceeds, Condemnation Proceeds or otherwise
            with respect to the related Mortgage Loan.

          

          Originator:
            A bank,
            savings and loan, or mortgage banker that creates a mortgage secured
            by a
            borrower’s residential real property and sells such mortgage in the secondary
            market.

          

          Pass-Through
            Transfer:
            Any
            transaction involving either (1) a sale or other transfer of some or
            all of the
            Mortgage Loans directly or indirectly to an issuing entity in connection
            with an
            issuance of publicly offered or privately placed, rated or unrated
            mortgage-backed securities or (2) an issuance of publicly offered or
            privately
            placed, rated or unrated securities, the payments on which are determined
            primarily by reference to one or more portfolios of residential mortgage
            loans
            consisting, in whole or in part, of some or all of the Mortgage
            Loans.

          

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

          

          Qualified
            Correspondent:
            Any Person from which the Company purchased Mortgage Loans, provided
            that the
            following conditions are satisfied: (i) such Mortgage Loans were originated
            pursuant to an agreement between the Company and such Person that contemplated
            that such Person would underwrite mortgage loans from time to time, for
            sale to
            the Company, in accordance with underwriting guidelines designated by
            the
            Company (“Designated Guidelines”) or guidelines that do not vary materially from
            such Designated Guidelines; (ii) such Mortgage Loans were in fact underwritten
            as described in clause (i) above and were acquired by the Company within
            180
            days after origination; (iii) either (x) the Designated Guidelines were,
            at the
            time such Mortgage Loans were originated, used by the Company in origination
            of
            mortgage loans of the same type as the Mortgage Loans for the Company’s own
            account or (y) the Designated Guidelines were, at the time such Mortgage
            Loans
            were underwritten, designated by the Company on a consistent basis for
            use by
            lenders in originating mortgage loans to be purchased by the Company;
            and (iv)
            the Company employed, at the time such Mortgage Loans were acquired by
            the
            Company, pre-purchase or post-purchase quality assurance procedures (which
            may
            involve, among other things, review of a sample of mortgage loans purchased
            during a particular time period or through particular channels) designed
            to
            ensure that Persons from which it purchased mortgage loans properly applied
            the
            underwriting criteria designated by the Company. For the avoidance of
            doubt, a
“Qualified Correspondent” includes a “table broker” or mortgage lender that
            originates loans underwritten and funded by the Company or an Affiliate
            of the
            Company.

          

          Reconstitution
            Agreement:
            Any servicing agreement relating to a Reconstitution.

          

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

          

          Securities
            Act:
            The
            Securities Act of 1933, as amended.

          

          Securitization
            Transaction:
            Any
            transaction involving either (1) a sale or other transfer of some or
            all of the
            Mortgage Loans directly or indirectly to an issuing entity in connection
            with an
            issuance of publicly offered or privately placed, rated or unrated
            mortgage-backed securities or (2) an issuance of publicly offered or
            privately
            placed, rated or unrated securities, the payments on which are determined
            primarily by reference to one or more portfolios of residential mortgage
            loans
            consisting, in whole or in part, of some or all of the Mortgage
            Loans.

          

          Servicing
            Criteria:
            As of
            any date of determination, the “servicing criteria” set forth in Item 1122(d) of
            Regulation AB, or any amendments thereto, a summary of the requirements
            of which
            as of the date hereof is attached hereto as Exhibit
            M
            for
            convenience of reference only. In the event of a conflict or inconsistency
            between the terms of Exhibit
            M
            and the
            text of Item 1122(d) of Regulation AB, the text of Item 1122(d) of Regulation
            AB
            shall control (or those Servicing Criteria otherwise mutually agreed
            to by the
            Purchaser, the Company and any Person that will be responsible for signing
            any
            Sarbanes Certification with respect to a Securitization Transaction in
            response
            to evolving interpretations of Regulation AB and incorporated into a
            revised
Exhibit
            M).

          

          Static
            Pool Information:
            Static
            pool information as described in Item 1105(a)(1)-(3) and 1105(c) of Regulation
            AB.

          

          Subcontractor:
            Any
            vendor, subcontractor or other Person that is not responsible for the
            overall
            servicing (as “servicing” is commonly understood by participants in the
            mortgage-backed securities market) of Mortgage Loans but performs one
            or more
            discrete functions identified in Item 1122(d) of Regulation AB with respect
            to
            Mortgage Loans under the direction or authority of the Company or a Subservicer.
            

          

          Third-Party
            Originator:
            Each
            Person, other than a Qualified Correspondent, that originated Mortgage
            Loans
            acquired by the Company, and shall not include a mortgage broker that
            does not
            fund loans.

          

          3. Article
            I
            of the Agreement is hereby amended effective as of the date hereof by
            deleting
            in its entirety the definition of Subservicer in Section 1.01 and replacing
            it
            with the following:

          

          Subservicer:
            Any
            Person that services Mortgage Loans on behalf of the Company or any Subservicer
            and is responsible for the performance (whether directly or through Subservicers
            or Subcontractors) of a substantial portion of the material servicing
            functions
            required to be performed by the Company under this Agreement or any
            Reconstitution Agreement that are identified in Item 1122(d) of Regulation
            AB;
            provided, however, that the term “Subservicer” shall not include any master
            servicer, or any special servicer engaged at the request of a Depositor,
            Purchaser or investor in a Securitization Transaction, nor any “back-up
            servicer” or trustee performing servicing functions on behalf of a
            Securitization Transaction.

          

          4. Article
            I
            of the Agreement is hereby amended effective as of the date hereof by
            deleting
            in its entirety the definition of Principal Prepayment in Section 1.01
            and
            replacing it with the following:

          

          Principal
            Prepayment:
            Any
            payment or other recovery of principal on a Mortgage Loan full or partial
            which
            is received in advance of its scheduled Due Date, including any Prepayment
            Charge, and which is not accompanied by an amount of interest representing
            scheduled interest due on any date or dates in any month or months subsequent
            to
            the month of prepayment.

          

          5. Article
            III of the Agreement is hereby amended effective as of the date hereof
            by
            revising Section 3.01(n) as follows (new text underlined):

          

          (n) If
            requested by the Purchaser, the
            Company shall have delivered to the Purchaser the Company’s financial
            statements, for its last two complete fiscal years. If so, all such financial
            information fairly presents the pertinent results of operations and financial
            position for the period identified and has been prepared in accordance
            with
            generally accepted accounting principles consistently applied throughout
            the
            periods involved, except as set forth in the notes thereto. There has
            been no
            change in the servicing
            policies and procedures,
            business, operations, financial condition, properties or assets of the
            Company
            since the date of the Company’s financial information last provided to the
            Purchaser that would have a material adverse effect on its ability to
            perform
            its obligations under this Agreement and the related Term Sheet;

          

          6. Article
            III of the Agreement is hereby amended effective as of the date hereof
            by adding
            the following new Section 3.01(p):

          

          (p) As
            of the
            date of each Pass-Through Transfer, and with respect to the representations
            (1)-(5) only if the Company is a “servicer” within the meaning of Item
            1108(a)(3) of Regulation AB, and with respect to representation (6) only
            if the
            Company meets the requirements for disclosure under Item 1117 of Regulation
            AB,
            and with respect to representation (7) only if the Company meets the
            requirements for disclosure under Item 1119 of Regulation AB and except
            as has
            been otherwise disclosed to the Purchaser, any Master Servicer and any
            Depositor: (1) no default or servicing related performance trigger has
            occurred
            as to any other securitization due to any act or failure to act of the
            Company;
            (2) no material noncompliance with applicable servicing criteria as to
            any other
            securitization has been disclosed or reported by the Company; (3) the
            Company
            has not been terminated as Servicer in a residential mortgage loan
            securitization, either due to a servicing default or to application of
            a
            servicing performance test or trigger; (4) no material changes to the
            Company’s
            servicing policies and procedures for similar loans has occurred in the
            preceding three years; (5) there are no aspects of the Company’s financial
            condition that could have a material adverse impact on the performance
            by the
            Company of its obligations hereunder; (6) there are no legal proceedings
            pending, or known to be contemplated by governmental authorities, against
            the
            Company that could be material to investors in the securities issued
            in such
            Pass-Through Transfer; and (7) there are no affiliations, relationships
            or
            transactions relating to the Company of a type that are described under
            Item
            1119 of Regulation AB.

          

          7. Article
            III of the Agreement is hereby amended effective as of the date hereof
            by adding
            the following new Section 3.01(q):

          

          (q) If
            so
            requested by the Purchaser or any Depositor on any date, the Company
            shall,
            within five Business Days following such request, confirm in writing
            the
            accuracy of the representations and warranties, if any, set forth in
            Section
            3.01(p) of this Section or, if any such representation and warranty is
            not
            accurate as of the date of such request, provide reasonably adequate
            disclosure
            of the pertinent facts, in writing, to the requesting party.

          

          8. Article
            III of the Agreement is hereby amended effective as of the date hereof
            by adding
            the following new Section 3.01(r):

          

          (r) Notwithstanding
            anything to the contrary in the Agreement, the Company shall (or shall
            cause
            each Subservicer and Third-Party Originator to), provided that the Company
            (and
            each Subservicer and Third-Party Originator, as the case may be) meets
            the
            disclosure requirements of Items 1117 and 1119 of Regulation AB, as the
            case may
            be, for such disclosure period (i) immediately notify the Purchaser,
            any Master
            Servicer and any Depositor in writing of (A) any legal proceedings pending,
            or
            known to be contemplated by governmental authorities against the Company,
            any
            Subservicer or any Third-Party Originator that could reasonably be expected
            to
            be material to investors in securities in such Securitization Transaction,
            (B)
            any known affiliations or relationships that develop following the closing
            date
            of a Pass-Through Transfer between the Company, any Subservicer or any
            Third-Party Originator 9provided that the requesting party identify,
            in writing,
            such parties by name) and any of the parties specified in clause (7)
            of
            paragraph (p) of this Section (and any other transaction party identified
            in
            writing by the requesting party) with respect to such Pass-Through
            Transfer, (C)
            any
            Event of Default under the terms of this Agreement or any Reconstitution
            Agreement, (D) any merger, consolidation or sale of substantially all
            of the
            assets of the Company, and (E) the Company’s entry into an agreement with a
            Subservicer to perform or assist in the performance of any of the Company’s
            obligations under this Agreement or any Reconstitution Agreement and
            (ii)
            provide to the Purchaser and any Depositor a description of such proceedings,
            affiliations or relationships.

          

          All
            notification pursuant to this Section 3.01(r), other than those pursuant
            to
            Section 3.01(r)(i)(A), should be sent to:

          

          EMC
            Mortgage Corporation

          2780
            Lake
            Vista Drive

          Lewisville,
            TX 75067-3884

          Attention:
            Conduit Seller Approval Dept.

          Facsimile:
            (214) 626-3751

          Email:
            sellerapproval@bear.com

          

          With
            a
            copy to:

          

          Bear,
            Stearns & Co. Inc.

          383
            Madison Avenue, 3rd Floor

          New,
            York, NY 10179

          Attention:
            Global Credit Administration

          Facsimile:
            (212) 272-6564

          

          Notifications
            pursuant to Section 3.01(r)(i)(A) should be sent to: 

          

          EMC
            Mortgage Corporation

          Two
            Mac
            Arthur Ridge

          909
            Hidden Ridge Drive, Suite 200

          Irving,
            TX 75038

          Attention:
            Associate General Counsel for Loan Administration

          Facsimile:
            (972) 831-2555

          

          With
            copies to:

          

          Bear,
            Stearns & Co. Inc.

          383
            Madison Avenue, 3rd Floor

          New,
            York, NY 10179

          Attention:
            Global Credit Administration

          Facsimile:
            (212) 272-6564

          

          EMC
            Mortgage Corporation

          2780
            Lake
            Vista Drive

          Lewisville,
            TX 75067-3884

          Attention:
            Conduit Seller Approval Dept.

          Facsimile:
            (214) 626-3751

          Email:
            sellerapproval@bear.com

          

          

          9. Article
            III of the Agreement is hereby amended effective as of the date hereof
            by adding
            the following new Section 3.01(s):

          

          (s) As
            a
            condition to the succession to the Company or any Subservicer as Servicer
            or
            Subservicer under this Agreement or any Reconstitution Agreement by any
            Person
            (i) into which the Company or such Subservicer may be merged or consolidated,
            or
            (ii) which may be appointed as a successor to the Company or any Subservicer,
            the Company shall provide to the Purchaser, any Master Servicer and any
            Depositor, at least 15 calendar days prior to the effective date of such
            succession or appointment, (x) written notice to the Purchaser, any Master
            Servicer and any Depositor of such succession or appointment and (y)
            in writing
            and in form and substance reasonably satisfactory to the Purchaser, any
            Master
            Servicer and such Depositor and agreed to by the Company, all information
            reasonably requested by the Purchaser, any Master Servicer or any Depositor
            in
            order to comply with its reporting obligation under Item 6.02 of Form
            8-K with
            respect to any class of asset-backed securities.

          

          10. Article
            III of the Agreement is hereby amended effective as of the date hereof
            by adding
            the following new Section 3.02(tt):

          

          With
            respect to each Mortgage Loan, information regarding the borrower credit
            files
            related to such Mortgage Loan has been furnished to credit reporting
            agencies in
            compliance with the provisions of the Fair Credit Reporting Act and the
            applicable implementing regulations.

          

          11.
             Article
            IV of the Agreement is hereby amended effective as of the date hereof
            by adding
            the following after the second sentence of the first paragraph of Section
            4.01:

          

          In
            addition, the Company shall furnish information regarding the borrower
            credit
            files related to such Mortgage Loan to credit reporting agencies in compliance
            with the provisions of the Fair Credit Reporting Act and the applicable
            implementing regulations.

          

          12. Article
            IV of the Agreement is hereby amended effective as of the date hereof
            by adding
            this paragraph to the end of Section 4.02:

          

          The
            Company shall not waive any 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,
            (ii) the enforcement thereof is illegal, or any local, state or federal
            agency
            has threatened legal action if the prepayment penalty is enforced, (iii)
            the
            mortgage debt has been accelerated in connection with a foreclosure or
            other
            involuntary payment or (iv) such waiver is standard and customary in
            servicing
            similar Mortgage Loans and relates to a default or a reasonably foreseeable
            default and would, in the reasonable judgment of the Company, maximize
            recovery
            of total proceeds taking into account the value of such Prepayment Charge
            and
            the related Mortgage Loan.

          

          13. Article
            IV of the Agreement is hereby amended effective as of the date hereof
            by
            revising the first paragraph of Section 4.03 by adding the following
            after the
            first sentence:

          

          In
            determining the delinquency status of any Mortgage Loan, the Company
            will use
            delinquency recognition policies as described to and approved by the
            Purchaser,
            and shall revise these policies as requested by the Purchaser from time
            to
            time.

          

          14. Article
            V
            of the Agreement is hereby amended effective as of the date hereof by
            deleting
            Section 5.02 in its entirety and replacing it with the following:

          

          Section
            5.02 Statements
            to the Purchaser.

          

          The
            Company shall furnish to Purchaser an individual loan accounting report,
            as of
            the last Business Day of each month, in the Company's assigned loan number
            order
            to document Mortgage Loan payment activity on an individual Mortgage
            Loan basis.
            With respect to each month, the corresponding individual loan accounting
            report
            shall be received by the Purchaser no later than the fifth Business Day
            of the
            following month on a disk or tape or other computer-readable format in
            such
            format as may be mutually agreed upon by both Purchaser and Company,
            and no
            later than the fifth Business Day of the following month in hard copy,
            and shall
            contain the following:

          

          (i) with
            respect to each Mortgage Loan and each Monthly Payment, the amount of
            such
            remittance allocable to principal (including a separate breakdown of
            any
            Principal Prepayment, including the date of such prepayment, and any
            prepayment
            penalties or premiums, along with a detailed report of interest on principal
            prepayment amounts remitted in accordance with Section 4.04);

          

          (ii) with
            respect to each Mortgage Loan and each Monthly Payment, the amount of
            such
            remittance allocable to interest;

          

          (iii) with
            respect to each Mortgage Loan, the amount of servicing compensation received
            by
            the Company during the prior distribution period;

          

          (iv) the
            Stated Principal Balance of each Mortgage Loan and the aggregate Stated
            Principal Balance of all Mortgage Loans as of the first day of the distribution
            period and the last day of the distribution period;

          

          (v) with
            respect to each Mortgage Loan, the current Mortgage Interest Rate;

          

          (vi) with
            respect to each Mortgage Loan, the aggregate amount of any Insurance
            Proceeds,
            Condemnation Proceeds, Liquidation Proceeds and REO Disposition Proceeds
            received during the prior distribution period;

          

          (vii) with
            respect to each Mortgage Loan, the amount of any Prepayment Interest
            Shortfalls
            paid by the Company in accordance with Section 4.04(viii) during the
            prior
            distribution period; 

          

          (viii) the
            beginning and ending balances of the Custodial Account and Escrow
            Account;

          

          (ix) the
            number of Mortgage Loans as of the first day of the distribution period
            and the
            last day of the distribution period; 

          

          (x) with
            respect to each Mortgage Loan, the Stated Principal Balance of each Mortgage
            Loan (a) delinquent as grouped in the following intervals through final
            liquidation of such Mortgage Loan: 30 to 59 days, 60 to 89 days, 90 days
            or
            more; (b) as to which foreclosure has commenced; and (c) as to which
            REO
            Property has been acquired;

          

          (xi) with
            respect to each Mortgage Loan, the amount and severity of any realized
            loss
            following liquidation of such Mortgage Loan; 

          

          (xii) with
            respect to each Mortgage Loan, and in the aggregate for all Mortgage
            Loans, the
            amount of any Monthly Advances made by the Company during the prior distribution
            period; 

          

          (xiii) with
            respect to each Mortgage Loan, a description of any Servicing Advances
            made by
            the Company with respect to such Mortgage Loan including the amount,
            terms and
            general purpose of such Servicing Advances, and the aggregate amount
            of
            Servicing Advances for all Mortgage Loans during the prior distribution
            period;

          

          (xiv) with
            respect to each Mortgage Loan, a description of any Nonrecoverable Advances
            made
            by the Company with respect to such Mortgage Loan including the amount,
            terms
            and general purpose of such Nonrecoverable Advances, and the aggregate
            amount of
            Nonrecoverable Advances for all Mortgage Loans during the prior distribution
            period;

          

          (xv) with
            respect to each Mortgage Loan, a description of any Monthly Advances,
            Servicing
            Advances and Nonrecoverable Advances reimbursed to the Company with respect
            to
            such Mortgage Loan during the prior distribution period pursuant to Section
            4.05, and the source of funds for such reimbursement, and the aggregate
            amount
            of any Monthly Advances, Servicing Advances and Nonrecoverable Advances
            reimbursed to the Company for all Mortgage Loans during the prior distribution
            period pursuant to Section 4.05; 

          

          (xvi) with
            respect to any Mortgage Loan, a description of any material modifications,
            extensions or waivers to the terms, fees, penalties or payments of such
            Mortgage
            Loan during the prior distribution period or that have cumulatively become
            material over time;

          

          (xvii) a
            description of any material breach of a representation or warranty set
            forth in
            Section 3.01 or Section 3.02 herein or of any other breach of a covenant
            or
            condition contained herein and the status of any resolution of such
            breach;

          

          (xviii) with
            respect to each Mortgage Loan, the Stated Principal Balance of any substitute
            Mortgage Loan provided by the Company and the Stated Principal Balance
            of any
            Mortgage Loan that has been replaced by a substitute Mortgage Loan in
            accordance
            with Section 3.03 herein;

          

          (xix) with
            respect to each Mortgage Loan, the Stated Principal Balance of any Mortgage
            Loan
            that has been repurchased by the Company in accordance with Section 3.03
            herein.

          

          In
            addition, the Company shall provide to the Purchaser such other information
            reasonably known or available to the Company that is related to Company’s
            performance of such servicing functions and that is reasonably required
            to
            facilitate preparation of distribution reports in accordance with Item
            1121 of
            Regulation AB, as amended from time to time. The Company shall also provide
            a
            monthly report, in the form of Exhibit
            E
            hereto,
            or such other form as is mutually acceptable to the Company, the Purchaser
            and
            any Master Servicer, Exhibit
            F
            with
            respect to defaulted mortgage loans and Exhibit
            N,
            with
            respect to realized losses and gains, with each such report.

          

          The
            Company shall prepare and file any and all information statements or
            other
            filings that any governmental taxing authority requires the Company to
            deliver
            to such taxing authority or to the Purchaser pursuant to any applicable
            law with
            respect to the Mortgage Loans and the transactions contemplated hereby.
            In
            addition, the Company shall provide Purchaser with such information concerning
            the Mortgage Loans as is necessary for Purchaser to prepare its federal
            income
            tax return as Purchaser may reasonably request from time to
            time.

          15. Article
            V
            of the Agreement is hereby amended effective as of the date hereof by
            deleting
            the last paragraph of Section 5.03 in its entirety and replacing it with
            the
            following:

          

          The
            Company’s obligation to make such Monthly Advances as to any Mortgage Loan will
            continue through the last Monthly Payment due prior to the payment in
            full of
            the Mortgage Loans, or through the Remittance Date prior to the date
            on which
            the Mortgaged Property liquidates (including Insurance Proceeds, proceeds
            from
            the sale of REO Property or Condemnation Proceeds) with respect to the
            Mortgage
            Loan unless the Company deems such advance to be a Nonrecoverable Advance.
            In
            such event, the Company shall deliver to the purchaser an Officer’s Certificate
            of the Company to the effect that an officer of the Company has reviewed
            the
            related Mortgage File and has made the reasonable determination that
            any
            additional advances are Nonrecoverable Advances.

          

          16. Article
            VI of the Agreement is hereby amended effective as of the date hereof
            by
            deleting Section 6.04 in its entirety and replacing it with the
            following:

          

          Section
            6.04 Annual
            Statement as to Compliance; Annual Certification.

          

          (a) The
            Company will deliver to the Purchaser and any Master Servicer, not later
            than
            March 1 of each calendar year beginning in 2007, an Officer’s Certificate
            reasonably acceptable to the Purchaser (an “Annual Statement of Compliance”)
            stating, as to the signatory thereof, that (i) a review of the servicing
            activities of the Company during the preceding calendar year and of servicing
            performance under this Agreement or other applicable servicing agreement
            has
            been made under such officers’ supervision and (ii) to the best of such
            officers’ knowledge, based on such review, the Company has fulfilled all of its
            servicing-related obligations under this Agreement or other applicable
            servicing
            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. Copies of such statement shall be provided by
            the
            Company to the Purchaser upon request and by the Purchaser to any Person
            identified as a prospective purchaser of the Mortgage Loans. In the event
            that
            the Company has delegated any servicing responsibilities with respect
            to the
            Mortgage Loans to a Subservicer, the Company shall deliver an officer’s
            certificate (an “Annual Certification”) of the Subservicer as described above as
            to each Subservicer as and when required with respect to the
            Company.

          

          (b) With
            respect to any Mortgage Loans that are the subject of a Pass-Through
            Transfer,
            by March 1 of each calendar year beginning in 2007, an officer of the
            Company
            shall execute and deliver an Annual Certification to the Purchaser, any
            Master
            Servicer and any related Depositor for the benefit of each such entity
            and such
            entity’s affiliates that are transaction parties and the officers, directors
            and
            agents of any such entities that may rely on such Annual Certification
            in the
            fulfillment of their obligations with respect to Regulation AB, in the
            form
            attached hereto as Exhibit
            K.
            In the
            event that the Company has delegated any servicing responsibilities with
            respect
            to the Mortgage Loans to a Subservicer, the Company shall deliver an
            Annual
            Certification of the Subservicer as described above as to each Subservicer
            as
            and when required with respect to the Company.

          

          (c) If
            the
            Company cannot deliver the related Annual Statement of Compliance or
            Annual
            Certification by March 1st
            of such
            year, the Purchaser, at its sole option, may permit a cure period for
            the
            Company to deliver such Annual Statement of Compliance or Annual Certification,
            but in no event later than March 10th of such year.

          

          Failure
            of the Company to timely comply with this Section 6.04 shall be deemed
            an Event
            of Default, automatically, without notice and without any cure period,
            unless
            otherwise agreed to by the Purchaser as set forth in 6.04(c), and Purchaser
            may,
            in addition to whatever rights the Purchaser may have under Sections
            3.03 and
            8.01 and at law or equity or to damages, including injunctive relief
            and
            specific performance, terminate all the rights and obligations of the
            Company
            under this Agreement and in and to the Mortgage Loans and the proceeds
            thereof
            without compensating the Company except for compensation and rights arising
            prior to such termination. Such termination shall be considered with
            cause
            pursuant to Section 10.01 of this Agreement. This paragraph shall supersede
            any
            other provision in this Agreement or any other agreement to the
            contrary.

          

          17. Article
            VI of the Agreement is hereby amended effective as of the date hereof
            by
            deleting Section 6.05 in its entirety and replacing it with the
            following:

          

          Section
            6.05 [Reserved]

          

          18. Article
            VI of the Agreement is hereby amended effective as of the date hereof
            by adding
            the following new Section 6.07:

          

          Section
            6.07 Assessment
            of Compliance with Servicing Criteria.

          

          On
            and
            after January 1, 2006, the Company shall service and administer, and
            shall cause
            each Subservicer to Servicer or administer, the Mortgage Loans in accordance
            with all applicable requirements of the Servicing Criteria.

          

          With
            respect to any Mortgage Loans that are the subject of a Pass-Through
            Transfer,
            the Company shall deliver to the Purchaser or its designee, any Master
            Servicer
            and any Depositor on or before March 1 of each calendar year beginning
            in 2007,
            a report (an “Assessment of Compliance”) reasonably satisfactory to the
            Purchaser, any Master Servicer and any Depositor regarding the Company’s
            assessment of compliance with the Servicing Criteria during the preceding
            calendar year as required by Rules 13a-18 and 15d-18 of the Exchange
            Act and
            Item 1122 of Regulation AB or as otherwise required by the Master Servicer,
            which as of the date hereof, require a report by an authorized officer
            of the
            Company that contains the following:

          

          (a) A
            statement by such officer of its responsibility for assessing compliance
            with
            the Servicing Criteria applicable to the Company;

          

          (b) A
            statement by such officer that such officer used the Servicing Criteria
            to
            assess compliance with the Servicing Criteria applicable to the
            Company;

          

          (c) An
            assessment by such officer of the Company’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 Company, 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 Company’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 Company, which statement shall be based on the activities it performs
            with
            respect to asset-backed securities transactions taken as a whole involving
            the
            Company, 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 a
            certification substantially in the form of Exhibit
            M
            hereto
            delivered to the Purchaser concurrently with the execution of this
            Agreement.

          

          With
            respect to any Mortgage Loans that are the subject of a Pass-Through
            Transfer,
            on or before March 1 of each calendar year beginning in 2007, the Company
            shall
            furnish to the Purchaser or its designee, any Master Servicer and any
            Depositor
            a report (an “Attestation Report”) by a registered public accounting firm that
            attests to, and reports on, the Assessment of Compliance made by the
            Company, as
            required by Rules 13a-18 and 15d-18 of the Exchange Act and Item 1122(b)
            of
            Regulation AB or as otherwise required by the Master Servicer, which
            Attestation
            Report must be made in accordance with standards for attestation reports
            issued
            or adopted by the Public Company Accounting Oversight Board. 

          

          The
            Company shall cause each Subservicer, and each Subcontractor determined
            by the
            Company pursuant to Section 11.19 to be “participating in the servicing
            function” within the meaning of Item 1122 of Regulation AB, to deliver to the
            Purchaser, any Master Servicer and any Depositor an assessment of compliance
            and
            accountants’ attestation as and when provided in Sections 6.07.

          

          If
            the
            Company cannot deliver the related Assessment of Compliance or Attestation
            Report by March 1st
            of such
            year, the Purchaser, at its sole option, may permit a cure period for
            the
            Company to deliver such Assessment of Compliance or Attestation Report,
            but in
            no event later than March 10th of such year.

          

          Failure
            of the Company to timely comply with this Section 6.07 shall be deemed
            an Event
            of Default, automatically, without notice and without any cure period,
            unless
            otherwise agreed to by the Purchaser as described herein, and Purchaser
            may, in
            addition to whatever rights the Purchaser may have under Sections 3.03
            and 8.01
            and at law or equity or to damages, including injunctive relief and specific
            performance, terminate all the rights and obligations of the Company
            under this
            Agreement and in and to the Mortgage Loans and the proceeds thereof without
            compensating the Company except for compensation and rights arising prior
            to
            such termination. Such termination shall be considered with cause pursuant
            to
            Section 10.01 of this Agreement. This paragraph shall supersede any other
            provision in this Agreement or any other agreement to the contrary.

          

          Notwithstanding
            anything in this Agreement to the contrary, the Company will only be
            required to
            deliver an Assessment of Compliance and Attestation Report when it is
            not
“participating in the servicing function” within the meaning of Item 1122 of
            Regulation AB including Instruction 2 thereof upon prior written notice
            by the
            Purchaser that any Master Servicer has requested such information.

          

          19. Article
            VI of the Agreement is hereby amended effective as of the date hereof
            by adding
            the following new Section 6.08:

          

          Section
            6.08 Intent
            of the Parties; Reasonableness.

          

          The
            Purchaser and the Company acknowledge and agree that a purpose of Sections
            3.01(p), 5.02, 6.04, 6.07, 11.18, 11.19 and Exhibit J of this Agreement
            is to
            facilitate compliance by the Purchaser and any Depositor with the provisions
            of
            Regulation AB and related rules and regulations of the Commission. None
            of the
            Purchaser, any Master Servicer or any Depositor shall exercise its right
            to
            request or require delivery of information or other performance under
            these
            provisions other than in good faith and as is reasonable, or for purposes
            other
            than compliance with the provisions of the Securities Act, the Exchange
            Act and
            the rules and regulations of the Commission thereunder that are applicable
            to
            any Securitization Transaction. The Company, the Purchaser, the Master
            Servicer
            and any Depositor acknowledge that interpretations of the requirements
            of
            Regulation AB may change over time, whether due to interpretive guidance
            provided by the Commission or its staff or consensus among participants
            in the
            asset-backed securities markets, and agrees to negotiate in good faith
            with the
            Purchaser, Master Servicer or any Depositor, upon a request made in good
            faith
            regarding the Company’s delivery of information under these provisions on the
            basis of evolving interpretations of Regulation AB. In connection with
            any
            Pass-Through Transfer, the Company shall cooperate with the Purchaser
            to deliver
            to the Purchaser (including any of its assignees or designees that are
            parties
            to the relevant transaction) and any Depositor, any and all statements,
            reports,
            certifications, records and any other information necessary in the good
            faith
            and reasonable determination of the Purchaser, Master Servicer or any
            Depositor
            to permit the Purchaser or such Depositor to comply with the provisions
            of
            Regulation AB, together with such disclosures relating to the Company,
            any
            Subservicer, any Third-Party Originator and the Mortgage Loans, or the
            servicing
            of the Mortgage Loans, reasonably believed by the Purchaser or any Depositor
            to
            be necessary in order to effect such compliance.

          

          20. Article
            IX of the Agreement is hereby amended effective as of the date hereof
            by
            deleting the first sentence of the last paragraph of Section 9.01 and
            replacing
            it with the following (new text underlined):

          

          Then,
            and
            in each and every such case, so long as an Event of Default shall not
            have been
            remedied, the Purchaser, by notice in writing to the Company (except
            in the case
            of an Event of Default under clauses (iii), (iv) or (v) above, or
            as
            otherwise stated herein,
            in
            which case, automatically and without notice) may, in addition to whatever
            rights the Purchaser or
            Master Servicer
            may have
            under Sections 3.03 and 8.01 and at law or equity or to damages, including
            injunctive relief and specific performance, terminate all the rights
            and
            obligations of the Company (and
            if the Company is servicing any of the Mortgage Loans in a Securitization
            Transaction, appoint a successor Servicer reasonably acceptable to any
            Master
            Servicer for such Securitization Transaction)
            under
            this Agreement and in and to the Mortgage Loans and the proceeds thereof
            without
            compensating the Company for the same except for compensation and rights
            arising
            prior to such termination.

          

          21. Article
            IX of the Agreement is hereby amended effective as of the date hereof
            by adding
            the following at the end of the last paragraph of Section 9.01:

          

          The
            Company shall promptly reimburse the Purchaser (or any designee of the
            Purchaser, such as a master servicer) and any Depositor, as applicable,
            for all
            reasonable expenses incurred by the Purchaser (or such designee) or such
            Depositor, as such are incurred, in connection with the termination of
            the
            Company as Servicer for cause and the transfer of servicing of the Mortgage
            Loans to a successor Servicer due to such termination for cause. The
            provisions
            of this paragraph shall not limit whatever rights the Purchaser or any
            Depositor
            may have under other provisions of this Agreement and/or any applicable
            Reconstitution Agreement or otherwise, whether in equity or at law, such
            as an
            action for damages, specific performance or injunctive relief.

          

          22. Article
            XI of the Agreement is hereby amended effective as of the date hereof
            by
            restating Section 11.18 in its entirety as follows:

          

          Section
            11.18. Cooperation
            of Company with a Reconstitution.

          

          The
            Company and the Purchaser agree that with respect to some or all of the
            Mortgage
            Loans, on or after the related Closing Date, on one or more dates (each
            a
            "Reconstitution Date") at the Purchaser's sole option, the Purchaser
            may effect
            a sale (each, a "Reconstitution") of some or all of the Mortgage Loans
            then
            subject to this Agreement, without recourse, to:

          

          (a) one
            or
            more third party purchasers in one or more in whole loan transfers (each,
            a
            "Whole Loan Transfer"); or

          

          (b) one
            or
            more trusts or other entities to be formed as part of one or more Pass-Through
            Transfers.

          

          The
            Company agrees to execute in connection with any agreements among the
            Purchaser,
            the Company, and any Servicer in connection with a Whole Loan Transfer,
            an
            Assignment, Assumption and Recognition Agreement substantially in the
            form of
Exhibit
            D
            hereto,
            or, at Purchaser’s request, a seller's warranties and servicing agreement or a
            participation and servicing agreement or similar agreement in form and
            substance
            reasonably acceptable to the parties (including the Company), and in
            connection
            with a Pass-Through Transfer, a pooling and servicing agreement in form
            and
            substance reasonably acceptable to the parties and the Company, (collectively
            the agreements referred to herein are designated, the "Reconstitution
            Agreements"). It is understood that any such Reconstitution Agreements
            will not
            contain any greater obligations on the part of Company than are contained
            in
            this Agreement. Notwithstanding anything to the contrary in this Section
            11.18,
            the Company agrees that it is required to perform the obligations described
            in
Exhibit
            J
            hereto.

          

          With
            respect to each Whole Loan Transfer and each Pass-Through Transfer entered
            into
            by the Purchaser, the Company agrees (1) to cooperate fully with the
            Purchaser
            and any prospective purchaser with respect to all reasonable requests
            and, at
            the Purchaser’s expense due diligence procedures; (2) to execute, deliver and
            perform all Reconstitution Agreements required by the Purchaser subject
            to the
            limitations of this Section 11.18; and (3) to restate the representations
            and
            warranties set forth in this Agreement as of the settlement or closing
            date in
            connection with such Reconstitution (each, a "Reconstitution Date").
            

          

          In
            addition, the Company shall provide to such Servicer or issuer, as the
            case may
            be, and any other participants in such Reconstitution upon the Purchaser’s
            request and subject to the limitations of this Section 11.18:

          

          (i) any
            and
            all information and appropriate verification of information which may
            be
            reasonably available to the Company, whether through letters of its auditors
            and
            counsel or otherwise, as the Purchaser or any such other participant
            shall
            request upon reasonable demand; 

          

          (ii) such
            additional representations, warranties, covenants, opinions of counsel,
            letters
            from auditors, and certificates of public officials or officers of the
            Company
            as are reasonably agreed upon by the Company and the Purchaser or any
            such other
            participant;

          

          (iii) within
            5
            Business Days after request by the Purchaser, the information with respect
            to
            the Company (as Originator) and each Third-Party Originator of the Mortgage
            Loans as required under Item 1110(a) and (b) of Regulation AB, a summary
            of the
            requirements of which has of the date hereof is attached hereto as Exhibit
            L
            for
            convenience of reference only. If requested by the Purchaser, this will
            include
            information about the applicable credit-granting or underwriting
            criteria;

          

          (iv) within
            5
            Business Days after request by the Purchaser, the Company shall provide
            (or, as
            applicable, cause each Third-Party Originator to provide) Static Pool
            Information with respect to the mortgage loans (of a similar type as
            the
            Mortgage Loans, as reasonably identified by the Purchaser as provided
            below)
            originated by (i) the Company, if the Company is an originator of Mortgage
            Loans
            (including as an acquirer of Mortgage Loans from a Qualified Correspondent),
            and/or (ii) each Third-Party Originator. Such Static Pool Information
            shall be
            prepared by the Company (or Third-Party Originator) on the basis of its
            reasonable, good faith interpretation of the requirements of Item 1105(a)(1)-(3)
            and (c) provided, however, that Seller shall not be required to provide
            Static
            Pool Information with respect to mortgage loans originated prior to January
            1,
            2006 pursuant to Item 1105(f) of Regulation AB; provided, further, however
            that
            Seller shall provide such information if it becomes reasonably available
            to
            Seller. To the extent that there is reasonably available to the Company
            (or
            Third-Party Originator) Static Pool Information with respect to more
            than one
            mortgage loan type, the Purchaser or any Depositor shall be entitled
            to specify
            whether some or all of such information shall be provided pursuant to
            this
            paragraph. The content and presentation of such Static Pool Information
            may be
            in the form customarily provided by the Company, and need not be customized
            for
            the Purchaser or any Depositor. Such Static Pool Information for each
            vintage
            origination year or prior securitized pool, as applicable, shall be presented
            in
            increments no less frequently than quarterly over the life of the mortgage
            loans
            included in the vintage origination year or prior securitized pool. The
            most
            recent periodic increment must be as of a date no later than 135 days
            prior to
            the date of the prospectus or other offering document in which the Static
            Pool
            Information is to be included or incorporated by reference. The Static
            Pool
            Information shall be provided in an electronic format that provides a
            permanent
            record of the information provided, such as a portable document format
            (pdf)
            file, or other such electronic format as customarily provided by Seller
            or if
            Seller does not customarily provide such information as reasonably required
            by
            the Purchaser or the Depositor, as applicable and agreed to by the
            Company;

          

          (v) within
            5
            Business Days after request by the Purchaser, information with respect
            to the
            Company (as Servicer) as required by Item
            1108(b) and (c) of Regulation AB,
            and
            provided the Company (as Servicer) meets the criteria in Item 1108(a)(3).
            A
            summary of the requirements of Item 1108(b) and (c) of Regulation AB
            is attached
            hereto as Exhibit
            L
            for
            convenience of reference only. In the event that the Company has delegated
            any
            servicing responsibilities with respect to the Mortgage Loans to a Subservicer,
            the Company shall provide the information required pursuant to this clause
            with
            respect to the Subservicer;

          

          (vi) within
            5
            Business Days after request by the Purchaser, 

          (a)
            if
            the Company (or Third-Party Originator of Subservicer as the case may
            be) meets
            the disclosure criteria of Item 1117 of Regulation AB, information regarding
            any
            legal proceedings pending (or known to be contemplated by governmental
            authorities) against the Company (as Originator and as Servicer) and
            each
            Third-Party Originator of the Mortgage Loans and each Subservicer that
            could be
            material to investors in the Securities issued in the related Securitization
            Transaction, a summary of the requirements of Item 1117 of Regulation
            AB as of
            the date hereof is attached hereto as Exhibit
            L
            for
            convenience of reference only;

          (b)
            if
            the Company (or Third-Party Originator of Subservicer as the case may
            be) meets
            the disclosure criteria of Item 1119 of Regulation AB, information regarding
            affiliations with respect to the Company (as Originator and as Servicer)
            and
            each Third-Party Originator of the Mortgage Loans and each Subservicer
            as
            required by Item 1119(a) of Regulation AB, a summary of the requirements
            of Item
            1119(a) of Regulation AB as of the date hereof is attached hereto as
            Exhibit
            L
            for
            convenience of reference only; and

          (c)
            if
            the Company (or Third-Party Originator of Subservicer as the case may
            be) meets
            the disclosure criteria of Item 1119 of Regulation AB,information regarding
            relationships and transactions with respect to the Company (as Originator
            and as
            Servicer) and each Third-Party Originator of the Mortgage Loans and each
            Subservicer as required by Item 1119(b) and (c) of Regulation AB, a summary
            of
            the requirements of Item 1119(b) and (c) of Regulation AB as of the date
            hereof
            is attached hereto as Exhibit
            L
            for
            convenience of reference only; and 

          

          (vii) if
            so
            requested by the Purchaser, the Company shall provide (or, as applicable,
            cause
            each Third-Party Originator to provide), at the expense of the requesting
            party
            (to the extent of any additional incremental expense associated with
            delivery
            pursuant to this Agreement), such statements and agreed-upon procedures
            letters
            of certified public accountants reasonably acceptable to the Purchaser
            or
            Depositor, as applicable, pertaining to Static Pool Information relating
            to
            prior securitized pools for securitizations closed on or after January
            1, 2006
            or, in the case of Static Pool Information with respect to the Company’s or
            Third-Party Originator’s originations or purchases, to calendar months
            commencing January 1, 2006, or to any financial information included
            in any
            other disclosure provided under this Section 11.18, as the Purchaser
            or such
            Depositor shall reasonably request. Such statements and letters shall
            be
            addressed to and be for the benefit of such parties as the Purchaser
            or such
            Depositor shall designate, which may include, by way of example, any
            Sponsor,
            any Depositor and any broker dealer acting as underwriter, placement
            agent or
            initial purchaser with respect to a Pass-Through Transfer. Any such statement
            or
            letter may take the form of a standard, generally applicable document
            accompanied by a reliance letter authorizing reliance by the addressees
            designated by the Purchaser or such Depositor;

          

          (viii) Following
            the date of any Pass-Through Transfer after January 1, 2006 containing
            Mortgage
            Loans and for the period while such Mortgage Loans are in any Pass-Through
            Transfer, the Purchaser agrees to furnish to the Company, within forty-five
            (45)
            days of the close of each related month, on a monthly basis, loan level
            performance information regarding the related Mortgage Loans, including
            delinquency, foreclosure and loss data, but excluding any personal borrower
            information, which Purchaser deems necessary for the Company’s compliance with
            Regulation AB, and to be used by the Company solely on an aggregate basis
            for
            Regulation AB disclosure purposes. The preceding sentence shall only
            apply to
            Mortgage Loans for which Purchaser is the Servicer; provided, however,
            that if
            Purchaser is no longer the Servicer of the related Mortgage Loans, the
            Purchaser
            shall use its best efforts to require the new Servicer to provide such
            information. The Company agrees that the Purchaser may thereafter provide
            updated performance information on the Mortgage Loans for any previous
            period.

          

          (ix) If
            so
            requested, in writing, by the Purchaser or any Depositor for the purpose
            of
            satisfying its reporting obligation under the Exchange Act with respect
            to any
            class of asset-backed securities, the Company shall (or shall cause each
            Subservicer and Third-Party Originator to), provided that the Company
            (and each
            Subservicer and Third-Party Originator, as the case may be) meets the
            disclosure
            requirements of items 1117 and 1119 of Regulation AB, as the case may
            be, for
            such disclosure period (i) provide prompt notice to the Purchaser, any
            Master
            Servicer and any Depositor in writing of (A) any legal proceedings pending,
            or
            known to be contemplated by governmental authorities against the Company,
            any
            Subservicer or any Third-Party Originator that could be material to investors
            in
            the securities issued in such Securitization Transaction that develop
            following
            the closing date of such Securitization Transaction, (B) any known affiliations
            or relationships that develop following the closing date of a Securitization
            Transaction between the Company, any Subservicer or any Third-Party Originator
            and any of the parties (provided that the requesting party identify,
            in writing,
            such parties by name) specified in clause (D) of paragraph (a) of this
            Section
            (and any other parties identified in writing by the requesting party)
            with
            respect to such Securitization Transaction, (C) any Event of Default
            under the
            terms of this Agreement or any Reconstitution Agreement, (D) any merger,
            consolidation or sale of substantially all of the assets of the Company,
            and (E)
            the Company’s entry into an agreement with a Subservicer to perform or assist in
            the performance of any of the Company’s obligations under this Agreement or any
            Reconstitution Agreement and (ii) provide to the Purchaser and any Depositor
            a
            description of such proceedings, affiliations or relationships. The obligations
            of the Company under this paragraph (ix) with respect to a Securitization
            Transaction shall terminate upon the termination of the Purchaser’s and
            Depositor’s reporting obligations under the Exchange Act with respect to such
            securitization; 

          

          (x)
            As a
            condition to the succession to the Company or any Subservicer as Servicer
            or
            Subservicer under this Agreement or any Reconstitution Agreement by any
            Person
            (i) into which the Company or such Subservicer may be merged or consolidated,
            or
            (ii) which may be appointed as a successor to the Company or any Subservicer,
            the Company shall provide to the Purchaser, any Master Servicer, and
            any
            Depositor, at least 15 calendar days prior to the effective date of such
            succession or appointment, (x) written notice to the Purchaser and any
            Depositor
            of such succession or appointment and (y) in writing and in form and
            substance
            reasonably satisfactory to the Purchaser and such Depositor, all information
            reasonably requested by the Purchaser or any Depositor in order to comply
            with
            its reporting obligation under Item 6.02 of Form 8-K with respect to
            any class
            of asset-backed securities; 

          

          (x)
            In
            addition to such information as the Company, as Servicer, is obligated
            to
            provide pursuant to other provisions of this Agreement, not later than
            ten days
            prior to the deadline for the filing of any distribution report on Form
            10-D in
            respect of any Securitization Transaction that includes any of the Mortgage
            Loans serviced by the Company or any Subservicer, the Company or such
            Subservicer, as applicable, shall, to the extent the Company or such
            Subservicer
            has knowledge, provide to the party responsible for filing such report
            (including, if applicable, the Master Servicer) notice of the occurrence
            of any
            of the following events with respect to such Mortgage Loans serviced
            by the
            Company along with all information, data, and materials related thereto
            as may
            be required to be included in the related distribution report on Form
            10-D (as
            specified in the provisions of Regulation AB referenced below):

          

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

          

          (B) material
            breaches of pool asset representations or warranties or transaction covenants
            (Item 1121(a)(12) of Regulation AB); and

          

          (C) information
            regarding new asset-backed securities issuances backed by the same pool
            assets,
            any pool asset changes (such as, additions, substitutions or repurchases),
            and
            any material changes in origination, underwriting or other criteria for
            acquisition or selection of pool assets (Item 1121(a)(14) of Regulation
            AB);
            and

          

          (xi)
            The
            Company shall provide to the Purchaser, any Master Servicer and any Depositor,
            evidence of the authorization of the person signing any certification
            or
            statement, copies or other evidence of Fidelity Bond Insurance and Errors
            and
            Omission Insurance policy, financial information and reports, and such
            other
            information related to the Company or any Subservicer or the Company
            or such
            Subservicer’s performance hereunder.

          

          In
            the
            event of a conflict or inconsistency between the terms of Exhibit
            L
            and the
            text of the applicable Item of Regulation AB as cited above, the text
            of
            Regulation AB, its adopting release and other public statements of the
            SEC shall
            control.

          

          The
            Company shall indemnify the Purchaser, the Depositor, and the Master
            Servicer,
            and each of their respective affiliates including as applicable each
            of the
            following parties participating in a Pass-Through Transfer: each sponsor
            and
            issuing entity; each Person (including, but not limited to, any Master
            Servicer,
            if applicable) responsible for the preparation, execution or filing of
            any
            report required to be filed with the Commission with respect to such
            Pass-Through Transfer, or for execution of a certification pursuant to
            Rule
            13a-14(d) or Rule 15d-14(d) under the Exchange Act with respect to such
            Pass-Through Transfer; each broker dealer acting as underwriter, placement
            agent
            or initial purchaser with respect to such Pass-Through Transfer, each
            Person who
            controls any of such parties or the Depositor (within the meaning of
            Section 15
            of the Securities Act and Section 20 of the Exchange Act); and the respective
            present and former directors, officers, employees, agents and affiliates
            of each
            of the foregoing and of the Depositor (each, an “Indemnified Party”), and shall
            hold each of them harmless from and against any claims, losses, damages,
            penalties, fines, forfeitures, legal fees and expenses and related costs,
            judgments, and any other costs, fees and expenses that any of them may
            sustain
            (each, a “Regulation AB Loss”) arising out of or based upon:

          

          (i)(A)
            any
            untrue statement of a material fact contained or alleged to be contained
            in any
            information, report, certification, data, accountants’ letter or other material
            provided under this Section 11.18 by the Company or by another third-party
            on
            the direction of the Company,
            or
            provided under this Section 11.18 by or at the direction of any Subservicer,
            Subcontractor or Third-Party Originator (collectively, the “Company
            Information”), or (B) the omission or alleged omission to state in the Company
            Information a material fact required to be stated in the Company Information
            or
            necessary in order to make the statements therein, in the light of the
            circumstances under which they were made, not misleading; provided, by
            way of
            clarification, that clause (B) of this paragraph shall be construed solely
            by
            reference to the Company Information and not to any other information
            communicated in connection with a sale or purchase of securities, without
            regard
            to whether the Company Information or any portion thereof is presented
            together
            with or separately from such other information;

          

          (ii)
            any
            breach by the Company of its obligations under this Section 11.18, including
            particularly any failure by the Company, any Subservicer, any Subcontractor
            or
            any Third-Party Originator to deliver any information, report, certification,
            accountants’ letter or other material when and as required under this Section
            11.18, including any failure by the Company to identify pursuant to Section
            11.19 any Subcontractor “participating in the servicing function” within the
            meaning of Item 1122 of Regulation AB;

          

          (iii)
            any
            breach by the Company of a representation or warranty set forth in Section
            3.01
            or in a writing furnished pursuant to Section 3.01(q) and made as of
            a date
            prior to the closing date of the related Pass-Through Transfer, to the
            extent
            that such breach is not cured by such closing date, or any breach by
            the Company
            of a representation or warranty in a writing furnished pursuant to Section
            3.01(q) to the extent made as of a date subsequent to such closing date;
            or

          

          (iv)
            the
            negligence bad faith or willful misconduct of the Company in connection
            with its
            performance under this Section 11.18.

          

          In
            the
            case of any claim involving Regulation AB Losses instituted involving
            any untrue
            statement of a material fact alleged to be contained in any Company Information,
            the Purchaser shall notify the Company and the Company may, but only
            with the
            written approval of the Purchaser in the Purchaser’s sole discretion, retain
            counsel satisfactory to the Purchaser to represent the Purchaser with
            respect to
            the Regulation AB Losses (provided that the counsel so designated would
            have no
            actual or potential conflict of interest in connection with such
            representation), and the Company shall pay the fees and disbursements
            of such
            counsel related to such claim. If the Company assumes the defense of
            such
            proceeding, it shall be entitled to settle such proceeding with the written
            consent of the Purchaser (in its sole discretion) or, if such settlement
            provides for release of the Purchaser in connection with all matters
            relating to
            the proceeding which have been asserted against the Purchaser in such
            proceeding
            by the other parties to such settlement, without the consent of the
            Purchaser.

          

          For
            purposes of clarification with respect to the indemnification given above
            in
            this Section 11.18, the Seller shall only be required to indemnify the
            Indemnified Parties with respect to Regulation AB Losses that any Indemnified
            Party incurs when such Regulation AB Losses arise out of or are based
            upon
            Company Information and only with respect to those Mortgage Loans sold
            pursuant
            to this Agreement; provided, that the indemnification provided in this
            Section
            11.18 shall be the only indemnification with respect to Regulation AB
            Losses;
            provided, further, that if any loan performance information is not provided
            to
            the Company pursuant to this Agreement, the Company shall have no obligation
            to
            indemnify any Indemnified Party for Regulation AB Losses arising from
            the
            Company’s failure to provide Static Pool Information.

          

          If
            the
            indemnification provided for herein is unavailable or insufficient to
            hold
            harmless an Indemnified Party, then the Company agrees that it shall
            contribute
            to the amount paid or payable by such Indemnified Party as a result of
            any
            claims, losses, damages or liabilities incurred by such Indemnified Party
            in
            such proportion as is appropriate to reflect the relative fault of such
            Indemnified Party on the one hand and the Company on the other. 

          

          In
            the
            case of any failure of performance described above, the Company shall
            promptly
            reimburse the Purchaser, any Depositor, as applicable, and each Person
            responsible for the preparation, execution or filing of any report required
            to
            be filed with the Commission with respect to such Securitization Transaction,
            or
            for execution of a certification pursuant to Rule 13a-14(d) or Rule 15d-14(d)
            under the Exchange Act with respect to such Securitization Transaction,
            for all
            costs reasonably incurred by each such party in order to obtain the information,
            report, certification, accountants’ letter or other material not delivered as
            required by the Company, any Subservicer, any Subcontractor or any Third-Party
            Originator.

          

          This
            indemnification shall survive the termination of this Agreement or the
            termination of any party to this Agreement.

          

          All
            Mortgage Loans not sold or transferred pursuant to a Reconstitution shall
            remain
            subject to, and serviced in accordance with the terms of, this Agreement
            and the
            related Term Sheet, and with respect thereto this Agreement and the related
            Term
            Sheet shall remain in full force and effect.

          

          23. Article
            XI of the Agreement is hereby amended effective as of the date hereof
            by adding
            the following new Section 11.19:

          

          Section
            11.19. Use
            of
            Subservicers and Subcontractors.

          

          (a) The
            Company shall not hire or otherwise utilize the services of any Subservicer
            to
            fulfill any of the obligations of the Company as Servicer under this
            Agreement
            or any Reconstitution Agreement unless the Company complies with the
            provisions
            of paragraph (b) of this Section. The Company shall not hire or otherwise
            utilize the services of any Subcontractor, and shall not permit any Subservicer
            to hire or otherwise utilize the services of any Subcontractor, to fulfill
            any
            of the obligations of the Company as Servicer under this Agreement or
            any
            Reconstitution Agreement unless the Company complies with the provisions
            of
            paragraph (d) of this Section. 

          

          (b) The
            Company shall cause any Subservicer used by the Company (or by any Subservicer)
            for the benefit of the Purchaser and any Depositor to comply with the
            provisions
            of this Section and with Sections 3.01(p), 3.01(s), 6.04, 6.07 and 11.18
            of this
            Agreement to the same extent as if such Subservicer were the Company,
            and to
            provide the information required with respect to such Subservicer under
            Section
            3.01(r) of this Agreement. The Company shall be responsible for obtaining
            from
            each Subservicer and delivering to the Purchaser, any Master Servicer
            and any
            Depositor any Annual Statement of Compliance required to be delivered
            by such
            Subservicer under Section 6.04(a), any Assessment of Compliance and Attestation
            Report required to be delivered by such Subservicer under Section 6.07
            and any
            Annual Certification required under Section 6.04(b) as and when required
            to be
            delivered under this Agreement.

          

          (c) The
            Company shall promptly upon request provide to the Purchaser, any Master
            Servicer and any Depositor (or any designee of the Depositor, such as
            an
            administrator) a written description (in form and substance satisfactory
            to the
            Purchaser, any Master Servicer and such Depositor) of the role and function
            of
            each Subcontractor utilized by the Company or any Subservicer, specifying
            (i)
            the identity of each such Subcontractor, (ii) which (if any) of such
            Subcontractors are “participating in the servicing function” within the meaning
            of Item 1122 of Regulation AB, and (iii) which elements of the Servicing
            Criteria will be addressed in assessments of compliance provided by each
            Subcontractor identified pursuant to clause (ii) of this paragraph.

          

          (d) As
            a
            condition to the utilization of any Subcontractor determined to be
“participating in the servicing function” within the meaning of Item 1122 of
            Regulation AB, the Company shall cause any such Subcontractor used by
            the
            Company (or by any Subservicer) for the benefit of the Purchaser and
            any
            Depositor to comply with the provisions of Sections 6.07 and 11.18 of
            this
            Agreement to the same extent as if such Subcontractor were the Company.
            The
            Company shall be responsible for obtaining from each Subcontractor and
            delivering to the Purchaser and any Depositor any Assessment of Compliance
            and
            Attestation Report and the other certificates required to be delivered
            by such
            Subservicer and such Subcontractor under Section 6.07, in each case as
            and when
            required to be delivered.

          

          24. Article
            XI of the Agreement is hereby amended effective as of the date hereof
            by adding
            the following new Section 11.20:

          

          Section
            11.20. Third
            Party Beneficiary Rights, Benefits and Obligations.

          

          For
            purposes of this Agreement, each Master Servicer shall be considered a
            third party beneficiary to this Agreement, entitled to all the rights
            and
            benefits hereof and as limited herein as if it were a direct party to this
            Agreement.

          

          25. The
            Agreement is hereby amended effective as of the date hereof by adding
            the
            following new Exhibit E:

          EXHIBIT
            E

          

          REPORTING
            DATA FOR MONTHLY REPORT

          

          
            	
                    Standard
                      File Layout - Master Servicing

                  
	
                    Column
                      Name

                  	
                    Description

                  	
                    Decimal

                  	
                    Format
                      Comment

                  	
                    Max
                      Size

                  
	
                    SER_INVESTOR_NBR

                  	
                    A
                      value assigned by the Servicer to define a group of loans.

                  	 	
                    Text
                      up to 10 digits

                  	
                    20

                  
	
                    LOAN_NBR

                  	
                    A
                      unique identifier assigned to each loan by the investor.

                  	 	
                    Text
                      up to 10 digits

                  	
                    10

                  
	
                    SERVICER_LOAN_NBR

                  	
                    A
                      unique number assigned to a loan by the Servicer. This may
                      be different
                      than the LOAN_NBR.

                  	 	
                    Text
                      up to 10 digits

                  	
                    10

                  
	
                    BORROWER_NAME

                  	
                    The
                      borrower name as received in the file. It is not separated
                      by first and
                      last name.

                  	 	
                    Maximum
                      length of 30 (Last, First)

                  	
                    30

                  
	
                    SCHED_PAY_AMT

                  	
                    Scheduled
                      monthly principal and scheduled interest payment that a borrower
                      is
                      expected to pay, P&I constant.

                  	
                    2

                  	
                    No
                      commas(,) or dollar signs ($)

                  	
                    11

                  
	
                    NOTE_INT_RATE

                  	
                    The
                      loan interest rate as reported by the Servicer.

                  	
                    4

                  	
                    Max
                      length of 6

                  	
                    6

                  
	
                    NET_INT_RATE

                  	
                    The
                      loan gross interest rate less the service fee rate as reported
                      by the
                      Servicer.

                  	
                    4

                  	
                    Max
                      length of 6

                  	
                    6

                  
	
                    SERV_FEE_RATE

                  	
                    The
                      Servicer's fee rate for a loan as reported by the
                      Servicer.

                  	
                    4

                  	
                    Max
                      length of 6

                  	
                    6

                  
	
                    SERV_FEE_AMT

                  	
                    The
                      Servicer's fee amount for a loan as reported by the
                      Servicer.

                  	
                    2

                  	
                    No
                      commas(,) or dollar signs ($)

                  	
                    11

                  
	
                    NEW_PAY_AMT

                  	
                    The
                      new loan payment amount as reported by the Servicer.

                  	
                    2

                  	
                    No
                      commas(,) or dollar signs ($)

                  	
                    11

                  
	
                    NEW_LOAN_RATE

                  	
                    The
                      new loan rate as reported by the Servicer.

                  	
                    4

                  	
                    Max
                      length of 6

                  	
                    6

                  
	
                    ARM_INDEX_RATE

                  	
                    The
                      index the Servicer is using to calculate a forecasted
                      rate.

                  	
                    4

                  	
                    Max
                      length of 6

                  	
                    6

                  
	
                    ACTL_BEG_PRIN_BAL

                  	
                    The
                      borrower's actual principal balance at the beginning of the
                      processing
                      cycle.

                  	
                    2

                  	
                    No
                      commas(,) or dollar signs ($)

                  	
                    11

                  
	
                    ACTL_END_PRIN_BAL

                  	
                    The
                      borrower's actual principal balance at the end of the processing
                      cycle.

                  	
                    2

                  	
                    No
                      commas(,) or dollar signs ($)

                  	
                    11

                  
	
                    BORR_NEXT_PAY_DUE_DATE

                  	
                    The
                      date at the end of processing cycle that the borrower's next
                      payment is
                      due to the Servicer, as reported by Servicer.

                  	 	
                    MM/DD/YYYY

                  	
                    10

                  
	
                    SERV_CURT_AMT_1

                  	
                    The
                      first curtailment amount to be applied.

                  	
                    2

                  	
                    No
                      commas(,) or dollar signs ($)

                  	
                    11

                  
	
                    SERV_CURT_DATE_1

                  	
                    The
                      curtailment date associated with the first curtailment
                      amount.

                  	 	
                    MM/DD/YYYY

                  	
                    10

                  
	
                    CURT_ADJ_
                      AMT_1

                  	
                    The
                      curtailment interest on the first curtailment amount, if
                      applicable.

                  	
                    2

                  	
                    No
                      commas(,) or dollar signs ($)

                  	
                    11

                  
	
                    SERV_CURT_AMT_2

                  	
                    The
                      second curtailment amount to be applied.

                  	
                    2

                  	
                    No
                      commas(,) or dollar signs ($)

                  	
                    11

                  
	
                    SERV_CURT_DATE_2

                  	
                    The
                      curtailment date associated with the second curtailment
                      amount.

                  	 	
                    MM/DD/YYYY

                  	
                    10

                  
	
                    CURT_ADJ_
                      AMT_2

                  	
                    The
                      curtailment interest on the second curtailment amount, if
                      applicable.

                  	
                    2

                  	
                    No
                      commas(,) or dollar signs ($)

                  	
                    11

                  
	
                    SERV_CURT_AMT_3

                  	
                    The
                      third curtailment amount to be applied.

                  	
                    2

                  	
                    No
                      commas(,) or dollar signs ($)

                  	
                    11

                  
	
                    SERV_CURT_DATE_3

                  	
                    The
                      curtailment date associated with the third curtailment
                      amount.

                  	 	
                    MM/DD/YYYY

                  	
                    10

                  
	
                    CURT_ADJ_AMT_3

                  	
                    The
                      curtailment interest on the third curtailment amount, if
                      applicable.

                  	
                    2

                  	
                    No
                      commas(,) or dollar signs ($)

                  	
                    11

                  
	
                    PIF_AMT

                  	
                    The
                      loan "paid in full" amount as reported by the Servicer.

                  	
                    2

                  	
                    No
                      commas(,) or dollar signs ($)

                  	
                    11

                  
	
                    PIF_DATE

                  	
                    The
                      paid in full date as reported by the Servicer.

                  	 	
                    MM/DD/YYYY

                  	
                    10

                  
	 	 	 	
                    Action
                      Code Key: 15=Bankruptcy, 30=Foreclosure, , 60=PIF, 63=Substitution,
                      65=Repurchase,70=REO

                  	
                    2

                  
	
                    ACTION_CODE

                  	
                    The
                      standard FNMA numeric code used to indicate the default/delinquent
                      status
                      of a particular loan.

                  
	
                    INT_ADJ_AMT

                  	
                    The
                      amount of the interest adjustment as reported by the
                      Servicer.

                  	
                    2

                  	
                    No
                      commas(,) or dollar signs ($)

                  	
                    11

                  
	
                    SOLDIER_SAILOR_ADJ_AMT

                  	
                    The
                      Soldier and Sailor Adjustment amount, if applicable.

                  	
                    2

                  	
                    No
                      commas(,) or dollar signs ($)

                  	
                    11

                  
	
                    NON_ADV_LOAN_AMT

                  	
                    The
                      Non Recoverable Loan Amount, if applicable.

                  	
                    2

                  	
                    No
                      commas(,) or dollar signs ($)

                  	
                    11

                  
	
                    LOAN_LOSS_AMT

                  	
                    The
                      amount the Servicer is passing as a loss, if applicable.

                  	
                    2

                  	
                    No
                      commas(,) or dollar signs ($)

                  	
                    11

                  
	
                    SCHED_BEG_PRIN_BAL

                  	
                    The
                      scheduled outstanding principal amount due at the beginning
                      of the cycle
                      date to be passed through to investors.

                  	
                    2

                  	
                    No
                      commas(,) or dollar signs ($)

                  	
                    11

                  
	
                    SCHED_END_PRIN_BAL

                  	
                    The
                      scheduled principal balance due to investors at the end of
                      a processing
                      cycle.

                  	
                    2

                  	
                    No
                      commas(,) or dollar signs ($)

                  	
                    11

                  
	
                    SCHED_PRIN_AMT

                  	
                    The
                      scheduled principal amount as reported by the Servicer for
                      the current
                      cycle -- only applicable for Scheduled/Scheduled Loans.

                  	
                    2

                  	
                    No
                      commas(,) or dollar signs ($)

                  	
                    11

                  
	
                    SCHED_NET_INT

                  	
                    The
                      scheduled gross interest amount less the service fee amount
                      for the
                      current cycle as reported by the Servicer -- only applicable
                      for
                      Scheduled/Scheduled Loans.

                  	
                    2

                  	
                    No
                      commas(,) or dollar signs ($)

                  	
                    11

                  
	
                    ACTL_PRIN_AMT

                  	
                    The
                      actual principal amount collected by the Servicer for the current
                      reporting cycle -- only applicable for Actual/Actual
                      Loans.

                  	
                    2

                  	
                    No
                      commas(,) or dollar signs ($)

                  	
                    11

                  
	
                    ACTL_NET_INT

                  	
                    The
                      actual gross interest amount less the service fee amount for
                      the current
                      reporting cycle as reported by the Servicer -- only applicable
                      for
                      Actual/Actual Loans.

                  	
                    2

                  	
                    No
                      commas(,) or dollar signs ($)

                  	
                    11

                  
	
                    PREPAY_PENALTY_
                      AMT

                  	
                    The
                      penalty amount received when a borrower prepays on his loan
                      as reported by
                      the Servicer.

                  	
                    2

                  	
                    No
                      commas(,) or dollar signs ($)

                  	
                    11

                  
	
                    PREPAY_PENALTY_
                      WAIVED

                  	
                    The
                      prepayment penalty amount for the loan waived by the
                      Servicer.

                  	
                    2

                  	
                    No
                      commas(,) or dollar signs ($)

                  	
                    11

                  
	
                    MOD_DATE

                  	
                    The
                      Effective Payment Date of the Modification for the loan.

                  	 	
                    MM/DD/YYYY

                  	
                    10

                  
	
                    MOD_TYPE

                  	
                    The
                      Modification Type.

                  	 	
                    Varchar
                      - value can be alpha or numeric

                  	
                    30

                  
	
                    DELINQ_P&I_ADVANCE_AMT

                  	
                    The
                      current outstanding principal and interest advances made by
                      Servicer.

                  	
                    2

                  	
                    No
                      commas(,) or dollar signs ($)

                  	
                    11

                  

          

          

          

          26. The
            Agreement is hereby amended effective as of the date hereof by adding
            the
            following new Exhibit F:

          

          EXHIBIT
            F

          

          REPORTING
            DATA FOR DEFAULTED LOANS

          

          Standard
            File Layout - Delinquency Reporting

          

          
            	
                    Column/Header
                      Name

                  	
                    Description

                  	
                    Decimal

                  	
                    Format
                      Comment

                  
	
                    SERVICER_LOAN_NBR

                  	
                    A
                      unique number assigned to a loan by the Servicer. This may
                      be different
                      than the LOAN_NBR

                  	 	
                     

                  
	
                    LOAN_NBR

                  	
                    A
                      unique identifier assigned to each loan by the Originator.

                  	 	
                     

                  
	
                    CLIENT_NBR

                  	
                    Servicer
                      Client Number

                  	 	 
	
                    SERV_INVESTOR_NBR

                  	
                    Contains
                      a unique number as assigned by an external Servicer to identify
                      a group of
                      loans in their system.

                  	 	
                     

                  
	
                    BORROWER_FIRST_NAME

                  	
                    First
                      Name of the Borrower.

                  	 	 
	
                    BORROWER_LAST_NAME

                  	
                    Last
                      name of the borrower.

                  	 	 
	
                    PROP_ADDRESS

                  	
                    Street
                      Name and Number of Property

                  	 	
                     

                  
	
                    PROP_STATE

                  	
                    The
                      state where the property located.

                  	 	
                     

                  
	
                    PROP_ZIP

                  	
                    Zip
                      code where the property is located.

                  	 	
                     

                  
	
                    BORR_NEXT_PAY_DUE_DATE

                  	
                    The
                      date that the borrower's next payment is due to the Servicer
                      at the end of
                      processing cycle, as reported by Servicer.

                  	 	
                    MM/DD/YYYY

                  
	
                    LOAN_TYPE

                  	
                    Loan
                      Type (i.e. FHA, VA, Conv)

                  	 	
                     

                  
	
                    BANKRUPTCY_FILED_DATE

                  	
                    The
                      date a particular bankruptcy claim was filed.

                  	 	
                    MM/DD/YYYY

                  
	
                    BANKRUPTCY_CHAPTER_CODE

                  	
                    The
                      chapter under which the bankruptcy was filed.

                  	 	
                     

                  
	
                    BANKRUPTCY_CASE_NBR

                  	
                    The
                      case number assigned by the court to the bankruptcy
                      filing.

                  	 	
                     

                  
	
                    POST_PETITION_DUE_DATE

                  	
                    The
                      payment due date once the bankruptcy has been approved by the
                      courts

                  	 	
                    MM/DD/YYYY

                  
	
                    BANKRUPTCY_DCHRG_DISM_DATE

                  	
                    The
                      Date The Loan Is Removed From Bankruptcy. Either by Dismissal,
                      Discharged
                      and/or a Motion For Relief Was Granted. 

                  	 	
                    MM/DD/YYYY

                  
	
                    LOSS_MIT_APPR_DATE

                  	
                    The
                      Date The Loss Mitigation Was Approved By The Servicer

                  	 	
                    MM/DD/YYYY

                  
	
                    LOSS_MIT_TYPE

                  	
                    The
                      Type Of Loss Mitigation Approved For A Loan Such As;

                  	 	 
	
                    LOSS_MIT_EST_COMP_DATE

                  	
                    The
                      Date The Loss Mitigation /Plan Is Scheduled To End/Close

                  	 	
                    MM/DD/YYYY

                  
	
                    LOSS_MIT_ACT_COMP_DATE

                  	
                    The
                      Date The Loss Mitigation Is Actually Completed

                  	 	
                    MM/DD/YYYY

                  
	
                    FRCLSR_APPROVED_DATE

                  	
                    The
                      date DA Admin sends a letter to the Servicer with instructions
                      to begin
                      foreclosure proceedings.

                  	 	
                    MM/DD/YYYY

                  
	
                    ATTORNEY_REFERRAL_DATE

                  	
                    Date
                      File Was Referred To Attorney to Pursue Foreclosure

                  	 	
                    MM/DD/YYYY

                  
	
                    FIRST_LEGAL_DATE

                  	
                    Notice
                      of 1st legal filed by an Attorney in a Foreclosure Action

                  	 	
                    MM/DD/YYYY

                  
	
                    FRCLSR_SALE_EXPECTED_DATE

                  	
                    The
                      date by which a foreclosure sale is expected to occur.

                  	 	
                    MM/DD/YYYY

                  
	
                    FRCLSR_SALE_DATE

                  	
                    The
                      actual date of the foreclosure sale.

                  	 	
                    MM/DD/YYYY

                  
	
                    FRCLSR_SALE_AMT

                  	
                    The
                      amount a property sold for at the foreclosure sale.

                  	
                    2

                  	
                    No
                      commas(,) or dollar signs ($)

                  
	
                    EVICTION_START_DATE

                  	
                    The
                      date the Servicer initiates eviction of the borrower.

                  	 	
                    MM/DD/YYYY

                  
	
                    EVICTION_COMPLETED_DATE

                  	
                    The
                      date the court revokes legal possession of the property from
                      the
                      borrower.

                  	 	
                    MM/DD/YYYY

                  
	
                    LIST_PRICE

                  	
                    The
                      price at which an REO property is marketed.

                  	
                    2

                  	
                    No
                      commas(,) or dollar signs ($)

                  
	
                    LIST_DATE

                  	
                    The
                      date an REO property is listed at a particular price.

                  	 	
                    MM/DD/YYYY

                  
	
                    OFFER_AMT

                  	
                    The
                      dollar value of an offer for an REO property.

                  	
                    2

                  	
                    No
                      commas(,) or dollar signs ($)

                  
	
                    OFFER_DATE_TIME

                  	
                    The
                      date an offer is received by DA Admin or by the Servicer.

                  	 	
                    MM/DD/YYYY

                  
	
                    REO_CLOSING_DATE

                  	
                    The
                      date the REO sale of the property is scheduled to close.

                  	 	
                    MM/DD/YYYY

                  
	
                    REO_ACTUAL_CLOSING_DATE

                  	
                    Actual
                      Date Of REO Sale

                  	 	
                    MM/DD/YYYY

                  
	
                    OCCUPANT_CODE

                  	
                    Classification
                      of how the property is occupied.

                  	 	
                     

                  
	
                    PROP_CONDITION_CODE

                  	
                    A
                      code that indicates the condition of the property.

                  	 	
                     

                  
	
                    PROP_INSPECTION_DATE

                  	
                    The
                      date a property inspection is performed.

                  	 	
                    MM/DD/YYYY

                  
	
                    APPRAISAL_DATE

                  	
                    The
                      date the appraisal was done.

                  	 	
                    MM/DD/YYYY

                  
	
                    CURR_PROP_VAL

                  	
                     The
                      current "as is" value of the property based on brokers price
                      opinion or
                      appraisal.

                  	
                    2

                  	
                     

                  
	
                    REPAIRED_PROP_VAL

                  	
                    The
                      amount the property would be worth if repairs are completed
                      pursuant to a
                      broker's price opinion or appraisal.

                  	
                    2

                  	
                     

                  
	
                    If
                      applicable:

                  	
                     

                  	 	
                     

                  
	
                    DELINQ_STATUS_CODE

                  	
                    FNMA
                      Code Describing Status of Loan

                  	 	 
	
                    DELINQ_REASON_CODE

                  	
                    The
                      circumstances which caused a borrower to stop paying on a loan.
                      Code
                      indicates the reason why the loan is in default for this
                      cycle.

                  	 	 
	
                    MI_CLAIM_FILED_DATE

                  	
                    Date
                      Mortgage Insurance Claim Was Filed With Mortgage Insurance
                      Company.

                  	 	
                    MM/DD/YYYY

                  
	
                    MI_CLAIM_AMT

                  	
                    Amount
                      of Mortgage Insurance Claim Filed

                  	 	
                    No
                      commas(,) or dollar signs ($)

                  
	
                    MI_CLAIM_PAID_DATE

                  	
                    Date
                      Mortgage Insurance Company Disbursed Claim Payment

                  	 	
                    MM/DD/YYYY

                  
	
                    MI_CLAIM_AMT_PAID

                  	
                    Amount
                      Mortgage Insurance Company Paid On Claim

                  	
                    2

                  	
                    No
                      commas(,) or dollar signs ($)

                  
	
                    POOL_CLAIM_FILED_DATE

                  	
                    Date
                      Claim Was Filed With Pool Insurance Company

                  	 	
                    MM/DD/YYYY

                  
	
                    POOL_CLAIM_AMT

                  	
                    Amount
                      of Claim Filed With Pool Insurance Company

                  	
                    2

                  	
                    No
                      commas(,) or dollar signs ($)

                  
	
                    POOL_CLAIM_PAID_DATE

                  	
                    Date
                      Claim Was Settled and The Check Was Issued By The Pool
                      Insurer

                  	 	
                    MM/DD/YYYY

                  
	
                    POOL_CLAIM_AMT_PAID

                  	
                    Amount
                      Paid On Claim By Pool Insurance Company

                  	
                    2

                  	
                    No
                      commas(,) or dollar signs ($)

                  
	
                    FHA_PART_A_CLAIM_FILED_DATE

                  	
                     Date
                      FHA Part A Claim Was Filed With HUD

                  	 	
                    MM/DD/YYYY

                  
	
                    FHA_PART_A_CLAIM_AMT

                  	
                     Amount
                      of FHA Part A Claim Filed

                  	
                    2

                  	
                    No
                      commas(,) or dollar signs ($)

                  
	
                    FHA_PART_A_CLAIM_PAID_DATE

                  	
                     Date
                      HUD Disbursed Part A Claim Payment

                  	 	
                    MM/DD/YYYY

                  
	
                    FHA_PART_A_CLAIM_PAID_AMT

                  	
                     Amount
                      HUD Paid on Part A Claim

                  	
                    2

                  	
                    No
                      commas(,) or dollar signs ($)

                  
	
                    FHA_PART_B_CLAIM_FILED_DATE

                  	
                      Date
                      FHA Part B Claim Was Filed With HUD

                  	 	
                    MM/DD/YYYY

                  
	
                    FHA_PART_B_CLAIM_AMT

                  	
                      Amount
                      of FHA Part B Claim Filed

                  	
                    2

                  	
                    No
                      commas(,) or dollar signs ($)

                  
	
                    FHA_PART_B_CLAIM_PAID_DATE

                  	
                       Date
                      HUD Disbursed Part B Claim Payment

                  	 	
                    MM/DD/YYYY

                  
	
                    FHA_PART_B_CLAIM_PAID_AMT

                  	
                     Amount
                      HUD Paid on Part B Claim

                  	
                    2

                  	
                    No
                      commas(,) or dollar signs ($)

                  
	
                    VA_CLAIM_FILED_DATE

                  	
                     Date
                      VA Claim Was Filed With the Veterans Admin

                  	 	
                    MM/DD/YYYY

                  
	
                    VA_CLAIM_PAID_DATE

                  	
                     Date
                      Veterans Admin. Disbursed VA Claim Payment

                  	 	
                    MM/DD/YYYY

                  
	
                    VA_CLAIM_PAID_AMT

                  	
                     Amount
                      Veterans Admin. Paid on VA Claim

                  	
                    2

                  	
                    No
                      commas(,) or dollar signs ($)

                  

          

           

           

           

          

          Exhibit
            2: Standard
            File Codes - Delinquency Reporting

           

          

           

          The
            Loss
            Mit Type
            field
            should show the approved Loss Mitigation Code as follows: 

          
            	
                    ·  ASUM-

                  	
                    Approved
                      Assumption

                  
	
                    ·  BAP-

                  	
                    Borrower
                      Assistance Program

                  
	
                    ·  CO-

                  	
                    Charge
                      Off

                  
	
                    ·  DIL-

                  	
                    Deed-in-Lieu

                  
	
                    ·  FFA-

                  	
                    Formal
                      Forbearance Agreement

                  
	
                    ·  MOD-

                  	
                    Loan
                      Modification

                  
	
                    ·  PRE-

                  	
                    Pre-Sale

                  
	
                    ·  SS-

                  	
                    Short
                      Sale

                  
	
                    ·  MISC-

                  	
                    Anything
                      else approved by the PMI or Pool
                      Insurer

                  

          

           

          

           

          NOTE:
            Wells Fargo Bank will accept alternative Loss Mitigation Types to those
            above,
            provided that they are consistent with industry standards. If Loss Mitigation
            Types other than those above are used, the Servicer must supply Wells
            Fargo Bank
            with a description of each of the Loss Mitigation Types prior to sending
            the
            file.

           

          

           

          The
            Occupant
            Code
            field should show the current status of the property code as
            follows:

           

          
            	·  	
                    Mortgagor

                  

          

           

          
            	·  	
                    Tenant

                  

          

           

          
            	·  	
                    Unknown
                      

                  

          

           

          
            	·  	
                    Vacant

                  

          

           

          

           

          The
            Property
            Condition
            field should show the last reported condition of the property as follows:
            

           

          
            	·  	
                    Damaged

                  

          

           

          
            	·  	
                    Excellent

                  

          

           

          
            	·  	
                    Fair

                  

          

           

          
            	·  	
                    Gone

                  

          

           

          
            	·  	
                    Good

                  

          

           

          
            	·  	
                    Poor

                  

          

           

          
            	·  	
                    Special
                      Hazard

                  

          

           

          
            	·  	
                    Unknown

                  

          

           

          

          Exhibit
            2: Standard
            File Codes - Delinquency Reporting, Continued

           

          

           

          The
            FNMA
            Delinquent Reason Code
            field should show the Reason for Delinquency as follows: 

           

          

          
            	
                    Delinquency
                      Code

                  	
                    Delinquency
                      Description

                  
	
                    001

                  	
                    FNMA-Death
                      of principal mortgagor

                  
	
                    002

                  	
                    FNMA-Illness
                      of principal mortgagor

                  
	
                    003

                  	
                    FNMA-Illness
                      of mortgagor’s family member

                  
	
                    004

                  	
                    FNMA-Death
                      of mortgagor’s family member

                  
	
                    005

                  	
                    FNMA-Marital
                      difficulties

                  
	
                    006

                  	
                    FNMA-Curtailment
                      of income

                  
	
                    007

                  	
                    FNMA-Excessive
                      Obligation

                  
	
                    008

                  	
                    FNMA-Abandonment
                      of property

                  
	
                    009

                  	
                    FNMA-Distant
                      employee transfer

                  
	
                    011

                  	
                    FNMA-Property
                      problem

                  
	
                    012

                  	
                    FNMA-Inability
                      to sell property

                  
	
                    013

                  	
                    FNMA-Inability
                      to rent property

                  
	
                    014

                  	
                    FNMA-Military
                      Service

                  
	
                    015

                  	
                    FNMA-Other

                  
	
                    016

                  	
                    FNMA-Unemployment

                  
	
                    017

                  	
                    FNMA-Business
                      failure

                  
	
                    019

                  	
                    FNMA-Casualty
                      loss

                  
	
                    022

                  	
                    FNMA-Energy
                      environment costs

                  
	
                    023

                  	
                    FNMA-Servicing
                      problems

                  
	
                    026

                  	
                    FNMA-Payment
                      adjustment

                  
	
                    027

                  	
                    FNMA-Payment
                      dispute

                  
	
                    029

                  	
                    FNMA-Transfer
                      of ownership pending

                  
	
                    030

                  	
                    FNMA-Fraud

                  
	
                    031

                  	
                    FNMA-Unable
                      to contact borrower

                  
	
                    INC

                  	
                    FNMA-Incarceration

                  

          

          

          

          Exhibit
            2: Standard
            File Codes - Delinquency Reporting, Continued

          

           

          The
            FNMA
            Delinquent Status Code
            field should show the Status of Default as follows: 

           

          

          
            	
                    Status
                      Code

                  	
                    Status
                      Description

                  
	
                    09

                  	
                    Forbearance

                  
	
                    17

                  	
                    Pre-foreclosure
                      Sale Closing Plan Accepted

                  
	
                    24

                  	
                    Government
                      Seizure

                  
	
                    26

                  	
                    Refinance

                  
	
                    27

                  	
                    Assumption

                  
	
                    28

                  	
                    Modification

                  
	
                    29

                  	
                    Charge-Off

                  
	
                    30

                  	
                    Third
                      Party Sale

                  
	
                    31

                  	
                    Probate

                  
	
                    32

                  	
                    Military
                      Indulgence

                  
	
                    43

                  	
                    Foreclosure
                      Started

                  
	
                    44

                  	
                    Deed-in-Lieu
                      Started

                  
	
                    49

                  	
                    Assignment
                      Completed

                  
	
                    61

                  	
                    Second
                      Lien Considerations

                  
	
                    62

                  	
                    Veteran’s
                      Affairs-No Bid

                  
	
                    63

                  	
                    Veteran’s
                      Affairs-Refund

                  
	
                    64

                  	
                    Veteran’s
                      Affairs-Buydown

                  
	
                    65

                  	
                    Chapter
                      7 Bankruptcy

                  
	
                    66

                  	
                    Chapter
                      11 Bankruptcy

                  
	
                    67

                  	
                    Chapter
                      13 Bankruptcy

                  

          

           

          

          27. The
            Agreement is hereby amended effective as of the date hereof by adding
            the
            following new Exhibit J:

           

          EXHIBIT
            J

          

          COMPANY’S
            OBLIGATIONS IN CONNECTION 

          WITH
            A
            RECONSTITUTION

          

          • The
            Company shall (i) possess the ability to service to a securitization
            documents;
            (ii) service on a “Scheduled/Scheduled” reporting basis (advancing through the
            liquidation of an REO Property), (iii) make compensating interest payments
            on
            payoffs and curtailments and (iv) remit and report to a Master Servicer
            in
            format reasonably acceptable to such Master Servicer by the 10th calendar
            day of
            each month.

          

          • The
            Company shall provide an acceptable annual certification (officer’s certificate)
            to the Master Servicer (as required by the Sarbanes-Oxley Act of 2002)
            as well
            as any other annual certifications customarily required under the securitization
            documents (i.e. the annual statement as to compliance/annual independent
            certified public accountants’ servicing report due by March 1 of each year),
            provided that the Company has notice that such other annual certifications
            will
            be required.

          

          • The
            Company shall maintain its servicing system in accordance with the requirements
            of the Master Servicer.

          

          

          28. The
            Agreement is hereby amended effective as of the date hereof by adding
            the
            following new Exhibit K:

          

          EXHIBIT
            K

          

          FORM
            OF
            COMPANY CERTIFICATION

          

          Re: The
            [ ]
            agreement dated as of [ l,
            200[ ]
            (the “Agreement”), among [IDENTIFY PARTIES]

          

          I,
            ____________________________, the _______________________ of [NAME OF
            COMPANY]
            (the “Company”), certify to [the Purchaser], [the Depositor], and the [Master
            Servicer] [Securities Administrator] [Trustee], and their officers, with
            the
            knowledge and intent that they will rely upon this certification,
            that:

          

          I
            have
            reviewed the servicer compliance statement of the Company provided in
            accordance
            with Item 1123 of Regulation AB (the “Compliance Statement”), the report on
            assessment of the Company’s compliance with the servicing criteria set forth in
            Item 1122(d) of Regulation AB (the “Servicing Criteria”), provided in accordance
            with Rules 13a-18 and 15d-18 under Securities Exchange Act of 1934, as
            amended
            (the “Exchange Act”) and Item 1122 of Regulation AB (the “Servicing
            Assessment”), the registered public accounting firm’s attestation report
            provided in accordance with Rules 13a-18 and 15d-18 under the Exchange
            Act and
            Section 1122(b) of Regulation AB (the “Attestation Report”), and all servicing
            reports, officer’s certificates and other information relating to the servicing
            of the Mortgage Loans by the Company during 200[ ] that were delivered
            by the
            Company to the [Depositor] [Master Servicer] [Securities Administrator]
            [Trustee] pursuant to the Agreement (collectively, the “Company Servicing
            Information”);

          

          Based
            on
            my knowledge, the Company Servicing Information, taken as a whole, does
            not
            contain any untrue statement of a material fact or omit to state a material
            fact
            necessary to make the statements made, in the light of the circumstances
            under
            which such statements were made, not misleading with respect to the period
            of
            time covered by the Company Servicing Information;

          

          Based
            on
            my knowledge, all of the Company Servicing Information required to be
            provided
            by the Company under the Agreement has been provided to the [Depositor]
            [Master
            Servicer] [Securities Administrator] [Trustee];

          

          I
            am
            responsible for reviewing the activities performed by the Company as
            Servicer
            under the Agreement, and based on my knowledge and the compliance review
            conducted in preparing the Compliance Statement and except as disclosed
            in the
            Compliance Statement, the Servicing Assessment or the Attestation Report,
            the
            Company has fulfilled its obligations under the Agreement in all material
            respects; and

          

          The
            Compliance Statement required to be delivered by the Company pursuant
            to this
            Agreement, and the Servicing Assessment and Attestation Report required
            to be
            provided by the Company and by any Subservicer and Subcontractor pursuant
            to the
            Agreement, have been provided to the [Depositor] [Master Servicer]. Any
            material
            instances of noncompliance described in such reports have been disclosed
            to the
            [Depositor] [Master Servicer]. Any material instance of noncompliance
            with the
            Servicing Criteria has been disclosed in such reports.

          

          

          29. The
            Agreement is hereby amended effective as of the date hereof by adding
            the
            following new Exhibit L:

          

          EXHIBIT
            L

          

          SUMMARY
            OF APPLICABLE REGULATION AB REQUIREMENTS

          

          NOTE:
            This Exhibit L is provided for convenience of reference only. In the
            event of a
            conflict or inconsistency between the terms of this Exhibit L and the
            text of
            Regulation AB, the text of Regulation AB, its adopting release and other
            public
            statements of the SEC shall control. 

           

          Item
            1105(a)(1)-(3) and (c)

          

          -Provide
            static pool information with respect to mortgage loans that were originated
            or
            purchased by the Company and which are of the same type as the Mortgage
            Loans.

           

          -Provide
            static pool information regarding delinquencies, cumulative losses and
            prepayments for prior securitized pools of the Company.

           

          -If
            the
            Company has less than 3 years experience securitizing assets of the same
            type as
            the Mortgage Loans, the Company may provide the static pool information
            by
            vintage origination years regarding loans originated or purchased by
            the
            Company, instead of by prior securitized pool. A vintage origination
            year
            represents mortgage loans originated during the same year.

           

          -Such
            static pool information shall be for the prior five years, or for so
            long as the
            Company has been originating or purchasing (in the case of data by vintage
            origination year) or securitizing (in the case of data by prior securitized
            pools) such mortgage loans if for less than five years.

           

          -The
            static pool information for each vintage origination year or prior securitized
            pool, as applicable, shall be presented in monthly or quarterly increments
            over
            the life of the mortgage loans included in the vintage origination year
            or prior
            securitized pool.

           

          -Provide
            summary information for the original characteristics of the prior securitized
            pools or vintage origination years, as applicable and material, including:
            number of pool assets, original pool balance, weighted average initial
            loan
            balance, weighted average mortgage rate, weighted average and minimum
            and
            maximum FICO, product type, loan purpose, weighted average and minimum
            and
            maximum LTV, distribution of loans by mortgage rate, and geographic
            concentrations of 5% or more.

           

          

          Item
            1108(b) and (c)

          

          Provide
            the following information with respect to each servicer that will service,
            including interim service, 20% or more of the mortgage loans in any loan
            group
            in the securitization issued in the Pass-Through Transfer: 

           

          -a
            description of the Company’s form of organization;

           

          -a
            description of how long the Company has been servicing residential mortgage
            loans; a general discussion of the Company’s experience in servicing assets of
            any type as well as a more detailed discussion of the Company’s experience in,
            and procedures for the servicing function it will perform under this
            Agreement
            and any Reconstitution Agreements; information regarding the size, composition
            and growth of the Company’s portfolio of mortgage loans of the type similar to
            the Mortgage Loans and information on factors related to the Company
            that may be
            material to any analysis of the servicing of the Mortgage Loans or the
            related
            asset-backed securities, as applicable, including whether any default
            or
            servicing related performance trigger has occurred as to any other
            securitization due to any act or failure to act of the Company, whether
            any
            material noncompliance with applicable servicing criteria as to any other
            securitization has been disclosed or reported by the Company, and the
            extent of
            outsourcing the Company uses;

           

          -a
            description of any material changes to the Company’s policies or procedures in
            the servicing function it will perform under this Agreement and any
            Reconstitution Agreements for mortgage loans of the type similar to the
            Mortgage
            Loans during the past three years;

           

          -information
            regarding the Company’s financial condition to the extent that there is a
            material risk that the effect on one or more aspects of servicing resulting
            from
            such financial condition could have a material impact on the performance
            of the
            securities issued in the Pass-Through Transfer, or on servicing of mortgage
            loans of the same asset type as the Mortgage Loans;

           

          -any
            special or unique factors involved in servicing loans of the same type
            as the
            Mortgage Loans, and the Company’s processes and procedures designed to address
            such factors;

           

          -statistical
            information regarding principal and interest advances made by the Company
            on the
            Mortgage Loans and the Company’s overall servicing portfolio for the past three
            years; and

           

          -the
            Company’s process for handling delinquencies, losses, bankruptcies and
            recoveries, such as through liquidation of REO Properties, foreclosure,
            sale of
            the Mortgage Loans or workouts.

           

          Item
            1110(a)

          

          -Identify
            any originator or group of affiliated originators that originated, or
            is
            expected to originate, 10% or more of the mortgage loans in any loan
            group in
            the securitization issued in the Pass-Through Transfer.

           

          

          Item
            1110(b)

          

          Provide
            the following information with respect to any originator or group of
            affiliated
            originators that originated, or is expected to originate, 20% or more
            of the
            mortgage loans in any loan group in the securitization issued in the
            Pass-Through Transfer:

           

          -the
            Company’s form of organization; and

           

          -a
            description of the Company’s origination program and how long the Company has
            been engaged in originating residential mortgage loans, which description
            must
            include a discussion of the Company’s experience in originating mortgage loans
            of the same type as the Mortgage Loans and information regarding the
            size and
            composition of the Company’s origination portfolio as well as information that
            may be material to an analysis of the performance of the Mortgage Loans,
            such as
            the Company’s credit-granting or underwriting criteria for mortgage loans of the
            same type as the Mortgage Loans.

           

          

          Item
            1117

          

          -describe
            any legal proceedings pending against the Company or against any of its
            property, including any proceedings known to be contemplated by governmental
            authorities, that may be material to the holders of the securities issued
            in the
            Pass-Through Transfer.

           

          

          Item
            1119(a)

          

          -describe
            any affiliations of the Company, each other originator of the Mortgage
            Loans and
            each Subservicer with the sponsor, depositor, issuing entity, trustee,
            any
            originator, any other servicer, any significant obligor, enhancement
            or support
            provider or any other material parties related to the Pass-Through
            Transfer.

           

          

          Item
            1119(b)

          

          -describe
            any business relationship, agreement, arrangement, transaction or understanding
            entered into outside of the ordinary course of business or on terms other
            than
            those obtained in an arm’s length transaction with an unrelated third party,
            apart from the Pass-Through Transfer, between the Company, each other
            originator
            of the Mortgage Loans and each Subservicer, or their respective affiliates,
            and
            the sponsor, depositor or issuing entity or their respective affiliates,
            that
            exists currently or has existed during the past two years, that may be
            material
            to the understanding of an investor in the securities issued in the Pass-Through
            Transfer.

           

          Item
            1119(c)

          

          -describe
            any business relationship, agreement, arrangement, transaction or understanding
            involving or relating to the Mortgage Loans or the Pass-Through Transfer,
            including the material terms and approximate dollar amount involved,
            between the
            Company, each other originator of the Mortgage Loans and each Subservicer,
            or
            their respective affiliates and the sponsor, depositor or issuing entity
            or
            their respective affiliates, that exists currently or has existed during
            the
            past two years.

           

          30. The
            Agreement is hereby amended effective as of the date hereof by adding
            the
            following new Exhibit M:

          

          EXHIBIT
            M

          

          SERVICING
            CRITERIA TO BE ADDRESSED IN ASSESSMENT OF COMPLIANCE

          

          The
            assessment of compliance to be delivered by [the Company] [Name of Subservicer]
            shall address, at a minimum, the criteria identified as below as “Applicable
            Servicing Criteria”:

          

          
            	
                    Servicing
                      Criteria 

                  	
                    Applicable
                      Servicing Criteria

                  
	
                    Reference

                  	
                    Criteria

                  	
                     

                  
	
                     

                  	
                    General
                      Servicing Considerations

                  	
                     

                  
	
                    1122(d)(1)(i)

                  	
                    Policies
                      and procedures are instituted to monitor any performance or
                      other triggers
                      and events of default in accordance with the transaction
                      agreements.

                  	 
	
                    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.

                  	 
	
                    1122(d)(1)(iii)

                  	
                    Any
                      requirements in the transaction agreements to maintain a back-up
                      Servicer
                      for the mortgage loans are maintained.

                  	 
	
                    1122(d)(1)(iv)

                  	
                    A
                      fidelity bond and errors and omissions policy is in effect
                      on the party
                      participating in the servicing function throughout the reporting
                      period in
                      the amount of coverage required by and otherwise in accordance
                      with the
                      terms of the transaction agreements.

                  	 
	
                     

                  	
                    Cash
                      Collection and Administration

                  	 
	
                    1122(d)(2)(i)

                  	
                    Payments
                      on mortgage loans are deposited into the appropriate custodial
                      bank
                      accounts and related bank clearing accounts no more than two
                      business days
                      following receipt, or such other number of days specified in
                      the
                      transaction agreements.

                  	 
	
                    1122(d)(2)(ii)

                  	
                    Disbursements
                      made via wire transfer on behalf of an obligor or to an investor
                      are made
                      only by authorized personnel.

                  	 
	
                    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.

                  	 
	
                    1122(d)(2)(iv)

                  	
                    The
                      related accounts for the transaction, such as cash reserve
                      accounts or
                      accounts established as a form of overcollateralization, are
                      separately
                      maintained (e.g., with respect to commingling of cash) as set
                      forth in the
                      transaction agreements.

                  	 
	
                    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.

                  	 
	
                    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.

                  	 
	
                     

                  	
                    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 mortgage loans serviced by the
                      Servicer.

                  	 
	
                    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.

                  	 
	
                    1122(d)(3)(iii)

                  	
                    Disbursements
                      made to an investor are posted within two business days to
                      the Servicer’s
                      investor records, or such other number of days specified in
                      the
                      transaction agreements.

                  	 
	
                    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.

                  	 
	
                     

                  	
                    Pool
                      Asset Administration

                  	 
	
                    1122(d)(4)(i)

                  	
                    Collateral
                      or security on mortgage loans is maintained as required by
                      the transaction
                      agreements or related mortgage loan documents.

                  	 
	
                    1122(d)(4)(ii)

                  	
                    Mortgage
                      loan and related documents are safeguarded as required by the
                      transaction
                      agreements

                  	 
	
                    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.

                  	 
	
                    1122(d)(4)(iv)

                  	
                    Payments
                      on mortgage loans, including any payoffs, made in accordance
                      with the
                      related mortgage loan documents are posted to the Servicer’s obligor
                      records maintained no more than two business days after receipt,
                      or such
                      other number of days specified in the transaction agreements,
                      and
                      allocated to principal, interest or other items (e.g., escrow)
                      in
                      accordance with the related mortgage loan documents.

                  	 
	
                    1122(d)(4)(v)

                  	
                    The
                      Servicer’s records regarding the mortgage loans agree with the Servicer’s
                      records with respect to an obligor’s unpaid principal
                      balance.

                  	 
	
                    1122(d)(4)(vi)

                  	
                    Changes
                      with respect to the terms or status of an obligor's mortgage
                      loans (e.g.,
                      loan modifications or re-agings) are made, reviewed and approved
                      by
                      authorized personnel in accordance with the transaction agreements
                      and
                      related pool asset documents.

                  	 
	
                    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.

                  	 
	
                    1122(d)(4)(viii)

                  	
                    Records
                      documenting collection efforts are maintained during the period
                      a mortgage
                      loan is delinquent in accordance with the transaction agreements.
                      Such
                      records are maintained on at least a monthly basis, or such
                      other period
                      specified in the transaction agreements, and describe the entity’s
                      activities in monitoring delinquent mortgage loans including,
                      for example,
                      phone calls, letters and payment rescheduling plans in cases
                      where
                      delinquency is deemed temporary (e.g., illness or
                      unemployment).

                  	 
	
                    1122(d)(4)(ix)

                  	
                    Adjustments
                      to interest rates or rates of return for mortgage loans with
                      variable
                      rates are computed based on the related mortgage loan
                      documents.

                  	 
	
                    1122(d)(4)(x)

                  	
                    Regarding
                      any funds held in trust for an obligor (such as escrow accounts):
                      (A) such
                      funds are analyzed, in accordance with the obligor’s mortgage loan
                      documents, on at least an annual basis, or such other period
                      specified in
                      the transaction agreements; (B) interest on such funds is paid,
                      or
                      credited, to obligors in accordance with applicable mortgage
                      loan
                      documents and state laws; and (C) such funds are returned to
                      the obligor
                      within 30 calendar days of full repayment of the related mortgage
                      loans,
                      or such other number of days specified in the transaction
                      agreements.

                  	 
	
                    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.

                  	 
	
                    1122(d)(4)(xii)

                  	
                    Any
                      late payment penalties in connection with any payment to be
                      made on behalf
                      of an obligor are paid from the Servicer’s funds and not charged to the
                      obligor, unless the late payment was due to the obligor’s error or
                      omission.

                  	 
	
                    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.

                  	 
	
                    1122(d)(4)(xiv)

                  	
                    Delinquencies,
                      charge-offs and uncollectible accounts are recognized and recorded
                      in
                      accordance with the transaction agreements.

                  	 
	
                    1122(d)(4)(xv)

                  	
                    Any
                      external enhancement or other support, identified in Item 1114(a)(1)
                      through (3) or Item 1115 of Regulation AB, is maintained as
                      set forth in
                      the transaction agreements.

                  	 
	
                     

                  	
                     

                  	
                     

                  

          

          

          
            
              
              

            

            
              
              

              
                

              

            

            
              
              

            

          

          

          
            	
                    [NAME
                      OF COMPANY] [NAME OF SUBSERVICER]

                     

                    Date: _________________________

                  
	 	 
	
                    By:

                  	 
	
                    Name:

                  	 
	
                    Title:

                  	 

          

           

          

          

          31. The
            Agreement is hereby amended as of the date hereof by adding the following
            new
            Exhibit N:

          
            
              
              

            

            
              
              

              
                

              

            

            
              
              

            

          

          

          

          EXHIBIT
            N

          

          REPORTING
            DATA FOR REALIZED LOSSES AND GAINS

          

          Calculation
            of Realized Loss/Gain Form 332- Instruction Sheet

          

          NOTE:
            Do not net or combine items. Show all expenses individually and all credits
            as
            separate line items. Claim packages are due on the remittance report
            date. Late
            submissions may result in claims not being passed until the following
            month. The
            Servicer is responsible to remit all funds pending loss approval and
            /or
            resolution of any disputed items. 

          1.  

           

          2.  The
            numbers on the 332 form correspond with the numbers listed below.

           

          Liquidation
            and Acquisition Expenses:

          
            	
                    1.

                  	
                    The
                      Actual Unpaid Principal Balance of the Mortgage Loan. For documentation,
                      an Amortization Schedule from date of default through liquidation
                      breaking
                      out the net interest and servicing fees advanced is
                      required.

                  
	 	 
	
                    2.

                  	
                    The
                      Total Interest Due less the aggregate amount of servicing fee
                      that would
                      have been earned if all delinquent payments had been made as
                      agreed. For
                      documentation, an Amortization Schedule from date of default
                      through
                      liquidation breaking out the net interest and servicing fees
                      advanced is
                      required.

                  
	 	 
	
                    3.
                      

                  	
                    Accrued
                      Servicing Fees based upon the Scheduled Principal Balance of
                      the Mortgage
                      Loan as calculated on a monthly basis. For documentation, an
                      Amortization
                      Schedule from date of default through liquidation breaking
                      out the net
                      interest and servicing fees advanced is required.

                  
	 	 
	
                    4-12.

                  	
                    Complete
                      as applicable. Required documentation:

                  
	 	 

          

          *
            For
            taxes and insurance advances - see page 2 of 332 form - breakdown required
            showing period

           

          of
            coverage, base tax, interest, penalty. Advances prior to default require
            evidence of Servicer efforts to recover advances.

           

          *
            For
            escrow advances - complete payment history 

           

          (to
            calculate advances from last positive escrow balance forward)

           

          *
            Other
            expenses -  copies of corporate advance history showing all payments

           

          *
            REO
            repairs > $1500 require explanation

           

          *
            REO
            repairs >$3000 require evidence of at least 2 bids.

           

          *
            Short
            Sale or Charge Off require P&L supporting the decision and WFB’s approved
            Officer Certificate 

           

          *
            Unusual
            or extraordinary items may require further documentation. 

           

          
            	
                    13.

                  	
                    The
                      total of lines 1 through 12.

                  

          

          3.  Credits:
            

           

          
            	
                    14-21.

                  	
                    Complete
                      as applicable. Required
                      documentation:

                  

          

          *
            Copy of
            the HUD 1 from the REO sale. If a 3rd
            Party
            Sale, bid instructions and Escrow Agent / Attorney

           

          Letter
            of
            Proceeds Breakdown.

           

          *
            Copy of
            EOB for any MI or gov't guarantee 

           

          *
            All
            other credits need to be clearly defined on the 332
            form      
     

           

          
            	
                    22.

                  	
                    The
                      total of lines 14 through 21.

                  

          

           

          Please
            Note: For
            HUD/VA loans, use line (18a) for Part A/Initial proceeds and line (18b)
            for Part
            B/Supplemental proceeds.

           

          Total
            Realized Loss (or Amount of Any Gain)

           

          
            	
                    23.

                  	
                    The
                      total derived from subtracting line 22 from 13. If the amount
                      represents a
                      realized gain, show
                      the amount in parenthesis ( ). 

                  

          

          

          
            
              
              

            

            
              
              

              
                

              

            

            
              
              

            

          

          

          Calculation
            of Realized Loss/Gain Form 332

           

          Prepared
            by: __________________   Date:
            _______________

           

          Phone:
            ______________________ Email Address:_____________________

           

           

          
            	
                    Servicer
                      Loan No.

                  	 	
                    Servicer
                      Name

                  	 	
                    Servicer
                      Address 

                     

                  

          

           

          WELLS
            FARGO BANK, N.A. Loan No._____________________________

           

          Borrower's
            Name: _________________________________________________________

          Property
            Address: _________________________________________________________

           

          Liquidation
            Type: REO Sale  
            3rd
            Party Sale  Short
            Sale 
Charge
            Off 

           

          Was
            this loan granted a Bankruptcy deficiency or cramdown  Yes                 
            No

          If
“Yes”,
            provide deficiency or cramdown amount
            _______________________________

           

          Liquidation
            and Acquisition Expenses:

           

          
            	
                    (1)

                  	
                    Actual
                      Unpaid Principal Balance of Mortgage Loan

                  	
                    $
                      ______________

                  	
                    (1)

                  
	
                    (2)

                  	
                    Interest
                      accrued at Net Rate

                  	
                    ________________

                  	
                    (2)

                  
	
                    (3)

                  	
                    Accrued
                      Servicing Fees

                  	
                    ________________

                  	
                    (3)

                  
	
                    (4)

                  	
                    Attorney's
                      Fees

                  	
                    ________________

                  	
                    (4)

                  
	
                    (5)

                  	
                    Taxes

                  	
                    ________________

                  	
                    (5)

                  
	
                    (6)

                  	
                    Property
                      Maintenance

                  	
                    ________________

                  	
                    (6)

                  
	
                    (7)

                  	
                    MI/Hazard
                      Insurance Premiums

                  	
                    ________________

                  	
                    (7)

                  
	
                    (8)

                  	
                    Utility
                      Expenses

                  	
                    ________________

                  	
                    (8)

                  
	
                    (9)

                  	
                    Appraisal/BPO

                  	
                    ________________

                  	
                    (9)

                  
	
                    (10)

                  	
                    Property
                      Inspections

                  	
                    ________________

                  	
                    (10)

                  
	
                    (11)

                  	
                    FC
                      Costs/Other Legal Expenses

                  	
                    ________________

                  	
                    (11)

                  
	
                    (12)

                  	
                    Other
                      (itemize)

                  	
                    $________________

                  	
                    (12)

                  
	
                    Cash
                      for Keys__________________________

                  	 	
                    ________________

                  	 
	
                    HOA/Condo
                      Fees_______________________

                  	 	
                    ________________

                  	 
	
                    ______________________________________

                  	 	
                    ________________

                  	 
	
                    ______________________________________

                  	 	
                    ________________

                  	 
	
                    Total
                      Expenses

                  	 	
                    $
                      _______________

                  	
                    (13)

                  
	
                    Credits:

                  	 	 	 
	
                    (14)

                  	
                    Escrow
                      Balance

                  	
                    $
                      _______________

                  	
                    (14)

                  
	
                    (15)

                  	
                    HIP
                      Refund

                  	
                    ________________

                  	
                    (15)

                  
	
                    (16)

                  	
                    Rental
                      Receipts

                  	
                    ________________

                  	
                    (16)

                  
	
                    (17)

                  	
                    Hazard
                      Loss Proceeds

                  	
                    ________________

                  	
                    (17)

                  
	
                    (18)

                  	
                    Primary
                      Mortgage Insurance Proceeds

                  	
                    ________________

                  	
                    (18)

                  
	
                    (19)

                  	
                    Pool
                      Insurance Proceeds

                  	
                    ________________

                  	
                    (19)

                  
	
                    (20)

                  	
                    Proceeds
                      from Sale of Acquired Property

                  	
                    ________________

                  	
                    (20)

                  
	
                    (21)

                  	
                    Other
                      (itemize)

                  	
                    ________________

                  	
                    (21)

                  
	
                    _________________________________________

                  	 	
                    _________________

                  	 
	
                    _________________________________________

                  	 	
                    _________________

                  	 
	
                    Total
                      Credits

                  	
                    $________________                    
                      

                  	
                    (22)

                  	 
	
                    Total
                      Realized Loss (or Amount of Gain)

                  	
                    $________________                    
                      

                  	
                    (23)

                  	 

          

          

          
            
              
              

            

            
              
              

              
                

              

            

            
              
              

            

          

          

          

          Escrow
            Disbursement Detail

          

          

          
            	
                    Type

                    (Tax
                      /Ins.)

                  	
                    Date
                      Paid

                  	
                    Period
                      of Coverage

                  	
                    Total
                      Paid

                  	
                    Base
                      Amount

                  	
                    Penalties

                  	
                    Interest

                  
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 

          

          

          

          

          32. Except
            as
            amended above, the Agreement shall continue to be in full force and effect
            in
            accordance with its terms.

          

          33. This
            Amendment may be executed by one or more of the parties hereto on any
            number of
            separate counterparts and of said counterparts taken together shall be
            deemed to
            constitute one and the same instrument.

          

          [SIGNATURE
            PAGES FOLLOW]

          

          
            
              
              

            

            
              
              

              
                

              

            

            
              
              

            

          

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

           

          
            	
                    EMC
                      MORTGAGE CORPORATION,

                    as
                      Purchaser

                  
	 	 
	
                    By:

                  	 
	
                    Name:

                  	 
	
                    Title:

                  	 
	 	 
	 	 
	
                    CHEVY
                      CHASE BANK, F.S.B.,

                    as
                      Company

                  
	 	 
	 	 
	
                    By:

                  	 
	
                    Name:

                  	 
	
                    Title:

                  	 

          

          

           

        

         

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

         

        EXHIBIT
          R-3

        

        CITIMORTGAGE
          SERVICING AGREEMENT

         

         

        
 

        

          
            

            

          

          

          

          

          

          

          

          MORTGAGE
            LOAN PURCHASE AND SERVICING AGREEMENT

          

          

          

          EMC
            MORTGAGE CORPORATION

          (Initial
            Purchaser)

          

          

          

          

          CITIMORTGAGE,
            INC.

          (Seller
            and Servicer)

          

          

          

          Fixed
            Rate Mortgage Loans

          

          

          Dated
            and effective as of August 1, 2003

          

          

          

          

          

          

          

          

          
            

            

          

          

          

          
            
              
              

            

            
              
              

              
                

              

            

            
              
              

            

          

          MORTGAGE
            LOAN PURCHASE AND SERVICING AGREEMENT

          

          

          This
            is a
            Mortgage Loan Purchase and Servicing Agreement (the “Agreement”), dated and
            effective as of August 1, 2003, by and between EMC MORTGAGE CORPORATION,
            (the
            "Initial Purchaser," and the Initial Purchaser or the Person, if any,
            to which
            the Initial Purchaser has assigned its rights and obligations hereunder
            as
            Purchaser with respect to a Mortgage Loan, and each of their respective
            successors and assigns, the “Purchaser”), and CITIMORTGAGE, INC. (the
            "Seller").

          

          WITNESSETH:

          

          WHEREAS,
            Purchaser has agreed to purchase from Seller, and Seller has agreed to
            sell to
            Purchaser, certain mortgage loans (the “Mortgage Loans”) on a non-recourse,
            servicing retained basis, and which shall be delivered as whole loans
            on the
            date provided herein (the “Closing Date”);

          

          WHEREAS,
            Each Mortgage Loan is secured by a mortgage, deed of trust or other instrument
            creating a first lien on a residential dwelling located in the jurisdiction
            indicated on the Mortgage Loan Schedule; and

          

          WHEREAS,
            Purchaser and Seller wish to prescribe the manner of the purchase, conveyance,
            management, servicing and control of the Mortgage Loans.

          

          NOW
            THEREFORE, In consideration of the premises and the mutual agreements
            hereinafter set forth, and for other good and valuable consideration,
            the
            receipt and sufficiency of which are hereby acknowledged, the Purchaser
            and
            Seller agree as follows:

           

          
 

          ARTICLE
            I

          

          DEFINITIONS;
            GENERAL INTERPRETIVE PRINCIPLES

          

          Section
            1.01 Definitions.

          

          Whenever
            used herein, the following words and phrases, unless the context otherwise
            requires, shall have the following meanings:

          

          Agreement:
            This
            Mortgage Loan Purchase and Servicing Agreement, including all exhibits
            hereto,
            and all amendments hereof and supplements hereto.

          

          Appraised
            Value:
            As to
            any Mortgage Loan, the value of the related Mortgaged Property based
            upon the
            appraisal made for the originator of the Mortgage Loan at the origination
            of the
            Mortgage Loan or the sales price of the Mortgaged Property, whichever
            is less,
            pro-vided, however, that in the case of a no cash out Refinanced Mortgage
            Loan,
            such value may be based solely upon the original appraisal.

          

          Assignment
            of Mortgage:
            An
            assignment of the Mortgage, notice of transfer or equivalent instrument,
            in
            recordable form, that when properly completed and recorded, is sufficient
            under
            the laws of the jurisdiction wherein the related Mortgaged Property is
            located
            to reflect of record the sale of the Mortgage Loan to Purchaser.

          

          Business
            Day:
            Any day
            other than (i) a Saturday or Sunday, or (ii) a day on which banking or
            savings
            and loan institutions in the States of New York , Missouri and Texas
            are
            authorized or obligated by law or executive order to be closed.

          

          Citibank:
            Citibank (New York State) and any successors or assigns.

          

          Closing
            Date:
            August
            18, 2003, or such other date as may be mutually agreed to by Seller and
            Purchaser.

          

          Closing
            Documents:
            The
            documents required pursuant to Section 8.01.

          

          Code:
            The
            Internal Revenue Code of 1986, or any successor statute thereto.

          

          Condemnation
            Proceeds:
            All
            awards or settlements in respect of a Mortgaged Property, whether permanent
            or
            temporary, partial or entire, by exercise of the power of eminent domain
            or
            condemnation, to the extent not required to be released to a Mortgagor
            in
            accordance with the terms of the related Mortgage Loan Documents.

          

          Custodial
            Account:
            The
            separate account or accounts created and maintained pursuant to Section
            10.09
            which shall be entitled "CitiMortgage, Inc., in trust for the [Purchaser],
            Owner
            of Fixed Rate Mortgage Loans" and shall be established in an Eligible
            Account,
            in the name of the Person that is the "Purchaser" with respect to the
            related
            Mortgage Loans.

          

          Custodian:
            With
            respect to any Mortgage Loan, the entity identified by the Purchaser,
            and its
            successors and assigns, as custodian for the Purchaser.

          

          Customary
            Servicing Procedures:
            Procedures (including collection procedures) (i) that Seller customarily
            employs
            and exercises in servicing and administering mortgage loans for its own
            account;
            (ii) which are in accordance with accepted mort-gage servicing practices
            of
            prudent lending institutions which service mortgage loans of the same
            type as
            such Mortgage Loan in the jurisdiction where the related Mortgaged Property
            is
            located; and (iii) which are in accordance with Fannie Mae and FHLMC
            servicing
            practices and procedures (including any waivers obtained by
            Seller).

          

          Cut-off
            Date:
            August
            1, 2003.

          

          Deleted
            Mortgage Loan:
            A
            Mortgage Loan replaced or to be replaced with a Qualified Substitute
            Mortgage
            Loan in accordance with this Agreement.

          

          Determination
            Date:
            The
            sixteenth (16th) day, or if such sixteenth (16th) day is not a Business
            Day, the
            Business Day immediately preceding such sixteenth (16th) day, of the
            month of
            the related Remittance Date.

          

          Due
            Date:
            The day
            of the month of the related Remittance Date on which each Monthly Payment
            is due
            on a Mortgage Loan, exclusive of any days of grace, which is the first
            day of
            the month.

          

          Due
            Period:
            With
            respect to each Remittance Date, the period beginning on the second day
            of the
            month preceding the month of the Remittance Date, and ending on the first
            day of
            the month in which the Remittance Date occurs.

          

          Eligible
            Account:
            An
            account established and maintained: (i) within FDIC insured accounts
            created,
            maintained and monitored by the Seller or (ii) as a trust account with
            the
            corporate trust department of a depository institution or trust company
            organized under the laws of the United States of America or any one of
            the
            states thereof or the District of Columbia which is not affiliated with
            the
            Seller (or any sub-servicer) or (iii) with an entity which is an institution
            whose deposits are insured by the FDIC, the unsecured and uncollateralized
            long-term debt obligations of which shall be rated “A2” or higher by Standard
& Poor’s and “A” or higher by Fitch, Inc. or one of the two highest
            short-term ratings by any applicable Rating Agency, and which is either
            (a) a
            federal savings association duly organized, validly existing and in good
            standing under the federal banking laws, (b) an institution duly organized,
            validly existing and in good standing under the applicable banking laws
            of any
            state, (c) a national banking association under the federal banking laws,
            or (d)
            a principal subsidiary of a bank holding company, or (iv) if ownership
            of the
            Mortgage Loans is evidenced by mortgaged-backed securities, the equivalent
            required ratings of each Rating Agency, and held such that the rights
            of the
            Purchaser and the owner of the Mortgage Loans shall be fully protected
            against
            the claims of any creditors of the Seller (or any sub-servicer) and of
            any
            creditors or depositors of the institution in which such account is maintained
            or (v) in a separate non-trust account without FDIC or other insurance
            in an
            Eligible Institution. In the event that a Custodial Account is established
            pursuant to clause (iii), (iv) or (v) of the preceding sentence, the
            Seller
            shall provide the Purchaser with written notice on the Business Day following
            the date on which the applicable institution fails to meet the applicable
            ratings requirements. 

          

          Eligible
            Institution:
            An
            institution having (i) the highest short-term debt rating, and one of
            the two
            highest long-term debt ratings of each Rating Agency; or (ii) with respect
            to
            any Custodial Account, an unsecured long-term debt rating of at least
            one of the
            two highest unsecured long-term debt ratings of each Rating Agency.

          

          Escrow
            Account:
            The
            separate account or accounts created and maintained pursuant to Section
            10.11
            which shall be entitled "CitiMortgage, Inc., in trust for the [Purchaser],
            Owner
            of Fixed Rate Mortgage Loans, and various Mortgagors" and shall be established
            in an Eligible Account, in the name of the Person that is the "Purchaser"
            with
            respect to the related Mortgage Loans.

          

          Escrow
            Payments:
            The
            amounts constituting ground rents, taxes, assessments, water rates, mortgage
            insurance pre-miums, fire and hazard insurance premiums and other payments
            required to be escrowed by the Mortgagor with the mortgagee pursuant
            to the
            Mortgage or any other document.

          

          Event
            of Default:
            Any one
            of the conditions or circumstances enumerated in Section 14.01.

          

          Fannie
            Mae: The
            Federal National Mortgage Association, or any successor thereto.

          

          Fannie
            Mae Guide(s):
            The
            Fannie Mae Selling Guide and the Fannie Mae Servicing Guide and all amendments
            or additions thereto and any waivers obtained by Seller.

          

          FDIC:
            The
            Federal Deposit Insurance Corporation or any successor
            organization.

          

          FHLMC:
            The
            Federal Home Loan Mortgage Corporation, or any successor thereto.

          

          FHLMC
            Guide:
            The
            FHLMC Single Family Seller/Servicer Guide and all amendments or additions
            thereto.

          

          Fidelity
            Bond:
            A
            fidelity bond required to be obtained by Seller pursuant to Section
            10.16.

          

          HUD:
            The
            United States Department of Housing and Urban Development or any successor
            thereto.

          

          Initial
            Purchaser:
            EMC
            Mortgage Corporation.

          

          Liquidating
            Loan:
            A
            Mortgage Loan as to which, prior to the close of business on the Business
            Day
            next preceding the Due Date, (a) has become an REO Property or (b) Seller
            and
            the Mortgagor have agreed in writing that Seller will accept a deed to
            the
            related Mortgaged Property in lieu of foreclosure in whole or partial
            satisfaction of the Mortgage Loan.

          

          Liquidation
            Proceeds:
            Cash
            (other than REO Disposi-tion Proceeds) received in connection with the
            liquidation of a defaulted Mortgage Loan, whether through the sale or
            assignment
            of the Mortgage Loan, trustee's sale, fore-closure sale or
            other-wise.

          

          Loan-to-Value
            Ratio
            or
            LTV:
            With
            respect to any Mortgage Loan, the ratio of the original outstanding principal
            amount of the Mortgage Loan, to (i) the Appraised Value of the Mortgaged
            Property as of the origination date with respect to a Refinanced Mortgage
            Loan,
            and (ii) the lesser of the Appraised Value of the Mortgaged Property
            as of the
            origination date or the purchase price of the Mortgaged Property with
            respect to
            all other Mortgage Loans.

          

          Monthly
            Payment:
            With
            respect to any Mortgage Loan, the scheduled combined payment of principal
            and
            interest payable by a Mortgagor under the related Mortgage Note on each
            Due
            Date.

          

          Mortgage:
            The
            mortgage, deed of trust or other instru-ment creating a first lien on
            an estate
            in fee simple in real property securing a Mortgage Note, including any
            rider
            incorporated by reference therein.

          

          Mortgagee:
            The
            mortgagee or beneficiary named in the Mortgage and the successors and
            assigns of
            such mortgagee or beneficiary.

          

          Mortgage
            File:
            The
            mortgage documents pertaining to a particular Mortgage Loan which are
            specified
            in Exhibit A hereto and any additional documents required to be added
            to the
            Mortgage File pursuant to this Agreement.

          

          Mortgage
            Interest 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.

          

          Mortgage
            Loan:
            An
            individual mortgage loan which is the subject of this Agreement, each
            mortgage
            loan originally sold and subject to this Agreement being identified on
            the
            Mortgage Loan Schedule. The term Mortgage Loan includes, without limitation,
            the
            contents of the Mortgage File, the Monthly Payments, Principal Prepayments,
            Liquidation Proceeds, insurance proceeds, Condemnation Proceeds, REO
            Disposition
            Proceeds and all other rights, benefits, proceeds and obligations arising
            from
            or in connection with such Mortgage Loan.

          

          Mortgage
            Loan Documents:
            The
            documents listed in Exhibit H hereto pertaining to any Mortgage
            Loan.

          

          Mortgage
            Loan Remittance Rate:
            As to
            each Mortgage Loan, the annual rate of interest payable to Purchaser,
            which
            shall be equal to the Mortgage Interest Rate minus the Servicing Fee
            Rate.

          

          Mortgage
            Loan Schedule:
            The
            schedule of Mortgage Loans attached hereto as Exhibit F, such schedule
            setting
            forth the information listed on Schedule I attached hereto.

          

          Mortgage
            Note:
            The
            note or other evidence of the indebtedness of a Mortgagor secured by
            a
            Mortgage.

          

          Mortgaged
            Property:
            The
            real property securing repayment of the debt evidenced by a Mortgage
            Note,
            consisting of a single parcel of property considered to be real estate
            under the
            law of the state in which it is located improved by a residential
            dwelling.

          

          Mortgagor:
            The
            obligor on a Mortgage Note.

          

          Officers'
            Certificate:
            A
            certificate signed by the Chairman of the Board or the Vice Chairman
            of the
            Board or the President, a Senior Vice President or a Vice President and
            by the
            Treasurer or the Secre-tary or one of the Assistant Treasurers or Assistant
            Secretaries of Seller, or by other duly authorized officers or agents
            of Seller
            and delivered to Purchaser as required by this Agreement.

          

          Opinion
            of Counsel:
            A
            written opinion of counsel.

          

          OTS:
            Office
            of Thrift Supervision, or any successor thereto.

          

          Person:
            Any
            individual, corporation, partnership, joint venture, association, joint-stock
            company, trust, unincor-porated organization or government or any agency
            or
            political subdivision thereof.

          

          Principal
            Prepayment:
            Any
            payment or other recovery of principal on a Mortgage Loan full or partial
            which
            is received in advance of its scheduled Due Date and is not accompanied
            by an
            amount of interest repre-sent-ing scheduled interest due on any date
            or dates in
            any month or months subsequent to the month of prepayment.

          

          Purchase
            Price:
            The
            price paid on the Closing Date by Purchaser to Seller in exchange for
            the
            Mortgage Loans purchased on the Closing Date as calculated as provided
            in
            Section 4.01.

          

          Purchase
            Price Percentage:
            As
            defined in Section 4.01.

          

          Purchaser:
            The
            Initial Purchaser and any subsequent permitted holder or holders of the
            Mortgage
            Loans.

          

          Qualified
            Insurer:
            Any
            insurer acceptable to Seller and qualified to do business in the state
            in which
            any related Mortgaged Property is located, duly authorized and licensed
            in such
            states to transact the applicable insurance business and to write the
            insurance
            provided, approved as an insurer by Fannie Mae or FHLMC.

          

          Qualified
            Substitute Mortgage Loan:
            A
            mortgage loan substituted by Seller for a Deleted Mortgage Loan which
            must, on
            the date of such substitution, (a) have an outstanding principal balance,
            after
            deduction of all scheduled payments due in the month of substitution
            (or in the
            case of a substitution of more than one mortgage loan for a Deleted Mortgage
            Loan, an aggregate principal balance), not in excess of the Stated Principal
            Balance of the Deleted Mortgage Loan (the amount of any shortfall plus
            interest
            thereon equal to the related Mortgage Interest Rate will be distributed
            by
            Seller to Purchaser in the month of substitution), (b) have a Mortgage
            Interest
            Rate equal to the Mortgage Interest Rate of the Deleted Mortgage Loan,
            (c) have
            a remaining term to maturity not greater than (and not more than one
            year less
            than) that of the Deleted Mortgage Loan, and (d) comply as of the date
            of
            substitution with each representa-tion and warranty set forth in Section
            6.01.

          

          Rating
            Agency:
            Standard & Poor's, Fitch, Inc., Moody’s Investor Services or, in the event
            that some or all of the ownership of the Mortgage Loans is evidenced
            by
            mortgage-backed securities, the nationally recognized rating agencies
            issuing
            ratings with respect to such securities, if any.

          

            Record
            Date:
            The
            close of business of the last Busi-ness Day of the month preceding the
            month of
            the related Remit-tance Date.

          

          Refinanced
            Mortgage Loan:
            A
            Mortgage Loan the proceeds of which were not used to purchase the related
            Mortgaged Property and the proceeds of which were used in whole or part
            to
            satisfy an existing mortgage.

          

          REMIC:
            A "real
            estate mortgage investment conduit," as such term is defined in Section
            860D of
            the Code.

          

          REMIC
            Provisions:
            The
            provisions of the federal income tax law relating to REMICs, which appear
            at
            Sections 860A through 860G of the Code, and the related provisions and
            regulations promulgated thereunder, as the foregoing may be in effect
            from time
            to time.

          

          Remittance
            Date:
            The
            eighteenth (18th) day of any month, begin-ning in September, 2003, or
            if such
            eighteenth (18th) day is not a Business Day, the first Business Day immediately
            following such eighteenth (18th) day or if the Mortgage Loans have been
            sold to
            third party investors, the Remittance Date, the first Business Day immediately
            preceding such eighteenth (18th)
            day.

          

          REO
            Account:
            The
            account or accounts maintained pursuant to Section 10.17.

          

          REO
            Disposition:
            The
            final sale by Seller of a Mortgaged Property acquired by Seller in foreclosure
            or by deed in lieu of foreclosure.

          

          REO
            Disposition Proceeds:
            All
            amounts received with respect to an REO Disposition pursuant to Section
            10.17.

          

          REO
            Property:
            A
            Mortgaged Property acquired by Seller through foreclosure or deed in
            lieu of
            foreclosure, as described in Section 10.17.

          

          Repurchase
            Price:
            With
            respect to any Mortgage Loan, a price equal to (a) the product of the
            Stated
            Principal Balance of the Mortgage Loan times (i) during the period of
            the first
            twelve (12) months following the Closing Date, the greater of (x) the
            Purchase
            Price Percentage and (y) 100%, or (ii) for any date thereafter, the lesser
            of
            (x) the Purchase Price Percentage and (y) 100%, plus (b) interest on
            such Stated
            Principal Balance at a rate equal to the Mortgage Loan Remittance Rate
            from the
            date to which interest has last been paid and distributed to Purchaser
            to the
            first day of the month following the month of repurchase.

          

          Seller:
            CitiMortgage, Inc., its successors and assigns.

          

          Servicing
            Advances:
            All
            customary, reasonable and necessary out-of-pocket costs and expenses
            incurred in
            the performance by Seller of its servicing obligations, including, but
            not
            limited to, the cost of (a) the inspection, preservation, restoration
            and
            protection of the Mortgaged Property, (b) any enforcement or judicial
            proceedings, including foreclosures, (c) the management and liquidation
            of the
            Mortgaged Property if the Mortgaged Property is acquired in satisfaction
            of the
            Mortgage and (d) compliance with the obligations under Section
            10.13.

          

          Servicing
            Fee:
            With
            respect to each Mortgage Loan, the amount of the annual fee Purchaser
            shall pay
            to Seller, which shall, for each month, be equal to one-twelfth of the
            product
            of (a) the Servicing Fee Rate and (b) the outstanding principal balance
            of such
            Mortgage Loan. Such fee shall be payable monthly, computed on the basis
            of the
            same principal amount and period respecting which any related interest
            payment
            on a Mortgage Loan is computed. The obligation of Purchaser to pay the
            Servicing
            Fee is limited to, and payable solely from, the interest portion (including
            recoveries with respect to interest from Liquidation Proceeds and other
            proceeds, to the extent permitted by Section 10.10) of related Monthly
            Payments
            collected by Seller, or as otherwise provided under Section 10.10.

          

          Servicing
            Fee Rate:
            With
            respect to each Mortgage Loan, the servicing fee rate of .25% per
            annum.

          

          Servicing
            File:
            With
            respect to each Mortgage Loan, the file retained by the Seller consisting
            of
            originals of all documents in the Mortgage File which are not delivered
            to the
            Purchaser and copies of the Mortgage Loan Documents listed in Exhibit
            H, the
            originals of which are delivered to the Purchaser or its designee pursuant
            to
            Section 5.03.

          

          Servicing
            Officer:
            Any
            officer of the Seller involved in, or responsible for, the administration
            and
            servicing of the Mortgage Loans whose name appears on a list of servicing
            officers furnished by the Seller to the Purchaser upon request, as such
            list may
            from time to time be amended.

          

          Stated
            Principal Balance:
            As to
            each Mortgage Loan, (a) the principal balance of the Mortgage Loan at
            the
            Cut-off Date after giving effect to payments of principal due on or before
            such
            date, whether or not received, minus (b) all amounts previously distributed
            to
            Purchaser with respect to the Mortgage Loan representing payments or
            recoveries
            of principal, or advances in lieu thereof.

          

          Subservicer:
            Any
            mortgage loan servicing institution other than Seller which is responsible
            for
            the servicing and administration of any Mortgage Loan or any successor
            appointed
            pursuant to any Subservicing Agreement; provided that the Subservicer
            is an
            entity that engages in the business of servicing loans, and in either
            case shall
            be authorized to transact business, and licensed to service mortgage
            loans, in
            the state or states where the related Mortgaged Properties it is to service
            are
            situated, if and to the extent required by applicable law to enable the
            Subservicer to perform its obligations hereunder and under the Subservicing
            Agreement, and in either case shall be a FHLMC or Fannie Mae approved
            mortgage
            servicer in good standing, and no event has occurred, including but not
            limited
            to a change in insurance coverage, which would make it unable to comply
            with the
            eligibility requirements for lenders imposed by Fannie Mae or for
            seller/servicers imposed by Fannie Mae or FHLMC, or which would require
            notification to Fannie Mae or FHLMC. In addition, each Subservicer will
            obtain
            and preserve its qualifications to do business as a foreign corporation
            and its
            licenses to service mortgage loans, in each jurisdiction in which such
            qualifications and/or licenses are or shall be necessary to protect the
            validity
            and enforceability of this Agreement, or any of the Mortgage Loans and
            to
            perform or cause to be performed its duties under the related Subservicing
            Agreement. 

          

          Subservicing
            Account:
            As
            defined in Section 10.06.

          

          Subservicing
            Agreement:
            Each
            agreement providing for the servicing of any of the Mortgage Loans by
            a
            Subservicer.

          

          Subservicing
            Fee:
            As to
            each Mortgage Loan, the monthly fee payable to the Subservicer, paid
            by Seller
            from its Servicing Fee.

          

          Section
            1.02 General
            Interpretive Principles.

          

          For
            purposes of this Agreement, except as otherwise expressly provided or
            unless the
            context otherwise requires:

          

          
            	 	
                    (a)

                  	
                    the
                      terms defined in this Agreement have the meanings assigned
                      to them in this
                      Agreement and include the plural as well as the singular, and
                      the use of
                      any gender herein shall be deemed to include the other
                      gender;

                  

          

          

          
            	 	
                    (b)

                  	
                    accounting
                      terms not otherwise defined herein have the meanings assigned
                      to them in
                      accordance with generally accepted accounting
                      principles;

                  

          

          

          
            	 	
                    (c)

                  	
                    references
                      herein to "Articles", "Sections", "Subsections", "Paragraphs",
                      and other
                      subdivisions without reference to a document are to designated
                      Articles,
                      Sections, Subsections, Paragraphs and other subdivisions of
                      this
                      Agreement;

                  

          

          

          
            	 	
                    (d)

                  	
                    a
                      reference to a Subsection without further reference to a Section
                      is a
                      reference to such Subsection as contained in the same Section
                      in which the
                      reference appears, and this rule shall also apply to Paragraphs
                      and other
                      subdivisions;

                  

          

          

          
            	 	
                    (e)

                  	
                    the
                      words "herein", "hereof", "hereunder" and other words of similar
                      import
                      refer to this Agreement as a whole and not to any particular
                      provision;
                      and

                  

          

          

          
            	(f)  	
                    the
                      term "include" or "including" shall mean without limitation
                      by reason of
                      enumeration.

                  

          

           

          
 

          

          ARTICLE
            II

          

          AGREEMENT
            TO PURCHASE

          

          Section
            2.01 Agreement
            to Purchase.

          

          Seller
            agrees to sell, and Purchaser agrees to purchase, Mortgage Loans having
            a Stated
            Principal Balance of $23,208,784.81 as of Cut-off Date, or in such other
            amount
            as agreed by Purchaser and Seller as evidenced by the actual aggregate
            principal
            balance of the Mortgage Loans accepted by Purchaser on the Closing
            Date.

          

           

          
 

          ARTICLE
            III

          

          MORTGAGE
            LOAN SCHEDULE

          

          Section
            3.01 Mortgage
            Loan Schedule.

          

          Seller
            shall deliver the Mortgage Loan Schedule to Purchaser at least five (5)
            Business
            Days prior to the Closing Date.

           

          
 

          ARTICLE
            IV

          

          PURCHASE
            PRICE

          

          Section
            4.01 Purchase
            Price.

          

          The
            Purchase Price for the Mortgage Loans shall be 100.917206% (the “Purchase Price
            Percentage”) of the aggregate Stated Principal Balance of the Mortgage Loans, as
            of the Cut-off Date. Purchaser will pay to Seller accrued interest on
            the Stated
            Principal Balance of each Mortgage Loan as of the Cut-off Date at its
            Mortgage
            Loan Remittance Rate from the Cut-off Date up to and including the day
            preceding
            the Closing Date, prorated on the basis of a 360 day year consisting
            of twelve
            (12) months of thirty (30) days each.

          

          Purchaser
            shall own and be entitled to receive with respect to each Mortgage Loan
            purchased, (a) all scheduled principal due after the Cut-off Date, (b)
            all other
            recoveries of principal collected on or after the Cut-off Date (provided,
            however, that all scheduled payments of principal due on or before the
            Cut-off
            Date and collected by Seller after the Cut-off Date shall belong to Seller),
            and
            (c) all payments of interest on the Mortgage Loans net of the Servicing
            Fee
            (minus that portion of any such interest payment that is allocable to
            the period
            prior to the Cut-off Date). The Stated Principal Balance of each Mortgage
            Loan
            as of the Cut-off Date is determined after application to the reduction
            of
            principal of payments of principal due on or before the Cut-off Date
            whether or
            not collected,
            together with any unscheduled principal prepayments collected prior to
            the
            related Cut-off Date.
            Therefore, for the purposes of this Agreement, payments of scheduled
            principal
            and interest prepaid for a Due Date beyond the Cut-off Date shall not
            be applied
            to the principal balance as of the Cut-off Date. Such prepaid amounts
            (minus the
            applicable Servicing Fee) shall be the property of Purchaser. Seller
            shall
            deposit any such prepaid amounts into the Custodial Account, which account
            is
            established for the benefit of Purchaser, for remittance by Seller to
            Purchaser
            on the first Remittance Date such payment is to be applied. All payments
            of
            principal and interest, less the applicable Servicing Fee, due on a Due
            Date
            following the Cut-off Date shall belong to Purchaser.

          

           

          
 

          ARTICLE
            V

          

          CONVEYANCE
            OF MORTGAGE LOANS; POSSESSION OF MORTGAGE FILES;

          BOOKS
            AND RECORDS; DELIVERY OF MORTGAGE

          LOAN
            DOCUMENTS; TRANSFER OF MORTGAGE LOANS

          

          Section
            5.01 Conveyance
            of Mortgage Loans; Possession of Mortgage Files.

          

          Seller,
            simultaneously with the execution and delivery of this Agreement, does
            hereby
            sell, transfer, assign, set over and convey to Purchaser, without recourse,
            but
            subject to the terms of this Agreement, all the right, title and interest
            of
            Seller in and to the Mortgage Loans. The contents of each Mortgage File
            not
            delivered to Purchaser are and shall be held in trust by Seller for the
            benefit
            of Purchaser as the owner thereof and Seller's possession of the portion
            of each
            Mortgage File so retained is for the sole purpose of servicing the related
            Mortgage Loan, and such retention and possession by Seller is in a custodial
            capacity only. Seller shall maintain a Servicing File consisting of a
            copy of
            the contents of each Mortgage File and the originals of the documents
            in each
            Mortgage File not delivered to the Purchaser. Upon the purchase of the
            Mortgage
            Loans, the ownership of each Mortgage Note, Mortgage and each related
            Mortgage
            File is vested in Purchaser and the ownership of all records and documents
            with
            respect to each related Mortgage Loan prepared by or which come into
            the
            possession of Seller shall immediately vest in Purchaser and shall be
            retained
            and main-tained, in trust, by Seller in such custodial capacity only.
            The
            portion of each Mort-gage File so retained shall be appropriately marked
            to
            clearly reflect the sale of the related Mortgage Loan to Purchaser. Seller
            shall
            release from its custody the contents of any Mortgage File only in accordance
            with written instructions from Purchaser, unless such release is required
            as
            incidental to Seller's servicing of the Mortgage Loans or is in connection
            with
            a repurchase of any Mortgage Loan pursuant to Section 6.03.

          

          Section
            5.02 Books
            and Records.

          

          All
            rights arising out of the Mortgage Loans including, but not limited to,
            all
            funds received on or in connection with a Mortgage Loan shall be held
            by Seller
            in trust for the benefit of Purchaser as the owner of the Mortgage
            Loans.

          

          The
            sale
            of each Mortgage Loan shall be reflected on Seller's balance sheet and
            other
            financial statements as a sale of assets by Seller. Seller shall be responsible
            for maintaining, and shall maintain, a complete set of books and records
            for
            each Mortgage Loan which shall be clearly marked to reflect the ownership
            of
            each Mortgage Loan by Purchaser in Seller’s computer system.

          

          Seller
            shall maintain in its possession, available for inspection by the Purchaser
            upon
            reasonable notice, or its designee and shall deliver to the Purchaser
            upon
            demand, evidence of compliance with all federal, state and local laws,
            rules and
            regulations, and requirements of Fannie Mae or FHLMC, as applicable,
            including
            but not limited to documentation as to the method used in determining
            the
            applicability of the provisions of the Flood Disaster Protection Act
            of 1973, as
            amended, to the Mortgaged Property, documentation evidencing insurance
            coverage
            of any condominium project as required by Fannie Mae or FHLMC,. To the
            extent
            that original documents are not required for purposes of realization
            of
            Liquidation Proceeds or insurance proceeds, documents maintained by the
            Seller
            may be in the form of microfilm or microfiche or other imaged
            format.

          

          Seller
            shall maintain with respect to each Mortgage Loan and shall make available
            for
            inspection upon reasonable notice by any Purchaser or its designee the
            related
            Servicing File during the time the Purchaser retains ownership of a Mortgage
            Loan and thereafter in accordance with applicable laws and
            regulations.

          

          In
            addition to the foregoing, Seller shall provide to any supervisory agents
            or
            examiners that regulate Purchaser, including but not limited to, the
            OTS, the
            FDIC and other similar entities, access, during normal business hours,
            upon
            reasonable advance notice to Seller and without cost to Seller or such
            supervisory agents or examiners, to any documentation regarding the Mortgage
            Loans that may be required by any applicable regulator.

          

          Section
            5.03 Delivery
            of Mortgage Loan Documents.

          

          Seller
            shall deliver to Purchaser or custodian, as directed by Purchaser, the
            Mortgage
            Loan Documents as required by Exhibit H hereto for each Mortgage Loan
            no later
            than five (5) Business Days prior to the Closing Date.

          

          Seller
            shall forward to Purchaser or its designee, original documents evidencing
            an
            assumption, modification, consolidation or extension of any Mortgage
            Loan
            entered into in accordance with this Agreement within two (2) weeks of
            their
            execution; provided, however, that Seller shall provide Purchaser or
            its
            designee, with a certified true copy of any such document submitted for
            recordation within two (2) weeks of its execution, and shall provide
            the
            original of any document submitted for recordation or a copy of such
            document
            certified by the appropriate public recording office to be a true and
            complete
            copy of the original within 270 days of its submission for recordation.
            In the
            event Seller cannot deliver the original of such documents submitted
            for
            recording due to a delay by the recording office in the applicable jurisdiction,
            Seller shall instead deliver a recording receipt of such recording office
            or, if
            such recording receipt is not available, an Officer's Certificate from
            Seller
            confirming that such documents have been accepted for recording. Any
            such
            document shall be delivered to Purchaser or its designee promptly upon
            receipt
            thereof from the related recording office.

          

          From
            time
            to time Purchaser shall deliver or cause to be delivered to Seller, as
            soon as
            practicable following receipt of a written request from Seller, by first
            class
            mail and at no expense to Seller, any Mortgage Loan Document needed by
            Seller in
            connection with the servicing of a Mortgage Loan. Seller’s request for the
            release of a Mortgage Loan Document shall specify in reasonable detail
            the
            reason for Seller’s request. During the time that any such Mortgage Loan
            Document is in the possession of Seller, such possession shall be deemed
            to be
            in trust for the benefit of Purchaser and Seller shall promptly return
            to
            Purchaser or its designee any Mortgage Loan Document so released when
            Seller’s
            need for such Mortgage Loan Document no longer exists. Purchaser shall
            indemnify
            and hold Seller harmless against any and all claims, losses, damages,
            penalties,
            fines, forfeitures, reasonable and necessary legal fees and related costs,
            judgments, and any other costs, fees and expenses that Seller may sustain
            in
            connection with any third party claim in any way related to Purchaser’s or its
            designee’s failure to release, in a timely manner, the Mortgage Loan Documents
            requested by Seller. Purchaser shall pay all costs, fees and expenses
            in
            connection with the possession of the Mortgage Loan Documents.

          

          Purchaser
            shall provide Seller with written notice at least fifteen (15) days prior
            to any
            transfer of the Mortgage Loan Documents.

          

          Section
            5.04 Transfer
            of Mortgage Loans.

          

          The
            Initial Purchaser shall have the right, without the consent of Seller,
            to assign
            its interest under this Agreement with respect to all or some of the
            Mortgage
            Loans, and designate any person to exercise any rights of Purchaser hereunder,
            and the assignee or designee shall accede to the rights and obligations
            hereunder of Purchaser with respect to such Mortgage Loans; provided,
            however,
            that Seller shall not be required to recognize any assignment to the
            extent that
            it would result in Mortgage Loans being serviced for more than three
            (3)
            Purchasers hereunder. All references to Purchaser shall be deemed to
            include its
            assignee or designee.

          

          Seller
            shall keep at its servicing office books and records in which, subject
            to such
            reasonable regulations as it may prescribe, Seller shall note transfers
            of the
            Mortgage Loans. No transfer of the Mortgage Loans may be made unless
            such
            transfer is in compliance with the terms hereof. For the purposes of
            this
            Agreement, Seller shall be under no obligation to deal with any person
            with
            respect to this Agreement or the Mortgage Loans unless the books and
            records
            show such person as Purchaser of the Mortgage Loans. Purchaser may, subject
            to
            the terms of this Agreement, sell and transfer, in whole or in part,
            the
            Mortgage Loans, provided that no such sale and transfer shall be binding
            upon
            Seller unless such transferee shall agree in writing in the form of (i)
            an
            Assignment, Assumption and Recognition Agreement attached hereto as Exhibit
            G,
            or (ii) a FNMA Tri-Party Agreement or (iii) a FHLMC Form 960; (collectively,
            the
“Reconstitution Agreements”), to be bound by the terms of this Agreement and an
            executed copy of such Reconstitution Agreement shall have been delivered
            to
            Seller. Upon receipt thereof, Seller shall mark its books and records
            to reflect
            the ownership of the Mortgage Loans by such assignee, and the previous
            Purchaser
            shall be released from its obligations hereunder to the extent such obligations
            relate to Mortgage Loans sold by Purchaser. This Agreement shall be binding
            upon
            and inure to the benefit of Purchaser and Seller and their respective
            permitted
            successors, assignees and designees.

          

          Section
            5.05 Quality
            Control Procedures.

          

          Seller
            must have an internal quality control program that verifies, on a regular
            basis,
            the existence and accuracy of the legal documents, credit documents,
            property
            appraisals, and underwriting decisions. The program must be capable of
            evaluating and monitoring the overall quality of its loan production
            and
            servicing activities. The program is to ensure that the Mortgage Loans
            are
            originated and serviced in accordance with prudent mortgage banking practices
            and accounting principles; guard against dishonest, fraudulent, or negligent
            acts; and guard against errors and omissions by officers, employees,
            or other
            authorized persons.

           

          
 

          

          ARTICLE
            VI

          

          REPRESENTATIONS
            AND WARRANTIES;

          REMEDIES
            FOR BREACH

          

          

          Section
            6.01 Representations
            and Warranties Regarding Individual Mortgage Loans.
            

          

          Seller
            hereby represents and warrants to Purchaser that, as to each Mortgage
            Loan, as
            of the Closing Date (or such other date as may be specified
            herein):

          

          
            	 	
                    (a)

                  	
                    The
                      information set forth on the Mortgage Loan Schedule and the
                      magnetic tape
                      or diskette delivered to Purchaser by Seller is complete, true
                      and correct
                      as of the Cut-off Date;

                  

          

          

          
            	 	
                    (b)

                  	
                    The
                      Mortgage Note and the Mortgage have not been assigned or pledged,
                      and
                      Seller has good and marketable title thereto, and Seller is
                      the sole owner
                      and holder of the Mortgage Loan free and clear of any and all
                      liens,
                      claims, encumbrances, participation interests, equities, pledges,
                      charges
                      or security interests of any nature and has full right and
                      author-ity,
                      subject to no interest or participation of, or agreement with,
                      any other
                      party, to sell and assign the same pursuant to this
                      Agreement;

                  

          

          

          
            	 	
                    (c)

                  	
                    The
                      Mortgage is a valid and subsisting first lien on the property
                      therein
                      described, and the Mortgaged Property is free and clear of
                      any and all
                      adverse claims, encumbrances and liens having priority over
                      the first lien
                      of the Mort-gage except for (i) liens for real estate taxes
                      and special
                      assessments not yet due and payable, (ii) covenants, conditions
                      and
                      restrictions, rights of way, easements and other matters of
                      public record
                      as of the date of recording being acceptable to mortgage lending
                      institutions generally and specifically referred to in the
                      lender's title
                      insurance policy delivered to the originator of the Mortgage
                      Loan and
                      which do not adversely affect the Appraised Value of the Mortgaged
                      Property, and (iii) 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 the Mortgage or the use,
                      enjoyment,
                      value or marketability of the related Mortgaged Property. Any
                      security
                      agreement, chattel mortgage or equivalent document related
                      to the Mortgage
                      and delivered to Purchaser establishes in Seller a valid and
                      sub-sisting
                      first lien on the property described therein, and Seller has
                      full right to
                      sell and assign the same to
                      Purchaser;

                  

          

          

          
            	 	
                    (d)

                  	
                    The
                      terms of the Mortgage Note and the Mortgage have not been impaired,
                      waived, altered or modified in any respect, except by a written
                      instrument
                      which has been recorded, if required by law, or, if necessary,
                      to protect
                      the interest of Purchaser. The substance of any such alteration
                      or
                      modification is reflected on the Mortgage Loan Schedule and
                      has been
                      approved by the private mortgage guaranty insurer, if
                      any;

                  

          

          

          
            	 	
                    (e)

                  	
                    No
                      instrument of release, alteration, modification or waiver has
                      been
                      executed in connection with the Mortgage Loan, and no Mortgagor
                      has been
                      released, in whole or in part, except in connection with an
                      assumption
                      agreement which has been approved by the private mortgage guaranty
                      insurer, if any, and except such Mortgage Loan which contains
                      in the
                      related Mortgage File evidence of a release or waiver or an
                      assumption
                      agreement discharging the original borrower from all of the
                      debt
                      obligations in connection with the related Mortgage Loan and
                      providing for
                      the assumption of all such debt obligations by the party assuming
                      the
                      obligations under the Mortgage Loan and, in each case, terms
                      of which are
                      reflected in the Mortgage Loan
                      Schedule;

                  

          

          

          
            	 	
                    (f)

                  	
                    There
                      are no defaults in complying with the terms of the Mortgage,
                      and, all
                      taxes, governmental assessments, insurance premiums, water,
                      sewer and
                      municipal charges, leasehold payments or ground rents which
                      previously
                      became due and owing have been paid, or an escrow of funds
                      has been
                      established in an amount sufficient to pay for every such item
                      which
                      remains unpaid and which has been assessed but is not yet due
                      and payable.
                      Seller has not advanced funds, or induced, solicited or knowingly
                      received
                      any advance of funds by a party other than the Mortgagor, directly
                      or
                      indirectly, for the payment of any amount required by the Mortgage
                      Note or
                      Mortgage, except for interest accruing from the date of the
                      Mortgage Note
                      or date of disbursement of the Mortgage proceeds, whichever
                      is greater, to
                      the day which precedes by one month the Due Date of the first
                      installment
                      of principal and interest;

                  

          

          

          
            	 	
                    (g)

                  	
                    There
                      is no proceeding pending or threatened for the total or partial
                      condemnation of the Mortgaged Property, nor is such a proceeding
                      currently
                      occurring, and such property is undamaged by waste, fire, earthquake
                      or
                      earth movement, windstorm, flood, tornado or other casualty,
                      so as to
                      affect materially and adversely the value of the Mortgaged
                      Property as
                      security for the Mortgage Loan or the use for which the premises
                      were
                      intended. There is no pending action or proceeding directly
                      involving the
                      Mortgaged Property in which compliance with any environmental
                      law, rule or
                      regulation is an issue; there is no violation of any environmental
                      law,
                      rule or regulation with respect to the Mortgaged Property;
                      and the Seller
                      has not received any notice of any environmental hazard on
                      the Mortgaged
                      Property and nothing further remains to be done to satisfy
                      in full all
                      requirements of each such law, rule or regulation constituting
                      a
                      prerequisite to use and enjoyment of said
                      property;

                  

          

          

          
            	 	
                    (h)

                  	
                    There
                      are no mechanics' or similar liens or claims which have been
                      filed for
                      work, labor or material (and no rights are outstanding that
                      under law
                      could give rise to such lien) affecting the Mortgaged Property
                      which are,
                      or may be, liens prior or equal to, or coordinate with, the
                      lien of the
                      related Mortgage unless such lien is insured under the related
                      title
                      insurance policy;

                  

          

          

          
            	 	
                    (i)

                  	
                    All
                      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 the Mortgaged Property and,
                      to Seller's
                      knowledge, no improvements on adjoining properties encroach
                      upon the
                      Mortgaged Property (other than minor encroachments (i) which
                      do not affect
                      the value of the Mortgage Loan or the Purchaser’s interest therein and
                      (ii) to which properties similar to the Mortgaged Property
                      within the same
                      jurisdiction are commonly subject and which do not interfere
                      with the
                      benefits of the security intended to be provided by the related
                      Mortgage
                      or the use, enjoyment, value or marketability of the related
                      Mortgaged
                      Property);

                  

          

          

          
            	 	
                    (j)

                  	
                    No
                      improvement located on or being part of the Mortgaged Property
                      is in
                      violation of any applicable zoning law or regulation and all
                      inspections,
                      licenses and certificates required to be made or issued with
                      respect to
                      all occupied portions of the Mortgaged Property and, with respect
                      to the
                      use and occupancy of the same, including but not limited to
                      certificates
                      of occupancy and fire underwriting certif-icates, have been
                      made or
                      obtained from the appropriate authorities and the Mortgaged
                      Property is
                      lawfully occupied under applicable
                      law;

                  

          

          

          
            	 	
                    (k)

                  	
                    All
                      parties which have had any interest in the Mortgage Loan, whether
                      as
                      mortgagee, assignee, pledgee or otherwise, are (or, during
                      the period in
                      which they held and disposed of such interest, were) (i) in
                      compliance
                      with any and all applicable licensing requirements of the laws
                      of the
                      state wherein the Mortgaged Property is located, and (ii) either
                      (1)
                      organized under the laws of such state, or (2) qualified to
                      do business in
                      such state, or (3) federal savings and loan associations, federal
                      savings
                      banks or national banks having authorized offices in such state,
                      or (4)
                      not doing business in such state;

                  

          

          

          
            	 	
                    (l)

                  	
                    All
                      Mortgage Loans will be current as of the Closing Date. No
                      payment required under any Mortgage Loan has been more than
                      thirty (30)
                      days delinquent prior to the Cut-off Date. All payments due
                      prior to the
                      Cut-off Date for such Mortgage Loan have been made as of the
                      Closing Date;
                      the Mortgage Loan has not been dishonored; there are no material
                      defaults
                      under the terms of the Mortgage Loan. As of the Closing Date,
                      all of the
                      Mortgage Loans will have an actual interest paid to date of
                      their related
                      Cut-off Date (or later) and will be due for the scheduled monthly
                      payment
                      next succeeding the Cut-off Date (or later), as evidenced by
                      a posting to
                      Seller’s servicing collection
                      system.

                  

          

          

          
            	 	
                    (m)

                  	
                    The
                      Mortgage File contains each of the documents and instruments
                      specified to
                      be included therein duly executed and in due and proper form,
                      and each
                      such document or instrument is in form acceptable to Fannie
                      Mae and FHLMC,
                      and each Mortgage Note, Mortgage, and appraisal are on forms
                      acceptable to
                      Fannie Mae and FHLMC;

                  

          

          

          
            	 	
                    (n)

                  	
                    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, except as enforceability may be
                      limited by
                      applicable bankruptcy, insolvency, reorganization or other
                      similar laws
                      relating to or affecting the enforcement of creditors' rights
                      and by
                      general principles of equity. All parties to the Mortgage Note
                      and the
                      Mort-gage 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;

                  

          

          

          
            	 	
                    (o)

                  	
                    Any
                      and all requirements of any federal, state or local law including,
                      without
                      limitation, usury, truth-in-lending, real estate settlement
                      procedures,
                      consumer credit protection, equal credit opportunity or disclo-sure
                      laws
                      applicable to the Mortgage Loan have been complied with. None
                      of the
                      Mortgage Loans are (a) loans subject to 12 CFR Part 226.31,
                      12 CFR Part
                      226.32 or 12 CFR Part 226.34 of Regulation Z, the regulation
                      implementing
                      TILA, which implements the Home Ownership and Equity Protection
                      Act of
                      1994, as amended or (b) classified and/or defined as a “high cost”,
                      "covered", or “predatory” loan under any other state, federal or local law
                      or regulation or ordinance, including, but not limited to,
                      the States of
                      Georgia and North Carolina. The Seller maintains, and shall
                      maintain,
                      evidence of such compliance as required by applicable law or
                      regulation
                      and shall make such evidence available for inspection at the
                      Seller’s
                      office during normal business hours upon reasonable advance
                      notice;
                      

                  

          

          

          
            	 	
                    (p)

                  	
                    The
                      proceeds of the Mortgage Loan have been fully disbursed, there
                      is no
                      requirement for future advances thereunder and any and all
                      requirements as
                      to comple-tion of any on-site or off-site improvements and
                      as to
                      disbursements of any escrow funds therefor have been complied
                      with. All
                      costs, fees and expenses incurred in making or closing Mortgage
                      Loans and
                      the recording of the Mortgage were
                      paid;

                  

          

          

          
            	 	
                    (q)

                  	
                    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
                      princi-pal amount, as consolidated, bears a single interest
                      rate and
                      single repayment term reflected on the Mort-gage Loan Schedule.
                      The lien
                      of the Mortgage securing the consolidated principal amount
                      is expressly
                      insured as having first lien priority by a title insurance
                      policy, an
                      endorsement to the policy insuring the Mortgagee's consolidated
                      interest
                      or by other title evidence. The consolidated principal amount
                      does not
                      exceed the original principal amount of the Mortgage
                      Loan;

                  

          

          

          
            	 	
                    (r)

                  	
                    All
                      improvements upon the Mortgaged Property are insured by a generally
                      acceptable insurer acceptable to Fannie Mae or FHLMC against
                      loss by fire,
                      hazards of extended coverage and such other hazards as are
                      customary in
                      the area where the Mortgaged Property is located, pursuant
                      to insurance
                      policies conforming to the requirements of Section 10.15 hereof.
                      All
                      individual insurance policies (collectively, the "hazard insurance
                      policy") are the valid and binding obligation of the insurer
                      and contain a
                      standard mortgagee clause insuring Seller, its successors and
                      assigns, as
                      mortgagee. All premiums thereon have been paid. The Mortgage
                      obligates the
                      Mortgagor thereunder to maintain all such insurance at the
                      Mortgagor's
                      cost and expense, and upon the Mortgagor's failure to do so,
                      authorizes
                      the holder of the Mortgage to obtain and maintain such insurance
                      at the
                      Mortgagor's cost and expense and to seek reimbursement therefor
                      from the
                      Mortgagor. Neither the Seller (nor any prior originator or
                      servicer of any
                      of the Mortgage Loans) nor any Mortgagor has engaged in any
                      act or
                      omission which has impaired or would impair the coverage of
                      any such
                      policy, the benefits of the endorsement provided for herein,
                      or the
                      validity and binding effect of
                      either;

                  

          

          

          
            	 	
                    (s)

                  	
                    There
                      is no default, breach, violation or event of acceleration existing
                      under
                      the Mortgage or the related Mortgage Note and no event which,
                      with the
                      passage of time or with notice and the expiration of any grace
                      or cure
                      period, would constitute a default, breach, viola-tion or event
                      of
                      acceleration; and Seller has not waived any default, breach,
                      violation or
                      event of acceleration;

                  

          

          

          
            	 	
                    (t)

                  	
                    The
                      Mortgage Loan is not subject to any right of rescission, set-off,
                      counterclaim or defense, including, without limitation, the
                      defense of
                      usury, nor will the operation of any of the terms of the Mortgage
                      Note or
                      the Mortgage, or the exercise of any right thereunder, render
                      either the
                      Mortgage Note or the Mortgage unenforceable, in whole or in
                      part, or
                      subject to any right of rescission, set-off, counter-claim
                      or defense,
                      including the defense of usury, and no such right of rescission,
                      set-off,
                      counterclaim or defense has been asserted with respect thereto;
                      and as of
                      the Closing Date the Mortgagor was not a debtor in any state
                      or federal
                      bankruptcy or insolvency
                      proceeding;

                  

          

          

          
            	 	
                    (u)

                  	
                    All
                      provisions of each primary mortgage insurance policy have been
                      and are
                      being complied with, such policy is in full force and effect,
                      and all
                      premiums due thereunder have been paid. No Mortgage Loan requires
                      payment
                      of such premiums, in whole or in part, by the Purchaser. No
                      action,
                      inaction, or event has occurred and no state of facts exists
                      that has, or
                      will result in the exclusion from, denial of, or defense to
                      coverage. Any
                      Mortgage Loan subject to a primary mortgage insurance policy
                      obligates the
                      Mortgagor thereunder to maintain the primary mortgage insurance
                      policy,
                      subject to state and federal law, and to pay all premiums and
                      charges in
                      connection therewith. No action has been taken or failed to
                      be taken, on
                      or prior to the Closing Date which has resulted or will result
                      in an
                      exclusion from, denial of, or defense to coverage under any
                      primary
                      mortgage insurance policy (including, without limitation, any
                      exclusions,
                      denials or defenses which would limit or reduce the availability
                      of the
                      timely payment of the full amount of the loss otherwise due
                      thereunder to
                      the insured) whether arising out of actions, representations,
                      errors,
                      omissions, negligence, or fraud of the Seller or the Mortgagor,
                      or for any
                      other reason under such coverage; The mortgage interest rate
                      for the
                      Mortgage Loan as set forth on the Mortgage Loan Schedule is
                      net of any
                      such insurance premium. None of the Mortgage Loans are subject
                      to
                      “lender-paid” mortgage insurance;

                  

          

          

          
            	 	
                    (v)

                  	
                    The
                      Mortgage Note is not secured by any collateral, pledged account
                      or other
                      security except the lien of the corresponding Mortgage and
                      the security
                      interest of any applicable security agreement or chattel mortgage
                      referred
                      to in Section 6.01(c). There is no homestead or other exemption
                      available
                      to the Mortgagor which would interfere with the right to sell
                      the
                      Mortgaged Property at a trustee's sale or the right to foreclose
                      the
                      Mortgage;

                  

          

          

          
            	 	
                    (w)

                  	
                    The
                      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
                      provided
                      thereby, including, (i) in the case of a Mortgage designated
                      as a deed of
                      trust, by trustee's sale, and (ii) otherwise by judicial foreclosure,
                      subject only to rights of redemption, seizure and other laws
                      that would
                      not materially interfere with the ultimate realization of the
                      benefits of
                      the security;

                  

          

          

          
            	 	
                    (x)

                  	
                    No
                      fraud, error, omission, misrepresentation, negligence or similar
                      occurrence with respect to a Mortgage Loan has taken place
                      on the part of
                      Seller or the Mortgagor or, any other party involved in the
                      origination of
                      the Mortgage Loan;

                  

          

          

          
            	 	
                    (y)

                  	
                    The
                      Mortgaged Property consists of a single parcel of real property
                      with a one
                      family residence erected thereon, or a two-to-four family dwelling,
                      or an
                      individual condominium unit, planned unit development unit
                      or townhouse;
                      provided, however, that no residence or dwelling is a single
                      parcel of
                      real property with a manufactured home not affixed to a permanent
                      foundation, or a mobile home. Any
                      condominium unit or planned unit development conforms with
                      the Seller’s
                      underwriting guidelines. As
                      of the date of origination, no portion of any Mortgaged Property
                      was used
                      for commercial purposes, and since the origination date, no
                      portion of any
                      Mortgaged Property has been, or currently is, used for commercial
                      purposes;

                  

          

          

          
            	 	
                    (z)

                  	
                    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, to Seller's knowledge, no escrow deposits
                      or
                      payments of other charges or payments due Seller have been
                      capital-ized
                      under the Mortgage or the related Mortgage
                      Note;

                  

          

          

          
            	 	
                    (aa)

                  	
                    The
                      collection and servicing practices used by Seller with respect
                      to the
                      Mortgage Note and Mortgage have been in all respects legal
                      and customary
                      in the mortgage servicing business;

                  

          

          

          
            	 	
                    (bb)

                  	
                    The
                      Mortgage Loan is covered by an ALTA or CLTA mortgage title
                      insurance
                      policy, or such other generally acceptable form of policy or
                      insurance
                      acceptable to Fannie Mae or FHLMC, issued by and the valid
                      and binding
                      obligation of a title insurer acceptable to Fannie Mae or FHLMC,
                      and
                      qualified to do business in the jurisdiction where the Mortgaged
                      Property
                      is located, insuring Seller, its successors and assigns, as
                      to the first
                      priority lien of the Mortgage in the original principal amount
                      of the
                      Mortgage Loan
                      and against any loss by reason of the invalidity or unenforceability
                      of
                      the lien resulting from the provisions of the Mortgage.
                      Such mortgage title insurance policy insures Seller, its successors
                      and
                      assigns as mortgagee and the assignment to Purchaser of Seller's
                      interest
                      in such mortgage title insurance policy does not require the
                      consent of or
                      notification to the insurer, such mortgage title insurance
                      policy is in
                      full force and effect and will be in full force and effect
                      and inure to
                      the benefit of Purchaser upon the consummation of the trans-actions
                      contemplated by this Agreement. No claims have been made under
                      such
                      mortgage title insurance policy and, to Seller's knowledge,
                      no prior
                      holder of the related Mortgage, including Seller, has done,
                      by act or
                      omission, anything which would impair the coverage of such
                      mortgage title
                      insurance policy;

                  

          

          

          
            	 	
                    (cc)

                  	
                    Principal
                      payments on the Mortgage Loan commenced no more than sixty
                      (60) days after
                      the proceeds of the Mortgage Loan were disbursed. The Mortgage
                      Loan bears
                      interest at the Mortgage Interest Rate. With respect to each
                      Mortgage
                      Loan, the Mortgage Note is payable on the first day of each
                      month in
                      Monthly Payments which will fully amortize the Stated Principal
                      Balance of
                      the Mortgage Loan over its remaining term at the Mortgage Interest
                      Rate.
                      Each Mortgage Loan bears interest based upon a thirty (30)
                      day month and a
                      three hundred and sixty (360) day year. The Mortgage Loans
                      have an
                      original term to maturity of not more than fifteen (15) years,
                      with
                      interest payable in arrears on the first day of each month.
                      The Mortgage
                      Note does not permit negative amortization. None of the Mortgage
                      Loans are
                      “interest-only” Mortgage Loans. None of the Mortgage Loans are considered
                      agricultural loans; 

                  

          

          

          
            	(dd)  	
                    The
                      Mortgage Loans were originated or purchased by the Seller and
                      were
                      underwritten in accordance with Fannie Mae guidelines (inclusive
                      of any
                      negotiated items or waivers incorporated into Seller’s Fannie Mae Master
                      Agreement);

                  

          

          

          
            	(ee)  	
                    The
                      Mortgage has not been satisfied, canceled or subordinated,
                      in whole or in
                      part, or rescinded, and the Mortgaged Property has not been
                      released from
                      the lien of the Mortgage, in whole or in part nor has any instrument
                      been
                      executed that would effect any such release, cancellation,
                      subordination
                      or rescission. The Seller has not waived the performance by
                      the Mortgagor
                      of any action, if the Mortgagor’s failure to perform such action would
                      cause the Mortgage Loan to be in default, nor has the Seller
                      waived any
                      default resulting from any action or inaction by the
                      Mortgagor;

                  

          

          

          
            	(ff)  	
                    The
                      Seller is the sole owner and holder of the Mortgage Loan and
                      the
                      indebtedness evidenced by the Mortgage Note. Upon the sale
                      of the Mortgage
                      Loan to the Purchaser, the Seller will retain the Mortgage
                      File or any
                      part thereof with respect thereto not delivered to the Purchaser
                      or the
                      Purchaser’s designee in trust only for the purpose of servicing and
                      supervising the servicing of the Mortgage Loan. The Seller
                      intends to
                      relinquish all rights to possess, control and monitor the Mortgage
                      Loan,
                      except for the purposes of servicing the Mortgage Loan as set
                      forth in
                      this Agreement. After the Closing Date, the Seller will not
                      have any right
                      to modify or alter the terms of the sale of the Mortgage Loan
                      and the
                      Seller will not have any obligation or right to repurchase
                      the Mortgage
                      Loan or substitute another Mortgage Loan, except as provided
                      in this
                      Agreement, or as otherwise agreed to by the Seller and the
                      Purchaser;

                  

          

          

          
            	(gg)  	
                    The
                      Mortgaged Property is not subject to any material damage. At
                      origination
                      of the Mortgage Loan there was not, since origination of the
                      Mortgage Loan
                      there has not been, and there currently is no proceeding pending
                      for the
                      total or partial condemnation of the Mortgaged Property. The
                      Seller has
                      not received notification that any such proceedings are scheduled
                      to
                      commence at a future date;

                  

          

          

          
            	(hh)  	
                    The
                      Mortgage File contains an appraisal of the related Mortgaged
                      Property
                      signed prior to the final approval of the mortgage loan application
                      by an
                      appraiser approved by the Seller, who had no interest, direct
                      or indirect,
                      in the Mortgaged Property or in any loan made on the security
                      thereof, and
                      whose compensation is not affected by the approval or disapproval
                      of the
                      Mortgage Loan, and the appraisal and appraiser both satisfy
                      the
                      requirements of Fannie Mae or FHLMC and Title XI of the Federal
                      Institutions Reform, Recovery, and Enforcement Act of 1989
                      and the
                      regulations promulgated thereunder, all as in effect on the
                      date the
                      Mortgage Loan was originated. The appraisal is in a form acceptable
                      to
                      Fannie Mae or FHLMC;

                  

          

          

          
            	(ii)  	
                    If
                      the Mortgage constitutes a deed of trust, a trustee, authorized
                      and duly
                      qualified if required under applicable law to act as such,
                      has been
                      properly designated and currently so serves and is named in
                      the Mortgage,
                      and no fees or expenses, except as may be required by local
                      law, are or
                      will become payable by the Purchaser to the trustee under the
                      deed of
                      trust, except in connection with a trustee's sale or attempted
                      sale after
                      default by the Mortgagor; 

                  

          

          

          
            	(jj)  	
                    The
                      Mortgagor has received and has executed, where applicable,
                      all disclosure
                      materials required by applicable law with respect to the making
                      of such
                      mortgage loans; 

                  

          

          

          
            	(kk)  	
                    The
                      Mortgage Loan does not contain balloon or "graduated payment"
                      features. No
                      Mortgage Loan is subject to a buydown agreement or contains
                      any buydown
                      provision;

                  

          

          

          
            	(ll)  	
                    The
                      Mortgagor is not in bankruptcy and, the Mortgagor is not insolvent
                      and the
                      Seller has no knowledge of any circumstances or conditions
                      with respect to
                      the Mortgage, the Mortgaged Property, the Mortgagor or the
                      Mortgagor's
                      credit standing that could reasonably be expected to cause
                      investors to
                      regard the Mortgage Loan as an unacceptable investment, cause
                      the Mortgage
                      Loan to become delinquent, or materially adversely affect the
                      value or
                      marketability of the Mortgage Loan;

                  

          

          

          
            	(mm)  	
                    The
                      Assignment of Mortgage is in recordable form and is acceptable
                      for
                      recording under the laws of the jurisdiction in which the Mortgaged
                      Property is located;

                  

          

          

          
            	(nn)  	
                    As
                      of the Closing Date, the Mortgaged Property was lawfully occupied
                      under
                      applicable law, and all inspections, licenses and certificates
                      required to
                      be made or issued with respect to all occupied portions of
                      the Mortgaged
                      Property and, with respect to the use and occupancy of the
                      same, including
                      but not limited to certificates of occupancy and fire underwriting
                      certificates, have been made or obtained from the appropriate
                      authorities;

                  

          

          

          
            	(oo)  	
                    The
                      Mortgagor has not notified the Seller, and the Seller has no
                      knowledge of
                      any relief requested or allowed to the Mortgagor under the
                      Soldiers' and
                      Sailors' Civil Relief Act of 1940;

                  

          

          

          
            	(pp)  	
                    No
                      Mortgage Loan is a construction or rehabilitation Mortgage
                      Loan or was
                      made to facilitate the trade-in or exchange of a Mortgaged
                      Property;

                  

          

          

          
            	(qq)  	
                    The
                      Mortgagor for each Mortgage Loan is a natural
                      person;

                  

          

          

          
            	(rr)  	
                    None
                      of the Mortgage Loans are Co-op
                      Loans;

                  

          

          

          
            	(ss)  	
                    With
                      respect to each Mortgage Loan that has a prepayment penalty
                      feature, each
                      such prepayment penalty is enforceable and each prepayment
                      penalty is
                      permitted pursuant to federal, state and local law. No Mortgage
                      Loan will
                      impose a prepayment penalty for a term in excess of five years
                      from the
                      date such Mortgage Loan was originated. Except as otherwise
                      set forth on
                      the Mortgage Loan Schedule, with respect to each Mortgage Loan
                      that
                      contains a prepayment penalty, such prepayment penalty is at
                      least equal
                      to the lesser of (A) the maximum amount permitted under applicable
                      law and
                      (B) the amount allowable by FNMA;

                  

          

          

          
            	(tt)  	
                    With
                      respect to each Mortgage Loan either (i) the fair market value
                      of the
                      Mortgaged Property securing such Mortgage Loan was at least
                      equal to 80
                      percent of the original principal balance of such Mortgage
                      Loan at the
                      time such Mortgage Loan was originated or (ii) (a) the Mortgage
                      Loan is
                      only secured by the Mortgaged Property and (b) substantially
                      all of the
                      proceeds of such Mortgage Loan were used to acquire or to improve
                      or
                      protect the Mortgaged Property. For the purposes of the preceding
                      sentence, if the Mortgage Loan has been significantly modified
                      other than
                      as a result of a default or a reasonable foreseeable default,
                      the modified
                      Mortgage Loan will be viewed as having been originated on the
                      date of the
                      modification;

                  

          

          

          
            	(uu)  	
                    The
                      Mortgage Loan was originated by a mortgagee approved by the
                      Secretary of
                      Housing and Urban Development pursuant to sections 203 and
                      211 of the
                      National Housing Act, a savings and loan association, a savings
                      bank, a
                      commercial bank, credit union, insurance company or similar
                      institution
                      which is supervised and examined by a federal or state authority;
                      

                  

          

          

          
            	(vv)  	
                    None
                      of the Mortgage Loans are simple interest Mortgage Loans and
                      none of the
                      Mortgaged Properties are
                      timeshares;

                  

          

          

          
            	(ww)  	
                    Each
                      Mortgage Note, each Mortgage, each Assignment and any other
                      documents
                      required pursuant to this Agreement to be delivered to the
                      Purchaser or
                      its designee, or its assignee for each Mortgage Loan, have
                      been, on or
                      before the Closing Date, delivered to the Purchaser or its
                      designee, or
                      its assignee;

                  

          

          

          
            	(xx)  	
                    Each
                      Mortgage Loan shall acceptable for delivery to Fannie Mae as
                      described in
                      the Fannie Mae Guide.

                  

          

          

          Section
            6.02 Representations
            and Warranties Regarding Seller.
            

          

          Seller
            hereby represents and warrants to Purchaser as of the Closing Date:

          

          
            	 	
                    (a)

                  	
                    Seller
                      is duly organized, validly existing and in good standing under
                      the laws of
                      Delaware and is and will remain in compliance with the laws
                      of each state
                      in which any Mortgaged Property is located to the extent necessary
                      to
                      ensure the enforceability of each Mortgage Loan and the servicing
                      of the
                      Mortgage Loan in accordance with the terms of this Agreement,
                      and has all licenses necessary to carry out its business as
                      now being
                      conducted, and is licensed and qualified to transact business
                      in and is in
                      good standing under the laws of each state in which any Mortgaged
                      Property
                      is located or is otherwise exempt under applicable law from
                      such licensing
                      or qualification or is otherwise not required under applicable
                      law to
                      effect such licensing or qualification and no demand for such
                      licensing or
                      qualification has been made upon such Seller by any such
                      state.

                  

          

          

          
            	 	
                    (b)

                  	
                    Seller
                      has power and authority and legal right to hold, transfer and
                      convey each
                      Mortgage Loan, to sell each Mortgage Loan and to execute and
                      deliver this
                      Agreement and to perform in accordance herewith; the execution,
                      delivery
                      and performance of this Agreement (including all instruments
                      of transfer
                      to be delivered pursuant to this Agreement) by Seller and the
                      consummation
                      of the transactions contemplated hereby have been duly and
                      validly
                      authorized; this Agreement evidences the valid, binding and
                      enforceable
                      obligation of Seller, subject to applicable law; and all requisite
                      corporate action has been taken by Seller to make this Agreement
                      valid and
                      binding upon Seller in accordance with its
                      terms;

                  

          

          

          
            	 	
                    (c)

                  	
                    No
                      approval of the transactions contemplated by this Agreement
                      from any
                      federal or state regulatory authority having jurisdiction over
                      Seller is
                      required or, if required, such approval has been or will, prior
                      to the
                      Closing Date, be obtained;

                  

          

          

          
            	 	
                    (d)

                  	
                    The
                      consummation of the transactions contemplated by this Agreement
                      are in the
                      ordinary course of business of Seller and will not result in
                      the breach of
                      any term or provision of the charter or by-laws of Seller or
                      result in the
                      breach of any term or provi-sion of, or conflict with or constitute
                      a
                      default under or result in the acceleration of any obligation
                      under, any
                      agreement, indenture or loan or credit agreement or other instrument
                      to
                      which Seller or its property is subject, or result in the violation
                      of any
                      law, rule, regulation, order, judgment or decree to which Seller
                      or its
                      property is subject;

                  

          

          

          
            	 	
                    (e)

                  	
                    The
                      transfer, assignment and conveyance of the Mortgage Notes and
                      the Mortgage
                      Loans by Seller pursuant to this Agreement are not subject
                      to the bulk
                      transfer or any similar statutory provi-sions in effect in
                      any applic-able
                      jurisdiction;

                  

          

          

          
            	 	
                    (f)

                  	
                    There
                      is no action, suit, proceeding or investigation pending or,
                      to the best
                      knowledge of Seller, threatened against Seller which, either
                      individually
                      or in the aggregate, would result in any material adverse change
                      in the
                      business, operations, financial condition, properties or assets
                      of Seller,
                      or in any material impairment of the right or ability of Seller
                      to carry
                      on its business substantially as now conducted or which would
                      draw into
                      question the validity of this Agreement or the Mortgage Loans
                      or of any
                      action taken or to be taken in connection with the obligations
                      of Seller
                      contemplated herein, or which would materially impair the ability
                      of
                      Seller to perform under the terms of this
                      Agreement;

                  

          

          

          
            	 	
                    (g)

                  	
                    Seller
                      does not believe, nor does it have any reason or cause to believe,
                      that it
                      cannot perform each and every covenant contained in this
                      Agreement;

                  

          

          

          
            	 	
                    (h)
                      

                  	
                    The
                      origination and servicing practices used by the Seller and
                      any prior
                      originator or servicer with respect to each Mortgage Note and
                      Mortgage
                      have been legal and in accordance with applicable laws and
                      regulations and
                      the Mortgage Loan Documents, and in all material respects proper
                      and
                      prudent in the mortgage origination and servicing business.
                      Each Mortgage
                      Loan has been serviced in all material respects with Customary
                      Servicing
                      Procedures. With respect to escrow deposits and payments that
                      the Seller,
                      on behalf of an investor, is entitled to collect, all such
                      payments are in
                      the possession of, or under the control of, the Seller, and
                      there exist no
                      deficiencies in connection therewith for which customary arrangements
                      for
                      repayment thereof have not been made. All escrow payments have
                      been
                      collected in full compliance with state and federal law and
                      the provisions
                      of the related Mortgage Note and Mortgage. As to any Mortgage
                      Loan that is
                      the subject of an escrow, escrow of funds is not prohibited
                      by applicable
                      law and has been established in an amount sufficient to pay
                      for every
                      escrowed item that remains unpaid and has been assessed but
                      is not yet due
                      and payable. No escrow deposits or other charges or payments
                      due under the
                      Mortgage Note have been capitalized under any Mortgage or the
                      related
                      Mortgage Note;

                  

          

          

          
            	 	
                    (i)
                      

                  	
                    The
                      Seller used no selection procedures that identified the Mortgage
                      Loans as
                      being less desirable or valuable than other comparable mortgage
                      loans in
                      the Seller's portfolio at the Cut-off Date;

                  

          

          

          
            	 	
                    (j)

                  	
                    The
                      Seller will treat the sale of the Mortgage Loans to the Purchaser
                      as a
                      sale for reporting and accounting purposes and, to the extent
                      appropriate,
                      for federal income tax purposes; 

                  

          

          

          
            	 	
                    (k)

                  	
                    Seller
                      is an approved seller/servicer of residential mortgage loans
                      for Fannie
                      Mae, FHLMC and HUD, with such facilities, procedures and personnel
                      necessary for the sound servicing of such mortgage loans. The
                      Seller is
                      duly qualified, licensed, registered and otherwise authorized
                      under all
                      applicable federal, state and local laws, and regulations,
                      if applicable,
                      meets the minimum capital requirements set forth by the OTS,
                      and is in
                      good standing to sell mortgage loans to and service mortgage
                      loans for
                      Fannie Mae and FHLMC and no event has occurred which would
                      make Seller
                      unable to comply with eligibility requirements or which would
                      require
                      notification to either Fannie Mae or FHLMC;

                  

          

          

          
            	 	
                    (l)

                  	
                    The
                      sale of the Mortgage Loans is not undertaken with the intent
                      to hinder,
                      delay or defraud any of the Seller's
                      creditors;

                  

          

          

          
            	 	
                    (m)

                  	
                    No
                      statement, tape, diskette, form, report or other document prepared
                      by, or
                      on behalf of, Seller pursuant to this Agreement or in connection
                      with the
                      transactions contemplated hereby, contains or will contain
                      any statement
                      that is or will be inaccurate or misleading in any material
                      respect;

                  

          

          

          
            	 	
                    (n)
                      

                  	
                    The
                      Seller acknowledges and agrees that the Servicing Fee represents
                      reasonable compensation for performing such services and that
                      the entire
                      Servicing Fee shall be treated by the Seller, for accounting
                      and tax
                      purposes, as compensation for the servicing and administration
                      of the
                      Mortgage Loans pursuant to this Agreement. In the opinion of
                      Seller, the
                      consideration received by Seller upon the sale of the Mortgage
                      Loans to
                      Purchaser under this Agreement constitutes fair consideration
                      for the
                      Mortgage Loans under current market conditions;
                      and

                  

          

          

          
            	(o)  	
                    The
                      Seller has not dealt with any broker, investment banker, agent
                      or other
                      person that may be entitled to any commission or compensation
                      in
                      connection with the sale of the Mortgage
                      Loans.

                  

          

          

          Section
            6.03 Remedies
            for Breach of Representations and Warranties.

          

          It
            is
            understood and agreed that the representations and warranties set forth
            in
            Sections 6.01 and 6.02 shall survive delivery of the Mortgage Loans to
            Purchaser, or its designee, and shall inure to the benefit of Purchaser,
            notwithstanding any restrictive or qualified endorsement on any Mortgage
            Note or
            Assignment of Mortgage or the examination, or lack of examination, of
            any
            Mortgage File.

          

          Upon
            discovery by either Seller or Purchaser of a breach of any of the foregoing
            representations and warranties which materially and adversely affects
            the value
            of the Mortgage Loans or the interest of Purchaser (or which materially
            and
            adversely affects the interest of Purchaser in the related Mortgage Loan
            in the
            case of a repre-sentation and warranty relating to a particular Mortgage
            Loan),
            the party discovering such breach shall give prompt written notice to
            the other.
            Purchaser agrees to give written notice of any such breach, outlining
            with
            specificity the section of this Agreement which Purchaser claims has
            been
            violated. Within sixty (60) days of the earlier of either discovery by
            it or
            notice to it of any such breach, Seller shall use its best efforts to
            promptly
            cure such breach in all material respects and, if such breach cannot
            be cured
            during such sixty (60) day period, Seller shall, at Purchaser's option
            and not
            later than ninety (90) days after its discovery or receipt of notice
            of such
            breach, repurchase such Mortgage Loan at the Repurchase Price.

          

          In
            the
            event that any such breach shall involve any representation or warranty
            set
            forth in Section 6.02, and such breach cannot be cured within sixty (60)
            days of
            the earlier of either discovery by or notice to Seller of such breach,
            all the
            Mortgage Loans shall, at Purchaser's option, be repurchased by Seller
            at the
            Repurchase Price. Any repurchase of a Mortgage Loan or Loans pursuant
            to the
            foregoing provisions of this Section 6.03 shall be accomplished by deposit
            in
            the Custodial Account of the amount of the Repurchase Price (after deducting
            therefrom any amounts received in respect of such repurchased Mortgage
            Loan or
            Loans and being held in the Custodial Account for future
            distribution).

          

          However,
            Seller may, at Purchaser’s option and assuming that Seller has a Qualified
            Substitute Mortgage Loan, rather than repurchase any Mortgage Loan as
            provided
            above, remove such Mortgage Loan and substitute in its place a Qualified
            Substitute Mortgage Loan or Loans, provided, however, that any such substitution
            shall be effected not later than ninety (90) days after the Closing Date.
            If
            Seller has no Qualified Substitute Mortgage Loan, it shall repurchase
            the
            deficient Mortgage Loan. 

          

          As
            to any
            Deleted Mortgage Loan for which Seller substitutes a Qualified Substitute
            Mortgage Loan or Loans, Seller shall effect such substitution by delivering
            to
            Purchaser for such Qualified Substitute Mortgage Loan or Loans the Mortgage
            Note, the Mortgage, the Assignment of Mortgage and such other documents
            and
            agreements as are required by Section 5.03, with the Mortgage Note endorsed
            as
            required by Section 5.03. Seller shall deposit in the Custodial Account
            the
            Monthly Payment less the Servicing Fee due on such Qualified Substitute
            Mortgage
            Loan or Loans in the month following the date of such substitution. Accrued
            interest on the Qualified Substitute Mortgage Loan for the month in which
            the
            substitution occurs and any Principal Prepayments made thereon during
            such month
            shall be the property of the Purchaser. Monthly Payments due with respect
            to
            Qualified Substitute Mortgage Loans in the month of substitution will
            be
            retained by Seller. For the month of substitution, distributions to Purchaser
            will include the Monthly Payment due on such Deleted Mortgage Loan in
            the month
            of substitution, and Seller shall thereafter be entitled to retain all
            amounts
            subsequently received by Seller in respect of such Deleted Mortgage Loan.
            Seller
            shall give written notice to Purchaser that such substitution has taken
            place
            and shall amend the Mortgage Loan Schedule to reflect the removal of
            such
            Deleted Mortgage Loan from the terms of this Agreement and the substitu-tion
            of
            the Qualified Substitute Mortgage Loan. Upon such substitution, such
            Qualified
            Substitute Mortgage Loan or Loans shall be subject to the terms of this
            Agreement in all respects, and Seller shall be deemed to have made with
            respect
            to such Qualified Substitute Mortgage Loan or Loans, as of the date of
            substitu-tion, the covenants, representations and warranties set forth
            in
            Sections 6.01 and 6.02.

          

          For
            any
            month in which Seller substitutes one or more Qualified Substitute Mortgage
            Loans for one or more Deleted Mortgage Loans, Seller will determine the
            amount
            (if any) by which the aggregate principal balance of all such Qualified
            Substitute Mortgage Loans as of the date of substitution is less than
            the
            aggregate Stated Principal Balance of all such Deleted Mortgage Loans
            (after
            application of scheduled principal payments due in the month of substitution).
            The amount of such shortfall (plus interest thereon equal to the related
            Mortgage Interest Rate) shall be distributed by Seller in the month of
            substitution pursuant to Section 11.01. Accordingly, on the date of such
            substitution, Seller will deposit from its own funds into the Custodial
            Account
            an amount equal to the amount of such shortfall.

          

          In
            addition to such cure, repurchase and substitution obligation, Seller
            shall
            indemnify Purchaser and hold it harmless against any losses, damages,
            penalties,
            fines, forfeitures, reasonable and necessary legal fees and related costs,
            judgments, and other costs and expenses resulting from any claim, demand,
            defense or assertion based on or grounded upon, or resulting from, a
            breach or
            alleged breach of Seller's representations and warranties contained in
            this
            Article VI. It is understood and agreed that the obligations of Seller
            set forth
            in this Section 6.03 to cure or repurchase a defective Mortgage Loan
            and to
            indemnify Purchaser as provided in this Section 6.03 constitute the sole
            remedies of Purchaser respecting a breach of the foregoing representations
            and
            warranties. The
            provisions of this Section 6.03 shall survive termination of this
            Agreement.

          

          Within
            five (5) Business Days of the repurchase of a Mortgage Loan or substitution
            of a
            Qualified Substitute Mortgage Loan for a Deleted Mortgage Loan by Seller,
            Purchaser agrees to return, such repurchased or Deleted Mortgaged Loan
            to
            Seller, together with the related Mortgage File and all the documents
            included
            therein.

          

           

          
 

          ARTICLE
            VII

          

          CLOSING

          

          Section
            7.01 Closing.

          

          The
            closing for the purchase and sale of the Mortgage Loans shall take place
            on the
            Closing Date. The closing shall, at Purchaser's option, be either by
            telephone,
            confirmed by letter or wire as the parties shall agree or conducted in
            person,
            at such place as the parties shall agree.

          

          The
            closing shall be subject to each of the following conditions:

          

          
            	 	
                    (a)

                  	
                    All
                      of the representations and warranties of Seller under this
                      Agreement shall
                      be true and correct as of the Closing Date and no event shall
                      have
                      occurred which, with notice or the passage of time, or both,
                      would
                      constitute a default under this
                      Agreement;

                  

          

          

          
            	 	
                    (b)

                  	
                    Purchaser
                      and Seller shall have received, or Seller's attorneys shall
                      have received
                      in escrow, all Closing Documents as specified in Section 8.01
                      of this
                      Agreement, in such forms as are agreed upon and acceptable
                      to Purchaser
                      and Seller, duly executed by all signatories as required pursuant
                      to the
                      respective terms thereof;

                  

          

          

          
            	 	
                    (c)

                  	
                    Seller
                      shall have delivered and released to Purchaser or its designee
                      all
                      documents required to be so delivered hereunder;
                      and

                  

          

          

          
            	 	
                    (d)

                  	
                    All
                      other terms and conditions of this Agreement shall have been
                      complied
                      with.

                  

          

          

          Subject
            to the foregoing conditions, Purchaser shall pay to Seller on the Closing
            Date
            the Purchase Price, plus accrued interest pursuant to Section 4.01 of
            this
            Agreement, by wire transfer of immediately available funds to the account
            designated by Seller in Exhibit I attached hereto.

          

          

          ARTICLE
            VIII

          

          CLOSING
            DOCUMENTS

          

          Section
            8.01. Closing
            Documents.

          

          The
            Closing Documents shall consist of the following:

          

          
            	 	
                    (a)

                  	
                    This
                      Agreement, in two (2) counterparts;
                      and

                  

          

          

          
            	 	
                    (b)

                  	
                    The
                      Mortgage Loan Schedule, one copy to be attached
                      hereto.

                  

          

           

          
 

          

          ARTICLE
            IX

          

          COSTS

          

          Section
            9.01 Costs.

          

          Each
            party shall bear its own costs and expenses. Purchaser will pay any commissions
            due its salesmen, the legal fees and expenses of its attorneys and all
            expenses
            relating to any review of the Mortgage Loans performed by Purchaser.
            All other
            costs and expenses incurred in connection with the transfer and delivery
            of the
            Mortgage Loans, including recording fees and Seller's attorneys' fees,
            shall be
            paid by Seller.

           

          
 

          ARTICLE
            X

          

          ADMINISTRATION
            AND SERVICING OF MORTGAGE LOANS

          

          Section
            10.01 Seller
            to Act as Servicer.

          

          Seller
            shall service and administer the Mortgage Loans in accordance with this
            Agreement and Customary Servicing Procedures and shall have full power
            and
            authority, acting alone or through Subservicers as provided in Section
            10.02, to
            do or cause to be done any and all things in connection with such servicing
            and
            administration which Seller may deem necessary or desirable and consistent
            with
            the terms of this Agreement and exercise the same care that it customarily
            employs for its own account. Seller may perform its servicing responsibilities
            through agents or independent contractors, but shall not thereby be released
            from any of its responsibilities hereunder, and Seller shall diligently
            pursue
            all of its rights against such agents or independent contractors.

          

          Consistent
            with the terms of this Agreement, Seller 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 in the
            Seller's
            reasonable and prudent determination such waiver, modification, postponement
            or
            indulgence is not materially adverse to the Purchaser, provided, however,
            that
            Seller shall not permit any modification with respect to any Mortgage
            Loan that
            would change the Mortgage Interest Rate or the Monthly Payment amount,
            defer or
            forgive the payment of any principal or interest, change the outstanding
            principal amount (except for actual payments of principal), make any
            future
            advances or extend the final maturity date on such Mortgage Loan. Without
            limiting the generality of the fore-going, Seller in its own name or
            in the name
            of a Subservicer is hereby authorized and empowered by Purchaser when
            Seller
            believes it appropriate and reasonable in its best judgment, to execute
            and
            deliver, on behalf of itself and Purchaser, all instruments of satisfaction
            or
            cancella-tion, or of partial or full release, discharge and all other
            comparable
            instruments, with respect to the Mortgage Loans and the Mort-gaged Properties
            and to institute foreclosure proceedings or obtain a deed-in-lieu of
            foreclosure
            so as to convert the ownership of such properties, and to hold or cause
            to be
            held title to such properties, on behalf of Purchaser pursuant to the
            provisions
            of Section 10.17. Seller shall make all required Servicing Advances and
            shall
            service and administer the Mortgage Loans in accor-dance with applicable
            state
            and feder-al law and shall provide to the Mortgagors any reports required
            to be
            provided to them thereby. Purchaser shall furnish to Seller and any Subservicer
            any powers of attorney and other docu-ments reasonably necessary or appropri-ate
            to enable Seller and any Subservicer to carry out their servicing and
            administra-tive duties under this Agreement.

          

          Notwithstanding
            anything in this Agreement to the contrary, if any Mortgage Loan becomes
            subject
            to a Pass-Through Transfer, the Seller (a) with respect to such Mortgage
            Loan,
            shall not permit any modification with respect to such Mortgage Loan
            that would
            change the Mortgage Interest Rate and (b) shall not (unless the Mortgagor
            is in
            default with respect to such Mortgage Loan or such default is, in the
            judgment
            of the Seller, reasonably foreseeable) make or permit any modification,
            waiver
            or amendment of any term of such Mortgage Loan that would both (i) effect
            an
            exchange or reissuance of such Mortgage Loan under Section 1001 of the
            Code (or
            Treasury regulations promulgated thereunder) and (ii) cause any REMIC
            to fail to
            qualify as a REMIC under the Code or the imposition of any tax on “prohibited
            transactions” or “contributions” after the startup date under the REMIC
            Provisions.

          

          Prior
            to
            taking any action with respect to the Mortgage Loans subject to a Pass-Through
            Transfer, which is not contemplated under the terms of this Agreement,
            the
            Seller will obtain an Opinion of Counsel acceptable to the trustee in
            such
            Pass-Through Transfer with respect to whether such action could result
            in the
            imposition of a tax upon any REMIC (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”), and the Seller shall not take any such
            actions as to which it has been advised that an Adverse REMIC Event could
            occur.

          

          The
            Seller shall not permit the creation of any “interests” (within the meaning of
            Section 860G of the Code) in any REMIC. The Company shall not enter into
            any
            arrangement by which a REMIC will receive a fee or other compensation
            for
            services nor permit a REMIC to receive any income from assets other than
            “qualified mortgages” as defined in Section 860G(a)(3) of the Code or “permitted
            investments” as defined in Section 860G(a)(5) of the Code.

          

          Section
            10.02 Subservicing
            Agreements Between Seller and Subservicers.

          

          Seller
            may enter into Subservicing Agreements with Subservicers for the servicing
            and
            administration of the Mortgage Loans. Each Subservicing Agreement must
            impose on
            the Subservicer requirements conforming
            to the
            provi-sions set forth in Section 10.06. Subject to Section 16.01, Seller
            and the
            Subservicers may make amend-ments to the Subservicing Agreements or enter
            into
            different forms of Subservicing Agree-ments; pro-vided, however, that
            any such
            amendments or different forms shall be consistent with and not violate
            the
            provisions of this Agree-ment, and that no such amendment or different
            form
            shall be made or entered into which could be reasonably expected to be
            mate-rially adverse to the interests of Purchaser, without the consent
            of
            Purchaser. Any variation from the provisions set forth in Section 10.06
            relating
            to insur-ance or priority requirements of Subservicing Accounts, or credits
            and
            charges to the Subservicing Accounts or the timing and amount of remittances
            by
            the Subservicers to Seller, are conclusively deemed to be inconsistent
            with this
            Agreement and therefore prohibited.

          

          As
            part
            of its servicing activities hereunder, Seller, for the benefit of Purchaser,
            shall enforce the obligations of each Subservicer under the related Subservicing
            Agreement, including, without limitation, any obligation to make advances
            in
            respect of delinquent payments as required by a Subservicing Agreement.
            Such
            enforcement, including, without limitation, the legal prosecution of
            claims,
            termination of Subservicing 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 Seller, in its good faith busi-ness judgment, would require were
            it the
            owner of the related Mortgage Loans. Seller shall pay the costs of such
            enforce-ment at its own expense, but shall be reimbursed therefor only
            (i) from
            a general recovery resulting from such enforcement only to the extent,
            if any,
            that such recovery exceeds all amounts due hereunder in respect of the
            related
            Mortgage Loans or (ii) from a specific recovery of costs, expenses or
            attorneys'
            fees against the party against whom such enforcement is directed.

          

          Section
            10.03 Successor
            Subservicers.

          

          Seller
            shall be entitled to terminate any Subservicing Agreement and the rights
            and
            obligations of any Subservicer pursuant to any Subservicing Agreement
            in
            accor-dance with the terms and condi-tions of such Subservicing Agree-ment.
            In
            the event of termination of any Subservicer, all servicing obliga-tions
            of such
            Subservicer shall be assumed simultan-eously by Seller without any act
            or deed
            on the part of such Subservicer or Seller, and Seller either shall service
            directly the related Mort-gage Loans or shall enter into a Subservicing
            Agreement with a successor Subservicer which qualifies under Section
            10.02. If
            Seller enters into a Subservicing Agreement with a successor Subservicer,
            Seller
            shall use reasonable efforts to have the successor Subservicer assume
            liability
            for the representations and warranties made by the terminated Subservicer
            in
            respect of the related Mortgage Loans, and in the event of any such assumption
            by the successor Subservicer, Seller may, in the exercise of its business
            judg-ment, release the terminated Subservicer from liability for such
            representations and warranties. 

          

          Section
            10.04 Liability
            of Seller.

          

          Notwithstanding
            any Subservicing Agreement, any of the provisions of this Agreement relating
            to
            agreements or arrange-ments between Seller and a Subservicer or reference
            to
            actions taken through a Subservicer or otherwise, Seller shall remain
            obligated
            and liable to Purchaser for the servicing and administer-ing of the Mortgage
            Loans in accordance with the provisions of Section 10.01 without diminu-tion
            of
            such obligation or liability by virtue of such Subservicing Agreements
            or
            arrangements or by virtue of indemnifica-tion from the Subservicer for
            any acts
            and omissions and to the same extent and under the same terms and condi-tions
            as
            if Seller alone were servicing and adminis-ter-ing the Mortgage Loans
            and any
            other transactions or services relating to the Mortgage Loans involving
            the
            Subservicer shall be deemed to be between the Subservicer and Seller
            alone and
            Purchaser shall have no obligations, duties or liabilities with respect
            to the
            Subservicer including no obligation, duty or liability of Purchaser to
            pay
            Subservicer's fees and expenses except pursuant to an assumption of Seller's
            obligations pursuant to Section 16.01. For purposes of this Agree-ment,
            Seller
            shall be deemed to have received payments on Mortgage Loans when the
            Subservicer
            has received such pay-ments. Seller shall be entitled to enter into any
            agreement with a Subservicer for indemnification of Seller by such Subservicer
            and nothing contained in this Agreement shall be deemed to limit or modify
            such
            indemni-fication. Seller shall pay all fees and expenses of the Subservicer
            from
            its own funds, the Servicing Fee or other amounts permitted to be retained
            by or
            reimbursed to Seller hereunder.

          

          The
            Seller will indemnify and hold Purchaser harmless from any loss, liability
            or
            expense arising out of its use of a Subservicer to perform any of its
            servicing
            duties, responsibilities and obligations hereunder.

          

          In
            the
            event that the Seller's responsibilities and duties under this Agreement
            are
            terminated and if requested to do so by the Purchaser, the Seller shall
            at its
            own cost and expense terminate the rights and responsibilities of the
            Subservicer effective as of the date of termination of the Seller. The
            Seller
            shall pay all fees, expenses or penalties necessary in order to terminate
            the
            rights and responsibilities of the Subservicer from the Seller's own
            funds
            without reimbursement from the Purchaser.

          

          Section
            10.05 No
            Contractual Relationship Between Subservicers and
            Purchaser.

          

          Any
            Subservicing Agreement that may be entered into and any transactions
            or services
            relating to the Mortgage Loans involving a Subservicer in its capacity
            as such
            and not as Seller shall be deemed to be between the Subservicer and Seller
            alone, and Purchaser shall not be deemed a party thereto and shall have
            no
            claims, rights, obliga-tions, duties or liabilities with respect to the
            Subservicer except as set forth in Section 16.01.

          

          Section
            10.06 Subservicing
            Accounts.

          

          In
            those
            cases where a Subservicer is servicing a Mortgage Loan pursuant to a
            Subservicing Agreement, the Subservicer will be required to establish
            and
            maintain one or more accounts (collectively, the "Subservicing Account").
            The
            Subservicing Account shall be an Eligible Account, and shall be segregated
            on
            the books of the Subservicer and relate only to the Mortgage Loans subject
            to
            this Agreement and other mortgage loans owned or serviced by Seller.
            All funds
            depos-ited in the Subservicing Account with respect to the Mortgage Loans
            shall
            be held for the benefit of Purchaser. The Subservicer shall deposit in
            the
            Subservicing Account on a daily basis all amounts of the type described
            in
            clauses (a) through (f) of Section 10.09, received by the Subservicer
            with
            respect to the Mortgage Loans. On the date set forth in the related Subservicing
            Agreement (the "Subservicer Remittance Date"), the Subservicer will be
            required
            to remit all such amounts to Seller, except, if applicable, any Monthly
            Payment
            received which consti-tutes a late recovery with respect to which a Subservicer
            Advance (as defined below) was previ-ously made; and, if the Subservicing
            Agreement so provides, the Subservicer will also be required to remit,
            with
            respect to each Mortgage Loan for which the Monthly Payment due on the
            immediately preced-ing Due Date was delinquent as of the Subservicer
            Remittance
            Date, an amount equal to such Monthly Pay-ment net of the related Subservicing
            Fee (a "Subservicer Advance"). The Subservicer may deduct from each remittance,
            as provided above, an amount equal to Subservicing Fees to which it is
            then
            entitled to the extent not previously paid to or retained by it. Seller
            is not
            obligated to require in a Subservicing Agreement that any Subservicer
            make
            Subservicing Advances as described above; provided, however, that Seller
            shall
            be responsible for making Servicing Advances with respect to such Mortgage
            Loans.

          

          Section
            10.07 Liquidation
            of Mortgage Loans.

          

          In
            the
            event that any payment due under any Mortgage Loan is not paid when the
            same
            becomes due and payable, or in the event the Mortgagor fails to perform
            any
            other covenant or obligation under the Mortgage Loan and such failure
            continues
            beyond any applicable grace period, Seller shall take such action as
            it shall
            deem to be in the best interest of Purchaser. In the event that any payment
            due
            under any Mortgage Loan remains delinquent for a period of ninety (90)
            days or
            more, Seller shall commence foreclosure proceedings in accordance with
            its
            customary and usual foreclosure procedures. In such connection, Seller
            shall
            from its own funds make all necessary and proper Servicing Advances through
            final disposition but only to the extent that Seller shall determine,
            in its
            good faith judgment, that the amount of a proposed Servicing Advance
            is
            recoverable. Seller shall be reimbursed for all Servicing Advances in
            accordance
            with this Agreement.

          

          Notwithstanding
            anything to the contrary contained herein, the Purchaser may, at the
            Purchaser's
            sole option, terminate the Seller as servicer of any Mortgage Loan which
            becomes
            ninety (90) days or greater delinquent in payment of a scheduled Monthly
            Payment, without payment of any termination fee with respect thereto,
            provided
            that the Seller shall on the date said termination takes effect or, upon
            notice
            to Seller for any trailing bills paid by Seller, be reimbursed for any
            unreimbursed monthly advances of the Seller's funds made pursuant to
            Section
            11.03 and any unreimbursed Servicing Advances and Servicing Fees in each
            case
            relating to the Mortgage Loan underlying such delinquent Mortgage Loan.
            In the
            event of any such termination, the provisions of Section 16.01 hereof
            shall
            apply to said termination and the transfer of servicing responsibilities
            with
            respect to such delinquent Mortgage Loan to the Purchaser or its
            designee.

          

          In
            the
            event that a Mortgage Loan becomes part of a REMIC, and becomes REO Property,
            such property shall be disposed of by the Seller, with the consent of
            Purchaser
            as required pursuant to this Agreement, before the close of the third
            taxable
            year following the taxable year in which the Mortgage Loan became an
            REO
            Property, unless the Seller provides to the trustee under such REMIC
            an opinion
            of counsel to the effect that the holding of such REO Property subsequent
            to the
            close of the third taxable year following the taxable year in which the
            Mortgage
            Loan became an REO Property, will not result in the imposition of taxes
            on
            "prohibited transactions" as defined in Section 860F of the Code, or
            cause the
            transaction to fail to qualify as a REMIC at any time that certificates
            are
            outstanding. Seller shall manage, conserve, protect and operate each
            such REO
            Property for the certificateholders solely for the purpose of its prompt
            disposition and sale in a manner which does not cause such property to
            fail to
            qualify as "foreclosure property" within the meaning of Section 860F(a)(2)(E)
            of
            the Code, or any "net income from foreclosure property" which is subject
            to
            taxation under the REMIC provisions of the Code. Pursuant to its efforts
            to sell
            such property, the Seller shall either itself or through an agent selected
            by
            Seller, protect and conserve such property in the same manner and to
            such an
            extent as is customary in the locality where such property is located.
            Additionally, Company shall perform the tax withholding and reporting
            as
            required by law.

          

          Section
            10.08 Collection
            of Mortgage Loan Payments.

          

          Continuously
            from the date hereof until the principal and interest on all Mortgage
            Loans are
            paid in full, Seller will proceed diligently, in accordance with this
            Agreement,
            to collect all payments due under each of the Mortgage Loans when the
            same shall
            become due and payable. Further, Seller will take special care in ascertaining
            and estimating annual ground rents, taxes, assessments, water rates,
            fire and
            hazard insurance premiums, mortgage insurance premiums, and all other
            charges
            that, as provided in any Mortgage, will become due and payable to the
            end that
            the installments payable by the Mortgagors will be sufficient to pay
            such
            charges as and when they become due and payable. 

          

          Section
            10.09 Establishment
            of Custodial Account; Deposits in Custodial Account.

          

          Seller
            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 one or more Custodial Accounts (collectively,
            the "Custodial Account"). The Custodial Account shall be an Eligible
            Account.
            Funds shall be deposited in the Custodial Account within 24 hours of
            receipt.
            The creation of any Custodial Account shall be evidenced by (a) a certification
            in the form of Exhibit B hereto, in the case of an account estab-lished
            with
            Citibank, or (b) a letter agree-ment in the form of Exhibit C hereto,
            in the
            case of an account held by a depository other than Citibank. In either
            case, a
            copy of such certification or letter agreement shall be furnished to
            Purchaser
            within five (5) Business Days after the Closing Date and a copy to any
            subsequent purchaser upon request.

          

          Seller
            shall deposit in the Custodial Account on a daily basis, or as and when
            received
            from the Subservicer, and retain therein the following payments and collections
            received or made by it subsequent to the Cut-off Date (other than in
            respect of
            principal and interest on the Mortgage Loans due on or before the Cut-off
            Date):

          

          
            	 	
                    (a)

                  	
                    all
                      payments on account of principal, including Principal Prepayments,
                      on the
                      Mortgage Loans;

                  

          

          

          
            	 	
                    (b)

                  	
                    all
                      payments on account of interest on the Mortgage Loans adjusted
                      to the
                      Mortgage Loan Remittance Rate;

                  

          

          

          
            	 	
                    (c)

                  	
                    all
                      Liquidation Proceeds;

                  

          

          

          
            	 	
                    (d)

                  	
                    all
                      proceeds received by Seller under any title, hazard, private
                      mortgage
                      guaranty or other insurance policy 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 Customary
                      Servicing Procedures;

                  

          

          

          
            	 	
                    (e)

                  	
                    all
                      awards or settlements in respect of condemnation proceedings
                      or eminent
                      domain affecting any Mortgaged Property which are not released
                      to the
                      Mortgagor in accordance with Customary Servicing
                      Procedures;

                  

          

          

          
            	 	
                    (f)

                  	
                    any
                      amount required to be deposited in the Custodial Account pursuant
                      to
                      Sections 11.01, 11.03 and 12.02;

                  

          

          

          
            	 	
                    (g)

                  	
                    any
                      amounts payable in connection with the repurchase of any Mortgage
                      Loan
                      pursuant to Section 6.03, and all amounts required to be deposited
                      by
                      Seller in connection with shortfalls in principal amount of
                      Qualified
                      Substitute Mortgage Loans pursuant to Section
                      6.03;

                  

          

          

          
            	 	
                    (h)
                      

                  	
                    all
                      Condemnation Proceeds affecting any Mortgaged Property which
                      are not
                      released to the Mortgagor in accordance with Customary Servicing
                      Procedures, the loan documents or applicable law;
                      and

                  

          

          

          
            	 	
                    (i)

                  	
                    with
                      respect to each full or partial Principal Prepayment any amounts
                      to the
                      extent that collections of interest are less than one (1) full
                      month’s
                      interest at the applicable Mortgage Loan Remittance Rate (“Prepayment
                      Interest Shortfalls”), such Prepayment Interest Shortfalls will be
                      deposited by Seller to the extent of its aggregate Servicing
                      Fee received
                      with respect to the related Due
                      Period.

                  

          

          

          The
            foregoing requirements for deposit in the Custodial 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 and assumption
            fees
            need not be deposited by Seller in the Custodial Account. Any interest
            or
            earnings on funds deposited in the Custodial Account by the depository
            institution shall accrue to the benefit of Seller and Seller shall be
            entitled
            to retain and withdraw such interest from the Custodial Account.

          

          Section
            10.10 Withdrawals
            From the Custodial Account.

          

          Seller
            shall, from time to time, withdraw funds from the Custodial Account for
            the
            following purposes:

          

          
            	 	
                    (a)

                  	
                    to
                      make payments to Purchaser in the amounts and in the manner
                      provided for
                      in Section 11.01;

                  

          

          

          
            	 	
                    (b)

                  	
                    to
                      temporarily reimburse itself for advances of Seller funds made
                      pursuant to
                      Section 11.03, Seller's right to permanently reimburse itself
                      pursuant to
                      this subclause (b) being limited to amounts received on the
                      related
                      Mortgage Loan which represent payments of principal and/or
                      interest
                      respecting which any such advance was
                      made;

                  

          

          

          
            	 	
                    (c)

                  	
                    to
                      reimburse itself first
                      for all unreimbursed Servicing Advances, second
                      for unreimbursed advances of Seller funds made pursuant to
                      Section 11.03,
                      and third
                      for any unpaid Servicing Fees, Seller's right to reimburse
                      itself pursuant
                      to this subclause (c) with respect to any Mortgage Loan being
                      limited to
                      related Liquidation Proceeds, Condemnation Proceeds, amounts
                      representing
                      proceeds of insurance policies covering the related Mortgaged
                      Property and
                      such other amounts as may be collected by Seller from the Mortgagor
                      or
                      otherwise relating to the Mortgage Loan, it being understood
                      that, in the
                      case of any such reim-bursement, Seller's right thereto shall
                      be prior to
                      the rights of Purchaser unless Seller is required to repurchase
                      a Mortgage
                      Loan pursuant to Section 6.03, in which case Seller's right
                      to such
                      reimbursement shall be subsequent to the payment to Purchaser
                      of the
                      repurchase price pursuant to Section 6.03 and all other amounts
                      required
                      to be paid to Purchaser with respect to such Mortgage
                      Loan;

                  

          

          

          
            	 	
                    (d)

                  	
                    to
                      reimburse itself for all unreimbursed Servicing Advances, advances
                      of
                      Seller funds made pursuant to Section 11.03 and unpaid Servicing
                      Fees to
                      the extent that such amounts are nonrecoverable by Seller pursuant
                      to
                      subclause (c) above, provided that the Mortgage Loan for which
                      such
                      advances were made is not required to be repurchased by Seller
                      pursuant to
                      Section 6.03, and to reimburse itself for such amounts to the
                      extent that
                      such amounts are not recovered from the disposition of REO
                      Property
                      pursuant to Section 10.17 hereof;

                  

          

          

          
            	 	
                    (e)

                  	
                    to
                      reimburse itself for subsequent trailing bills related to a
                      previously
                      disposed of REO Property in which distribution of the net cash
                      proceeds
                      has occurred;

                  

          

          

          
            	 	
                    (f)

                  	
                    to
                      reimburse itself for expenses incurred by and reimbursable
                      to it pursuant
                      to Section 13.01;

                  

          

          

          
            	 	
                    (g)

                  	
                    to
                      pay to itself any interest earned on funds deposited in the
                      Custodial
                      Account, such withdrawal to be made monthly not later than
                      the Remittance
                      Date;

                  

          

          

          
            	 	
                    (h)

                  	
                    to
                      withdraw any amounts inadvertently deposited in the Custodial
                      Account;
                      

                  

          

          

          
            	(i)  	
                    to
                      clear and terminate the Custodial Account upon the termination
                      of this
                      Agreement; and

                  

          

          

          
            	(j)  	
                    to
                      withdraw Service Fees to the extent deposited
                      therein.

                  

          

          

          On
            each
            Remittance Date, Seller shall withdraw all funds from the Custodial Account
            except for those amounts which, pursuant to Section 11.01(c) and (d),
            Seller is
            not obligated to remit on such Remittance Date. Seller may use such with-drawn
            funds only for the purposes described in this Section 10.10.

          

          Section
            10.11 Establishment
            of Escrow Account; Deposits in Escrow Account.

          

          Seller
            shall segregate and hold or cause any Subservicer to 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 one or more Escrow Accounts (collectively,
            the
            "Escrow Account"). The Escrow Account shall be an Eligible Account. In
            any case,
            the Escrow Account shall be insured by the FDIC in a manner which shall
            provide
            maximum available insurance thereunder and which may be drawn on by Seller.
            The
            creation of any Escrow Account shall be evidenced by a letter agreement
            in the
            form shown in Exhibit J. The original of such letter agreement shall
            be
            furnished to the Purchaser within five (5) Business Days after the Closing
            Date,
            and upon request to any subsequent purchaser.

          

          Seller
            or
            the Subservicer shall deposit in the Escrow Account on a daily basis,
            and retain
            therein: (a) all Escrow Payments collec-ted on account of the Mortgage
            Loans,
            for the purpose of effect-ing timely payment of any such items as required
            under
            the terms of this Agreement, and (b) all amounts representing proceeds
            of any
            hazard insurance policy which are to be applied to the restoration or
            repair of
            any Mortgaged Property. Seller shall make withdrawals therefrom only
            in
            accordance with Section 10.12 hereof. As part of its servicing duties,
            Seller or
            the Subservicer shall pay to the Mortgagors interest on funds in the
            Escrow
            Account, to the extent required by law.

          

          Section
            10.12 Withdrawals
            From Escrow Account.

          

          Withdrawals
            from the Escrow Account shall be made by Seller or the Subservicer only
            (a) to
            effect timely payments of ground rents, taxes, assessments, water rates,
            mortgage insurance pre-miums, fire and hazard insurance premiums or other
            items
            consti-tuting Escrow Payments for the related Mortgage, (b) to reimburse
            Seller
            for any Servicing Advance made by Seller pursuant to Section 10.13 hereof
            with
            respect to a related Mortgage Loan, but only from amounts received on
            the
            related Mortgage Loan which represent late payments or collec-tions of
            Escrow
            Payments there-under, (c) to refund to any Mortgagor any funds found
            to be in
            excess of the amounts required under the terms of the related Mortgage
            Loan, (d)
            for transfer to the Custodial Account upon default of a Mortgagor or
            in
            accordance with the terms of the related Mortgage Loan and if permitted
            by
            applicable law, (e) for application to restore or repair of the Mortgaged
            Property, (f) to pay to the Mortgagor, to the extent required by law,
            any
            interest paid on the funds deposited in the Escrow Account, (g) to pay
            to itself
            any interest earned on funds deposited in the Escrow Account (and not
            required
            to be paid to the Mortgagor), such withdrawal to be made monthly not
            later than
            the Remittance Date or (h) to clear and terminate the Escrow Account
            upon the
            termina-tion of this Agreement.

          

          Section
            10.13 Payment
            of Taxes, Insurance and Other Charges.

          

          With
            respect to each Mortgage Loan, Seller or the Subservicer shall maintain
            accurate
            records reflecting the status of ground rents, taxes, assessments, water
            rates
            and other charges which are or may become a lien upon the Mortgaged Property
            and
            the status of private mortgage guaranty insurance premiums and fire and
            hazard
            insurance coverage and 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 Seller in amounts sufficient for such purposes, as
            allowed
            under the terms of the Mortgage or applicable law. To the extent that
            a Mortgage
            does not provide for Escrow Payments, Seller shall determine that any
            such
            payments are made by the Mortgagor at the time they first become due.
            Seller
            assumes full responsibility for the timely payment of all such bills
            and shall
            effect timely payments of all such bills irrespective of each Mortgagor's
            faithful performance in the payment of same or the making of the Escrow
            Payments
            and shall make advances from its own funds to effect such payments.

          

          The
            Seller will maintain in full force and effect primary mortgage insurance
            policies issued by a Qualified Insurer with respect to each Mortgage
            Loan for
            which such coverage is herein required. Such coverage will be terminated
            only
            with the approval of Purchaser, or as required by applicable law or regulation.
            The Seller will not cancel or refuse to renew any primary mortgage insurance
            policy in effect on the Closing Date that is required to be kept in force
            under
            this Agreement unless a replacement primary mortgage insurance policy
            for such
            canceled or nonrenewed policy is obtained from and maintained with a
            Qualified
            Insurer. The Seller shall not take any action which would result in non-coverage
            under any applicable primary mortgage insurance policy of any loss which,
            but
            for the actions of the Seller would have been covered thereunder. In
            connection
            with any assumption or substitution agreement entered into or to be entered
            into
            pursuant to Section 12.01, the Seller shall promptly notify the insurer
            under
            the related primary mortgage insurance policy, if any, of such assumption
            or
            substitution of liability in accordance with the terms of such policy
            and shall
            take all actions which may be required by such insurer as a condition
            to the
            continuation of coverage under the primary mortgage insurance policy.
            If such
            primary mortgage insurance policy is terminated as a result of such assumption
            or substitution of liability, the Seller shall obtain a replacement primary
            mortgage insurance policy as provided above.

          

          In
            connection with its activities as servicer, the Seller agrees to prepare
            and
            present, on behalf of itself and the Purchaser, claims to the insurer
            under any
            private mortgage insurance policy in a timely fashion in accordance with
            the
            terms of such primary mortgage insurance policy and, in this regard,
            to take
            such action as shall be necessary to permit recovery under any primary
            mortgage
            insurance policy respecting a defaulted Mortgage Loan. Pursuant to Section
            10.09, any amounts collected by the Seller under any primary mortgage
            insurance
            policy shall be deposited in the Custodial Account, subject to withdrawal
            pursuant to Section 10.10.

          

          Section
            10.14 Transfer
            of Accounts.

          

          Seller
            may transfer the Custodial Account or the Escrow Account to a different
            depository institution; provided such new account at such depositary
            institution
            is an Eligible Account. Such transfer to a non-Citigroup affiliate shall
            be made
            only upon obtaining the prior written consent of the Purchaser, which
            consent
            will not be unreasonably withheld. 

          

          Section
            10.15 Maintenance
            of Hazard Insurance.

          

          Seller
            shall cause to be maintained for each Mortgage Loan fire and hazard insurance
            with extended coverage customary in the area where the Mortgaged Property
            is
            located, in an amount which is at least equal to the lesser of (a) the
            full
            insurable value of the Mortgaged Property or (b) the greater of (i) the
            outstanding principal balance owing on the Mortgage Loan and (ii) an
            amount such
            that the proceeds of such insurance shall be sufficient to avoid the
            application
            to the Mortgagor or loss payee of any coinsurance clause under the policy.
            If
            the Mortgaged Property is in an area identified in the Federal Register
            by the
            Federal Emergency Management Agency as having special flood hazards (and
            such
            flood insurance has been made available) Seller will cause to be maintained
            a
            flood insurance policy meeting the requirements of the current guide-lines
            of
            the Federal Insurance Administration with a gener-ally acceptable insurance
            carrier, in an amount representing coverage not less than the least of
            (a) the
            out-standing principal balance of the Mortgage Loan, (b) the full insurable
            value of the Mortgaged Property, or (c) the maximum amount of insurance
            available under the Flood Disaster Protection Act of 1973, each as amended.
            Seller shall also maintain on property acquired upon foreclos-ure, or
            by deed in
            lieu of fore-closure, of any Mortgage Loan, fire and hazard insurance
            with
            extended coverage in an amount which is at least equal to the maximum
            insurable
            value of the improvements which are a part of such property, liability
            insur-ance and, to the extent required and available under the Flood
            Disaster
            Protection Act of 1973, each as amended, flood insurance in an amount
            required
            above. Any amounts collected by Seller under any such policies (other
            than
            amounts to be depos-ited in the Escrow Account and applied to the restoration
            or
            repair of the Mortgaged Property or property acquired in liquida-tion
            of the
            Mortgage Loan, or to be released to the Mortgagor in accordance with
            Customary
            Servicing Procedures) shall be depos-ited in the Custodial Account, subject
            to
            with-drawal pursuant to Section 10.10. It is understood and agreed that
            no
            earthquake or other additional insurance need be required by Seller of
            any
            Mortgagor or maintained on property acquired in respect of a Mortgage
            Loan,
            other than pursuant to such appli-cable laws and regulations as shall
            at any
            time be in force and as shall require such additional insurance. All
            policies
            required hereunder shall be endorsed with standard mortgagee clauses
            with loss
            payable to Seller and its successors and/or assigns, and shall provide
            for at
            least thirty (30) days prior written notice of any cancellation, reduction
            in
            amount or material change in coverage to Seller. Seller shall not interfere
            with
            the Mortgagor's freedom of choice in selecting either his insurance carrier
            or
            agent.

          

          Section
            10.16 Fidelity
            Bond; Errors and Omissions Insurance.

          

          Seller
            shall maintain, at its own expense, a blanket fidelity bond and an errors
            and
            omissions insurance policy, with broad coverage on all officers, employees
            or
            other persons acting in any capacity requiring such persons to handle
            funds,
            money, documents or papers relating to the Mortgage Loans ("Seller Employees").
            Any such fidelity bond and errors and omissions insurance shall protect
            and
            insure Seller against losses, including forgery, theft, embezzlement,
            fraud,
            errors and omissions, failure to maintain any insurance policies required
            pursuant to this Agreement, and negligent acts of such Seller Employees.
            Such
            fidelity bond shall also protect and insure Seller against losses in
            connection
            with the release or satis-faction of a Mortgage Loan without having obtained
            payment in full of the indebtedness secured thereby. No provision of
            this
            Section 10.16 requiring such fidelity bond and errors and omis-sions
            insurance
            shall diminish or relieve Seller from its duties and obligations as set
            forth in
            this Agreement. The minimum coverage under any such bond and insurance
            policy
            shall be at least equal to the corresponding amounts required by Fannie
            Mae in
            the Fannie Mae Guides. Upon request by the Purchaser, the Seller shall
            deliver
            to the Purchaser a certificate from the surety and the insurer as to
            the
            existence of the Fidelity Bond and errors and omissions insurance policy
            and
            shall obtain a statement from the surety and the insurer that such Fidelity
            Bond
            or insurance policy shall in no event be terminated or materially modified
            without thirty (30) days' prior written notice to the Purchaser. The
            Seller
            shall notify the Purchaser within five (5) business days of receipt of
            notice
            that such Fidelity Bond or insurance policy will be, or has been, materially
            modified or terminated. Upon request by Purchaser, Seller shall provide
            Purchaser with an insurance certificate certifying coverage under this
            Section
            10.16, and will provide an update to such certificate upon request, or
            upon
            renewal or material modification of coverage.

          

          Section
            10.17 Title,
            Management and Disposition of REO Property.

          

          In
            the
            event that title to the Mortgaged Property is acquired in foreclosure
            or by deed
            in lieu of foreclosure, the deed or certificate of sale shall be taken
            in the
            name of Purchaser, or in the event Purchaser is not authorized or permitted
            to
            hold title to real property in the state where the REO Property is located,
            or
            would be adversely affected under the "doing business" or tax laws of
            such state
            by so holding title, the deed or certificate of sale shall be taken in
            the name
            of such Person or Persons as shall be consistent with an Opinion of Counsel
            obtained by Seller, at expense of Purchaser, from an attorney duly licensed
            to
            practice law in the state where the REO Property is located. The Person
            or
            Persons holding such title other than Purchaser shall acknowledge in
            writing
            that such title is being held as nominee for Purchaser.

          

          Seller
            shall manage, conserve, protect and operate each REO Property for Purchaser
            solely for the purpose of its prompt disposition and sale. Seller shall
            either
            itself or through an agent selected by Seller, manage, conserve, protect
            and
            operate the REO Property in the same manner that it manages, conserves,
            protects
            and operates other foreclosed property for its own account, and in the
            same
            manner that similar property in the same locality as the REO Property
            is
            managed. Seller shall attempt to sell the same (and may temporarily rent
            the
            same) on such terms and conditions as Seller deems to be in the best
            interest of
            Purchaser.

          

          With
            respect to all REO Property, Seller shall hold all funds collected and
            received
            in connection with the operation of the REO Property separate and apart
            from its
            own funds or general assets and shall establish and maintain with respect
            to all
            REO Property an REO Account or Accounts, in the form of a non-interest
            bearing
            demand account, titled "[Seller] in trust for Purchaser-Fixed Rate Mortgage
            Loans as tenants in common" unless an Opinion of Counsel is obtained
            by Seller
            to the effect that the classi-fication as a grantor trust for federal
            income tax
            purposes of the arrangement under which the Mortgage Loans and the REO
            Property
            are held will not be adversely affected by holding such funds in another
            manner.
            Such REO Account shall be established with Seller or, with the prior
            consent of
            Purchaser, with a commercial bank, a mutual savings bank or a savings
            and loan
            association. The creation of the REO Account shall be evidenced by (a)
            a
            certifi-cation in the form shown in Exhibit D hereto, in the case of
            an account
            established with Citibank, or (b) a letter agreement in the form shown
            in
            Exhibit E hereto, in the case of an account held by a depository other
            than
            Citibank. In either case, an original of such certification or letter
            agreement
            shall be furnished to Purchaser upon request.

          

          Seller
            shall cause to be deposited on a daily basis in the REO Account all revenues
            received with respect to the conservation and disposition of the related
            REO
            Property and shall withdraw therefrom funds necessary for the proper
            opera-tion,
            management and maintenance of the REO Property, including the cost of
            maintaining any hazard insurance pursuant to Section 10.15 hereof and
            the fees
            of any managing agent acting on behalf of Seller. Seller shall not be
            entitled
            to retain interest paid or other earnings, if any, on funds deposited
            in such
            REO Account. Seller shall make distributions as required on each Remittance
            Date
            to Purchaser of the net cash flow from the REO Property (which shall
            equal the
            revenues from such REO Property net of the expenses described above and
            of any
            reserves reasonably required from time to time to be maintained to satisfy
            anticipated liabilities for such expenses).

          

          Seller
            shall use its best efforts to dispose of the REO Property as soon as
            possible
            and shall sell such REO Property as soon as practicable but in any event
            within
            three (3) years after title has been taken to such REO Property. If a
            purchase
            money mortgage is taken in accordance with such sale, such purchase money
            mortgage shall not be held pursuant to this Agreement.

          

          The
            disposition of REO Property shall be carried out by Seller and shall
            be made at
            such price, and upon such terms and conditions, as Seller deems to be
            in the
            best interests of Purchaser. Upon the request of Purchaser, and at Purchaser's
            expense, Seller shall cause an appraisal of the REO Property to be performed
            for
            Purchaser. The proceeds of sale of the REO Property shall be promptly
            deposited
            in the REO Account and, as soon as practical there-after, the expenses
            of such
            sale shall be paid, Seller shall reimburse itself for any and all related
            unreimbursed Servicing Advances, unpaid Servicing Fees, any and all unreimbursed
            advances made and any appraisal performed and the net cash proceeds of
            such sale
            remaining in the REO Account shall be distributed to Purchaser.

          

          Upon
            request, with respect to any REO Property, Seller shall furnish to Purchaser
            a
            statement covering Seller's efforts in connection with the sale of that
            REO
            Prop-erty and any rental of the REO Property incidental to the sale thereof
            for
            the previous month (together with an operat-ing state-ment). That statement
            shall be accompanied by such other information as Purchaser shall reasonably
            request.

          

           

          
 

          ARTICLE
            XI

          

          PAYMENTS
            TO PURCHASER

          

          Section
            11.01 Distributions.

          

          On
            each
            Remittance Date, Seller shall remit by wire transfer of immediately available
            funds to the account designated in writing by Purchaser of record on
            the
            preceding Record Date (a) all amounts deposited in the Custodial Account
            as of
            the close of business on the preceding Determination Date (net of all
            amounts
            withdrawable therefrom pursuant to Section 10.10), plus (b) all amounts,
            if any,
            which Seller is obli-gated to distribute pursuant to Section 11.03, minus
            (c)
            any amounts attributable to Monthly Payments collected but due on a Due
            Date or
            Dates subse-quent to the related Due Period, minus (d) any amounts attributable
            to Principal Prepayments received after the last day of the calendar
            month
            preceding the month of the Remittance Date, which amounts shall be remitted
            on
            the following Remittance Date, together with any additional interest
            required to
            be deposited in the Custodial Account in connection with such Principal
            Prepayments in accordance with Section 10.09(h), minus (e) any amounts
            attributable to reimbursement for unreimbursed Servicing Advances, advance
            of
            Seller funds, and unpaid Servicing Fees pursuant to Section 10.10(d),
            and minus
            (f) any amounts attributable to reimbursement for subsequent trailing
            bills
            related to a previously disposed of REO Property in which distribution
            of net
            cash proceeds has occurred pursuant to Section 10.10(e).

          

          With
            respect to any remittance received by Purchaser after the Business Day
            on which
            such payment was due, Seller shall pay to Purchaser interest on any such
            late
            payment at a rate equal to the overnight federal funds effective rate,
            but in no
            event greater than the maximum amount permitted by applicable law. Such
            interest
            shall be paid by Seller to Purchaser on the date such late payment is
            made and
            shall cover the period commencing with the Business Day on which such
            payment
            was due and ending with the Business Day on which such payment is made,
            both
            inclusive. The payment by Seller of any such interest shall not be deemed
            an
            extension of time for payment or a waiver of any Event of Default by
            Seller.

          

          To
            the
            extent that the amount of a remittance or distribution to Purchaser made
            hereunder is in greater than the amount thereof properly to be remitted
            pursuant
            to the terms of this Agreement, Seller will give prompt written notice
            thereof
            to Purchaser after Seller's discovery thereof, including the amount of
            such
            remittance or distribution that was paid in error. If, by the Remittance
            Date
            immediately following such notice, Purchaser has not reimbursed the Custodial
            Account or Seller, as applicable, for the amount of such erroneous remittance
            or
            distribution (without any liability on the part of Purchaser for interest
            thereon), Seller shall be entitled to withhold such amount from the remittance
            to be made on such Remittance Date.

          

          Section
            11.02 Statements
            to Purchaser.

          

          Not
            later
            than seven (7) Business Days after each month end, Seller shall furnish
            to the
            Purchaser an individual loan accounting report, as of the last Business
            Day of
            each month, in the Seller's assigned loan number order to document Mortgage
            Loan
            payment activity on an individual Mortgage Loan basis. The corresponding
            individual loan accounting report shall be on a disk or tape or other
            computer-readable format in such format as may be mutually agreed upon
            by both
            Purchaser and Seller, and shall contain the information set forth in
            Exhibit L
            hereto.

          In
            addition, within a reasonable period of time after the end of each calendar
            year, Seller will furnish a report to each Person that was a Purchaser
            at any
            time during such calendar year. Such report shall state the aggregate
            of amounts
            (a) remitted on each Remittance Date which is allocable to principal
            and
            allocable to interest and (b) of servicing compensation received by Seller
            as
            servicer on each Remittance Date for such calendar year or, in the event
            such
            Person was a Purchaser of record during only a portion of such calendar
            year,
            for the applicable portion of such year. Such obligation of Seller shall
            be
            deemed to have been satisfied to the extent that substantially comparable
            information shall be provided by Seller pursuant to any requirements
            of the
            Internal Revenue Code of 1986 as from time to time in force.

          

          Seller
            shall prepare and file any and all tax returns, information statements
            or other
            filings required to be delivered to any governmental taxing authority
            or to
            Purchaser pursuant to any applicable law with respect to the Mortgage
            Loans and
            the trans-actions contemplated hereby. In addition, Seller shall provide
            Purchaser with such information concerning the Mortgage Loans as is necessary
            for such Purchaser to prepare its federal income tax return as Purchaser
            may
            reasonably request from time to time.

          

          Section
            11.03  Advances
            by Seller.

          

          On
            the
            Business Day immediately preceding each Remit-tance Date, Seller shall
            deposit
            in the Custodial Account an amount equal to all Monthly Payments (with
            interest
            adjusted to the Mortgage Loan Remittance Rate) which were due on the
            Mortgage
            Loans during the applicable Due Period and which were delinquent at the
            close of
            business on the immediately preceding Determina-tion Date. This deposit
            may be
            offset by any funds held for a future distribution not due on the current
            Remittance Date. Seller's obligation to make such advances as to any
            Mortgage
            Loan will continue through the last Monthly Payment due prior to the
            payment in
            full of the Mortgage Loan, or through the last Remittance Date prior
            to the
            Remittance Date for the distribution of all other payments or recoveries
            (including proceeds under any title, hazard or other insurance policy,
            or
            condemnation awards) with respect to the Mortgage Loan, provided, however,
            that
            such obligation shall cease if (a) there has been a final disposition
            of the
            Mortgage Loan or (b) if Seller, in its good faith judgment, determines
            that such
            advances would not be recoverable pursuant to Section 10.10(d). The
            determination by Seller that an advance, if made, would be nonrecoverable,
            shall
            be evidenced by an Officer's Certificate of Seller, delivered to Purchaser,
            which details the reasons for such determination and contains an appraisal
            of
            the value of the Mortgaged Property.

          

          Section
            11.04 Liquidation
            Reports.

          

          Upon
            the
            foreclosure sale of any Mortgaged Property or the acquisition thereof
            by the
            Purchaser pursuant to a deed-in-lieu of foreclosure, the Seller shall
            submit to
            the Purchaser a liquidation report with respect to such Mortgaged Property
            in a
            form mutually acceptable to Seller and Purchaser. The Seller shall also
            provide
            reports on the status of REO Property containing such information as
            Purchaser
            may reasonably require.

          

          

          ARTICLE
            XII

          

          GENERAL
            SERVICING PROCEDURE

          

          Section
            12.01 Assumption
            Agreements.

          

          Seller
            will use its best efforts to enforce any "due-on-sale" provision contained
            in
            any Mortgage or Mortgage Note to the extent permitted by law, provided
            that
            Seller shall permit such assumption if so required in accordance with
            the terms
            of the Mortgage or the Mortgage Note. When the Mortgaged Property has
            been
            conveyed by the Mortgagor, Seller will, to the extent it has knowledge
            of such
            conveyance, exercise its rights to accelerate the maturity of such Mortgage
            Loan
            under the "due-on-sale" clause applicable thereto, provided, however,
            Seller
            will not exercise such rights if prohibited by law from doing so or if
            the
            exercise of such rights would impair or threaten to impair any recovery
            under
            the related private mortgage guaranty policy, if any. If Seller reasonably
            believes it is unable under applicable law to enforce such "due-on-sale"
            clause,
            Seller may enter into an assumption and modifica-tion agree-ment with
            the person
            to whom such property has been con-veyed, pursuant to which such person
            becomes
            liable under the Mortgage Note and, to the extent permitted by applica-ble
            law,
            the Mort-gagor remains liable thereon. In connection with any such assump-tion,
            the outstanding principal amount, the Monthly Payment and the Mortgage
            Interest
            Rate of the re-lated Mortgage Note shall not be changed, and the term
            of the
            Mortgage Loan will not be increased or decreased. If an assumption is
            allowed
            pursuant to this Section 12.01, Seller with the prior consent of the
            private
            mortgage guaranty insurer, if any, is authorized to enter into a substitution
            of
            liability agreement with Purchaser of the Mortgaged Property pursuant
            to which
            the origi-nal Mortgagor is released from liability and Purchaser of the
            Mortgaged Property is substituted as Mortgagor and becomes liable under
            the
            Mortgage Note. Any fee collected by Seller for entering into any such
            assumption
            agreement will be retained by Seller as additional servicing
            compensation.

          

          In
            connection with any such assumption or substitution of liability, the
            Seller
            shall follow the underwriting practices and procedures of the Seller.
            With
            respect to an assumption or substitution of liability, the Mortgage Interest
            Rate borne by the related Mortgage Note, the amount of the Monthly Payment
            and
            the maturity date may not be changed (except pursuant to the terms of
            the
            Mortgage Note). If the credit of the proposed transferee does not meet
            such
            underwriting criteria, the Seller diligently shall, to the extent permitted
            by
            the Mortgage or the Mortgage Note and by applicable law, accelerate the
            maturity
            of the Mortgage Loan. The Seller shall notify the Purchaser that any
            such
            substitution of liability or assumption agreement has been completed
            by
            forwarding to the Purchaser the original of any such substitution of
            liability
            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. All fees collected by the Seller for entering into an assumption
            or
            substitution of liability agreement shall belong to the Seller.

          

          Notwithstanding
            the foregoing paragraphs of this Section or any other provision of this
            Agreement, the Seller 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 any assumption which the Seller may be restricted
            by
            law from preventing, for any reason whatsoever. For purposes of this
            Section
            12.01, 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
            12.02 Satisfaction
            of Mortgages and Release of Mortgage Files.

          

          Upon
            the
            payment in full of any Mortgage Loan, or the receipt by Seller of a notification
            that payment in full will be escrowed in a manner customary for such
            purposes,
            Seller or the Subservicer will obtain, in accordance with Section 5.03
            hereof,
            the portion of the Mortgage File that is in the possession of the Purchaser,
            prepare and process any required satisfaction or release of the Mortgage
            and
            notify Purchaser as provided in Section 11.02.

          

          In
            the
            event Seller grants a satisfaction or release of a Mort-gage without
            having
            obtained payment in full of the indebtedness secured by the Mortgage
            or should
            Seller otherwise prejudice any right Purchaser may have under the mortgage
            instru-ments, Seller, upon written demand of Purchaser, shall remit within
            two
            (2) Business Days to Purchaser the Stated Principal Balance of the related
            Mortgage Loan by deposit thereof in the Custodial Account. Seller shall
            maintain
            the Fidelity Bond and errors and omissions insurance as provided for
            in Section
            10.16 insuring Seller against any loss it may sustain with respect to
            any
            Mortgage Loan not satisfied in accordance with the proce-dures set forth
            herein.

          

          Section
            12.03 Servicing
            Compensation.

          

          As
            compensation for its services hereunder, Seller shall be entitled to
            retain from
            interest payments on the Mort-gage Loans the Servicing Fee. Additional
            servicing
            compensation in the form of assumption fees and late payment charges
            shall be
            retained by Seller or any related Subservicer to the extent not required
            to be
            deposited in the Custodial Account. Seller shall be required to pay all
            expenses
            incurred by it in connection with its servicing activities hereunder
            and shall
            not be entitled to reimbursement therefor except as specifically provided
            for
            herein.

          

          Section
            12.04 Annual
            Statement as to Compliance.

          

          The
            Seller will deliver to the Purchaser not later than 90 days following
            the end of
            each fiscal year of the Seller beginning in March 2004, an Officers'
            Certificate
            stating, as to each signatory thereof, that (i) a review of the activities
            of
            the Seller 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 Seller has fulfilled
            all
            of its obligations under this Agreement throughout such year, or, if
            there has
            been a default in the fulfillment of any such obligation, specifying
            each such
            default known to such officers and the nature and status of cure provisions
            thereof. Copies of such statement shall be provided by the Seller to
            the
            Purchaser upon request.

          

          Section
            12.05 Annual
            Independent Public Accountants' Servicing Report.

          

          Within
            ninety (90) days of Seller's fiscal year end beginning in March 2004,
            the Seller
            at its expense shall cause a firm of independent public accountants which
            is a
            member of the American Institute of Certified Public Accountants to furnish
            a
            statement to the Purchaser to the effect that such firm has examined
            certain
            documents and records relating to the Seller's servicing of mortgage
            loans of
            the same type as the Mortgage Loans pursuant to servicing agreements
            substantially similar to this Agreement, which agreements may include
            this
            Agreement, and that, on the basis of such an examination, conducted
            substantially in the uniform single audit program for mortgage bankers,
            such
            firm is of the opinion that the Seller's servicing has been conducted
            in
            compliance with the agreements examined pursuant to this Section 12.05,
            except
            for (i) such exceptions as such firm shall believe to be immaterial,
            and (ii)
            such other exceptions as shall be set forth in such statement. Copies
            of such
            statement shall be provided by the Seller to the Purchaser. In addition,
            on an
            annual basis, Seller shall provided Purchaser with copies of its audited
            financial statements. 

          

          Section
            12.06 Purchaser's
            Right to Examine Seller Records.

          

          Purchaser
            shall have the right, at all reasonable times upon reasonable notice
            and as
            often as reasonably required, to examine and audit any and all of the
            books,
            records or other information of Seller whether held by Seller or by another
            on
            behalf of Seller, which are relevant to the performance or observance
            by Seller
            of the terms, covenants or condi-tions of this Agreement.

          

          Section
            12.07 Seller
            Shall Provide Access/Information as Reasonably Required.

          

          Seller
            shall provide to Purchaser access to any documentation regarding the
            Mortgage
            Loans which may be required by applicable regulations (the "Regulations").
            Such
            access shall be afforded without charge, but only upon reasonable request,
            during normal business hours and at the offices of Seller.

          

          In
            addition, Seller shall furnish upon request by Purchaser, during the
            term of
            this Agreement, such periodic, special or other reports or information,
            whether
            or not provided for herein, as shall be necessary, reasonable and appropriate
            with respect to the purposes of this Agreement and the Regulations. All
            such
            reports or information shall be provided by and in accordance with all
            reasonable instructions and direc-tions Purchaser may require. Seller
            agrees to
            execute and deliver all such instruments and take all such action as
            Purchaser,
            from time to time, may reasonably request in order to effectuate the
            purposes
            and to carry out the terms of this Agreement.  

          

          In
            connection with marketing the Mortgage Loans, the Purchaser may make
            available
            to a prospective purchaser audited financial statements of the Seller
            for the
            most recently completed two (2) fiscal years for which such statements
            are
            available.

          

          

          ARTICLE
            XIII

          

          SELLER

          

          Section
            13.01 Indemnification;
            Third Party Claims.

          

          In
            addition to the indemnification provided in Section 6.03, Seller shall
            indemnify
            and hold harmless Purchaser against any and all claims, losses, penalties,
            fines, forfeitures, reasonable and necessary legal fees and related costs,
            judgments, and any other costs, fees and expenses that Purchaser may
            sustain in
            any way related to the failure of Seller to perform its duties, obligations,
            covenants and agreements and service the Mortgage Loans in strict compliance
            with the terms of this Agreement. Seller shall immediately notify Purchaser
            if a
            claim is made by a third party with respect to this Agreement or the
            Mortgage
            Loans, and Seller shall assume (with the consent of Purchaser) the defense
            of
            any such claim and pay all expenses in connection therewith, including
            counsel
            fees, and promptly pay, discharge and satisfy any judg-ment or decree
            which may
            be entered against Seller or Purchaser in respect of such claim. Seller
            shall
            provide Purchaser with a written report of all expenses and advances
            incurred by
            Seller pursuant to this Section 13.01 and Purchaser shall promptly reim-burse
            Seller for all amounts advanced by it pur-suant to the preceding sentence
            except
            when the claim in any way relates to Seller's failure to service and
            administer
            the Mortgage Loans in strict compliance with the terms of this Agreement
            or a
            breach of representation or warranty set forth in this Agreement. Notwithstanding
            anything to the contrary in this Agreement, in the event that Purchaser
            or its
            designee becomes record owner of any Mortgaged Property, Seller shall
            not be
            deemed to have failed to perform its obligations hereunder where it fails
            to act
            in response to any notice delivered to the record holder of the Mortgaged
            Property if (i) statutory notice was not delivered to Seller, (ii) Seller
            had no
            actual knowledge of the situation surrounding such notice and (iii) Seller's
            inaction was due entirely to Seller's lack of receipt of such notice.
            The
            provisions of this Section 13.01 shall survive termination of this
            Agreement.

          

          Section
            13.02 Merger
            or Consolidation of Seller.

          

          Seller
            will keep in full effect its existence, rights and franchises as a corporation,
            and will obtain and preserve its qualification to do business as a foreign
            corpora-tion in each jurisdiction in which such qualification is or shall
            be
            necessary to protect the validity and enforceability of this Agreement
            or any of
            the Mortgage Loans and to perform its duties under this Agreement.

          

          Any
            Person into which Seller may be merged or consolidated, or any corporation
            resulting from any merger, conversion or consolidation to which Seller
            shall be
            a party, or any Person succeeding to substantially all of the business
            of Seller
            (whether or not related to loan servic-ing), shall be the successor of
            Seller
            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 con-trary
            notwithstanding; provided, however, that the successor or surviving Person
            shall
            be an institution (i) the deposits of which are insured by the FDIC,
            SAIF and/or
            BIF, and which is a HUD-approved mortgagee whose primary business is
            in
            origination and servicing of first lien mortgage loans, and (ii) who
            is a Fannie
            Mae or FHLMC approved seller/servicer in good standing.

          

          

          Section
            13.03 Limitation
            on Liability of Seller and Others.

          

          Seller
            and any director, officer, employee or agent of Seller may rely on any
            document
            of any kind which it in good faith reasonably believes to be genuine
            and to have
            been adopted or signed by the proper authorities respecting any matters
            arising
            hereunder; provided, however, that this provision shall not protect the
            Seller
            or any such person against any breach of warranties or representations
            made
            herein, or failure to perform its obligations in strict compliance with
            any
            standard of care set forth in this Agreement, or any liability which
            would
            otherwise be imposed by reason of negligence, bad faith or willful misconduct,
            or any breach of the terms and conditions of this Agreement. Subject
            to the
            terms of Section 13.01, Seller shall have no obligation to appear with
            respect
            to, prosecute or defend any legal action which is not incidental to Seller's
            duty to service the Mortgage Loans in accord-ance with this Agreement;
            provided,
            however, that the Seller may, with the consent of the Purchaser, undertake
            any
            such action which it may deem necessary or desirable in respect to this
            Agreement and the rights and duties of the parties hereto. In such event,
            the
            reasonable legal expenses and costs of such action and any liability
            resulting
            therefrom shall be expenses, costs and liabilities for which the Purchaser
            will
            be liable, and the Seller shall be entitled to be reimbursed therefor
            from the
            Purchaser upon written demand.

          .

          Section
            13.04 Seller
            Not to Resign.

          

          Seller
            shall not assign this Agreement nor resign from the obligations and duties
            hereby imposed on it except by mutual consent of Seller and Purchaser
            or upon
            the determination that Seller's duties hereunder are no longer permissible
            under
            applicable law and such incapacity cannot be cured by Seller. Notwithstanding
            the foregoing, Seller shall have the right to assign its rights under
            this
            Agreement to Citigroup, Inc. or any subsidiary of Citigroup, Inc.

          

          Section
            13.05 No
            Transfer of Servicing.

          

          With
            respect to the retention of the Seller to service the Mortgage Loans
            hereunder,
            the Seller acknowledges that the Purchaser has acted in reliance upon
            the
            Seller's independent status, the adequacy of its servicing facilities,
            plan,
            personnel, records and procedures, its integrity, reputation and financial
            standing and the continuance thereof. Without in any way limiting the
            generality
            of this Section, the Seller shall not either assign this Agreement or
            the
            servicing hereunder or delegate its rights or duties hereunder or any
            portion
            thereof, or sell or otherwise dispose of all or substantially all of
            its
            property or assets, without the prior written approval of the Purchaser,
            which
            consent shall be granted or withheld in the Purchaser's sole discretion.
            Notwithstanding the foregoing, Purchaser acknowledges and agrees that
            Seller may
            assign any compensation arising from servicing under this Agreement to
            an
            affiliate of Seller.

          

          Without
            in any way limiting the generality of this Section 13.05, in the event
            that the
            Seller either shall assign this Agreement or the servicing responsibilities
            hereunder or delegate its duties hereunder or any portion thereof without
            (i)
            satisfying the requirements set forth herein or (ii) the prior written
            consent
            of the Purchaser, then the Purchaser shall have the right to terminate
            this
            Agreement, without any payment of any penalty or damages and without
            any
            liability whatsoever to the Seller (other than with respect to accrued
            but
            unpaid Servicing Fees and Servicing Advances remaining unpaid) or any
            third
            party. 

          

           

          In
            the
            event there is a termination of servicing pursuant to this Agreement,
            Seller
            shall cause its affiliate to whom Seller transferred the servicing compensation
            hereunder to transfer all the right, title and interest in the servicing
            compensation to EMC Mortgage Corporation ("EMC") or its designee, and
            Seller
            shall indemnify EMC for any and all losses for its failure to assign
            such right,
            title and interest to the servicing compensation as required
            herein.

           

           

          
 

          ARTICLE
            XIV

          

          DEFAULT

          

          Section
            14.01 Events
            of Default.

          

          In
            case
            one or more of the following Events of Default by Seller shall occur
            and be
            continuing, that is to say:

          

          
            	 	
                    (a)

                  	
                    any
                      failure by Seller to remit to Purchaser any payment required
                      to be made
                      under the terms of this Agreement which continues unremedied
                      for a period
                      of one (1) Business Day after the date upon which written notice
                      of such
                      failure, requir-ing the same to be remedied, shall have been
                      given to
                      Seller by Purchaser; or

                  

          

          

          
            	 	
                    (b)

                  	
                    failure
                      by Seller to duly observe or perform, in any material respect,
                      any other
                      covenants, obligations or agreements of Seller as set forth
                      in this
                      Agreement which failure continues unremedied for a period of
                      sixty (60)
                      days after the date on which written notice of such failure,
                      requiring the
                      same to be remedied, shall have been given to Seller by Purchaser;
                      or

                  

          

          

          
            	 	
                    (c)

                  	
                    a
                      decree or order of a court or agency or super-visory authority
                      having
                      jurisdiction for the appointment of a conservator or receiver
                      or
                      liquidator in any insolvency, bankruptcy, read-justment of
                      debt,
                      marshalling of assets and liabilities or similar proceedings,
                      or for the
                      winding-up or liquidation of its affairs, shall have been entered
                      against
                      Seller and such decree or order shall have remained in force,
                      undischarged
                      or unstayed for a period of sixty (60) days;
                      or

                  

          

          

          
            	 	
                    (d)

                  	
                    Seller
                      shall consent to the appointment of a conservator or receiver
                      or
                      liquidator in any insolvency, bankruptcy, read-just-ment of
                      debt,
                      marshalling of assets and liabilities or similar proceedings
                      of or
                      relating to Seller or relating to all or substantially all
                      of Seller's
                      property; or

                  

          

          

          
            	 	
                    (e)

                  	
                    Seller
                      shall admit in writing its inability to pay its debts 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 voluntar-ily suspend payment of its obligations;
                      or

                  

          

          

          
            	 	
                    (f)

                  	
                    Seller
                      attempts to assign this Agreement except in compliance with
                      the terms of
                      this Agreement; or

                  

          

          

          (h) the
            Seller ceases to be (a) licensed to service first lien residential mortgage
            loans in any jurisdiction in which a Mortgaged Property is located and
            such
            licensing is required, and (b) qualified to transact business in any
            jurisdiction where it is currently so qualified, but only to the extent
            such
            non-qualification materially and adversely affects the Seller's ability
            to
            perform its obligations hereunder; or

          

          (i) the
            Seller fails to meet the eligibility criteria set forth in the last sentence
            of
            Section 13.02; or 

          

          
            	(j)  	
                    the
                      Seller ceases to be approved by either Fannie Mae or FHLMC
                      as a mortgage
                      loan seller or servicer for more than thirty days;
                      or

                  

          

          

          (k) the
            Seller attempts, without the consent of the Purchaser, to sell or otherwise
            dispose of all or substantially all of its property or assets or to assign
            this
            Agreement or the servicing responsibilities hereunder or to delegate
            its duties
            hereunder or any portion thereof.

          

          Then,
            and
            in each and every such case, so long as an Event of Default shall not
            have been
            remedied, Purchaser, by notice in writing to Seller (except in the case
            of an
            Event of Default under clauses (c), (d) or (e) above, in which case,
            automatically and without notice), may, in addition to whatever rights
            Purchaser
            may have at law or equity to damages, including injunctive relief and
            specific
            performance, terminate all the rights and obligations of Seller under
            this
            Agreement and in and to the Mortgage Loans and the proceeds thereof.
            On and
            after the receipt by Seller of such written notice (or, in the case of
            an Event
            of Default under clauses (c), (d) or (e) above, in which case, automatically
            and
            without notice) all authority and power of Seller under this Agreement,
            whether
            with respect to the Mortgage Loans or otherwise, shall pass to and be
            vested in
            the successor appointed pursuant to Section 16.01. Upon written request
            from
            Purchaser, Seller shall prepare, execute and deliver to a successor any
            and all
            documents and other instru-ments, place in such successor's possession
            all
            Mortgage Files and do or cause to be done all other acts or things neces-sary
            or
            appropriate to effect the purposes of such notice of termination, including,
            but
            not limited to, the trans-fer and endorsement or assignment of the Mortgage
            Loans and related documents to the successor at Seller's sole expense.
            Seller
            agrees to cooperate with Purchaser and such successor in effecting the
            termination of Seller's responsi-bil-ities and rights hereunder, including,
            without limita-tion, the transfer to such successor for administration
            by it of
            all amounts which shall at the time be credited by Seller to the Custodial
            Account or Escrow Account or thereafter received with respect to the
            Mortgage
            Loans or any REO Property.

          

          Section
            14.02 Waiver
            of Defaults.

          

          Purchaser
            may waive only by written notice any default by Seller in the performance
            of its
            obligations hereunder and its consequences. Upon any such waiver of a
            past
            default, such default shall cease to exist, and any Event of Default
            arising
            therefrom shall be deemed to have been remedied for every purpose of
            this
            Agreement. No such waiver shall extend to any subsequent or other default
            or
            impair any right consequent thereto except to the extent expressly so
            waived in
            writing.

           

          
 

          

          ARTICLE
            XV

          

          TERMINATION

          

          Section
            15.01 Termination.

          

          This
            Agreement shall terminate upon either: (a) the later of the distribution
            to
            Purchaser of final payment or liquidation with respect to the last Mortgage
            Loan
            (or advances of same by Seller), or the disposition of all property acquired
            upon foreclosure or deed in lieu of foreclosure with respect to the last
            Mortgage Loan and the remittance of all funds due hereunder; (b) mutual
            consent
            of Seller and Purchaser in writing; or (c) the repurchase by Seller of
            all
            Mortgage Loans (and all REO Property which has not been sold at a price
            equal to
            100% of the outstanding principal balance of each Mortgage Loan on the
            day of
            repurchase) plus accrued interest thereon at a rate equal to the Mortgage
            Loan
            Remittance Rate to the date of repurchase plus the appraised value of
            any such
            REO Property, such appraisal to be conducted by an appraiser mutually
            agreed
            upon by Seller and Purchaser.

           

          
 

          

          ARTICLE
            XVI

          

          MISCELLANEOUS
            PROVISIONS

          

          Section
            16.01 Successor
            to Seller.

          

          Prior
            to
            termination of Seller's responsibilities and duties under this Agreement
            pursuant to Sections 13.04, 14.01 or 15.01(b), Purchaser shall (a) succeed
            to
            and assume all of Seller's responsibilities, rights, duties and obligations
            under this Agreement or (b) appoint a successor which shall succeed to
            all
            rights and assume all of the responsi-bilities, duties and liabilities
            of Seller
            under this Agreement prior to the termination of Seller's responsibilities,
            duties and liabilities under this Agreement. In connection with such
            appointment
            and assumption, Purchaser 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 compen-sation shall be in excess
            of that
            permitted Seller under this Agreement without the consent of Purchaser.
            In the
            event that Seller's duties, responsibili-ties and liabilities under this
            Agreement shall be terminated pursuant to the afore-mentioned Sections,
            Seller
            shall discharge such duties and responsibilities during the period from
            the date
            it acquires knowledge of such termin-ation until the effective date thereof
            with
            the same degree of diligence and prudence which it is obligated to exercise
            under this Agreement, and shall take no action whatsoever that might
            impair or
            preju-dice the rights or financial condition of its successor. The resignation
            or removal of Seller pursuant to the aforementioned Sections shall not
            become
            effective until a successor shall be appointed pursuant to this Section
            and
            shall in no event relieve Seller of the representations and warranties
            made
            pursuant to Sections 6.01 and 6.02 and the remedies available to Purchaser
            under
            Section 6.03, it being understood and agreed that the provisions of such
            Sections 6.01, 6.02 and 6.03 shall be applicable to Seller notwithstanding
            any
            such resignation or termination of Seller, or the termination of this
            Agreement.

          

          Any
            successor appointed as provided herein shall execute, acknowledge and
            deliver to
            Seller and to Purchaser an instrument accepting such appointment, whereupon
            such
            successor shall become fully vested with all the rights, powers, duties,
            responsibilities, obligations and liabilities of Seller, with like effect
            as if
            originally named as a party to this Agreement. Any termination or resignation
            of
            Seller or this Agreement pursuant to Section 13.04, 14.01 or 15.01 shall
            not
            affect any claims that Purchaser may have against Seller arising prior
            to any
            such termination or resignation.

          

          Seller
            shall promptly deliver to the successor the funds in the Custodial Account
            and
            Escrow Account and all Mortgage Files and related documents and statements
            held
            by it hereunder and Seller shall account for all funds and shall execute
            and
            deliver such instruments and do such other things as may reasonably be
            required
            to more fully and definitively vest in the successor all such rights,
            powers,
            duties, respon-sibilities, obligations and liabilities of Seller.

          

          Upon
            a
            successor's acceptance of appointment as such, Seller shall notify by
            mail
            Purchaser of such appointment.

          

          Section
            16.02 Amendment.

          

          This
            Agreement may be amended from time to time by Seller and Purchaser by
            written
            agreement signed by Seller and Purchaser; provided that if any of the
            rights,
            duties or obligations of Seller as such would be affected by such amendatory
            agreement, such agreement must also be consented to by Seller.

          

          Section
            16.03 Recordation
            of Agreement.

          

          To
            the
            extent permitted by applicable law, this Agree-ment 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 Seller at Purchaser's
            expense
            upon direction of Purchaser, but only when such direction is accompanied
            by an
            Opinion of Counsel to the effect that such recordation mate-rially and
            beneficially affects the interests of Purchaser or is necessary for the
            administration or servicing of the Mortgage Loans. 

          

          Section
            16.04 Duration
            of Agreement.

          

          This
            Agreement shall continue in existence and effect until terminated as
            herein
            provided.

          

          Section
            16.05 Governing
            Law.

          

          This
            Agreement shall be construed in accordance with the laws of the State
            of New
            York, except to the extent preempted by Federal law, and the obligations,
            rights
            and remedies of the parties hereunder shall be determined in accordance
            with
            such laws.

          

          Section
            16.06 Notices.

          

          All
            demands, notices and communications hereunder shall be in writing and
            shall be
            deemed to have been duly given if personally delivered at or mailed by
            registered mail, postage prepaid, to (a) in the case of Seller, CitiMortgage,
            Inc. 12855 North Outer Forty Drive, MS 74, Saint Louis, Missouri 63141,
            Attention: Capital Markets, with a copy to CitiMortgage, Inc., 15851
            Clayton
            Road, MS 313, Ballwin, Missouri 63011, Attention: Investor Reporting
            Department,
            or such other address as may hereafter be furnished to Purchaser in writing
            by
            Seller and (b) in the case of Purchaser, EMC Mortgage Corporation, Mac
            Arthur
            Ridge II, 909 Hidden Ridge Drive, Suite 200, Irving, Texas 75038, Attention:
            Ms.
            Ralene Ruyle; with a copy to Bear Stearns Mortgage Capital Corporation,
            383
            Madison Avenue, New York, New York 10179, Attention: Mary Haggerty, or
            such
            other address as may hereafter be furnished to Seller in writing by
            Purchaser.

          

          Section
            16.07 Severability
            of Provisions.

          

          If
            any
            one or more of the covenants, agreements, provisions or terms of this
            Agreement
            shall be held invalid for any reason whatsoever, 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.
            If the invalidity of any part, provision, representation or warranty
            of this
            Agreement shall deprive any party of the economic benefit intended to
            be
            conferred by this Agreement, the parties shall negotiate in good faith
            to
            develop a structure the economic effect of which is nearly as possible
            the same
            as the economic effect of this Agreement without regard to such
            inability.

          

          Section
            16.08 No
            Partnership.

          

          Nothing
            herein contained shall be deemed or construed to create a co-partnership
            or
            joint venture between the parties hereto and the services of Seller shall
            be
            rendered as an independent contractor and not as agent for
            Purchaser.

          

          Section
            16.09 Execution;
            Successors and Assigns.

          

          This
            Agreement may be executed in one or more counterparts and by the different
            parties hereto on separate counterparts, each of which, when so executed,
            shall
            be deemed to be an original; such counterparts, together, shall constitute
            one
            and the same agreement. Subject to Section 13.04, this Agreement shall
            inure to
            the benefit of and be binding upon Seller, Seller and Purchaser and their
            respective successors and assigns.

           

          Section
            16.10 Further
            Assurances.

          

          Seller
            understands that Purchaser may resell the Mortgage Loans as whole loans
            or as
            part of a securitization in which a third party may act as master servicer.
            In
            the event that as part of such sale or securitization, additional information
            regarding the Mortgage Loans or modification of the reporting requirements
            may
            be requested, Seller agrees to review such requests by Purchaser’s transferee or
            master servicer only if, in Seller’s judgment, fulfilling such requests would
            require no material modifications to Seller’s servicing processes or systems and
            any and all costs to provide such reports and information shall be borne
            by
            Purchaser.

          

          Section
            16.11 Cooperation
            of Seller with a Reconstitution.

          

          The
            Seller and the Purchaser agree that with respect to some or all of the
            Mortgage
            Loans, on or after the Closing Date, on one or more dates (each a
            "Reconstitution Date") at the Purchaser's sole option, upon fifteen (15)
            days
            notice (provided Purchaser shall use its best efforts to provide thirty
            (30)
            days notice) to Seller (which notice shall include a copy of the proposed
            Reconstitution Agreement), the Purchaser may effect a sale (each, a
            "Reconstitution") of some or all of the Mortgage Loans then subject to
            this
            Agreement, without recourse, to (subject to the limitation on the number
            of
            Purchasers in Section 5.04 hereof):

          

          (a) 
            one or
            more third party purchasers in one or more in whole loan transfers (each,
            a
            "Whole Loan Transfer"); or

          

          (b) one
            or
            more trusts or other entities to be formed as part of one or more pass-through
            transfers (each, a "Pass-Through Transfer").

          

          The
            Seller agrees to execute in connection with any agreements among the
            Purchaser,
            the Seller, and any servicer in connection with a Whole Loan Transfer,
            a
            Reconstitution Agreement. It is understood that any such Reconstitution
            Agreement will not contain any greater or different obligations on the
            part of
            Seller than are contained in this Agreement.

          

          With
            respect to each Whole Loan Transfer and each Pass-Through Transfer entered
            into
            by the Purchaser, the Seller agrees (1) to cooperate fully with the Purchaser
            and any prospective purchaser with respect to all reasonable requests
            and due
            diligence procedures; (2) to execute, deliver and perform all Reconstitution
            Agreements required by the Purchaser; (3) to restate the representations
            and
            warranties set forth in this Agreement as of the settlement or closing
            date in
            connection with such Reconstitution (each, a "Reconstitution Date").
            In that
            connection, the Seller shall provide to such Purchaser any and all information
            (including servicing portfolio information) and appropriate verification
            of
            information (including servicing portfolio information) which may be
            reasonably
            available to the Seller, whether through letters of its auditors or otherwise,
            as the Purchaser or any such other participant shall request upon reasonable
            demand. In connection with each Pass-Through Transfer, the Seller agrees
            to
            provide reasonable and customary indemnification to the Purchaser and
            its
            affiliates for disclosure information provided by Purchaser contained
            in any
            offering document relating to the Seller or its affiliates, the Mortgage
            Loans
            and the underwriting standards of the Mortgage Loans. The Purchaser shall
            be
            responsible for the costs relating to the delivery of such information.
            

           

          The
            Seller further agrees that in the event any Mortgage Loan is transferred
            to
            Fannie Mae, the Seller shall service such Mortgage Loans in accordance
            with the
            Fannie Mae Guide, and that there shall be no cap on compensating interest
            payments with respect to such Mortgage Loans. The Seller agrees that
            with
            respect to such Mortgage Loans, Seller shall also provide a monthly data
            file
            tape with such information as required by Fannie Mae, as
            applicable.

          

          All
            Mortgage Loans not sold or transferred pursuant to a Reconstitution shall
            remain
            subject to, and serviced in accordance with the terms of this Agreement,
            and
            with respect thereto this Agreement shall remain in full force and
            effect.

          

          Section
            16.12 Reporting
            with Respect to a Reconstitution.

          

          The
            Seller agrees that with respect to any Mortgage Loan sold or transferred
            pursuant to a Reconstitution as described in Section 16.11 of this Agreement
            (a
“Reconstituted Mortgage Loan”), the Seller, at its expense, shall provide the
            Purchaser with the information set forth in Exhibit K attached hereto
            for each
            Reconstituted Mortgage Loan in such electronic format as may be mutually
            agreed
            upon by both Purchaser and Seller. 

          

          Section
            16.13 Confidentiality
            of Information.

          

          Each
            party recognizes that, in connection with this Agreement, it may become
            privy to
            non-public information regarding the financial condition, operations
            and
            prospects of the other party. Each party agrees to keep all non-public
            information regarding the other party strictly confidential, and to use
            all such
            information solely in order to effectuate the purpose of the Agreement,
            provided
            that each party may provide confidential information to its employees,
            agents
            and affiliates who have a need to know such information in order to effectuate
            the transaction, provided further that such information is identified
            as
            confidential non-public information. In addition, confidential information
            may
            be provided to a regulatory authority with supervisory power over Purchaser,
            provided such information is identified as confidential non-public
            information.

          

          Notwithstanding
            other provisions of this Section 16.14 or any other express or implied
            agreement, arrangement, or understanding to the contrary, the Seller
            and
            Purchaser (the “Parties”) agree that the Parties (and their employees,
            representatives and other agents) may disclose to any and all persons,
            without
            limitation of any kind from the commencement of discussions, the purported
            or
            claimed U.S. federal income tax treatment of the purchase of the Mortgage
            Loans
            and related transactions covered by this letter agreement (“tax treatment”) and
            any fact that may be relevant to understanding the tax treatment (“tax
            structure”) and all materials of any kind (including opinions or other tax
            analyses) that are provided to the Parties relating to such tax treatment
            and
            tax structure, except where confidentiality is reasonably necessary to
            comply
            with securities laws.

          

          Section
            16.14 No
            Solicitation.

          

          Seller
            hereby agrees that it will not, and its affiliates will not, during the
            remaining term of any of the individual Mortgage Loans, take any action
            or cause
            any action to be taken by any of its agents or affiliates, or independent
            contractors working on its behalf, to target solicit the prepayment of
            said
            Mortgage Loans by the mortgagors, without the prior written consent and
            approval
            of the Purchaser; provided that, the foregoing shall not preclude the
            Seller
            from engaging in solicitations in monthly statements or other regular
            communications to borrowers in Seller’s servicing portfolio which are not
            directed toward the borrowers of the Mortgage Loans. Promotions undertaken
            by
            the Seller or any affiliate of the Seller which are directed solely to
            the
            general public at large, including, without limitation, mass mailing
            based on
            commercially acquired mailing lists, newspapers, radio and television
            advertisements shall not constitute solicitation. 

          
            
              
              

            

            
              
              

              
                

              

            

            
              
              

            

          

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

          

          

          

          CITIMORTGAGE,
            INC.

          

          By:
            _______________________________

          Name:
            Jerome A. Cipponeri

          Title:
            Senior Vice President

          

          

          

          

          

          EMC
            MORTGAGE CORPORATION

          

          By:
            _______________________________

          Name:
            _____________________________

          Title:
            ______________________________

          

          

          

          
            
              
              

            

            
              
              

              
                

              

            

            
              
              

            

          

          EXHIBIT
            A

          

          CONTENTS
            OF MORTGAGE FILES

          

          With
            respect to each Mortgage Loan, the Mortgage File shall include each of
            the
            following items, all of which shall be available for inspection by
            Purchaser:

          

          1.           
            Mortgage
            Loan Documents.

          

          
            	
                    2.

                  	
                    Copy
                      of survey of the Mortgaged Property (if the title insurance
                      policy
                      contains a survey exception).

                  

          

          

          
            	
                    3.

                  	
                    Copy
                      of each instrument necessary to complete identifi-cation of
                      any exception
                      set forth in the exception schedule in the title policy, e.g.,
                      map or
                      plat, restrictions, easements, sewer agreements, home asso-ciation
                      declarations, etc.

                  

          

          

          
            	
                    4.

                  	
                    Mortgage
                      Loan closing statement (Form HUD-1) and any other truth-in-lending
                      or real
                      estate settlement procedure forms required by
                      law.

                  

          

          

          
            	
                    5.

                  	
                    Residential
                      loan application.

                  

          

          

          
            	
                    6.

                  	
                    Verification
                      of acceptable evidence of source and amount of downpayment,
                      if
                      applicable.

                  

          

          

          
            	
                    7.

                  	
                    Verification
                      of employment and income except for Mortgage Loans originated
                      under a
                      limited documentation program, all in accordance with Seller's
                      underwriting guidelines.

                  

          

          

          
            	
                    8.

                  	
                    Credit
                      report on the Mortgagor.

                  

          

          

          
            	
                    9.

                  	
                    Residential
                      appraisal report.

                  

          

          

          
            	
                    10.

                  	
                    Photograph
                      of the property.

                  

          

          

          
            	
                    11.

                  	
                    Tax
                      receipts, insurance premium receipts, ledger sheets, payment
                      records,
                      insurance claim files and correspondence, correspondence, current
                      and
                      historical computerized data files, underwriting standards
                      used for
                      origination and all other papers and records developed or originated
                      by
                      Seller or others, required to document the Mortgage Loan or
                      to service the
                      Mortgage Loan.

                  

          

          

          
            	
                    12.

                  	
                    Original
                      of the related primary mortgage guaranty insurance policy,
                      if any, or a
                      copy thereof.

                  

          

          

          
            	
                    13.

                  	
                    Uniform
                      underwriter and transmittal summary (Fannie Mae Form 1008)
                      or reasonable
                      equivalent.

                  

          

          

          14.         
            Business
            credit report, if applicable.

          

          15.         
            The
            original of any guarantee executed in connection with the Mortgage
            Note.

          

          16.         
            Sales
            contract, if applicable.

          

          
            	
                    17.

                  	
                    If
                      available, termite report, structural engineer’s report, water portability
                      and septic certification.

                  

          

          

          
            	
                    18.

                  	
                    Any
                      original security agreement, chattel mortgage or equivalent
                      executed in
                      connection with the Mortgage.

                  

          

          

          19.          Name
            affidavit, if applicable.

          

          
            
              
              

            

            
              
              

              
                

              

            

            
              
              

            

          

          EXHIBIT
            B

          

          CUSTODIAL
            ACCOUNT CERTIFICATION

          

          

                                  ________
            __,
            2003

          

          

          

          Citibank
            ____________ hereby certifies that it has established the account described
            below as a Custodial Account pursuant to Section 11.09 of Mortgage Loan
            Purchase
            and Servicing Agreement, dated as of ___________ 1, 2003, Fixed Rate
            Mortgage
            Loans.

          

          

          
            	
                    Title
                      of Account:

                  	
                    "CitiMortgage,
                      Inc. in trust for Purchaser and various Mortgagors - Fixed
                      Rate Mortgages
                      Loans"

                  

          

          

          

          
            	
                    Account
                      Number:

                  	
                    __________________________

                  

          

          

          

          Address
            of office or

          branch
            of
            Citibank

          ______________

          at
            which
            Account is

          
            	
                    maintained:

                  	
                    __________________________

                  

          

          

          __________________________

          

          

          

          Citibank
            ____________

          

          

          

          By_________________________

          
            
              
              

            

            
              
              

              
                

              

            

            
              
              

            

          

          EXHIBIT
            C

          

          CUSTODIAL
            ACCOUNT LETTER AGREEMENT

          

          

          __________
            __, 2003

          

          

          

          To: _____________________________________

          _____________________________________

          _____________________________________

          (the
            "Depository")

          

          As
            "Seller" under Mortgage Loan Purchase and Servicing Agreement, dated
            as of
            ___________ 1, 2003, Fixed Rate Mortgage Loans (the "Agreement"), we
            hereby
            authorize and request you to establish an account, as a Custodial Account
            pursuant to Section 10.09 of the Agreement, to be designated as "[Seller],
            in
            trust for Purchaser and various Mortgagors - Fixed Rate Mortgage Loans".
            All
            deposits in the account shall be subject to withdrawal therefrom by order
            signed
            by Seller. This letter is submitted to you in duplicate. Please execute
            and
            return one original to us.

          

          CitiMortgage,
            Inc.

          

          

          

          By__________________________

          

          The
            undersigned, as "Depository", hereby certifies that the above described
            account
            has been established under Account Number ___________________, at the
            office of
            the depository indi-cated above, and agrees to honor withdrawals on such
            account
            as provided above.

          

          ___________________________

          (Name
            of
            Depository)

          

          

          

          By_________________________

          
            
              
              

            

            
              
              

              
                

              

            

            
              
              

            

          

          EXHIBIT
            D

          

          REO
            ACCOUNT CERTIFICATION

          

          

                                  (date)

          

          

          

          Citibank
            ______________ hereby certifies that it has established the non-interest
            bearing
            account described below as an REO Account pursuant to Section 10.17 of
            Mortgage
            Loan Purchase and Servicing Agreement, dated as of ___________ 1, 2003,
            Fixed
            Rate Mortgage Loans.

          

          

          

          
            	
                    Title
                      of Account:

                  	
                    "CitiMortgage,
                      Inc. in trust for Purchaser - Fixed Rate Mortgage Loans, as
                      tenants in
                      common"

                  

          

          

          

          
            	
                    Account
                      Number:

                  	
                    __________________________

                  

          

          

          

          Address
            of office or

          branch
            of
            Citibank

          _______________

          at
            which
            Account is

          
            	
                    maintained:

                  	
                    __________________________

                  

          

          

          __________________________

          

          

          Citibank
            ________________

          

          

          

          By__________________________

          

          
            
              
              

            

            
              
              

              
                

              

            

            
              
              

            

          

          EXHIBIT
            E

          

          REO
            ACCOUNT LETTER AGREEMENT

          

          

                                      (date)

          

          

          

          To:         
            _____________________________________

          _____________________________________

          _____________________________________

          (the
            "Depository")

          

          As
            "Seller" under Mortgage Loan Purchase and Servicing Agreement, dated
            as of
            ___________ 1, 2003, Fixed Rate Mortgage Loans (the "Agreement"), we
            hereby
            authorize and request you to establish a non-interest bearing account,
            as an REO
            Account pursuant to Section 10.17 of the Agreement, to be desig-nated
            as
            "[Seller], in trust for Purchaser - Fixed Rate Mortgage Loans, as tenants
            in
            common." All deposits in the account shall be subject to withdrawal therefrom
            by
            order signed by Seller. This letter is submitted to you in duplicate.
            Please
            execute and return one original to us.

          

          CitiMortgage,
            Inc.

          

          

          

          By__________________________

          

          The
            undersigned, as "Depository", hereby certifies that the above described
            account
            has been established under Account Number ___________________, at the
            office of
            the depository indi-cated above, and agrees to honor withdrawals on such
            account
            as provided above.

          

          _____________________________

          (name
            of
            Depository)

          

          

          

          By_________________________

          

          

          

          
            
              
              

            

            
              
              

              
                

              

            

            
              
              

            

          

          EXHIBIT
            F

          

          MORTGAGE
            LOAN SCHEDULE

          

          

          (1) the
            Seller's Mortgage Loan identifying number;

          

          (2) the
            Mortgagor's first and last name;

          

          (3)
             the
            street address of the Mortgaged Property including the city, state and
            zip
            code;

          

          (4) a
            code
            indicating whether the Mortgaged Property is owner-occupied, a second
            home or an
            investor property;

          

          (5) the
            type
            of residential property constituting the Mortgaged Property;

           

          
            (6) the
              original months to maturity of the Mortgage Loan;

             

          

          (7)  the
            remaining months to maturity from the Cut-off Date, based on the original
            amortization schedule and, if different, the maturity expressed in the
            same
            manner but based on the actual amortization schedule;

          

          (8) the
            sales
            price, if applicable, Appraised Value and Loan-to-Value Ratio, at
            origination;

          

          (9) the
            Mortgage Interest Rate as of origination and as of the Cut-off
            Date;

          

          (10) the
            origination date of the Mortgage Loan;

          

          (11) the
            stated maturity date;

          

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

          

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

          

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

          

          (15) the
            scheduled Stated Principal Balance of the Mortgage Loan as of the close
            of
            business on the Cut-off Date, after deduction of payments of principal
            due on or
            before the Cut-off Date whether or not collected;

          

          (16)
             a
            code
            indicating the purpose of the Mortgage Loan (i.e., purchase, rate and
            term
            refinance, equity take-out refinance); 

          

          (17)
             a
            code
            indicating the documentation style (i.e. full, alternative, etc.); 

          

          (18) the
            number of times during the twelve (12) month period preceding the Closing
            Date
            that any Monthly Payment has been received after the month of its scheduled
            due
            date;

          

          (19) the
            date
            on which the first payment is or was due; 

           

          
            (20) 
              [a
              code indicating whether or not the Mortgage Loan is the subject of
              a Primary
              Mortgage Insurance Policy and the name of the related insurance
              carrier;]

          

          

          (21)
             a
            code
            indicating whether or not the Mortgage Loan is currently convertible
            and the
            conversion spread; 

          

          (22)
             the
            last
            Due Date on which a Monthly Payment was actually applied to the unpaid
            principal
            balance of the Mortgage Loan.

          

          (23)
             product
            type (i.e. fixed, adjustable, 3/1, 5/1, etc.); 

           

          
            (24) 
              credit
              score and/or mortgage score, if applicable;

          

          

          (25) a
            code
            indicating whether or not the Mortgage Loan is the subject of a Lender
            Primary
            Mortgage Insurance Policy and the name of the related insurance carrier
            and the
            Lender Paid Mortgage Insurance Rate;

          

          (26)  a
            code
            indicating whether or not the Mortgage Loan has a prepayment penalty
            and if so,
            the amount and term thereof.

          

          With
            respect to the Mortgage Loans in the aggregate, the Mortgage Loan Schedule
            shall
            set forth the following information, as of the Cut-off Date:

          

          (1) the
            number of Mortgage Loans;

          

          (2) the
            current aggregate outstanding principal balance of the Mortgage
            Loans;

          

          (3) the
            weighted average Mortgage Interest Rate of the Mortgage Loans; and

          

          (4) the
            weighted average maturity of the Mortgage Loans.

          

          
            
              
              

            

            
              
              

              
                

              

            

            
              
              

            

          

          EXHIBIT
            G

          

          ASSIGNMENT,
            ASSUMPTION AND RECOGNITION AGREEMENT

           

          

          This
            is
            an Assignment, Assumption and Recognition Agreement (the “Agreement”) made this
            ______ day of __________, 2003, among  
            (the
            "Assignor"), ________________ (the "Assignee") and CitiMortgage, Inc.
            ("Citicorp").

          

          In
            consideration of the mutual promises contained herein the parties hereto
            agree
            that the mortgage loans (the “Mortgage Loans”) listed on Attachment 1 annexed
            hereto (the "Mortgage Loan Schedule") now serviced by Citicorp for Assignor
            and
            its successors and assigns pursuant to the Mortgage Loan Purchase and
            Servicing
            Agreement dated as of _____________, 2003, between Assignor and Citicorp
            (the
“Purchase and Servicing Agreement”) shall be subject to the terms of this
            Agreement. Capitalized terms used herein but not defined shall have the
            meanings
            ascribed to them in the Purchase and Servicing Agreement.

          

          Assignment
            and Assumption

          

          1. Assignor
            hereby grants, transfers and assigns to Assignee all of the right, title
            and
            interest of Assignor in the Mortgage Loans and, to the extent of the
            Mortgage
            Loans, all of its right, title and interest in, to and under the Purchase
            and
            Servicing Agreement.

          

          Warranties

          

          2. Assignor
            warrants and represents to, and covenants with, the Assignee as of the
            date
            hereof that:

          

          (a) Attached
            hereto as Attachment 2 is a true and accurate copy of the Purchase and
            Servicing
            Agreement which agreement is in full force and effect as of the date
            hereof and
            the provisions of which have not been waived, amended or modified in
            any
            respect, nor has any notice of termination been given thereunder;

          

          (b) Assignor
            is the lawful owner of the Mortgage Loans with full right to transfer
            the
            Mortgage Loans and any and all of its interests, rights and obligations
            under
            the Purchase and Servicing Agreement to the extent of the Mortgage Loans
            free
            and clear from any and all claims and encumbrances whatsoever and upon
            the
            transfer of the Mortgage Loans to Assignee as contemplated herein, Assignee
            shall have good title to each and every Mortgage Loan, as well as any
            and all of
            Assignee’s interests, rights and obligations under the Purchase and Servicing
            Agreement to the extent of the Mortgage Loans, free and clear of all
            liens,
            claims and encumbrances;

          

          (c) There
            are
            no offsets, counterclaims or other defenses available to Citicorp with
            respect
            to the Mortgage Loans or the Purchase and Servicing Agreement;

          

          (d) Assignor
            has no knowledge of, and has not received notice of, any waivers under,
            or any
            modification of, the Mortgage Loans;

          

          (e) Assignor
            is duly organized, validly existing and in good standing under the laws
            of the
            jurisdiction of its incorporation, and has all requisite power and authority
            to
            acquire, own and sell the Mortgage Loans;

          

          (f) Assignor
            has full corporate power and authority to execute, deliver and perform
            its
            obligations under this Agreement, and to consummate the transactions
            set forth
            herein. The consummation of the transactions contemplated by this Agreement
            is
            in the ordinary course of Assignor’s business and will not conflict with, or
            result in a breach of, any of the terms, conditions or provisions of
            Assignor’s
            charter or by-laws or any legal restriction, or any material agreement
            or
            instrument to which Assignor is now a party or by which it is bound,
            or result
            in the violation of any law, rule, regulation, order, judgment or decree
            to
            which Assignor or its property is subject. The execution, delivery and
            performance by Assignor of this Agreement and the consummation by it
            of the
            transactions contemplated hereby, have been duly authorized by all necessary
            corporate action on part of Assignor. This Agreement has been duly executed
            and
            delivered by Assignor and, upon the due authorization, execution and
            delivery by
            Assignee, will constitute the valid and legally binding obligation of
            Assignor
            enforceable against Assignor in accordance with its terms except as
            enforceability may be limited by bankruptcy, reorganization, insolvency,
            moratorium or other similar laws now or hereafter in effect relating
            to
            creditors’ rights generally, and by general principles of equity regardless of
            whether enforceability is considered in a proceeding in equity or at
            law; and

          

          (g) No
            consent, approval, order or authorization of, or declaration, filing
            or
            registration with, any governmental entity is required to be obtained
            or made by
            Assignor in connection with the execution, delivery or performance by
            Assignor
            of this Agreement, or the consummation by it of the transactions contemplated
            hereby.

          

          3. Assignee
            warrants and represents to, and covenants with, Assignor and Citicorp
            that as of
            the date hereof:

          

          (a) The
            Assignee is a corporation duly organized, validly existing and in good
            standing
            under the laws of the jurisdiction of its incorporation, and has all
            requisite
            corporate power and authority to acquire, own and purchase the Mortgage
            Loans;

          

          (b) Assignee
            has full corporate power and authority to execute, deliver and perform its
            obligations under this Agreement, and to consummate the transactions
            set forth
            herein. The consummation of the transactions contemplated by this Agreement
            is
            in the ordinary course of Assignee’s business and will not conflict with, or
            result in a breach of, any of the terms, conditions or provisions of
            Assignee’s
            charter or by-laws or any legal restriction, or any material agreement
            or
            instrument to which Assignee is now a party or by which it is bound,
            or result
            in the violation of any law, rule, regulation, order, judgment or decree
            to
            which Assignee or its property is subject. The execution, delivery and
            performance by Assignee of this Agreement and the consummation by it
            of the
            transactions contemplated hereby, have been duly authorized by all necessary
            corporate action on part of Assignee. This Agreement has been duly executed
            and
            delivered by Assignee and, upon the due authorization, execution and
            delivery by
            Assignor, will constitute the valid and legally binding obligation of
            Assignee
            enforceable against Assignee in accordance with its terms except as
            enforceability may be limited by bankruptcy, reorganization, insolvency,
            moratorium or other similar laws now or hereafter in effect relating
            to
            creditors’ rights generally, and by general principles of equity regardless of
            whether enforceability is considered in a proceeding in equity or at
            law;

          

          (c) No
            consent, approval, order or authorization of, or declaration, filing
            or
            registration with, any governmental entity is required to be obtained
            or made by
            Assignee in connection with the execution, delivery or performance by
            Assignee
            of this Agreement, or the consummation by it of the transactions contemplated
            hereby; and 

          

          (d) Assignee
            agrees to be bound, as “Purchaser” (as such term is defined under the Purchase
            and Servicing Agreement), by all of the terms, covenants and conditions
            of the
            Purchase and Servicing Agreement and the Mortgage Loans, and from and
            after the
            date hereof, the Assignee assumes for the benefit of each of Assignor
            and
            Citicorp all of Assignor's obligations as Purchaser thereunder.

          

          Recognition
            of Assignee

          

          4. From
            and
            after the date hereof, Citicorp shall recognize Assignee as owner of
            the
            Mortgage Loans and will service the Mortgage Loans in accordance with
            the
            Purchase and Servicing Agreement, as if Assignee and Citicorp had entered
            into a
            separate purchase and servicing agreement for the servicing of the Mortgage
            Loans in the form of the Purchase and Servicing Agreement, the terms
            of which
            are incorporated herein by reference. It is the intention of Assignor,
            Citicorp
            and Assignee that this Agreement will constitute a separate and distinct
            servicing agreement, and the entire agreement, between Citicorp and Assignee
            to
            the extent of the Mortgage Loans and shall be binding upon and for the
            benefit
            of the respective successors and assigns of the parties hereto.

          

          5. The
            Mortgage Loans shall be serviced by Citicorp for Assignee in accordance
            with all
            applicable state, federal and local laws as well as in conformity with
            the
            provisions of the applicable Mortgages and Mortgage Notes, and pursuant
            to the
            terms and conditions of this Agreement.

          

          Miscellaneous

          

          6. All
            demands, notices and communications related to the Mortgage Loans, the
            Purchase
            and Servicing Agreement and this Agreement shall be in writing and shall
            be
            deemed to have been duly given if personally delivered at or mailed by
            registered mail, postage prepaid, as follows:

          

          
            
              
              

            

            
              
              

              
                

              

            

            
              
              

            

          

          (a)          
            In
            the
            case of Seller,

          

          CitiMortgage,
            Inc.

          12855
            North Outer Forty Drive, MS 74,

          Saint
            Louis, Missouri 63141

          Attention:
            Capital Markets

          

          with
            a
            copy to

          

          CitiMortgage,
            Inc.

          15851
            Clayton Road, MS 313

          Ballwin,
            Missouri 63011

          Attention:
            Investor Reporting Department

          

          (b)          
            In
            the
            case of Assignee

          

          ____________________________

          ____________________________

          ____________________________

          Attention:
            ___________________

          

          (c)          
            In
            the
            case of Assignor,

          

          ____________________________

          ____________________________

          ____________________________

          Attention:
            ___________________

          

          7. This
            Agreement shall be construed in accordance with the laws of the State
            of New
            York, except to the extent preempted by Federal law, and the obligations,
            rights
            and remedies of the parties hereunder shall be determined in accordance
            with
            such laws.

          

          8. No
            term
            or provision of this Agreement may be waived or modified unless such
            waiver or
            modification is in writing and signed by the party against whom such
            waiver or
            modification is sought to be enforced.

          

          9. This
            Agreement shall inure to the benefit of the successors and assigns of
            the
            parties hereto. Any entity into which the Assignor, Assignee or Citicorp
            may be
            merged or consolidated shall, without the requirement for any further
            writing,
            be deemed the Assignor, Assignee or Citicorp, respectively,
            hereunder.

          

          10. This
            Agreement shall survive the conveyance of the Mortgage Loans, the assignment
            of
            the Purchase and Servicing Agreement to the extent of the Mortgage Loans
            by the
            Assignor to the Assignee and the termination of the Purchase and Servicing
            Agreement.

          

          

          
            
              
              

            

            
              
              

              
                

              

            

            
              
              

            

          

          11. This
            Agreement may be executed simultaneously in any number of counterparts.
            Each
            counterpart shall be deemed to be an original, and all such counterparts
            shall
            constitute one and the same instrument.

          

          Modification
            of Purchase Agreement

           

          
            	12.  	
                    The
                      Company and Assignor hereby amend the Purchase Agreement as
                      follows:

                  

          

          

          (a)  Annual
            Statement as to Compliance.

          

          The
            Company will use its best efforts to deliver to the Master Servicer on
            or before
            March 15 of each year, beginning with March 15, 2004, an Officers' Certificate
            stating that (i) a review of the activities of the Company during the
            preceding
            calendar year and of performance under this Agreement has been made under
            such
            officers' supervision, (ii) the Company has fully complied with the provisions
            of this Agreement and (iii) to the best of such officers' knowledge,
            based on
            such review, the Company has fulfilled all of its obligations under this
            Agreement throughout such year, or, if there has been a default in the
            fulfillment of any such obligation, specifying each such default known
            to such
            officer and the nature and status thereof.

          

          (b) 
            Annual
            Certification. 

          

          The
            Company will use its best efforts to deliver to the Master Servicer,
            on or
            before March 15 of each year beginning March 15, 2004 a certification
            in the
            form attached hereto as Exhibit A with respect to the servicing reports
            delivered by the Company pursuant to this Agreement, the Company’s compliance
            with the servicing obligations set forth in this Agreement and any other
            information within the control of the Company. Such certification shall
            be
            signed by the senior officer in charge of servicing of the Company. In
            addition,
            the Company shall provide such other information with respect to the
            Mortgage
            Loans and the servicing and administration thereof within the control
            of the
            Company which shall be required to enable the Master Servicer, Trustee
            or
            Depositor, as applicable, to comply with the reporting requirements of
            the
            Securities and Exchange Act of 1934, as amended.

          

          (c) Event
            of
            Default.

          

          Failure
            by the Servicer to duly perform, within the required time period, its
            obligations under Subsections (a) and (b) of this Section 12 which failure
            continues unremedied for a period of fifteen (15) days after the date
            on which
            written notice of such failure, requiring the same to be remedied, shall
            have
            been given to the Servicer by any party to this Servicing Agreement or
            by any
            master servicer responsible for master servicing the Mortgage Loans pursuant
            to
            a securitization of such Mortgage Loans.

          

          (d) Third
            Party Beneficiary.

          

          The
            Master Servicer shall be considered a third party beneficiary to this
            Agreement
            entitled to all the rights and benefits accruing to the Master Servicer
            herein
            as if it were a direct party to this Agreement.

          

          

          IN
            WITNESS WHEREOF, the parties hereto have executed this Agreement the
            day and
            year first above written.

          

          

          ASSIGNOR

          

          By:
            ___________________________

          Name:
            _________________________

          Title:
            __________________________

          

          

          

           

          ASSIGNEE

          

          By:
            ___________________________

          Name:
            _________________________

          Title:
            __________________________

          

          

          

           

          CITIMORTGAGE,
            INC.

          

          By:
            ___________________________

          Name:
            _________________________

          Title:
            __________________________

          

          
            
              
              

            

            
              
              

              
                

              

            

            
              
              

            

          

          ATTACHMENT
            1

          

          MORTGAGE
            LOAN SCHEDULE

          

          
            
              
              

            

            
              
              

              
                

              

            

            
              
              

            

          

          ATTACHMENT
            2

          

          MORTGAGE
            LOAN PURCHASE AND SERVICING AGREEMENT

          

          

          

           

          
            
              
              

            

            
              
              

              
                

              

            

            
              
              

            

          

          EXHIBIT
            A

          

          FORM
            OF
            COMPANY CERTIFICATION

          

          A.  For
            so
            long as the Mortgage Loans are being serviced by Seller as part of a
            securitization transaction and a certificate with respect to such servicing
            is
            required to be furnished by Purchaser or an agent of the Purchaser under
            the
            Sarbanes-Oxley Act of 2002, as amended, and any rules and regulations
            promulgated thereunder (“Sarbanes-Oxley Act”), an officer of Seller (herein,
            also, “Servicer”), on or before March 31, 2004 and, using its best efforts,
            March 15th of each year thereafter (or if not a Business Day, the immediately
            preceding Business Day), shall execute and deliver an officer’s certification in
            compliance with the Sarbanes-Oxley Act to the related master servicer
            certifying
            as to the following matters:

           

          

          
            	(i)  	
                    I
                      have reviewed the annual statement of compliance (“Annual Statement of
                      Compliance”) prepared by Servicer, and the annual independent public
                      accountant’s servicing report made in accordance with the Uniform
                      Single Attestation Program for Mortgage Bankers
                      (“Annual Independent Public Accountant’s Servicing Report”), which have
                      been furnished to Master Servicer pursuant to this Agreement
                      and any
                      subsequent servicing agreement related thereto or the Mortgage
                      Loans
                      (collectively, “Servicing
                      Agreement”);

                  

          

           

          
            	(ii)  	
                    Based
                      on my knowledge, the information in the Annual Statement of
                      Compliance,
                      the Annual Independent Public Accountant’s Servicing Report, and all final
                      servicing reports prepared by Servicer and delivered to Master
                      Servicer
                      pursuant to the Servicing Agreement relating to the servicing
                      of the
                      Mortgage Loans, taken as a whole, does not contain any untrue
                      statement of
                      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 as of the last day of the period
                      covered by such
                      statements or reports; 

                  

          

           

          
            	(iii)  	
                    Based
                      on my knowledge, the servicing information required to be provided
                      to the
                      Master Servicer by the Servicer under the Servicing Agreement
                      has been
                      provided to Master Servicer;

                  

          

           

          
            	(iv)  	
                    I
                      am responsible for reviewing the activities performed by the
                      Servicer
                      under the Servicing Agreement and, to the best of my knowledge
                      and based
                      upon the review required by the Servicing Agreement, and except
                      as
                      disclosed in the Annual Statement of Compliance and the Annual
                      Independent
                      Public Accountant’s Servicing Report submitted to the Master Servicer, the
                      Servicer has, as of the last day of the period covered by the
                      Annual
                      Statement of Compliance fulfilled its obligations under the
                      Servicing
                      Agreement; and

                  

          

           

          
            	(v)  	
                    I
                      have disclosed to the Master Servicer all significant deficiencies
                      relating to the Servicer’s compliance with the minimum servicing standards
                      in accordance with a review conducted in compliance
                      with the Uniform
                      Single Attestation Program for Mortgage Bankers
                      or
                      similar standard as set forth in the Servicing
                      Agreement.

                  

          

           

          

          B. The
            Servicer shall indemnify and hold harmless the Master Servicer from and
            against
            any losses, damages, penalties, fines, forfeitures, reasonable legal
            fees and
            related costs, judgments and other costs and expenses arising out of
            or based
            upon a breach by the Servicer or any of its officers, directors, agents
            or
            affiliates of its obligations hereunder. 

           

          

          

          

          Capitalized
            terms used but not defined herein have the meanings ascribed to them
            in the AAR
            Agreement.

          

          Date:___________________

          

          _______________________

          [Signature]

          [Title]

          
            
              
              

            

            
              
              

              
                

              

            

            
              
              

            

          

          EXHIBIT
            H

          

          MORTGAGE
            LOAN DOCUMENTS

          

          
            	
                    1.

                  	
                    The
                      original Mortgage Note endorsed, "Pay to the order of  ,
                      without recourse" and signed in the name of Seller by an authorized
                      officer. In the event that the Mortgage Loan was acquired by
                      Seller in a
                      merger, the endorsement must be by "[Seller], successor by
                      merger to [name
                      of predecessor]"; and in the event that the Mortgage Loan was
                      acquired or
                      originated by Seller while doing business under another name,
                      the
                      endorsement must be by "[Seller], formerly known as [previous
                      name]".

                  

          

          

          
            	
                    2.

                  	
                    The
                      original Mortgage, or a copy of the Mortgage with evidence
                      of recording
                      thereon certified by the appropriate recording office to be
                      a true copy of
                      the recorded Mortgage, or, if the original Mortgage has not
                      yet been
                      returned from the recording office, a copy of the original
                      Mortgage
                      together with a certificate of either the closing attorney,
                      an officer of
                      the title insurer which issued the related title insurance
                      policy or an
                      officer of Seller, certifying that the copy is a true copy
                      of the original
                      of the Mortgage which has been delivered by such officer or
                      attorney for
                      recording in the appropriate recording office of the jurisdiction
                      in which
                      the Mortgaged Property is located.

                  

          

          

          
            	
                    3.

                  	
                    The
                      original Assignment of Mortgage from Seller, prepared in blank,
                      which
                      assignment shall be in form and substance acceptable for recording.
                      In the
                      event that the Mortgage Loan was acquired by Seller in a merger,
                      the
                      assignment must be by "[Seller], successor by merger to [name
                      of
                      predecessor]"; and in the event that the Mortgage Loan was
                      acquired or
                      originated by Seller while doing business under another name,
                      the
                      assignment must be by "[Seller], formerly known as [previous
                      name]”.

                  

          

          

          
            	
                    4.

                  	
                    The
                      original policy of title insurance, or, if the policy has not
                      yet been
                      issued, a written commitment or interim binder issued by the
                      title
                      insurance company, dated and certified as of the date the Mortgage
                      Loan
                      was funded, with a statement by the title insurance company
                      or closing
                      attorney on such binder or commit-ment that the priority of
                      the lien of
                      the related Mortgage during the period between the date of
                      the funding of
                      the related Mortgage Loan and the date of the related title
                      policy (which
                      title policy shall be dated the date of recording of the related
                      Mortgage)
                      is insured.

                  

          

          

          
            	
                    5.

                  	
                    Originals,
                      or certified true copies from the appropriate recording office,
                      of any
                      intervening assignments of the Mort-gage with evidence of recording
                      thereon, or, if the original intervening assignment has not
                      yet been
                      returned from the recording office, a certified copy of such
                      assignment.

                  

          

          

          
            	
                    6.

                  	
                    Originals
                      or copies of all assumption and modification agree-ments, if
                      any.

                  

          

          

          7. Original
            power of attorney, if applicable.

          

          
            	8.  	
                    The
                      original or certified copy, of the Primary Mortgage Insurance
                      Policy, if
                      required.

                  

          

          

          
            
              
              

            

            
              
              

              
                

              

            

            
              
              

            

          

          EXHIBIT
            I

          

          SELLER’S
            WIRING INSTRUCTIONS

          

          
            
              
              

            

            
              
              

              
                

              

            

            
              
              

            

          

          EXHIBIT
            J

          

          ESCROW
            ACCOUNT LETTER AGREEMENT

          

          

                                      ________
            __,
            2003

          

          

          

          Citibank
            ____________ hereby certifies that it has established the account described
            below as an Escrow Account pursuant to Section 11.09 of Mortgage Loan
            Purchase
            and Servicing Agreement, dated as of ___________ 1, 2003, Fixed Rate
            Mortgage
            Loans.

          

          

          
            	
                    Title
                      of Account:

                  	
                    "CitiMortgage,
                      Inc. in trust for Purchaser and various Mortgagors - Fixed
                      Rate Mortgages
                      Loans"

                  

          

          

          

          
            	
                    Account
                      Number:

                  	
                    __________________________

                  

          

          

          

          Address
            of office or

          branch
            of
            Citibank

          ______________

          at
            which
            Account is

          
            	
                    maintained:

                  	
                    __________________________

                  

          

          

          __________________________

          

          

          

          Citibank
            ____________

          

          

          

          By_________________________

          
            
              
              

            

            
              
              

              
                

              

            

            
              
              

            

          

          EXHIBIT
            K

          

          RECONSTITUTED
            MORTGAGE LOAN REPORTING

          

           

          (a) Servicer
            Mortgage Loan Number  

          (b) FNMA
            Mortgage Loan Number (if applicable)

          (c) Lender/Seller
            Mortgage Loan Number (if
            available)

          (d) Scheduled
            Balance (scheduled end of month balance reporting to Master
            Servicer/Trustee)

          (e) Actual
            Balance (actual end of month balance received from Mortgagor)

          (f) Gross
            Rate (current gross rate)

          (g) Net
            Rate
            (current passthrough)

          (h) Last
            Payment Date (LPI_DATE in Fannie's Laser Reporting)

          (p) Fannie's
            Laser Reporting  

           

          (iii)
            Remit Prin (submitted principal amount)

          (iv)
            Remit Int (submitted interest amount)

          
            
              
              

            

            
              
              

              
                

              

            

            
              
              

            

          

          EXHIBIT
            L

          

           

        

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

        
 

        

          
            

            

          

          

          

          

          

          

          

          MORTGAGE
            LOAN PURCHASE AND SERVICING AGREEMENT

          

          

          

          EMC
            MORTGAGE CORPORATION

          (Initial
            Purchaser)

          

          

          

          

          CITIMORTGAGE,
            INC.

          (Seller
            and Servicer)

          

          

          

          Fixed
            Rate Mortgage Loans

          

          

          Dated
            and effective as of August 1, 2003

          

          

          

          

          

          

          

          

          
            

            

          

          

          

          
            
              
              

            

            
              
              

              
                

              

            

            
              
              

            

          

          MORTGAGE
            LOAN PURCHASE AND SERVICING AGREEMENT

          

          

          This
            is a
            Mortgage Loan Purchase and Servicing Agreement (the “Agreement”), dated and
            effective as of August 1, 2003, by and between EMC MORTGAGE CORPORATION,
            (the
            "Initial Purchaser," and the Initial Purchaser or the Person, if any,
            to which
            the Initial Purchaser has assigned its rights and obligations hereunder
            as
            Purchaser with respect to a Mortgage Loan, and each of their respective
            successors and assigns, the “Purchaser”), and CITIMORTGAGE, INC. (the
            "Seller").

          

          WITNESSETH:

          

          WHEREAS,
            Purchaser has agreed to purchase from Seller, and Seller has agreed to
            sell to
            Purchaser, certain mortgage loans (the “Mortgage Loans”) on a non-recourse,
            servicing retained basis, and which shall be delivered as whole loans
            on the
            date provided herein (the “Closing Date”);

          

          WHEREAS,
            Each Mortgage Loan is secured by a mortgage, deed of trust or other instrument
            creating a first lien on a residential dwelling located in the jurisdiction
            indicated on the Mortgage Loan Schedule; and

          

          WHEREAS,
            Purchaser and Seller wish to prescribe the manner of the purchase, conveyance,
            management, servicing and control of the Mortgage Loans.

          

          NOW
            THEREFORE, In consideration of the premises and the mutual agreements
            hereinafter set forth, and for other good and valuable consideration,
            the
            receipt and sufficiency of which are hereby acknowledged, the Purchaser
            and
            Seller agree as follows:

           

          
 

          ARTICLE
            I

          

          DEFINITIONS;
            GENERAL INTERPRETIVE PRINCIPLES

          

          Section
            1.01 Definitions.

          

          Whenever
            used herein, the following words and phrases, unless the context otherwise
            requires, shall have the following meanings:

          

          Agreement:
            This
            Mortgage Loan Purchase and Servicing Agreement, including all exhibits
            hereto,
            and all amendments hereof and supplements hereto.

          

          Appraised
            Value:
            As to
            any Mortgage Loan, the value of the related Mortgaged Property based
            upon the
            appraisal made for the originator of the Mortgage Loan at the origination
            of the
            Mortgage Loan or the sales price of the Mortgaged Property, whichever
            is less,
            pro-vided, however, that in the case of a no cash out Refinanced Mortgage
            Loan,
            such value may be based solely upon the original appraisal.

          

          Assignment
            of Mortgage:
            An
            assignment of the Mortgage, notice of transfer or equivalent instrument,
            in
            recordable form, that when properly completed and recorded, is sufficient
            under
            the laws of the jurisdiction wherein the related Mortgaged Property is
            located
            to reflect of record the sale of the Mortgage Loan to Purchaser.

          

          Business
            Day:
            Any day
            other than (i) a Saturday or Sunday, or (ii) a day on which banking or
            savings
            and loan institutions in the States of New York , Missouri and Texas
            are
            authorized or obligated by law or executive order to be closed.

          

          Citibank:
            Citibank (New York State) and any successors or assigns.

          

          Closing
            Date:
            August
            18, 2003, or such other date as may be mutually agreed to by Seller and
            Purchaser.

          

          Closing
            Documents:
            The
            documents required pursuant to Section 8.01.

          

          Code:
            The
            Internal Revenue Code of 1986, or any successor statute thereto.

          

          Condemnation
            Proceeds:
            All
            awards or settlements in respect of a Mortgaged Property, whether permanent
            or
            temporary, partial or entire, by exercise of the power of eminent domain
            or
            condemnation, to the extent not required to be released to a Mortgagor
            in
            accordance with the terms of the related Mortgage Loan Documents.

          

          Custodial
            Account:
            The
            separate account or accounts created and maintained pursuant to Section
            10.09
            which shall be entitled "CitiMortgage, Inc., in trust for the [Purchaser],
            Owner
            of Fixed Rate Mortgage Loans" and shall be established in an Eligible
            Account,
            in the name of the Person that is the "Purchaser" with respect to the
            related
            Mortgage Loans.

          

          Custodian:
            With
            respect to any Mortgage Loan, the entity identified by the Purchaser,
            and its
            successors and assigns, as custodian for the Purchaser.

          

          Customary
            Servicing Procedures:
            Procedures (including collection procedures) (i) that Seller customarily
            employs
            and exercises in servicing and administering mortgage loans for its own
            account;
            (ii) which are in accordance with accepted mort-gage servicing practices
            of
            prudent lending institutions which service mortgage loans of the same
            type as
            such Mortgage Loan in the jurisdiction where the related Mortgaged Property
            is
            located; and (iii) which are in accordance with Fannie Mae and FHLMC
            servicing
            practices and procedures (including any waivers obtained by
            Seller).

          

          Cut-off
            Date:
            August
            1, 2003.

          

          Deleted
            Mortgage Loan:
            A
            Mortgage Loan replaced or to be replaced with a Qualified Substitute
            Mortgage
            Loan in accordance with this Agreement.

          

          Determination
            Date:
            The
            sixteenth (16th) day, or if such sixteenth (16th) day is not a Business
            Day, the
            Business Day immediately preceding such sixteenth (16th) day, of the
            month of
            the related Remittance Date.

          

          Due
            Date:
            The day
            of the month of the related Remittance Date on which each Monthly Payment
            is due
            on a Mortgage Loan, exclusive of any days of grace, which is the first
            day of
            the month.

          

          Due
            Period:
            With
            respect to each Remittance Date, the period beginning on the second day
            of the
            month preceding the month of the Remittance Date, and ending on the first
            day of
            the month in which the Remittance Date occurs.

          

          Eligible
            Account:
            An
            account established and maintained: (i) within FDIC insured accounts
            created,
            maintained and monitored by the Seller or (ii) as a trust account with
            the
            corporate trust department of a depository institution or trust company
            organized under the laws of the United States of America or any one of
            the
            states thereof or the District of Columbia which is not affiliated with
            the
            Seller (or any sub-servicer) or (iii) with an entity which is an institution
            whose deposits are insured by the FDIC, the unsecured and uncollateralized
            long-term debt obligations of which shall be rated “A2” or higher by Standard
& Poor’s and “A” or higher by Fitch, Inc. or one of the two highest
            short-term ratings by any applicable Rating Agency, and which is either
            (a) a
            federal savings association duly organized, validly existing and in good
            standing under the federal banking laws, (b) an institution duly organized,
            validly existing and in good standing under the applicable banking laws
            of any
            state, (c) a national banking association under the federal banking laws,
            or (d)
            a principal subsidiary of a bank holding company, or (iv) if ownership
            of the
            Mortgage Loans is evidenced by mortgaged-backed securities, the equivalent
            required ratings of each Rating Agency, and held such that the rights
            of the
            Purchaser and the owner of the Mortgage Loans shall be fully protected
            against
            the claims of any creditors of the Seller (or any sub-servicer) and of
            any
            creditors or depositors of the institution in which such account is maintained
            or (v) in a separate non-trust account without FDIC or other insurance
            in an
            Eligible Institution. In the event that a Custodial Account is established
            pursuant to clause (iii), (iv) or (v) of the preceding sentence, the
            Seller
            shall provide the Purchaser with written notice on the Business Day following
            the date on which the applicable institution fails to meet the applicable
            ratings requirements. 

          

          Eligible
            Institution:
            An
            institution having (i) the highest short-term debt rating, and one of
            the two
            highest long-term debt ratings of each Rating Agency; or (ii) with respect
            to
            any Custodial Account, an unsecured long-term debt rating of at least
            one of the
            two highest unsecured long-term debt ratings of each Rating Agency.

          

          Escrow
            Account:
            The
            separate account or accounts created and maintained pursuant to Section
            10.11
            which shall be entitled "CitiMortgage, Inc., in trust for the [Purchaser],
            Owner
            of Fixed Rate Mortgage Loans, and various Mortgagors" and shall be established
            in an Eligible Account, in the name of the Person that is the "Purchaser"
            with
            respect to the related Mortgage Loans.

          

          Escrow
            Payments:
            The
            amounts constituting ground rents, taxes, assessments, water rates, mortgage
            insurance pre-miums, fire and hazard insurance premiums and other payments
            required to be escrowed by the Mortgagor with the mortgagee pursuant
            to the
            Mortgage or any other document.

          

          Event
            of Default:
            Any one
            of the conditions or circumstances enumerated in Section 14.01.

          

          Fannie
            Mae: The
            Federal National Mortgage Association, or any successor thereto.

          

          Fannie
            Mae Guide(s):
            The
            Fannie Mae Selling Guide and the Fannie Mae Servicing Guide and all amendments
            or additions thereto and any waivers obtained by Seller.

          

          FDIC:
            The
            Federal Deposit Insurance Corporation or any successor
            organization.

          

          FHLMC:
            The
            Federal Home Loan Mortgage Corporation, or any successor thereto.

          

          FHLMC
            Guide:
            The
            FHLMC Single Family Seller/Servicer Guide and all amendments or additions
            thereto.

          

          Fidelity
            Bond:
            A
            fidelity bond required to be obtained by Seller pursuant to Section
            10.16.

          

          HUD:
            The
            United States Department of Housing and Urban Development or any successor
            thereto.

          

          Initial
            Purchaser:
            EMC
            Mortgage Corporation.

          

          Liquidating
            Loan:
            A
            Mortgage Loan as to which, prior to the close of business on the Business
            Day
            next preceding the Due Date, (a) has become an REO Property or (b) Seller
            and
            the Mortgagor have agreed in writing that Seller will accept a deed to
            the
            related Mortgaged Property in lieu of foreclosure in whole or partial
            satisfaction of the Mortgage Loan.

          

          Liquidation
            Proceeds:
            Cash
            (other than REO Disposi-tion Proceeds) received in connection with the
            liquidation of a defaulted Mortgage Loan, whether through the sale or
            assignment
            of the Mortgage Loan, trustee's sale, fore-closure sale or
            other-wise.

          

          Loan-to-Value
            Ratio
            or
            LTV:
            With
            respect to any Mortgage Loan, the ratio of the original outstanding principal
            amount of the Mortgage Loan, to (i) the Appraised Value of the Mortgaged
            Property as of the origination date with respect to a Refinanced Mortgage
            Loan,
            and (ii) the lesser of the Appraised Value of the Mortgaged Property
            as of the
            origination date or the purchase price of the Mortgaged Property with
            respect to
            all other Mortgage Loans.

          

          Monthly
            Payment:
            With
            respect to any Mortgage Loan, the scheduled combined payment of principal
            and
            interest payable by a Mortgagor under the related Mortgage Note on each
            Due
            Date.

          

          Mortgage:
            The
            mortgage, deed of trust or other instru-ment creating a first lien on
            an estate
            in fee simple in real property securing a Mortgage Note, including any
            rider
            incorporated by reference therein.

          

          Mortgagee:
            The
            mortgagee or beneficiary named in the Mortgage and the successors and
            assigns of
            such mortgagee or beneficiary.

          

          Mortgage
            File:
            The
            mortgage documents pertaining to a particular Mortgage Loan which are
            specified
            in Exhibit A hereto and any additional documents required to be added
            to the
            Mortgage File pursuant to this Agreement.

          

          Mortgage
            Interest 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.

          

          Mortgage
            Loan:
            An
            individual mortgage loan which is the subject of this Agreement, each
            mortgage
            loan originally sold and subject to this Agreement being identified on
            the
            Mortgage Loan Schedule. The term Mortgage Loan includes, without limitation,
            the
            contents of the Mortgage File, the Monthly Payments, Principal Prepayments,
            Liquidation Proceeds, insurance proceeds, Condemnation Proceeds, REO
            Disposition
            Proceeds and all other rights, benefits, proceeds and obligations arising
            from
            or in connection with such Mortgage Loan.

          

          Mortgage
            Loan Documents:
            The
            documents listed in Exhibit H hereto pertaining to any Mortgage
            Loan.

          

          Mortgage
            Loan Remittance Rate:
            As to
            each Mortgage Loan, the annual rate of interest payable to Purchaser,
            which
            shall be equal to the Mortgage Interest Rate minus the Servicing Fee
            Rate.

          

          Mortgage
            Loan Schedule:
            The
            schedule of Mortgage Loans attached hereto as Exhibit F, such schedule
            setting
            forth the information listed on Schedule I attached hereto.

          

          Mortgage
            Note:
            The
            note or other evidence of the indebtedness of a Mortgagor secured by
            a
            Mortgage.

          

          Mortgaged
            Property:
            The
            real property securing repayment of the debt evidenced by a Mortgage
            Note,
            consisting of a single parcel of property considered to be real estate
            under the
            law of the state in which it is located improved by a residential
            dwelling.

          

          Mortgagor:
            The
            obligor on a Mortgage Note.

          

          Officers'
            Certificate:
            A
            certificate signed by the Chairman of the Board or the Vice Chairman
            of the
            Board or the President, a Senior Vice President or a Vice President and
            by the
            Treasurer or the Secre-tary or one of the Assistant Treasurers or Assistant
            Secretaries of Seller, or by other duly authorized officers or agents
            of Seller
            and delivered to Purchaser as required by this Agreement.

          

          Opinion
            of Counsel:
            A
            written opinion of counsel.

          

          OTS:
            Office
            of Thrift Supervision, or any successor thereto.

          

          Person:
            Any
            individual, corporation, partnership, joint venture, association, joint-stock
            company, trust, unincor-porated organization or government or any agency
            or
            political subdivision thereof.

          

          Principal
            Prepayment:
            Any
            payment or other recovery of principal on a Mortgage Loan full or partial
            which
            is received in advance of its scheduled Due Date and is not accompanied
            by an
            amount of interest repre-sent-ing scheduled interest due on any date
            or dates in
            any month or months subsequent to the month of prepayment.

          

          Purchase
            Price:
            The
            price paid on the Closing Date by Purchaser to Seller in exchange for
            the
            Mortgage Loans purchased on the Closing Date as calculated as provided
            in
            Section 4.01.

          

          Purchase
            Price Percentage:
            As
            defined in Section 4.01.

          

          Purchaser:
            The
            Initial Purchaser and any subsequent permitted holder or holders of the
            Mortgage
            Loans.

          

          Qualified
            Insurer:
            Any
            insurer acceptable to Seller and qualified to do business in the state
            in which
            any related Mortgaged Property is located, duly authorized and licensed
            in such
            states to transact the applicable insurance business and to write the
            insurance
            provided, approved as an insurer by Fannie Mae or FHLMC.

          

          Qualified
            Substitute Mortgage Loan:
            A
            mortgage loan substituted by Seller for a Deleted Mortgage Loan which
            must, on
            the date of such substitution, (a) have an outstanding principal balance,
            after
            deduction of all scheduled payments due in the month of substitution
            (or in the
            case of a substitution of more than one mortgage loan for a Deleted Mortgage
            Loan, an aggregate principal balance), not in excess of the Stated Principal
            Balance of the Deleted Mortgage Loan (the amount of any shortfall plus
            interest
            thereon equal to the related Mortgage Interest Rate will be distributed
            by
            Seller to Purchaser in the month of substitution), (b) have a Mortgage
            Interest
            Rate equal to the Mortgage Interest Rate of the Deleted Mortgage Loan,
            (c) have
            a remaining term to maturity not greater than (and not more than one
            year less
            than) that of the Deleted Mortgage Loan, and (d) comply as of the date
            of
            substitution with each representa-tion and warranty set forth in Section
            6.01.

          

          Rating
            Agency:
            Standard & Poor's, Fitch, Inc., Moody’s Investor Services or, in the event
            that some or all of the ownership of the Mortgage Loans is evidenced
            by
            mortgage-backed securities, the nationally recognized rating agencies
            issuing
            ratings with respect to such securities, if any.

          

            Record
            Date:
            The
            close of business of the last Busi-ness Day of the month preceding the
            month of
            the related Remit-tance Date.

          

          Refinanced
            Mortgage Loan:
            A
            Mortgage Loan the proceeds of which were not used to purchase the related
            Mortgaged Property and the proceeds of which were used in whole or part
            to
            satisfy an existing mortgage.

          

          REMIC:
            A "real
            estate mortgage investment conduit," as such term is defined in Section
            860D of
            the Code.

          

          REMIC
            Provisions:
            The
            provisions of the federal income tax law relating to REMICs, which appear
            at
            Sections 860A through 860G of the Code, and the related provisions and
            regulations promulgated thereunder, as the foregoing may be in effect
            from time
            to time.

          

          Remittance
            Date:
            The
            eighteenth (18th) day of any month, begin-ning in September, 2003, or
            if such
            eighteenth (18th) day is not a Business Day, the first Business Day immediately
            following such eighteenth (18th) day or if the Mortgage Loans have been
            sold to
            third party investors, the Remittance Date, the first Business Day immediately
            preceding such eighteenth (18th)
            day.

          

          REO
            Account:
            The
            account or accounts maintained pursuant to Section 10.17.

          

          REO
            Disposition:
            The
            final sale by Seller of a Mortgaged Property acquired by Seller in foreclosure
            or by deed in lieu of foreclosure.

          

          REO
            Disposition Proceeds:
            All
            amounts received with respect to an REO Disposition pursuant to Section
            10.17.

          

          REO
            Property:
            A
            Mortgaged Property acquired by Seller through foreclosure or deed in
            lieu of
            foreclosure, as described in Section 10.17.

          

          Repurchase
            Price:
            With
            respect to any Mortgage Loan, a price equal to (a) the product of the
            Stated
            Principal Balance of the Mortgage Loan times (i) during the period of
            the first
            twelve (12) months following the Closing Date, the greater of (x) the
            Purchase
            Price Percentage and (y) 100%, or (ii) for any date thereafter, the lesser
            of
            (x) the Purchase Price Percentage and (y) 100%, plus (b) interest on
            such Stated
            Principal Balance at a rate equal to the Mortgage Loan Remittance Rate
            from the
            date to which interest has last been paid and distributed to Purchaser
            to the
            first day of the month following the month of repurchase.

          

          Seller:
            CitiMortgage, Inc., its successors and assigns.

          

          Servicing
            Advances:
            All
            customary, reasonable and necessary out-of-pocket costs and expenses
            incurred in
            the performance by Seller of its servicing obligations, including, but
            not
            limited to, the cost of (a) the inspection, preservation, restoration
            and
            protection of the Mortgaged Property, (b) any enforcement or judicial
            proceedings, including foreclosures, (c) the management and liquidation
            of the
            Mortgaged Property if the Mortgaged Property is acquired in satisfaction
            of the
            Mortgage and (d) compliance with the obligations under Section
            10.13.

          

          Servicing
            Fee:
            With
            respect to each Mortgage Loan, the amount of the annual fee Purchaser
            shall pay
            to Seller, which shall, for each month, be equal to one-twelfth of the
            product
            of (a) the Servicing Fee Rate and (b) the outstanding principal balance
            of such
            Mortgage Loan. Such fee shall be payable monthly, computed on the basis
            of the
            same principal amount and period respecting which any related interest
            payment
            on a Mortgage Loan is computed. The obligation of Purchaser to pay the
            Servicing
            Fee is limited to, and payable solely from, the interest portion (including
            recoveries with respect to interest from Liquidation Proceeds and other
            proceeds, to the extent permitted by Section 10.10) of related Monthly
            Payments
            collected by Seller, or as otherwise provided under Section 10.10.

          

          Servicing
            Fee Rate:
            With
            respect to each Mortgage Loan, the servicing fee rate of .25% per
            annum.

          

          Servicing
            File:
            With
            respect to each Mortgage Loan, the file retained by the Seller consisting
            of
            originals of all documents in the Mortgage File which are not delivered
            to the
            Purchaser and copies of the Mortgage Loan Documents listed in Exhibit
            H, the
            originals of which are delivered to the Purchaser or its designee pursuant
            to
            Section 5.03.

          

          Servicing
            Officer:
            Any
            officer of the Seller involved in, or responsible for, the administration
            and
            servicing of the Mortgage Loans whose name appears on a list of servicing
            officers furnished by the Seller to the Purchaser upon request, as such
            list may
            from time to time be amended.

          

          Stated
            Principal Balance:
            As to
            each Mortgage Loan, (a) the principal balance of the Mortgage Loan at
            the
            Cut-off Date after giving effect to payments of principal due on or before
            such
            date, whether or not received, minus (b) all amounts previously distributed
            to
            Purchaser with respect to the Mortgage Loan representing payments or
            recoveries
            of principal, or advances in lieu thereof.

          

          Subservicer:
            Any
            mortgage loan servicing institution other than Seller which is responsible
            for
            the servicing and administration of any Mortgage Loan or any successor
            appointed
            pursuant to any Subservicing Agreement; provided that the Subservicer
            is an
            entity that engages in the business of servicing loans, and in either
            case shall
            be authorized to transact business, and licensed to service mortgage
            loans, in
            the state or states where the related Mortgaged Properties it is to service
            are
            situated, if and to the extent required by applicable law to enable the
            Subservicer to perform its obligations hereunder and under the Subservicing
            Agreement, and in either case shall be a FHLMC or Fannie Mae approved
            mortgage
            servicer in good standing, and no event has occurred, including but not
            limited
            to a change in insurance coverage, which would make it unable to comply
            with the
            eligibility requirements for lenders imposed by Fannie Mae or for
            seller/servicers imposed by Fannie Mae or FHLMC, or which would require
            notification to Fannie Mae or FHLMC. In addition, each Subservicer will
            obtain
            and preserve its qualifications to do business as a foreign corporation
            and its
            licenses to service mortgage loans, in each jurisdiction in which such
            qualifications and/or licenses are or shall be necessary to protect the
            validity
            and enforceability of this Agreement, or any of the Mortgage Loans and
            to
            perform or cause to be performed its duties under the related Subservicing
            Agreement. 

          

          Subservicing
            Account:
            As
            defined in Section 10.06.

          

          Subservicing
            Agreement:
            Each
            agreement providing for the servicing of any of the Mortgage Loans by
            a
            Subservicer.

          

          Subservicing
            Fee:
            As to
            each Mortgage Loan, the monthly fee payable to the Subservicer, paid
            by Seller
            from its Servicing Fee.

          

          Section
            1.02 General
            Interpretive Principles.

          

          For
            purposes of this Agreement, except as otherwise expressly provided or
            unless the
            context otherwise requires:

          

          
            	 	
                    (a)

                  	
                    the
                      terms defined in this Agreement have the meanings assigned
                      to them in this
                      Agreement and include the plural as well as the singular, and
                      the use of
                      any gender herein shall be deemed to include the other
                      gender;

                  

          

          

          
            	 	
                    (b)

                  	
                    accounting
                      terms not otherwise defined herein have the meanings assigned
                      to them in
                      accordance with generally accepted accounting
                      principles;

                  

          

          

          
            	 	
                    (c)

                  	
                    references
                      herein to "Articles", "Sections", "Subsections", "Paragraphs",
                      and other
                      subdivisions without reference to a document are to designated
                      Articles,
                      Sections, Subsections, Paragraphs and other subdivisions of
                      this
                      Agreement;

                  

          

          

          
            	 	
                    (d)

                  	
                    a
                      reference to a Subsection without further reference to a Section
                      is a
                      reference to such Subsection as contained in the same Section
                      in which the
                      reference appears, and this rule shall also apply to Paragraphs
                      and other
                      subdivisions;

                  

          

          

          
            	 	
                    (e)

                  	
                    the
                      words "herein", "hereof", "hereunder" and other words of similar
                      import
                      refer to this Agreement as a whole and not to any particular
                      provision;
                      and

                  

          

          

          
            	(f)  	
                    the
                      term "include" or "including" shall mean without limitation
                      by reason of
                      enumeration.

                  

          

           

          
 

          

          ARTICLE
            II

          

          AGREEMENT
            TO PURCHASE

          

          Section
            2.01 Agreement
            to Purchase.

          

          Seller
            agrees to sell, and Purchaser agrees to purchase, Mortgage Loans having
            a Stated
            Principal Balance of $23,208,784.81 as of Cut-off Date, or in such other
            amount
            as agreed by Purchaser and Seller as evidenced by the actual aggregate
            principal
            balance of the Mortgage Loans accepted by Purchaser on the Closing
            Date.

          

           

          
 

          ARTICLE
            III

          

          MORTGAGE
            LOAN SCHEDULE

          

          Section
            3.01 Mortgage
            Loan Schedule.

          

          Seller
            shall deliver the Mortgage Loan Schedule to Purchaser at least five (5)
            Business
            Days prior to the Closing Date.

           

          
 

          ARTICLE
            IV

          

          PURCHASE
            PRICE

          

          Section
            4.01 Purchase
            Price.

          

          The
            Purchase Price for the Mortgage Loans shall be 100.917206% (the “Purchase Price
            Percentage”) of the aggregate Stated Principal Balance of the Mortgage Loans, as
            of the Cut-off Date. Purchaser will pay to Seller accrued interest on
            the Stated
            Principal Balance of each Mortgage Loan as of the Cut-off Date at its
            Mortgage
            Loan Remittance Rate from the Cut-off Date up to and including the day
            preceding
            the Closing Date, prorated on the basis of a 360 day year consisting
            of twelve
            (12) months of thirty (30) days each.

          

          Purchaser
            shall own and be entitled to receive with respect to each Mortgage Loan
            purchased, (a) all scheduled principal due after the Cut-off Date, (b)
            all other
            recoveries of principal collected on or after the Cut-off Date (provided,
            however, that all scheduled payments of principal due on or before the
            Cut-off
            Date and collected by Seller after the Cut-off Date shall belong to Seller),
            and
            (c) all payments of interest on the Mortgage Loans net of the Servicing
            Fee
            (minus that portion of any such interest payment that is allocable to
            the period
            prior to the Cut-off Date). The Stated Principal Balance of each Mortgage
            Loan
            as of the Cut-off Date is determined after application to the reduction
            of
            principal of payments of principal due on or before the Cut-off Date
            whether or
            not collected,
            together with any unscheduled principal prepayments collected prior to
            the
            related Cut-off Date.
            Therefore, for the purposes of this Agreement, payments of scheduled
            principal
            and interest prepaid for a Due Date beyond the Cut-off Date shall not
            be applied
            to the principal balance as of the Cut-off Date. Such prepaid amounts
            (minus the
            applicable Servicing Fee) shall be the property of Purchaser. Seller
            shall
            deposit any such prepaid amounts into the Custodial Account, which account
            is
            established for the benefit of Purchaser, for remittance by Seller to
            Purchaser
            on the first Remittance Date such payment is to be applied. All payments
            of
            principal and interest, less the applicable Servicing Fee, due on a Due
            Date
            following the Cut-off Date shall belong to Purchaser.

          

           

          
 

          ARTICLE
            V

          

          CONVEYANCE
            OF MORTGAGE LOANS; POSSESSION OF MORTGAGE FILES;

          BOOKS
            AND RECORDS; DELIVERY OF MORTGAGE

          LOAN
            DOCUMENTS; TRANSFER OF MORTGAGE LOANS

          

          Section
            5.01 Conveyance
            of Mortgage Loans; Possession of Mortgage Files.

          

          Seller,
            simultaneously with the execution and delivery of this Agreement, does
            hereby
            sell, transfer, assign, set over and convey to Purchaser, without recourse,
            but
            subject to the terms of this Agreement, all the right, title and interest
            of
            Seller in and to the Mortgage Loans. The contents of each Mortgage File
            not
            delivered to Purchaser are and shall be held in trust by Seller for the
            benefit
            of Purchaser as the owner thereof and Seller's possession of the portion
            of each
            Mortgage File so retained is for the sole purpose of servicing the related
            Mortgage Loan, and such retention and possession by Seller is in a custodial
            capacity only. Seller shall maintain a Servicing File consisting of a
            copy of
            the contents of each Mortgage File and the originals of the documents
            in each
            Mortgage File not delivered to the Purchaser. Upon the purchase of the
            Mortgage
            Loans, the ownership of each Mortgage Note, Mortgage and each related
            Mortgage
            File is vested in Purchaser and the ownership of all records and documents
            with
            respect to each related Mortgage Loan prepared by or which come into
            the
            possession of Seller shall immediately vest in Purchaser and shall be
            retained
            and main-tained, in trust, by Seller in such custodial capacity only.
            The
            portion of each Mort-gage File so retained shall be appropriately marked
            to
            clearly reflect the sale of the related Mortgage Loan to Purchaser. Seller
            shall
            release from its custody the contents of any Mortgage File only in accordance
            with written instructions from Purchaser, unless such release is required
            as
            incidental to Seller's servicing of the Mortgage Loans or is in connection
            with
            a repurchase of any Mortgage Loan pursuant to Section 6.03.

          

          Section
            5.02 Books
            and Records.

          

          All
            rights arising out of the Mortgage Loans including, but not limited to,
            all
            funds received on or in connection with a Mortgage Loan shall be held
            by Seller
            in trust for the benefit of Purchaser as the owner of the Mortgage
            Loans.

          

          The
            sale
            of each Mortgage Loan shall be reflected on Seller's balance sheet and
            other
            financial statements as a sale of assets by Seller. Seller shall be responsible
            for maintaining, and shall maintain, a complete set of books and records
            for
            each Mortgage Loan which shall be clearly marked to reflect the ownership
            of
            each Mortgage Loan by Purchaser in Seller’s computer system.

          

          Seller
            shall maintain in its possession, available for inspection by the Purchaser
            upon
            reasonable notice, or its designee and shall deliver to the Purchaser
            upon
            demand, evidence of compliance with all federal, state and local laws,
            rules and
            regulations, and requirements of Fannie Mae or FHLMC, as applicable,
            including
            but not limited to documentation as to the method used in determining
            the
            applicability of the provisions of the Flood Disaster Protection Act
            of 1973, as
            amended, to the Mortgaged Property, documentation evidencing insurance
            coverage
            of any condominium project as required by Fannie Mae or FHLMC,. To the
            extent
            that original documents are not required for purposes of realization
            of
            Liquidation Proceeds or insurance proceeds, documents maintained by the
            Seller
            may be in the form of microfilm or microfiche or other imaged
            format.

          

          Seller
            shall maintain with respect to each Mortgage Loan and shall make available
            for
            inspection upon reasonable notice by any Purchaser or its designee the
            related
            Servicing File during the time the Purchaser retains ownership of a Mortgage
            Loan and thereafter in accordance with applicable laws and
            regulations.

          

          In
            addition to the foregoing, Seller shall provide to any supervisory agents
            or
            examiners that regulate Purchaser, including but not limited to, the
            OTS, the
            FDIC and other similar entities, access, during normal business hours,
            upon
            reasonable advance notice to Seller and without cost to Seller or such
            supervisory agents or examiners, to any documentation regarding the Mortgage
            Loans that may be required by any applicable regulator.

          

          Section
            5.03 Delivery
            of Mortgage Loan Documents.

          

          Seller
            shall deliver to Purchaser or custodian, as directed by Purchaser, the
            Mortgage
            Loan Documents as required by Exhibit H hereto for each Mortgage Loan
            no later
            than five (5) Business Days prior to the Closing Date.

          

          Seller
            shall forward to Purchaser or its designee, original documents evidencing
            an
            assumption, modification, consolidation or extension of any Mortgage
            Loan
            entered into in accordance with this Agreement within two (2) weeks of
            their
            execution; provided, however, that Seller shall provide Purchaser or
            its
            designee, with a certified true copy of any such document submitted for
            recordation within two (2) weeks of its execution, and shall provide
            the
            original of any document submitted for recordation or a copy of such
            document
            certified by the appropriate public recording office to be a true and
            complete
            copy of the original within 270 days of its submission for recordation.
            In the
            event Seller cannot deliver the original of such documents submitted
            for
            recording due to a delay by the recording office in the applicable jurisdiction,
            Seller shall instead deliver a recording receipt of such recording office
            or, if
            such recording receipt is not available, an Officer's Certificate from
            Seller
            confirming that such documents have been accepted for recording. Any
            such
            document shall be delivered to Purchaser or its designee promptly upon
            receipt
            thereof from the related recording office.

          

          From
            time
            to time Purchaser shall deliver or cause to be delivered to Seller, as
            soon as
            practicable following receipt of a written request from Seller, by first
            class
            mail and at no expense to Seller, any Mortgage Loan Document needed by
            Seller in
            connection with the servicing of a Mortgage Loan. Seller’s request for the
            release of a Mortgage Loan Document shall specify in reasonable detail
            the
            reason for Seller’s request. During the time that any such Mortgage Loan
            Document is in the possession of Seller, such possession shall be deemed
            to be
            in trust for the benefit of Purchaser and Seller shall promptly return
            to
            Purchaser or its designee any Mortgage Loan Document so released when
            Seller’s
            need for such Mortgage Loan Document no longer exists. Purchaser shall
            indemnify
            and hold Seller harmless against any and all claims, losses, damages,
            penalties,
            fines, forfeitures, reasonable and necessary legal fees and related costs,
            judgments, and any other costs, fees and expenses that Seller may sustain
            in
            connection with any third party claim in any way related to Purchaser’s or its
            designee’s failure to release, in a timely manner, the Mortgage Loan Documents
            requested by Seller. Purchaser shall pay all costs, fees and expenses
            in
            connection with the possession of the Mortgage Loan Documents.

          

          Purchaser
            shall provide Seller with written notice at least fifteen (15) days prior
            to any
            transfer of the Mortgage Loan Documents.

          

          Section
            5.04 Transfer
            of Mortgage Loans.

          

          The
            Initial Purchaser shall have the right, without the consent of Seller,
            to assign
            its interest under this Agreement with respect to all or some of the
            Mortgage
            Loans, and designate any person to exercise any rights of Purchaser hereunder,
            and the assignee or designee shall accede to the rights and obligations
            hereunder of Purchaser with respect to such Mortgage Loans; provided,
            however,
            that Seller shall not be required to recognize any assignment to the
            extent that
            it would result in Mortgage Loans being serviced for more than three
            (3)
            Purchasers hereunder. All references to Purchaser shall be deemed to
            include its
            assignee or designee.

          

          Seller
            shall keep at its servicing office books and records in which, subject
            to such
            reasonable regulations as it may prescribe, Seller shall note transfers
            of the
            Mortgage Loans. No transfer of the Mortgage Loans may be made unless
            such
            transfer is in compliance with the terms hereof. For the purposes of
            this
            Agreement, Seller shall be under no obligation to deal with any person
            with
            respect to this Agreement or the Mortgage Loans unless the books and
            records
            show such person as Purchaser of the Mortgage Loans. Purchaser may, subject
            to
            the terms of this Agreement, sell and transfer, in whole or in part,
            the
            Mortgage Loans, provided that no such sale and transfer shall be binding
            upon
            Seller unless such transferee shall agree in writing in the form of (i)
            an
            Assignment, Assumption and Recognition Agreement attached hereto as Exhibit
            G,
            or (ii) a FNMA Tri-Party Agreement or (iii) a FHLMC Form 960; (collectively,
            the
“Reconstitution Agreements”), to be bound by the terms of this Agreement and an
            executed copy of such Reconstitution Agreement shall have been delivered
            to
            Seller. Upon receipt thereof, Seller shall mark its books and records
            to reflect
            the ownership of the Mortgage Loans by such assignee, and the previous
            Purchaser
            shall be released from its obligations hereunder to the extent such obligations
            relate to Mortgage Loans sold by Purchaser. This Agreement shall be binding
            upon
            and inure to the benefit of Purchaser and Seller and their respective
            permitted
            successors, assignees and designees.

          

          Section
            5.05 Quality
            Control Procedures.

          

          Seller
            must have an internal quality control program that verifies, on a regular
            basis,
            the existence and accuracy of the legal documents, credit documents,
            property
            appraisals, and underwriting decisions. The program must be capable of
            evaluating and monitoring the overall quality of its loan production
            and
            servicing activities. The program is to ensure that the Mortgage Loans
            are
            originated and serviced in accordance with prudent mortgage banking practices
            and accounting principles; guard against dishonest, fraudulent, or negligent
            acts; and guard against errors and omissions by officers, employees,
            or other
            authorized persons.

           

          
 

          

          ARTICLE
            VI

          

          REPRESENTATIONS
            AND WARRANTIES;

          REMEDIES
            FOR BREACH

          

          

          Section
            6.01 Representations
            and Warranties Regarding Individual Mortgage Loans.
            

          

          Seller
            hereby represents and warrants to Purchaser that, as to each Mortgage
            Loan, as
            of the Closing Date (or such other date as may be specified
            herein):

          

          
            	 	
                    (a)

                  	
                    The
                      information set forth on the Mortgage Loan Schedule and the
                      magnetic tape
                      or diskette delivered to Purchaser by Seller is complete, true
                      and correct
                      as of the Cut-off Date;

                  

          

          

          
            	 	
                    (b)

                  	
                    The
                      Mortgage Note and the Mortgage have not been assigned or pledged,
                      and
                      Seller has good and marketable title thereto, and Seller is
                      the sole owner
                      and holder of the Mortgage Loan free and clear of any and all
                      liens,
                      claims, encumbrances, participation interests, equities, pledges,
                      charges
                      or security interests of any nature and has full right and
                      author-ity,
                      subject to no interest or participation of, or agreement with,
                      any other
                      party, to sell and assign the same pursuant to this
                      Agreement;

                  

          

          

          
            	 	
                    (c)

                  	
                    The
                      Mortgage is a valid and subsisting first lien on the property
                      therein
                      described, and the Mortgaged Property is free and clear of
                      any and all
                      adverse claims, encumbrances and liens having priority over
                      the first lien
                      of the Mort-gage except for (i) liens for real estate taxes
                      and special
                      assessments not yet due and payable, (ii) covenants, conditions
                      and
                      restrictions, rights of way, easements and other matters of
                      public record
                      as of the date of recording being acceptable to mortgage lending
                      institutions generally and specifically referred to in the
                      lender's title
                      insurance policy delivered to the originator of the Mortgage
                      Loan and
                      which do not adversely affect the Appraised Value of the Mortgaged
                      Property, and (iii) 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 the Mortgage or the use,
                      enjoyment,
                      value or marketability of the related Mortgaged Property. Any
                      security
                      agreement, chattel mortgage or equivalent document related
                      to the Mortgage
                      and delivered to Purchaser establishes in Seller a valid and
                      sub-sisting
                      first lien on the property described therein, and Seller has
                      full right to
                      sell and assign the same to
                      Purchaser;

                  

          

          

          
            	 	
                    (d)

                  	
                    The
                      terms of the Mortgage Note and the Mortgage have not been impaired,
                      waived, altered or modified in any respect, except by a written
                      instrument
                      which has been recorded, if required by law, or, if necessary,
                      to protect
                      the interest of Purchaser. The substance of any such alteration
                      or
                      modification is reflected on the Mortgage Loan Schedule and
                      has been
                      approved by the private mortgage guaranty insurer, if
                      any;

                  

          

          

          
            	 	
                    (e)

                  	
                    No
                      instrument of release, alteration, modification or waiver has
                      been
                      executed in connection with the Mortgage Loan, and no Mortgagor
                      has been
                      released, in whole or in part, except in connection with an
                      assumption
                      agreement which has been approved by the private mortgage guaranty
                      insurer, if any, and except such Mortgage Loan which contains
                      in the
                      related Mortgage File evidence of a release or waiver or an
                      assumption
                      agreement discharging the original borrower from all of the
                      debt
                      obligations in connection with the related Mortgage Loan and
                      providing for
                      the assumption of all such debt obligations by the party assuming
                      the
                      obligations under the Mortgage Loan and, in each case, terms
                      of which are
                      reflected in the Mortgage Loan
                      Schedule;

                  

          

          

          
            	 	
                    (f)

                  	
                    There
                      are no defaults in complying with the terms of the Mortgage,
                      and, all
                      taxes, governmental assessments, insurance premiums, water,
                      sewer and
                      municipal charges, leasehold payments or ground rents which
                      previously
                      became due and owing have been paid, or an escrow of funds
                      has been
                      established in an amount sufficient to pay for every such item
                      which
                      remains unpaid and which has been assessed but is not yet due
                      and payable.
                      Seller has not advanced funds, or induced, solicited or knowingly
                      received
                      any advance of funds by a party other than the Mortgagor, directly
                      or
                      indirectly, for the payment of any amount required by the Mortgage
                      Note or
                      Mortgage, except for interest accruing from the date of the
                      Mortgage Note
                      or date of disbursement of the Mortgage proceeds, whichever
                      is greater, to
                      the day which precedes by one month the Due Date of the first
                      installment
                      of principal and interest;

                  

          

          

          
            	 	
                    (g)

                  	
                    There
                      is no proceeding pending or threatened for the total or partial
                      condemnation of the Mortgaged Property, nor is such a proceeding
                      currently
                      occurring, and such property is undamaged by waste, fire, earthquake
                      or
                      earth movement, windstorm, flood, tornado or other casualty,
                      so as to
                      affect materially and adversely the value of the Mortgaged
                      Property as
                      security for the Mortgage Loan or the use for which the premises
                      were
                      intended. There is no pending action or proceeding directly
                      involving the
                      Mortgaged Property in which compliance with any environmental
                      law, rule or
                      regulation is an issue; there is no violation of any environmental
                      law,
                      rule or regulation with respect to the Mortgaged Property;
                      and the Seller
                      has not received any notice of any environmental hazard on
                      the Mortgaged
                      Property and nothing further remains to be done to satisfy
                      in full all
                      requirements of each such law, rule or regulation constituting
                      a
                      prerequisite to use and enjoyment of said
                      property;

                  

          

          

          
            	 	
                    (h)

                  	
                    There
                      are no mechanics' or similar liens or claims which have been
                      filed for
                      work, labor or material (and no rights are outstanding that
                      under law
                      could give rise to such lien) affecting the Mortgaged Property
                      which are,
                      or may be, liens prior or equal to, or coordinate with, the
                      lien of the
                      related Mortgage unless such lien is insured under the related
                      title
                      insurance policy;

                  

          

          

          
            	 	
                    (i)

                  	
                    All
                      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 the Mortgaged Property and,
                      to Seller's
                      knowledge, no improvements on adjoining properties encroach
                      upon the
                      Mortgaged Property (other than minor encroachments (i) which
                      do not affect
                      the value of the Mortgage Loan or the Purchaser’s interest therein and
                      (ii) to which properties similar to the Mortgaged Property
                      within the same
                      jurisdiction are commonly subject and which do not interfere
                      with the
                      benefits of the security intended to be provided by the related
                      Mortgage
                      or the use, enjoyment, value or marketability of the related
                      Mortgaged
                      Property);

                  

          

          

          
            	 	
                    (j)

                  	
                    No
                      improvement located on or being part of the Mortgaged Property
                      is in
                      violation of any applicable zoning law or regulation and all
                      inspections,
                      licenses and certificates required to be made or issued with
                      respect to
                      all occupied portions of the Mortgaged Property and, with respect
                      to the
                      use and occupancy of the same, including but not limited to
                      certificates
                      of occupancy and fire underwriting certif-icates, have been
                      made or
                      obtained from the appropriate authorities and the Mortgaged
                      Property is
                      lawfully occupied under applicable
                      law;

                  

          

          

          
            	 	
                    (k)

                  	
                    All
                      parties which have had any interest in the Mortgage Loan, whether
                      as
                      mortgagee, assignee, pledgee or otherwise, are (or, during
                      the period in
                      which they held and disposed of such interest, were) (i) in
                      compliance
                      with any and all applicable licensing requirements of the laws
                      of the
                      state wherein the Mortgaged Property is located, and (ii) either
                      (1)
                      organized under the laws of such state, or (2) qualified to
                      do business in
                      such state, or (3) federal savings and loan associations, federal
                      savings
                      banks or national banks having authorized offices in such state,
                      or (4)
                      not doing business in such state;

                  

          

          

          
            	 	
                    (l)

                  	
                    All
                      Mortgage Loans will be current as of the Closing Date. No
                      payment required under any Mortgage Loan has been more than
                      thirty (30)
                      days delinquent prior to the Cut-off Date. All payments due
                      prior to the
                      Cut-off Date for such Mortgage Loan have been made as of the
                      Closing Date;
                      the Mortgage Loan has not been dishonored; there are no material
                      defaults
                      under the terms of the Mortgage Loan. As of the Closing Date,
                      all of the
                      Mortgage Loans will have an actual interest paid to date of
                      their related
                      Cut-off Date (or later) and will be due for the scheduled monthly
                      payment
                      next succeeding the Cut-off Date (or later), as evidenced by
                      a posting to
                      Seller’s servicing collection
                      system.

                  

          

          

          
            	 	
                    (m)

                  	
                    The
                      Mortgage File contains each of the documents and instruments
                      specified to
                      be included therein duly executed and in due and proper form,
                      and each
                      such document or instrument is in form acceptable to Fannie
                      Mae and FHLMC,
                      and each Mortgage Note, Mortgage, and appraisal are on forms
                      acceptable to
                      Fannie Mae and FHLMC;

                  

          

          

          
            	 	
                    (n)

                  	
                    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, except as enforceability may be
                      limited by
                      applicable bankruptcy, insolvency, reorganization or other
                      similar laws
                      relating to or affecting the enforcement of creditors' rights
                      and by
                      general principles of equity. All parties to the Mortgage Note
                      and the
                      Mort-gage 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;

                  

          

          

          
            	 	
                    (o)

                  	
                    Any
                      and all requirements of any federal, state or local law including,
                      without
                      limitation, usury, truth-in-lending, real estate settlement
                      procedures,
                      consumer credit protection, equal credit opportunity or disclo-sure
                      laws
                      applicable to the Mortgage Loan have been complied with. None
                      of the
                      Mortgage Loans are (a) loans subject to 12 CFR Part 226.31,
                      12 CFR Part
                      226.32 or 12 CFR Part 226.34 of Regulation Z, the regulation
                      implementing
                      TILA, which implements the Home Ownership and Equity Protection
                      Act of
                      1994, as amended or (b) classified and/or defined as a “high cost”,
                      "covered", or “predatory” loan under any other state, federal or local law
                      or regulation or ordinance, including, but not limited to,
                      the States of
                      Georgia and North Carolina. The Seller maintains, and shall
                      maintain,
                      evidence of such compliance as required by applicable law or
                      regulation
                      and shall make such evidence available for inspection at the
                      Seller’s
                      office during normal business hours upon reasonable advance
                      notice;
                      

                  

          

          

          
            	 	
                    (p)

                  	
                    The
                      proceeds of the Mortgage Loan have been fully disbursed, there
                      is no
                      requirement for future advances thereunder and any and all
                      requirements as
                      to comple-tion of any on-site or off-site improvements and
                      as to
                      disbursements of any escrow funds therefor have been complied
                      with. All
                      costs, fees and expenses incurred in making or closing Mortgage
                      Loans and
                      the recording of the Mortgage were
                      paid;

                  

          

          

          
            	 	
                    (q)

                  	
                    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
                      princi-pal amount, as consolidated, bears a single interest
                      rate and
                      single repayment term reflected on the Mort-gage Loan Schedule.
                      The lien
                      of the Mortgage securing the consolidated principal amount
                      is expressly
                      insured as having first lien priority by a title insurance
                      policy, an
                      endorsement to the policy insuring the Mortgagee's consolidated
                      interest
                      or by other title evidence. The consolidated principal amount
                      does not
                      exceed the original principal amount of the Mortgage
                      Loan;

                  

          

          

          
            	 	
                    (r)

                  	
                    All
                      improvements upon the Mortgaged Property are insured by a generally
                      acceptable insurer acceptable to Fannie Mae or FHLMC against
                      loss by fire,
                      hazards of extended coverage and such other hazards as are
                      customary in
                      the area where the Mortgaged Property is located, pursuant
                      to insurance
                      policies conforming to the requirements of Section 10.15 hereof.
                      All
                      individual insurance policies (collectively, the "hazard insurance
                      policy") are the valid and binding obligation of the insurer
                      and contain a
                      standard mortgagee clause insuring Seller, its successors and
                      assigns, as
                      mortgagee. All premiums thereon have been paid. The Mortgage
                      obligates the
                      Mortgagor thereunder to maintain all such insurance at the
                      Mortgagor's
                      cost and expense, and upon the Mortgagor's failure to do so,
                      authorizes
                      the holder of the Mortgage to obtain and maintain such insurance
                      at the
                      Mortgagor's cost and expense and to seek reimbursement therefor
                      from the
                      Mortgagor. Neither the Seller (nor any prior originator or
                      servicer of any
                      of the Mortgage Loans) nor any Mortgagor has engaged in any
                      act or
                      omission which has impaired or would impair the coverage of
                      any such
                      policy, the benefits of the endorsement provided for herein,
                      or the
                      validity and binding effect of
                      either;

                  

          

          

          
            	 	
                    (s)

                  	
                    There
                      is no default, breach, violation or event of acceleration existing
                      under
                      the Mortgage or the related Mortgage Note and no event which,
                      with the
                      passage of time or with notice and the expiration of any grace
                      or cure
                      period, would constitute a default, breach, viola-tion or event
                      of
                      acceleration; and Seller has not waived any default, breach,
                      violation or
                      event of acceleration;

                  

          

          

          
            	 	
                    (t)

                  	
                    The
                      Mortgage Loan is not subject to any right of rescission, set-off,
                      counterclaim or defense, including, without limitation, the
                      defense of
                      usury, nor will the operation of any of the terms of the Mortgage
                      Note or
                      the Mortgage, or the exercise of any right thereunder, render
                      either the
                      Mortgage Note or the Mortgage unenforceable, in whole or in
                      part, or
                      subject to any right of rescission, set-off, counter-claim
                      or defense,
                      including the defense of usury, and no such right of rescission,
                      set-off,
                      counterclaim or defense has been asserted with respect thereto;
                      and as of
                      the Closing Date the Mortgagor was not a debtor in any state
                      or federal
                      bankruptcy or insolvency
                      proceeding;

                  

          

          

          
            	 	
                    (u)

                  	
                    All
                      provisions of each primary mortgage insurance policy have been
                      and are
                      being complied with, such policy is in full force and effect,
                      and all
                      premiums due thereunder have been paid. No Mortgage Loan requires
                      payment
                      of such premiums, in whole or in part, by the Purchaser. No
                      action,
                      inaction, or event has occurred and no state of facts exists
                      that has, or
                      will result in the exclusion from, denial of, or defense to
                      coverage. Any
                      Mortgage Loan subject to a primary mortgage insurance policy
                      obligates the
                      Mortgagor thereunder to maintain the primary mortgage insurance
                      policy,
                      subject to state and federal law, and to pay all premiums and
                      charges in
                      connection therewith. No action has been taken or failed to
                      be taken, on
                      or prior to the Closing Date which has resulted or will result
                      in an
                      exclusion from, denial of, or defense to coverage under any
                      primary
                      mortgage insurance policy (including, without limitation, any
                      exclusions,
                      denials or defenses which would limit or reduce the availability
                      of the
                      timely payment of the full amount of the loss otherwise due
                      thereunder to
                      the insured) whether arising out of actions, representations,
                      errors,
                      omissions, negligence, or fraud of the Seller or the Mortgagor,
                      or for any
                      other reason under such coverage; The mortgage interest rate
                      for the
                      Mortgage Loan as set forth on the Mortgage Loan Schedule is
                      net of any
                      such insurance premium. None of the Mortgage Loans are subject
                      to
                      “lender-paid” mortgage insurance;

                  

          

          

          
            	 	
                    (v)

                  	
                    The
                      Mortgage Note is not secured by any collateral, pledged account
                      or other
                      security except the lien of the corresponding Mortgage and
                      the security
                      interest of any applicable security agreement or chattel mortgage
                      referred
                      to in Section 6.01(c). There is no homestead or other exemption
                      available
                      to the Mortgagor which would interfere with the right to sell
                      the
                      Mortgaged Property at a trustee's sale or the right to foreclose
                      the
                      Mortgage;

                  

          

          

          
            	 	
                    (w)

                  	
                    The
                      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
                      provided
                      thereby, including, (i) in the case of a Mortgage designated
                      as a deed of
                      trust, by trustee's sale, and (ii) otherwise by judicial foreclosure,
                      subject only to rights of redemption, seizure and other laws
                      that would
                      not materially interfere with the ultimate realization of the
                      benefits of
                      the security;

                  

          

          

          
            	 	
                    (x)

                  	
                    No
                      fraud, error, omission, misrepresentation, negligence or similar
                      occurrence with respect to a Mortgage Loan has taken place
                      on the part of
                      Seller or the Mortgagor or, any other party involved in the
                      origination of
                      the Mortgage Loan;

                  

          

          

          
            	 	
                    (y)

                  	
                    The
                      Mortgaged Property consists of a single parcel of real property
                      with a one
                      family residence erected thereon, or a two-to-four family dwelling,
                      or an
                      individual condominium unit, planned unit development unit
                      or townhouse;
                      provided, however, that no residence or dwelling is a single
                      parcel of
                      real property with a manufactured home not affixed to a permanent
                      foundation, or a mobile home. Any
                      condominium unit or planned unit development conforms with
                      the Seller’s
                      underwriting guidelines. As
                      of the date of origination, no portion of any Mortgaged Property
                      was used
                      for commercial purposes, and since the origination date, no
                      portion of any
                      Mortgaged Property has been, or currently is, used for commercial
                      purposes;

                  

          

          

          
            	 	
                    (z)

                  	
                    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, to Seller's knowledge, no escrow deposits
                      or
                      payments of other charges or payments due Seller have been
                      capital-ized
                      under the Mortgage or the related Mortgage
                      Note;

                  

          

          

          
            	 	
                    (aa)

                  	
                    The
                      collection and servicing practices used by Seller with respect
                      to the
                      Mortgage Note and Mortgage have been in all respects legal
                      and customary
                      in the mortgage servicing business;

                  

          

          

          
            	 	
                    (bb)

                  	
                    The
                      Mortgage Loan is covered by an ALTA or CLTA mortgage title
                      insurance
                      policy, or such other generally acceptable form of policy or
                      insurance
                      acceptable to Fannie Mae or FHLMC, issued by and the valid
                      and binding
                      obligation of a title insurer acceptable to Fannie Mae or FHLMC,
                      and
                      qualified to do business in the jurisdiction where the Mortgaged
                      Property
                      is located, insuring Seller, its successors and assigns, as
                      to the first
                      priority lien of the Mortgage in the original principal amount
                      of the
                      Mortgage Loan
                      and against any loss by reason of the invalidity or unenforceability
                      of
                      the lien resulting from the provisions of the Mortgage.
                      Such mortgage title insurance policy insures Seller, its successors
                      and
                      assigns as mortgagee and the assignment to Purchaser of Seller's
                      interest
                      in such mortgage title insurance policy does not require the
                      consent of or
                      notification to the insurer, such mortgage title insurance
                      policy is in
                      full force and effect and will be in full force and effect
                      and inure to
                      the benefit of Purchaser upon the consummation of the trans-actions
                      contemplated by this Agreement. No claims have been made under
                      such
                      mortgage title insurance policy and, to Seller's knowledge,
                      no prior
                      holder of the related Mortgage, including Seller, has done,
                      by act or
                      omission, anything which would impair the coverage of such
                      mortgage title
                      insurance policy;

                  

          

          

          
            	 	
                    (cc)

                  	
                    Principal
                      payments on the Mortgage Loan commenced no more than sixty
                      (60) days after
                      the proceeds of the Mortgage Loan were disbursed. The Mortgage
                      Loan bears
                      interest at the Mortgage Interest Rate. With respect to each
                      Mortgage
                      Loan, the Mortgage Note is payable on the first day of each
                      month in
                      Monthly Payments which will fully amortize the Stated Principal
                      Balance of
                      the Mortgage Loan over its remaining term at the Mortgage Interest
                      Rate.
                      Each Mortgage Loan bears interest based upon a thirty (30)
                      day month and a
                      three hundred and sixty (360) day year. The Mortgage Loans
                      have an
                      original term to maturity of not more than fifteen (15) years,
                      with
                      interest payable in arrears on the first day of each month.
                      The Mortgage
                      Note does not permit negative amortization. None of the Mortgage
                      Loans are
                      “interest-only” Mortgage Loans. None of the Mortgage Loans are considered
                      agricultural loans; 

                  

          

          

          
            	(dd)  	
                    The
                      Mortgage Loans were originated or purchased by the Seller and
                      were
                      underwritten in accordance with Fannie Mae guidelines (inclusive
                      of any
                      negotiated items or waivers incorporated into Seller’s Fannie Mae Master
                      Agreement);

                  

          

          

          
            	(ee)  	
                    The
                      Mortgage has not been satisfied, canceled or subordinated,
                      in whole or in
                      part, or rescinded, and the Mortgaged Property has not been
                      released from
                      the lien of the Mortgage, in whole or in part nor has any instrument
                      been
                      executed that would effect any such release, cancellation,
                      subordination
                      or rescission. The Seller has not waived the performance by
                      the Mortgagor
                      of any action, if the Mortgagor’s failure to perform such action would
                      cause the Mortgage Loan to be in default, nor has the Seller
                      waived any
                      default resulting from any action or inaction by the
                      Mortgagor;

                  

          

          

          
            	(ff)  	
                    The
                      Seller is the sole owner and holder of the Mortgage Loan and
                      the
                      indebtedness evidenced by the Mortgage Note. Upon the sale
                      of the Mortgage
                      Loan to the Purchaser, the Seller will retain the Mortgage
                      File or any
                      part thereof with respect thereto not delivered to the Purchaser
                      or the
                      Purchaser’s designee in trust only for the purpose of servicing and
                      supervising the servicing of the Mortgage Loan. The Seller
                      intends to
                      relinquish all rights to possess, control and monitor the Mortgage
                      Loan,
                      except for the purposes of servicing the Mortgage Loan as set
                      forth in
                      this Agreement. After the Closing Date, the Seller will not
                      have any right
                      to modify or alter the terms of the sale of the Mortgage Loan
                      and the
                      Seller will not have any obligation or right to repurchase
                      the Mortgage
                      Loan or substitute another Mortgage Loan, except as provided
                      in this
                      Agreement, or as otherwise agreed to by the Seller and the
                      Purchaser;

                  

          

          

          
            	(gg)  	
                    The
                      Mortgaged Property is not subject to any material damage. At
                      origination
                      of the Mortgage Loan there was not, since origination of the
                      Mortgage Loan
                      there has not been, and there currently is no proceeding pending
                      for the
                      total or partial condemnation of the Mortgaged Property. The
                      Seller has
                      not received notification that any such proceedings are scheduled
                      to
                      commence at a future date;

                  

          

          

          
            	(hh)  	
                    The
                      Mortgage File contains an appraisal of the related Mortgaged
                      Property
                      signed prior to the final approval of the mortgage loan application
                      by an
                      appraiser approved by the Seller, who had no interest, direct
                      or indirect,
                      in the Mortgaged Property or in any loan made on the security
                      thereof, and
                      whose compensation is not affected by the approval or disapproval
                      of the
                      Mortgage Loan, and the appraisal and appraiser both satisfy
                      the
                      requirements of Fannie Mae or FHLMC and Title XI of the Federal
                      Institutions Reform, Recovery, and Enforcement Act of 1989
                      and the
                      regulations promulgated thereunder, all as in effect on the
                      date the
                      Mortgage Loan was originated. The appraisal is in a form acceptable
                      to
                      Fannie Mae or FHLMC;

                  

          

          

          
            	(ii)  	
                    If
                      the Mortgage constitutes a deed of trust, a trustee, authorized
                      and duly
                      qualified if required under applicable law to act as such,
                      has been
                      properly designated and currently so serves and is named in
                      the Mortgage,
                      and no fees or expenses, except as may be required by local
                      law, are or
                      will become payable by the Purchaser to the trustee under the
                      deed of
                      trust, except in connection with a trustee's sale or attempted
                      sale after
                      default by the Mortgagor; 

                  

          

          

          
            	(jj)  	
                    The
                      Mortgagor has received and has executed, where applicable,
                      all disclosure
                      materials required by applicable law with respect to the making
                      of such
                      mortgage loans; 

                  

          

          

          
            	(kk)  	
                    The
                      Mortgage Loan does not contain balloon or "graduated payment"
                      features. No
                      Mortgage Loan is subject to a buydown agreement or contains
                      any buydown
                      provision;

                  

          

          

          
            	(ll)  	
                    The
                      Mortgagor is not in bankruptcy and, the Mortgagor is not insolvent
                      and the
                      Seller has no knowledge of any circumstances or conditions
                      with respect to
                      the Mortgage, the Mortgaged Property, the Mortgagor or the
                      Mortgagor's
                      credit standing that could reasonably be expected to cause
                      investors to
                      regard the Mortgage Loan as an unacceptable investment, cause
                      the Mortgage
                      Loan to become delinquent, or materially adversely affect the
                      value or
                      marketability of the Mortgage Loan;

                  

          

          

          
            	(mm)  	
                    The
                      Assignment of Mortgage is in recordable form and is acceptable
                      for
                      recording under the laws of the jurisdiction in which the Mortgaged
                      Property is located;

                  

          

          

          
            	(nn)  	
                    As
                      of the Closing Date, the Mortgaged Property was lawfully occupied
                      under
                      applicable law, and all inspections, licenses and certificates
                      required to
                      be made or issued with respect to all occupied portions of
                      the Mortgaged
                      Property and, with respect to the use and occupancy of the
                      same, including
                      but not limited to certificates of occupancy and fire underwriting
                      certificates, have been made or obtained from the appropriate
                      authorities;

                  

          

          

          
            	(oo)  	
                    The
                      Mortgagor has not notified the Seller, and the Seller has no
                      knowledge of
                      any relief requested or allowed to the Mortgagor under the
                      Soldiers' and
                      Sailors' Civil Relief Act of 1940;

                  

          

          

          
            	(pp)  	
                    No
                      Mortgage Loan is a construction or rehabilitation Mortgage
                      Loan or was
                      made to facilitate the trade-in or exchange of a Mortgaged
                      Property;

                  

          

          

          
            	(qq)  	
                    The
                      Mortgagor for each Mortgage Loan is a natural
                      person;

                  

          

          

          
            	(rr)  	
                    None
                      of the Mortgage Loans are Co-op
                      Loans;

                  

          

          

          
            	(ss)  	
                    With
                      respect to each Mortgage Loan that has a prepayment penalty
                      feature, each
                      such prepayment penalty is enforceable and each prepayment
                      penalty is
                      permitted pursuant to federal, state and local law. No Mortgage
                      Loan will
                      impose a prepayment penalty for a term in excess of five years
                      from the
                      date such Mortgage Loan was originated. Except as otherwise
                      set forth on
                      the Mortgage Loan Schedule, with respect to each Mortgage Loan
                      that
                      contains a prepayment penalty, such prepayment penalty is at
                      least equal
                      to the lesser of (A) the maximum amount permitted under applicable
                      law and
                      (B) the amount allowable by FNMA;

                  

          

          

          
            	(tt)  	
                    With
                      respect to each Mortgage Loan either (i) the fair market value
                      of the
                      Mortgaged Property securing such Mortgage Loan was at least
                      equal to 80
                      percent of the original principal balance of such Mortgage
                      Loan at the
                      time such Mortgage Loan was originated or (ii) (a) the Mortgage
                      Loan is
                      only secured by the Mortgaged Property and (b) substantially
                      all of the
                      proceeds of such Mortgage Loan were used to acquire or to improve
                      or
                      protect the Mortgaged Property. For the purposes of the preceding
                      sentence, if the Mortgage Loan has been significantly modified
                      other than
                      as a result of a default or a reasonable foreseeable default,
                      the modified
                      Mortgage Loan will be viewed as having been originated on the
                      date of the
                      modification;

                  

          

          

          
            	(uu)  	
                    The
                      Mortgage Loan was originated by a mortgagee approved by the
                      Secretary of
                      Housing and Urban Development pursuant to sections 203 and
                      211 of the
                      National Housing Act, a savings and loan association, a savings
                      bank, a
                      commercial bank, credit union, insurance company or similar
                      institution
                      which is supervised and examined by a federal or state authority;
                      

                  

          

          

          
            	(vv)  	
                    None
                      of the Mortgage Loans are simple interest Mortgage Loans and
                      none of the
                      Mortgaged Properties are
                      timeshares;

                  

          

          

          
            	(ww)  	
                    Each
                      Mortgage Note, each Mortgage, each Assignment and any other
                      documents
                      required pursuant to this Agreement to be delivered to the
                      Purchaser or
                      its designee, or its assignee for each Mortgage Loan, have
                      been, on or
                      before the Closing Date, delivered to the Purchaser or its
                      designee, or
                      its assignee;

                  

          

          

          
            	(xx)  	
                    Each
                      Mortgage Loan shall acceptable for delivery to Fannie Mae as
                      described in
                      the Fannie Mae Guide.

                  

          

          

          Section
            6.02 Representations
            and Warranties Regarding Seller.
            

          

          Seller
            hereby represents and warrants to Purchaser as of the Closing Date:

          

          
            	 	
                    (a)

                  	
                    Seller
                      is duly organized, validly existing and in good standing under
                      the laws of
                      Delaware and is and will remain in compliance with the laws
                      of each state
                      in which any Mortgaged Property is located to the extent necessary
                      to
                      ensure the enforceability of each Mortgage Loan and the servicing
                      of the
                      Mortgage Loan in accordance with the terms of this Agreement,
                      and has all licenses necessary to carry out its business as
                      now being
                      conducted, and is licensed and qualified to transact business
                      in and is in
                      good standing under the laws of each state in which any Mortgaged
                      Property
                      is located or is otherwise exempt under applicable law from
                      such licensing
                      or qualification or is otherwise not required under applicable
                      law to
                      effect such licensing or qualification and no demand for such
                      licensing or
                      qualification has been made upon such Seller by any such
                      state.

                  

          

          

          
            	 	
                    (b)

                  	
                    Seller
                      has power and authority and legal right to hold, transfer and
                      convey each
                      Mortgage Loan, to sell each Mortgage Loan and to execute and
                      deliver this
                      Agreement and to perform in accordance herewith; the execution,
                      delivery
                      and performance of this Agreement (including all instruments
                      of transfer
                      to be delivered pursuant to this Agreement) by Seller and the
                      consummation
                      of the transactions contemplated hereby have been duly and
                      validly
                      authorized; this Agreement evidences the valid, binding and
                      enforceable
                      obligation of Seller, subject to applicable law; and all requisite
                      corporate action has been taken by Seller to make this Agreement
                      valid and
                      binding upon Seller in accordance with its
                      terms;

                  

          

          

          
            	 	
                    (c)

                  	
                    No
                      approval of the transactions contemplated by this Agreement
                      from any
                      federal or state regulatory authority having jurisdiction over
                      Seller is
                      required or, if required, such approval has been or will, prior
                      to the
                      Closing Date, be obtained;

                  

          

          

          
            	 	
                    (d)

                  	
                    The
                      consummation of the transactions contemplated by this Agreement
                      are in the
                      ordinary course of business of Seller and will not result in
                      the breach of
                      any term or provision of the charter or by-laws of Seller or
                      result in the
                      breach of any term or provi-sion of, or conflict with or constitute
                      a
                      default under or result in the acceleration of any obligation
                      under, any
                      agreement, indenture or loan or credit agreement or other instrument
                      to
                      which Seller or its property is subject, or result in the violation
                      of any
                      law, rule, regulation, order, judgment or decree to which Seller
                      or its
                      property is subject;

                  

          

          

          
            	 	
                    (e)

                  	
                    The
                      transfer, assignment and conveyance of the Mortgage Notes and
                      the Mortgage
                      Loans by Seller pursuant to this Agreement are not subject
                      to the bulk
                      transfer or any similar statutory provi-sions in effect in
                      any applic-able
                      jurisdiction;

                  

          

          

          
            	 	
                    (f)

                  	
                    There
                      is no action, suit, proceeding or investigation pending or,
                      to the best
                      knowledge of Seller, threatened against Seller which, either
                      individually
                      or in the aggregate, would result in any material adverse change
                      in the
                      business, operations, financial condition, properties or assets
                      of Seller,
                      or in any material impairment of the right or ability of Seller
                      to carry
                      on its business substantially as now conducted or which would
                      draw into
                      question the validity of this Agreement or the Mortgage Loans
                      or of any
                      action taken or to be taken in connection with the obligations
                      of Seller
                      contemplated herein, or which would materially impair the ability
                      of
                      Seller to perform under the terms of this
                      Agreement;

                  

          

          

          
            	 	
                    (g)

                  	
                    Seller
                      does not believe, nor does it have any reason or cause to believe,
                      that it
                      cannot perform each and every covenant contained in this
                      Agreement;

                  

          

          

          
            	 	
                    (h)
                      

                  	
                    The
                      origination and servicing practices used by the Seller and
                      any prior
                      originator or servicer with respect to each Mortgage Note and
                      Mortgage
                      have been legal and in accordance with applicable laws and
                      regulations and
                      the Mortgage Loan Documents, and in all material respects proper
                      and
                      prudent in the mortgage origination and servicing business.
                      Each Mortgage
                      Loan has been serviced in all material respects with Customary
                      Servicing
                      Procedures. With respect to escrow deposits and payments that
                      the Seller,
                      on behalf of an investor, is entitled to collect, all such
                      payments are in
                      the possession of, or under the control of, the Seller, and
                      there exist no
                      deficiencies in connection therewith for which customary arrangements
                      for
                      repayment thereof have not been made. All escrow payments have
                      been
                      collected in full compliance with state and federal law and
                      the provisions
                      of the related Mortgage Note and Mortgage. As to any Mortgage
                      Loan that is
                      the subject of an escrow, escrow of funds is not prohibited
                      by applicable
                      law and has been established in an amount sufficient to pay
                      for every
                      escrowed item that remains unpaid and has been assessed but
                      is not yet due
                      and payable. No escrow deposits or other charges or payments
                      due under the
                      Mortgage Note have been capitalized under any Mortgage or the
                      related
                      Mortgage Note;

                  

          

          

          
            	 	
                    (i)
                      

                  	
                    The
                      Seller used no selection procedures that identified the Mortgage
                      Loans as
                      being less desirable or valuable than other comparable mortgage
                      loans in
                      the Seller's portfolio at the Cut-off Date;

                  

          

          

          
            	 	
                    (j)

                  	
                    The
                      Seller will treat the sale of the Mortgage Loans to the Purchaser
                      as a
                      sale for reporting and accounting purposes and, to the extent
                      appropriate,
                      for federal income tax purposes; 

                  

          

          

          
            	 	
                    (k)

                  	
                    Seller
                      is an approved seller/servicer of residential mortgage loans
                      for Fannie
                      Mae, FHLMC and HUD, with such facilities, procedures and personnel
                      necessary for the sound servicing of such mortgage loans. The
                      Seller is
                      duly qualified, licensed, registered and otherwise authorized
                      under all
                      applicable federal, state and local laws, and regulations,
                      if applicable,
                      meets the minimum capital requirements set forth by the OTS,
                      and is in
                      good standing to sell mortgage loans to and service mortgage
                      loans for
                      Fannie Mae and FHLMC and no event has occurred which would
                      make Seller
                      unable to comply with eligibility requirements or which would
                      require
                      notification to either Fannie Mae or FHLMC;

                  

          

          

          
            	 	
                    (l)

                  	
                    The
                      sale of the Mortgage Loans is not undertaken with the intent
                      to hinder,
                      delay or defraud any of the Seller's
                      creditors;

                  

          

          

          
            	 	
                    (m)

                  	
                    No
                      statement, tape, diskette, form, report or other document prepared
                      by, or
                      on behalf of, Seller pursuant to this Agreement or in connection
                      with the
                      transactions contemplated hereby, contains or will contain
                      any statement
                      that is or will be inaccurate or misleading in any material
                      respect;

                  

          

          

          
            	 	
                    (n)
                      

                  	
                    The
                      Seller acknowledges and agrees that the Servicing Fee represents
                      reasonable compensation for performing such services and that
                      the entire
                      Servicing Fee shall be treated by the Seller, for accounting
                      and tax
                      purposes, as compensation for the servicing and administration
                      of the
                      Mortgage Loans pursuant to this Agreement. In the opinion of
                      Seller, the
                      consideration received by Seller upon the sale of the Mortgage
                      Loans to
                      Purchaser under this Agreement constitutes fair consideration
                      for the
                      Mortgage Loans under current market conditions;
                      and

                  

          

          

          
            	(o)  	
                    The
                      Seller has not dealt with any broker, investment banker, agent
                      or other
                      person that may be entitled to any commission or compensation
                      in
                      connection with the sale of the Mortgage
                      Loans.

                  

          

          

          Section
            6.03 Remedies
            for Breach of Representations and Warranties.

          

          It
            is
            understood and agreed that the representations and warranties set forth
            in
            Sections 6.01 and 6.02 shall survive delivery of the Mortgage Loans to
            Purchaser, or its designee, and shall inure to the benefit of Purchaser,
            notwithstanding any restrictive or qualified endorsement on any Mortgage
            Note or
            Assignment of Mortgage or the examination, or lack of examination, of
            any
            Mortgage File.

          

          Upon
            discovery by either Seller or Purchaser of a breach of any of the foregoing
            representations and warranties which materially and adversely affects
            the value
            of the Mortgage Loans or the interest of Purchaser (or which materially
            and
            adversely affects the interest of Purchaser in the related Mortgage Loan
            in the
            case of a repre-sentation and warranty relating to a particular Mortgage
            Loan),
            the party discovering such breach shall give prompt written notice to
            the other.
            Purchaser agrees to give written notice of any such breach, outlining
            with
            specificity the section of this Agreement which Purchaser claims has
            been
            violated. Within sixty (60) days of the earlier of either discovery by
            it or
            notice to it of any such breach, Seller shall use its best efforts to
            promptly
            cure such breach in all material respects and, if such breach cannot
            be cured
            during such sixty (60) day period, Seller shall, at Purchaser's option
            and not
            later than ninety (90) days after its discovery or receipt of notice
            of such
            breach, repurchase such Mortgage Loan at the Repurchase Price.

          

          In
            the
            event that any such breach shall involve any representation or warranty
            set
            forth in Section 6.02, and such breach cannot be cured within sixty (60)
            days of
            the earlier of either discovery by or notice to Seller of such breach,
            all the
            Mortgage Loans shall, at Purchaser's option, be repurchased by Seller
            at the
            Repurchase Price. Any repurchase of a Mortgage Loan or Loans pursuant
            to the
            foregoing provisions of this Section 6.03 shall be accomplished by deposit
            in
            the Custodial Account of the amount of the Repurchase Price (after deducting
            therefrom any amounts received in respect of such repurchased Mortgage
            Loan or
            Loans and being held in the Custodial Account for future
            distribution).

          

          However,
            Seller may, at Purchaser’s option and assuming that Seller has a Qualified
            Substitute Mortgage Loan, rather than repurchase any Mortgage Loan as
            provided
            above, remove such Mortgage Loan and substitute in its place a Qualified
            Substitute Mortgage Loan or Loans, provided, however, that any such substitution
            shall be effected not later than ninety (90) days after the Closing Date.
            If
            Seller has no Qualified Substitute Mortgage Loan, it shall repurchase
            the
            deficient Mortgage Loan. 

          

          As
            to any
            Deleted Mortgage Loan for which Seller substitutes a Qualified Substitute
            Mortgage Loan or Loans, Seller shall effect such substitution by delivering
            to
            Purchaser for such Qualified Substitute Mortgage Loan or Loans the Mortgage
            Note, the Mortgage, the Assignment of Mortgage and such other documents
            and
            agreements as are required by Section 5.03, with the Mortgage Note endorsed
            as
            required by Section 5.03. Seller shall deposit in the Custodial Account
            the
            Monthly Payment less the Servicing Fee due on such Qualified Substitute
            Mortgage
            Loan or Loans in the month following the date of such substitution. Accrued
            interest on the Qualified Substitute Mortgage Loan for the month in which
            the
            substitution occurs and any Principal Prepayments made thereon during
            such month
            shall be the property of the Purchaser. Monthly Payments due with respect
            to
            Qualified Substitute Mortgage Loans in the month of substitution will
            be
            retained by Seller. For the month of substitution, distributions to Purchaser
            will include the Monthly Payment due on such Deleted Mortgage Loan in
            the month
            of substitution, and Seller shall thereafter be entitled to retain all
            amounts
            subsequently received by Seller in respect of such Deleted Mortgage Loan.
            Seller
            shall give written notice to Purchaser that such substitution has taken
            place
            and shall amend the Mortgage Loan Schedule to reflect the removal of
            such
            Deleted Mortgage Loan from the terms of this Agreement and the substitu-tion
            of
            the Qualified Substitute Mortgage Loan. Upon such substitution, such
            Qualified
            Substitute Mortgage Loan or Loans shall be subject to the terms of this
            Agreement in all respects, and Seller shall be deemed to have made with
            respect
            to such Qualified Substitute Mortgage Loan or Loans, as of the date of
            substitu-tion, the covenants, representations and warranties set forth
            in
            Sections 6.01 and 6.02.

          

          For
            any
            month in which Seller substitutes one or more Qualified Substitute Mortgage
            Loans for one or more Deleted Mortgage Loans, Seller will determine the
            amount
            (if any) by which the aggregate principal balance of all such Qualified
            Substitute Mortgage Loans as of the date of substitution is less than
            the
            aggregate Stated Principal Balance of all such Deleted Mortgage Loans
            (after
            application of scheduled principal payments due in the month of substitution).
            The amount of such shortfall (plus interest thereon equal to the related
            Mortgage Interest Rate) shall be distributed by Seller in the month of
            substitution pursuant to Section 11.01. Accordingly, on the date of such
            substitution, Seller will deposit from its own funds into the Custodial
            Account
            an amount equal to the amount of such shortfall.

          

          In
            addition to such cure, repurchase and substitution obligation, Seller
            shall
            indemnify Purchaser and hold it harmless against any losses, damages,
            penalties,
            fines, forfeitures, reasonable and necessary legal fees and related costs,
            judgments, and other costs and expenses resulting from any claim, demand,
            defense or assertion based on or grounded upon, or resulting from, a
            breach or
            alleged breach of Seller's representations and warranties contained in
            this
            Article VI. It is understood and agreed that the obligations of Seller
            set forth
            in this Section 6.03 to cure or repurchase a defective Mortgage Loan
            and to
            indemnify Purchaser as provided in this Section 6.03 constitute the sole
            remedies of Purchaser respecting a breach of the foregoing representations
            and
            warranties. The
            provisions of this Section 6.03 shall survive termination of this
            Agreement.

          

          Within
            five (5) Business Days of the repurchase of a Mortgage Loan or substitution
            of a
            Qualified Substitute Mortgage Loan for a Deleted Mortgage Loan by Seller,
            Purchaser agrees to return, such repurchased or Deleted Mortgaged Loan
            to
            Seller, together with the related Mortgage File and all the documents
            included
            therein.

          

           

          
 

          ARTICLE
            VII

          

          CLOSING

          

          Section
            7.01 Closing.

          

          The
            closing for the purchase and sale of the Mortgage Loans shall take place
            on the
            Closing Date. The closing shall, at Purchaser's option, be either by
            telephone,
            confirmed by letter or wire as the parties shall agree or conducted in
            person,
            at such place as the parties shall agree.

          

          The
            closing shall be subject to each of the following conditions:

          

          
            	 	
                    (a)

                  	
                    All
                      of the representations and warranties of Seller under this
                      Agreement shall
                      be true and correct as of the Closing Date and no event shall
                      have
                      occurred which, with notice or the passage of time, or both,
                      would
                      constitute a default under this
                      Agreement;

                  

          

          

          
            	 	
                    (b)

                  	
                    Purchaser
                      and Seller shall have received, or Seller's attorneys shall
                      have received
                      in escrow, all Closing Documents as specified in Section 8.01
                      of this
                      Agreement, in such forms as are agreed upon and acceptable
                      to Purchaser
                      and Seller, duly executed by all signatories as required pursuant
                      to the
                      respective terms thereof;

                  

          

          

          
            	 	
                    (c)

                  	
                    Seller
                      shall have delivered and released to Purchaser or its designee
                      all
                      documents required to be so delivered hereunder;
                      and

                  

          

          

          
            	 	
                    (d)

                  	
                    All
                      other terms and conditions of this Agreement shall have been
                      complied
                      with.

                  

          

          

          Subject
            to the foregoing conditions, Purchaser shall pay to Seller on the Closing
            Date
            the Purchase Price, plus accrued interest pursuant to Section 4.01 of
            this
            Agreement, by wire transfer of immediately available funds to the account
            designated by Seller in Exhibit I attached hereto.

          

          

          ARTICLE
            VIII

          

          CLOSING
            DOCUMENTS

          

          Section
            8.01. Closing
            Documents.

          

          The
            Closing Documents shall consist of the following:

          

          
            	 	
                    (a)

                  	
                    This
                      Agreement, in two (2) counterparts;
                      and

                  

          

          

          
            	 	
                    (b)

                  	
                    The
                      Mortgage Loan Schedule, one copy to be attached
                      hereto.

                  

          

           

          
 

          

          ARTICLE
            IX

          

          COSTS

          

          Section
            9.01 Costs.

          

          Each
            party shall bear its own costs and expenses. Purchaser will pay any commissions
            due its salesmen, the legal fees and expenses of its attorneys and all
            expenses
            relating to any review of the Mortgage Loans performed by Purchaser.
            All other
            costs and expenses incurred in connection with the transfer and delivery
            of the
            Mortgage Loans, including recording fees and Seller's attorneys' fees,
            shall be
            paid by Seller.

           

          
 

          ARTICLE
            X

          

          ADMINISTRATION
            AND SERVICING OF MORTGAGE LOANS

          

          Section
            10.01 Seller
            to Act as Servicer.

          

          Seller
            shall service and administer the Mortgage Loans in accordance with this
            Agreement and Customary Servicing Procedures and shall have full power
            and
            authority, acting alone or through Subservicers as provided in Section
            10.02, to
            do or cause to be done any and all things in connection with such servicing
            and
            administration which Seller may deem necessary or desirable and consistent
            with
            the terms of this Agreement and exercise the same care that it customarily
            employs for its own account. Seller may perform its servicing responsibilities
            through agents or independent contractors, but shall not thereby be released
            from any of its responsibilities hereunder, and Seller shall diligently
            pursue
            all of its rights against such agents or independent contractors.

          

          Consistent
            with the terms of this Agreement, Seller 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 in the
            Seller's
            reasonable and prudent determination such waiver, modification, postponement
            or
            indulgence is not materially adverse to the Purchaser, provided, however,
            that
            Seller shall not permit any modification with respect to any Mortgage
            Loan that
            would change the Mortgage Interest Rate or the Monthly Payment amount,
            defer or
            forgive the payment of any principal or interest, change the outstanding
            principal amount (except for actual payments of principal), make any
            future
            advances or extend the final maturity date on such Mortgage Loan. Without
            limiting the generality of the fore-going, Seller in its own name or
            in the name
            of a Subservicer is hereby authorized and empowered by Purchaser when
            Seller
            believes it appropriate and reasonable in its best judgment, to execute
            and
            deliver, on behalf of itself and Purchaser, all instruments of satisfaction
            or
            cancella-tion, or of partial or full release, discharge and all other
            comparable
            instruments, with respect to the Mortgage Loans and the Mort-gaged Properties
            and to institute foreclosure proceedings or obtain a deed-in-lieu of
            foreclosure
            so as to convert the ownership of such properties, and to hold or cause
            to be
            held title to such properties, on behalf of Purchaser pursuant to the
            provisions
            of Section 10.17. Seller shall make all required Servicing Advances and
            shall
            service and administer the Mortgage Loans in accor-dance with applicable
            state
            and feder-al law and shall provide to the Mortgagors any reports required
            to be
            provided to them thereby. Purchaser shall furnish to Seller and any Subservicer
            any powers of attorney and other docu-ments reasonably necessary or appropri-ate
            to enable Seller and any Subservicer to carry out their servicing and
            administra-tive duties under this Agreement.

          

          Notwithstanding
            anything in this Agreement to the contrary, if any Mortgage Loan becomes
            subject
            to a Pass-Through Transfer, the Seller (a) with respect to such Mortgage
            Loan,
            shall not permit any modification with respect to such Mortgage Loan
            that would
            change the Mortgage Interest Rate and (b) shall not (unless the Mortgagor
            is in
            default with respect to such Mortgage Loan or such default is, in the
            judgment
            of the Seller, reasonably foreseeable) make or permit any modification,
            waiver
            or amendment of any term of such Mortgage Loan that would both (i) effect
            an
            exchange or reissuance of such Mortgage Loan under Section 1001 of the
            Code (or
            Treasury regulations promulgated thereunder) and (ii) cause any REMIC
            to fail to
            qualify as a REMIC under the Code or the imposition of any tax on “prohibited
            transactions” or “contributions” after the startup date under the REMIC
            Provisions.

          

          Prior
            to
            taking any action with respect to the Mortgage Loans subject to a Pass-Through
            Transfer, which is not contemplated under the terms of this Agreement,
            the
            Seller will obtain an Opinion of Counsel acceptable to the trustee in
            such
            Pass-Through Transfer with respect to whether such action could result
            in the
            imposition of a tax upon any REMIC (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”), and the Seller shall not take any such
            actions as to which it has been advised that an Adverse REMIC Event could
            occur.

          

          The
            Seller shall not permit the creation of any “interests” (within the meaning of
            Section 860G of the Code) in any REMIC. The Company shall not enter into
            any
            arrangement by which a REMIC will receive a fee or other compensation
            for
            services nor permit a REMIC to receive any income from assets other than
            “qualified mortgages” as defined in Section 860G(a)(3) of the Code or “permitted
            investments” as defined in Section 860G(a)(5) of the Code.

          

          Section
            10.02 Subservicing
            Agreements Between Seller and Subservicers.

          

          Seller
            may enter into Subservicing Agreements with Subservicers for the servicing
            and
            administration of the Mortgage Loans. Each Subservicing Agreement must
            impose on
            the Subservicer requirements conforming
            to the
            provi-sions set forth in Section 10.06. Subject to Section 16.01, Seller
            and the
            Subservicers may make amend-ments to the Subservicing Agreements or enter
            into
            different forms of Subservicing Agree-ments; pro-vided, however, that
            any such
            amendments or different forms shall be consistent with and not violate
            the
            provisions of this Agree-ment, and that no such amendment or different
            form
            shall be made or entered into which could be reasonably expected to be
            mate-rially adverse to the interests of Purchaser, without the consent
            of
            Purchaser. Any variation from the provisions set forth in Section 10.06
            relating
            to insur-ance or priority requirements of Subservicing Accounts, or credits
            and
            charges to the Subservicing Accounts or the timing and amount of remittances
            by
            the Subservicers to Seller, are conclusively deemed to be inconsistent
            with this
            Agreement and therefore prohibited.

          

          As
            part
            of its servicing activities hereunder, Seller, for the benefit of Purchaser,
            shall enforce the obligations of each Subservicer under the related Subservicing
            Agreement, including, without limitation, any obligation to make advances
            in
            respect of delinquent payments as required by a Subservicing Agreement.
            Such
            enforcement, including, without limitation, the legal prosecution of
            claims,
            termination of Subservicing 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 Seller, in its good faith busi-ness judgment, would require were
            it the
            owner of the related Mortgage Loans. Seller shall pay the costs of such
            enforce-ment at its own expense, but shall be reimbursed therefor only
            (i) from
            a general recovery resulting from such enforcement only to the extent,
            if any,
            that such recovery exceeds all amounts due hereunder in respect of the
            related
            Mortgage Loans or (ii) from a specific recovery of costs, expenses or
            attorneys'
            fees against the party against whom such enforcement is directed.

          

          Section
            10.03 Successor
            Subservicers.

          

          Seller
            shall be entitled to terminate any Subservicing Agreement and the rights
            and
            obligations of any Subservicer pursuant to any Subservicing Agreement
            in
            accor-dance with the terms and condi-tions of such Subservicing Agree-ment.
            In
            the event of termination of any Subservicer, all servicing obliga-tions
            of such
            Subservicer shall be assumed simultan-eously by Seller without any act
            or deed
            on the part of such Subservicer or Seller, and Seller either shall service
            directly the related Mort-gage Loans or shall enter into a Subservicing
            Agreement with a successor Subservicer which qualifies under Section
            10.02. If
            Seller enters into a Subservicing Agreement with a successor Subservicer,
            Seller
            shall use reasonable efforts to have the successor Subservicer assume
            liability
            for the representations and warranties made by the terminated Subservicer
            in
            respect of the related Mortgage Loans, and in the event of any such assumption
            by the successor Subservicer, Seller may, in the exercise of its business
            judg-ment, release the terminated Subservicer from liability for such
            representations and warranties. 

          

          Section
            10.04 Liability
            of Seller.

          

          Notwithstanding
            any Subservicing Agreement, any of the provisions of this Agreement relating
            to
            agreements or arrange-ments between Seller and a Subservicer or reference
            to
            actions taken through a Subservicer or otherwise, Seller shall remain
            obligated
            and liable to Purchaser for the servicing and administer-ing of the Mortgage
            Loans in accordance with the provisions of Section 10.01 without diminu-tion
            of
            such obligation or liability by virtue of such Subservicing Agreements
            or
            arrangements or by virtue of indemnifica-tion from the Subservicer for
            any acts
            and omissions and to the same extent and under the same terms and condi-tions
            as
            if Seller alone were servicing and adminis-ter-ing the Mortgage Loans
            and any
            other transactions or services relating to the Mortgage Loans involving
            the
            Subservicer shall be deemed to be between the Subservicer and Seller
            alone and
            Purchaser shall have no obligations, duties or liabilities with respect
            to the
            Subservicer including no obligation, duty or liability of Purchaser to
            pay
            Subservicer's fees and expenses except pursuant to an assumption of Seller's
            obligations pursuant to Section 16.01. For purposes of this Agree-ment,
            Seller
            shall be deemed to have received payments on Mortgage Loans when the
            Subservicer
            has received such pay-ments. Seller shall be entitled to enter into any
            agreement with a Subservicer for indemnification of Seller by such Subservicer
            and nothing contained in this Agreement shall be deemed to limit or modify
            such
            indemni-fication. Seller shall pay all fees and expenses of the Subservicer
            from
            its own funds, the Servicing Fee or other amounts permitted to be retained
            by or
            reimbursed to Seller hereunder.

          

          The
            Seller will indemnify and hold Purchaser harmless from any loss, liability
            or
            expense arising out of its use of a Subservicer to perform any of its
            servicing
            duties, responsibilities and obligations hereunder.

          

          In
            the
            event that the Seller's responsibilities and duties under this Agreement
            are
            terminated and if requested to do so by the Purchaser, the Seller shall
            at its
            own cost and expense terminate the rights and responsibilities of the
            Subservicer effective as of the date of termination of the Seller. The
            Seller
            shall pay all fees, expenses or penalties necessary in order to terminate
            the
            rights and responsibilities of the Subservicer from the Seller's own
            funds
            without reimbursement from the Purchaser.

          

          Section
            10.05 No
            Contractual Relationship Between Subservicers and
            Purchaser.

          

          Any
            Subservicing Agreement that may be entered into and any transactions
            or services
            relating to the Mortgage Loans involving a Subservicer in its capacity
            as such
            and not as Seller shall be deemed to be between the Subservicer and Seller
            alone, and Purchaser shall not be deemed a party thereto and shall have
            no
            claims, rights, obliga-tions, duties or liabilities with respect to the
            Subservicer except as set forth in Section 16.01.

          

          Section
            10.06 Subservicing
            Accounts.

          

          In
            those
            cases where a Subservicer is servicing a Mortgage Loan pursuant to a
            Subservicing Agreement, the Subservicer will be required to establish
            and
            maintain one or more accounts (collectively, the "Subservicing Account").
            The
            Subservicing Account shall be an Eligible Account, and shall be segregated
            on
            the books of the Subservicer and relate only to the Mortgage Loans subject
            to
            this Agreement and other mortgage loans owned or serviced by Seller.
            All funds
            depos-ited in the Subservicing Account with respect to the Mortgage Loans
            shall
            be held for the benefit of Purchaser. The Subservicer shall deposit in
            the
            Subservicing Account on a daily basis all amounts of the type described
            in
            clauses (a) through (f) of Section 10.09, received by the Subservicer
            with
            respect to the Mortgage Loans. On the date set forth in the related Subservicing
            Agreement (the "Subservicer Remittance Date"), the Subservicer will be
            required
            to remit all such amounts to Seller, except, if applicable, any Monthly
            Payment
            received which consti-tutes a late recovery with respect to which a Subservicer
            Advance (as defined below) was previ-ously made; and, if the Subservicing
            Agreement so provides, the Subservicer will also be required to remit,
            with
            respect to each Mortgage Loan for which the Monthly Payment due on the
            immediately preced-ing Due Date was delinquent as of the Subservicer
            Remittance
            Date, an amount equal to such Monthly Pay-ment net of the related Subservicing
            Fee (a "Subservicer Advance"). The Subservicer may deduct from each remittance,
            as provided above, an amount equal to Subservicing Fees to which it is
            then
            entitled to the extent not previously paid to or retained by it. Seller
            is not
            obligated to require in a Subservicing Agreement that any Subservicer
            make
            Subservicing Advances as described above; provided, however, that Seller
            shall
            be responsible for making Servicing Advances with respect to such Mortgage
            Loans.

          

          Section
            10.07 Liquidation
            of Mortgage Loans.

          

          In
            the
            event that any payment due under any Mortgage Loan is not paid when the
            same
            becomes due and payable, or in the event the Mortgagor fails to perform
            any
            other covenant or obligation under the Mortgage Loan and such failure
            continues
            beyond any applicable grace period, Seller shall take such action as
            it shall
            deem to be in the best interest of Purchaser. In the event that any payment
            due
            under any Mortgage Loan remains delinquent for a period of ninety (90)
            days or
            more, Seller shall commence foreclosure proceedings in accordance with
            its
            customary and usual foreclosure procedures. In such connection, Seller
            shall
            from its own funds make all necessary and proper Servicing Advances through
            final disposition but only to the extent that Seller shall determine,
            in its
            good faith judgment, that the amount of a proposed Servicing Advance
            is
            recoverable. Seller shall be reimbursed for all Servicing Advances in
            accordance
            with this Agreement.

          

          Notwithstanding
            anything to the contrary contained herein, the Purchaser may, at the
            Purchaser's
            sole option, terminate the Seller as servicer of any Mortgage Loan which
            becomes
            ninety (90) days or greater delinquent in payment of a scheduled Monthly
            Payment, without payment of any termination fee with respect thereto,
            provided
            that the Seller shall on the date said termination takes effect or, upon
            notice
            to Seller for any trailing bills paid by Seller, be reimbursed for any
            unreimbursed monthly advances of the Seller's funds made pursuant to Section
            11.03 and any unreimbursed Servicing Advances and Servicing Fees in each
            case
            relating to the Mortgage Loan underlying such delinquent Mortgage Loan.
            In the
            event of any such termination, the provisions of Section 16.01 hereof
            shall
            apply to said termination and the transfer of servicing responsibilities
            with
            respect to such delinquent Mortgage Loan to the Purchaser or its
            designee.

          

          In
            the
            event that a Mortgage Loan becomes part of a REMIC, and becomes REO Property,
            such property shall be disposed of by the Seller, with the consent of
            Purchaser
            as required pursuant to this Agreement, before the close of the third
            taxable
            year following the taxable year in which the Mortgage Loan became an
            REO
            Property, unless the Seller provides to the trustee under such REMIC
            an opinion
            of counsel to the effect that the holding of such REO Property subsequent
            to the
            close of the third taxable year following the taxable year in which the
            Mortgage
            Loan became an REO Property, will not result in the imposition of taxes
            on
            "prohibited transactions" as defined in Section 860F of the Code, or
            cause the
            transaction to fail to qualify as a REMIC at any time that certificates
            are
            outstanding. Seller shall manage, conserve, protect and operate each
            such REO
            Property for the certificateholders solely for the purpose of its prompt
            disposition and sale in a manner which does not cause such property to
            fail to
            qualify as "foreclosure property" within the meaning of Section 860F(a)(2)(E)
            of
            the Code, or any "net income from foreclosure property" which is subject
            to
            taxation under the REMIC provisions of the Code. Pursuant to its efforts
            to sell
            such property, the Seller shall either itself or through an agent selected
            by
            Seller, protect and conserve such property in the same manner and to
            such an
            extent as is customary in the locality where such property is located.
            Additionally, Company shall perform the tax withholding and reporting
            as
            required by law.

          

          Section
            10.08 Collection
            of Mortgage Loan Payments.

          

          Continuously
            from the date hereof until the principal and interest on all Mortgage
            Loans are
            paid in full, Seller will proceed diligently, in accordance with this
            Agreement,
            to collect all payments due under each of the Mortgage Loans when the
            same shall
            become due and payable. Further, Seller will take special care in ascertaining
            and estimating annual ground rents, taxes, assessments, water rates,
            fire and
            hazard insurance premiums, mortgage insurance premiums, and all other
            charges
            that, as provided in any Mortgage, will become due and payable to the
            end that
            the installments payable by the Mortgagors will be sufficient to pay
            such
            charges as and when they become due and payable. 

          

          Section
            10.09 Establishment
            of Custodial Account; Deposits in Custodial Account.

          

          Seller
            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 one or more Custodial Accounts (collectively,
            the "Custodial Account"). The Custodial Account shall be an Eligible
            Account.
            Funds shall be deposited in the Custodial Account within 24 hours of
            receipt.
            The creation of any Custodial Account shall be evidenced by (a) a certification
            in the form of Exhibit B hereto, in the case of an account estab-lished
            with
            Citibank, or (b) a letter agree-ment in the form of Exhibit C hereto,
            in the
            case of an account held by a depository other than Citibank. In either
            case, a
            copy of such certification or letter agreement shall be furnished to
            Purchaser
            within five (5) Business Days after the Closing Date and a copy to any
            subsequent purchaser upon request.

          

          Seller
            shall deposit in the Custodial Account on a daily basis, or as and when
            received
            from the Subservicer, and retain therein the following payments and collections
            received or made by it subsequent to the Cut-off Date (other than in
            respect of
            principal and interest on the Mortgage Loans due on or before the Cut-off
            Date):

          

          
            	 	
                    (a)

                  	
                    all
                      payments on account of principal, including Principal Prepayments,
                      on the
                      Mortgage Loans;

                  

          

          

          
            	 	
                    (b)

                  	
                    all
                      payments on account of interest on the Mortgage Loans adjusted
                      to the
                      Mortgage Loan Remittance Rate;

                  

          

          

          
            	 	
                    (c)

                  	
                    all
                      Liquidation Proceeds;

                  

          

          

          
            	 	
                    (d)

                  	
                    all
                      proceeds received by Seller under any title, hazard, private
                      mortgage
                      guaranty or other insurance policy 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 Customary
                      Servicing Procedures;

                  

          

          

          
            	 	
                    (e)

                  	
                    all
                      awards or settlements in respect of condemnation proceedings
                      or eminent
                      domain affecting any Mortgaged Property which are not released
                      to the
                      Mortgagor in accordance with Customary Servicing
                      Procedures;

                  

          

          

          
            	 	
                    (f)

                  	
                    any
                      amount required to be deposited in the Custodial Account pursuant
                      to
                      Sections 11.01, 11.03 and 12.02;

                  

          

          

          
            	 	
                    (g)

                  	
                    any
                      amounts payable in connection with the repurchase of any Mortgage
                      Loan
                      pursuant to Section 6.03, and all amounts required to be deposited
                      by
                      Seller in connection with shortfalls in principal amount of
                      Qualified
                      Substitute Mortgage Loans pursuant to Section
                      6.03;

                  

          

          

          
            	 	
                    (h)
                      

                  	
                    all
                      Condemnation Proceeds affecting any Mortgaged Property which
                      are not
                      released to the Mortgagor in accordance with Customary Servicing
                      Procedures, the loan documents or applicable law;
                      and

                  

          

          

          
            	 	
                    (i)

                  	
                    with
                      respect to each full or partial Principal Prepayment any amounts
                      to the
                      extent that collections of interest are less than one (1) full
                      month’s
                      interest at the applicable Mortgage Loan Remittance Rate (“Prepayment
                      Interest Shortfalls”), such Prepayment Interest Shortfalls will be
                      deposited by Seller to the extent of its aggregate Servicing
                      Fee received
                      with respect to the related Due
                      Period.

                  

          

          

          The
            foregoing requirements for deposit in the Custodial 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 and assumption
            fees
            need not be deposited by Seller in the Custodial Account. Any interest
            or
            earnings on funds deposited in the Custodial Account by the depository
            institution shall accrue to the benefit of Seller and Seller shall be
            entitled
            to retain and withdraw such interest from the Custodial Account.

          

          Section
            10.10 Withdrawals
            From the Custodial Account.

          

          Seller
            shall, from time to time, withdraw funds from the Custodial Account for
            the
            following purposes:

          

          
            	 	
                    (a)

                  	
                    to
                      make payments to Purchaser in the amounts and in the manner
                      provided for
                      in Section 11.01;

                  

          

          

          
            	 	
                    (b)

                  	
                    to
                      temporarily reimburse itself for advances of Seller funds made
                      pursuant to
                      Section 11.03, Seller's right to permanently reimburse itself
                      pursuant to
                      this subclause (b) being limited to amounts received on the
                      related
                      Mortgage Loan which represent payments of principal and/or
                      interest
                      respecting which any such advance was
                      made;

                  

          

          

          
            	 	
                    (c)

                  	
                    to
                      reimburse itself first
                      for all unreimbursed Servicing Advances, second
                      for unreimbursed advances of Seller funds made pursuant to
                      Section 11.03,
                      and third
                      for any unpaid Servicing Fees, Seller's right to reimburse
                      itself pursuant
                      to this subclause (c) with respect to any Mortgage Loan being
                      limited to
                      related Liquidation Proceeds, Condemnation Proceeds, amounts
                      representing
                      proceeds of insurance policies covering the related Mortgaged
                      Property and
                      such other amounts as may be collected by Seller from the Mortgagor
                      or
                      otherwise relating to the Mortgage Loan, it being understood
                      that, in the
                      case of any such reim-bursement, Seller's right thereto shall
                      be prior to
                      the rights of Purchaser unless Seller is required to repurchase
                      a Mortgage
                      Loan pursuant to Section 6.03, in which case Seller's right
                      to such
                      reimbursement shall be subsequent to the payment to Purchaser
                      of the
                      repurchase price pursuant to Section 6.03 and all other amounts
                      required
                      to be paid to Purchaser with respect to such Mortgage
                      Loan;

                  

          

          

          
            	 	
                    (d)

                  	
                    to
                      reimburse itself for all unreimbursed Servicing Advances, advances
                      of
                      Seller funds made pursuant to Section 11.03 and unpaid Servicing
                      Fees to
                      the extent that such amounts are nonrecoverable by Seller pursuant
                      to
                      subclause (c) above, provided that the Mortgage Loan for which
                      such
                      advances were made is not required to be repurchased by Seller
                      pursuant to
                      Section 6.03, and to reimburse itself for such amounts to the
                      extent that
                      such amounts are not recovered from the disposition of REO
                      Property
                      pursuant to Section 10.17 hereof;

                  

          

          

          
            	 	
                    (e)

                  	
                    to
                      reimburse itself for subsequent trailing bills related to a
                      previously
                      disposed of REO Property in which distribution of the net cash
                      proceeds
                      has occurred;

                  

          

          

          
            	 	
                    (f)

                  	
                    to
                      reimburse itself for expenses incurred by and reimbursable
                      to it pursuant
                      to Section 13.01;

                  

          

          

          
            	 	
                    (g)

                  	
                    to
                      pay to itself any interest earned on funds deposited in the
                      Custodial
                      Account, such withdrawal to be made monthly not later than
                      the Remittance
                      Date;

                  

          

          

          
            	 	
                    (h)

                  	
                    to
                      withdraw any amounts inadvertently deposited in the Custodial
                      Account;
                      

                  

          

          

          
            	(i)  	
                    to
                      clear and terminate the Custodial Account upon the termination
                      of this
                      Agreement; and

                  

          

          

          
            	(j)  	
                    to
                      withdraw Service Fees to the extent deposited
                      therein.

                  

          

          

          On
            each
            Remittance Date, Seller shall withdraw all funds from the Custodial Account
            except for those amounts which, pursuant to Section 11.01(c) and (d),
            Seller is
            not obligated to remit on such Remittance Date. Seller may use such with-drawn
            funds only for the purposes described in this Section 10.10.

          

          Section
            10.11 Establishment
            of Escrow Account; Deposits in Escrow Account.

          

          Seller
            shall segregate and hold or cause any Subservicer to 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 one or more Escrow Accounts (collectively,
            the
            "Escrow Account"). The Escrow Account shall be an Eligible Account. In
            any case,
            the Escrow Account shall be insured by the FDIC in a manner which shall
            provide
            maximum available insurance thereunder and which may be drawn on by Seller.
            The
            creation of any Escrow Account shall be evidenced by a letter agreement
            in the
            form shown in Exhibit J. The original of such letter agreement shall
            be
            furnished to the Purchaser within five (5) Business Days after the Closing
            Date,
            and upon request to any subsequent purchaser.

          

          Seller
            or
            the Subservicer shall deposit in the Escrow Account on a daily basis,
            and retain
            therein: (a) all Escrow Payments collec-ted on account of the Mortgage
            Loans,
            for the purpose of effect-ing timely payment of any such items as required
            under
            the terms of this Agreement, and (b) all amounts representing proceeds
            of any
            hazard insurance policy which are to be applied to the restoration or
            repair of
            any Mortgaged Property. Seller shall make withdrawals therefrom only
            in
            accordance with Section 10.12 hereof. As part of its servicing duties,
            Seller or
            the Subservicer shall pay to the Mortgagors interest on funds in the
            Escrow
            Account, to the extent required by law.

          

          Section
            10.12 Withdrawals
            From Escrow Account.

          

          Withdrawals
            from the Escrow Account shall be made by Seller or the Subservicer only
            (a) to
            effect timely payments of ground rents, taxes, assessments, water rates,
            mortgage insurance pre-miums, fire and hazard insurance premiums or other
            items
            consti-tuting Escrow Payments for the related Mortgage, (b) to reimburse
            Seller
            for any Servicing Advance made by Seller pursuant to Section 10.13 hereof
            with
            respect to a related Mortgage Loan, but only from amounts received on
            the
            related Mortgage Loan which represent late payments or collec-tions of
            Escrow
            Payments there-under, (c) to refund to any Mortgagor any funds found
            to be in
            excess of the amounts required under the terms of the related Mortgage
            Loan, (d)
            for transfer to the Custodial Account upon default of a Mortgagor or
            in
            accordance with the terms of the related Mortgage Loan and if permitted
            by
            applicable law, (e) for application to restore or repair of the Mortgaged
            Property, (f) to pay to the Mortgagor, to the extent required by law,
            any
            interest paid on the funds deposited in the Escrow Account, (g) to pay
            to itself
            any interest earned on funds deposited in the Escrow Account (and not
            required
            to be paid to the Mortgagor), such withdrawal to be made monthly not
            later than
            the Remittance Date or (h) to clear and terminate the Escrow Account
            upon the
            termina-tion of this Agreement.

          

          Section
            10.13 Payment
            of Taxes, Insurance and Other Charges.

          

          With
            respect to each Mortgage Loan, Seller or the Subservicer shall maintain
            accurate
            records reflecting the status of ground rents, taxes, assessments, water
            rates
            and other charges which are or may become a lien upon the Mortgaged Property
            and
            the status of private mortgage guaranty insurance premiums and fire and
            hazard
            insurance coverage and 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 Seller in amounts sufficient for such purposes, as
            allowed
            under the terms of the Mortgage or applicable law. To the extent that
            a Mortgage
            does not provide for Escrow Payments, Seller shall determine that any
            such
            payments are made by the Mortgagor at the time they first become due.
            Seller
            assumes full responsibility for the timely payment of all such bills
            and shall
            effect timely payments of all such bills irrespective of each Mortgagor's
            faithful performance in the payment of same or the making of the Escrow
            Payments
            and shall make advances from its own funds to effect such payments.

          

          The
            Seller will maintain in full force and effect primary mortgage insurance
            policies issued by a Qualified Insurer with respect to each Mortgage
            Loan for
            which such coverage is herein required. Such coverage will be terminated
            only
            with the approval of Purchaser, or as required by applicable law or regulation.
            The Seller will not cancel or refuse to renew any primary mortgage insurance
            policy in effect on the Closing Date that is required to be kept in force
            under
            this Agreement unless a replacement primary mortgage insurance policy
            for such
            canceled or nonrenewed policy is obtained from and maintained with a
            Qualified
            Insurer. The Seller shall not take any action which would result in non-coverage
            under any applicable primary mortgage insurance policy of any loss which,
            but
            for the actions of the Seller would have been covered thereunder. In
            connection
            with any assumption or substitution agreement entered into or to be entered
            into
            pursuant to Section 12.01, the Seller shall promptly notify the insurer
            under
            the related primary mortgage insurance policy, if any, of such assumption
            or
            substitution of liability in accordance with the terms of such policy
            and shall
            take all actions which may be required by such insurer as a condition
            to the
            continuation of coverage under the primary mortgage insurance policy.
            If such
            primary mortgage insurance policy is terminated as a result of such assumption
            or substitution of liability, the Seller shall obtain a replacement primary
            mortgage insurance policy as provided above.

          

          In
            connection with its activities as servicer, the Seller agrees to prepare
            and
            present, on behalf of itself and the Purchaser, claims to the insurer
            under any
            private mortgage insurance policy in a timely fashion in accordance with
            the
            terms of such primary mortgage insurance policy and, in this regard,
            to take
            such action as shall be necessary to permit recovery under any primary
            mortgage
            insurance policy respecting a defaulted Mortgage Loan. Pursuant to Section
            10.09, any amounts collected by the Seller under any primary mortgage
            insurance
            policy shall be deposited in the Custodial Account, subject to withdrawal
            pursuant to Section 10.10.

          

          Section
            10.14 Transfer
            of Accounts.

          

          Seller
            may transfer the Custodial Account or the Escrow Account to a different
            depository institution; provided such new account at such depositary
            institution
            is an Eligible Account. Such transfer to a non-Citigroup affiliate shall
            be made
            only upon obtaining the prior written consent of the Purchaser, which
            consent
            will not be unreasonably withheld. 

          

          Section
            10.15 Maintenance
            of Hazard Insurance.

          

          Seller
            shall cause to be maintained for each Mortgage Loan fire and hazard insurance
            with extended coverage customary in the area where the Mortgaged Property
            is
            located, in an amount which is at least equal to the lesser of (a) the
            full
            insurable value of the Mortgaged Property or (b) the greater of (i) the
            outstanding principal balance owing on the Mortgage Loan and (ii) an
            amount such
            that the proceeds of such insurance shall be sufficient to avoid the
            application
            to the Mortgagor or loss payee of any coinsurance clause under the policy.
            If
            the Mortgaged Property is in an area identified in the Federal Register
            by the
            Federal Emergency Management Agency as having special flood hazards (and
            such
            flood insurance has been made available) Seller will cause to be maintained
            a
            flood insurance policy meeting the requirements of the current guide-lines
            of
            the Federal Insurance Administration with a gener-ally acceptable insurance
            carrier, in an amount representing coverage not less than the least of
            (a) the
            out-standing principal balance of the Mortgage Loan, (b) the full insurable
            value of the Mortgaged Property, or (c) the maximum amount of insurance
            available under the Flood Disaster Protection Act of 1973, each as amended.
            Seller shall also maintain on property acquired upon foreclos-ure, or
            by deed in
            lieu of fore-closure, of any Mortgage Loan, fire and hazard insurance
            with
            extended coverage in an amount which is at least equal to the maximum
            insurable
            value of the improvements which are a part of such property, liability
            insur-ance and, to the extent required and available under the Flood
            Disaster
            Protection Act of 1973, each as amended, flood insurance in an amount
            required
            above. Any amounts collected by Seller under any such policies (other
            than
            amounts to be depos-ited in the Escrow Account and applied to the restoration
            or
            repair of the Mortgaged Property or property acquired in liquida-tion
            of the
            Mortgage Loan, or to be released to the Mortgagor in accordance with
            Customary
            Servicing Procedures) shall be depos-ited in the Custodial Account, subject
            to
            with-drawal pursuant to Section 10.10. It is understood and agreed that
            no
            earthquake or other additional insurance need be required by Seller of
            any
            Mortgagor or maintained on property acquired in respect of a Mortgage
            Loan,
            other than pursuant to such appli-cable laws and regulations as shall
            at any
            time be in force and as shall require such additional insurance. All
            policies
            required hereunder shall be endorsed with standard mortgagee clauses
            with loss
            payable to Seller and its successors and/or assigns, and shall provide
            for at
            least thirty (30) days prior written notice of any cancellation, reduction
            in
            amount or material change in coverage to Seller. Seller shall not interfere
            with
            the Mortgagor's freedom of choice in selecting either his insurance carrier
            or
            agent.

          

          Section
            10.16 Fidelity
            Bond; Errors and Omissions Insurance.

          

          Seller
            shall maintain, at its own expense, a blanket fidelity bond and an errors
            and
            omissions insurance policy, with broad coverage on all officers, employees
            or
            other persons acting in any capacity requiring such persons to handle
            funds,
            money, documents or papers relating to the Mortgage Loans ("Seller Employees").
            Any such fidelity bond and errors and omissions insurance shall protect
            and
            insure Seller against losses, including forgery, theft, embezzlement,
            fraud,
            errors and omissions, failure to maintain any insurance policies required
            pursuant to this Agreement, and negligent acts of such Seller Employees.
            Such
            fidelity bond shall also protect and insure Seller against losses in
            connection
            with the release or satis-faction of a Mortgage Loan without having obtained
            payment in full of the indebtedness secured thereby. No provision of
            this
            Section 10.16 requiring such fidelity bond and errors and omis-sions
            insurance
            shall diminish or relieve Seller from its duties and obligations as set
            forth in
            this Agreement. The minimum coverage under any such bond and insurance
            policy
            shall be at least equal to the corresponding amounts required by Fannie
            Mae in
            the Fannie Mae Guides. Upon request by the Purchaser, the Seller shall
            deliver
            to the Purchaser a certificate from the surety and the insurer as to
            the
            existence of the Fidelity Bond and errors and omissions insurance policy
            and
            shall obtain a statement from the surety and the insurer that such Fidelity
            Bond
            or insurance policy shall in no event be terminated or materially modified
            without thirty (30) days' prior written notice to the Purchaser. The
            Seller
            shall notify the Purchaser within five (5) business days of receipt of
            notice
            that such Fidelity Bond or insurance policy will be, or has been, materially
            modified or terminated. Upon request by Purchaser, Seller shall provide
            Purchaser with an insurance certificate certifying coverage under this
            Section
            10.16, and will provide an update to such certificate upon request, or
            upon
            renewal or material modification of coverage.

          

          Section
            10.17 Title,
            Management and Disposition of REO Property.

          

          In
            the
            event that title to the Mortgaged Property is acquired in foreclosure
            or by deed
            in lieu of foreclosure, the deed or certificate of sale shall be taken
            in the
            name of Purchaser, or in the event Purchaser is not authorized or permitted
            to
            hold title to real property in the state where the REO Property is located,
            or
            would be adversely affected under the "doing business" or tax laws of
            such state
            by so holding title, the deed or certificate of sale shall be taken in
            the name
            of such Person or Persons as shall be consistent with an Opinion of Counsel
            obtained by Seller, at expense of Purchaser, from an attorney duly licensed
            to
            practice law in the state where the REO Property is located. The Person
            or
            Persons holding such title other than Purchaser shall acknowledge in
            writing
            that such title is being held as nominee for Purchaser.

          

          Seller
            shall manage, conserve, protect and operate each REO Property for Purchaser
            solely for the purpose of its prompt disposition and sale. Seller shall
            either
            itself or through an agent selected by Seller, manage, conserve, protect
            and
            operate the REO Property in the same manner that it manages, conserves,
            protects
            and operates other foreclosed property for its own account, and in the
            same
            manner that similar property in the same locality as the REO Property
            is
            managed. Seller shall attempt to sell the same (and may temporarily rent
            the
            same) on such terms and conditions as Seller deems to be in the best
            interest of
            Purchaser.

          

          With
            respect to all REO Property, Seller shall hold all funds collected and
            received
            in connection with the operation of the REO Property separate and apart
            from its
            own funds or general assets and shall establish and maintain with respect
            to all
            REO Property an REO Account or Accounts, in the form of a non-interest
            bearing
            demand account, titled "[Seller] in trust for Purchaser-Fixed Rate Mortgage
            Loans as tenants in common" unless an Opinion of Counsel is obtained
            by Seller
            to the effect that the classi-fication as a grantor trust for federal
            income tax
            purposes of the arrangement under which the Mortgage Loans and the REO
            Property
            are held will not be adversely affected by holding such funds in another
            manner.
            Such REO Account shall be established with Seller or, with the prior
            consent of
            Purchaser, with a commercial bank, a mutual savings bank or a savings
            and loan
            association. The creation of the REO Account shall be evidenced by (a)
            a
            certifi-cation in the form shown in Exhibit D hereto, in the case of
            an account
            established with Citibank, or (b) a letter agreement in the form shown
            in
            Exhibit E hereto, in the case of an account held by a depository other
            than
            Citibank. In either case, an original of such certification or letter
            agreement
            shall be furnished to Purchaser upon request.

          

          Seller
            shall cause to be deposited on a daily basis in the REO Account all revenues
            received with respect to the conservation and disposition of the related
            REO
            Property and shall withdraw therefrom funds necessary for the proper
            opera-tion,
            management and maintenance of the REO Property, including the cost of
            maintaining any hazard insurance pursuant to Section 10.15 hereof and
            the fees
            of any managing agent acting on behalf of Seller. Seller shall not be
            entitled
            to retain interest paid or other earnings, if any, on funds deposited
            in such
            REO Account. Seller shall make distributions as required on each Remittance
            Date
            to Purchaser of the net cash flow from the REO Property (which shall
            equal the
            revenues from such REO Property net of the expenses described above and
            of any
            reserves reasonably required from time to time to be maintained to satisfy
            anticipated liabilities for such expenses).

          

          Seller
            shall use its best efforts to dispose of the REO Property as soon as
            possible
            and shall sell such REO Property as soon as practicable but in any event
            within
            three (3) years after title has been taken to such REO Property. If a
            purchase
            money mortgage is taken in accordance with such sale, such purchase money
            mortgage shall not be held pursuant to this Agreement.

          

          The
            disposition of REO Property shall be carried out by Seller and shall
            be made at
            such price, and upon such terms and conditions, as Seller deems to be
            in the
            best interests of Purchaser. Upon the request of Purchaser, and at Purchaser's
            expense, Seller shall cause an appraisal of the REO Property to be performed
            for
            Purchaser. The proceeds of sale of the REO Property shall be promptly
            deposited
            in the REO Account and, as soon as practical there-after, the expenses
            of such
            sale shall be paid, Seller shall reimburse itself for any and all related
            unreimbursed Servicing Advances, unpaid Servicing Fees, any and all unreimbursed
            advances made and any appraisal performed and the net cash proceeds of
            such sale
            remaining in the REO Account shall be distributed to Purchaser.

          

          Upon
            request, with respect to any REO Property, Seller shall furnish to Purchaser
            a
            statement covering Seller's efforts in connection with the sale of that
            REO
            Prop-erty and any rental of the REO Property incidental to the sale thereof
            for
            the previous month (together with an operat-ing state-ment). That statement
            shall be accompanied by such other information as Purchaser shall reasonably
            request.

          

           

          
 

          ARTICLE
            XI

          

          PAYMENTS
            TO PURCHASER

          

          Section
            11.01 Distributions.

          

          On
            each
            Remittance Date, Seller shall remit by wire transfer of immediately available
            funds to the account designated in writing by Purchaser of record on
            the
            preceding Record Date (a) all amounts deposited in the Custodial Account
            as of
            the close of business on the preceding Determination Date (net of all
            amounts
            withdrawable therefrom pursuant to Section 10.10), plus (b) all amounts,
            if any,
            which Seller is obli-gated to distribute pursuant to Section 11.03, minus
            (c)
            any amounts attributable to Monthly Payments collected but due on a Due
            Date or
            Dates subse-quent to the related Due Period, minus (d) any amounts attributable
            to Principal Prepayments received after the last day of the calendar
            month
            preceding the month of the Remittance Date, which amounts shall be remitted
            on
            the following Remittance Date, together with any additional interest
            required to
            be deposited in the Custodial Account in connection with such Principal
            Prepayments in accordance with Section 10.09(h), minus (e) any amounts
            attributable to reimbursement for unreimbursed Servicing Advances, advance
            of
            Seller funds, and unpaid Servicing Fees pursuant to Section 10.10(d),
            and minus
            (f) any amounts attributable to reimbursement for subsequent trailing
            bills
            related to a previously disposed of REO Property in which distribution
            of net
            cash proceeds has occurred pursuant to Section 10.10(e).

          

          With
            respect to any remittance received by Purchaser after the Business Day
            on which
            such payment was due, Seller shall pay to Purchaser interest on any such
            late
            payment at a rate equal to the overnight federal funds effective rate,
            but in no
            event greater than the maximum amount permitted by applicable law. Such
            interest
            shall be paid by Seller to Purchaser on the date such late payment is
            made and
            shall cover the period commencing with the Business Day on which such
            payment
            was due and ending with the Business Day on which such payment is made,
            both
            inclusive. The payment by Seller of any such interest shall not be deemed
            an
            extension of time for payment or a waiver of any Event of Default by
            Seller.

          

          To
            the
            extent that the amount of a remittance or distribution to Purchaser made
            hereunder is in greater than the amount thereof properly to be remitted
            pursuant
            to the terms of this Agreement, Seller will give prompt written notice
            thereof
            to Purchaser after Seller's discovery thereof, including the amount of
            such
            remittance or distribution that was paid in error. If, by the Remittance
            Date
            immediately following such notice, Purchaser has not reimbursed the Custodial
            Account or Seller, as applicable, for the amount of such erroneous remittance
            or
            distribution (without any liability on the part of Purchaser for interest
            thereon), Seller shall be entitled to withhold such amount from the remittance
            to be made on such Remittance Date.

          

          Section
            11.02 Statements
            to Purchaser.

          

          Not
            later
            than seven (7) Business Days after each month end, Seller shall furnish
            to the
            Purchaser an individual loan accounting report, as of the last Business
            Day of
            each month, in the Seller's assigned loan number order to document Mortgage
            Loan
            payment activity on an individual Mortgage Loan basis. The corresponding
            individual loan accounting report shall be on a disk or tape or other
            computer-readable format in such format as may be mutually agreed upon
            by both
            Purchaser and Seller, and shall contain the information set forth in
            Exhibit L
            hereto.

          In
            addition, within a reasonable period of time after the end of each calendar
            year, Seller will furnish a report to each Person that was a Purchaser
            at any
            time during such calendar year. Such report shall state the aggregate
            of amounts
            (a) remitted on each Remittance Date which is allocable to principal
            and
            allocable to interest and (b) of servicing compensation received by Seller
            as
            servicer on each Remittance Date for such calendar year or, in the event
            such
            Person was a Purchaser of record during only a portion of such calendar
            year,
            for the applicable portion of such year. Such obligation of Seller shall
            be
            deemed to have been satisfied to the extent that substantially comparable
            information shall be provided by Seller pursuant to any requirements
            of the
            Internal Revenue Code of 1986 as from time to time in force.

          

          Seller
            shall prepare and file any and all tax returns, information statements
            or other
            filings required to be delivered to any governmental taxing authority
            or to
            Purchaser pursuant to any applicable law with respect to the Mortgage
            Loans and
            the trans-actions contemplated hereby. In addition, Seller shall provide
            Purchaser with such information concerning the Mortgage Loans as is necessary
            for such Purchaser to prepare its federal income tax return as Purchaser
            may
            reasonably request from time to time.

          

          Section
            11.03  Advances
            by Seller.

          

          On
            the
            Business Day immediately preceding each Remit-tance Date, Seller shall
            deposit
            in the Custodial Account an amount equal to all Monthly Payments (with
            interest
            adjusted to the Mortgage Loan Remittance Rate) which were due on the
            Mortgage
            Loans during the applicable Due Period and which were delinquent at the
            close of
            business on the immediately preceding Determina-tion Date. This deposit
            may be
            offset by any funds held for a future distribution not due on the current
            Remittance Date. Seller's obligation to make such advances as to any
            Mortgage
            Loan will continue through the last Monthly Payment due prior to the
            payment in
            full of the Mortgage Loan, or through the last Remittance Date prior
            to the
            Remittance Date for the distribution of all other payments or recoveries
            (including proceeds under any title, hazard or other insurance policy,
            or
            condemnation awards) with respect to the Mortgage Loan, provided, however,
            that
            such obligation shall cease if (a) there has been a final disposition
            of the
            Mortgage Loan or (b) if Seller, in its good faith judgment, determines
            that such
            advances would not be recoverable pursuant to Section 10.10(d). The
            determination by Seller that an advance, if made, would be nonrecoverable,
            shall
            be evidenced by an Officer's Certificate of Seller, delivered to Purchaser,
            which details the reasons for such determination and contains an appraisal
            of
            the value of the Mortgaged Property.

          

          Section
            11.04 Liquidation
            Reports.

          

          Upon
            the
            foreclosure sale of any Mortgaged Property or the acquisition thereof
            by the
            Purchaser pursuant to a deed-in-lieu of foreclosure, the Seller shall
            submit to
            the Purchaser a liquidation report with respect to such Mortgaged Property
            in a
            form mutually acceptable to Seller and Purchaser. The Seller shall also
            provide
            reports on the status of REO Property containing such information as
            Purchaser
            may reasonably require.

          

          

          ARTICLE
            XII

          

          GENERAL
            SERVICING PROCEDURE

          

          Section
            12.01 Assumption
            Agreements.

          

          Seller
            will use its best efforts to enforce any "due-on-sale" provision contained
            in
            any Mortgage or Mortgage Note to the extent permitted by law, provided
            that
            Seller shall permit such assumption if so required in accordance with
            the terms
            of the Mortgage or the Mortgage Note. When the Mortgaged Property has
            been
            conveyed by the Mortgagor, Seller will, to the extent it has knowledge
            of such
            conveyance, exercise its rights to accelerate the maturity of such Mortgage
            Loan
            under the "due-on-sale" clause applicable thereto, provided, however,
            Seller
            will not exercise such rights if prohibited by law from doing so or if
            the
            exercise of such rights would impair or threaten to impair any recovery
            under
            the related private mortgage guaranty policy, if any. If Seller reasonably
            believes it is unable under applicable law to enforce such "due-on-sale"
            clause,
            Seller may enter into an assumption and modifica-tion agree-ment with
            the person
            to whom such property has been con-veyed, pursuant to which such person
            becomes
            liable under the Mortgage Note and, to the extent permitted by applica-ble
            law,
            the Mort-gagor remains liable thereon. In connection with any such assump-tion,
            the outstanding principal amount, the Monthly Payment and the Mortgage
            Interest
            Rate of the re-lated Mortgage Note shall not be changed, and the term
            of the
            Mortgage Loan will not be increased or decreased. If an assumption is
            allowed
            pursuant to this Section 12.01, Seller with the prior consent of the
            private
            mortgage guaranty insurer, if any, is authorized to enter into a substitution
            of
            liability agreement with Purchaser of the Mortgaged Property pursuant
            to which
            the origi-nal Mortgagor is released from liability and Purchaser of the
            Mortgaged Property is substituted as Mortgagor and becomes liable under
            the
            Mortgage Note. Any fee collected by Seller for entering into any such
            assumption
            agreement will be retained by Seller as additional servicing
            compensation.

          

          In
            connection with any such assumption or substitution of liability, the
            Seller
            shall follow the underwriting practices and procedures of the Seller.
            With
            respect to an assumption or substitution of liability, the Mortgage Interest
            Rate borne by the related Mortgage Note, the amount of the Monthly Payment
            and
            the maturity date may not be changed (except pursuant to the terms of
            the
            Mortgage Note). If the credit of the proposed transferee does not meet
            such
            underwriting criteria, the Seller diligently shall, to the extent permitted
            by
            the Mortgage or the Mortgage Note and by applicable law, accelerate the
            maturity
            of the Mortgage Loan. The Seller shall notify the Purchaser that any
            such
            substitution of liability or assumption agreement has been completed
            by
            forwarding to the Purchaser the original of any such substitution of
            liability
            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. All fees collected by the Seller for entering into an assumption
            or
            substitution of liability agreement shall belong to the Seller.

          

          Notwithstanding
            the foregoing paragraphs of this Section or any other provision of this
            Agreement, the Seller 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 any assumption which the Seller may be restricted
            by
            law from preventing, for any reason whatsoever. For purposes of this
            Section
            12.01, 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
            12.02 Satisfaction
            of Mortgages and Release of Mortgage Files.

          

          Upon
            the
            payment in full of any Mortgage Loan, or the receipt by Seller of a notification
            that payment in full will be escrowed in a manner customary for such
            purposes,
            Seller or the Subservicer will obtain, in accordance with Section 5.03
            hereof,
            the portion of the Mortgage File that is in the possession of the Purchaser,
            prepare and process any required satisfaction or release of the Mortgage
            and
            notify Purchaser as provided in Section 11.02.

          

          In
            the
            event Seller grants a satisfaction or release of a Mort-gage without
            having
            obtained payment in full of the indebtedness secured by the Mortgage
            or should
            Seller otherwise prejudice any right Purchaser may have under the mortgage
            instru-ments, Seller, upon written demand of Purchaser, shall remit within
            two
            (2) Business Days to Purchaser the Stated Principal Balance of the related
            Mortgage Loan by deposit thereof in the Custodial Account. Seller shall
            maintain
            the Fidelity Bond and errors and omissions insurance as provided for
            in Section
            10.16 insuring Seller against any loss it may sustain with respect to
            any
            Mortgage Loan not satisfied in accordance with the proce-dures set forth
            herein.

          

          Section
            12.03 Servicing
            Compensation.

          

          As
            compensation for its services hereunder, Seller shall be entitled to
            retain from
            interest payments on the Mort-gage Loans the Servicing Fee. Additional
            servicing
            compensation in the form of assumption fees and late payment charges
            shall be
            retained by Seller or any related Subservicer to the extent not required
            to be
            deposited in the Custodial Account. Seller shall be required to pay all
            expenses
            incurred by it in connection with its servicing activities hereunder
            and shall
            not be entitled to reimbursement therefor except as specifically provided
            for
            herein.

          

          Section
            12.04 Annual
            Statement as to Compliance.

          

          The
            Seller will deliver to the Purchaser not later than 90 days following
            the end of
            each fiscal year of the Seller beginning in March 2004, an Officers'
            Certificate
            stating, as to each signatory thereof, that (i) a review of the activities
            of
            the Seller 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 Seller has fulfilled
            all
            of its obligations under this Agreement throughout such year, or, if
            there has
            been a default in the fulfillment of any such obligation, specifying
            each such
            default known to such officers and the nature and status of cure provisions
            thereof. Copies of such statement shall be provided by the Seller to
            the
            Purchaser upon request.

          

          Section
            12.05 Annual
            Independent Public Accountants' Servicing Report.

          

          Within
            ninety (90) days of Seller's fiscal year end beginning in March 2004,
            the Seller
            at its expense shall cause a firm of independent public accountants which
            is a
            member of the American Institute of Certified Public Accountants to furnish
            a
            statement to the Purchaser to the effect that such firm has examined
            certain
            documents and records relating to the Seller's servicing of mortgage
            loans of
            the same type as the Mortgage Loans pursuant to servicing agreements
            substantially similar to this Agreement, which agreements may include
            this
            Agreement, and that, on the basis of such an examination, conducted
            substantially in the uniform single audit program for mortgage bankers,
            such
            firm is of the opinion that the Seller's servicing has been conducted
            in
            compliance with the agreements examined pursuant to this Section 12.05,
            except
            for (i) such exceptions as such firm shall believe to be immaterial,
            and (ii)
            such other exceptions as shall be set forth in such statement. Copies
            of such
            statement shall be provided by the Seller to the Purchaser. In addition,
            on an
            annual basis, Seller shall provided Purchaser with copies of its audited
            financial statements. 

          

          Section
            12.06 Purchaser's
            Right to Examine Seller Records.

          

          Purchaser
            shall have the right, at all reasonable times upon reasonable notice
            and as
            often as reasonably required, to examine and audit any and all of the
            books,
            records or other information of Seller whether held by Seller or by another
            on
            behalf of Seller, which are relevant to the performance or observance
            by Seller
            of the terms, covenants or condi-tions of this Agreement.

          

          Section
            12.07 Seller
            Shall Provide Access/Information as Reasonably Required.

          

          Seller
            shall provide to Purchaser access to any documentation regarding the
            Mortgage
            Loans which may be required by applicable regulations (the "Regulations").
            Such
            access shall be afforded without charge, but only upon reasonable request,
            during normal business hours and at the offices of Seller.

          

          In
            addition, Seller shall furnish upon request by Purchaser, during the
            term of
            this Agreement, such periodic, special or other reports or information,
            whether
            or not provided for herein, as shall be necessary, reasonable and appropriate
            with respect to the purposes of this Agreement and the Regulations. All
            such
            reports or information shall be provided by and in accordance with all
            reasonable instructions and direc-tions Purchaser may require. Seller
            agrees to
            execute and deliver all such instruments and take all such action as
            Purchaser,
            from time to time, may reasonably request in order to effectuate the
            purposes
            and to carry out the terms of this Agreement.  

          

          In
            connection with marketing the Mortgage Loans, the Purchaser may make
            available
            to a prospective purchaser audited financial statements of the Seller
            for the
            most recently completed two (2) fiscal years for which such statements
            are
            available.

          

          

          ARTICLE
            XIII

          

          SELLER

          

          Section
            13.01 Indemnification;
            Third Party Claims.

          

          In
            addition to the indemnification provided in Section 6.03, Seller shall
            indemnify
            and hold harmless Purchaser against any and all claims, losses, penalties,
            fines, forfeitures, reasonable and necessary legal fees and related costs,
            judgments, and any other costs, fees and expenses that Purchaser may
            sustain in
            any way related to the failure of Seller to perform its duties, obligations,
            covenants and agreements and service the Mortgage Loans in strict compliance
            with the terms of this Agreement. Seller shall immediately notify Purchaser
            if a
            claim is made by a third party with respect to this Agreement or the
            Mortgage
            Loans, and Seller shall assume (with the consent of Purchaser) the defense
            of
            any such claim and pay all expenses in connection therewith, including
            counsel
            fees, and promptly pay, discharge and satisfy any judg-ment or decree
            which may
            be entered against Seller or Purchaser in respect of such claim. Seller
            shall
            provide Purchaser with a written report of all expenses and advances
            incurred by
            Seller pursuant to this Section 13.01 and Purchaser shall promptly reim-burse
            Seller for all amounts advanced by it pur-suant to the preceding sentence
            except
            when the claim in any way relates to Seller's failure to service and
            administer
            the Mortgage Loans in strict compliance with the terms of this Agreement
            or a
            breach of representation or warranty set forth in this Agreement. Notwithstanding
            anything to the contrary in this Agreement, in the event that Purchaser
            or its
            designee becomes record owner of any Mortgaged Property, Seller shall
            not be
            deemed to have failed to perform its obligations hereunder where it fails
            to act
            in response to any notice delivered to the record holder of the Mortgaged
            Property if (i) statutory notice was not delivered to Seller, (ii) Seller
            had no
            actual knowledge of the situation surrounding such notice and (iii) Seller's
            inaction was due entirely to Seller's lack of receipt of such notice.
            The
            provisions of this Section 13.01 shall survive termination of this
            Agreement.

          

          Section
            13.02 Merger
            or Consolidation of Seller.

          

          Seller
            will keep in full effect its existence, rights and franchises as a corporation,
            and will obtain and preserve its qualification to do business as a foreign
            corpora-tion in each jurisdiction in which such qualification is or shall
            be
            necessary to protect the validity and enforceability of this Agreement
            or any of
            the Mortgage Loans and to perform its duties under this Agreement.

          

          Any
            Person into which Seller may be merged or consolidated, or any corporation
            resulting from any merger, conversion or consolidation to which Seller
            shall be
            a party, or any Person succeeding to substantially all of the business
            of Seller
            (whether or not related to loan servic-ing), shall be the successor of
            Seller
            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 con-trary
            notwithstanding; provided, however, that the successor or surviving Person
            shall
            be an institution (i) the deposits of which are insured by the FDIC,
            SAIF and/or
            BIF, and which is a HUD-approved mortgagee whose primary business is
            in
            origination and servicing of first lien mortgage loans, and (ii) who
            is a Fannie
            Mae or FHLMC approved seller/servicer in good standing.

          

          

          Section
            13.03 Limitation
            on Liability of Seller and Others.

          

          Seller
            and any director, officer, employee or agent of Seller may rely on any
            document
            of any kind which it in good faith reasonably believes to be genuine
            and to have
            been adopted or signed by the proper authorities respecting any matters
            arising
            hereunder; provided, however, that this provision shall not protect the
            Seller
            or any such person against any breach of warranties or representations
            made
            herein, or failure to perform its obligations in strict compliance with
            any
            standard of care set forth in this Agreement, or any liability which
            would
            otherwise be imposed by reason of negligence, bad faith or willful misconduct,
            or any breach of the terms and conditions of this Agreement. Subject
            to the
            terms of Section 13.01, Seller shall have no obligation to appear with
            respect
            to, prosecute or defend any legal action which is not incidental to Seller's
            duty to service the Mortgage Loans in accord-ance with this Agreement;
            provided,
            however, that the Seller may, with the consent of the Purchaser, undertake
            any
            such action which it may deem necessary or desirable in respect to this
            Agreement and the rights and duties of the parties hereto. In such event,
            the
            reasonable legal expenses and costs of such action and any liability
            resulting
            therefrom shall be expenses, costs and liabilities for which the Purchaser
            will
            be liable, and the Seller shall be entitled to be reimbursed therefor
            from the
            Purchaser upon written demand.

          .

          Section
            13.04 Seller
            Not to Resign.

          

          Seller
            shall not assign this Agreement nor resign from the obligations and duties
            hereby imposed on it except by mutual consent of Seller and Purchaser
            or upon
            the determination that Seller's duties hereunder are no longer permissible
            under
            applicable law and such incapacity cannot be cured by Seller. Notwithstanding
            the foregoing, Seller shall have the right to assign its rights under
            this
            Agreement to Citigroup, Inc. or any subsidiary of Citigroup, Inc.

          

          Section
            13.05 No
            Transfer of Servicing.

          

          With
            respect to the retention of the Seller to service the Mortgage Loans
            hereunder,
            the Seller acknowledges that the Purchaser has acted in reliance upon
            the
            Seller's independent status, the adequacy of its servicing facilities,
            plan,
            personnel, records and procedures, its integrity, reputation and financial
            standing and the continuance thereof. Without in any way limiting the
            generality
            of this Section, the Seller shall not either assign this Agreement or
            the
            servicing hereunder or delegate its rights or duties hereunder or any
            portion
            thereof, or sell or otherwise dispose of all or substantially all of
            its
            property or assets, without the prior written approval of the Purchaser,
            which
            consent shall be granted or withheld in the Purchaser's sole discretion.
            Notwithstanding the foregoing, Purchaser acknowledges and agrees that
            Seller may
            assign any compensation arising from servicing under this Agreement to
            an
            affiliate of Seller.

          

          Without
            in any way limiting the generality of this Section 13.05, in the event
            that the
            Seller either shall assign this Agreement or the servicing responsibilities
            hereunder or delegate its duties hereunder or any portion thereof without
            (i)
            satisfying the requirements set forth herein or (ii) the prior written
            consent
            of the Purchaser, then the Purchaser shall have the right to terminate
            this
            Agreement, without any payment of any penalty or damages and without
            any
            liability whatsoever to the Seller (other than with respect to accrued
            but
            unpaid Servicing Fees and Servicing Advances remaining unpaid) or any
            third
            party. 

          

           

          In
            the
            event there is a termination of servicing pursuant to this Agreement,
            Seller
            shall cause its affiliate to whom Seller transferred the servicing compensation
            hereunder to transfer all the right, title and interest in the servicing
            compensation to EMC Mortgage Corporation ("EMC") or its designee, and
            Seller
            shall indemnify EMC for any and all losses for its failure to assign
            such right,
            title and interest to the servicing compensation as required
            herein.

           

           

          
 

          ARTICLE
            XIV

          

          DEFAULT

          

          Section
            14.01 Events
            of Default.

          

          In
            case
            one or more of the following Events of Default by Seller shall occur
            and be
            continuing, that is to say:

          

          
            	 	
                    (a)

                  	
                    any
                      failure by Seller to remit to Purchaser any payment required
                      to be made
                      under the terms of this Agreement which continues unremedied
                      for a period
                      of one (1) Business Day after the date upon which written notice
                      of such
                      failure, requir-ing the same to be remedied, shall have been
                      given to
                      Seller by Purchaser; or

                  

          

          

          
            	 	
                    (b)

                  	
                    failure
                      by Seller to duly observe or perform, in any material respect,
                      any other
                      covenants, obligations or agreements of Seller as set forth
                      in this
                      Agreement which failure continues unremedied for a period of
                      sixty (60)
                      days after the date on which written notice of such failure,
                      requiring the
                      same to be remedied, shall have been given to Seller by Purchaser;
                      or

                  

          

          

          
            	 	
                    (c)

                  	
                    a
                      decree or order of a court or agency or super-visory authority
                      having
                      jurisdiction for the appointment of a conservator or receiver
                      or
                      liquidator in any insolvency, bankruptcy, read-justment of
                      debt,
                      marshalling of assets and liabilities or similar proceedings,
                      or for the
                      winding-up or liquidation of its affairs, shall have been entered
                      against
                      Seller and such decree or order shall have remained in force,
                      undischarged
                      or unstayed for a period of sixty (60) days;
                      or

                  

          

          

          
            	 	
                    (d)

                  	
                    Seller
                      shall consent to the appointment of a conservator or receiver
                      or
                      liquidator in any insolvency, bankruptcy, read-just-ment of
                      debt,
                      marshalling of assets and liabilities or similar proceedings
                      of or
                      relating to Seller or relating to all or substantially all
                      of Seller's
                      property; or

                  

          

          

          
            	 	
                    (e)

                  	
                    Seller
                      shall admit in writing its inability to pay its debts 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 voluntar-ily suspend payment of its obligations;
                      or

                  

          

          

          
            	 	
                    (f)

                  	
                    Seller
                      attempts to assign this Agreement except in compliance with
                      the terms of
                      this Agreement; or

                  

          

          

          (h) the
            Seller ceases to be (a) licensed to service first lien residential mortgage
            loans in any jurisdiction in which a Mortgaged Property is located and
            such
            licensing is required, and (b) qualified to transact business in any
            jurisdiction where it is currently so qualified, but only to the extent
            such
            non-qualification materially and adversely affects the Seller's ability
            to
            perform its obligations hereunder; or

          

          (i) the
            Seller fails to meet the eligibility criteria set forth in the last sentence
            of
            Section 13.02; or 

          

          
            	(j)  	
                    the
                      Seller ceases to be approved by either Fannie Mae or FHLMC
                      as a mortgage
                      loan seller or servicer for more than thirty days;
                      or

                  

          

          

          (k) the
            Seller attempts, without the consent of the Purchaser, to sell or otherwise
            dispose of all or substantially all of its property or assets or to assign
            this
            Agreement or the servicing responsibilities hereunder or to delegate
            its duties
            hereunder or any portion thereof.

          

          Then,
            and
            in each and every such case, so long as an Event of Default shall not
            have been
            remedied, Purchaser, by notice in writing to Seller (except in the case
            of an
            Event of Default under clauses (c), (d) or (e) above, in which case,
            automatically and without notice), may, in addition to whatever rights
            Purchaser
            may have at law or equity to damages, including injunctive relief and
            specific
            performance, terminate all the rights and obligations of Seller under
            this
            Agreement and in and to the Mortgage Loans and the proceeds thereof.
            On and
            after the receipt by Seller of such written notice (or, in the case of
            an Event
            of Default under clauses (c), (d) or (e) above, in which case, automatically
            and
            without notice) all authority and power of Seller under this Agreement,
            whether
            with respect to the Mortgage Loans or otherwise, shall pass to and be
            vested in
            the successor appointed pursuant to Section 16.01. Upon written request
            from
            Purchaser, Seller shall prepare, execute and deliver to a successor any
            and all
            documents and other instru-ments, place in such successor's possession
            all
            Mortgage Files and do or cause to be done all other acts or things neces-sary
            or
            appropriate to effect the purposes of such notice of termination, including,
            but
            not limited to, the trans-fer and endorsement or assignment of the Mortgage
            Loans and related documents to the successor at Seller's sole expense.
            Seller
            agrees to cooperate with Purchaser and such successor in effecting the
            termination of Seller's responsi-bil-ities and rights hereunder, including,
            without limita-tion, the transfer to such successor for administration
            by it of
            all amounts which shall at the time be credited by Seller to the Custodial
            Account or Escrow Account or thereafter received with respect to the
            Mortgage
            Loans or any REO Property.

          

          Section
            14.02 Waiver
            of Defaults.

          

          Purchaser
            may waive only by written notice any default by Seller in the performance
            of its
            obligations hereunder and its consequences. Upon any such waiver of a
            past
            default, such default shall cease to exist, and any Event of Default
            arising
            therefrom shall be deemed to have been remedied for every purpose of
            this
            Agreement. No such waiver shall extend to any subsequent or other default
            or
            impair any right consequent thereto except to the extent expressly so
            waived in
            writing.

           

          
 

          

          ARTICLE
            XV

          

          TERMINATION

          

          Section
            15.01 Termination.

          

          This
            Agreement shall terminate upon either: (a) the later of the distribution
            to
            Purchaser of final payment or liquidation with respect to the last Mortgage
            Loan
            (or advances of same by Seller), or the disposition of all property acquired
            upon foreclosure or deed in lieu of foreclosure with respect to the last
            Mortgage Loan and the remittance of all funds due hereunder; (b) mutual
            consent
            of Seller and Purchaser in writing; or (c) the repurchase by Seller of
            all
            Mortgage Loans (and all REO Property which has not been sold at a price
            equal to
            100% of the outstanding principal balance of each Mortgage Loan on the
            day of
            repurchase) plus accrued interest thereon at a rate equal to the Mortgage
            Loan
            Remittance Rate to the date of repurchase plus the appraised value of
            any such
            REO Property, such appraisal to be conducted by an appraiser mutually
            agreed
            upon by Seller and Purchaser.

           

          
 

          

          ARTICLE
            XVI

          

          MISCELLANEOUS
            PROVISIONS

          

          Section
            16.01 Successor
            to Seller.

          

          Prior
            to
            termination of Seller's responsibilities and duties under this Agreement
            pursuant to Sections 13.04, 14.01 or 15.01(b), Purchaser shall (a) succeed
            to
            and assume all of Seller's responsibilities, rights, duties and obligations
            under this Agreement or (b) appoint a successor which shall succeed to
            all
            rights and assume all of the responsi-bilities, duties and liabilities
            of Seller
            under this Agreement prior to the termination of Seller's responsibilities,
            duties and liabilities under this Agreement. In connection with such
            appointment
            and assumption, Purchaser 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 compen-sation shall be in excess
            of that
            permitted Seller under this Agreement without the consent of Purchaser.
            In the
            event that Seller's duties, responsibili-ties and liabilities under this
            Agreement shall be terminated pursuant to the afore-mentioned Sections,
            Seller
            shall discharge such duties and responsibilities during the period from
            the date
            it acquires knowledge of such termin-ation until the effective date thereof
            with
            the same degree of diligence and prudence which it is obligated to exercise
            under this Agreement, and shall take no action whatsoever that might
            impair or
            preju-dice the rights or financial condition of its successor. The resignation
            or removal of Seller pursuant to the aforementioned Sections shall not
            become
            effective until a successor shall be appointed pursuant to this Section
            and
            shall in no event relieve Seller of the representations and warranties
            made
            pursuant to Sections 6.01 and 6.02 and the remedies available to Purchaser
            under
            Section 6.03, it being understood and agreed that the provisions of such
            Sections 6.01, 6.02 and 6.03 shall be applicable to Seller notwithstanding
            any
            such resignation or termination of Seller, or the termination of this
            Agreement.

          

          Any
            successor appointed as provided herein shall execute, acknowledge and
            deliver to
            Seller and to Purchaser an instrument accepting such appointment, whereupon
            such
            successor shall become fully vested with all the rights, powers, duties,
            responsibilities, obligations and liabilities of Seller, with like effect
            as if
            originally named as a party to this Agreement. Any termination or resignation
            of
            Seller or this Agreement pursuant to Section 13.04, 14.01 or 15.01 shall
            not
            affect any claims that Purchaser may have against Seller arising prior
            to any
            such termination or resignation.

          

          Seller
            shall promptly deliver to the successor the funds in the Custodial Account
            and
            Escrow Account and all Mortgage Files and related documents and statements
            held
            by it hereunder and Seller shall account for all funds and shall execute
            and
            deliver such instruments and do such other things as may reasonably be
            required
            to more fully and definitively vest in the successor all such rights,
            powers,
            duties, respon-sibilities, obligations and liabilities of Seller.

          

          Upon
            a
            successor's acceptance of appointment as such, Seller shall notify by
            mail
            Purchaser of such appointment.

          

          Section
            16.02 Amendment.

          

          This
            Agreement may be amended from time to time by Seller and Purchaser by
            written
            agreement signed by Seller and Purchaser; provided that if any of the
            rights,
            duties or obligations of Seller as such would be affected by such amendatory
            agreement, such agreement must also be consented to by Seller.

          

          Section
            16.03 Recordation
            of Agreement.

          

          To
            the
            extent permitted by applicable law, this Agree-ment 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 Seller at Purchaser's
            expense
            upon direction of Purchaser, but only when such direction is accompanied
            by an
            Opinion of Counsel to the effect that such recordation mate-rially and
            beneficially affects the interests of Purchaser or is necessary for the
            administration or servicing of the Mortgage Loans. 

          

          Section
            16.04 Duration
            of Agreement.

          

          This
            Agreement shall continue in existence and effect until terminated as
            herein
            provided.

          

          Section
            16.05 Governing
            Law.

          

          This
            Agreement shall be construed in accordance with the laws of the State
            of New
            York, except to the extent preempted by Federal law, and the obligations,
            rights
            and remedies of the parties hereunder shall be determined in accordance
            with
            such laws.

          

          Section
            16.06 Notices.

          

          All
            demands, notices and communications hereunder shall be in writing and
            shall be
            deemed to have been duly given if personally delivered at or mailed by
            registered mail, postage prepaid, to (a) in the case of Seller, CitiMortgage,
            Inc. 12855 North Outer Forty Drive, MS 74, Saint Louis, Missouri 63141,
            Attention: Capital Markets, with a copy to CitiMortgage, Inc., 15851
            Clayton
            Road, MS 313, Ballwin, Missouri 63011, Attention: Investor Reporting
            Department,
            or such other address as may hereafter be furnished to Purchaser in writing
            by
            Seller and (b) in the case of Purchaser, EMC Mortgage Corporation, Mac
            Arthur
            Ridge II, 909 Hidden Ridge Drive, Suite 200, Irving, Texas 75038, Attention:
            Ms.
            Ralene Ruyle; with a copy to Bear Stearns Mortgage Capital Corporation,
            383
            Madison Avenue, New York, New York 10179, Attention: Mary Haggerty, or
            such
            other address as may hereafter be furnished to Seller in writing by
            Purchaser.

          

          Section
            16.07 Severability
            of Provisions.

          

          If
            any
            one or more of the covenants, agreements, provisions or terms of this
            Agreement
            shall be held invalid for any reason whatsoever, 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.
            If the invalidity of any part, provision, representation or warranty
            of this
            Agreement shall deprive any party of the economic benefit intended to
            be
            conferred by this Agreement, the parties shall negotiate in good faith
            to
            develop a structure the economic effect of which is nearly as possible
            the same
            as the economic effect of this Agreement without regard to such
            inability.

          

          Section
            16.08 No
            Partnership.

          

          Nothing
            herein contained shall be deemed or construed to create a co-partnership
            or
            joint venture between the parties hereto and the services of Seller shall
            be
            rendered as an independent contractor and not as agent for
            Purchaser.

          

          Section
            16.09 Execution;
            Successors and Assigns.

          

          This
            Agreement may be executed in one or more counterparts and by the different
            parties hereto on separate counterparts, each of which, when so executed,
            shall
            be deemed to be an original; such counterparts, together, shall constitute
            one
            and the same agreement. Subject to Section 13.04, this Agreement shall
            inure to
            the benefit of and be binding upon Seller, Seller and Purchaser and their
            respective successors and assigns.

           

          Section
            16.10 Further
            Assurances.

          

          Seller
            understands that Purchaser may resell the Mortgage Loans as whole loans
            or as
            part of a securitization in which a third party may act as master servicer.
            In
            the event that as part of such sale or securitization, additional information
            regarding the Mortgage Loans or modification of the reporting requirements
            may
            be requested, Seller agrees to review such requests by Purchaser’s transferee or
            master servicer only if, in Seller’s judgment, fulfilling such requests would
            require no material modifications to Seller’s servicing processes or systems and
            any and all costs to provide such reports and information shall be borne
            by
            Purchaser.

          

          Section
            16.11 Cooperation
            of Seller with a Reconstitution.

          

          The
            Seller and the Purchaser agree that with respect to some or all of the
            Mortgage
            Loans, on or after the Closing Date, on one or more dates (each a
            "Reconstitution Date") at the Purchaser's sole option, upon fifteen (15)
            days
            notice (provided Purchaser shall use its best efforts to provide thirty
            (30)
            days notice) to Seller (which notice shall include a copy of the proposed
            Reconstitution Agreement), the Purchaser may effect a sale (each, a
            "Reconstitution") of some or all of the Mortgage Loans then subject to
            this
            Agreement, without recourse, to (subject to the limitation on the number
            of
            Purchasers in Section 5.04 hereof):

          

          (a) 
            one or
            more third party purchasers in one or more in whole loan transfers (each,
            a
            "Whole Loan Transfer"); or

          

          (b) one
            or
            more trusts or other entities to be formed as part of one or more pass-through
            transfers (each, a "Pass-Through Transfer").

          

          The
            Seller agrees to execute in connection with any agreements among the
            Purchaser,
            the Seller, and any servicer in connection with a Whole Loan Transfer,
            a
            Reconstitution Agreement. It is understood that any such Reconstitution
            Agreement will not contain any greater or different obligations on the
            part of
            Seller than are contained in this Agreement.

          

          With
            respect to each Whole Loan Transfer and each Pass-Through Transfer entered
            into
            by the Purchaser, the Seller agrees (1) to cooperate fully with the Purchaser
            and any prospective purchaser with respect to all reasonable requests
            and due
            diligence procedures; (2) to execute, deliver and perform all Reconstitution
            Agreements required by the Purchaser; (3) to restate the representations
            and
            warranties set forth in this Agreement as of the settlement or closing
            date in
            connection with such Reconstitution (each, a "Reconstitution Date").
            In that
            connection, the Seller shall provide to such Purchaser any and all information
            (including servicing portfolio information) and appropriate verification
            of
            information (including servicing portfolio information) which may be
            reasonably
            available to the Seller, whether through letters of its auditors or otherwise,
            as the Purchaser or any such other participant shall request upon reasonable
            demand. In connection with each Pass-Through Transfer, the Seller agrees
            to
            provide reasonable and customary indemnification to the Purchaser and
            its
            affiliates for disclosure information provided by Purchaser contained
            in any
            offering document relating to the Seller or its affiliates, the Mortgage
            Loans
            and the underwriting standards of the Mortgage Loans. The Purchaser shall
            be
            responsible for the costs relating to the delivery of such information.
            

           

          The
            Seller further agrees that in the event any Mortgage Loan is transferred
            to
            Fannie Mae, the Seller shall service such Mortgage Loans in accordance
            with the
            Fannie Mae Guide, and that there shall be no cap on compensating interest
            payments with respect to such Mortgage Loans. The Seller agrees that
            with
            respect to such Mortgage Loans, Seller shall also provide a monthly data
            file
            tape with such information as required by Fannie Mae, as
            applicable.

          

          All
            Mortgage Loans not sold or transferred pursuant to a Reconstitution shall
            remain
            subject to, and serviced in accordance with the terms of this Agreement,
            and
            with respect thereto this Agreement shall remain in full force and
            effect.

          

          Section
            16.12 Reporting
            with Respect to a Reconstitution.

          

          The
            Seller agrees that with respect to any Mortgage Loan sold or transferred
            pursuant to a Reconstitution as described in Section 16.11 of this Agreement
            (a
“Reconstituted Mortgage Loan”), the Seller, at its expense, shall provide the
            Purchaser with the information set forth in Exhibit K attached hereto
            for each
            Reconstituted Mortgage Loan in such electronic format as may be mutually
            agreed
            upon by both Purchaser and Seller. 

          

          Section
            16.13 Confidentiality
            of Information.

          

          Each
            party recognizes that, in connection with this Agreement, it may become
            privy to
            non-public information regarding the financial condition, operations
            and
            prospects of the other party. Each party agrees to keep all non-public
            information regarding the other party strictly confidential, and to use
            all such
            information solely in order to effectuate the purpose of the Agreement,
            provided
            that each party may provide confidential information to its employees,
            agents
            and affiliates who have a need to know such information in order to effectuate
            the transaction, provided further that such information is identified
            as
            confidential non-public information. In addition, confidential information
            may
            be provided to a regulatory authority with supervisory power over Purchaser,
            provided such information is identified as confidential non-public
            information.

          

          Notwithstanding
            other provisions of this Section 16.14 or any other express or implied
            agreement, arrangement, or understanding to the contrary, the Seller
            and
            Purchaser (the “Parties”) agree that the Parties (and their employees,
            representatives and other agents) may disclose to any and all persons,
            without
            limitation of any kind from the commencement of discussions, the purported
            or
            claimed U.S. federal income tax treatment of the purchase of the Mortgage
            Loans
            and related transactions covered by this letter agreement (“tax treatment”) and
            any fact that may be relevant to understanding the tax treatment (“tax
            structure”) and all materials of any kind (including opinions or other tax
            analyses) that are provided to the Parties relating to such tax treatment
            and
            tax structure, except where confidentiality is reasonably necessary to
            comply
            with securities laws.

          

          Section
            16.14 No
            Solicitation.

          

          Seller
            hereby agrees that it will not, and its affiliates will not, during the
            remaining term of any of the individual Mortgage Loans, take any action
            or cause
            any action to be taken by any of its agents or affiliates, or independent
            contractors working on its behalf, to target solicit the prepayment of
            said
            Mortgage Loans by the mortgagors, without the prior written consent and
            approval
            of the Purchaser; provided that, the foregoing shall not preclude the
            Seller
            from engaging in solicitations in monthly statements or other regular
            communications to borrowers in Seller’s servicing portfolio which are not
            directed toward the borrowers of the Mortgage Loans. Promotions undertaken
            by
            the Seller or any affiliate of the Seller which are directed solely to
            the
            general public at large, including, without limitation, mass mailing
            based on
            commercially acquired mailing lists, newspapers, radio and television
            advertisements shall not constitute solicitation. 

          
            
              
              

            

            
              
              

              
                

              

            

            
              
              

            

          

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

          

          

          

          CITIMORTGAGE,
            INC.

          

          By:
            _______________________________

          Name:
            Jerome A. Cipponeri

          Title:
            Senior Vice President

          

          

          

          

          

          EMC
            MORTGAGE CORPORATION

          

          By:
            _______________________________

          Name:
            _____________________________

          Title:
            ______________________________

          

          

          

          
            
              
              

            

            
              
              

              
                

              

            

            
              
              

            

          

          EXHIBIT
            A

          

          CONTENTS
            OF MORTGAGE FILES

          

          With
            respect to each Mortgage Loan, the Mortgage File shall include each of
            the
            following items, all of which shall be available for inspection by
            Purchaser:

          

          1.           
            Mortgage
            Loan Documents.

          

          
            	
                    2.

                  	
                    Copy
                      of survey of the Mortgaged Property (if the title insurance
                      policy
                      contains a survey exception).

                  

          

          

          
            	
                    3.

                  	
                    Copy
                      of each instrument necessary to complete identifi-cation of
                      any exception
                      set forth in the exception schedule in the title policy, e.g.,
                      map or
                      plat, restrictions, easements, sewer agreements, home asso-ciation
                      declarations, etc.

                  

          

          

          
            	
                    4.

                  	
                    Mortgage
                      Loan closing statement (Form HUD-1) and any other truth-in-lending
                      or real
                      estate settlement procedure forms required by
                      law.

                  

          

          

          
            	
                    5.

                  	
                    Residential
                      loan application.

                  

          

          

          
            	
                    6.

                  	
                    Verification
                      of acceptable evidence of source and amount of downpayment,
                      if
                      applicable.

                  

          

          

          
            	
                    7.

                  	
                    Verification
                      of employment and income except for Mortgage Loans originated
                      under a
                      limited documentation program, all in accordance with Seller's
                      underwriting guidelines.

                  

          

          

          
            	
                    8.

                  	
                    Credit
                      report on the Mortgagor.

                  

          

          

          
            	
                    9.

                  	
                    Residential
                      appraisal report.

                  

          

          

          
            	
                    10.

                  	
                    Photograph
                      of the property.

                  

          

          

          
            	
                    11.

                  	
                    Tax
                      receipts, insurance premium receipts, ledger sheets, payment
                      records,
                      insurance claim files and correspondence, correspondence, current
                      and
                      historical computerized data files, underwriting standards
                      used for
                      origination and all other papers and records developed or originated
                      by
                      Seller or others, required to document the Mortgage Loan or
                      to service the
                      Mortgage Loan.

                  

          

          

          
            	
                    12.

                  	
                    Original
                      of the related primary mortgage guaranty insurance policy,
                      if any, or a
                      copy thereof.

                  

          

          

          
            	
                    13.

                  	
                    Uniform
                      underwriter and transmittal summary (Fannie Mae Form 1008)
                      or reasonable
                      equivalent.

                  

          

          

          14.         
            Business
            credit report, if applicable.

          

          15.         
            The
            original of any guarantee executed in connection with the Mortgage
            Note.

          

          16.         
            Sales
            contract, if applicable.

          

          
            	
                    17.

                  	
                    If
                      available, termite report, structural engineer’s report, water portability
                      and septic certification.

                  

          

          

          
            	
                    18.

                  	
                    Any
                      original security agreement, chattel mortgage or equivalent
                      executed in
                      connection with the Mortgage.

                  

          

          

          19.          Name
            affidavit, if applicable.

          

          
            
              
              

            

            
              
              

              
                

              

            

            
              
              

            

          

          EXHIBIT
            B

          

          CUSTODIAL
            ACCOUNT CERTIFICATION

          

          

                                  ________
            __,
            2003

          

          

          

          Citibank
            ____________ hereby certifies that it has established the account described
            below as a Custodial Account pursuant to Section 11.09 of Mortgage Loan
            Purchase
            and Servicing Agreement, dated as of ___________ 1, 2003, Fixed Rate
            Mortgage
            Loans.

          

          

          
            	
                    Title
                      of Account:

                  	
                    "CitiMortgage,
                      Inc. in trust for Purchaser and various Mortgagors - Fixed
                      Rate Mortgages
                      Loans"

                  

          

          

          

          
            	
                    Account
                      Number:

                  	
                    __________________________

                  

          

          

          

          Address
            of office or

          branch
            of
            Citibank

          ______________

          at
            which
            Account is

          
            	
                    maintained:

                  	
                    __________________________

                  

          

          

          __________________________

          

          

          

          Citibank
            ____________

          

          

          

          By_________________________

          
            
              
              

            

            
              
              

              
                

              

            

            
              
              

            

          

          EXHIBIT
            C

          

          CUSTODIAL
            ACCOUNT LETTER AGREEMENT

          

          

          __________
            __, 2003

          

          

          

          To: _____________________________________

          _____________________________________

          _____________________________________

          (the
            "Depository")

          

          As
            "Seller" under Mortgage Loan Purchase and Servicing Agreement, dated
            as of
            ___________ 1, 2003, Fixed Rate Mortgage Loans (the "Agreement"), we
            hereby
            authorize and request you to establish an account, as a Custodial Account
            pursuant to Section 10.09 of the Agreement, to be designated as "[Seller],
            in
            trust for Purchaser and various Mortgagors - Fixed Rate Mortgage Loans".
            All
            deposits in the account shall be subject to withdrawal therefrom by order
            signed
            by Seller. This letter is submitted to you in duplicate. Please execute
            and
            return one original to us.

          

          CitiMortgage,
            Inc.

          

          

          

          By__________________________

          

          The
            undersigned, as "Depository", hereby certifies that the above described
            account
            has been established under Account Number ___________________, at the
            office of
            the depository indi-cated above, and agrees to honor withdrawals on such
            account
            as provided above.

          

          ___________________________

          (Name
            of
            Depository)

          

          

          

          By_________________________

          
            
              
              

            

            
              
              

              
                

              

            

            
              
              

            

          

          EXHIBIT
            D

          

          REO
            ACCOUNT CERTIFICATION

          

          

                                  (date)

          

          

          

          Citibank
            ______________ hereby certifies that it has established the non-interest
            bearing
            account described below as an REO Account pursuant to Section 10.17 of
            Mortgage
            Loan Purchase and Servicing Agreement, dated as of ___________ 1, 2003,
            Fixed
            Rate Mortgage Loans.

          

          

          

          
            	
                    Title
                      of Account:

                  	
                    "CitiMortgage,
                      Inc. in trust for Purchaser - Fixed Rate Mortgage Loans, as
                      tenants in
                      common"

                  

          

          

          

          
            	
                    Account
                      Number:

                  	
                    __________________________

                  

          

          

          

          Address
            of office or

          branch
            of
            Citibank

          _______________

          at
            which
            Account is

          
            	
                    maintained:

                  	
                    __________________________

                  

          

          

          __________________________

          

          

          Citibank
            ________________

          

          

          

          By__________________________

          

          
            
              
              

            

            
              
              

              
                

              

            

            
              
              

            

          

          EXHIBIT
            E

          

          REO
            ACCOUNT LETTER AGREEMENT

          

          

                                      (date)

          

          

          

          To:         
            _____________________________________

          _____________________________________

          _____________________________________

          (the
            "Depository")

          

          As
            "Seller" under Mortgage Loan Purchase and Servicing Agreement, dated
            as of
            ___________ 1, 2003, Fixed Rate Mortgage Loans (the "Agreement"), we
            hereby
            authorize and request you to establish a non-interest bearing account,
            as an REO
            Account pursuant to Section 10.17 of the Agreement, to be desig-nated
            as
            "[Seller], in trust for Purchaser - Fixed Rate Mortgage Loans, as tenants
            in
            common." All deposits in the account shall be subject to withdrawal therefrom
            by
            order signed by Seller. This letter is submitted to you in duplicate.
            Please
            execute and return one original to us.

          

          CitiMortgage,
            Inc.

          

          

          

          By__________________________

          

          The
            undersigned, as "Depository", hereby certifies that the above described
            account
            has been established under Account Number ___________________, at the
            office of
            the depository indi-cated above, and agrees to honor withdrawals on such
            account
            as provided above.

          

          _____________________________

          (name
            of
            Depository)

          

          

          

          By_________________________

          

          

          

          
            
              
              

            

            
              
              

              
                

              

            

            
              
              

            

          

          EXHIBIT
            F

          

          MORTGAGE
            LOAN SCHEDULE

          

          

          (1) the
            Seller's Mortgage Loan identifying number;

          

          (2) the
            Mortgagor's first and last name;

          

          (3)
             the
            street address of the Mortgaged Property including the city, state and
            zip
            code;

          

          (4) a
            code
            indicating whether the Mortgaged Property is owner-occupied, a second
            home or an
            investor property;

          

          (5) the
            type
            of residential property constituting the Mortgaged Property;

           

          
            (6) the
              original months to maturity of the Mortgage Loan;

             

          

          (7)  the
            remaining months to maturity from the Cut-off Date, based on the original
            amortization schedule and, if different, the maturity expressed in the
            same
            manner but based on the actual amortization schedule;

          

          (8) the
            sales
            price, if applicable, Appraised Value and Loan-to-Value Ratio, at
            origination;

          

          (9) the
            Mortgage Interest Rate as of origination and as of the Cut-off
            Date;

          

          (10) the
            origination date of the Mortgage Loan;

          

          (11) the
            stated maturity date;

          

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

          

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

          

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

          

          (15) the
            scheduled Stated Principal Balance of the Mortgage Loan as of the close
            of
            business on the Cut-off Date, after deduction of payments of principal
            due on or
            before the Cut-off Date whether or not collected;

          

          (16)
             a
            code
            indicating the purpose of the Mortgage Loan (i.e., purchase, rate and
            term
            refinance, equity take-out refinance); 

          

          (17)
             a
            code
            indicating the documentation style (i.e. full, alternative, etc.); 

          

          (18) the
            number of times during the twelve (12) month period preceding the Closing
            Date
            that any Monthly Payment has been received after the month of its scheduled
            due
            date;

          

          (19) the
            date
            on which the first payment is or was due; 

           

          
            (20) 
              [a
              code indicating whether or not the Mortgage Loan is the subject of
              a Primary
              Mortgage Insurance Policy and the name of the related insurance
              carrier;]

          

          

          (21)
             a
            code
            indicating whether or not the Mortgage Loan is currently convertible
            and the
            conversion spread; 

          

          (22)
             the
            last
            Due Date on which a Monthly Payment was actually applied to the unpaid
            principal
            balance of the Mortgage Loan.

          

          (23)
             product
            type (i.e. fixed, adjustable, 3/1, 5/1, etc.); 

           

          
            (24) 
              credit
              score and/or mortgage score, if applicable;

          

          

          (25) a
            code
            indicating whether or not the Mortgage Loan is the subject of a Lender
            Primary
            Mortgage Insurance Policy and the name of the related insurance carrier
            and the
            Lender Paid Mortgage Insurance Rate;

          

          (26)  a
            code
            indicating whether or not the Mortgage Loan has a prepayment penalty
            and if so,
            the amount and term thereof.

          

          With
            respect to the Mortgage Loans in the aggregate, the Mortgage Loan Schedule
            shall
            set forth the following information, as of the Cut-off Date:

          

          (1) the
            number of Mortgage Loans;

          

          (2) the
            current aggregate outstanding principal balance of the Mortgage
            Loans;

          

          (3) the
            weighted average Mortgage Interest Rate of the Mortgage Loans; and

          

          (4) the
            weighted average maturity of the Mortgage Loans.

          

          
            
              
              

            

            
              
              

              
                

              

            

            
              
              

            

          

          EXHIBIT
            G

          

          ASSIGNMENT,
            ASSUMPTION AND RECOGNITION AGREEMENT

           

          

          This
            is
            an Assignment, Assumption and Recognition Agreement (the “Agreement”) made this
            ______ day of __________, 2003, among  
            (the
            "Assignor"), ________________ (the "Assignee") and CitiMortgage, Inc.
            ("Citicorp").

          

          In
            consideration of the mutual promises contained herein the parties hereto
            agree
            that the mortgage loans (the “Mortgage Loans”) listed on Attachment 1 annexed
            hereto (the "Mortgage Loan Schedule") now serviced by Citicorp for Assignor
            and
            its successors and assigns pursuant to the Mortgage Loan Purchase and
            Servicing
            Agreement dated as of _____________, 2003, between Assignor and Citicorp
            (the
“Purchase and Servicing Agreement”) shall be subject to the terms of this
            Agreement. Capitalized terms used herein but not defined shall have the
            meanings
            ascribed to them in the Purchase and Servicing Agreement.

          

          Assignment
            and Assumption

          

          1. Assignor
            hereby grants, transfers and assigns to Assignee all of the right, title
            and
            interest of Assignor in the Mortgage Loans and, to the extent of the
            Mortgage
            Loans, all of its right, title and interest in, to and under the Purchase
            and
            Servicing Agreement.

          

          Warranties

          

          2. Assignor
            warrants and represents to, and covenants with, the Assignee as of the
            date
            hereof that:

          

          (a) Attached
            hereto as Attachment 2 is a true and accurate copy of the Purchase and
            Servicing
            Agreement which agreement is in full force and effect as of the date
            hereof and
            the provisions of which have not been waived, amended or modified in
            any
            respect, nor has any notice of termination been given thereunder;

          

          (b) Assignor
            is the lawful owner of the Mortgage Loans with full right to transfer
            the
            Mortgage Loans and any and all of its interests, rights and obligations
            under
            the Purchase and Servicing Agreement to the extent of the Mortgage Loans
            free
            and clear from any and all claims and encumbrances whatsoever and upon
            the
            transfer of the Mortgage Loans to Assignee as contemplated herein, Assignee
            shall have good title to each and every Mortgage Loan, as well as any
            and all of
            Assignee’s interests, rights and obligations under the Purchase and Servicing
            Agreement to the extent of the Mortgage Loans, free and clear of all
            liens,
            claims and encumbrances;

          

          (c) There
            are
            no offsets, counterclaims or other defenses available to Citicorp with
            respect
            to the Mortgage Loans or the Purchase and Servicing Agreement;

          

          (d) Assignor
            has no knowledge of, and has not received notice of, any waivers under,
            or any
            modification of, the Mortgage Loans;

          

          (e) Assignor
            is duly organized, validly existing and in good standing under the laws
            of the
            jurisdiction of its incorporation, and has all requisite power and authority
            to
            acquire, own and sell the Mortgage Loans;

          

          (f) Assignor
            has full corporate power and authority to execute, deliver and perform
            its
            obligations under this Agreement, and to consummate the transactions
            set forth
            herein. The consummation of the transactions contemplated by this Agreement
            is
            in the ordinary course of Assignor’s business and will not conflict with, or
            result in a breach of, any of the terms, conditions or provisions of
            Assignor’s
            charter or by-laws or any legal restriction, or any material agreement
            or
            instrument to which Assignor is now a party or by which it is bound,
            or result
            in the violation of any law, rule, regulation, order, judgment or decree
            to
            which Assignor or its property is subject. The execution, delivery and
            performance by Assignor of this Agreement and the consummation by it
            of the
            transactions contemplated hereby, have been duly authorized by all necessary
            corporate action on part of Assignor. This Agreement has been duly executed
            and
            delivered by Assignor and, upon the due authorization, execution and
            delivery by
            Assignee, will constitute the valid and legally binding obligation of
            Assignor
            enforceable against Assignor in accordance with its terms except as
            enforceability may be limited by bankruptcy, reorganization, insolvency,
            moratorium or other similar laws now or hereafter in effect relating
            to
            creditors’ rights generally, and by general principles of equity regardless of
            whether enforceability is considered in a proceeding in equity or at
            law; and

          

          (g) No
            consent, approval, order or authorization of, or declaration, filing
            or
            registration with, any governmental entity is required to be obtained
            or made by
            Assignor in connection with the execution, delivery or performance by
            Assignor
            of this Agreement, or the consummation by it of the transactions contemplated
            hereby.

          

          3. Assignee
            warrants and represents to, and covenants with, Assignor and Citicorp
            that as of
            the date hereof:

          

          (a) The
            Assignee is a corporation duly organized, validly existing and in good
            standing
            under the laws of the jurisdiction of its incorporation, and has all
            requisite
            corporate power and authority to acquire, own and purchase the Mortgage
            Loans;

          

          (b) Assignee
            has full corporate power and authority to execute, deliver and perform
            its
            obligations under this Agreement, and to consummate the transactions
            set forth
            herein. The consummation of the transactions contemplated by this Agreement
            is
            in the ordinary course of Assignee’s business and will not conflict with, or
            result in a breach of, any of the terms, conditions or provisions of
            Assignee’s
            charter or by-laws or any legal restriction, or any material agreement
            or
            instrument to which Assignee is now a party or by which it is bound,
            or result
            in the violation of any law, rule, regulation, order, judgment or decree
            to
            which Assignee or its property is subject. The execution, delivery and
            performance by Assignee of this Agreement and the consummation by it
            of the
            transactions contemplated hereby, have been duly authorized by all necessary
            corporate action on part of Assignee. This Agreement has been duly executed
            and
            delivered by Assignee and, upon the due authorization, execution and
            delivery by
            Assignor, will constitute the valid and legally binding obligation of
            Assignee
            enforceable against Assignee in accordance with its terms except as
            enforceability may be limited by bankruptcy, reorganization, insolvency,
            moratorium or other similar laws now or hereafter in effect relating
            to
            creditors’ rights generally, and by general principles of equity regardless of
            whether enforceability is considered in a proceeding in equity or at
            law;

          

          (c) No
            consent, approval, order or authorization of, or declaration, filing
            or
            registration with, any governmental entity is required to be obtained
            or made by
            Assignee in connection with the execution, delivery or performance by
            Assignee
            of this Agreement, or the consummation by it of the transactions contemplated
            hereby; and 

          

          (d) Assignee
            agrees to be bound, as “Purchaser” (as such term is defined under the Purchase
            and Servicing Agreement), by all of the terms, covenants and conditions
            of the
            Purchase and Servicing Agreement and the Mortgage Loans, and from and
            after the
            date hereof, the Assignee assumes for the benefit of each of Assignor
            and
            Citicorp all of Assignor's obligations as Purchaser thereunder.

          

          Recognition
            of Assignee

          

          4. From
            and
            after the date hereof, Citicorp shall recognize Assignee as owner of
            the
            Mortgage Loans and will service the Mortgage Loans in accordance with
            the
            Purchase and Servicing Agreement, as if Assignee and Citicorp had entered
            into a
            separate purchase and servicing agreement for the servicing of the Mortgage
            Loans in the form of the Purchase and Servicing Agreement, the terms
            of which
            are incorporated herein by reference. It is the intention of Assignor,
            Citicorp
            and Assignee that this Agreement will constitute a separate and distinct
            servicing agreement, and the entire agreement, between Citicorp and Assignee
            to
            the extent of the Mortgage Loans and shall be binding upon and for the
            benefit
            of the respective successors and assigns of the parties hereto.

          

          5. The
            Mortgage Loans shall be serviced by Citicorp for Assignee in accordance
            with all
            applicable state, federal and local laws as well as in conformity with
            the
            provisions of the applicable Mortgages and Mortgage Notes, and pursuant
            to the
            terms and conditions of this Agreement.

          

          Miscellaneous

          

          6. All
            demands, notices and communications related to the Mortgage Loans, the
            Purchase
            and Servicing Agreement and this Agreement shall be in writing and shall
            be
            deemed to have been duly given if personally delivered at or mailed by
            registered mail, postage prepaid, as follows:

          

          
            
              
              

            

            
              
              

              
                

              

            

            
              
              

            

          

          (a)          
            In
            the
            case of Seller,

          

          CitiMortgage,
            Inc.

          12855
            North Outer Forty Drive, MS 74,

          Saint
            Louis, Missouri 63141

          Attention:
            Capital Markets

          

          with
            a
            copy to

          

          CitiMortgage,
            Inc.

          15851
            Clayton Road, MS 313

          Ballwin,
            Missouri 63011

          Attention:
            Investor Reporting Department

          

          (b)          
            In
            the
            case of Assignee

          

          ____________________________

          ____________________________

          ____________________________

          Attention:
            ___________________

          

          (c)          
            In
            the
            case of Assignor,

          

          ____________________________

          ____________________________

          ____________________________

          Attention:
            ___________________

          

          7. This
            Agreement shall be construed in accordance with the laws of the State
            of New
            York, except to the extent preempted by Federal law, and the obligations,
            rights
            and remedies of the parties hereunder shall be determined in accordance
            with
            such laws.

          

          8. No
            term
            or provision of this Agreement may be waived or modified unless such
            waiver or
            modification is in writing and signed by the party against whom such
            waiver or
            modification is sought to be enforced.

          

          9. This
            Agreement shall inure to the benefit of the successors and assigns of
            the
            parties hereto. Any entity into which the Assignor, Assignee or Citicorp
            may be
            merged or consolidated shall, without the requirement for any further
            writing,
            be deemed the Assignor, Assignee or Citicorp, respectively,
            hereunder.

          

          10. This
            Agreement shall survive the conveyance of the Mortgage Loans, the assignment
            of
            the Purchase and Servicing Agreement to the extent of the Mortgage Loans
            by the
            Assignor to the Assignee and the termination of the Purchase and Servicing
            Agreement.

          

          

          
            
              
              

            

            
              
              

              
                

              

            

            
              
              

            

          

          11. This
            Agreement may be executed simultaneously in any number of counterparts.
            Each
            counterpart shall be deemed to be an original, and all such counterparts
            shall
            constitute one and the same instrument.

          

          Modification
            of Purchase Agreement

           

          
            	12.  	
                    The
                      Company and Assignor hereby amend the Purchase Agreement as
                      follows:

                  

          

          

          (a)  Annual
            Statement as to Compliance.

          

          The
            Company will use its best efforts to deliver to the Master Servicer on
            or before
            March 15 of each year, beginning with March 15, 2004, an Officers' Certificate
            stating that (i) a review of the activities of the Company during the
            preceding
            calendar year and of performance under this Agreement has been made under
            such
            officers' supervision, (ii) the Company has fully complied with the provisions
            of this Agreement and (iii) to the best of such officers' knowledge,
            based on
            such review, the Company has fulfilled all of its obligations under this
            Agreement throughout such year, or, if there has been a default in the
            fulfillment of any such obligation, specifying each such default known
            to such
            officer and the nature and status thereof.

          

          (b) 
            Annual
            Certification. 

          

          The
            Company will use its best efforts to deliver to the Master Servicer,
            on or
            before March 15 of each year beginning March 15, 2004 a certification
            in the
            form attached hereto as Exhibit A with respect to the servicing reports
            delivered by the Company pursuant to this Agreement, the Company’s compliance
            with the servicing obligations set forth in this Agreement and any other
            information within the control of the Company. Such certification shall
            be
            signed by the senior officer in charge of servicing of the Company. In
            addition,
            the Company shall provide such other information with respect to the
            Mortgage
            Loans and the servicing and administration thereof within the control
            of the
            Company which shall be required to enable the Master Servicer, Trustee
            or
            Depositor, as applicable, to comply with the reporting requirements of
            the
            Securities and Exchange Act of 1934, as amended.

          

          (c) Event
            of
            Default.

          

          Failure
            by the Servicer to duly perform, within the required time period, its
            obligations under Subsections (a) and (b) of this Section 12 which failure
            continues unremedied for a period of fifteen (15) days after the date
            on which
            written notice of such failure, requiring the same to be remedied, shall
            have
            been given to the Servicer by any party to this Servicing Agreement or
            by any
            master servicer responsible for master servicing the Mortgage Loans pursuant
            to
            a securitization of such Mortgage Loans.

          

          (d) Third
            Party Beneficiary.

          

          The
            Master Servicer shall be considered a third party beneficiary to this
            Agreement
            entitled to all the rights and benefits accruing to the Master Servicer
            herein
            as if it were a direct party to this Agreement.

          

          

          IN
            WITNESS WHEREOF, the parties hereto have executed this Agreement the
            day and
            year first above written.

          

          

          ASSIGNOR

          

          By:
            ___________________________

          Name:
            _________________________

          Title:
            __________________________

          

          

          

           

          ASSIGNEE

          

          By:
            ___________________________

          Name:
            _________________________

          Title:
            __________________________

          

          

          

           

          CITIMORTGAGE,
            INC.

          

          By:
            ___________________________

          Name:
            _________________________

          Title:
            __________________________

          

          
            
              
              

            

            
              
              

              
                

              

            

            
              
              

            

          

          ATTACHMENT
            1

          

          MORTGAGE
            LOAN SCHEDULE

          

          
            
              
              

            

            
              
              

              
                

              

            

            
              
              

            

          

          ATTACHMENT
            2

          

          MORTGAGE
            LOAN PURCHASE AND SERVICING AGREEMENT

          

          

          

           

          
            
              
              

            

            
              
              

              
                

              

            

            
              
              

            

          

          EXHIBIT
            A

          

          FORM
            OF
            COMPANY CERTIFICATION

          

          A.  For
            so
            long as the Mortgage Loans are being serviced by Seller as part of a
            securitization transaction and a certificate with respect to such servicing
            is
            required to be furnished by Purchaser or an agent of the Purchaser under
            the
            Sarbanes-Oxley Act of 2002, as amended, and any rules and regulations
            promulgated thereunder (“Sarbanes-Oxley Act”), an officer of Seller (herein,
            also, “Servicer”), on or before March 31, 2004 and, using its best efforts,
            March 15th of each year thereafter (or if not a Business Day, the immediately
            preceding Business Day), shall execute and deliver an officer’s certification in
            compliance with the Sarbanes-Oxley Act to the related master servicer
            certifying
            as to the following matters:

           

          

          
            	(i)  	
                    I
                      have reviewed the annual statement of compliance (“Annual Statement of
                      Compliance”) prepared by Servicer, and the annual independent public
                      accountant’s servicing report made in accordance with the Uniform
                      Single Attestation Program for Mortgage Bankers
                      (“Annual Independent Public Accountant’s Servicing Report”), which have
                      been furnished to Master Servicer pursuant to this Agreement
                      and any
                      subsequent servicing agreement related thereto or the Mortgage
                      Loans
                      (collectively, “Servicing
                      Agreement”);

                  

          

           

          
            	(ii)  	
                    Based
                      on my knowledge, the information in the Annual Statement of
                      Compliance,
                      the Annual Independent Public Accountant’s Servicing Report, and all final
                      servicing reports prepared by Servicer and delivered to Master
                      Servicer
                      pursuant to the Servicing Agreement relating to the servicing
                      of the
                      Mortgage Loans, taken as a whole, does not contain any untrue
                      statement of
                      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 as of the last day of the period
                      covered by such
                      statements or reports; 

                  

          

           

          
            	(iii)  	
                    Based
                      on my knowledge, the servicing information required to be provided
                      to the
                      Master Servicer by the Servicer under the Servicing Agreement
                      has been
                      provided to Master Servicer;

                  

          

           

          
            	(iv)  	
                    I
                      am responsible for reviewing the activities performed by the
                      Servicer
                      under the Servicing Agreement and, to the best of my knowledge
                      and based
                      upon the review required by the Servicing Agreement, and except
                      as
                      disclosed in the Annual Statement of Compliance and the Annual
                      Independent
                      Public Accountant’s Servicing Report submitted to the Master Servicer, the
                      Servicer has, as of the last day of the period covered by the
                      Annual
                      Statement of Compliance fulfilled its obligations under the
                      Servicing
                      Agreement; and

                  

          

           

          
            	(v)  	
                    I
                      have disclosed to the Master Servicer all significant deficiencies
                      relating to the Servicer’s compliance with the minimum servicing standards
                      in accordance with a review conducted in compliance
                      with the Uniform
                      Single Attestation Program for Mortgage Bankers
                      or
                      similar standard as set forth in the Servicing
                      Agreement.

                  

          

           

          

          B. The
            Servicer shall indemnify and hold harmless the Master Servicer from and
            against
            any losses, damages, penalties, fines, forfeitures, reasonable legal
            fees and
            related costs, judgments and other costs and expenses arising out of
            or based
            upon a breach by the Servicer or any of its officers, directors, agents
            or
            affiliates of its obligations hereunder. 

           

          

          

          

          Capitalized
            terms used but not defined herein have the meanings ascribed to them
            in the AAR
            Agreement.

          

          Date:___________________

          

          _______________________

          [Signature]

          [Title]

          
            
              
              

            

            
              
              

              
                

              

            

            
              
              

            

          

          EXHIBIT
            H

          

          MORTGAGE
            LOAN DOCUMENTS

          

          
            	
                    1.

                  	
                    The
                      original Mortgage Note endorsed, "Pay to the order of  ,
                      without recourse" and signed in the name of Seller by an authorized
                      officer. In the event that the Mortgage Loan was acquired by
                      Seller in a
                      merger, the endorsement must be by "[Seller], successor by
                      merger to [name
                      of predecessor]"; and in the event that the Mortgage Loan was
                      acquired or
                      originated by Seller while doing business under another name,
                      the
                      endorsement must be by "[Seller], formerly known as [previous
                      name]".

                  

          

          

          
            	
                    2.

                  	
                    The
                      original Mortgage, or a copy of the Mortgage with evidence
                      of recording
                      thereon certified by the appropriate recording office to be
                      a true copy of
                      the recorded Mortgage, or, if the original Mortgage has not
                      yet been
                      returned from the recording office, a copy of the original
                      Mortgage
                      together with a certificate of either the closing attorney,
                      an officer of
                      the title insurer which issued the related title insurance
                      policy or an
                      officer of Seller, certifying that the copy is a true copy
                      of the original
                      of the Mortgage which has been delivered by such officer or
                      attorney for
                      recording in the appropriate recording office of the jurisdiction
                      in which
                      the Mortgaged Property is located.

                  

          

          

          
            	
                    3.

                  	
                    The
                      original Assignment of Mortgage from Seller, prepared in blank,
                      which
                      assignment shall be in form and substance acceptable for recording.
                      In the
                      event that the Mortgage Loan was acquired by Seller in a merger,
                      the
                      assignment must be by "[Seller], successor by merger to [name
                      of
                      predecessor]"; and in the event that the Mortgage Loan was
                      acquired or
                      originated by Seller while doing business under another name,
                      the
                      assignment must be by "[Seller], formerly known as [previous
                      name]”.

                  

          

          

          
            	
                    4.

                  	
                    The
                      original policy of title insurance, or, if the policy has not
                      yet been
                      issued, a written commitment or interim binder issued by the
                      title
                      insurance company, dated and certified as of the date the Mortgage
                      Loan
                      was funded, with a statement by the title insurance company
                      or closing
                      attorney on such binder or commit-ment that the priority of
                      the lien of
                      the related Mortgage during the period between the date of
                      the funding of
                      the related Mortgage Loan and the date of the related title
                      policy (which
                      title policy shall be dated the date of recording of the related
                      Mortgage)
                      is insured.

                  

          

          

          
            	
                    5.

                  	
                    Originals,
                      or certified true copies from the appropriate recording office,
                      of any
                      intervening assignments of the Mort-gage with evidence of recording
                      thereon, or, if the original intervening assignment has not
                      yet been
                      returned from the recording office, a certified copy of such
                      assignment.

                  

          

          

          
            	
                    6.

                  	
                    Originals
                      or copies of all assumption and modification agree-ments, if
                      any.

                  

          

          

          7. Original
            power of attorney, if applicable.

          

          
            	8.  	
                    The
                      original or certified copy, of the Primary Mortgage Insurance
                      Policy, if
                      required.

                  

          

          

          
            
              
              

            

            
              
              

              
                

              

            

            
              
              

            

          

          EXHIBIT
            I

          

          SELLER’S
            WIRING INSTRUCTIONS

          

          
            
              
              

            

            
              
              

              
                

              

            

            
              
              

            

          

          EXHIBIT
            J

          

          ESCROW
            ACCOUNT LETTER AGREEMENT

          

          

                                      ________
            __,
            2003

          

          

          

          Citibank
            ____________ hereby certifies that it has established the account described
            below as an Escrow Account pursuant to Section 11.09 of Mortgage Loan
            Purchase
            and Servicing Agreement, dated as of ___________ 1, 2003, Fixed Rate
            Mortgage
            Loans.

          

          

          
            	
                    Title
                      of Account:

                  	
                    "CitiMortgage,
                      Inc. in trust for Purchaser and various Mortgagors - Fixed
                      Rate Mortgages
                      Loans"

                  

          

          

          

          
            	
                    Account
                      Number:

                  	
                    __________________________

                  

          

          

          

          Address
            of office or

          branch
            of
            Citibank

          ______________

          at
            which
            Account is

          
            	
                    maintained:

                  	
                    __________________________

                  

          

          

          __________________________

          

          

          

          Citibank
            ____________

          

          

          

          By_________________________

          
            
              
              

            

            
              
              

              
                

              

            

            
              
              

            

          

          EXHIBIT
            K

          

          RECONSTITUTED
            MORTGAGE LOAN REPORTING

          

           

          (a) Servicer
            Mortgage Loan Number  

          (b) FNMA
            Mortgage Loan Number (if applicable)

          (c) Lender/Seller
            Mortgage Loan Number (if
            available)

          (d) Scheduled
            Balance (scheduled end of month balance reporting to Master
            Servicer/Trustee)

          (e) Actual
            Balance (actual end of month balance received from Mortgagor)

          (f) Gross
            Rate (current gross rate)

          (g) Net
            Rate
            (current passthrough)

          (h) Last
            Payment Date (LPI_DATE in Fannie's Laser Reporting)

          (p) Fannie's
            Laser Reporting  

           

          (iii)
            Remit Prin (submitted principal amount)

          (iv)
            Remit Int (submitted interest amount)

          
            
              
              

            

            
              
              

              
                

              

            

            
              
              

            

          

          EXHIBIT
            L

          

          

        

         

      

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      
 

      EXHIBIT
        R-4

      

      RESERVED

      

       

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      
 

      

      EXHIBIT
        R-5

      

      HARBOURSIDE
        SERVICING AGREEMENT

      

      
         

        
 

        

          EMC
            MORTGAGE CORPORATION

          Purchaser,

           

           

           

          SAVANNAH
            BANK, NA dba HARBOURSIDE MORTGAGE CORPORATION

          Company,

           

           

           

          PURCHASE,
            WARRANTIES AND SERVICING AGREEMENT

           

          Dated
            as
            of April 1, 2005

           

           

           

           

          (Fixed
            and Adjustable Rate Mortgage Loans)

           

          

          

          
            
              
              

            

            
              
              

              
                

              

            

            
              
              

            

          

          This
            is a
            Purchase, Warranties and Servicing Agreement, dated as of April 1, 2005
            and is
            executed between EMC MORTGAGE CORPORATION, as Purchaser, with offices
            located at
            Mac Arthur Ridge II, 909 Hidden Ridge Drive, Suite 200, Irving, Texas
            75038 (the
“Purchaser”), and Savannah Bank, NA dba Harbourside Mortgage Corporation, with
            offices located at 23-B Shelter Cove Lane, Hilton Head, South Carolina
            29928
            (the “Company”). 

           

          W
            I T
            N ES S E T H:

           

          WHEREAS,
            the Purchaser has heretofore agreed to purchase from the Company and
            the Company
            has heretofore agreed to sell to the Purchaser, from time to time, certain
            Mortgage Loans on a servicing retained basis; 

           

          WHEREAS,
            each of the Mortgage Loans is secured by a mortgage, deed of trust or
            other
            security instrument creating a first lien on a residential dwelling located
            in
            the jurisdiction indicated on the Mortgage Loan Schedule, which is annexed
            to
            the related Term Sheet; and 

           

          WHEREAS,
            the Purchaser and the Company wish to prescribe the representations and
            warranties of the Company with respect to itself and the Mortgage Loans
            and the
            management, servicing and control of the Mortgage Loans; 

           

          NOW,
            THEREFORE, in consideration of the mutual agreements hereinafter set
            forth, and
            for other good and valuable consideration, the receipt and adequacy of
            which is
            hereby acknowledged, the Purchaser and the Company agree as follows:
            

           

           

          ARTICLE
            I

           

          DEFINITIONS 

           

          
            	Section
                    1.01  	
                    Defined
                      Terms.

                  

          

           

          Whenever
            used in this Agreement, the following words and phrases, unless the context
            otherwise requires, shall have the following meaning specified in this
            Article:

           

          Accepted
            Servicing Practices:
            With
            respect to any Mortgage Loan, those mortgage servicing practices (including
            collection procedures) of prudent mortgage banking institutions which
            service
            mortgage loans of the same type as such Mortgage Loan in the jurisdiction
            where
            the related Mortgaged Property is located, and which are in accordance
            with
            Fannie Mae servicing practices and procedures, for MBS pool mortgages,
            as
            defined in the Fannie Mae Guides including future updates. 

           

          Adjustment
            Date:
            As to
            each adjustable rate Mortgage Loan, the date on which the Mortgage Interest
            Rate
            is adjusted in accordance with the terms of the related Mortgage Note.
            

           

          Agreement:
            This
            Purchase, Warranties and Servicing Agreement including all exhibits hereto,
            amendments hereof and supplements hereto. 

           

          Appraised
            Value:
            With
            respect to any Mortgaged Property, 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 requirements
            of the
            Company and Fannie Mae. 

           

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

           

          BIF:
            The
            Bank Insurance Fund, or any successor thereto. 

           

          Business
            Day:
            Any day
            other than: (i) a Saturday or Sunday, or (ii) a legal holiday in the
            State of
            New York or State of South Carolina, or (iii) a day on which banks in
            the State
            of New York or State of South Carolina are authorized or obligated by
            law or
            executive order to be closed. 

           

          Closing
            Date:
            With
            respect to any Mortgage Loan, the date stated on the related Term Sheet.
            

           

          Code:
            The
            Internal Revenue Code of 1986, or any successor statute thereto. 

           

          Company:
            Savannah Bank NA dba Harbourside Mortgage Corporation, its successors
            in
            interest and assigns, as permitted by this Agreement. 

           

          Company’s
            Officer’s Certificate:
            A
            certificate signed by the Chairman of the Board, President, any Vice
            President
            or Treasurer of Company stating the date by which Company expects to
            receive any
            missing documents sent for recording from the applicable recording office.
            

           

          Condemnation
            Proceeds:
            All
            awards or settlements in respect of a Mortgaged Property, whether permanent
            or
            temporary, partial or entire, by exercise of the power of eminent domain
            or
            condemnation, to the extent not required to be released to a Mortgagor
            in
            accordance with the terms of the related Mortgage Loan Documents. 

           

          Confirmation:
            The
            trade confirmation letter between the Purchaser and the Company which
            relates to
            the Mortgage Loans. 

           

          Consumer
            Information:
            Information including, but not limited to, all personal information about
            Mortgagors that is supplied to the Purchaser by or on behalf of the Company.
            

           

          Co-op
            Lease:
            With
            respect to a Co-op Loan, the lease with respect to a dwelling unit occupied
            by
            the Mortgagor and relating to the stock allocated to the related dwelling
            unit.

           

          Co-op
            Loan:
            A
            Mortgage Loan secured by the pledge of stock allocated to a dwelling
            unit in a
            residential cooperative housing corporation and a collateral assignment
            of the
            related Co-op Lease. 

           

          Current
            Appraised Value:
            With
            respect to any Mortgaged Property, the value thereof as determined by
            an
            appraisal made for the Company (by an appraiser who met the requirements
            of the
            Company and Fannie Mae) at the request of a Mortgagor for the purpose
            of
            canceling a Primary Mortgage Insurance Policy in accordance with federal,
            state
            and local laws and regulations or otherwise made at the request of the
            Company
            or Mortgagor. 

           

          Current
            LTV:
            The
            ratio of the Stated Principal Balance of a Mortgage Loan to the Current
            Appraised Value of the Mortgaged Property. 

           

          Custodial
            Account:
            Each
            separate demand account or accounts created and maintained pursuant to
            Section
            4.04 which shall be entitled “F 1, in trust for the [Purchaser], Owner of
            Adjustable Rate Mortgage Loans” and shall be established in an Eligible Account,
            in the name of the Person that is the “Purchaser” with respect to the related
            Mortgage Loans. 

           

          Custodian:
            With
            respect to any Mortgage Loan, the entity stated on the related Term Sheet,
            and
            its successors and assigns, as custodian for the Purchaser. 

           

          Cut-off
            Date:
            With
            respect to any Mortgage Loan, the date stated on the related Term Sheet.
            

           

          Determination
            Date:
            The
            15th day (or if such 15th day is not a Business Day, the Business Day
            immediately preceding such 15th day) of the month of the related Remittance
            Date. 

           

          Due
            Date:
            The day
            of the month on which the Monthly Payment is due on a Mortgage Loan,
            exclusive
            of any days of grace, which is the first day of the month. 

           

          Due
            Period:
            With
            respect to any Remittance Date, the period commencing on the second day
            of the
            month preceding the month of such Remittance Date and ending on the first
            day of
            the month of the Remittance Date. 

           

          Eligible
            Account:
            An
            account established and maintained: (i) within FDIC insured accounts
            created,
            maintained and monitored by the Company so that all funds deposited therein
            are
            fully insured, or (ii) as a trust account with the corporate trust department
            of
            a depository institution or trust company organized under the laws of
            the United
            States of America or any one of the states thereof or the District of
            Columbia
            which is not affiliated with the Company (or any sub-servicer) or (iii)
            with an
            entity which is an institution whose deposits are insured by the FDIC,
            the
            unsecured and uncollateralized long-term debt obligations of which shall
            be
            rated “A2” or higher by Standard & Poor’s and “A” or higher by Fitch, Inc.
            or one of the two highest short-term ratings by any applicable Rating
            Agency,
            and which is either (a) a federal savings association duly organized,
            validly
            existing and in good standing under the federal banking laws, (b) an
            institution
            duly organized, validly existing and in good standing under the applicable
            banking laws of any state, (c) a national banking association under the
            federal
            banking laws, or (d) a principal subsidiary of a bank holding company,
            or (iv)
            if ownership of the Mortgage Loans is evidenced by mortgaged-backed securities,
            the equivalent required ratings of each Rating Agency, and held such
            that the
            rights of the Purchaser and the owner of the Mortgage Loans shall be
            fully
            protected against the claims of any creditors of the Company (or any
            sub-servicer) and of any creditors or depositors of the institution in
            which
            such account is maintained or (v) in a separate non-trust account without
            FDIC
            or other insurance in an Eligible Institution. In the event that a Custodial
            Account is established pursuant to clause (iii), (iv) or (v) of the preceding
            sentence, the Company shall provide the Purchaser with written notice
            on the
            Business Day following the date on which the applicable institution fails
            to
            meet the applicable ratings requirements. 

           

          Eligible
            Institution:
            [_______________], or an institution having (i) the highest short-term
            debt
            rating, and one of the two highest long-term debt ratings of each Rating
            Agency;
            or (ii) with respect to any Custodial Account, an unsecured long-term
            debt
            rating of at least one of the two highest unsecured long-term debt ratings
            of
            each Rating Agency. 

           

          Equity
            Take-Out Refinanced Mortgage Loan:
            A
            Refinanced Mortgage Loan the proceedsof which were in excess of the outstanding
            principal balance of the existing mortgage loan as defined in the Fannie
            Mae
            Guide(s). 

           

          Escrow
            Account:
            Each
            separate trust account or accounts created and maintained pursuant to
            Section
            4.06 which shall be entitled “_____________, in trust for the [Purchaser], Owner
            of Adjustable Rate Mortgage Loans, and various Mortgagor&’ and shall be
            established in an Eligible Account, in the name of the Person that is
            the
“Purchase” with respect to the related Mortgage Loans. 

           

          Escrow
            Payments:
            With
            respect to any Mortgage Loan, the amounts constituting ground rents,
            taxes,
            assessments, water rates, sewer rents, municipal charges, mortgage insurance
            premiums, fire and hazard insurance premiums, condominium charges, and
            any other
            payments required to be escrowed by the Mortgagor with the mortgagee
            pursuant to
            the Mortgage or any other document. 

           

          Event
            of Default:
            Any one
            of the conditions or circumstances enumerated in Section 9.01. Fannie
            Mae: The
            Federal National Mortgage Association, or any successor thereto. 

           

          Fannie
            Mae Guide(s):
            The
            Fannie Mae Selling Guide and the Fannie Mae Servicing Guide and all amendments
            or additions thereto. 

           

          FDIC:
            The
            Federal Deposit Insurance Corporation, or any successor thereto. 

           

          FHLMC:
            The
            Federal Home Loan Mortgage Corporation, or any successor thereto. 

           

          FHLMC
            Guide:
            The
            FHLMC Single Family Seller/Servicer Guide and all amendments or additions
            thereto. 

           

          Fidelity
            Bond:
            A
            fidelity bond to be maintained by the Company pursuant to Section 4.12.
            

           

          FIRREA:
            The
            Financial Institutions Reform, Recovery, and Enforcement Act of 1989.
            

           

          First
            Remittance Date:
            With
            respect to any Mortgage Loan, the Remittance Date occurring in the month
            following the month in which the related Closing Date occurs. 

           

          GAAP:
            Generally accepted accounting principles, consistently applied. 

           

          HUD:
            The
            United States Department of Housing and Urban Development or any successor
            thereto. 

           

          Index:
            With
            respect to any adjustable rate Mortgage Loan, the index identified on
            the
            Mortgage Loan Schedule and set forth in the related Mortgage Note for
            the
            purpose of calculating the interest rate thereon. 

           

          Initial
            Rate Cap:
            As to
            each adjustable rate Mortgage Loan, where applicable, the maximum increase
            or
            decrease in the Mortgage Interest Rate on the first Adjustment Date.
            

           

          Insurance
            Proceeds:
            With
            respect to each Mortgage Loan, proceeds of insurance policies insuring
            the
            Mortgage Loan or the related Mortgaged Property. 

           

          Lender
            Paid Mortgage Insurance Rate:
            The
            Lender Paid Mortgage Insurance Rate shall be a rate per annum equal to
            the
            percentage shown on the Mortgage Loan Schedule. 

           

          Lender
            Primary Mortgage Insurance Policy:
            Any
            Primary Mortgage Insurance Policy for which premiums are paid by the
            Company.

           

          Lifetime
            Rate Cap:
            As to
            each adjustable rate Mortgage Loan, the maximum Mortgage Interest Rate
            over the
            term of such Mortgage Loan. 

           

          Liquidation
            Proceeds:
            Cash
            received in connection with the liquidation of a defaulted Mortgage Loan,
            whether through the sale or assignment of such Mortgage Loan, trustee’s sale,
            foreclosure sale or otherwise. 

           

          Loan-to-Value
            Ratio or LTV:
            With
            respect to any Mortgage Loan, the ratio of the original outstanding principal
            amount of the Mortgage Loan, to (i) the Appraised Value of the Mortgaged
            Property as of the Origination Date with respect to a Refinanced Mortgage
            Loan,
            and (ii) the lesser of the Appraised Value of the Mortgaged Property
            as of the
            Origination Date or the purchase price of the Mortgaged Property with
            respect to
            all other Mortgage Loans. 

           

          Margin:
            With
            respect to each adjustable rate Mortgage Loan, the fixed percentage amount
            set
            forth in each related Mortgage Note which is added to the Index in order
            to
            determine the related Mortgage Interest Rate, as set forth in the Mortgage
            Loan
            Schedule. 

           

          Monthly
            Advance:
            The
            aggregate of the advances made by the Company on any Remittance Date
            pursuant to
            Section 5.03. 

           

          Monthly
            Payment:
            The
            scheduled monthly payment of principal and interest on a Mortgage Loan
            which is
            payable by a Mortgagor under the related Mortgage Note. 

           

          Mortgage:
            The
            mortgage, deed of trust or other instrument securing a Mortgage Note
            which
            creates a first lien on an unsubordinated estate in fee simple in real
            property
            securing the Mortgage Note. 

           

          Mortgage
            File:
            The
            mortgage documents pertaining to a particular Mortgage Loan which are
            specified
            in Exhibit A hereto and any additional documents required to be added
            to the
            Mortgage File pursuant to this Agreement. 

           

          Mortgage
            Impairment Insurance Policy:
            A
            mortgage impairment or blanket hazard insurance policy as described in
            Section
            4.11. 

           

          Mortgage
            Interest Rate:
            The
            annual rate at which interest accrues on any Mortgage Loan, which may
            be
            adjusted from time to time for an adjustable rate Mortgage Loan, in accordance
            with the provisions of the related Mortgage Note. 

           

          Mortgage
            Loan:
            An
            individual mortgage loan which is the subject of this Agreement, each
            Mortgage
            Loan originally sold and subject to this Agreement being identified on
            the
            Mortgage Loan Schedule attached to the related Term Sheet, which Mortgage
            Loan
            includes without limitation the Mortgage File, the Monthly Payments,
            Principal
            Prepayments, Liquidation Proceeds, Condemnation Proceeds, Insurance Proceeds,
            REO Disposition Proceeds, and all other rights, benefits, proceeds and
            obligations arising from or in connection with such Mortgage Loan, excluding
            replaced or repurchased mortgage loans. 

           

          Mortgage
            Loan Documents:
            The
            documents listed in Exhibit
            A.
            

           

          Mortgage
            Loan Remittance Rate:
            With
            respect to each Mortgage Loan, the annual rate of interest remitted to
            the
            Purchaser, which shall be equal to the Mortgage Interest Rate minus the
            Servicing Fee Rate minus the Lender Paid Mortgage Insurance Rate. 

           

          Mortgage
            Loan Schedule:
            The
            schedule of Mortgage Loans annexed to the related Term Sheet, such schedule
            setting forth the following information with respect to each Mortgage
            Loan in
            the related Mortgage Loan Package: 

           

          (1) the
            Company’s Mortgage Loan identifying number;

           

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

           

          (3) the
            street address of the Mortgaged Property including the city, state and
            zip code;

           

          (4) a
            code
            indicating whether the Mortgaged Property is owner-occupied, a second
            home or an
            investor property; 

           

          (5) the
            type
            of residential property constituting the Mortgaged Property; 

           

          (6) the
            original months to maturity of the Mortgage Loan; 

           

          (7) the
            remaining months to maturity from the related Cut-off Date, based on
            the
            original amortization schedule and, if different, the maturity expressed
            in the
            same manner but based on the actual amortization schedule; 

           

          (8) the
            Sales
            Price, if applicable, Appraised Value and Loan-to-Value Ratio, at origination;
            

           

          (9) the
            Mortgage Interest Rate as of origination and as of the related Cut-off
            Date;
            with respect to each adjustable rate Mortgage Loan, the initial Adjustment
            Date,
            the next Adjustment Date immediately following the related Cut-off Date,
            the
            Index, the Margin, the Initial Rate Cap, if any, Periodic Rate Cap, if
            any,
            minimum Mortgage Interest Rate under the terms of the Mortgage Note and
            the
            Lifetime Rate Cap; 

           

          (10) the
            Origination Date of the Mortgage Loan; 

           

          (11) the
            stated maturity date; 

           

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

           

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

           

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

           

          (15) the
            scheduled Stated Principal Balance of the Mortgage Loan as of the close
            of
            business on the related Cut-off Date, after deduction of payments of
            principal
            due on or before the related Cut-off Date whether or not collected;

           

          (16) a
            code
            indicating the purpose of the Mortgage Loan (i.e., purchase, rate and
            term
            refinance, equity take-out refinance); 

           

          (17) a
            code
            indicating the documentation style (i.e. full, alternative, etc.); 

           

          (18) the
            number of times during the twelve (12) month period preceding the related
            Closing Date that any Monthly Payment has been received after the month
            of its
            scheduled due date; 

           

          (19) the
            date
            on which the first payment is or was due; 

           

          (20) a
            code
            indicating whether or not the Mortgage Loan is the subject of a Primary
            Mortgage
            Insurance Policy and the name of the related insurance carrier; 

           

          (21) a
            code
            indicating whether or not the Mortgage Loan is currently convertible
            and the
            conversion spread; 

           

          (22) the
            last
            Due Date on which a Monthly Payment was actually applied to the unpaid
            principal
            balance of the Mortgage Loan. 

           

          (23) product
            type (i.e. fixed, adjustable, 3/1, 5/1, etc.); 

           

          (24) credit
            score and/or mortgage score, if applicable; 

           

          (25) a
            code
            indicating whether or not the Mortgage Loan is the subject of a Lender
            Primary
            Mortgage Insurance Policy and the name of the related insurance carrier
            and the
            Lender Paid Mortgage Insurance Rate; 

           

          (26) a
            code
            indicating whether or not the Mortgage Loan has a prepayment penalty
            and if so,
            the amount and term thereof; 

           

          (27) the
            Current Appraised Value of the Mortgage Loan and Current LTV, if applicable;
            

           

          (28) whether
            such Mortgage Loan is a “Home Loan”, “Covered Home Loan”, “Manufactured Housing”
or “Home Improvement Loan” as defmed in the New Jersey Home Ownership Security
            Act of 2002; and 

           

          (29) whether
            the Mortgage Loan has a mandatory arbitration clause. 

           

          With
            respect to the Mortgage Loans in the aggregate, the Mortgage Loan Schedule
            attached to the related Term Sheet shall set forth the following information,
            as
            of the related Cut-off Date: 

           

          (1) the
            number of Mortgage Loans; 

           

          (2) the
            current aggregate outstanding principal balance of the Mortgage Loans;
            

           

          (3) the
            weighted average Mortgage Interest Rate of the Mortgage Loans; 

           

          (4) the
            weighted average maturity of the Mortgage Loans; and 

           

          (5) the
            weighted average months to next Adjustment Date; 

           

          Mortgage
            Note:
            The
            note or other evidence of the indebtedness of a Mortgagor secured by
            a Mortgage.

           

          Mortgaged
            Property:
            The
            underlying real property securing repayment of a Mortgage Note, consisting
            of a
            single parcel of real estate considered to be real estate under the laws
            of the
            state in which such real property is located which may include condominium
            units
            and planned unit developments, improved by a residential dwelling; except
            that
            with respect to real property located in jurisdictions in which the use
            of
            leasehold estates for residential properties is a widely-accepted practice,
            a
            leasehold estate of the Mortgage, the term of which is equal to or longer
            than
            the term of the Mortgage. 

           

          Mortgagor:
            The
            obligor on a Mortgage Note. 

           

          Nonrecoverable
            Advance:
            Any
            portion of a Monthly Advance or Servicing Advance previously made or
            proposed to
            be made by the Company pursuant to this Agreement, that, in the good
            faith
            judgment of the Company, will not or, in the case of a proposed advance,
            would
            not, be ultimately recoverable by it from the related Mortgagor or the
            related
            Liquidation Proceeds, Insurance Proceeds, Condemnation Proceeds or otherwise
            with respect to the related Mortgage Loan. 

           

          OCC:
            Office
            of the Comptroller of the Currency, or any successor thereto. 

           

          Officers’
            Certificate:
            A
            certificate signed by the Chairman of the Board, the Vice Chairman of
            the Board,
            the President, a Senior Vice President or a Vice President or by the
            Treasurer
            or the Secretary or one of the Assistant Treasurers or Assistant Secretaries
            of
            the Company, and delivered to the Purchaser as required by this Agreement.
            

           

          Opinion
            of Counsel:
            A
            written opinion of counsel, who may be an employee of the party on behalf
            of
            whom the opinion is being given, reasonably acceptable to the Purchaser.
            

           

          Origination
            Date:
            The
            date on which a Mortgage Loan funded, which date shall not, in connection
            with a
            Refmanced Mortgage Loan, be the date of the funding of the debt being
            refmanced,
            but rather the closing of the debt currently outstanding under the terms
            of the
            Mortgage Loan Documents. 

           

          OTS:
            Office
            of Thrift Supervision, or any successor thereto. 

           

          Periodic
            Rate Cap:
            As to
            each adjustable rate Mortgage Loan, the maximum increase or decrease
            in the
            Mortgage Interest Rate on any Adjustment Date, as set forth in the related
            Mortgage Note and the related Mortgage Loan Schedule. 

           

          Permitted
            Investments:
            Any one
            or more of the following obligations or securities: 

           

          (i)
            direct obligations of, and obligations fully guaranteed by the United
            States of
            America or any agency or instrumentality of the United States of America
            the
            obligations of which are backed by the full faith and credit of the United
            States of America;

           

          (ii)
            (a)
            demand or time deposits, federal funds or bankers’ acceptances issued by any
            depository institution or trust company incorporated under the laws of
            the
            United States of America or any state thereof and subject to supervision
            and
            examination by federal and/or state banicing authorities, provided that
            the
            commercial paper and/or the short-term deposit rating and/or the long-term
            unsecured debt obligations or deposits of such depository institution
            or trust
            company at the time of such investment or contractual commitment providing
            for
            such investment are rated in one of the two highest rating categories
            by each
            Rating Agency and (b) any other demand or time deposit or certificate
            of deposit
            that is fully insured by the FDIC; 

           

          (iii)
            repurchase obligations with a term not to exceed thirty (30) days and
            with
            respect to (a) any security described in clause (i) above and entered
            into with
            a depository institution or trust company (acting as principal) described
            in
            clause (ii)(a) above; 

           

          (iv)
            securities bearing interest or sold at a discount issued by any corporation
            incorporated under the laws of the United States of America or any state
            thereof
            that are rated in one of the two highest rating categories by each Rating
            Agency
            at the time of such investment or contractual commitment providing for
            such
            investment; provided,
            however,
            that
            securities issued by any particular corporation will not be Permitted
            Investments to the extent that investments therein will cause the then
            outstanding principal amount of securities issued by such corporation
            and held
            as Permitted Investments to exceed 10% of the aggregate outstanding principal
            balances of all of the Mortgage Loans and Permitted Investments; 

           

          (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 one year after the date of issuance thereof) which are rated in
            one of the
            two highest rating categories by each Rating Agency at the time of such
            investment; 

           

          (vi)
            any
            other demand, money market or time deposit, obligation, security or investment
            as may be acceptable to each Rating Agency as evidenced in writing by
            each
            Rating Agency; and 

           

          (vii)
            any
            money market funds the collateral of which consists of obligations fully
            guaranteed by the United States of America or any agency or instrumentality
            of
            the United States of America the obligations of which are backed by the
            full
            faith and credit of the United States of America (which may include repurchase
            obligations secured by collateral described in clause (i)) and other
            securities
            and which money market funds are rated in one of the two highest rating
            categories by each Rating Agency. 

           

          provided,
            however,
            that no
            instrument or security shall be a Permitted Investment if such instrument
            or
            security evidences a right to receive only interest payments with respect
            to the
            obligations underlying such instrument or if such security provides for
            payment
            of both principal and interest with a yield to maturity in excess of
            120% of the
            yield to maturity at par or if such investment or security is purchased
            at a
            price greater than par. 

           

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

           

          Prepayment
            Interest Shortfall:
            With
            respect to any Remittance Date, for each Mortgage Loan that was the subject
            of a
            Principal Prepayment during the related Prepayment Period, an amount
            equal to
            the excess of one month’s interest at the applicable Mortgage Loan Remittance
            Rate on the amount of such Principal Prepayment over the amount of interest
            (adjusted to the Mortgage Loan Remittance Rate) actually paid by the
            related
            Mortgagor with respect to such Prepayment Period. 

           

          Prepayment
            Period:
            With
            respect to any Remittance Date, the calendar month preceding the month
            in which
            such Remittance Date occurs. 

           

          Primary
            Mortgage Insurance Policy:
            Each
            primary policy of mortgage insurance represented to be in effect pursuant
            to
            Section 3.02(bh), or any replacement policy therefor obtained by the
            Company
            pursuant to Section 4.08. 

           

          Prime
            Rate:
            The
            prime rate announced to be in effect from time to time as published as
            the
            average rate in the Wall Street Journal (Northeast Edition). 

           

          Principal
            Prepayment:
            Any
            payment or other recovery of principal on a Mortgage Loan full or partial
            which
            is received in advance of its scheduled Due Date, including any prepayment
            penalty or premium thereon and which is not accompanied by an amount
            of interest
            representing scheduled interest due on any date or dates in any month
            or months
            subsequent to the month of prepayment. 

           

          Purchase
            Price:
            As
            defined in Section 2.02. 

           

          Purchaser:
            EMC
            Mortgage Corporation, its successors in interest and assigns. 

           

          Qualified
            Appraiser:
            An
            appraiser, duly appointed by the Company, who had no interest, direct
            or
            indirect in the related Mortgaged Property or in any loan made on the
            security
            thereof, and whose compensation is not affected by the approval or disapproval
            of the Mortgage Loan, and such appraiser and the appraisal made by such
            appraiser both satisfy the requirements of Title XI of FIRREA and the
            regulations promulgated thereunder and the requirements of Fannie Mae,
            all as in
            effect on the date the Mortgage Loan was originated. 

           

          Qualified
            Insurer:
            An
            insurance company duly qualified as such under the laws of the states
            in which
            the related Mortgaged Property is located, duly authorized and licensed
            in such
            states to transact the applicable insurance business and to write the
            insurance
            provided, approved as an insurer by Fannie Mae or FHLMC. 

           

          Rating
            Agency:
            Standard & Poor’s, Fitch, Inc. or, in the event that some or all of the
            ownership of the Mortgage Loans is evidenced by mortgage-backed securities,
            the
            nationally recognized rating agencies issuing ratings with respect to
            such
            securities, if any. 

           

          Refinanced
            Mortgage Loan:
            A
            Mortgage Loan which was made to a Mortgagor who owned the Mortgaged Property
            prior to the origination of such Mortgage Loan and the proceeds of which
            were
            used in whole or part to satisfy an existing mortgage. 

           

          REMIC:
            A “real
            estate mortgage investment conduit,” as such term is defmed in Section 860D of
            the Code. 

           

          REMIC
            Provisions:
            The
            provisions of the federal income tax law relating to REMICs, which appear
            at
            Sections 860A through 860G of the Code, and the related provisions and
            regulations promulgated thereunder, as the foregoing may be in effect
            from time
            to time. 

           

          Remittance
            Date:
            The
            18th day of any month, beginning with the First Remittance Date, or if
            such 18th
            day is not a Business Day, the first Business Day immediately preceding
            such
            18th day. 

           

          REO
            Disposition:
            The
            final sale by the Company of any REO Property. 

           

          REO
            Disposition Proceeds:
            Amounts
            received by the Company in connection with a related REO Disposition.
            

           

          REO
            Property:
            A
            Mortgaged Property acquired by the Company on behalf of the Purchaser
            as
            described in Section 4.13. 

           

          Repurchase
            Price:
            With
            respect to any Mortgage Loan, a price equal to (i) the product of the
            greater of
            100% or the percentage of par as stated in the Confirmation multiplied
            by the
            Stated Principal Balance of such Mortgage Loan on the repurchase date,
            plus (ii)
            interest on such outstanding principal balance at the Mortgage Loan Remittance
            Rate from the last date. through which interest has been paid and distributed
            to
            the Purchaser to the end of the month of repurchase, plus, (iii) third
            party
            expenses incurred in connection with the transfer of the Mortgage Loan
            being
            repurchased; less amounts received or advanced in respect of such repurchased
            Mortgage Loan which are being held in the Custodial Account for distribution
            in
            the month of repurchase. 

           

          SAIF:
            The
            Savings Association Insurance Fund, or any successor thereto. 

           

          Sales
            Price:
            With
            respect to any Mortgage Loan the proceeds of which were used by the Mortgagor
            to
            acquire the related Mortgaged Property, the amount paid by the related
            Mortgagor
            for such Mortgaged Property. 

           

          Servicing
            Advances:
            All
            customary, reasonable and necessary “out of pocket” costs and expenses
            (including reasonable attorneys’ fees and disbursements) incurred in the
            performance by the Company of its servicing obligations, including, but
            not
            limited to, the cost of (a) the preservation, restoration and protection
            of the
            Mortgaged Property, (b) any enforcement, administrative or judicial proceedings,
            or any legal work or advice specifically related to servicing the Mortgage
            Loans, including but not limited to, foreclosures, bankruptcies, condemnations,
            drug seizures, elections, foreclosures by subordinate or superior lienholders,
            and other legal actions incidental to the servicing of the Mortgage Loans
            (provided that such expenses are reasonable and that the Company specifies
            the
            Mortgage Loan(s) to which such expenses relate and, upon Purchaser’s request,
            provides documentation supporting such expense (which documentation would
            be
            acceptable to Fannie Mae), and provided further that any such enforcement,
            administrative or judicial proceeding does not arise out of a breach
            of any
            representation, warranty or covenant of the Company hereunder), (c) the
            management and liquidation of the Mortgaged Property if the Mortgaged
            Property
            is acquired in full or partial satisfaction of the Mortgage, (d) taxes,
            assessments, water rates, sewer rates and other charges which are or
            may become
            a lien upon the Mortgaged Property, and Primary Mortgage Insurance Policy
            premiums and fire and hazard insurance coverage, (e) any expenses reasonably
            sustained by the Company with respect to the liquidation of the Mortgaged
            Property in accordance with the terms of this Agreement and (f) compliance
            with
            the obligations under Section 4.08. 

           

          Servicing
            Fee:
            With
            respect to each Mortgage Loan, the amount of the annual fee the Purchaser
            shall
            pay to the Company, which shall, for a period of one full month, be equal
            to
            one- twelfth of the product of (a) the Servicing Fee Rate and (b) the
            outstanding principal balance of such Mortgage Loan. Such fee shall be
            payable
            monthly, computed on the basis of the same principal amount and period
            respecting which any related interest payment on a Mortgage Loan is computed.
            The obligation of the Purchaser to pay the Servicing Fee is limited to,
            and the
            Servicing Fee is payable solely from, the interest portion of such Monthly
            Payment collected by the Company, or as otherwise provided under Section
            4.05
            and in accordance with the Fannie Mae Guide(s). Any fee payable to the
            Company
            for administrative services related to any REO Property as described
            in Section
            4.13 shall be payable from Liquidation Proceeds of the related REO Property.
            

           

          Servicing
            Fee Rate:
            As set
            forth in the Term Sheet. 

           

          Servicing
            File:
            With
            respect to each Mortgage Loan, the file retained by the Company consisting
            of
            originals of all documents in the Mortgage File which are not delivered
            to the
            Purchaser and copies of the Mortgage Loan Documents listed in Exhibit
            A, the
            originals of which are delivered to the Purchaser or its designee pursuant
            to
            Section 2.04. 

           

          Servicing
            Officer:
            Any
            officer of the Company involved in, or responsible for, the administration
            and
            servicing of the Mortgage Loans whose name appears on a list of servicing
            officers furnished by the Company to the Purchaser upon request, as such
            list
            may from time to time be amended. 

           

          Stated
            Principal Balance:
            As to
            each Mortgage Loan as of any date of determination, (i) the principal
            balance of
            such Mortgage Loan at the Cut-off Date after giving effect to payments
            of
            principal due on or before such date, whether or not received, minus
            (ii) all
            amounts previously distributed to the Purchaser with respect to the Mortgage
            Loan representing payments or recoveries of principal or advances in
            lieu
            thereof. 

           

          Subservicer:
            Any
            subservicer which is subservicing the Mortgage Loans pursuant to a Subservicing
            Agreement. Any subservicer shall meet the qualifications set forth in
            Section
            4.01. 

           

          Subservicing
            Agreement:
            An
            agreement between the Company and a Subservicer, if any, for the servicing
            of
            the Mortgage Loans; 

           

          Term
            Sheet:
            A
            supplemental agreement in the form attached hereto as Exhibit I which
            shall be
            executed and delivered by the Company and the Purchaser to provide for
            the sale
            and servicing pursuant to the terms of this Agreement of the Mortgage
            Loans
            listed on Schedule I attached thereto, which supplemental agreement shall
            contain certain specific information relating to such sale of such Mortgage
            Loans and may contain additional covenants relating to such sale of such
            Mortgage Loans. 

           

           

           

          ARTICLE
            II

           

          PURCHASE
            OF MORTGAGE LOANS: SERVICING OF MORTGAGE LOANS;

          RECORD
            TITLE AND POSSESSION OF MORTGAGE FILES;

          BOOKS
            AND
            RECORDS; CUSTODIAL AGREEMENT;

          DEL
            WERY
            OF MORTGAGE LOAN DOCUMENTS

           

          
            	Section
                    2.01  	
                    Agreement
                      to Purchase.

                  

          

           

          The
            Company agrees to sell and the Purchaser agrees to purchase the Mortgage
            Loans
            having an aggregate Stated Principal Balance on the related Cut-off Date
            set
            forth in the related Term Sheet in an amount as set forth in the Confirmation,
            or in such other amount as agreed by the Purchaser and the Company as
            evidenced
            by the actual aggregate Stated Principal Balance of the Mortgage Loans
            accepted
            by the Purchaser on the related Closing Date, with servicing retained
            by the
            Company. The Company shall deliver the related Mortgage Loan Schedule
            attached
            to the related Term Sheet for the Mortgage Loans to be purchased on the
            related
            Closing Date to the Purchaser at least two (2) Business Days prior to
            the
            related Closing Date. The Mortgage Loans shall be sold pursuant to this
            Agreement, and the related Term Sheet shall be executed and delivered
            on the
            related Closing Date. 

           

          
            	Section
                    2.02  	
                    Purchase
                      Price. 

                  

          

           

          The
            Purchase Price for each Mortgage Loan shall be the percentage of par
            as stated
            in the Confirmation (subject to adjustment as provided therein), multiplied
            by
            the Stated Principal Balance, as of the related Cut-off Date, of the
            Mortgage
            Loan listed on the related Mortgage Loan Schedule attached to the related
            Term
            Sheet, after application of scheduled payments of principal due on or
            before the
            related Cut-off Date whether or not collected. 

           

          In
            addition to the Purchase Price as described .above, the Purchaser shall
            pay to
            the Company, at closing, accrued interest on the Stated Principal Balance
            of
            each Mortgage Loan as of the related Cut-off Date at the Mortgage Loan
            Remittance Rate of each Mortgage Loan from the related Cut-off Date through
            the
            day prior to the related Closing Date, inclusive. 

           

          The
            Purchase Price plus accrued interest as set forth in the preceding paragraph
            shall be paid on the related Closing Date by wire transfer of immediately
            available funds. 

           

          Purchaser
            shall be entitled to (1) all scheduled principal due after the related
            Cut-off
            Date, (2) all other recoveries of principal collected on or after the
            related
            Cut-off Date (provided, however, that all scheduled payments of principal
            due on
            or before the related Cut-off Date and collected by the Company or any
            successor
            servicer after the related Cut-off Date shall belong to the Company),
            and (3)
            all payments of interest on the Mortgage Loans net of applicable Servicing
            Fees
            (minus that portion of any such payment which is allocable to the period
            prior
            to the related Cut-off Date). The outstanding principal balance of each
            Mortgage
            Loan as of the related Cut-off Date is determined after application of
            payments
            of principal due on or before the related Cut-off Date whether or not
            collected,
            together with any unscheduled principal prepayments collected prior to
            the
            related Cut-off Date; provided, however, that payments of scheduled principal
            and interest prepaid for a Due Date beyond the related Cut-off Date shall
            not be
            applied to the principal balance as of the related Cut-off Date. Such
            prepaid
            amounts shall be the property of the Purchaser. The Company shall deposit
            any
            such prepaid amounts into the Custodial Account, which account is established
            for the benefit of the Purchaser for subsequent remittance by the Company
            to the
            Purchaser. 

           

          
            	Section
                    2.03  	
                    Servicing
                      of Mortgage Loans.

                  

          

           

          Simultaneously
            with the execution and delivery of each Term Sheet, the Company does
            hereby
            agree to directly service the Mortgage Loans listed on the related Mortgage
            Loan
            Schedule attached to the related Term Sheet subject to the terms of this
            Agreement and the related Term Sheet. The rights of the Purchaser to
            receive
            payments with respect to the related Mortgage Loans shall be as set forth
            in
            this Agreement. 

           

          
            	Section
                    2.04  	
                    Record
                      Title and Possession of Mortgage Files; Maintenance of Servicing
                      Files.

                  

          

           

          As
            of the
            related Closing Date, the Company sold, transferred, assigned, set over and
            conveyed to the Purchaser, without recourse, on a servicing retained
            basis, and
            the Company hereby acknowledges that the Purchaser has, but subject to
            the terms
            of this Agreement and the related Term Sheet, all the right, title and
            interest
            of the Company in and to the Mortgage Loans. Company will deliver the
            Mortgage
            Files to the Custodian designated by Purchaser, on or before the related
            Closing
            Date, at the expense of the Company. The Company shall maintain a Servicing
            File
            consisting of a copy of the contents of each Mortgage File and the originals
            of
            the documents in each Mortgage File not delivered to the Purchaser. The
            Servicing File shall contain all documents necessary to service the Mortgage
            Loans. The possession of each Servicing File by the Company is at the
            will of
            the Purchaser, for the sole purpose of servicing the related Mortgage
            Loan, and
            such retention and possession by the Company is in a custodial capacity
            only.
            From the related Closing Date, the äwnership of each Mortgage Loan, including
            the Mortgage Note, the Mortgage, the contents of the related Mortgage
            File and
            all rights, benefits, proceeds and obligations arising therefrom or in
            connection therewith, has been vested in the Purchaser. All rights arising
            out
            of the Mortgage Loans including, but not limited to, all funds received
            on or in
            connection with the Mortgage Loans and all records or documents with
            respect to
            the Mortgage Loans prepared by or which come into the possession of the
            Company
            shall be received and held by the Company in trust for the benefit of
            the
            Purchaser as the owner of the Mortgage Loans. Any portion of the Mortgage
            Files
            retained by the Company shall be appropriately identified in the Company’s
            computer system to clearly reflect the ownership of the Mortgage Loans
            by the
            Purchaser. The Company shall release its custody of the contents of the
            Mortgage
            Files only in accordance with written instructions of the Purchaser,
            except when
            such release is required as incidental to the Company’s servicing of the
            Mortgage Loans or is in connection with a repurchase of any Mortgage
            Loan or
            Loans with respect thereto pursuant to this Agreement and the related
            Term
            Sheet, such written instructions shall not be required. 

           

          
            	Section
                    2.05  	
                    Books
                      and Records.

                  

          

           

          The
            sale
            of each Mortgage Loan shall be reflected on the Company’s balance sheet and
            other financial statements as a sale of assets by the Company. The Company
            shall
            be responsible for maintaining, and shall maintain, a complete set of
            books and
            records for the Mortgage Loans that shall be appropriately identified
            in the
            Company’s computer system to clearly reflect the ownership of the Mortgage Loan
            by the Purchaser. In particular, the Company shall maintain in its possession,
            available for inspection by the Purchaser, or its designee and shall
            deliver to
            the Purchaser upon demand, evidence of compliance with all federal, state
            and
            local laws, rules and regulations, and requirements of Fannie Mae or
            FHLMC, as
            applicable, including but not limited to documentation as to the method
            used in
            determining the applicability of the provisions of the Flood Disaster
            Protection
            Act of 1973, as amended, to the Mortgaged Property, documentation evidencing
            insurance coverage of any condominium project as required by Fannie Mae
            or
            FHLMC, and periodic inspection reports as required by Section 4.13. To
            the
            extent that original documents are not required for purposes of realization
            of
            Liquidation Proceeds or Insurance Proceeds, documents maintained by the
            Company
            may be in the form of microfilm or microfiche. 

           

          The
            Company shall maintain with respect to each Mortgage Loan and shall make
            available for inspection by any Purchaser or its designee the related
            Servicing
            File during the time the Purchaser retains ownership of a Mortgage Loan
            and
            thereafter in accordance with applicable laws and regulations. 

           

          In
            addition to the foregoing, Company shall provide to any supervisory agents
            or
            examiners that regulate Purchaser, including but not limited to, the
            OTS, the
            FDIC and other similar entities, access, during normal business hours,
            upon
            reasonable advance notice to Company and without cost to Company or such
            supervisory agents or examiners, to any documentation regarding the Mortgage
            Loans that may be required by any applicable regulator. 

           

          
            	Section
                    2.06  	
                    Transfer
                      of Mortgage Loans.

                  

          

           

          The
            Company shall keep at its servicing office books and records in which,
            subject
            to such reasonable regulations as it may prescribe, the Company shall
            note
            transfers of Mortgage Loans. No transfer of a Mortgage Loan may be made
            unless
            such transfer is in compliance with the terms hereof. For the purposes
            of this
            Agreement, the Company shall be under no obligation to deal with any
            person with
            respect to this Agreement or any Mortgage Loan unless a notice of the
            transfer
            of such Mortgage Loan has been delivered to the Company in accordance
            with this
            Section 2.06 and the books and records of the Company show such person
            as the
            owner of the Mortgage Loan. The Purchaser may, subject to the terms of
            this
            Agreement, sell and transfer one or more of the Mortgage Loans, provided,
            however, that the transferee will not be deemed to be a Purchaser hereunder
            binding upon the Company unless such transferee shall agree in writing
            to be
            bound by the terms of this Agreement and an original counterpart of the
            instrument of transfer in an Assignment and Assumption of this Agreement
            substantially in the form of Exhibit D hereto executed by the transferee
            shall
            have been delivered to the Company. The Purchaser also shall advise the
            Company
            of the transfer. Upon receipt of notice of the transfer, the Company
            shall mark
            its books and records to reflect the ownership of the Mortgage Loans
            of such
            assignee, and the previous Purchaser shall be released from its obligations
            hereunder with respect to the Mortgage Loans sold or transferred. 

           

          
            	Section
                    2.07  	
                    Delivery
                      of Mortgage Loan Documents.

                  

          

           

          The
            Company shall deliver and release to the Purchaser or its designee the
            Mortgage
            Loan Documents in accordance with the terms of this Agreement and the
            related
            Term Sheet. The documents enumerated as items (1), (2), (3), (4), (5),
            (6), (7),
            (8), (9) and (16) in Exhibit A hereto shall be delivered by the Company
            to the
            Purchaser or its designee no later than three (3) Business Days prior
            to the
            related Closing Date pursuant to a bailee letter agreement. All other
            documents
            in Exhibit A hereto, together with all other documents executed in connection
            with the Mortgage Loan that Company may have in its possession, shall
            be
            retained by the Company in trust for the Purchaser. If the Company cannot
            deliver the original recorded Mortgage Loan Documents or the original
            policy of
            title insurance, including riders and endorsements thereto, on the related
            Closing Date, the Company shall, promptly upon receipt thereof and in
            any case
            not later than 120 days from the related Closing Date, deliver such original
            documents, including original recorded documents, to the Purchaser or
            its
            designee (unless the Company is delayed in making such delivery by reason
            of the
            fact that such documents shall not have been returned by the appropriate
            recording office). If delivery is not completed within 120 days solely
            due to
            delays in making such delivery by reason of the fact that such documents
            shall
            not have been returned by the appropriate recording office, Company shall
            deliver such document to Purchaser, or its designee, within such time
            period as
            specified in a Company’s Officer’s Certificate. In the event that documents have
            not been received by the date specified in the Company’s Officer’s Certificate,
            a subsequent Company’s Officer’s Certificate shall be delivered by such date
            specified in the prior Company’s Officer’s Certificate, stating a revised date
            for receipt of documentation. The procedure shall be repeated until the
            documents have been received and delivered. If delivery is not completed
            within
            180 days solely due to delays in making such delivery by reason of the
            fact that
            such documents shall not have been returned by the appropriate recording
            office,
            the Company shall continue to use its best efforts to effect delivery
            as soon as
            possible thereafter, provided that if such documents are not delivered
            by the
            270th day from the date of the related Closing Date, the Company shall
            repurchase the related Mortgage Loans at the Repurchase Price in accordance
            with
            Section 3.03 hereof. 

           

          The
            Company shall pay all initial recording fees, if any, for the assignments
            of
            mortgage and any other fees in connection with the transfer of all original
            documents to the Purchaser or its designee. Company shall prepare, in
            recordable
            form, all assignments of mortgage necessary to assign the Mortgage Loans
            to
            Purchaser, or its designee. Company shall be responsible for recording
            the
            assignments of mortgage. 

           

          Company
            shall provide an original or duplicate original of the title insurance
            policy to
            Purchaser or its designee within ninety (90) days of the receipt of the
            recorded
            documents (required for issuance of such policy) from the applicable
            recording
            office. 

           

          Any
            review by the Purchaser, or its designee, of the Mortgage Files shall
            in no way
            alter or reduce the Company’s obligations hereunder. 

           

          If
            the
            Purchaser or its designee discovers any defect with respect to a Mortgage
            File,
            the Purchaser shall, or shall cause its designee to, give written specification
            of such defect to the Company which may be given in the exception report
            or the
            certification delivered pursuant to this Section 2.07, or otherwise in
            writing
            and the Company shall cure or repurchase such Mortgage Loan in accordance
            with
            Section 3.03. 

           

          The
            Company shall forward to the Purchaser, or its designee, original documents
            evidencing an assumption, modification, consolidation or extension of
            any
            Mortgage Loan entered into in accordance with Section 4.01 or 6.01 within
            one
            week of their execution; provided, however, that the Company shall provide
            the
            Purchaser, or its designee, with a certified true copy of any such document
            submitted for recordation within one week of its execution, and shall
            provide
            the original of any document submitted for recordation or a copy of such
            document certified by the appropriate public recording office to be a
            true and
            complete copy of the original within sixty (60) days of its submission
            for
            recordation. 

           

          From
            time
            to time the Company may have a need for Mortgage Loan Documents to be
            released
            from Purchaser, or its designee. Purchaser shall, or shall cause its
            designee,
            upon the written request of the Company, within ten (10) Business Days,
            deliver
            to the Company, any requested documentation previously delivered to Purchaser
            as
            part of the Mortgage File, provided that such documentation is promptly
            returned
            to Purchaser, or its designee, when the Company no longer requires possession
            of
            the document, and provided that during the time that any such documentation
            is
            held by the Company, such possession is in trust for the benefit of Purchaser.
            Company shall indemnify Purchaser, and its designee, from and against
            any and
            all losses, claims, damages, penalties, fmes, forfeitures, costs and
            expenses
            (including court costs and reasonable attorney’s fees) resulting from or related
            to the loss, damage, or misplacement of any documentation delivered to
            Company
            pursuant to this paragraph. 

           

          
            	Section
                    2.08  	
                    Quality
                      Control Procedures.

                  

          

           

          The
            Company must have an internal quality control program that verifies,
            on a
            regular basis, the existence and accuracy of the legal documents, credit
            documents, property appraisals, and underwriting decisions. The program
            must be
            capable of evaluating and monitoring the overall quality of its loan
            production
            and servicing activities. The program is to ensure that the Mortgage
            Loans are
            originated and serviced in accordance with prudent mortgage banking practices
            and accounting principles; guard against dishonest, fraudulent, or negligent
            acts; and guard against errors and omissions by officers, employees,
            or other
            authorized persons. 

           

          
            	Section
                    2.09  	
                    Near-term
                      Principal Prepayments; Near Term Payment
                      Defaults

                  

          

           

          In
            the
            event any Principal Prepayment is made by a Mortgagor on or prior to
            three
            months after the related Closing Date], the Company shall remit to the
            Purchaser
            an amount equal to the excess, if any, of the Purchase Price Percentage
            over par
            multiplicd by the amount of such Principal Prepayment. Such remittance
            shall be
            made by the Company to Purchaser no later than the third Business Day
            following
            receipt of such Principal Prepayment by the Company. 

           

          In
            the
            event either of the first three (3) scheduled Monthly Payments which
            are due
            under any Mortgage Loan after the related Cut-off Date are not made during
            the
            month in which such Monthly Payments are due, then not later than five
            (5)
            Business Days after notice to the Company by Purchaser (and at Purchaser’s sole
            option), the Company, shall repurchase such Mortgage Loan from the Purchaser
            pursuant to the repurchase provisions contained in this Subsection 3.03.
            

           

          
            	Section
                    2.10  	
                    Modification
                      of Obligations.

                  

          

           

          Purchaser
            may, without any notice to Company, extend, compromise, renew, release,
            change,
            modify, adjust or alter, by operation of law or otherwise, any of the
            obligations of the Mortgagors or other persons obligated under a Mortgage
            Loan
            without releasing or otherwise affecting the obligations of Company under
            this
            Agreement, or with respect to such Mortgage Loan, except to the extent
            Purchaser’s extension, compromise, release, change, modification, adjustment, or
            alteration affects Company’s ability to collect the Mortgage Loan or realize on
            the security of the Mortgage, but then only to the extent such action
            has such
            effect. 

           

           

           

          ARTICLE
            III

           

          REPRESENTATIONS
            AND WARRANTIES OF

          THE
            COMPANY; REPURCHASE; REVIEW OF MORTGAGE LOANS

           

          
            	Section
                    3.01  	
                    Representations
                      and Warranties of the Company.

                  

          

           

          The
            Company represents, warrants and covenants to the Purchaser that, as
            of the
            related Closing Date or as of such date specifically provided herein:
            

           

          (a)  The
            Company is a national association, duly organized, validly existing and
            in good
            standing under the laws of the federal laws of the United States of America
            and
            has all licenses necessary to carry out its business as now being conducted,
            and
            is licensed and qualified to transact business in and is in good standing
            under
            the laws of each state in which any Mortgaged Property is located or
            is
            otherwise exempt under applicable law from such licensing or qualification
            or is
            otherwise not required under applicable law to effect such licensing
            or
            qualification and no demand for such licensing or qualification has been
            made
            upon such Company by any such state, and in any event such Company is
            in
            compliance with the laws of any such state to the extent necessary to
            ensure the
            enforceability of each Mortgage Loan and the servicing of the Mortgage
            Loans in
            accordance with the terms of this Agreement; 

           

          (b)  The
            Company has the full power and authority and legal right to hold, transfer
            and
            convey each Mortgage Loan, to sell each Mortgage Loan and to execute,
            deliver
            and perform, and to enter into and consummate all transactions contemplated
            by
            this Agreement and the related Term Sheet and to conduct its business
            as
            presently conducted, has duly authorized the execution, delivery and
            performance
            of this Agreement and the related Term Sheet and any agreements contemplated
            hereby, has duly executed and delivered this Agreement and the related
            Term
            Sheet, and any agreements contemplated hereby, and this Agreement and
            the
            related Term Sheet and each Assignment to the Purchaser and any agreements
            contemplated hereby, constitutes a legal, valid and binding obligation
            of the
            Company, enforceable against it in accordance with its terms, and all
            requisite
            corporate action has been taken by the Company to make this Agreement
            and the
            related Term Sheet and all agreements contemplated hereby valid and binding
            upon
            the Company in accordance with their terms; 

           

          (c)  Neither
            the execution and delivery of this Agreement and the related Term Sheet,
            nor the
            origination or purchase of the Mortgage Loans by the Company, the sale
            of the
            Mortgage Loans to the Purchaser, the consummation of the transactions
            contemplated hereby, or the fulfillment of or compliance with the terms
            and
            conditions of this Agreement and the related Term Sheet will conflict
            with any
            of the terms, conditions or provisions of the Company’s charter or by-laws or
            materially conflict with or result in a material breach of any of the
            terms,
            conditions or provisions of any legal restriction or any agreement or
            instrument
            to which the Company is now a party or by which it is bound, or constitute
            a
            default or result in an acceleration under any of the foregoing, or result
            in
            the material violation of any law, rule, regulation, order, judgment
            or decree
            to which the Company or its properties are subject, or impair the ability
            of the
            Purchaser to realize on the Mortgage Loans. 

           

          (d)  There
            is
            no litigation, suit, proceeding or investigation pending or, to the best
            of
            Company’s knowledge, threatened, or any order or decree outstanding, with
            respect to the Company which, either in any one instance or in the aggregate,
            is
            reasonably likely to have a material adverse effect on the sale of the
            Mortgage
            Loans, the execution, delivery, performance or enforceability of this
            Agreement
            and the related Term Sheet, or which is reasonably likely to have a material
            adverse effect on the financial condition of the Company. 

           

          (e)  No
            consent, approval, authorization or order of any court or governmental
            agency or
            body is required for the execution, delivery and performance by the Company
            of
            or compliance by the Company with this Agreement or the related Term
            Sheet, or
            the sale of the Mortgage Loans and delivery of the Mortgage Files to
            the
            Purchaser or the consummation of the transactions contemplated by this
            Agreement
            or the related Term Sheet, except for consents, approvals, authorizations
            and
            orders which have been obtained;

           

          (f)  The
            consummation of the transactions contemplated by this Agreement or the
            related
            Term Sheet is in the ordinary course of business of the Company and Company,
            and
            the transfer, assignment and conveyance of the Mortgage Notes and the
            Mortgages
            by the Company pursuant to this Agreement or the related Term Sheet are
            not
            subject to bulk transfer or any similar statutory provisions in effect
            in any
            applicable jurisdiction; 

           

          (g)  The
            origination and servicing practices used by the Company and any prior
            originator
            or servicer with respect to each Mortgage Note and Mortgage have been
            legal and
            in accordance with applicable laws and regulations and the Mortgage Loan
            Documents, and in all material respects proper and prudent in the mortgage
            origination and servicing business. Each Mortgage Loan has been serviced
            in all
            material respects with Accepted Servicing Practices. With respect to
            escrow
            deposits and payments that the Company, on behalf of an investor, is
            entitled to
            collect, all such payments are in the possession of, or under the control
            of,
            the Company, and there exist no deficiencies in connection therewith
            for which
            customary arrangements for repayment thereof have not been made. All
            escrow
            payments have been collected in full compliance with state and federal
            law and
            the provisions of the related Mortgage Note and Mortgage. As to any Mortgage
            Loan that is the subject of an escrow, escrow of funds is not prohibited
            by
            applicable law and has been established in an amount sufficient to pay
            for every
            escrowed item that remains unpaid and has been assessed but is not yet
            due and
            payable. No escrow deposits or other charges or payments due under the
            Mortgage
            Note have been capitalized under any Mortgage or the related Mortgage
            Note;

           

          (h)  The
            Company used no selection procedures that identified the Mortgage Loans
            as being
            less desirable or valuable than other comparable mortgage loans in the
            Company’s
            portfolio at the related Cut-off Date; 

           

          (i)  The
            Company will treat the sale of the Mortgage Loans to the Purchaser as
            a sale for
            reporting and accounting purposes and, to the extent appropriate, for
            federal
            income tax purposes; 

           

          (j)  Company
            is an approved seller/servicer of residential mortgage loans for Fannie
            Mae,
            FHLMC and FITJD, with such facilities, procedures and personnel necessary
            for
            the sound servicing of such mortgage loans. The Company is duly qualified,
            licensed, registered and otherwise authorized under all applicable federal,
            state and local laws, and regulations, if applicable, meets the minimum
            capital
            requirements set forth by the 0CC, and is in good standing to sell mortgage
            loans to and service mortgage loans for Fannie Mae and FHLMC and no event
            has
            occurred which would make Company unable to comply with eligibility requirements
            or which would require notification to either Fannie Mae or FHLMC; 

           

          (k)  The
            Company does not believe, nor does it have any cause or reason to believe,
            that
            it cannot perform each and every covenant contained in this Agreement
            or the
            related Term Sheet. The Company is solvent and the sale of the Mortgage
            Loans
            will not cause the Company to become insolvent. The sale of the Mortgage
            Loans
            is not undertaken with the intent to hinder, delay or defraud any of
            the
            Company’s creditors; 

           

          (l)  No
            statement, tape, diskette, form, report or other document prepared by,
            or on
            behalf of, Company pursuant to this Agreement or the related Term Sheet
            or in
            connection with the transactions contemplated hereby, contains or will
            contain
            any statement that is or will be inaccurate or misleading in any material
            respect; 

           

          (m)  The
            Company acknowledges and agrees that the Servicing Fee represents reasonable
            compensation for performing such services and that the entire Servicing
            Fee
            shall be treated by the Company, for accounting and tax purposes, as
            compensation for the servicing and administration of the Mortgage Loans
            pursuant
            to this Agreement. In the opinion of Company, the consideration received
            by
            Company upon the sale of the Mortgage Loans to Purchaser under this Agreement
            and the related Term Sheet constitutes fair consideration for the Mortgage
            Loans
            under current market conditions. 

           

          (n)  Company
            has delivered to the Purchaser financial statements of its parent, for
            its last
            two complete fiscal years. All such financial information fairly presents
            the
            pertinent results of operations and financial position for the period
            identified
            and has been prepared in accordance with GAAP consistently applied throughout
            the periods involved, except as set forth in the notes thereto. There
            has been
            no change in the business, operations, financial condition, properties
            or assets
            of the Company since the date of the Company’s financial information that would
            have a material adverse effect on its ability to perform its obligations
            under
            this Agreement; and 

           

          (o)  The
            Company has not dealt with any broker, investment banker, agent or other
            person
            that may be entitled to any commission or compensation in connection
            with the
            sale of the Mortgage Loans. 

           

          
            	Section
                    3.02  	
                    Representations
                      and Warranties as to Individual Mortgage
                      Loans.

                  

          

           

          References
            in this Section to percentages of Mortgage Loans refer in each case to
            the
            percentage of the aggregate Stated Principal Balance of the Mortgage
            Loans as of
            the related Cut-off Date, based on the outstanding Stated Principal Balances
            of
            the Mortgage Loans as of the related Cut-off Date, and giving effect
            to
            scheduled Monthly Payments due on or prior to the related Cut-off Date,
            whether
            or not received. References to percentages of Mortgaged Properties refer,
            in
            each case, to the percentages of expected aggregate Stated Principal
            Balances of
            the related Mortgage Loans (determined as described in the preceding
            sentence).
            The Company hereby represents and warrants to the Purchaser, as to each
            Mortgage
            Loan, as of the related Closing Date as follows: 

           

          (a)  The
            information set forth in the Mortgage Loan Schedule attached to the related
            Term
            Sheet is true, complete and correct in all material respects as of the
            related
            Cut-Off Date; 

           

          (b)  The
            Mortgage creates a valid, subsisting and enforceable first lien or a
            first
            priority ownership interest in an estate in fee simple in real property
            securing
            the related Mortgage Note subject to principles of equity, bankruptcy,
            insolvency and other laws of general application affecting the rights
            of
            creditors; 

           

          (c)  All
            payments due prior to the related Cut-off Date for such Mortgage Loan
            have been
            made as of the related Closing Date; the Mortgage Loan has not been dishonored;
            there are no material defaults under the terms of the Mortgage Loan;
            the Company
            has not advanced its own funds, or induced, solicited or knowingly received
            any
            advance of funds from a party other than the owner of the Mortgaged Property
            subject to the Mortgage, directly or indirectly, for the payment of any
            amount
            required by the Mortgage Loan. As of the related Closing Date, all of
            the
            Mortgage Loans will have an actual interest paid to date of their related
            Cut-off Date(or later) and will be due for the scheduled monthly payment
            next
            succeeding the Cut-off Date (or later), as evidenced by a posting to
            Company’s
            servicing collection system. No payment under any Mortgage Loan is delinquent
            as
            of the related Closing Date nor has any scheduled payment been delinquent
            at any
            time during the twelve (12) months prior to the month of the related
            Closing
            Date. For purposes of this paragraph, a Mortgage Loan will be deemed
            delinquent
            if any payment due thereunder was not paid by the Mortgagor in the month
            such
            payment was due; 

           

          (d)  There
            are
            no defaults by Company in complying with the terms of the Mortgage, and
            all
            taxes, governmental assessments, insurance premiums, water, sewer and
            municipal
            charges, leasehold payments or ground rents which previously became due
            and
            owing have been paid, or escrow funds have been established in an amount
            sufficient to pay for every such escrowed item which remains unpaid and
            which
            has been assessed but is not yet due and payable; 

           

          (e)  The
            terms
            of the Mortgage Note and the Mortgage have not been impaired, waived,
            altered or
            modified in any respect, except by written instruments which have been
            recorded
            to the extent any such recordation is required by law, or, necessary
            to protect
            the interest of the Purchaser. No instrument of waiver, alteration or
            modification has been executed except in connection with a modification
            agreement and which modification agreement is part of the Mortgage File
            and the
            terms of which are reflected in the related Mortgage Loan Schedule, and
            no
            Mortgagor has been released, in whole or in part, from the terms thereof
            except
            in connection with an assumption agreement and which assumption agreement
            is
            part of the Mortgage File and the terms of which are reflected in the
            related
            Mortgage Loan Schedule; the substance of any such waiver, alteration
            or
            modification has been approved by the issuer of any related Primary Mortgage
            Insurance Policy, Lender Primary Mortgage Insurance Policy and title
            insurance
            policy, to the extent required by the related policies; 

           

          (f)  The
            Mortgage Note and the Mortgage are not subject to any right of rescission,
            set-off, counterclaim or defense, including, without limitation, the
            defense of
            usury, nor will the operation of any of the terms of the Mortgage Note
            or the
            Mortgage, or the exercise of any right thereunder, render the Mortgage
            Note or
            Mortgage unenforceable, in whole or in part, or subject to any right
            of
            rescission, set-off, counterclaim or defense, including the defense of
            usury,
            and no such right of rescission, set-off, counterclaim or defense has
            been
            asserted with respect thereto; and as of the related Closing Date the
            Mortgagor
            was not a debtor in any state or federal bankruptcy or insolvency proceeding;
            

           

          (g)  All
            buildings or other customarily insured improvements upon the Mortgaged
            Property
            are insured by a Qualified Insurer, against loss by fire, hazards of
            extended
            coverage and such other hazards as are provided for in the Fannie Mae
            or FHLMC
            Guide, as well as all additional requirements set forth in Section 4.10
            of this
            Agreement. All such standard hazard policies are in full force and effect
            and
            contain a standard mortgagee clause naming the Company and its successors
            in
            interest and assigns as loss payee and such clause is still in effect
            and all
            premiums due thereon have been paid. If required by the Flood Disaster
            Protection Act of 1973, as amended, the Mortgage Loan is covered by a
            flood
            insurance policy meeting the requirements of the current guidelines of
            the
            Federal Insurance Administration which policy conforms to Fannie Mae
            or FHLMC
            requirements, as well as all additional requirements set forth in Section
            4.10
            of this Agreement. Such policy was issued by a Qualified Insurer. The
            Mortgage
            obligates the Mortgagor thereunder to maintain all such insurance at
            the
            Mortgagor’s cost and expense, and on the Mortgagor’s failure to do so,
            authorizes the holder of the Mortgage to maintain such insurance at the
            Mortgagor’s cost and expense and to seek reimbursement therefor from the
            Mortgagor. Neither the Company (nor any prior originator or servicer
            of any of
            the Mortgage Loans) nor any Mortgagor has engaged in any act or omission
            which
            has impaired or would impair the coverage of any such policy, the benefits
            of
            the endorsement provided for herein, or the validity and binding effect
            of
            either; 

           

          (h)  Each
            Mortgage Loan complies with, and the Company has complied with, applicable
            local, state and federal laws, regulations and other requirements including,
            without limitation, usury, equal credit opportunity, real, estate settlement
            procedures, the Federal Truth-In-Lending Act, disclosure laws and all
            applicable
            predatory and abusive lending laws and consummation of the transactions
            contemplated hereby, including without limitation, the receipt of interest
            by
            the owner of such Mortgage Loan, will not involve the violation of any
            such
            laws, rules or regulations. None of the Mortgage Loans are (a) Mortgage
            Loans
            subject to 12 CFR Part 226.31, 12 CFR Part 226.32 or 226.34 of Regulation
            Z,
            the’ regulation implementing TILA, which implements the Home Ownership and
            Equity Protection Act of 1994, as amended, or (b) except as may be provided
            in
            subparagraph (c) below, classified and/or defined, as a “high cost”,
“threshold”, “predatory” “high risk home loan” or “covered” loan (or a similarly
            classified loan using different terminology under a law imposing additional
            legal liability for mortgage loans having high interest rates, points
            and
            or/fees) under any other applicable state, federal or local law including,
            but
            not limited to, the States of Georgia, New York, North Carolina, Arkansas,
            Kentucky or New Mexico, (c) Mortgage Loans subject to the New Jersey
            Home
            Ownership Security Act of 2002 (the “Act”), unless such Mortgage Loan is a (1)
“Home Loan” as defined in the Act that is a first lien Mortgage Loan, which is
            not a “High Cost Home Loan” as defined in the Act or (2) “Covered Home Loan” as
            defined in the Act that is a first lien purchase money Mortgage Loan,
            which is
            not a High Cost Home Loan under the Act, or (d) secured by Mortgaged
            Property in
            the Commonwealth of Massachusetts with a loan application date on or
            after
            November 7, 2004 that refinances a mortgage loan that is less than sixty
            (60)
            months old, unless such Mortgage Loan (1) is on an investment property,
            (ii)
            meets the requirements set forth in the Code of Massachusetts Regulation
            (“CMR”), 209 CMR 53.04(1)(b), or (iii) meets the requirements set forth in
            the
            209 CMR 53.04(1)(c). In addition to and notwithstanding anything to the
            contrary
            herein, no Mortgage Loan for which the Mortgaged Property is located
            in New
            Jersey is a Home Loan as defined in the Act that was made, arranged,
            or assigned
            by a person selling either a manufactured home or home improvements to
            the
            Mortgaged Property or was made by an originator to whom the Mortgagor
            was
            referred by any such seller. Each Mortgage Loan is being (and has been)
            serviced
            in accordance with Accepted Servicing Practices and applicable state
            and federal
            laws, including, without limitation, the Federal Truth-In-Lending Act
            and other
            consumer protection laws, real estate settlement procedures, usury, equal
            credit
            opportunity and disclosure laws. Company shall maintain in its possession,
            available for the Purchaser’s inspection, as appropriate, and shall deliver to
            the Purchaser or its designee upon demand, evidence of compliance with
            all such
            requirements; 

           

          (i)  The
            Mortgage has not been satisfied, canceled or subordinated, in whole or
            in part,
            or rescinded, and the Mortgaged Property has not been released from the
            lien of
            the Mortgage, in whole or in part nor has any instrument been executed
            that
            would effect any such release, cancellation, subordination or rescission.
            The
            Company has not waived the performance by the Mortgagor of any action,
            if the
            Mortgagor’s failure to perform such action would cause the Mortgage Loan to be
            in default, nor has the Company waived any default resulting from any
            action or
            inaction by the Mortgagor; 

           

          (j)  The
            Mortgage is a valid, subsisting, enforceable and perfected first lien
            on the
            Mortgaged Property, including all buildings on the Mortgaged Property
            and all
            installations and mechanical, electrical, plumbing, heating and air conditioning
            systems affixed to such buildings, and all additions, alterations and
            replacements made at any time with respect to the foregoing securing
            the
            Mortgage Note’s original principal balance subject to principles of equity,
            bankruptcy, insolvency and other laws of general application affecting
            the
            rights of creditors. The Mortgage and the Mortgage Note do not contain
            any
            evidence of any security interest or other interest or right thereto.
            Such lien
            is free and clear of all adverse claims, liens and encumbrances having
            priority
            over the first lien of the Mortgage subject only to (1) the lien of
            non-delinquent current real property taxes and assessments not yet due
            and
            payable, (2) covenants, conditions and restrictions, rights of way, easements
            and other matters of the public record as of the date of recording which
            are
            acceptable to mortgage lending institutions generally and either (A)
            which, are
            referred to in the lender’s title insurance policy delivered to the originator
            or otherwise considered in the appraisal made for the originator of the
            Mortgage
            Loan, or (B) which do not adversely affect the residential use or Appraised
            Value of the Mortgaged Property as set forth in such appraisal, and (3)
            other
            matters to which like properties are commonly subject which do not individually
            or in the aggregate materially interfere with the benefits of the security
            intended to be provided by the Mortgage or the use, enjoyment, value
            or
            marketability of the related Mortgaged Property. Any security agreement,
            chattel
            mortgage or equivalent document related to and delivered in connection
            with the
            Mortgage Loan establishes and creates a valid, subsisting, enforceable
            and
            perfected first lien and first priority security interest on the property
            described therein, and the Company has the full right to sell and assign
            the
            same to the Purchaser; 

           

          (k)  The
            Mortgage Note and the related Mortgage are original and genuine and each
            is the
            legal, valid and binding obligation of the maker thereof, enforceable
            in all
            respects in accordance with its terms subject to principles of equity,
            bankruptcy, insolvency and other laws of general application affecting
            the
            rights of creditors, and the Company has taken all action necessary to
            transfer
            such rights of enforceability to the Purchaser. All parties to the Mortgage
            Note
            and the Mortgage had the legal capacity to enter into the Mortgage Loan
            and to
            execute and deliver the Mortgage Note and the Mortgage. The Mortgage
            Loan
            Documents are on forms acceptable to Fannie Mae and FHLMC. The Mortgage
            Note and
            the Mortgage have been duly and properly executed by such parties. No
            fraud,
            error, omission, misrepresentation, negligence or similar occurrence
            with
            respect to a Mortgage Loan has taken place on the part of Company or
            the
            Mortgagor, or on the part of any other party involved in the origination
            or
            servicing of the Mortgage Loan. The proceeds of the Mortgage Loan have
            been
            fully disbursed and there is no requirement for future advances thereunder,
            and
            any and all requirements as to completion of any on-site or off-site
            improvements and as to disbursements of any escrow funds therefor have
            been
            complied with. All costs, fees and expenses incurred in making or closing
            the
            Mortgage Loan and the recording of the Mortgage were paid, and the Mortgagor
            is
            not entitled to any refund of any amounts paid or due under the Mortgage
            Note or
            Mortgage; 

           

          (l)  The
            Company is the sole owner and holder of the Mortgage Loan and the indebtedness
            evidenced by the Mortgage Note. Upon the sale of the Mortgage Loan to
            the
            Purchaser, the Company will retain the Mortgage File or any part thereof
            with
            respect thereto not delivered to the Purchaser or the Purchaser’s designee in
            trust only for the purpose of servicing and supervising the servicing
            of the
            Mortgage Loan. Immediately prior to the transfer and assignment to the
            Purchaser, the Mortgage Loan, including the Mortgage Note and the Mortgage,
            were
            not subject to an assignment, sale or pledge to any person other than
            Purchaser,
            and the Company had good and marketable title to and was the sole owner
            thereof
            and had full right to transfer and sell the Mortgage Loan to the Purchaser
            free
            and clear of any encumbrance, equity, lien, pledge, charge, claim or
            security
            interest and has the full right and authority subject to no interest
            or
            participation of, or agreement with, any other party, to sell and assign
            the
            Mortgage Loan pursuant to this Agreement and following the sale of the
            Mortgage
            Loan, the Purchaser will own such Mortgage Loan free and clear of any
            encumbrance, equity, participation interest, lien, pledge, charge, claim
            or
            security interest. The Company intends to relinquish all rights to possess,
            control and monitor the Mortgage Loan, except for the purposes of servicing
            the
            Mortgage Loan as set forth in this Agreement. After the related Closing
            Date,
            the Company will not have any right to modify or alter the terms of the
            sale of
            the Mortgage Loan and the Company will not have any obligation or right
            to
            repurchase the Mortgage Loan or substitute another Mortgage Loan, except
            as
            provided in this Agreement, or as otherwise agreed to by the Company
            and the
            Purchaser; 

           

          (m)  Each
            Mortgage Loan is covered by an ALTA lender’s title insurance policy or other
            generally acceptable form of policy or insurance acceptable to Fannie
            Mae or
            FHLMC (including adjustable rate endorsements), issued by a title insurer
            acceptable to Fannie Mae or FHLMC and qualified to do business in the
            jurisdiction where the Mortgaged Property is located, insuring (subject
            to the
            exceptions contained in (j)(1), (2) and (3) above) the Company, its successors
            and assigns, as to the first priority lien of the Mortgage in the original
            principal amount of the Mortgage Loan and against any loss by reason
            of the
            invalidity or unenforceability of the lien resulting from the provisions
            of the
            Mortgage providing for adjustment in the Mortgage Interest Rate and Monthly
            Payment. Where required by state law or regulation, the Mortgagor has
            been given
            the opportunity to choose the carrier of the required mortgage title
            insurance.
            The Company, its successors and assigns, is the sole insured of such
            lender’s
            title insurance policy, such title insurance policy has been duly and
            validly
            endorsed to the Purchaser or the assignment to the Purchaser of the Company’s
            interest therein does not require the consent of or notification to the
            insurer
            and such lender’s title insurance policy is in full force and effect and will be
            in full force and effect upon the consummation of the transactions contemplated
            by this Agreement. No claims have been made under such lender’s title insurance
            policy, and no prior holder or servicer of the related Mortgage, including
            the
            Company, nor any Mortgagor, has done, by act or omission, anything which
            would
            impair the coverage of such lender’s title insurance policy; 

           

          (n)  There
            is
            no default, breach, violation or event of acceleration existing under
            the
            Mortgage or the related Mortgage Note and no event which, with the passage
            of
            time or with notice and the expiration of any grace or cure period, would
            constitute a default, breach, violation or event permitting acceleration;
            and
            neither the Company, nor any prior mortgagee has waived any default,
            breach,
            violation or event permitting acceleration; 

           

          (o)  There
            are
            no mechanics’ or similar liens or claims which have been filed for work, labor
            or material (and no rights are outstanding that under law could give
            rise to
            such liens) affecting the related Mortgaged Property which are or may
            be liens
            prior to or equal to the lien of the related Mortgage; 

           

          (p)  All
            improvements subject to the Mortgage which were considered in determining
            the
            appraised value of the Mortgaged Property lie wholly within the boundaries
            and
            building restriction lines of the Mortgaged Property (and wholly within
            the
            project with respect to a condominium unit) and no improvements on adjoining
            properties encroach upon the Mortgaged Property except those which are
            insured
            against by the title insurance policy referred to in clause (m) above
            and all
            improvements on the property comply with all applicable zoning and subdivision
            laws and ordinances; 

           

          (q)  Each
            Mortgage Loan was originated by or for the Company pursuant to, and conforms
            with, the Company’s underwriting guidelines attached as Exhibit H hereto. The
            Mortgage Loan bears interest at an adjustable rate (if applicable) as
            set forth
            in the related Mortgage Loan Schedule, and Monthly Payments under the
            Mortgage
            Note are due and payable on the first day of each month. The Mortgage
            contains
            the usual and enforceable provisions of the Company at the time of origination
            for the acceleration of the payment of the unpaid principal amount of
            the
            Mortgage Loan if the related Mortgaged Property is sold without the prior
            consent of the mortgagee thereunder; 

           

          (r)  The
            Mortgaged Property is not subject to any material damage. At origination
            of the
            Mortgage Loan there was not, since origination of the Mortgage Loan there
            has
            not been, and there currently is no proceeding pending for the total
            or partial
            condemnation of the Mortgaged Property. The Company has not received
            notification that any such proceedings are scheduled to commence at a
            future
            date; 

           

          (s)  The
            related Mortgage contains customary and enforceable provisions such as
            to render
            the rights and remedies of the holder thereof adequate for the realization
            against the Mortgaged Property of the benefits of the security provided
            thereby,
            including, (1) in the case of a Mortgage designated as a deed of trust,
            by
            trustee’s sale, and (2) otherwise by judicial foreclosure. There is no homestead
            or other exemption available to the Mortgagor which would interfere with
            the
            right to sell the Mortgaged Property at a trustee’s sale or the right to
            foreclose the Mortgage; 

           

          (t)  If
            the
            Mortgage constitutes a deed of trust, a trustee, authorized and duly
            qualified
            if required under applicable law to act as such, has been properly designated
            and currently so serves and is named in the Mortgage, and no fees or
            expenses,
            except as may be required by local law, are or will become payable by
            the
            Purchaser to the trustee under the deed of trust, except in connection
            with a
            trustee’s sale or attempted sale after default by the Mortgagor; 

           

          (u)  The
            Mortgage File contains an appraisal of the related Mortgaged Property
            signed
            prior to the final approval of the mortgage loan application by a Qualified
            Appraiser, approved by the Company, who had no interest, direct or indirect,
            in
            the Mortgaged Property or in any loan made on the security thereof, and
            whose
            compensation is not affected by the approval or disapproval of the Mortgage
            Loan, and the appraisal and appraiser both satisfy the requirements of
            Fannie
            Mae or FIILMC and Title XI of the Federal Institutions Reform, Recovery,
            and
            Enforcement Act of 1989 and the regulations promulgated thereunder, all
            as in
            effect on the date the Mortgage Loan was originated. The appraisal is
            in a form
            acceptable to Fannie Mae or FHLMC; 

           

          (v)  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) (A) in compliance with any and all
            applicable licensing requirements of the laws of the state wherein the
            Mortgaged
            Property is located, and (B) (1) organized under the laws of such state,
            or (2)
            qualified to do business in such state, or (3) federal savings and loan
            associations or national banks or a Federal Home Loan Bank or savings
            bank
            having principal offices in such state, or (4) not doing business in
            such state;

           

          (w)  The
            related Mortgage Note is not and has not been secured by any collateral
            except
            the lien of the corresponding Mortgage and the security interest of any
            applicable security agreement or chattel mortgage referred to above and
            such
            collateral does not serve as security for any other obligation; 

           

          (x)  The
            Mortgagor has received and has executed, where applicable, all disclosure
            materials required by applicable law with respect to the making of such
            mortgage
            loans; 

           

          (y)  The
            Mortgage Loan does not contain balloon or “graduated payment” features; No
            Mortgage Loan is subject to a buydown agreement or contains any buydown
            provision; 

           

          (z)  The
            Mortgagor is not in bankruptcy and, the Mortgagor is not insolvent and
            the
            Company has no knowledge of any circumstances or conditions with respect
            to the
            Mortgage, the Mortgaged Property, the Mortgagor or the Mortgagor’s credit
            standing that could reasonably be expected to cause investors to regard
            the
            Mortgage Loan as an unacceptable investment, cause the Mortgage Loan
            to become
            delinquent, or materially adversely affect the value or marketability
            of the
            Mortgage Loan; 

           

          (aa)  Each
            Mortgage Loan bears interest based upon a thirty (30) day month and a
            three
            hundred and sixty (360) day year. The Mortgage Loans have an original
            term to
            maturity of not more than thirty (30) years, with interest payable in
            arrears on
            the first day of each month. As to each adjustable rate Mortgage Loan,
            on each
            applicable Adjustment Date, the Mortgage Interest Rate will be adjusted
            to equal
            the sum of the Index, plus the applicable Margin; provided, that the
            Mortgage
            Interest Rate, on each applicable Adjustment Date, will not increase
            by more
            than the Initial Rate Cap or Periodic Rate Cap, as applicable. Over the
            term of
            each adjustable rate Mortgage Loan, the Mortgage Interest Rate will not
            exceed
            such Mortgage Loan’s Lifetime Rate Cap. None of the Mortgage Loans are
“interest-only” Mortgage Loans or “negative amortization” Mortgage Loans. With
            respect to each adjustable rate Mortgage Loan, each Mortgage Note requires
            a
            monthly payment which is sufficient (a) during the period prior to the
            first
            adjustment to the Mortgage Interest Rate, to fully amortize the original
            principal balance over the original term thereof and to pay interest
            at the
            related Mortgage Interest Rate, and (b) during the period following each
            Adjustment Date, to fully amortize the outstanding principal balance
            as of the
            first day of such period over the then remaining tern of such Mortgage
            Note and
            to pay interest at the related Mortgage Interest Rate. With respect to
            each
            adjustable rate Mortgage Loan, the Mortgage Note provides that when the
            Mortgage
            Interest Rate changes on an Adjustment Date, the then outstanding principal
            balance will be reamortized over the remaining life of the Mortgage Loan.
            No
            Mortgage Loan contains terms or provisions which would result in negative
            amortization. None of the Mortgage Loans contain a conversion feature
            which
            would cause the Mortgage Loan interest rate to convert to a fixed interest
            rate.
            None of the Mortgage Loans are considered agricultural loans; 

           

          (bb)  (INTENTIONALLY
            LEFT BLANK)

           

          (cc)  (INTENTIONALLY
            LEFT BLANK)

           

          (dd)  (INTENTIONALLY
            LEFT BLANK)

           

          (ee)  (INTENTIONALLY
            LEFT BLANK)

           

          (ff)  (INTENTIONALLY
            LEFT BLANK)

           

          (gg)  
            (INTENTIONALLY LEFT BLANK) 

           

          (hh)  In
            the
            event the Mortgage Loan had an LTV at origination greater than 80.00%,
            the
            excess of the principal balance of the Mortgage Loan over 75.0% of the
            Appraised
            Value of the Mortgaged Property with respect to a Refinanced Mortgage
            Loan, or
            the lesser of the Appraised Value or the purchase price of the Mortgaged
            Property with respect to a purchase money Mortgage Loan was insured as
            to
            payment defaults by a Primary Mortgage Insurance Policy issued by a Qualified
            Insurer. No Mortgage Loan has an LTV over 95%. All provisions of such
            Primary
            Mortgage Insurance Policy have been and are being complied with, such
            policy is
            in full force and effect, and all premiums due thereunder have been paid.
            No
            Mortgage Loan requires payment of such premiums, in whole or in part,
            by the
            Purchaser. No action, inaction, or event has occurred and no state of
            facts
            exists that has, or will result in the exclusion from, denial of, or
            defense to
            coverage. Any Mortgage Loan subject to a Primary Mortgage Insurance Policy
            obligates the Mortgagor thereunder to maintain the Primary Mortgage Insurance
            Policy, subject to state and federal law, and to pay all premiums and
            charges in
            connection therewith. No action has been taken or failed to be taken,
            on or
            prior to the Closing Date which has resulted or will result in an exclusion
            from, denial of, or defense to coverage under any Primary Mortgage Insurance
            Policy (including, without limitation, any exclusions, denials or defenses
            which
            would limit or reduce the availability of the timely payment of the full
            amount
            of the loss otherwise due thereunder to the insured) whether arising
            out of
            actions, representations, errors, omissions, negligence, or fraud of
            the Company
            or the Mortgagor, or for any other reason under such coverage; The mortgage
            interest rate for the Mortgage Loan as set forth on the related Mortgage
            Loan
            Schedule is net of any such insurance premium. Any Mortgage Loan subject
            to a
            Lender Primary Mortgage Insurance Policy obligates the Company to maintain
            the
            Lender Primary Mortgage Insurance Policy and to pay all premiums and
            charges in
            connection therewith; 

           

          (ii)  The
            Assignment is in recordable form and is acceptable for recording under
            the laws
            of the jurisdiction in which the Mortgaged Property is located; 

           

          (jj)  None
            of
            the Mortgage Loans are secured by an interest in a leasehold estate.
            The
            Mortgaged Property is located in the state identified in the related
            Mortgage
            Loan Schedule and consists of a single parcel of real property with a
            detached
            single family residence erected thereon, or a townhouse, or a two-to
            four-family
            dwelling, or an individual condominium unit in a condominium project,
            or an
            individual unit in a planned unit development or a de minimis planned
            unit
            development, provided, however, that no residence or dwelling is a single
            parcel
            of real property with a manufactured home not affixed to a permanent
            foundation,
            or a mobile home. Any condominium unit or planned unit development conforms
            with
            the Company’s underwriting guidelines. As of the date of origination, no portion
            of any Mortgaged Property was used for commercial purposes, and since
            the
            Origination Date, no portion of any Mortgaged Property has been, or currently
            is, used for commercial purposes; 

           

          (kk)  Payments
            on the Mortgage Loan commenced no more than sixty (60) days after the
            funds were
            disbursed in connection with the Mortgage Loan. The Mortgage Note is
            payable on
            the first day of each month in monthly installments of principal and
            interest,
            which installments are subject to change due to the adjustments to the
            Mortgage
            Interest Rate on each Adjustment Date, with interest calculated and payable
            in
            arrears. Each of the Mortgage Loans will amortize fully by the stated
            maturity
            date, over an original term of not more than thirty years from commencement
            of
            amortization; 

           

          (ll)  As
            of the
            Closing Date of the Mortgage Loan, the Mortgage Property was lawfully
            occupied
            under applicable law, and all inspections, licenses and certificates
            required to
            be made or issued with respect to all occupied portions of the Mortgaged
            Property and, with respect to the use and occupancy of the same, including
            but
            not limited to certificates of occupancy and fire underwriting certificates,
            have been made or obtained from the appropriate authorities; 

           

          (mm)  There
            is
            no pending action or proceeding directly involving the Mortgaged Property
            in
            which compliance with any environmental law, rule or regulation is an
            issue;
            there is no violation of any environmental law, rule or regulation with
            respect
            to the Mortgaged Property; and the Company has not received any notice
            of any
            environmental hazard on the Mortgaged Property and nothing further remains
            to be
            done to satisfy in full all requirements of each such law, rule or regulation
            constituting a prerequisite to use and enjoyment of said property; 

           

          (nn)  The
            Mortgagor has not notified the Company, and the Company has no knowledge
            of any
            relief requested or allowed to the Mortgagor under the Soldiers’ and Sailors’
Civil Relief Act of 1940; 

           

          (oo)  No
            Mortgage Loan is a construction or rehabilitation Mortgage Loan or was
            made to
            facilitate the trade-in or exchange of a Mortgaged Property; 

           

          (pp)  The
            Mortgagor for each Mortgage Loan is a natural person; 

           

          (qq)  None
            of
            the Mortgage Loans are Co-op Loans; 

           

          (rr)  With
            respect to each Mortgage Loan that has a prepayment penalty feature,
            each such
            prepayment penalty is enforceable and will be enforced by the Company
            and each
            prepayment penalty is permitted pursuant to federal, state and local
            law. No
            Mortgage Loan will impose a prepayment penalty for a term in excess of
            five
            years from the date such Mortgage Loan was originated. Except as otherwise
            set
            forth on the Mortgage Loan Schedule, with respect to each Mortgage Loan
            that
            contains a prepayment penalty, such prepayment penalty is at least equal
            to the
            lesser of (A) the maximum amount permitted under applicable law and (B)
            six
            months interest at the related Mortgage Interest Rate on the amount prepaid
            in
            excess of 20% of the original principal balance of such Mortgage Loan;
            

           

          (ss)  With
            respect to each Mortgage Loan either (i) the fair market value of the
            Mortgaged
            Property securing such Mortgage Loan was at least equal to 80 percent
            of the
            original principal balance of such Mortgage Loan at the time such Mortgage
            Loan
            was originated or (ii) (a) the Mortgage Loan is only secured by the Mortgage
            Property and (b) substantially all of the proceeds of such Mortgage Loan
            were
            used to acquire or to improve or protect the Mortgage Property. For the
            purposes
            of the preceding sentence, if the Mortgage Loan has been significantly
            modified
            other than as a result of a default or a reasonable foreseeable default,
            the
            modified Mortgage Loan will be viewed as having been originated on the
            date of
            the modification; 

           

          (tt)  The
            Mortgage Loan was originated by a mortgagee approved by the Secretary
            of Housing
            and Urban Development pursuant to sections 203 and 211 of the National
            Housing
            Act, a savings and loan association, a savings bank, a commercial bank,
            credit
            union, insurance company or similar institution which is supervised and
            examined
            by a federal or state authority; 

           

          (uu)  None
            of
            the Mortgage Loans are simple interest Mortgage Loans and none of the
            Mortgaged
            Properties are timeshares; 

           

          (vv)  All
            of
            the terms of the Mortgage pertaining to interest rate adjustments, payment
            adjustments and adjustments of the outstanding principal balance are
            enforceable, all such adjustments have been properly made, including
            the mailing
            of required notices, and such adjustments do not and will not affect
            the
            priority of the Mortgage lien. With respect to each Mortgage Loan which
            has
            passed its initial Adjustment Date, Company has performed an audit of
            the
            Mortgage Loan to determine whether all interest rate adjustments have
            been made
            in accordance with the terms of the Mortgage Note and Mortgage; 

           

          (ww)  Each
            Mortgage Note, each Mortgage, each Assignment and any other documents
            required
            pursuant to this Agreement to be delivered to the Purchaser or its designee,
            or
            its assignee for each Mortgage Loan, have been, on or before the related
            Closing
            Date, delivered to the Purchaser or its designee, or its assignee; 

           

          (xx)  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;
            

           

          (yy)  No
            proceeds from any Mortgage Loan were used to finance single premium credit
            insurance policies; 

           

          (zz)  No
            borrower was encouraged or required to select a Mortgage Loan product
            offered by
            the Mortgage Loan’s originator which is a higher cost product designed for less
            creditworthy borrowers, unless at the time of the Mortgage Loan’s origination,
            such borrower did not qualify taking into account credit history and
            debt-to-income ratios for a lower-cost credit product then offered by
            the
            Mortgage Loan’s originator or any affiliate of the Mortgage Loan’s originator.
            If, at the time of loan application, the borrower may have qualified
            for a
            lower-cost credit product then offered by any mortgage lending affiliate
            of the
            Mortgage Loan’s originator, the Mortgage Loan’s originator referred the
            borrower’s application to such affiliate for underwriting consideration;

           

          (aaa)  The
            methodology used in underwriting the extension of credit for each Mortgage
            Loan
            employs objective mathematical principles which relate the borrower’s income,
            assets and liabilities to the proposed payment and such underwriting
            methodology
            does not rely on the extent of the borrower’s equity in the collateral as the
            principal determining factor in approving such credit extension. Such
            underwriting methodology confirmed that at the time of origination
            (application/approval) the borrower had a reasonable ability to make
            timely
            payments on the Mortgage Loan; 

           

          (bbb)  With
            respect to any Mortgage Loan that contains a provision permitting imposition
            of
            a premium upon a prepayment prior to maturity: (i) prior to the loan’s
            origination, the borrower agreed to such premium in exchange for a monetary
            benefit, including but not limited to a rate or fee reduction, (ii) prior
            to the
            loan’s origination, the borrower was offered the option of obtaining a mortgage
            loan that did not require payment of such a premium, (iii) the prepayment
            premium is disclosed to the borrower in the loan documents pursuant to
            applicable state and federal law, and (iv) notwithstanding any state
            or federal
            law to the contrary, the Servicer shall not impose such prepayment premium
            in
            any instance when the mortgage debt is accelerated as the result of the
            borrower’s default in making the loan payments; 

           

          (ccc)  No
            borrower was required to purchase any credit life, disability, accident
            or
            health insurance product as a condition of obtaining the extension of
            credit. No
            borrower obtained a prepaid single-premium credit life, disability, accident
            or
            health insurance policy in connection with the origination of the Mortgage
            Loan;
            No proceeds from any Mortgage Loan were used to purchase single premium
            credit
            insurance policies as part of the origination of, or as a condition to
            closing,
            such Mortgage Loan; 

           

          (ddd)  The
            Company will transmit full-file credit reporting data for each Mortgage
            Loan
            pursuant to the Fannie Mae Selling Guide and that for each Mortgage Loan,
            the
            Company agrees it shall report one of the following statuses each month
            as
            follows: new origination, current, delinquent (30-, 60-, 90-days, etc.),
            foreclosed, or charged-off, 

           

          (eee)  Any
            Mortgage Loan with a Mortgaged Property in the State of Illinois complies
            with
            the Illinois Interest Act; and 

           

          (fff)  With
            respect to any Mortgage Loan originated on or after August 1, 2004 and
            underlying the security, 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.
            

           

          
            	Section
                    3.03  	
                    Repurchase:
                      Substitution.

                  

          

           

          It
            is
            understood and agreed that the representations and warranties set forth
            in
            Sections 3.01 and 3.02 shall survive the sale of the Mortgage Loans and
            delivery
            of the Mortgage Loan Documents to the Purchaser, or its designee, and
            shall
            inure to the benefit of the Purchaser, notwithstanding any restrictive
            or
            qualified endorsement on any Mortgage Note or Assignment or the examination,
            or
            lack of examination, of any Mortgage File. Upon discovery by either the
            Company
            or the Purchaser of a breach of any of the foregoing representations
            and
            warranties which materially and adversely affects the value of the Mortgage
            Loans or the interest of the Purchaser in any Mortgage Loan, the party
            discovering such breach shall give prompt written notice to the other.
            The
            Company shall have a period of sixty (60) days from the earlier of its
            discovery
            or its receipt of notice of any such breach within which to correct or
            cure such
            breach. The Company hereby covenants and agrees that if any such breach
            is not
            corrected or cured within such sixty day period, the Company shall, at
            the
            Purchaser’s option and not later than ninety (90) days of its discovery or its
            receipt of notice of such breach, repurchase such Mortgage Loan at the
            Repurchase Price or, with the Purchaser’s prior consent and at Purchaser’s sole
            option, substitute a Mortgage Loan as provided below. In the event that
            any such
            breach shall involve any representation or warranty set forth in Section
            3.01,
            and such breach is not cured within sixty (60) days of the earlier of
            either
            discovery by or notice to the Company of such breach, all Mortgage Loans
            shall,
            at the option of the Purchaser, be repurchased by the Company at the
            Repurchase
            Price. Any such repurchase shall be accomplished by wire transfer of
            immediately
            available funds to Purchaser in the amount of the Repurchase Price.

           

          If
            the
            Company is required to repurchase any Mortgage Loan pursuant to this
            Section
            3.03, the Company may, with the Purchaser’s prior consent and at Purchaser’s
            sole option, within ninety (90) days from the related Closing Date, remove
            such
            defective Mortgage Loan from the terms of this Agreement and substitute
            another
            mortgage loan for such defective Mortgage Loan, in lieu of repurchasing
            such
            defective Mortgage Loan. Any substitute Mortgage Loan is subject to Purchaser
            acceptability. Any substituted Loans will comply with the representations
            and
            warranties set forth in this Agreement as of the substitution date 

           

          The
            Company shall amend the related Mortgage Loan Schedule to reflect the
            withdrawal
            of the removed Mortgage Loan from this Agreement and the substitution
            of such
            substitute Mortgage Loan therefor. Upon such amendment, the Purchaser
            shall
            review the Mortgage File delivered to it relating to the substitute Mortgage
            Loan. In the event of such a substitution, accrued interest on the substitute
            Mortgage Loan for the month in which the substitution occurs and any
            Principal
            Prepayments made thereon during such month shall be the property of the
            Purchaser and accrued interest for such month on the Mortgage Loan for
            which the
            substitution is made and any Principal Prepayments made thereon during
            such
            month shall be the property of the Company. The principal payment on
            a
            substitute Mortgage Loan due on the Due Date in the month of substitution
            shall
            be the property of the Company and the principal payment on the Mortgage
            Loan
            for which the substitution is made due on such date shall be the property
            of the
            Purchaser.

           

          For
            any
            month in which the Company is permitted to substitute one or more substitute
            Mortgage Loans, the Company will determine the amount (if any) by which
            the
            aggregate Stated Principal Balance (after application of the principal
            portion
            of all scheduled payments due in the month of substitution) of all the
            substitute Mortgage Loans in the month of substitution is less then the
            aggregate Stated Principal Balance (after application of the principal
            portion
            of the scheduled payment due in the month of substitution) of the such
            replaced
            Mortgage Loan. An amount equal to the aggregate of such deficiencies
            described
            in the preceding sentence for any Remittance Date shall be deposited
            into the
            Custodial Account by the Company on the related Determination Date in
            the month
            following the calendar month during which the substitution occurred.
            

           

          It
            is
            understood and agreed that the obligation of the Company set forth in
            this
            Section 3.03 to cure, repurchase or substitute for a defective Mortgage
            Loan,
            and to indemnify Purchaser pursuant to Section 8.01, constitute the sole
            remedies of the Purchaser respecting a breach of the foregoing representations
            and warranties. If the Company fails to repurchase or substitute for
            a defective
            Mortgage Loan in accordance with this Section 3.03, or fails to cure
            a defective
            Mortgage Loan to Purchaser’s reasonable satisfaction in accordance with this
            Section 3.03, or to indemnify Purchaser pursuant to Section 8.01, that
            failure
            shall be an Event of Default and the Purchaser shall be entitled to pursue
            all
            remedies available in this Agreement as a result thereof. No provision
            of this
            paragraph shall affect the rights of the Purchaser to terminate this
            Agreement
            for cause, as set forth in Sections 10.01 and 11.01. 

           

          Any
            cause
            of action against the Company relating to or arising out of the breach
            of any
            representations and warranties made in Sections 3.01 and 3.02 shall accrue
            as to
            any Mortgage Loan upon (i) the earlier of discovery of such breach by
            the
            Company or notice thereof by the Purchaser to the Company, (ii) failure
            by the
            Company to cure such breach or repurchase such Mortgage Loan as specified
            above,
            and (iii) demand upon the Company by the Purchaser for compliance with
            this
            Agreement. 

           

          In
            the
            event that any Mortgage Loan is held by a REMIC, notwithstanding any
            contrary
            provision of this Agreement, with respect to any Mortgage Loan that is
            not in
            default or as to which no default is imminent, no substitution pursuant
            to
            Subsection 3.03 shall be made after the applicable REMIC’s “start up day” (as
            defined in Section 860G(a) (9) of the Code), unless the Company has obtained
            an
            Opinion of Counsel to the effect that such substitution will not (i)
            result in
            the imposition of taxes on “prohibited transactions” of such REMIC (as defmed in
            Section 860F of the Code) or otherwise subject the REMIC to tax, or (ii)
            cause
            the REMIC to fail to qualify as a REIVIIC at any time.

           

          
            	Section
                    3.04  	
                    Representations
                      and Warranties of the Purchaser.

                  

          

           

          The
            Purchaser represents, warrants and convenants to the Company that, as
            of the
            related Closing Date or as of such date specifically provided
            herein:

           

          (a)  The
            Purchaser is a corporation, dully organized validly existing and in good
            standing under the laws of the State of Delaware and is qualified to
            transact
            business in, is in good standing under the laws of, and possesses all
            licenses
            necessary for the conduct of its business in, each state in which any
            Mortgaged
            Property is located or is otherwise except or not required under applicable
            law
            to effect such qualification or license; 

           

          (b)  The
            Purchaser has full power and authority to hold each Mortgage Loan, to
            purchase
            each Mortgage Loan pursuant to this Agreement and the related Term Sheet
            and to
            execute, deliver and perform, and to enter into and consummate all transactions
            contemplated by this Agreement and the related Term Sheet and to conduct
            its
            business as presently conducted, has duly authorized the execution, delivery
            and
            performance of this Agreement and the related Term Sheet, has duly executed
            and
            delivered this Agreement and the related Term Sheet; 

           

          (c)  None
            of
            the execution and delivery of this Agreement and the related Term Sheet,
            the
            purchase of the Mortgage Loans, the consummation of the transactions
            contemplated hereby, or the fulfillment of or compliance with the terms
            and
            conditions of this Agreement and the related Term Sheet will conflict
            with any
            of the terms, conditions or provisions of the Purchaser’s charter or by-laws or
            materially conflict with or result in a material breach of any of the
            terms,
            conditions or provisions of any legal restriction or any agreement or
            instrument
            to which the Purchaser is now a party or by which it is bound, or constitute
            a
            default or result in an acceleration under any of the foregoing, or result
            in
            the material violation of any law, rule, regulation, order, judgment
            or decree
            to which the Purchaser or its property is subject; 

           

          (d)  There
            is
            no litigation pending or to the best of the Purchaser’s knowledge, threatened
            with respect to the Purchaser which i reasonably likely to have a material
            adverse effect on the purchase of the related Mortgage Loans, the execution,
            delivery or enforceability of this Agreement and the related Term Sheet,
            or
            which is reasonably likely to have a material adverse effect on the financial
            condition of the Purchaser; 

           

          (e)  No
            consent, approval, authorization or order of any court or governmental
            agency or
            body is required for the execution, delivery and performance by the Purchaser
            of
            or compliance by the Purchaser with this Agreement and the related Term
            Sheet,
            the purchase of the Mortgage Loans or the consummation of the transactions
            contemplated by this Agreement and the related Term Sheet except for
            consents,
            approvals, authorizations and orders which have been obtained; 

           

          (f)  The
            consummation of the transactions contemplated by this Agreement and the
            related
            Term Sheet is in the ordinary course of business of the Purchaser; 

           

          (g)  The
            Purchaser will treat the purchase of the Mortgage Loans from the Company
            as a
            purchase for reporting, tax and accounting purposes; and 

           

          (h)  The
            Purchaser does not believe, nor does it have any cause or reason to believe,
            that it cannot perform each and every of its covenants contained in this
            Agreement and the related Term Sheet. 

           

          The
            Purchaser shall indemnify the Company and hold it harmless against any
            claims,
            proceedings, losses, damages, penalties, fines, forfeitures, reasonable
            and
            necessary legal fees and related costs, judgments, and other costs and
            expenses
            resulting from a breach by the Purchaser of the representations and warranties
            contained in this Section 3.04. It is understood and agreed that the
            obligations
            of the Purchaser set forth in this Section 3.04 to indemnify the Seller
            as
            provided herein constitute the sole remedies of the Seller respecting
            a breach
            of the foregoing representations and warranties. 

           

           

          ARTICLE
            IV

           

          ADMINISTRATION
            AND SERVICING OF MORTGAGE LOANS 

           

          
            	Section
                    4.01  	
                    Company
                      to Act as Servicer.

                  

          

           

          The
            Company, as independent contract servicer, shall service and administer
            the
            Mortgage Loans in accordance with this Agreement and the related Term
            Sheet and
            with Accepted Servicing Practices, and shall have full power and authority,
            acting alone, to do or cause to be done any and all things in connection
            with
            such servicing and administration which the Company may deem necessary
            or
            desirable and consistent with the terms of this Agreement and the related
            Term
            Sheet and with Accepted Servicing Practices and exercise the same care
            that it
            customarily employs for its own account. Except as set forth in this
            Agreement
            and the related Term Sheet, the Company shall service the Mortgage Loans
            in
            strict compliance with the servicing provisions of the Fannie Mae Guides
            (special servicing option), which include, but are not limited to, provisions
            regarding the liquidation of Mortgage Loans, the collection of Mortgage
            Loan
            payments, the payment of taxes, insurance and other charges, the maintenance
            of
            hazard insurance with a Qualified Insurer, the maintenance of mortgage
            impairment insurance, the maintenance of fidelity bond and errors and
            omissions
            insurance, inspections, the restoration of Mortgaged Property, the maintenance
            of Primary Mortgage Insurance Policies and Lender Primary Mortgage Insurance
            Policies, insurance claims, the title, management and disposition of
            REO
            Property, permitted withdrawals with respect to REO Property, liquidation
            reports, and reports of foreclosures and abandonments of Mortgaged Property,
            the
            transfer of Mortgaged Property, the release of Mortgage Files, annual
            statements, and examination of records and facilities. In the event of
            any
            conflict, inconsistency or discrepancy between any of the servicing provisions
            of this Agreement and the related Term Sheet and any of the servicing
            provisions
            of the Fannie Mae Guides, the provisions of this Agreement and the related
            Term
            Sheet shall control and be binding upon the Purchaser and the Company.
            

           

          Consistent
            with the terms of this Agreement and the related Term Sheet, the Company
            may
            waive, modify or vary any term of any Mortgage Loan or consent to the
            postponement of any such term or in any manner grant indulgence to any
            Mortgagor
            if in the Company’s reasonable and prudent determination such waiver,
            modification, postponement or indulgence is not materially adverse to
            the
            Purchaser, provided, however, that unless the Company has obtained the
            prior
            written consent of the Purchaser, the Company shall not permit any modification
            with respect to any Mortgage Loan that would change the Mortgage Interest
            Rate,
            defer for more than ninety days or forgive any payment of principal or
            interest,
            reduce or increase the outstanding principal balance (except for actual
            payments
            of principal) or change the final maturity date on such Mortgage Loan.
            In the
            event of any such modification which has been agreed to in writing by
            the
            Purchaser and which permits the deferral of interest or principal payments
            on
            any Mortgage Loan, the Company shall, on the Business Day immediately
            preceding
            the Remittance Date in any month in which any such principal or interest
            payment
            has been deferred, deposit in the Custodial Account from its own funds,
            in
            accordance with Section 4.04, the difference between (a) such month’s principal
            and one month’s interest at the Mortgage Loan Remittance Rate on the unpaid
            principal balance of such Mortgage Loan and (b) the amount paid by the
            Mortgagor. The Company shall be entitled to reimbursement for such advances
            to
            the same extent as for all other advances pursuant to Section 4.05. Without
            limiting the generality of the foregoing, the Company shall continue,
            and is
            hereby authorized and empowered, to prepare, execute and deliver, all
            instruments of satisfaction or cancellation, or of partial or full release,
            discharge and all other comparable instruments, with respect to the Mortgage
            Loans and with respect to the Mortgaged Properties. Notwithstanding anything
            herein to the contrary, the Company may not enter into a forbearance
            agreement
            or similar arrangement with respect to any Mortgage Loan which runs more
            than
            180 days after the first delinquent Due Date. Any such agreement shall
            be
            approved by Purchaser and, if required, by the Primary Mortgage Insurance
            Policy
            insurer and Lender Primary Mortgage Insurance Policy insurer, if
            required.

           

          Notwithstanding
            anything in this Agreement to the contrary, if any Mortgage Loan becomes
            subject
            to a Pass-Through Transfer, the Company (a) with respect to such Mortgage
            Loan,
            shall not permit any modification with respect to such Mortgage Loan
            that would
            change the Mortgage Interest Rate and (b) shall not (unless the Mortgagor
            is in
            default with respect to such Mortgage Loan or such default is, in the
            judgment
            of the Company, reasonably foreseeable) make or permit any modification,
            waiver
            or amendment of any term of such Mortgage Loan that would both (i) effect
            an
            exchange or reissuance of such Mortgage Loan under Section 1001 of the
            Code (or
            Treasury regulations promulgated thereunder) and (ii) cause any REMIC
            to fail to
            qualify as a REMIC under the Code or the imposition of any tax on “prohibited
            transactions” or “contributions” after the startup date under the REIVIIC
            Provisions. 

           

          Prior
            to
            taking any action with respect to the Mortgage Loans subject to a Pass-Through
            Transfer, which is not contemplated under the terms of this Agreement,
            the
            Company will obtain an Opinion of Counsel acceptable to the trustee in
            such
            Pass-Through Transfer with respect to whether such action could result
            in the
            imposition of a tax upon any REMIC (including but not limited to the
            tax on
            prohibited transactions as defmed 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”), and the Company shall not take any such
            actions as to which it has been advised that an Adverse REIVIIC Event
            could
            occur. 

           

          The
            Company shall not permit the creation of any “interests” (within the meaning of
            Section 860G of the Code) in any REMIC. The Company shall not enter into
            any
            arrangement by which a REMIC will receive a fee or other compensation
            for
            services nor permit a REMIC to receive any income from assets other than
            “qualified mortgages” as defmed in Section 860G(a)(3) of the Code or “permitted
            investments” as defmed in Section 860G(a)(5) of the Code. 

           

          In
            servicing and administering the Mortgage Loans, the Company shall employ
            Accepted Servicing Practices, giving due consideration to the Purchasers
            reliance on the Company. Unless a different time period is stated in
            this
            Agreement or the related Term Sheet, Purchaser shall be deemed to have
            given
            consent in connection with a particular matter if Purchaser does not
            affirmatively grant or deny consent within five (5) Business Days from
            the date
            Purchaser receives a second written request for consent for such matter
            from
            Company as servicer. 

           

          The
            Mortgage Loans may be subserviced by a Subservicer on behalf of the Company
            provided that the Subservicer is an entity that engages in the business
            of
            servicing loans, and in either case shall be authorized to transact business,
            and licensed to service mortgage loans, in the state or states where
            the related
            Mortgaged Properties it is to service are situated, if and to the extent
            required by applicable law to enable the Subservicer to perform its obligations
            hereunder and under the Subservicing Agreement, and in either case shall
            be a
            FHLMC or Fannie Mae approved mortgage servicer in good standing, and
            no event
            has occurred, including but not limited to a change in insurance coverage,
            which
            would make it unable to comply with the eligibility requirements for
            lenders
            imposed by Fannie Mae or for seller/servicers imposed by Fannie Mae or
            FHLMC, or
            which would require notification to Fannie Mae or FHLMC. In addition,
            each
            Subservicer will obtain and preserve its qualifications to do business
            as a
            foreign corporation and its licenses to service mortgage loans, in each
            jurisdiction in which such qualifications and/or licenses are or shall
            be
            necessary to protect the validity and enforceability of this Agreement,
            or any
            of the Mortgage Loans and to perform or cause to be performed its duties
            under
            the related Subservicing Agreement. The Company may perform any of its
            servicing
            responsibilities hereunder or may cause the Subservicer to perform any
            such
            servicing responsibilities on its behalf, but the use by the Company
            of the
            Subservicer shall not release the Company from any of its obligations
            hereunder
            and the Company shall remain responsible hereunder for all acts and omissions
            of
            the Subservicer as fully as if such acts and omissions were those of
            the
            Company. The Company shall pay all fees and expenses of the Subservicer
            from its
            own funds, and the Subservicer’s fee shall not exceed the Servicing Fee. Company
            shall notify Purchaser promptly in writing upon the appointment of any
            Subservicer. 

           

          At
            the
            cost and expense of the Company, without any right of reimbursement from
            the
            Custodial Account, the Company shall be entitled to terminate the rights
            and
            responsibilities of the Subservicer and arrange for any servicing
            responsibilities to be performed by a successor subservicer meeting the
            requirements in the preceding paragraph, provided, however, that nothing
            contained herein shall be deemed to prevent or prohibit the Company,
            at the
            Company’s option, from electing to service the related Mortgage Loans itself.
            In
            the event that the Company’s responsibilities and duties under this Agreement
            are terminated pursuant to Section 4.13, 8.04, 9.01 or 10.01 and if requested
            to
            do so by the Purchaser, the Company shall at its own cost and expense
            terminate
            the rights and responsibilities of the Subservicer effective as of the
            date of
            termination of the Company. The Company shall pay all fees, expenses
            or
            penalties necessary in order to terminate the rights and responsibilities
            of the
            Subservicer from the Company’s own funds without reimbursement from the
            Purchaser. 

           

          Notwithstanding
            any of the provisions of this Agreement relating to agreements or arrangements
            between the Company and the Subservicer or any reference herein to actions
            taken
            through the Subservicer or otherwise, the Company shall not be relieved
            of its
            obligations to the Purchaser and shall be obligated to the same extent
            and under
            the same terms and conditions as if it alone were servicing and administering
            the Mortgage Loans. The Company shall be entitled to enter into an agreement
            with the Subservicer for indemnification of the Company by the Subservicer
            and
            nothing contained in this Agreement shall be deemed to limit or modify
            such
            indemnification. The Company will indemnify and hold Purchaser harmless
            from any
            loss, liability or expense arising out of its use of a Subservicer to
            perform
            any of its servicing duties, responsibilities and obligations hereunder.
            

           

          Any
            Subservicing Agreement and any other transactions or services relating
            to the
            Mortgage Loans involving the Subservicer shall be deemed to be between
            the
            Subservicer and Company alone, and the Purchaser shall have no obligations,
            duties or liabilities with respect to the Subservicer including no obligation,
            duty or liability of Purchaser to pay the Subservice?s fees and expenses.
            For
            purposes of distributions and advances by the Company pursuant to this
            Agreement, the Company shall be deemed to have received a payment on
            a Mortgage
            Loan when the Subservicer has received such payment. 

           

          
            	Section
                    4.02  	
                    Collection
                      of Mortgage Loan Payments.

                  

          

           

          Continuously
            from the date hereof until the date each Mortgage Loan ceases to be subject
            to
            this Agreement, the Company will proceed diligently to collect all payments
            due
            under each Mortgage Loan when the same shall become due and payable and
            shall,
            to the extent such procedures shall be consistent with this Agreement,
            Accepted
            Servicing Practices, and the terms and provisions of any related Primary
            Mortgage Insurance Policy and Lender Primary Mortgage Insurance Policy,
            follow
            such collection procedures as it follows with respect to mortgage loans
            comparable to the Mortgage Loans and held for its own account. Further,
            the
            Company will take special care in ascertaining and estimating annual
            escrow
            payments, and all other charges that, as provided in the Mortgage, will
            become
            due and payable, so that the installments payable by the Mortgagors will
            be
            sufficient to pay such charges as and when they become due and payable.
            

           

          In
            no
            event will the Company waive its right to any prepayment penalty or premium
            without the prior written consent of Purchaser and Company will use diligent
            efforts to collect same when due except as otherwise provided in the
            prepayment
            penalty provisions provided in the Mortgage Loan Documents. 

           

          
            	Section
                    4.03  	
                    Realization
                      Upon Defaulted Mortgage.

                  

          

           

          The
            Company shall use its best efforts, consistent with the procedures that
            the
            Company would use in servicing loans for its own account, consistent
            with
            Accepted Servicing Practices, any Primary Mortgage Insurance Policies
            and Lender
            Primary Mortgage Insurance Policies and the best interest of Purchaser,
            to
            foreclose upon or otherwise comparably convert the ownership of properties
            securing such of the Mortgage Loans as come into and continue in default
            and as
            to which no satisfactory arrangements can be made for collection of delinquent
            payments pursuant to Section 4.01. Foreclosure or comparable proceedings
            shall
            be initiated within ninety (90) days of default for Mortgaged Properties
            for
            which no satisfactory arrangements can be made for collection of delinquent
            payments, subject to state and federal law and regulation. The Company
            shall use
            its best efforts to realize upon defaulted Mortgage Loans in such manner
            as will
            maximize the receipt of principal and interest by the Purchaser, taking
            into
            account, among other things, the timing of foreclosure proceedings. The
            foregoing is subject to the provisions that, in any case in which a Mortgaged
            Property shall have suffered damage, the Company shall not be required
            to expend
            its own funds toward the restoration of such property unless it shall
            determine
            in its discretion (i) that such restoration will increase the proceeds
            of
            liquidation of the related Mortgage Loan to the Purchaser after reimbursement
            to
            itself for such expenses, and (ii) that such expenses will be recoverable
            by the
            Company through Insurance Proceeds or Liquidation Proceeds from the related
            Mortgaged Property, as contemplated in Section 4.05. Company shall obtain
            prior
            approval of Purchaser as to repair or restoration expenses in excess
            of ten
            thousand dollars ($10,000). The Company shall notif’ the Purchaser in writing of
            the commencement of foreclosure proceedings and not less than 5 days
            prior to
            the acceptance or rejection of any offer of reinstatement. The Company
            shall be
            responsible for all costs and expenses incurred by it in any such proceedings
            or
            functions; provided, however, that it shall be entitled to reimbursement
            thereof
            from the related property, as contemplated in Section 4.05. Notwithstanding
            anything to the contrary contained herein, in connection with a foreclosure
            or
            acceptance of a deed in lieu of foreclosure, in the event the Company
            has
            reasonable cause to believe that a Mortgaged Property is contaminated
            by
            hazardous or toxic substances or wastes, or if the Purchaser otherwise
            requests
            an environmental inspection or review of such Mortgaged Property, such
            an
            inspection or review is to be conducted by a qualified inspector at the
            Purchaser’s expense. Upon completion of the inspection, the Company shall
            promptly provide the Purchaser with a written report of the environmental
            inspection. After reviewing the environmental inspection report, the
            Purchaser
            shall determine how the Company shall proceed with respect to the Mortgaged
            Property. 

           

          Notwithstanding
            anything to the contrary contained herein, the Purchaser may, at the
            Purchaser’s
            sole option, terminate the Company as servicer of any Mortgage Loan which
            becomes ninety (90) days or greater delinquent in payment of a scheduled
            Monthly
            Payment, without payment of any termination fee with respect thereto,
            provided
            that the Company shall on the date said termination takes effect be reimbursed
            for any unreimbursed Monthly Advances of the Company’s funds made pursuant to
            Section 5.03 and any unreimbursed Servicing Advances and Servicing Fees
            in each
            case relating to the Mortgage Loan underlying such delinquent Mortgage
            Loan
            notwithstanding anything to the contrary set forth in Section 4.05. In
            the event
            of any such termination, the provisions of Section 11.01 hereof shall
            apply to
            said termination and the transfer of servicing responsibilities with
            respect to
            such delinquent Mortgage Loan to the Purchaser or its designee. 

           

          In
            the
            event that a Mortgage Loan becomes part of a REMIC, and becomes REO Property,
            such property shall be disposed of by the Company, with the consent of
            Purchaser
            as required pursuant to this Agreement, before the close of the third
            taxable
            year following the taxable year in which the Mortgage Loan became an
            REO
            Property, unless the Company provides to the trustee under such REIVIIC
            an
            opinion of counsel to the effect that the holding of such REO Property
            subsequent to the close of the third taxable year following the taxable
            year in
            which the Mortgage Loan became an REO Property, will not result in the
            imposition of taxes on “prohibited transactions” as defmed in Section 860F of
            the Code, or cause the transaction to fail to qualify as a REIvIIC at
            any time
            that certificates are outstanding. Company shall manage, conserve, protect
            and
            operate each such REO Property for the certificateholders solely for
            the purpose
            of its prompt disposition and sale in a manner which does not cause such
            property to fail to qualify as “foreclosure property” within the meaning of
            Section 860F(a)(2)(E) of the Code, or any “net income from foreclosure property”
which is subject to taxation under the REMIC provisions of the Code.
            Pursuant to
            its efforts to sell such property, the Company shall either itself or
            through an
            agent selected by Company, protect and conserve such property in the
            same manner
            and to such an extent as is customary in the locality where such property
            is
            located. Additionally, Company shall perform the tax withholding and
            reporting
            related to Sections 1445 and 6050J of the Code. 

           

          
            	Section
                    4.04  	
                    Establishment
                      of Custodial Accounts; Deposits in Custodial
                      Accounts.

                  

          

           

          The
            Company shall segregate Sand 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 one or more Custodial Accounts.
            The
            Custodial Account shall be an Eligible Account. Funds shall be deposited
            in the
            Custodial Account within 24 hours of receipt, and shall at all times
            be insured
            by the FDIC up to the FDIC insurance limits, or must be invested in Permitted
            Investments for the benefit of the Purchaser. Funds deposited in the
            Custodial
            Account may be drawn on by the Company in accordance with Section 4.05.
            The
            creation of any Custodial Account shall be evidenced by a letter agreement
            in
            the form shown in Exhibit B hereto. The original of such letter agreement
            shall
            be furnished to the Purchaser on the Closing Date, and upon the request
            of any
            subsequent Purchaser. 

           

          The
            Company shall deposit in the Custodial Account on a daily basis, and
            retain
            therein the following payments and collections received or made by it
            subsequent
            to the Cut-off Date, or received by it prior to the Cut-off Date but
            allocable
            to a period subsequent thereto, other than in respect of principal and
            interest
            on the Mortgage Loans due on or before the Cut-off Date: 

           

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

           

          (ii)  all
            payments on account of interest on the Mortgage Loans adjusted to the
            Mortgage
            Loan Remittance Rate; 

           

          (iii)  all
            Liquidation Proceeds; 

           

          (iv)  any
            amounts required to be deposited by the Company in connection with any
            REO
            Property pursuant to Section 4.13 and in connection therewith, the Company
            shall
            provide the Purchaser with written detail itemizing all of such amounts;
            

           

          (v)  all
            Insurance Proceeds including amounts required to be deposited pursuant
            to
            Sections 4.08, 4.10 and 4.11, 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 Accepted Servicing Practices,
            the
            Mortgage Loan Documents or applicable law; 

           

          (vi)  all
            Condemnation Proceeds affecting any Mortgaged Property which are not
            released to
            the Mortgagor in accordance with Accepted Servicing Practices, the loan
            documents or applicable law; 

           

          (vii)  any
            Monthly Advances; 

           

          (viii)  with
            respect to each full or partial Principal Prepayment, any Prepayment
            Interest
            Shortfalls, to the extent of the Company’s aggregate Servicing Fee received with
            respect to the related Prepayment Period; 

           

          (ix)  any
            amounts required to be deposited by the Company pursuant to Section 4.10
            in
            connection with the deductible clause in any blanket hazard insurance
            policy,
            such deposit shall be made from the Company’s own funds, without reimbursement
            therefor; and 

           

          (x)  any
            amounts required to be deposited in the Custodial Account pursuant to
            Section
            4.01,4.13 or 6.02. 

           

          The
            foregoing requirements for deposit in the Custodial 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 and assumption
            fees,
            to the extent permitted by Section 6.01, need not be deposited by the
            Company in
            the Custodial Account. Any interest paid on funds deposited in the Custodial
            Account by the depository institution shall accrue to the benefit of
            the Company
            and the Company shall be entitled to retain and withdraw such interest
            from the
            Custodial Account pursuant to Section 4.05 (iv). The Purchaser shall
            not be
            responsible for any losses suffered with respect to investment of funds
            in the
            Custodial Account. 

           

          
            	Section
                    4.05  	
                    Permitted
                      Withdrawals From the Custodial
                      Account.

                  

          

           

          The
            Company may, from time to time, withdraw from the Custodial Account for
            the
            following purposes: 

           

          (i)  to
            make
            payments to the Purchaser in the amounts and in the manner provided for
            in
            Section 5.01; 

           

          (ii)  to
            reimburse itself for Monthly Advances, the Company’s right to reimburse itself
            pursuant to this subclause (ii) being limited to amounts received on
            the related
            Mortgage Loan which represent late collections (net of the related Servicing
            Fees) of principal and/or interest respecting which any such advance
            was made,
            it being understood that, in the case of such reimbursement, the Company’s right
            thereto shall be prior to the rights of the Purchaser, except that, where
            the
            Company is required to repurchase a Mortgage Loan, pursuant to Section
            3.03, the
            Company’s right to such reimbursement shall be subsequent to the payment to the
            Purchaser of the Repurchase Price pursuant to such Section and all other
            amounts
            required to be paid to the Purchaser with respect to such Mortgage Loan;
            

           

          (iii)  to
            reimburse itself for unreimbursed Servicing Advances and any unpaid Servicing
            Fees(or REO administration fees described in Section 4.13), the Company’s right
            to reimburse itself pursuant to this subclause (iii) with respect to
            any
            Mortgage Loan being limited to related proceeds from Liquidation Proceeds,
            Condemnation Proceeds and Insurance Proceeds in accordance with the relevant
            provisions of the Fannie Mae Guides or as otherwise set forth in this
            Agreement;
            any recovery shall be made upon liquidation of the REO Property; 

           

          (iv)  to
            pay to
            itself as part of its servicing compensation (a) any interest earned
            on funds in
            the Custodial Account (all such interest to be withdrawn monthly not
            later than
            each Remittance Date), and (b) the Servicing Fee from that portion of
            any
            payment or recovery as to interest with respect to a particular Mortgage
            Loan;

           

          (v)  to
            pay to
            itself with respect to each Mortgage Loan that has been repurchased pursuant
            to
            Section 3.03 all amounts received thereon and not distributed as of the
            date on
            which the related repurchase price is determined, 

           

          (vi)  to
            transfer funds to another Eligible Account in accordance with Section
            4.09
            hereof; 

           

          (vii)  to
            remove
            funds inadvertently placed in the Custodial Account by the Company;

           

          (viii)  to
            clear
            and terminate the Custodial Account upon the termination of this Agreement;
            and

           

          (ix)  to
            reimburse itself for Nonrecoverable Advances to the extent not reimbursed
            pursuant to clause (ii) or clause (iii). 

           

          
            	Section
                    4.06  	
                    Establishment
                      of Escrow Accounts Deposits in Escrow
                      Accounts.

                  

          

           

          The
            Company 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
            one or more
            Escrow Accounts. The Escrow Account shall be an Eligible Account. Funds
            deposited in each Escrow Account shall at all times be insured in a manner
            to
            provide maximum insurance under the insurance limitations of the FDIC,
            or must
            be invested in Permitted Investments. Funds deposited in the Escrow Account
            may
            be drawn on by the Company in accordance with Section 4.07. The creation
            of any
            Escrow Account shall be evidenced by a letter agreement in the form shown
            in
            Exhibit C. The original of such letter agreement shall be furnished to
            the
            Purchaser on the Closing Date, and upon request to any subsequent purchaser.
            

           

          The
            Company shall deposit in the Escrow Account or Accounts on a daily basis,
            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; 

           

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

           

          (iii)  all
            Servicing Advances for Mortgagors whose Escrow Payments are insufficient
            to
            cover escrow disbursements. 

           

          The
            Company shall make withdrawals from the Escrow Account only to effect
            such
            payments as are required under this Agreement, and for such other purposes
            as
            shall be as set forth or in accordance with Section 4.07. The Company
            shall be
            entitled to retain any interest paid on funds deposited in the Escrow
            Account by
            the depository institution other than interest on escrowed funds required
            by law
            to be paid to the Mortgagor and, to the extent required by law, the Company
            shall pay interest on escrowed funds to the Mortgagor notwithstanding
            that the
            Escrow Account is non-interest bearing or that interest paid thereon
            is
            insufficient for such purposes. The Purchaser shall not be responsible
            for any
            losses suffered with respect to investment of funds in the Escrow Account.
            

           

          
            	Section
                    4.07  	
                    Permitted
                      Withdrawals From Escrow Account.

                  

          

           

          Withdrawals
            from the Escrow Account may be made by Company only: 

           

          (i)  to
            effect
            timely payments of ground rents, taxes, assessments, water rates, Primary
            Mortgage Insurance Policy premiums, if applicable, fire and hazard insurance
            premiums, condominium assessments and comparable items; 

           

          (ii)  to
            reimburse Company for any Servicing Advance made by Company with respect
            to a
            related Mortgage Loan but only from amounts received on the related Mortgage
            Loan which represent late payments or 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 Custodial 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 Company, or to the Mortgagor to the extent required by law, 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.
            As part
            of its servicing duties, the Company shall pay to the Mortgagors interest
            on
            funds in Escrow Account, to the extent required by law, 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; and
            

           

          (viii)  to
            pay to
            the Mortgagors or other parties Insurance Proceeds deposited in accordance
            with
            Section 4.06. 

           

          
            	Section
                    4.08  	
                    Payment
                      of Taxes, Insurance and Other Charges: Maintenance of Primary
                      Mortgage
                      Insurance Policies: Collections
                      Thereunder.

                  

          

           

          With
            respect to each Mortgage Loan, the Company shall maintain accurate records
            reflecting the status of ground rents, taxes, assessments, water rates
            and other
            charges which are or may become a lien upon the Mortgaged Property and
            the
            status of primary mortgage insurance premiums and fire and hazard insurance
            coverage and 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 Company in amounts sufficient for such purposes, as allowed under
            the
            terms of the Mortgage or applicable law. To the extent that the Mortgage
            does
            not provide for Escrow Payments, the Company shall determine that any
            such
            payments are made by the Mortgagor at the time they first become due.
            The
            Company 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 advances from its own funds to effect such payments.

           

          The
            Company will maintain in full force and effect Primary Mortgage Insurance
            Policies or Lender Primary Mortgage Insurance Policies issued by a Qualified
            Insurer with respect to each Mortgage Loan for which such coverage is
            herein
            required. Such coverage will be terminated only with the approval of
            Purchaser,
            or as required by applicable law or regulation. The Company will not
            cancel or
            refuse to renew any Primary Mortgage Insurance Policy or Lender Primary
            Mortgage
            Insurance Policy in effect on the Closing Date that is required to be
            kept in
            force under this Agreement unless a replacement Primary Mortgage Insurance
            Policy or Lender Primary Mortgage Insurance Policy for such canceled
            or
            nonrenewed policy is obtained from and maintained with a Qualified Insurer.
            The
            Company shall not take any action which would result in non-coverage
            under any
            applicable Primary Mortgage Insurance Policy or Lender Primary Mortgage
            Insurance Policy of any loss which, but for the actions of the Company
            would
            have been covered thereunder. In connection with any assumption or substitution
            agreement entered into or to be entered into pursuant to Section 6.01,
            the
            Company shall promptly notify the insurer under the related Primary Mortgage
            Insurance Policy or Lender Primary Mortgage Insurance Policy, if any,
            of such
            assumption or substitution of liability in accordance with the terms
            of such
            policy and shall take all actions which may be required by such insurer
            as a
            condition to the continuation of coverage under the Primary Mortgage
            Insurance
            Policy or Lender Primary Mortgage Insurance Policy. If such Primary Mortgage
            Insurance Policy or Lender Primary Mortgage Insurance Policy is terminated
            as a
            result of such assumption or substitution of liability, the Company shall
            obtain
            a replacement Primary Mortgage Insurance Policy or Lender Primary Mortgage
            Insurance Policy as provided above. 

           

          In
            connection with its activities as servicer, the Company agrees to prepare
            and
            present, on behalf of itself and the Purchaser, claims to the insurer
            under any
            Private Mortgage Insurance Policy in a timely fashion in accordance with
            the
            terms of such Primar5’ Mortgage Insurance Policy or Lender Primary Mortgage
            Insurance Policy and, in this regard, to take such action as shall be
            necessary
            to permit recovery under any Primary Mortgage Insurance Policy or Lender
            Primary
            Mortgage Insurance Policy respecting a defaulted Mortgage Loan. Pursuant
            to
            Section 4.04, any amounts collected by the Company under any Primary
            Mortgage
            Insurance Policy or Lender Primary Mortgage Insurance Policy shall be
            deposited
            in the Custodial Account, subject to withdrawal pursuant to Section 4.05.
            

           

          
            	Section
                    4.09  	
                    Transfer
                      of Accounts.

                  

          

           

          The
            Company may transfer the Custodial Account or the Escrow Account to a
            different
            Eligible Account from time to time. Such transfer shall be made only
            upon
            obtaining the prior written consent of the Purchaser, which consent will
            not be
            unreasonably withheld. 

           

          
            	Section
                    4.10  	
                    Maintenance
                      of Hazard Insurance.

                  

          

           

          The
            Company shall cause to be maintained for each Mortgage Loan fire and
            hazard
            insurance with extended coverage as is acceptable to Fannie Mae or FHLMC
            and
            customary in the area where the Mortgaged Property is located in an amount
            which
            is equal to the lesser of (i) the maximum insurable value of the improvements
            securing such Mortgage Loan or (ii) the greater of the outstanding principal
            balance of the Mortgage Loan, and (b) an amount such that the proceeds
            thereof
            shall be sufficient to prevent the Mortgagor and/or the mortgagee from
            becoming
            a co-insurer. If required by the Flood Disaster Protection Act of 1973,
            as
            amended, each Mortgage Loan shall be covered by a flood insurance policy
            meeting
            the requirements of the current guidelines of the Federal Insurance
            Administration in effect with an insurance carrier acceptable to Fannie
            Mae or
            FHLMC, in an amount representing coverage not less than the least of
            (i) the
            outstanding principal balance of the Mortgage Loan, (ii) the maximum
            insurable
            value of the improvements securing such Mortgage Loan or (iii) the maximum
            amount of insurance which is available under the Flood Disaster Protection
            Act
            of 1973, as amended. If at any time during the term of the Mortgage Loan,
            the
            Company determines in accordance with applicable law and pursuant to
            the Fannie
            Mae Guides that a Mortgaged Property is located in a special flood hazard
            area
            and is not covered by flood insurance or is covered in an amount less
            than the
            amount required by the Flood Disaster Protection Act of 1973, as amended,
            the
            Company shall notify the related Mortgagor that the Mortgagor must obtain
            such
            flood insurance coverage, and if said Mortgagor fails to obtain the required
            flood insurance coverage within forty-five (45) days after such notification,
            the Company. shall immediately force place the required flood insurance
            on the
            Mortgagor’s behalf. The Company shall also maintain on each REO Property, fire
            and hazard insurance with extended coverage in an amount which is at
            least equal
            to the maximum insurable value of the improvements which are a part of
            such
            property, and, to the extent required and available under the Flood Disaster
            Protection Act of 1973, as amended, flood insurance in an amount as provided
            above. Any amounts collected by the Company under any such policies other
            than
            amounts to be deposited in the Escrow Account and applied to the restoration
            or
            repair of the Mortgaged Property or REO Property, or released to the
            Mortgagor
            in accordance with Accepted Servicing Practices, shall be deposited in
            the
            Custodial Account, subject to withdrawal pursuant to Section 4.05. It
            is
            understood and agreed that no other additional insurance need be required
            by the
            Company of the Mortgagor or maintained on property acquired in respect
            of the
            Mortgage Loan, other than pursuant to this Agreement, the Fannie Mae
            Guides or
            such applicable state or federal laws and regulations as shall at any
            time be in
            force and as shall require such additional insurance. All such policies
            shall be
            endorsed with standard mortgagee clauses with loss payable to the Company
            and
            its successors and/or assigns and shall provide for at least thirty days
            prior
            written notice of any cancellation, reduction in the amount or material
            change
            in coverage to the Company. The Company shall not interfere with the
            Mortgagor’s
            freedom of choice in selecting either his insurance carrier or agent,
            provided,
            however, that the Company shall not accept any such insurance policies
            from
            insurance companies unless such companies are Qualified Insurers. 

           

          
            	Section
                    4.11  	
                    Maintenance
                      of Mortgage Impairment Insurance
                      Policy.

                  

          

           

          In
            the
            event that the Company shall obtain and maintain a blanket policy issued
            by a
            Qualified Insurer insuring against hazard losses on all of the Mortgage
            Loans,
            then, to the extent such policy provides coverage in an amount equal
            to the
            amount required pursuant to Section 4.10 and otherwise complies with
            all other
            requirements of Section 4.10, it shall conclusively be deemed to have
            satisfied
            its obligations as set forth in Section 4.10, it being understood and
            agreed
            that such policy may contain a deductible clause, in which case the Company
            shall, in the event that there shall not have been maintained on the
            related
            Mortgaged Property or REO Property a policy complying with Section 4.10,
            and
            there shall have been a loss which would have been covered by such policy,
            deposit in the Custodial Account the amount not otherwise payable under
            the
            blanket policy because of such deductible clause. In connection with
            its
            activities as servicer of the Mortgage Loans, the Company agrees to prepare
            and
            present, on behalf of the Purchaser, claims under any such blanket policy
            in a
            timely fashion in accordance with the terms of such policy. Upon request
            of the
            Purchaser, the Company shall cause to be delivered to the Purchaser a
            certified
            true copy of such policy and shall use its best efforts to obtain a statement
            from the insurer thereunder that such policy shall in no event be terminated
            or
            materially modified without thirty (30) days’ prior written notice to the
            Purchaser. 

           

          
            	Section
                    4.12  	
                    Fidelity
                      Bond, Errors and Omissions
                      Insurance.

                  

          

           

          The
            Company shall maintain, at its own expense, a blanket fidelity bond and
            an
            errors and omissions insurance policy, with broad coverage, with responsible
            companies on all officers, employees or other persons acting in any capacity
            with regard to the Mortgage Loan tä handle funds, money, documents and papers
            relating to the Mortgage Loan. The Fidelity Bond shall be in the form
            of the
            Mortgage Banker’s Blanket Bond and shall protect and insure the Company against
            losses, including forgery, theft, embezzlement and fraud of such persons.
            The
            errors and omissions insurance shall protect and insure the Company against
            losses arising out of errors and omissions and negligent acts of such
            persons.
            Such errors and omissions insurance shall also protect and insure the
            Company
            against losses in connection with the failure to maintain any insurance
            policies
            required pursuant to this Agreement and the release or satisfaction of
            a
            Mortgage Loan without having obtained payment in full of the indebtedness
            secured thereby. No provision of this Section 4.12 requiring the Fidelity
            Bond
            or errors and omissions insurance shall diminish or relieve the Company
            from its
            duties and obligations as set forth in this Agreement. The minimum coverage
            under any such bond and insurance policy shall be at least equal to the
            corresponding amounts required by Fannie Mae in the Fannie Mae Guides.
            Upon
            request by the Purchaser, the Company shall deliver to the Purchaser
            a
            certificate from the surety and the insurer as to the existence of the
            Fidelity
            Bond and errors and omissions insurance policy and shall obtain a statement
            from
            the surety and the insurer that such Fidelity Bond or insurance policy
            shall in
            no event be terminated or materially modified without thirty (30) days’ prior
            written notice to the Purchaser. The Company shall notify the Purchaser
            within
            five (5) business days.of receipt of notice that such Fidelity Bond or
            insurance
            policy will be, or has been, materially modified or terminated. The Purchaser
            (or any party having the status of Purchaser hereunder) and any subsidiary
            thereof and their successors or assigns as their interests may appear
            must be
            named as loss payees on the Fidelity Bond and as additional insured on
            the
            errors and omissions policy. Upon request by Purchaser, Company shall
            provide
            Purchaser with an insurance certificate certifying coverage under this
            Section
            4.12, and will provide an update to such certificate upon request, or
            upon
            renewal or material modification of coverage. 

           

          
            	Section
                    4.13  	
                    Title,
                      Management and Disposition of REO
                      Property.

                  

          

           

          In
            the
            event that title to the Mortgaged Property is acquired in foreclosure
            or by deed
            in lieu of foreclosure, the deed or certificate of sale shall be taken
            in the
            name of the Purchaser or its designee, or in the event the Purchaser
            or its
            designee is not authorized or permitted to hold title to real property
            in the
            state where the REO Property is located, or would be adversely affected
            under
            the “doing business” or tax laws of such state by so holding title, the deed or
            certificate of sale shall be taken in the name of such Person or Persons
            as
            shall be consistent with an opinion of counsel obtained by the Company
            from an
            attorney duly licensed to practice law in the state where the REO Property
            is
            located. Any Person or Persons holding such title other than the Purchaser
            shall
            acknowledge in writing that such title is being held as nominee for the
            benefit
            of the Purchaser. 

           

          The
            Company shall notify the Purchaser in accordance with the Fannie Mae
            Guides of
            each acquisition of REO Property upon such acquisition (and, in any event,
            shall
            provide notice of the consummation of any foreclosure sale within three
            (3)
            Business Days of the date Company receives notice of such consummation),
            together with a copy of the drive by appraisal or brokers price opinion
            of the
            Mortgaged Property obtained in connection with such acquisition, and
            thereafter
            assume the responsibility for marketing such REO property in accordance
            with
            Accepted Servicing Practices. Thereafter, the Company shall continue
            to provide
            certain administrative services to the Purchaser relating to such REO
            Property
            as set forth in this Section 4.13. No Servicing Fee shall be assessed
            or
            otherwise accrue on any REO Property from and after the date on which
            it becomes
            an REO Property. 

           

          The
            Company shall, either itself or through an agent selected by the Company,
            and in
            accordance with the Fannie Mae Guides manage, conserve, protect and operate
            each
            REO Property in the same manner that it manages, conserves, protects
            and
            operates other foreclosed property for its own account, and in the same
            manner
            that similar property in the same locality as the REO Property is managed.
            The
            Company shall cause each REO Property to be inspected promptly upon the
            acquisition of title thereto and shall cause each REO Property to be
            inspected
            at least monthly thereafter or more frequently as required by the circumstances.
            The Company shall make or cause to be made a written report of each such
            inspection. Such reports shall be retained in the Mortgage File and copies
            thereof shall be forwarded by the Company to the Purchaser. 

           

          The
            Company shall use its best efforts to dispose of the REO Property as
            soon as
            possible and shall sell such REO Property in any event within one year
            after
            title has been taken to such REO Property, unless the Company determines,
            and
            gives an appropriate notice to the Purchaser to such effect, that a longer
            period is necessary for the orderly liquidation of such REO Property.
            If a
            longer period than one (1) year is permitted under the foregoing sentence
            and is
            necessary to sell any REO Property, the Company shall report monthly
            to the
            Purchaser as to the progress being made in selling such REO Property.
            No REO
            Property shall be marketed for less than the Appraised Value, withOut
            the prior
            consent of Purchaser. No REO Property shall be sold for less than ninety
            five
            percent (95%) of its Appraised Value, without the prior consent of Purchaser.
            All requests for reimbursement of Servicing Advances shall be in accordance
            with
            the Fannie Mae Guides. The disposition of REO Property shall be carried
            out by
            the Company at such price, and upon such terms and conditions, as the
            Company
            deems to be in the best interests of the Purchaser (subject to the above
            conditions) only with the prior written consent of the Purchaser. Company
            shall
            provide monthly reports to Purchaser in reference to the status of the
            marketing
            of the REO Properties. 

           

          Notwithstanding
            anything to the contrary contained herein, the Purchaser may, at the
            Purchaser’s
            sole option, terminate the Company as servicer of any such REO Property
            without
            payment of any termination fee with respect thereto, provided that the
            Company
            shall on the date said termination takes effect be reimbursed for any
            unreimbursed advances of the Company’s funds made pursuant to Section 5.03 and
            any unreimbursed Servicing Advances and Servicing Fees in each case relating
            to
            the Mortgage Loan underlying such REO Property notwithstanding anything
            to the
            contrary set forth in Section 4.05. In the event of any such termination,
            the
            provisions of Section 11.01 hereof shall apply to said termination and
            the
            transfer of servicing responsibilities with respect to such REO Property
            to the
            Purchaser or its designee. Within five Business Days of any such termination,
            the Company shall, if necessary convey such property to the Purchaser
            and shall
            further provide the Purchaser with the following information regarding
            the
            subject REO Property: the related drive by appraisal or brokers price
            opinion,
            and copies of any related Mortgage Impairment Insurance Policy claims.
            In
            addition, within five Business Days, the Company shall provide the Purchaser
            with the following information and documents regarding the subject REO
            Property:
            the related trustee’s deed upon sale and copies of any related hazard insurance
            claims, or repair bids. 

           

          
            	Section
                    4.14  	
                    Notification
                      of Maturity Date.

                  

          

           

          With
            respect to each Mortgage Loan, the Company shall execute and deliver
            to the
            Mortgagor any and all necessary notices required under applicable law
            and the
            ternis of the related Mortgage Note and Mortgage regarding the maturity
            date if
            required under applicable law. 

           

           

           

          ARTICLE
            V

           

          PAYMENTS
            TO THE PURCHASER 

           

          
            	Section
                    5.01  	
                    Distributions.

                  

          

           

          On
            each
            Remittance Date, the Company shall distribute by wire transfer of immediately
            available funds to the Purchaser (i) all amounts credited to the Custodial
            Account as of the close of business on the preceding Determination Date,
            net of
            charges against or withdrawals from the Custodial Account pursuant to
            Section
            4.05, plus (ii) all Monthly Advances, if any, which the Company is obligated
            to
            distribute pursuant to Section 5.03, plus, (iii) interest at the Mortgage
            Loan
            Remittance Rate on any Principal Prepayment from the date of such Principal
            Prepayment through the end of the month for which disbursement is made
            provided
            that the Company’s obligation as to payment of such interest shall be limited to
            the Servicing Fee earned during the month of the distribution, minus
            (iv) any
            amounts attributable to Monthly Payments collected but due on a Due Date
            or
            Dates subsequent to the preceding Determination Date, which amounts shall
            be
            remitted on the Remittance Date next succeeding the Due Period for such
            amounts.
            It is understood that, by operation of Section 4.04, the remittance on
            the first
            Remittance Date with respect to Mortgage Loans purchased pursuant to
            the related
            Term Sheet is to include principal collected after the Cut-off Date through
            the
            preceding Determination Date plus interest, adjusted to the Mortgage
            Loan
            Remittance Rate collected through such Determination Date exclusive of
            any
            portion thereof allocable to the period prior to the Cut-off Date, with
            the
            adjustments specified in clauses (ii), (iii) and (iv) above. 

           

          With
            respect to any remittance received by the Purchaser after the Remittance
            Date,
            the Company shall pay to the Purchaser interest on any such late payment
            at an
            annual rate equal to the Prime Rate, adjusted as of the date of each
            change,
            plus three (3) percentage points, but in no event greater than the maximum
            amount permitted by applicable law. Such interest shall cover the period
            commencing with the day following the Business Day such payment was due
            and
            ending with the Business Day on which such payment i made to the Purchaser,
            both
            inclusive. The payment by the Company of any such interest shall not
            be deemed
            an extension of time for payment or a waiver of any Event of Default
            by the
            Company. On each Remittance Date, the Company shall provide a remittance
            report
            detailing all amounts being remitted pursuant to this Section 5.01.

           

          
            	Section
                    5.02  	
                    Statements
                      to the Purchaser.

                  

          

           

          The
            Company shall furnish to Purchaser an individual loan accounting report,
            as of
            the last Business Day of each month, in the Company’s assigned loan number order
            to document Mortgage Loan payment activity on an individual Mortgage
            Loan basis.
            With respect to each month, the corresponding individual loan accounting
            report
            shall be received by the Purchaser no later than the fifth Business Day
            of the
            following month on a disk or tape or other computer-readable format in
            such
            format as may be mutually agreed upon by both Purchaser and Company,
            and no
            later than the fifth Business Day of the following month in hard copy,
            and shall
            contain the following: 

           

          (i)  With
            respect to each Monthly Payment, the amount of such remittance allocable
            to
            principal (including a separate breakdown of any Principal Prepayment,
            including
            the date of such prepayment, and any prepayment penalties or premiums,
            along
            with a detailed report of interest on principal prepayment amounts remitted
            in
            accordance with Section 4.04); 

           

          (ii)  with
            respect to each Monthly Payment, the amount of such remittance allocable
            to
            interest; 

           

          (iii)  the
            amount of servicing compensation received by the Company during the prior
            distribution period; 

           

          (iv)  the
            aggregate Stated Principal Balance of the Mortgage Loans; 

           

          (v)  the
            aggregate of any expenses reimbursed to the Company during the prior
            distribution period pursuant to Section 4.05; 

           

          (vi)  The
            number and aggregate outstanding principal balances of Mortgage Loans
            (a)
            delinquent (1) 30 to 59 days, (2) 60 to 89 days, (3) 90 days or more;
            (b) as to
            which foreclosure has commenced; and (c) as to which REO Property has
            been
            acquired; and 

           

          The
            Company shall also provide a trial balance, sorted in Purchaser’s assigned loan
            number order, in the form of Exhibit B hereto, with each such Report.
            

           

          The
            Company shall prepare and file any and all information statements or
            other
            filings required to be delivered to any governmental taxing authority
            or to
            Purchaser pursuant to any applicable law with respect to the Mortgage
            Loans and
            the transactions contemplated hereby. In addition, the Company shall
            provide
            Purchaser with such information concerning the Mortgage Loans as is necessary
            for Purchaser to prepare its federal income tax return as Purchaser may
            reasonably request from time to time. 

           

          In
            addition, not more than sixty (60) days after the end of each calendar
            year, the
            Company shall furnish to each Person who was a Purchaser at any time
            during such
            calendar year an annual statement in accordance with the requirements
            of
            applicable federal income tax law as to the aggregate of remittances
            for the
            applicable portion of such year. 

           

          
            	Section
                    5.03  	
                    Monthly
                      Advances by the Company.

                  

          

           

          Not
            later
            than the close of business on the Business Day preceding each Remittance
            Date,
            the Company shall deposit in the Custodial Account an amount equal to
            all
            payments not previously advanced by the Company, whether or not deferred
            pursuant to Section 4.01, of principal (due after the Cut-off Date) and
            interest
            not allocable to the period prior to the Cut-off Date, adjusted to the
            Mortgage
            Loan Remittance Rate, which were due on a Mortgage Loan and delinquent
            at the
            close of business on the related Determination Date. 

           

          The
            Company’s obligation to make such Monthly Advances as to any Mortgage Loan will
            continue through the last Monthly Payment due prior to the payment in
            full of
            the Mortgage Loan, or through the Remittance Date prior to the date on
            which the
            Mortgaged Property liquidates (including Insurance Proceeds, proceeds
            from the
            sale of REO Property or Condemnation Proceeds) with respect to the Mortgage
            Loan
            unless the Company deems such advance to be a Nonrecoverable Advance.
            In such
            event, the Company shall deliver to the Purchaser an Officer’s Certificate of
            the Company to the effect that an officer of the Company has reviewed
            the
            related Mortgage File and has made the reasonable determination that
            any
            additional advances are nonrecoverable. 

           

          
            	Section
                    5.04  	
                    Liquidation
                      Reports.

                  

          

           

          Upon
            the
            foreclosure sale of any Mortgaged Property or the acquisition thereof
            by the
            Purchaser pursuant to a deed-in-lieu of foreclosure, the Company shall
            submit to
            the Purchaser a liquidation report with respect to such Mortgaged Property
            in a
            form mutually acceptable to Company and Purchaser. The Company shall
            also
            provide reports on the status of REO Property containing such information
            as
            Purchaser may reasonably require. V 

           

          
            	Section
                    5.05  	
                    Prepayment
                      Interest Shortfalls.

                  

          

           

          Not
            later
            than the close of business on the Business Day preceding each Remittance
            Date in
            the month following the related Prepayment Period, the Company shall
            deposit in
            the Custodial Account an amount equal to any Prepayment Interest Shortfalls
            with
            respect to such Prepayment Period, which in the aggregate shall not exceed
            the
            Company’s aggregate Servicing Fee received with respect to the related Due
            Period. 

           

           

          ARTICLE
            VI

           

          GENERAL
            SERVICING PROCEDURES 

           

          
            	Section
                    6.01  	
                    Assumption
                      Agreements.

                  

          

           

          The
            Company will, to the extent it has knowledge of any conveyance or prospective
            conveyance by any Mortgagor of the Mortgaged Property (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 any “due-on-sale
            clause to the extent permitted by law; provided, however, that the Company
            shall
            not exercise any such rights if prohibited by law or the terms of the
            Mortgage
            Note from doing so or if the exercise of such rights would impair or
            threaten to
            impair any recovery under the related Primary Mortgage Insurance Policy
            or
            Lender Primary Mortgage Insurance Policy, if any. If the Company reasonably
            believes it is unable under applicable law to enforce such due-on-sale” clause,
            the Company, with the approval of the Purchaser, will enter into an assumption
            agreement with the person to whom the Mortgaged 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. Where an assumption is allowed pursuant
            to
            this Section 6.01, the Company, with the prior consent of the Purchaser
            and the
            primary mortgage insurer, if any, is authorized to enter into a substitution
            of
            liability agreement with the person to whom the Mortgaged Property has
            been
            conveyed or is proposed to be conveyed pursuant to which the original
            mortgagor
            is released from liability and such Person is substituted as mortgagor
            and
            becomes liable under the related Mortgage Note. Any such substitution
            of
            liability agreement shall be in lieu of an assumption agreement. 

           

          In
            connection with any such assumption or substitution of liability, the
            Company
            shall follow the underwriting practices and procedures of the Company.
            With
            respect to an assumption or substitution of liability, the Mortgage Interest
            Rate borne by the related Mortgage Note, the amount of the Monthly Payment
            and
            the maturity date may not be changed (except pursuant to the terms of
            the
            Mortgage Note). If the credit of the proposed transferee does not meet
            such
            underwriting criteria, the Company diligently shall, to the extent permitted
            by
            the Mortgage or the Mortgage Note and by applicable law, accelerate the
            maturity
            of the Mortgage Loan. The Company shall notif’ the Purchaser that any such
            substitution of liability or assumption agreement has been completed
            by
            forwarding to the Purchaser the original of any such substitution of
            liability
            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. All fees collected by the Company for entering into an assumption
            or
            substitution of liability agreement shall belong to the Company. 

           

          Notwithstanding
            the foregoing paragraphs of this Section or any other provision of this
            Agreement, the Company 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 any assumption which the Company may be restricted
            by law from preventing, for any reason whatsoever. For purposes of this
            Section
            6.01, 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
                    6.02  	
                    Satisfaction
                      of Mortgages and Release of Mortgage
                      Files.

                  

          

           

          Upon
            the
            payment in full of any Mortgage Loan, or the receipt by the Company of
            a
            notification that payment in full will be escrowed in a manner customary
            for
            such purposes, the Company will immediately notif’ the Purchaser by a
            certification, 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 Custodial Account pursuant to Section
            4.04 have
            been or will be so deposited, of a Servicing Officer and shall request
            delivery
            to it of the portion of the Mortgage File held by the Purchaser. The
            Purchaser
            shall no later than five Business Days after receipt of such certification
            and
            request, release or cause to be released to the Company, the related
            Mortgage
            Loan Documents and, upon its receipt of such documents, the Company shall
            promptly prepare and deliver to the Purchaser the requisite satisfaction
            or
            release. No later than five (5) Business Days following its receipt of
            such
            satisfaction or release, the Purchaser shall deliver, or cause to be
            delivered,
            to the Company the release or satisfaction properly executed by the owner
            of
            record of the applicable mortgage or its duly appointed attorney in fact.
            No
            expense incurred in connection with any instrument of satisfaction or
            deed of
            reconveyance shall be chargeable to the Custodial Account. 

           

          In
            the
            event the Company satisfies or releases a Mortgage without having obtained
            payment in full of the indebtedness secured by the Mortgage or should
            it
            otherwise prejudice any right the Purchaser may have under the mortgage
            instruments, the Company, upon written demand, shall remit within two
            (2)
            Business Days to the Purchaser the then outstanding principal balance
            of the
            related Mortgage Loan by deposit thereof in the Custodial Account. The
            Company
            shall maintain the Fidelity Bond and errors and omissions insurance insuring
            the
            Company against any loss it may sustain with respect to any Mortgage
            Loan not
            satisfied in accordance with the procedures set forth herein. 

           

          From
            time
            to time and as appropriate for the servicing or foreclosure of the Mortgage
            Loan, including for the purpose of collection under any Primary Mortgage
            Insurance Policy or Lender Primary Mortgage Insurance Policy, the Purchaser
            shall, upon request of the Company and delivery to the Purchaser of a
            servicing
            receipt signed by a Servicing Officer, release the portion of the Mortgage
            File
            held by the Purchaser to the Company. Such servicing receipt shall obligate
            the
            Company to return the related Mortgage documents to the Purchaser when
            the need
            therefor by the Company no longer exists, unless the Mortgage Loan has
            been
            liquidated and the Liquidation Proceeds relating to the Mortgage Loan
            have been
            deposited in the Custodial 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 Company has delivered to the Purchaser 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, the servicing receipt shall be released
            by
            the Purchaser to the Company. I 

           

          
            	Section
                    6.03  	
                    Servicing
                      Compensation.

                  

          

           

          As
            compensation for its services hereunder, the Company shall be entitled
            to
            withdraw from the Custodial Account (to the extent of interest payments
            collected on the Mortgage Loans) or to retain from interest payments
            collected
            on the Mortgage Loans, the amounts provided for as the Company’s Servicing Fee,
            subject to payment of compensating interest on Principal Prepayments
            as capped
            by the Servicing Fee pursuant to Section 5.01 (iii). Additional servicing
            compensation in the form of assumption fees, as provided in Section 6.01,
            and
            late payment charges or otherwise shall be retained by the Company to
            the extent
            not required to be deposited in the Custodial Account. No Servicing Fee
            shall be
            payable in connection with partial Monthly Payments. The Company shall
            be
            required to pay all expenses incurred by it in connection with its servicing
            activities hereunder and shall not be entitled to reimbursement therefor
            except
            as specifically provided for. 

           

          
            	Section
                    6.04  	
                    Annual
                      Statement as to Compliance.

                  

          

           

          The
            Company will deliver to the Purchaser not later than February 28ih of
            each year,
            beginning February 28, 2005, an executed Officers’ Certificate acceptable to the
            Purchaser stating, as to each signatory thereof, that (i) a review of
            the
            activities of the Company 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 Company has
            fulfilled all of its obligations under this Agreement throughout such
            year, or,
            if there has been a default in the fulfillment of any such obligation,
            specifying each such default known to such officers and the nature and
            status of
            cure provisions thereof. Such Officers’ Certificate shall contain no
            restrictions or limitations on its use. Copies of such statement shall
            be
            provided by the Company to the Purchaser upon request. 

           

          If
            the
            Company cannot deliver the related Officers’ Certificate by February 28th of
            such year, the Purchaser, at its sole option, may permit a cure period
            for the
            Company to deliver such Officers’ Certificate, but in no event later than March
            15th of such year. 

           

          Failure
            of the Company to timely comply with this Section 6.05 shall be deemed
            an Event
            of Default, automatically, without notice and without any cure period,
            and
            Purchaser may, in addition to whatever rights the Purchaser may have
            under
            Sections 3.03 and 8.01 and at law or equity or to damages, including
            injunctive
            relief and specific performance, terminate all the rights and obligations
            of the
            Company under this Agreement and in and to the Mortgage Loans and the
            proceeds
            thereof without compensating the Company for the same, as provided in
            Section
            9.01. Such termination shall be considered with cause pursuant to Section
            10.01
            of this Agreement. This paragraph shall supercede any other provision
            in this
            Agreement or any other agreement to the contrary. 

           

          
            	Section
                    6.05  	
                    Annual
                      Independent Certified Public Accountants’ Servicing
                      Report.

                  

          

           

          The
            Company, at its expense and not later than February 28th of each year,
            beginning
            February 28, 2005, shall cause a firm of independent public accountants
            which is
            a member of the American Institute of Certified Public Accountants to
            furnish a
            statement to the Purchaser acceptable to the Purchaser to the effect
            that such
            firm has examined certain documents and records relating to the Company’s
            servicing of mortgage loans of the same type as the Mortgage Loans pursuant
            to
            servicing agreements substantially similar to this Agreement, which agreements
            may include this Agreement, and that, on the basis of such an examination,
            conducted substantially in the uniform single audit program for mortgage
            bankers, such firm is of the opinion that the Company’s servicing has been
            conducted in compliance with the agreements examined pursuant to this
            Section
            6.05, except for (i) such exceptions as such firm shall believe to be
            immaterial, and (ii) such other exceptions as shall be set forth in such
            statement. Such statement shall contain no restrictions or limitations
            on its
            use. Copies of such statement shall be provided by the Company to the
            Purchaser.
            In addition, on an annual basis, Company shall provide Purchaser with
            copies of
            its audited financial statements. 

           

          If
            the
            Company cannot deliver the related statement by February 28Ui of such
            year, the
            Purchaser, at its sole option, may permit a cure period for the Company
            to
            deliver such statement, but in no event later than March 15th of such
            year.

           

          Failure
            of the Company to timely comply with this Section 6.05 shall be deemed
            an Event
            of Default, automatically, without notice and without any cure period,
            and
            Purchaser may, in addition to whatever rights the Purchaser may have
            under
            Sections 3.03 and 8.01 and at law or equity or to damages, including
            injunctive
            relief and specific performance, terminate all the rights and obligations
            of the
            Company under this Agreement and in and to the Mortgage Loans and the
            proceeds
            thereof without compensating the Company for the same, as provided in
            Section
            9.01. Such termination shall be considered with cause pursuant to Section
            10.01
            of this Agreement. This paragraph shall supercede any other provision
            in this
            Agreement or any other agreement to the contrary. 

           

          
            	Section
                    6.06  	
                    Purchaser’s
                      Right to Examine Company Records.

                  

          

           

          The
            Purchaser shall have the right to examine and audit upon reasonable notice
            to
            the Company, during business hours or at such other times as might be
            reasonable
            under applicable circumstances, any and all of the books, records, documentation
            or other information of the Company, or held by another for the Company
            or on
            its behalf or otherwise, which relates to the performance or observance
            by the
            Company of the terms, covenants or conditions of this Agreement. 

           

          The
            Company shall provide to the Purchaser and any supervisory agents or
            examiners
            representing a state or federal governmental agency having jurisdiction
            over the
            Purchaser, including but not limited to OTS, FDIC and other similar entities,
            access to any documentation regarding the Mortgage Loans in the possession
            of
            the Company which may be required by any applicable regulations. Such
            access
            shall be afforded without charge, upon reasonable request, during normal
            business hours and at the offices of the Company, and in accordance with
            the
            FDIC, OTS, or any other similar federal or state regulations, as applicable.
            

           

           

           

          ARTICLE
            VII

           

          REPORTS
            TO BE PREPARED BY SERVICER

           

          
            	Section
                    7.01  	
                    Company
                      Shall Provide Information as Reasonably
                      Required.

                  

          

           

          The
            Company shall furnish to the Purchaser during the term of this Agreement,
            such
            periodic, special or other reports, information or documentation, whether
            or not
            provided for herein, as shall be necessary, reasonable or appropriate
            in respect
            to the Purchaser, or otherwise in respect to the Mortgage Loans and the
            performance of the Company under this Agreement, including any reports,
            information or documentation reasonably required to comply with any regulations
            regarding any supervisory agents or examiners of the Purchaser all such
            reports
            or information to be as provided by and in accordance with such applicable
            instructions and directions as the Purchaser may reasonably request in
            relation
            to this Agreement or the performance of the Company under this Agreement.
            The
            Company agrees to execute and deliver all such instruments and take all
            such
            action as the Purchaser, from time to time, may reasonably request in
            order to
            effectuate the purpose and to carry out the terms of this Agreement.
            

           

          In
            connection with marketing the Mortgage Loans, the Purchaser may make
            available
            to a prospective purchaser audited financial statements of the Company
            for the
            most recently completed two (2) fiscal years for which such statements
            are
            available, as well as a Consolidated Statement of Condition at the end
            of the
            last two (2) fiscal years covered by any Consolidated Statement of Operations.
            If it has not already done so, the Company shall furnish promptly to
            the
            Purchaser or a prospective purchaser copies of the statements specified
            above.

           

          The
            Company shall make reasonably available to the Purchaser or any prospective
            Purchaser a knowledgeable financial or accounting officer for the purpose
            of
            answering questions and to permit any prospective purchaser to inspect
            the
            Company’s servicing facilities for the purpose of satisfying such prospective
            purchaser that the Company has the ability to service the Mortgage Loans
            as
            provided in this Agreement. 

           

           

           

          ARTICLE
            VIII

           

          THE
            SERVICER

           

          
            	Section
                    8.01  	
                    Indemnification;
                      Third Party Claims.

                  

          

           

          The
            Company agrees to indemnify the Purchaser and hold it harmless against
            any and
            all claims, losses, damages, penalties, fines, forfeitures, legal fees
            and
            related costs, judgments, and any other costs, fees and expenses that
            the
            Purchaser may sustain in any way related to the failure of the Company
            to
            observe and perform its duties, obligations, covenants, and agreements
            to
            service the Mortgage Loans in strict compliance with the terms of this
            Agreement. The Company agrees to indemnify the Purchaser and hold it
            harmless
            against any and all claims, losses, damages, penalties, fines, forfeitures,
            legal fees and related costs, judgments, and any other costs, fees and
            expenses
            that the Purchaser may sustain in any way from any claim, demand, defense
            or
            assertion based on or grounded upon, or resulting from any assertion
            based on,
            grounded upon or resulting from a breach or alleged breach of any of
            the
            representation or warranty set forth in Sections 3.01 or 3.02 of this
            Agreement.
            The Company shall immediately notify the Purchaser if a claim is made
            by a third
            party against Company with respect to this Agreement or the Mortgage
            Loans,
            assume (with the consent of the Purchaser) the defense of any such claim
            and pay
            all expenses in connection therewith, including counsel fees, whether
            or not
            such claim is settled prior to judgment, and promptly pay, discharge
            and satisfy
            any judgment or decree which may be entered against it or the Purchaser
            in
            respect of such claim. The Company shall follow any written instructions
            received from the Purchaser in connection with such claim. The Purchaser
            shall
            promptly reimburse the Company for all amounts advanced by it pursuant
            to the
            two preceding sentences except when the claim relates to the failure
            of the
            Company to service and administer the Mortgages in strict compliance
            with the
            terms of this Agreement, the breach of representation or warranty set
            forth in
            Sections 3.01 or 3.02, or the negligence, bad faith or willful misconduct
            of
            Company. The provisions of this Section 8.01 shall survive termination
            of this
            Agreement. 

           

          
            	Section
                    8.02  	
                    Merger
                      or Consolidation of the Company.

                  

          

           

          The
            Company will keep in full effect its existence, rights and franchises
            as a
            corporation under the laws of the state of its incorporation except as
            permitted
            herein, and will obtain and preserve its qualification to do business
            as a
            foreign corporation in each jurisdiction in which such qualification
            is or shall
            be necessary to protect the validity and enforceability of this Agreement,
            or
            any of the Mortgage Loans and to perform its duties under this Agreement.
            

           

          Any
            Person into which the Company may be merged or consolidated, or any corporation
            resulting from any merger, conversion or consolidation to which the Company
            shall be a party, or any Person succeeding to the business of the Company
            whether or not related to loan servicing, shall be the successor of the
            Company
            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
            shall
            be an institution (i) having a GAAP net worth of not less than $25,000,000,
            (ii)
            the deposits of which are insured by the FDIC, SA]F and/or BIF, and which
            is a
            HUB-approved mortgagee whose primary business is in origination and servicing
            of
            first lien mortgage loans, and (iii) who is a Fannie Mae or FFILMC approved
            seller/servicer in good standing. 

           

          
            	Section
                    8.03  	
                    Limitation
                      on Liability of the Company and
                      Others.

                  

          

           

          Neither
            the Company nor any of the officers, employees or agents of the Company
            shall be
            under any liability to the Purchaser 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 made in good faith; provided, however, that this provision
            shall not
            protect the Company or any such person against any breach of warranties
            or
            representations made herein, or failure to perform its obligations in
            strict
            compliance with any standard of care set forth in this Agreement, or
            any
            liability which would otherwise be imposed by reason of negligence, bad
            faith or
            willful misconduct, or any breach of the terms and conditions of this
            Agreement.
            The Company and any officer, employee or agent of the Company may rely
            in good
            faith on any document of any kind prima facie properly executed and submitted
            by
            the Purchaser respecting any matters arising hereunder. The Company shall
            not be
            under any obligation to appear in, prosecute or defend any legal action
            which is
            not incidental to its duties to service the Mortgage Loans in accordance
            with
            this Agreement and which in its reasonable opinion may involve it in
            any
            expenses r liability; provided, however, that the Company may, with the
            consent
            of the Purchaser, undertake any such action which it may deem necessary
            or
            desirable in respect to this Agreement and the rights and duties of the
            parties
            hereto. In such event, the reasonable legal expenses and costs of such
            action
            and any liability resulting therefrom shall be expenses, costs and liabilities
            for which the Purchaser will be liable, and the Company shall be entitled
            to be
            reimbursed therefor from the Purchaser upon written demand. 

           

          
            	Section
                    8.04  	
                    Company
                      Not to Assign or Resign.

                  

          

           

          The
            Company shall not assign this Agreement or resign from the obligations
            and
            duties hereby imposed• on it except by mutual consent of the Company and the
            Purchaser or upon the determination that its duties hereunder are no
            longer
            permissible under applicable law and such incapacity cannot be cured
            by the
            Company. Any such determination permitting the resignation of the Company
            shall
            be evidenced by an Opinion of Counsel to such effect delivered to the
            Purchaser
            which Opinion of Counsel shall be in form and substance acceptable to
            the
            Purchaser. No such resignation shall become effective until a successor
            shall
            have assumed the Company’s responsibilities and obligations hereunder in the
            manner provided in Section 11.01. 

           

          
            	Section
                    8.05  	
                    No
                      Transfer of Servicing.

                  

          

           

          With
            respect to the retention of the Company to service the Mortgage Loans
            hereunder,
            the Company acknowledges that the Purchaser has acted in reliance upon
            the
            Company’s independent status, the adequacy of its servicing facilities, plan,
            personnel, records and procedures, its integrity, reputation and fmancial
            standing and the continuance thereof. Without in any way limiting the
            generality
            of this Section, the Company shall not either assign this Agreement or
            the
            servicing hereunder or delegate its rights or duties hereunder or any
            portion
            thereof, or sell or otherwise dispose of all or substantially all of
            its
            property or assets, without the prior written approval of the Purchaser,
            which
            consent shall be granted or withheld in the Purchaser’s sole discretion.

           

          Without
            in any way limiting the generality of this Section 8.05, in the event
            that the
            Company either shall assign this Agreement or the servicing responsibilities
            hereunder or delegate its duties hereunder or any portion thereof without
            (i)
            satisf’ing the requirements set forth herein or (ii) the prior written consent
            of the Purchaser, then the Purchaser shall have the right to terminate
            this
            Agreement, without any payment of any penalty or damages and without
            any
            liability whatsoever to the Company (other than with respect to accrued
            but
            unpaid Servicing Fees and Servicing Advances remaining unpaid) or any
            third
            party. 

           

           

           

          ARTICLE
            IX

           

          DEFAULT 

           

          
            	Section
                    9.01  	
                    Events
                      of Default.

                  

          

           

          In
            case
            one or more of the following Events of Default by the Company shall occur
            and be
            continuing, that is to say: 

           

          (i)  any
            failure by the Company to remit to the Purchaser any payment required
            to be made
            under the terms of this Agreement which continues unremedied for a period
            of one
            (1) Business Day; or 

           

          (ii)  failure
            on the part of the Company duly to observe or perform in any material
            respect
            any other of the covenants or agreements on the part of the Company set
            forth in
            this Agreement which continues unremedied for a period of thirty (30)
            days after
            the date on which written notice of such failure, requiring the same
            to be
            remedied, shall have been given to the Company by the Purchaser; or

           

          (iii)  a
            decree
            or order of a court or agency or supervisory authority having jurisdiction
            for
            the appointment of a conservator or receiver or liquidator in any insolvency,
            bankruptcy, readjustment of debt, marshalling of assets and liabilities
            or
            similar proceedings, or for the winding- up or liquidation of its affairs,
            shall
            have been entered against the Company and such decree or order shall
            have
            remained in force undischarged or unstayed for a period of sixty days;
            or

           

          (iv)  the
            Company shall consent to the appointment of a conservator or receiver
            or
            liquidator in any insolvency, bankruptcy, readjustment of debt, marshalling
            of
            assets and liabilities or similar proceedings of or relating to the Company
            or
            of or relating to all or substantially all of its property; or 

           

          (v)  the
            Company 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)  Company
            ceases to be approved by either Fannie Mae or FHLMC as a mortgage loan
            seller or
            servicer for more than thirty days; or 

           

          (vii)  the
            Company attempts to assign its right to servicing compensation hereunder
            or the
            Company attempts, without the consent of the Purchaser, to sell or otherwise
            dispose of all or substantially all of its property or assets or to assign
            this
            Agreement or the servicing responsibilities hereunder or to delegate
            its duties
            hereunder or any portion thereof or 

           

          (viii)  the
            Company ceases to be (a) licensed to service first lien residential mortgage
            loans in any jurisdiction in which a Mortgaged Property is located and
            such
            licensing is required, and (b) qualified to transact business in any
            jurisdiction where it is currently so qualified, but only to the extent
            such
            non-qualification materially and adversely affects the Company’s ability to
            perform its obligations hereunder; or 

           

          (ix)  the
            Company fails to meet the eligibility criteria set forth in the last
            sentence of
            Section 8.02. 

           

          Then,
            and
            in each and every such case, so long as an Event of Default shall not
            have been
            remedied, the Purchaser, by notice in writing to the Company (except
            in the case
            of an Event of Default under clauses (iii), (iv) or (v) above, in which
            case,
            automatically and without notice) Company may, in addition to whatever
            rights
            the Purchaser may have under Sections 3.03 and 8.01 and at law or equity
            or to
            damages, including injunctive relief and specific performance, terminate
            all the
            rights and obligations of the Company under this Agreement and in and
            to the
            Mortgage Loans and the proceeds thereof without compensating the Company
            for the
            same. On or after the receipt by the Company of such written notice (or,
            in the
            case of an Event of Default under clauses (iii), (iv) or (v) above, in
            which
            case, automatically and without notice), all authority and power of the
            Company
            under this Agreement, whether with respect to the Mortgage Loans or otherwise,
            shall pass to and be vested in the successor appointed pursuant to Section
            11.01. Upon written request from the Purchaser, the Company shall prepare,
            execute and deliver, any and all documents and other instruments, place
            in such
            successor’s possession all Mortgage Files, and do or accomplish all other acts
            or things necessary or appropriate to effect the purposes of such notice
            of
            termination, whether to complete the transfer and endorsement or assignment
            of
            the Mortgage Loans and related documents, or otherwise, at the Company’s sole
            expense. The Company agrees to cooperate with the Purchaser and such
            successor
            in effecting the termination of the Company’s responsibilities and rights
            hereunder, including, without limitation, the transfer to. such successor
            for
            administration by it of all cash amounts which shall at the time be credited
            by
            the Company to the Custodial Account or Escrow Account or thereafter
            received
            with respect to the Mortgage Loans or any REO Property. 

           

          
            	Section
                    9.02  	
                    Waiver
                      of Defaults.

                  

          

           

          The
            Purchaser may waive only by written notice any default by the Company
            in the
            performance of its obligations hereunder and its consequences. Upon any
            such
            waiver of a past default, such default shall cease to exist, and any
            Event of
            Default arising therefrom shall be deemed to have been remedied for every
            purpose of this Agreement. No such waiver shall extend to any subsequent
            or
            other default or impair any right consequent thereon except to the extent
            expressly so waived in writing. 

           

           

           

          ARTICLE
            X

           

          TERIV11NATION 

           

          
            	Section
                    10.01  	
                    Termination.

                  

          

           

          The
            respective obligations and responsibilities of the Company shall terminate
            upon:
            (i) the later of the final payment or other liquidation (or any advance
            with
            respect thereto) of the last Mortgage Loan and the disposition of all
            remaining
            REO Property and the remittance of all funds due hereunder; or (ii) by
            mutual
            consent of the Company and the Purchaser in writing; or (iii) termination
            with
            cause under the tenns of this Agreement. 

           

          
            	Section
                    10.02  	
                    Termination
                      Without Cause.

                  

          

           

          The
            Purchaser may, at its sole option, terminate any rights the Company may
            have
            hereunder, without cause, upon no less than 90 days written notice. Any
            such
            notice of termination shall be in writing and delivered to the Company
            as
            provided in Section 11.05 of this Agreement. 

           

           

           

          ARTICLE
            XI

           

          MISCELLANEOUS
            PROVISIONS 

           

          
            	Section
                    11.01  	
                    Successor
                      to the Company.

                  

          

           

          Prior
            to
            termination of Company’s responsibilities and duties under this Agreement
            pursuant to Sections 4.13, 8.04, 9.01, 10.01 (ii) or (iii), the Purchaser
            shall
            (i) succeed to and assume all of the Company’s responsibilities, rights, duties
            and obligations under this Agreement, or (ii) appoint a successor having
            the
            characteristics set forth in Section 8.02 hereof and which shall succeed
            to all
            rights and assume all of the responsibilities, duties and liabilities
            of the
            Company under this Agreement prior to the termination of Company’s
            responsibilities, duties and liabilities under this Agreement. In connection
            with such appointment and assumption, the Purchaser may make such arrangements
            for the compensation of such successor out of payments on Mortgage Loans
            as the
            Purchaser and such successor shall agree. In the event that the Company’s
            duties, responsibilities and liabilities under this Agreement should
            be
            terminated pursuant to the aforementioned Sections, the Company shall
            discharge
            such duties and responsibilities during the period from the date it acquires
            knowledge of such termination until the effective date thereof with the
            same
            degree of diligence and prudence which it is obligated to exercise under
            this
            Agreement, and shall take no action whatsoever that might impair or prejudice
            the rights or financial condition of its successor. The resignation or
            removal
            of Company pursuant to the aforementioned Sections shall not become effective
            until a successor shall be appointed pursuant to this Section and shall
            in no
            event relieve the Company of the representations and warranties made
            pursuant to
            Sections 3.01, 3.02 and 3.03 and the remedies available to the Purchaser
            thereunder and under Section 8.01, it being understood and agreed that
            the
            provisions of such Sections 3.01, 3.02, 3.03 and 8.01 shall be applicable
            to the
            Company notwithstanding any such resignation or termination of the Company,
            or
            the termination of this Agreement. 

           

          Any
            successor appointed as provided herein shall execute, acknowledge and
            deliver to
            the Company and to the Purchaser an instrument accepting such appointment,
            whereupon such successor shall become fully vested with all the rights,
            powers,
            duties, responsibilities, obligations and liabilities of the Company,
            with like
            effect as if originally named as a party to this Agreement. Any termination
            or
            resignation of the Company or this Agreement pursuant to Section 4.13,
            8.04,
            9.01 or 10.01 shall not affect any claims that the Purchaser may have
            against
            the Company arising prior to any such termination or resignation. 

           

          The
            Company shall promptly deliver to the successor the funds in the Custodial
            Account and the Escrow Account and the Mortgage Files and related documents
            and
            statements held by it hereunder and the Company shall account for all
            funds. The
            Company shall execute and deliver such instruments and do such other
            things all
            as may reasonably be required to more fully and definitely vest and confirm
            in
            the successor all such rights, powers, duties, responsibilities, obligations
            and
            liabilities of the Company. The successor shall make arrangements as
            it may deem
            appropriate to reimburse the Company for unrecovered Servicing Advances
            which
            the successor retains hereunder and which would otherwise have been recovered
            by
            the Company pursuant to this Agreement but for the appointment of the
            successor
            servicer. 

           

          Upon
            a
            successor’s acceptance of appointment as such, the Company shall notify by mail
            the Purchaser of such appointment. 

           

          
            	Section
                    11.02  	
                    Amendment.

                  

          

           

          This
            Agreement may be amended from time to time by the Company and the Purchaser
            by
            written agreement signed by the Company and the Purchaser. 

           

          
            	Section
                    11.03  	
                    Recordation
                      of Agreement.

                  

          

           

          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 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 Company at the Companyts
            expense on direction of the Purchaser accompanied by an opinion of counsel
            to
            the effect that such recordation materially and beneficially affects
            the
            interest of the Purchaser or is necessary for the administration or servicing
            of
            the Mortgage Loans. 

           

          
            	Section
                    11.04  	
                    Governing
                      Law.

                  

          

           

          This
            Agreement and the related Term Sheet shall be governed by and construed
            in
            accordance with the laws of the State of New York except to the extent
            preempted
            by Federal law. The obligations, rights and remedies of the parties hereunder
            shall be determined in accordance with such laws. 

           

          
            	Section
                    11.05  	
                    Notices.

                  

          

           

          Any
            demands, notices or other communications permitted or required hereunder
            shall
            be in writing and shall be deemed conclusively to have been given if
            personally
            delivered at or mailed by registered mail, postage prepaid, and return
            receipt
            requested or certified mail, return receipt requested, or transmitted
            by telex,
            telegraph or telecopier and confirmed by a similar mailed writing, as
            follows:

           

          (i)           
            if
            to the
            Company:

           

          Savannah
            Bank NA dba Harbourside Mortgage Corporation

          23-B
            Shelter Cove Land

          Hilton
            Head, South Carolina 29928

          Attn.:
            Richard Gillette

          Email:
            Richard.Gillette@harboursideus.com

           

          (ii)          
            if
            to the
            Purchaser:

           

          EMC
            Mortgage Corporation

          Mac
            Arthur Ridge II,

          909
            Hidden Ridge Drive, Suite 200

          Irving,
            Texas 75038

          Attention:
            Ms. Ralene Ruyle

          Telecopier
            No.: (972) 444-2810

           

          With
            a
            copy to:

           

          Bear
            Stearns Mortgage Capital Corporation

          383
            Madison Avenue

          New
            York,
            New York 10179

          Attention:
            Mary Haggerty 

           

          or
            such
            other address as may hereafter be furnished to the other party by like
            notice.
            Any such demand, notice or communication hereunder shall be deemed to
            have been
            received on the date delivered to or received at the premises of the
            addressee
            (as evidenced, in the case of registered or certified mail, by the date
            noted on
            the return receipt). 

           

          
            	Section
                    11.06  	
                    Severability
                      of Provisions.

                  

          

           

          Any
            part,
            provision, representation or warranty of this Agreement and the related
            Term
            Sheet 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
            be ineffective, as to such jurisdiction, 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 that prohibits or renders void or unenforceable
            any
            provision hereof. If the invalidity of any part, provision, representation
            or
            warranty of this Agreement shall deprive any party of the economic benefit
            intended to be conferred by this Agreement, the parties shall negotiate,
            in good
            faith, to develop a structure the economic effect of which is nearly
            as possible
            the same as the economic effect of this Agreement without regard to such
            invalidity. 

           

          
            	Section
                    11.07  	
                    Exhibits.

                  

          

           

          The
            exhibits to this Agreement are hereby incorporated and made a part hereof
            and
            are an integral part of this Agreement. 

           

          
            	Section
                    11.08  	
                    General
                      Interpretive Principles.

                  

          

           

          For
            purposes of this Agreement, except as otherwise expressly provided or
            unless the
            context otherwise requires: 

           

          (i)  the
            terms
            defined in this Agreement have the meanings assigned to them in this
            Agreement
            and include the plural as well as the singular, and the use of any gender
            herein
            shall be deemed to include the other gender; 

           

          (ii)  accounting
            terms not otherwise defined herein have the meanings assigned to them
            in
            accordance with generally accepted accounting principles; 

           

          (iii)  references
            herein to “Articles”, “Sections” Subsections”, “Paragraphs”, and other
            subdivisions without reference to a document are to designated Articles,
            Sections, Subsections, Paragraphs and other subdivisions of this Agreement;
            

           

          (iv)  a
            reference to a Subsection without further reference to a Section is a
            reference
            to such Subsection as contained in the same Section in which the reference
            appears, and this rule shall also apply to Paragraphs and other subdivisions;
            

           

          (v)  the
            words
“herein”, “hereof “, “hereunder” and other words of similar import refer to this
            Agreement as a whole and not to any particular provision; 

           

          (vi)  the
            term
“include” or “including” shall mean without limitation by reason of enumeration;
            and 

           

          (vii)  headings
            of the Articles and Sections in this Agreement are for reference purposes
            only
            and shall not be deemed to have any substantive effect. 

           

          
            	Section
                    11.09  	
                    Reproduction
                      of Documents.

                  

          

           

          This
            Agreement and all documents relating thereto, including, without limitation,
            (i)
            consents, waivers and modifications which may hereafter be executed,
            (ii)
            documents received by any party at the closing, and (iii) fmancial statements,
            certificates and other information previously or hereafter furnished,
            may be
            reproduced by any photographic, photostatic, microfilm, micro-card, miniature
            photographic or other similar process. The parties agree that any such
            reproduction shall be admissible in evidence as the original itself in
            any
            judicial or administrative proceeding, whether or not the original is
            in
            existence and whether or not such reproduction was made by a party in
            the
            regular course of business, and that any enlargement, facsimile or further
            reproduction of such reproduction shall likewise be admissible in evidence.
            

           

          
            	Section
                    11.10  	
                    Confidentiality
                      of Information.

                  

          

           

          Each
            party recognizes that, in connection with this Agreement, it may become
            privy to
            nonpublic information regarding the financial condition, operations and
            prospects of the other party. Each party agrees to keep all non-public
            information regarding the other party strictly confidential, and to use
            all such
            information solely in order to effectuate the purpose of the Agreement,
            provided
            that each party may provide confidential information to its employees,
            agents
            and affiliates who have a need to know such information in order to effectuate
            the transaction, provided further that such information is identified
            as
            confidential non-public information. In addition, confidential information
            may
            be provided to a regulatory authority with supervisory power over Purchaser,
            provided such information is identified as confidential non-public information.
            

           

          Notwithstanding
            other provisions of this Section 11.10 or any other express or implied
            agreement, arrangement, or understanding to the contrary, the Company
            and
            Purchaser (the “Parties”) agree that the Parties (and their employees,
            representatives and other agents) may disclose to any and all persons,
            without
            limitation of any kind from the commencement of discussions, the purported
            or
            claimed U.S. federal income tax treatment of the purchase of the Mortgage
            Loans
            and related transactions covered by this letter agreement (“tax treatment”) and
            any fact that may be relevant to understanding the tax treatment (“tax
            structure”) and all materials of any kind (including opinions or other tax
            analyses) that are provided to the Parties relating to such tax treatment
            and
            tax structure, except where confidentiality is reasonably necessary to
            comply
            with securities laws. 

           

          The
            Company agrees that the Company (i) shall comply with any applicable
            laws and
            regulations regarding the privacy and security of Consumer Information
            including, but not limited to the Gramm-Leach-Bliley Act, Title V, Subtitle
            A,
            15 U.S.C. § 6801 et seq., (ii) shall not use Consumer Information in any manner
            inconsistent with any applicable laws and regulations regarding the privacy
            and
            security of Consumer Information, (iii) shall not disclose Consumer Information
            to third parties except at the specific written direction of the Purchaser,
            (iv)
            shall maintain adequate physical, technical and administrative safeguards
            to
            protect Consumer Information from unauthorized access as provided by
            the
            applicable laws and regulations, and (v) shall immediately notify the
            Purchaser
            of any actual or suspected breach of the confidentiality of Consumer
            Information
            that would’ have a material and adverse effect on the Purchaser. 

           

          The
            Company agrees that the Company shall indemnify, defend and hold the
            Purchaser
            harmless from and against any loss, claim or liability the Purchaser
            may suffer
            by reason of the Company’s failure to perform the obligations set forth in this
            Section 11.10. 

           

          
            	Section
                    11.11  	
                    Recordation
                      of Assignments of Mortgage.

                  

          

           

          To
            the
            extent permitted by applicable law, each of the Assignments 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
            Mortgaged Properties are situated, and in any other appropriate public
            recording
            office or elsewhere, such recordation to be effected by and at the Company’s
            expense in the event recordation is either necessary under applicable
            law or
            requested by the Purchaser at its sole option. 

           

          
            	Section
                    11.12  	
                    Assignment.

                  

          

           

          The
            Purchaser shall have the right, without the consent of the Company, to
            assign,
            in whole or in part, its interest under this Agreement with respect to
            some or
            all of the Mortgage Loans, and designate any person to exercise any rights
            of
            the Purchaser hereunder, by executing an Assignment and Assumption Agreement
            substantially in the form of Exhibit D hereto and the assignee or designee
            shall
            accede to the rights and obligations hereunder of the Purchaser with
            respect to
            such Mortgage Loans. In no event shall Purchaser sell a partial interest
            in any
            Mortgage Loan without the written consent of Company, which consent shall
            not be
            unreasonably denied. All references to the Purchaser in this Agreement
            shall be
            deemed to include its assignee or designee. The Company shall have the
            right,
            only with the consent of the Purchaser or otherwise in accordance with
            this
            Agreement, to assign, in whole or in part, its interest under this Agreement
            with respect to some or all of the Mortgage Loans. 

           

          
            	Section
                    11.13  	
                    No
                      Partnership.

                  

          

           

          Nothing
            herein contained shall be deemed or construed to create a co-partnership
            or
            joint venture between the parties hereto and the services of the Company
            shall
            be rendered as an independent contractor and not as agent for Purchaser.
            

           

          
            	Section
                    11.14  	
                    Signature
                      Pages/Counterpartsz Successors and Assigns. 

                  

          

           

          This
            Agreement and/or any Term Sheet shall be executed by each party (i) in
            one or
            more fully executed copies, each of which shall constitute a fully executed
            original Agreement, and/or (ii) in counterparts having one or more original
            signatures, and all such counterparts containing the original signatures
            of all
            of the parties hereto taken together shall constitute a fully executed
            original
            Agreement or Term Sheet, as applicable, and/or (iii) by delivery of one
            or more
            original signed signature pages to the other parties hereto (x) by mail
            or
            courier, and/or (y) by electronic transmission, including without limitation
            by
            telecopier, facsimile or email of a scanned image (“Electronic Transmission”),
            each of which as received shall constitute for all purposes an executed
            original
            signature page of such party. The Purchaser may deliver a copy of this
            Agreement
            and/or any Term Sheet, fully executed as provided herein, to each other
            party
            hereto by mail and/or courier and/or Electronic Transmission, and such
            copy as
            so delivered shall constitute a fully executed original Agreement or
            Term Sheet,
            as applicable, superseding any prior form of the Agreement or Term Sheet,
            as
            applicable, that differs therefrom in any respect. This Agreement shall
            inure to
            the benefit of and be binding upon the Company and the Purchaser and
            their
            respective successor and assigns. 

           

          
            	Section
                    11.15  	
                    Entire
                      Agreement.

                  

          

           

          The
            Company acknowledges that no representations, agreements or promises
            were made
            to the Company by the Purchaser or any of its employees other than those
            representations, agreements or promises specifically contained herein
            and in the
            Confirmation. The Confirmation and this Agreement and the related Term
            Sheet
            sets forth the entire understanding between the parties hereto; provided,
            however, only this Agreement and the related Term Sheet shall be binding
            upon
            all successors of both parties. In the event of any inconsistency between
            the
            Confirmation and this Agreement, this Agreement and the related Term
            Sheet shall
            control. 

           

          
            	Section
                    11.16  	
                    No
                      Solicitation.

                  

          

           

          From
            and
            after the Closing Date, the Company agrees that it will not take any
            action or
            permit or cause any action to be taken by any of its agents or affiliates,
            to
            personally, by telephone or mail, solicit the borrower or obligor under
            any
            Mortgage Loan to refinance the Mortgage Loan, in whole or in part, without
            the
            prior written consent of the Purchaser. Notwithstanding the foregoing,
            it is
            understood and agreed that (i) promotions undertaken by the Company or
            any
            affiliate of the Company which are directed to the general public at
            large, or
            segments thereof, provided that no segment shall consist primarily of
            the
            Mortgage Loans, including, without limitation, mass mailing based on
            commercially acquired mailing lists, newspaper, radio and television
            advertisements and (ii) responses to unsolicited requests or inquiries
            made by a
            Mortgagor or an agent of a Mortgagor, shall not constitute solicitation
            under
            this Section 11.16. This Section 11.16 shall not be deemed to preclude
            the
            Company or any of its affiliates from soliciting any Mortgagor for any
            other
            financial products or services. The Company shall use its best efforts
            to
            prevent the sale of the name of any Mortgagor to any Person who is not
            affiliate
            of the Company. 

           

          
            	Section
                    11.17  	
                    Closing.

                  

          

           

          The
            closing for the purchase and sale of the Mortgage Loans shall take place
            on the
            related Closing Date. The closing shall be either: by telephone, confirmed
            by
            letter or wire as the parties shall agree, or conducted in person, at
            such place
            as the parties shall agree. 

           

          The
            closing for the Mortgage Loans to be purchased on the related Closing
            Date shall
            be subject to each of the following conditions: 

           

          (a)  at
            least
            one (1) Business Day prior to the related Closing Date, the Company shall
            deliver to the Purchaser a magnetic diskette, or transmit by modem, a
            listing on
            a loan-level basis of the information contained in the related Mortgage
            Loan
            Schedule attached to the related Term Sheet; 

           

          (b)  all
            of
            the representations and warranties of the Company under this Agreement
            shall be
            materially true and correct as of the related Closing Date and no event
            shall
            have occurred which, with notice or the passage of time, would constitute
            a
            material default under this Agreement; 

           

          (c)  the
            Purchaser shall have received, or the Purchaser’s attorneys shall have received
            in escrow, all documents required pursuant to this Agreement, the related
            Term
            Sheet, an opinion of counsel and an officer’s certificate, all 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 terms
            hereof;

           

          (d)  the
            Company shall have delivered and released to the Purchaser (or its designee)
            on
            or prior to the related Closing Date all documents required pursuant
            to the
            terms of this Agreement and the related Term Sheet; and 

           

          (e)  all
            other
            terms and conditions of this Agreement, the related Term Sheet and the
            Confirmation shall have been materially complied with. 

           

          Subject
            to the foregoing conditions, the Purchaser shall pay to the Company on
            the
            related Closing Date the Purchase Price, plus accrued interest pursuant
            to
            Section 2.02 of this Agreement, by wire transfer of immediately available
            funds
            to the account designated by the Company. 

           

          
            	Section
                    11.18  	
                    Cooperation
                      of Company with a Reconstitution.

                  

          

           

          The
            Company and the Purchaser agree that with respect to some or all of the
            Mortgage
            Loans, on or after the related Closing Date, on one or more dates (each
            a
“Reconstitution Date”) at the Purchaser’s sole option, the Purchaser may effect
            a sale (each, a “Reconstitution”) of some or all of the Mortgage Loans then
            subject to this Agreement, without recourse, to: 

           

          (a)  one
            or
            more third party purchasers in one or more in whole loan transfers (each,
            a
“Whole Loan Transfer”); or 

           

          (b)  one
            or
            more trusts or other entities to be formed as part of one or more pass-through
            transfers (each, a “Pass-Through Transfer”). 

           

          The
            Company agrees to execute in connection with any agreements among the
            Purchaser,
            the Company, and any servicer in connection with a Whole Loan Transfer,
            an
            Assignment, Assumption and Recognition Agreement substantially in the
            form of
            Exhibit .D hereto, or, at Purchaser’s request, a seller’s warranties and
            servicing agreement or a participation and servicing agreement or similar
            agreement in form and substance reasonably acceptable to the parties,
            and in
            connection with a Pass-Through Transfer, a pooling and servicing agreement
            in
            form and substance reasonably acceptable to the parties, (collectively
            the
            agreements referred to herein are designated, the “Reconstitution Agreements”).
            It is understood that any such Reconstitution Agreements will not contain
            any
            greater obligations on the part of Company than are contained in this
            Agreement.

           

          With
            respect to each Whole Loan Transfer and each Pass-Through Transfer entered
            into
            by the Purchaser, the Company agrees (1) to cooperate fully with the
            Purchaser
            and any prospective purchaser with respect to all reasonable requests
            and due
            diligence procedures; (2) to execute, deliver and perform all Reconstitution
            Agreements required by the Purchaser; (3) to restate the representations
            and
            warranties set forth in this Agreement as of the settlement or closing
            date in
            connection with such Reconstitution (each, a Reconstitution Dat&’). In that
            connection, the Company shall provide to such servicer or issuer, as
            the case
            may be, and any other participants in such Reconstitution: (i) any and
            all
            information (including servicing portfolio information) and appropriate
            verification of information (including servicing portfolio information)
            which
            may be reasonably available to the Company, whether through letters of
            its
            auditors and counsel or otherwise, as the Purchaser or any such other
            participant shall request upon reasonable demand; and (ii) such additional
            representations, warranties, covenants, opinions of counsel, letters
            from
            auditors, and certificates of public officials or officers of the Company
            as are
            reasonably agreed upon by the Company and the Purchaser or any such other
            participant. In connection with each Pass-Through Transfer, the Company
            agrees
            to provide reasonable and customary indemnification to the Purchaser
            and its
            affilates for disclosure contained in any offering document relating
            to the
            Company or its affilates, the Mortgage Loans and the underwriting standards
            of
            the Mortgage Loans. The Purchaser shall be responsible for the costs
            relating to
            the delivery of such information. 

           

          All
            Mortgage Loans not sold or transferred pursuant to a Reconstitution shall
            remain
            subject to, and serviced in accordance with the terms of, this Agreement
            and the
            related Term Sheet, and with respect thereto this Agreement and the related
            Term
            Sheet shall remain in full force and effect. 

           

          
            	Section
                    11.19  	
                    Monthly
                      Reporting with Respect to a
                      Reconstitution.

                  

          

           

          As
            long
            as the Company continues to service Mortgage Loans, the Company agrees
            that with
            respect to any Mortgage Loan sold or transferred pursuant to a Reconstitution
            as
            described in Section 11.18 of this Agreement (a “Reconstituted Mortgage Loan”),
            the Company, at its expense, shall provide the Purchaser with the information
            set forth in Exhibit J attached hereto for each Reconstituted Mortgage
            Loan in
            Excel or such electronic delimited file format as may be mutually agreed
            upon by
            both Purchaser and Company. Such information shall be provided monthly
            for all
            Reconstituted Mortgage Loans on the fifth (5th) Business Day of each
            month for
            the immediately preceding monthly period, and shall be transmitted to
            fast.data@bear.com. 

           

          
            
              
              

            

            
              
              

              
                

              

            

            
              
              

            

          

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

           

          EMC
            MORTGAGE CORPORATION

          Purchaser
            

           

          By:
            _______________________________

          Name:
            

          Title:
            

           

          SAVANNAH
            BANK, NA dba HARBOURSIDE MORTGAGE CORPORATION

          Company
            

           

          By:
            _______________________________

          Name:
            

          Title:
            

           

          

          
            
              
              

            

            
              
              

              
                

              

            

            
              
              

            

          

          EXHIBIT
            A 

           

          CONTENTS
            OF MORTGAGE FILE 

           

          With
            respect to each Mortgage Loan, the Mortgage File shall include each of
            the
            following items, which shall be available for inspection by the Purchaser,
            and
            which shall be retained by the Company in the Servicing File or delivered
            to the
            Purchaser or its designee pursuant to Sections 2.04 and 2.05 of the Purchase,
            Warranties and Servicing Agreement. 

           

          1. The
            original Mortgage Note endorsed ‘Pay to the order of
            ______________________________________________________, without recourse,” and
            signed via original signature in the name of the Company by an authorized
            officer, with all intervening endorsements showing a complete chain of
            title
            from the originator to the Company, together with any applicable riders.
            In no
            event may an endorsement be a facsimile endorsement. If the Mortgage
            Loan was
            acquired by the Company in a merger, the endorsement must be by “[Company],
            successor by merger to the [name of predecessor]”. If the Mortgage Loan was
            acquired or originated by the Company while doing business under another
            name,
            the endorsement must be by “[Company] formerly known as [previous name]”.
            Mortgage Notes may be in the form of a lost note affidavit subject to
            Purchaser
            acceptability. 

           

          2. The
            original Mortgage (together with a standard adjustable rate mortgage
            rider) with
            evidence of recording thereon, or a copy thereof certified by the public
            recording office in which such mortgage has been recorded or, if the
            original
            Mortgage has not been returned from the applicable public recording office,
            a
            true certified copy, certified by the Company. 

           

          3. The
            original or certified copy, certified by the Company, of the Primary
            Mortgage
            Insurance Policy, if required. 

           

          4. The
            original Assignment, from the Company to
            _________________________________________, or in accordance with Purchaser’s
            instructions, which assignment shall, but for any blanks requested by
            Purchaser,
            be in form and substance acceptable for recording. If the Mortgage Loan
            was
            acquired or originated by the Company while doing business under another
            name,
            the Assignment must be by “[Company] formerly known as [previous name]”. If the
            Mortgage Loan was acquired by the Company in a merger, the endorsement
            must be
            by “[Company], successor by merger to the [name of predecessor]”. None of the
            Assignments are blanket assignments of mortgage. 

           

          5. The
            original policy of title insurance, including riders and endorsements
            thereto,
            or if the policy has not yet been issued, a written commitment or interim
            binder
            or preliminary report of title issued by the title insurance or escrow
            company.

           

          6. Originals
            of all recorded intervening Assignments, or copies thereof, certified
            by the
            public recording office in which such Assignments have been recorded
            showing a
            complete chain of title from the originator to the Company, with evidence
            of
            recording thereon, or a copy thereof certified by the public recording
            office in
            which such Assignment has been recorded or, if the original Assignment
            has not
            been returned from the applicable public recording office, a true certified
            copy, certified by the Company. 

           

          7. Originals,
            or copies thereof certified by the public recording office in which such
            documents have been recorded, of each assumption, extension, modification,
            written assurance or substitution agreements, if applicable, or if the
            original
            of such document has not been returned from the applicable public recording
            office, a true certified copy, certified by the Company. 

           

          8. If
            the
            Mortgage Note or Mortgage or any other material document or instrument
            relating
            to the Mortgage Loan has been signed by a person on behalf of the Mortgagor,
            the
            original or copy of power of attorney or other instrument that authorized
            and
            empowered such person to sign bearing evidence that such instrument has
            been
            recorded, if so required in the appropriate jurisdiction where the Mortgaged
            Property is located, or a copy thereof certified by the public recording
            office
            in which such instrument has been recorded or, if the original instrument
            has
            not been returned from the applicable public recording office, a true
            certified
            copy, certified by the Company. 

           

          9. reserved.

           

          10. Mortgage
            Loan closing statement (Form HUD-1) and any other truth-in-lending or
            real
            estate settlement procedure forms required by law. 

           

          11. Residential
            loan application. 

           

          12. Uniform
            underwriter and transmittal summary (Fannie Mae Form 1008) or reasonable
            equivalent. 

           

          13. Credit
            report on the mortgagor. 

           

          14. Business
            credit report, if applicable. 

           

          15. Residential
            appraisal report and attachments thereto. 

           

          16. The
            original of any guarantee executed in connection with the Mortgage Note.
            

           

          17. Verification
            of employment and income except for Mortgage Loans originated under a
            limited
            documentation program, all in accordance with Company’s underwriting guidelines.

           

          18. Verification
            of acceptable evidence of source and amount of down payment, in accordance
            with
            Company’s underwriting guidelines. 

           

          19. Photograph
            of the Mortgaged Property (may be part of appraisal). 

           

          20. Survey
            of
            the Mortgaged Property, if any. 

           

          21. Sales
            contract, if applicable. 

           

          22. If
            available, termite report, structural engineer’s report, water portability and
            septic certification. 

           

          23. Any
            original security agreement, chattel mortgage or equivalent executed
            in
            connection with the Mortgage. 

           

          24. Name
            affidavit, if applicable. 

           

          Notwithstanding
            anything to the contrary herein, Company may provide one certificate
            for all of
            the Mortgage Loans indicating that the documents were delivered for recording.
            

           

          

          
            
              
              

            

            
              
              

              
                

              

            

            
              
              

            

          

          EXHIBIT
            B

           

          

           

          CUSTODIAL
            ACCOUNT LETTER AGREEMENT 

           

                                      ___________,2004
            

           

          
            	
                    To:

                  	
                    [____________________]

                  

          

                          
            (the Depository”) 

           

          As
            “Company” under the Purchase, Warranties and Servicing Agreement, dated as of
            [___________________]1, 200[_] (the “Agreement’), we hereby authorize and
            request you to establish an account, as a Custodial Account pursuant
            to Section
            4.04 of the Agreement, to be designated as “[_____________________________], in
            trust for the [Purchaser], Owner of Adjustable Rate Mortgage Loans”. All
            deposits in the account shall be subject to withdrawal therefrom by order
            signed
            by the Company. This letter is submitted to you in duplicate. Please
            execute and
            return one original to us. 

           

          [______________________________]

           

          By:
            ___________________________

          Name:
            _________________________

          Title:
            __________________________

           

          The
            undersigned, as “Depository”, hereby certifies that the above described account
            has been established under Account Number F 1, at the office of the depository
            indicated above, and agrees to honor withdrawals on such account as provided
            above. The full amount deposited at any time in the account will be insured
            up
            to applicable limits by the Federal Deposit Insurance Corporation through
            the
            Bank Insurance Fund or the Savings Association Insurance. Fund or will
            be
            invested in Permitted Investments as defined in the Agreement. 

           

          [______________________________]

           

          By:
            ___________________________

          Name:
            _________________________

          Title:
            __________________________

           

          

          

          

          
            
              
              

            

            
              
              

              
                

              

            

            
              
              

            

          

          EXHIBIT
            C

           

          ESCROW
            ACCOUNT LEITER AGREEMENT 

           

                                          ___________,2004

           

          
            	
                    To:

                  	
                    [__________________]

                  

          

                           
            (the “Depository) 

           

          As
            “Company” under the Purchase Warranties and Servicing Agreement, dated as of
            [__________________]1, 200[_] (the “Agreement”), we hereby authorize and request
            you to establish an account, as an Escrow Account pursuant to Section
            4.06 of
            the Agreement, to be designated as “[_______________________], in trust for the
            [Purchaser], Owner of Adjustable Rate Mortgage Loans, and various Mortgagors.”
All deposits in the account shall be subject to withdrawal therefrom
            by order
            signed by the Company. This letter is submitted to you in duplicate.
            Please
            execute and return one original to us. 

           

          [______________________________]

           

          By:
            ___________________________

          Name:
            _________________________

          Title:
            __________________________

           

          The
            undersigned, as “Depository”, hereby certifies that the above described account
            has been established under Account Number __________, at the office of
            the
            depository indicated above, and agrees to honor withdrawals on such account
            as
            provided above. The full amount deposited at any time in the account
            will be
            insured up to applicable limits by the Federal Deposit Insurance Corporation
            through the Bank Insurance Fund or the Savings Association Insurance
            Fund or
            will be invested in Permitted Investments as defined in the Agreement.
            

           

          [______________________________]

           

          By:
            ___________________________

          Name:
            _________________________

          Title:
            __________________________

           

          

          

          

          
            
              
              

            

            
              
              

              
                

              

            

            
              
              

            

          

          EXHIBIT
            D

           

          FORM
            OF
            ASSIGNMENT, ASSUMPTION AND RECOGNITION AGREEMENT 

           

          This
            is a
            Purchase, Assignment, Assumption and Recognition Agreement (this “PAAR
            Agreement”) made as of __________, 200_, among EMC Mortgage Corporation (the
“Assignor”), _____________________ (the “Assignee”), and
            __________________________ (the “Company”). 

           

          In
            consideration of the mutual promises contained herein the parties hereto
            agree
            that the residential mortgage loans (the “Assigned Loans”) listed on Attachment
            1 annexed hereto (the “Assigned Loan Schedule”) now serviced by Company for
            Assignor and its successors and assigns pursuant to the Purchase, Warranties
            and
            Servicing Agreement, dated as of __________, 200_, between Assignor and
            Company
            (the “Purchase Agreement”) shall be subject to the terms of this PAAR Agreement.
            Capitalized terms used herein but not defined shall have the meanings
            ascribed
            to them in the Purchase Agreement. 

           

          Purchase,
            Assignment and Assumption

           

          1. Assignor
            hereby grants, transfers and assigns to Assignee all of the right, title
            and
            interest of Assignor in the Assigned Loans and, as they relate to the
            Assigned
            Loans, all of its right, title and interest in, to and under the Purchase
            Agreement. 

           

          2. Simultaneously
            with the execution hereof, (i) Assignee shall pay to Assignor the “Funding
            Amount” as set forth in that certain letter agreement, dated as of __________
            _____, between Assignee and Assignor (the “Confirmation”) and (ii) Assignor, at
            its expense, shall have caused to be delivered to Assignee or its designee
            the
            Mortgage File for each Assigned Loan in Assignor’s or its custodian’s
            possession, as set forth in the Purchase Agreement, along with, for each
            Assigned Loan, an endorsement of the Mortgage Note from the Company,
            in blank,
            and an assignment of mortgage in recordable form from the Company, in
            blank.
            Assignee shall pay the Funding Amount by wire transfer of immediately
            available
            funds to the account specified by Assignor. Assignee shall be entitled
            to all
            scheduled payments due on the Assigned Loans after ____________ 200_
            and all
            unscheduled payments or other proceeds or other recoveries on the Assigned
            Loans
            received on and after _____________, 200_. 

           

          Representations,
            Warranties and Covenants

           

          3. Assignor
            warrants and represents to Assignee and Company as of the date hereof:
            

           

          (a) Attached
            hereto as Attachment 2 is a true and accurate copy of the Purchase Agreement,
            which agreement is in full force and effect as of the date hereof and
            the
            provisions of which have not been waived, amended or modified in any
            respect,
            nor has any notice of termination been given thereunder; 

           

          (b) Assignor
            is the lawful owner of the Assigned Loans with full right to transfer
            the
            Assigned Loans and any and all of its interests, rights and obligations
            under
            the Purchase Agreement as they relate to the Assigned Loans, free and
            clear from
            any and all claims and encumbrances; and upon the transfer of the Assigned
            Loans
            to Assignee as contemplated herein, Assignee shall have good title to
            each and
            every Assigned Loan, as well as any and all of Assignee’s interests, rights and
            obligations under the Purchase Agreement as they relate to the Assigned
            Loans,
            free and clear of any and all liens, claims and encumbrances; 

           

          (c) There
            are
            no offsets, counterclaims or other defenses available to Company with
            respect to
            the Assigned Loans or the Purchase Agreement; 

           

          (d) Assignor
            has no knowledge of, and has not received notice of, any waivers under,
            or any
            modification of, any Assigned Loan; 

           

          (e) Assignor
            is duly organized, validly existing and in good standing under the laws
            of the
            jurisdiction of its incorporation, and has all requisite power and authority
            to
            acquire, own and sell the Assigned Loans; 

           

          (f) Assignor
            has full corporate power and authority to execute, deliver and perform
            its
            obligations under this PAAR Agreement, and to consummate the fransactions
            set
            forth herein. The consummation of the transactions contemplated by this
            PAAR
            Agreement is in the ordinary course of Assignor’s business and will not conflict
            with, or result in a breach of, any of the terms, conditions or provisions
            of
            Assignor’s charter or by-laws or any legal restriction, or any material
            agreement or instrument to which Assignor is now a party or by which
            it is
            bound, or result in the violation of any law, rule, regulation, order,
            judgment
            or decree to which Assignor or its property is subject. The execution,
            delivery
            and performance by Assignor of this PAAR Agreement and the consummation
            by it of
            the transactions contemplated hereby, have been duly authorized by all
            necessary
            corporate action on part of Assignor. This PAAR Agreement has been duly
            executed
            and delivered by Assignor and, upon the due authorization, execution
            and
            delivery by Assignee and Company, will constitute the valid and legally
            binding
            obligation of Assignor enforceable against Assignor in accordance with
            its terms
            except as enforceability may be limited by bankruptcy, reorganization,
            insolvency, moratorium or other similar laws now or hereafter in effect
            relating
            to creditors’ rights generally, and by general principles of equity regardless
            of whether enforceability is considered in a proceeding in equity or
            at law;

           

          (g) No
            consent, approval, order or authorization of, or declaration, filing
            or
            registration with, any governmental entity is required to be obtained
            or made by
            Assignor in connection with the execution, delivery or performance by
            Assignor
            of this PAAR Agreement, or the consummation by it of the transactions
            contemplated hereby; and 

           

          (h) Neither
            Assignor nor anyone acting on its behalf has offered, transferred, pledged,
            sold
            or otherwise disposed of the Assigned Loans or any interest in the Assigned
            Loans, or solicited any offer to buy or accept a transfer, pledge or
            other
            disposition of the Assigned Loans, or any interest in the Assigned Loans
            or
            otherwise approached or negotiated with respect to the Assigned Loans,
            or any
            interest in the Assigned Loans with any Person in any manner, or made
            any
            general solicitation by means of general advertising or in any other
            manner, or
            taken any other action which would constitute a distribution of the Assigned
            Loans under the Securities Act of 1933, as amended (the “1933 Act”) or which
            would render the disposition of the Assigned Loans a violation of Section
            5 of
            the 1933 Act or require registration pursuant thereto. 

           

          4.
            Assignee warrants and represents to, and covenants with, Assignor and
            Company as
            of the date hereof: 

           

          (a) Assignee
            is duly organized, validly existing and in good standing under the laws
            of the
            jurisdiction of its organization and has all requisite power and authority
            to
            acquire, own and purchase the Assigned Loans; 

           

          (b) Assignee
            has full corporate power and authority to execute, deliver and perform
            its
            obligations under this PAAR Agreement, and to consummate the transactions
            set
            forth herein. The consummation of the transactions contemplated by this
            PAAR
            Agreement is in the ordinary course of Assignee’s business and will not conflict
            with, or result in a breach of, any of the terms, conditions or provisions
            of
            Assignee’s charter or by-laws or any legal restriction, or any material
            agreement or instrument to which Assignee is now a party or by which
            it is
            bound, or result in the violation of any law, rule, regulation, order,
            judgment
            or decree to which Assignee or its property is subject. The execution,
            delivery
            and performance by Assignee of this PAAR Agreement and the consummation
            by it of
            the transactions contemplated hereby, have been duly authorized by all
            necessary
            corporate action on part of Assignee. This PAAR Agreement has been duly
            executed
            and delivered by Assignee and, upon the due authorization, execution
            and
            delivery by Assignor and Company, will constitute the valid and legally
            binding
            obligation of Assignee enforceable against Assignee in accordance with
            its terms
            except as enforceability may be limited by bankruptcy, reorganization,
            insolvency, moratorium or other similar laws now or hereafter in effect
            relating
            to creditors’ rights generally, and by general principles of equity regardless
            of whether enforceability is considered in a proceeding in equity or
            at law;

           

          (c) No
            consent, approval, order or authorization of, or declaration, filing
            or
            registration with, any governmental entity is required to be obtained
            or made by
            Assignee in connection with the execution, delivery or performance by
            Assignee
            of this PAAR Agreement, or the consummation by it of the transactions
            contemplated hereby; and 

           

          (d) Assignee.
            agrees to be bound as “Purchaser” by all of the terms, covenants and conditions
            of the Purchase Agreement with respect to the Assigned Loans, and from
            and after
            the date hereof, Assignee assumes for the benefit of each of Assignor
            and
            Company all of Assignor’s obligations as “Purchaser” thereunder but solely with
            respect to such Assigned Loans. 

           

          5. Company
            warrants and represents to, and covenant with, Assignor and Assignee
            as of the
            date hereof: 

           

          (a) Attached
            hereto as Attachment 2 is a true and accurate copy of the Purchase Agreement,
            which agreement is in full force and effect as of the date hereof and
            the
            provisions of which have not been waived, amended or modified in any
            respect,
            nor has any notice of termination been given thereunder; 

           

          (b) Company
            is duly organized, validly existing and in good standing under the laws
            of the
            jurisdiction of its incorporation, and has all requisite power and authority
            to
            service the Assigned Loans and otherwise to perform its obligations under
            the
            Purchase Agreement; 

           

          (c) Company
            has full corporate power and authority to execute, deliver and perform
            its
            obligations under this PAAR Agreement, and to consummate the transactions
            set
            forth herein. The consummation of the transactions contemplated by this
            PAAR
            Agreement is in the ordinary course of Company’s business and will not conflict
            with, or result in a breach of, any of the terms, conditions or provisions
            of
            Company’s charter or by-laws or any legal restriction, or any material agreement
            or instrument to which Company is now a party or by which it is bound,
            or result
            in the violation of any law, rule, regulation, order, judgment or decree
            to
            which Company or its property is subject. The execution, delivery and
            performance by Company of this PAAR Agreement and the consummation by
            it of the
            transactions contemplated hereby, have been duly authorized by all necessary
            corporate action on part of Company. This PAAR Agreement has been duly
            executed
            and delivered by Company, and, upon the due authorization, execution
            and
            delivery by Assignor and Assignee, will constitute the valid and legally
            binding
            obligation of Company, enforceable against Company in accordance with
            its terms
            except as enforceability may be limited by bankruptcy, reorganization,
            insolvency, moratorium or other similar laws now or hereafter in effect
            relating
            to creditors’ rights generally, and by general principles of equity regardless
            of whether enforceability is considered in a proceeding in equity or
            at
            law;

           

          (d) No
            consent, approval, order or authorization of, or declaration, filing
            or
            registration • with, any governmental entity is required to be obtained or made
            by Assignee in connection with the execution, delivery or performance
            by Company
            of this PAAR Agreement, or the consummation by it of the transactions
            contemplated hereby; and V 87 

           

          (e) No
            event
            has occurred from the Closing Date to the date hereof which would render
            the
            representations and warranties as to the related Assigned Loans made
            by the
            Company in Sections 3.01 and 3.02 of the Purchase Agreement to be untrue
            in any
            material respect. 

           

          (f) Neither
            this AAR Agreement nor any certification, statement, report or other
            agreement,
            document or instrument furnished or to be furnished by the Company pursuant
            to
            this AAR Agreement contains or will contain any materially untrue statement
            of
            fact or omits or will omit to state a fact necessary to make the statements
            contained therein not misleading. 

           

          Recognition
            of Assignee

           

          6. From
            and
            after the date hereof, Company shall recognize Assignee as owner of the
            Assigned
            Loans and will service the Assigned Loans in accordance with the Purchase
            Agreement. It is the intention of Assignor, Company and Assignee that
            this PAAR
            Agreement shall be binding upon and for the benefit of the respective
            successors
            and assigns of the parties hereto. Neither Company nor Assignor shall
            amend or
            agree to amend, modify, waiver, or otherwise alter any of the terms or
            provisions of the Purchase Agreement which amendment, modification, waiver
            or
            other alteration would in any way affect the Assigned Loans without the
            prior
            written consent of Assignee. 

           

          Miscellaneous

           

          7. All
            demands, notices and communications related to the Assigned Loans, the
            Purchase
            Agreement and this PAAR Agreement shall be in writing and shall be deemed
            to
            have been duly given if personally delivered at or mailed by registered
            mail,
            postage prepaid, as follows: 

           

          (a)          
            In
            the
            case of Company, 

           

          ______________________________

          ______________________________

          ______________________________

          ______________________________

          ______________________________

           

          With
            a
            copy to __________________________

           

          
            	(b)	
                              
                      In the case of Assignor, 

                  

          

           

          ______________________________

          ______________________________

          ______________________________

          ______________________________

          ______________________________

           

          (c)          
            In
            the
            case of Assignee, 

           

          EMC
            Mortgage Corporation

          Mac
            Arthur Ridge II

          909
            Hidden Ridge Drive, Suite 200

          Irving,
            Texas 75038

          Attention:
            Raylene Ruyle

          Telecopier
            No.: (972) 444-2810 

           

          With
            a
            copy to:

           

          ___________________

          383
            Madison Avenue

          New
            York,
            New York 10179

          Attention:
            ___________

          Telecopier
            No.: (212) 272-___

           

          8. Each
            party will pay any commissions it has incurred and the fees of its attorneys
            in
            connection with the negotiations for, documenting of and closing of the
            transactions contemplated by this PAAR Agreement. 

           

          9. This
            PAAR
            Agreement shall be construed in accordance with the laws of the State
            of New
            York, without regard to conflicts of law principles, and the obligations,
            rights
            and remedies of the parties hereunder shall be determined in accordance
            with
            such laws. 

           

          10. No
            term
            or provision of this PAAR Agreement may be waived or modified unless
            such waiver
            or modification is in writing and signed by the party against whom such
            waiver
            or modification is sought to be enforced. 

           

          11. This
            PAAR
            Agreement shall inure to the benefit of the successors and assigns of
            the
            parties hereto. Any entity into which Assignor, Assignee or Company may
            be
            merged or consolidated shall, without the requirement for any further
            writing,
            be deemed Assignor, Assignee or Company, respectively, hereunder. 

           

          12. This
            PAAR
            Agreement shall survive the conveyance of the Assigned Loans, the assignment
            of
            the Purchase Agreement to the extent of the Assigned Loans by Assignor
            to
            Assignee and the termination of the Purchase Agreement. 

           

          13. This
            PAAR
            Agreement may be executed simultaneously in any number of counterparts.
            Each
            counterpart shall be deemed to be an original and all such counterparts
            shall
            constitute one and the same instrument. 

           

          14. In
            the
            event that any provision of this PAAR Agreement conflicts with any provision
            of
            the Purchase Agreement with respect to the Assigned Loans, the terms
            of this
            PAAR Agreement shall control. In the event that any provision of this
            PAAR
            Agreement conflicts with any provision of the Confirmation with respect
            to the
            Assigned Loans, the terms of this PAAR Agreement shall control. 

           

          [Modification
            of Purchase Agreement

           

          15. The
            Company and Assignor hereby amend the Purchase Agreement as follows:
            

           

          (a) The
            following definitions are added to Section 1.01 of the Purchase Agreement:
            

           

          Securities
            Administrator:
            __________________________ 

           

          Supplemental
            PMI Insurer:
            ________________________ 

           

          Supplemental
            PMI Policy:
            The
            primary guarantee insurance policy of the Supplemental PMI Insurer attached
            hereto as Exhibit J, or any successor Supplemental PMI Policy given to
            the
            Servicer by the Assignee. 

           

          Trustee: _________________________

           

          (b) The
            following defmition is amended and restated: 

           

          Insurance
            Proceeds:
            Proceeds of any Primary Mortgage Insurance Policy, the Supplemental PIvil
            Policy, any title policy, any hazard insurance policy or any other insurance
            policy covering a Mortgage Loan or other related Mortgaged Property,
            including
            any amounts required to be deposited in the Custodial Account pursuant
            to
            Section 4.04, 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 Accepted Servicing Practices. 

           

          (c) The
            following are added as the fourth, fifth and sixth paragraphs of Section
            4.08:

           

          “In
            connection with its activities as servicer, the Company agrees to prepare
            and
            present, on behalf of itself and the Purchaser, claims to the Supplemental
            PMI
            Insurer with respect to the Supplemental PMI Policy and, in this regard,
            to take
            such action as shall be necessary to permit recovery under any Supplemental
            PMI
            Policy respecting a defaulted Mortgage Loan. Pursuant to Section 4.04,
            any
            amounts collected by the Company under any Supplemental PMI Policy shall
            be
            deposited in the Custodial Account, subject to withdrawal pursuant to
            Section
            4.05. 

           

          In
            accordance with the Supplemental PMI Policy, the Company shall provide
            to the
            Supplemental PIV11 Insurer any required information regarding the Mortgage
            Loans. 

           

          The
            Company shall provide to the [Securities Administrator] on a monthly
            basis via
            computer tape, or other mutually acceptable format, the unpaid principal
            balance, insurer certificate number, lender loan number, and premium
            due the
            Supplemental P1VII Insurer for each Mortgage Loan covered by the Supplemental
            PIV11 Policy. In addition, the Company agrees to forward to the Purchaser
            and
            the [Securities Administrator] any statements or other reports given by the
            Supplemental PIV11 Insurer to the Servicer in connection with a claim
            under the
            Supplemental PMI Policy.” 

           

          (d) Clause
            (vi) of Section 6.1 is amended to read as follows: 

           

          “Company
            ceases to be approved by either Fannie Mae or FHLMC as a mortgage loan
            seller or
            servicer for more than thirty days, or the Company fails to meet the
            servicer
            eligibility requirements of the Supplemental PIV11 Insurer; or”] 

           

          
            
              
              

            

            
              
              

              
                

              

            

            
              
              

            

          

          IN
            WITNESS WHEREOF, the parties hereto have executed this PAAR Agreement
            as of the
            day and year first above written. 

           

          EMC
            MORTGAGE CORPORATION

          Assignor
            

           

          By:
            _______________________________

          Name:
            _____________________________

          Title:
            ______________________________

           

          ___________________________________

          Assignee

           

          By:
            _______________________________

          Name:
            _____________________________

          Title:
            ______________________________

           

          ___________________________________

          Company

           

          By:
            _______________________________

          Name:
            _____________________________

          Title:
            ______________________________

           

          

          
            
              
              

            

            
              
              

              
                

              

            

            
              
              

            

          

          EXHIBIT
            ___

           

          FORM
            OF
            COMPANY CERTIFICATION

           

          I,
            [identify certifying individual], certify to the [Trustee] [Seller] [Securities
            Administrator] [Mortgage Loan Seller] [Purchaser] and [Master Servicer]
            that:

           

          1. I
            have
            reviewed the servicing reports prepared by [COMPANY] (the “Company”) pursuant to
            the [Servicing Agreement] (the “Servicing Agreement”), dated as of ___________
            between __________ and the Company (as modified by the AAR Agreement
            (as defmed
            below) and delivered to [MASTER SERVICER] (the “Master Servicer”) pursuant to
            the Assignment, Assumption and Recognition Agreement (the “AAR Agreement”),
            dated as of__________ among [ASSIGNOR] as Assignor, Company and [ASSIGNEE],
            as
            Assignee. 

           

          2. Based
            on
            my knowledge, the information in these 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 as of the last day of the period
            covered by such servicing reports. 

           

          3. Based
            on
            my knowledge, the servicing information required to be provided to the
            Master
            Servicer under the Servicing Agreement and the AAR Agreement is included
            in
            these reports. 

           

          4. I
            am
            responsible for reviewing the activities performed the Company under
            the
            Servicing Agreement and the AAR Agreement and based upon the review required
            under the Servicing Agreement and the AAR Agreement, and except as disclosed
            in
            the Annual Statement of Compliance, the Company has fulfilled its obligations
            under the Servicing Agreement and the AAR Agreement. 

           

          5. I
            have
            disclosed to the Master Servicer’s certified public accountants all significant
            deficiencies relating to the Company’s compliance with the minimum servicing
            standards in accordance with a review conduced in compliance with the
            Uniform
            Single Attestation Program for Mortgage Bankers or similar standard as
            set forth
            in the Servicing Agreement and the AAR Agreement. 

           

          Capitalized
            terms used but not defmed herein have the meanings ascribed to them in
            the AAR
            Agreement. 

           

          Date:____________________

           

          ____________________________

          [Signature]

          [Title]
            

           

          
            
              
              

            

            
              
              

              
                

              

            

            
              
              

            

          

          ATTACHMENT
            1

           

          ASSIGNED
            LOAN SCHEDULE

           

          
            
              
              

            

            
              
              

              
                

              

            

            
              
              

            

          

          ATTACHMENT
            2

           

          PURCHASE,
            WARRANTIES AN]) SERVICING AGREEMENT

           

          

          
            
              
              

            

            
              
              

              
                

              

            

            
              
              

            

          

          EXHIBIT
            E

           

          FORM
            OF
            TRIAL BALANCE 

           

          

          
            
              
              

            

            
              
              

              
                

              

            

            
              
              

            

          

          EXHIBIT
            G

           

          REQUEST
            FOR RELEASE OF DOCUMENTS AND RECEIIT 

           

          RE:
            Mortgage Loan # __________________________________________

          BORROWER:
            ________________________________________________

          PROPERTY:
            _________________________________________________

           

          Pursuant
            to a Purchase, Warranties and Servicing Agreement (the “Agreement’t) between the
            Company and the Purchaser, the undersigned hereby certifies that he or
            she is an
            officer of the Company requesting release of the documents for the reason
            specified below. The undersigned further certifies that: 

           

          (Check
            one of the items below) 

           

          _____
            On
            _________________, the above captioned mortgage loan was paid in full
            or that
            the Company has been notified that payment in full has been or will be
            escrowed.
            The Company hereby certifies that all amounts with respect to this loan
            which
            are required under the Agreement have been or will be deposited in the
            Custodial
            Account as required. 

           

          _____
            The
            above captioned loan is being repurchased pursuant to the terms of the
            Agreement. The Company hereby certifies that the repurchase price has
            been
            credited to the Custodial Account as required under the Agreement. 

           

          _____
            The
            above captioned loan is being placed in foreclosure and the original
            documents
            are required to proceed with the foreclosure action. The Company hereby
            certifies that the documents will be returned to the Purchaser in the
            event of
            reinstatement. 

           

          _____
            Other (explain) 

           

          _________________________________________________

          _________________________________________________

           

          All
            capitalized terms used herein and not defmed shall have the meanings
            assigned to
            them in the Agreement. 

           

          Based
            on
            this certification and the indemnities provided for in the Agreement,
            please
            release to the Company all original mortgage documents in your possession
            relating to this loan. 

           

          Dated:
            _____________________

           

          By:
            ______________________________

          Signature

          Title

           

          Send
            documents to: _____________________________________________

          _____________________________________________________________

          _____________________________________________________________

           

          Acknowledgement:
            

           

          Purchaser
            hereby acknowledges that all original documents previously released on
            the above
            captioned mortgage loan have been returned and received by the Purchaser.
            

           

          Dated:
            ________________________

           

          By:
            ________________________________

          Signature

           

          ___________________________________

          Title
            

           

          

          
            
              
              

            

            
              
              

              
                

              

            

            
              
              

            

          

          EXHIBIT
            H

           

          COMPANY’S
            UNDERWRITING GUIDELINES 

           

          

          
            
              
              

            

            
              
              

              
                

              

            

            
              
              

            

          

          EXHIBIT
            I

           

          TERM
            SHEET

           

          This
            TERM
            SHEET (the “Term Sheet”) dated _____________, between Savannah Bank, NA dba
            Harbourside Mortgage Corporation, a national bank, located at at 23-B
            Shelter
            Cove Lane, Hilton Head, South Carolina 29928 (the “Company”) and EMC Mortgage
            Corporation, a Delaware corporation, located at Mac Arthur Ridge II,
            909 Hidden
            Ridge Drive, Suite 200, frying, Texas 75038 (the “Purchaser”) is made pursuant
            to the terms and conditions of that certain Purchase, Warranties and
            Servicing
            Agreement (the “Agreement”) dated as of April 1, 2005, between the Company and
            the Purchaser, the provisions of which are incorporated herein as if
            set forth
            in full herein, as such terms and conditions may be modified or supplemented
            hereby. All initially capitalized terms used herein unless otherwise
            defined
            shall have the meanings ascribed thereto in the Agreement. 

           

          The
            Purchaser hereby purchases from the Company and the Company hereby sells
            to the
            Purchaser, all of the Company’s right, title and interest in and to the Mortgage
            Loans on a servicing retained basis described on the Mortgage Loan Schedule
            annexed hereto as Schedule I, pursuant to and in accordance with the
            terms and
            conditions set forth in the Agreement, as same may be supplemented or
            modified
            hereby. Hereinafter, the Company shall service the Mortgage Loans for
            the
            benefit of the Purchaser and all subsequent transferees of the Mortgage
            Loans
            pursuant to and in accordance with the terms and conditions set forth
            in the
            Agreement. 

           

          1. Definitions

           

          For
            purposes of the Mortgage Loans to be sold pursuant to this Term Sheet,
            the
            following terms shall have the following meanings: 

           

          Aggregate
            Principal Balance

           

          (as
            of
            the Cut-Off Date):
            

           

          Closing
            Date:

           

          Custodian:

           

          Cut-off
            Date:

           

          Initial
            Weighted Average

           

          Mortgage
            Loan Remittance Rate:

           

          Mortgage
            Loan:

           

          Purchase
            Price Percentage:

           

          Servicing
            Fee Rate:

           

          Additional
            Closing Conditions:

           

          In
            addition to the conditions specified in the Agreement, the obligation
            of each of
            the Company and the Purchaser is subject to the fulfillment, on or prior
            to the
            applicable Closing Date, of the following additional conditions: [None].
            

           

          Additional
            Loan Documents:

           

          In
            addition to the contents of the Mortgage File specified in the Agreement,
            the
            following documents shall be delivered with respect to the Mortgage Loans:
            [None] 

           

          [Additional]
            [Modification] of Representations and Warranties:

           

          [In
            addition to the representations and warranties set forth in the Agreement,
            as of
            the date hereof, the Company makes the following additional representations
            and
            warranties with respect to the Mortgage Loans: [None]. [Notwithstanding
            anything
            to the contrary set forth in the Agreement, with respect to each Mortgage
            Loan
            to be sold on the Closing Date, the representation and warranty set forth
            in
            Section ______ of the Agreement shall be modified to read as follows:]
            

           

          Except
            as
            modified herein, Section ______ of the Agreement shall remain in full
            force and
            effect as of the date hereof. 

           

          
            
              
              

            

            
              
              

              
                

              

            

            
              
              

            

          

          IN
            WITNESS WHEREOF, the parties hereto have caused their names to be signed
            hereto
            by their respective duly authorized officers as of the date first above
            written.

           

          ____________________________________

           

          By:
            ________________________________

          Name:
            ______________________________

          Title:
            _______________________________

           

          EMC
            MORTGAGE CORPORATION

           

          By:
            ________________________________

          Name:
            ______________________________

          Title:
            _______________________________

           

           

          
            
              
              

            

            
              
              

              
                

              

            

            
              
              

            

          

          SCHEDULE
            I

           

          MORTGAGE
            LOAN SCHEDULE 

           

          

          
            
              
              

            

            
              
              

              
                

              

            

            
              
              

            

          

          EXHIBITJ
            

           

          RECONSTITUTED
            MORTGAGE LOAN REPORTING 

           

          
            	
                    (a)

                  	
                    Servicer
                      Mortgage Loan Number 

                  

          

          
            	
                    (b)

                  	
                    FNMA
                      Mortgage Loan Number (if applicable)

                  

          

          
            	
                    (c)

                  	
                    Lender/Seller
                      Mortgage Loan Number (plus any other loan number)
                      

                  

          

          
            	
                    (d)

                  	
                    Month
                      end date! date file created 

                  

          

          
            	
                    (e)

                  	
                    Scheduled
                      Beginning Balance 

                  

          

          
            	
                    (f)

                  	
                    Actual
                      Beginning Balance 

                  

          

          
            	
                    (g)

                  	
                    Scheduled
                      Ending Balance 

                  

          

          
            	
                    (h)

                  	
                    Actual
                      Ending Balance 

                  

          

          
            	
                    (i)

                  	
                    Gross
                      Rate (current gross rate) 

                  

          

          
            	
                    (j)

                  	
                    Net
                      Rate (current passthrough) 

                  

          

          
            	
                    (k)

                  	
                    Last
                      Payment Date (LPI_DATE in Fannie’s Laser Reporting)
                      

                  

          

          
            	
                    (l)

                  	
                    Next
                      Due Date 

                  

          

          
            	
                    (m)

                  	
                    Delinquency
                      Month (if available) 

                  

          

          
            	
                    (n)

                  	
                    Default
                      Flag, i.e. FC, REO, etc. (if applicable)

                  

          

          
            	
                    (o)

                  	
                    Pay-In-Full
                      Date (Mortgage Loan paid off by Mortgagor)

                  

          

          
            	
                    (p)

                  	
                    Foreclosure
                      start date 

                  

          

          
            	
                    (q)

                  	
                    Foreclosure
                      end date 

                  

          

          
            	
                    (r)

                  	
                    REO
                      Property date 

                  

          

          
            	
                    (s)

                  	
                    With
                      respect to Liquidated Mortgage
                      Loans:

                  

          

          (i)   
              claim date

          (ii)   
             claim amount

          (iii)   
            proceeds

          (iv)   
            amount of loss or gain (as applicable)

          (v)    
            the date of the loss or gain.

          (vi)   
            the liquidation reason (paid in full or repurchased out of deal)

          
            	
                    (t)

                  	
                    Fannie’s
                      Laser Reporting (For FNIVIA loans)

                  

          

          (i)   
              Action Code (for default or paid off Mortgage Loans; i.e. 60, 65,
            etc.)

          (ii)   
             Action Date

          (iii)  
             Remit Prin (submitted principal amount)

          (iv)  
             Remit Tnt (submitted interest amount)

          (v)    
            Pool/Invest indicator (indicating Schedule/Schedule or Actual/Actual
            pool)

          

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

        
 

        

          AMENDMENT
            NUMBER ONE

          

          to
            the

          

          PURCHASE,
            WARRANTIES AND SERVICING AGREEMENT

          

          Dated
            as
            of January 1, 2006

          

          between

          

          EMC
            MORTGAGE CORPORATION, 

          as
            Purchaser

          

          and

          

          SAVANNAH
            BANK, NA

          dba
            HARBOURSIDE MORTGAGE CORPORATION,

          as
            Company

          

          This
            AMENDMENT NUMBER ONE (this “Amendment”) is made and entered into this
            1st
            day of
            January, 2006, by and between EMC Mortgage Corporation, a Delaware corporation,
            as purchaser (the “Purchaser”) and Savannah Bank, NA dba Harbourside Mortgage
            Corporation, as company (the “Company”) in connection with the Purchase,
            Warranties and Servicing Agreement, dated as of April 1, 2005, between
            the above
            mentioned parties (the “Agreement”). This Amendment is made pursuant to Section
            11.02 of the Agreement.

          

          RECITALS

           

          WHEREAS,
             the
            parties hereto have entered into the Agreement; 

          

          WHEREAS,
            the Agreement provides that the parties thereto may enter into an amendment
            to
            the Agreement;

          

          WHEREAS,
            the parties hereto desire to amend the Agreement as set forth in this Amendment;
            and

          

          NOW,
            THEREFORE, in consideration of the premises and for other good and valuable
            consideration, the receipt and sufficiency of which is hereby acknowledged,
            the
            parties hereto agree as follows:

          

          1. Capitalized
            terms used herein and not defined herein shall have the meanings assigned
            to
            such terms in the Agreement. 

          

          2. Article
            I
            of the Agreement is hereby amended effective as of the date hereof by
            adding the
            following definitions to Section 1.01: 

          

          Commission
            or SEC:
            The
            Securities and Exchange Commission.

          

          Depositor:
            The
            depositor, as such term is defined in Regulation AB, with respect to
            any
            Securitization Transaction.

          

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

          

          Master
            Servicer: With
            respect to any Securitization Transaction, the “master servicer,” if any,
            identified in the related transaction documents.

          

          Pass-Through
            Transfer:
            Any
            transaction involving either (1) a sale or other transfer of some or
            all of the
            Mortgage Loans directly or indirectly to an issuing entity in connection
            with an
            issuance of publicly offered or privately placed, rated or unrated
            mortgage-backed securities or (2) an issuance of publicly offered or
            privately
            placed, rated or unrated securities, the payments on which are determined
            primarily by reference to one or more portfolios of residential mortgage
            loans
            consisting, in whole or in part, of some or all of the Mortgage
            Loans.

          

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

          

          Qualified
            Correspondent:
            Any
            Person from which the Company purchased Mortgage Loans, provided that
            the
            following conditions are satisfied: (i) such Mortgage Loans were originated
            pursuant to an agreement between the Company and such Person that contemplated
            that such Person would underwrite mortgage loans from time to time, for
            sale to
            the Company, in accordance with underwriting guidelines designated by
            the
            Company (“Designated Guidelines”) or guidelines that do not vary materially from
            such Designated Guidelines; (ii) such Mortgage Loans were in fact underwritten
            as described in clause (i) above and were acquired by the Company within
            180
            days after origination; (iii) either (x) the Designated Guidelines were,
            at the
            time such Mortgage Loans were originated, used by the Company in origination
            of
            mortgage loans of the same type as the Mortgage Loans for the Company’s own
            account or (y) the Designated Guidelines were, at the time such Mortgage
            Loans
            were underwritten, designated by the Company on a consistent basis for
            use by
            lenders in originating mortgage loans to be purchased by the Company;
            and (iv)
            the Company employed, at the time such Mortgage Loans were acquired by
            the
            Company, pre-purchase or post-purchase quality assurance procedures (which
            may
            involve, among other things, review of a sample of mortgage loans purchased
            during a particular time period or through particular channels) designed
            to
            ensure that Persons from which it purchased mortgage loans properly applied
            the
            underwriting criteria designated by the Company.

          

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

          

          Securities
            Act:
            The
            Securities Act of 1933, as amended.

          Securitization
            Transaction:
            Any
            transaction involving either (1) a sale or other transfer of some or
            all of the
            Mortgage Loans directly or indirectly to an issuing entity in connection
            with an
            issuance of publicly offered or privately placed, rated or unrated
            mortgage-backed securities or (2) an issuance of publicly offered or
            privately
            placed, rated or unrated securities, the payments on which are determined
            primarily by reference to one or more portfolios of residential mortgage
            loans
            consisting, in whole or in part, of some or all of the Mortgage
            Loans.

          

          Servicing
            Criteria:
            As of
            any date of determination, the “servicing criteria” set forth in Item 1122(d) of
            Regulation AB, or any amendments thereto, a summary of the requirements
            of which
            as of the date hereof is attached hereto as Exhibit
            M
            for
            convenience of reference only. In the event of a conflict or inconsistency
            between the terms of Exhibit
            M
            and the
            text of Item 1122(d) of Regulation AB, the text of Item 1122(d) of Regulation
            AB
            shall control (or those Servicing Criteria otherwise mutually agreed
            to by the
            Purchaser, the Company and any Person that will be responsible for signing
            any
            Sarbanes Certification with respect to a Securitization Transaction in
            response
            to evolving interpretations of Regulation AB and incorporated into a
            revised
Exhibit
            M).

          

          Static
            Pool Information:
            Static
            pool information as described in Item 1105(a)(1)-(3) and 1105(c) of Regulation
            AB.

          

          Subcontractor:
            Any
            vendor, subcontractor or other Person that is not responsible for the
            overall
            servicing (as “servicing” is commonly understood by participants in the
            mortgage-backed securities market) of Mortgage Loans but performs one
            or more
            discrete functions identified in Item 1122(d) of Regulation AB with respect
            to
            Mortgage Loans under the direction or authority of the Company or a Subservicer.
            

          

          Third-Party
            Originator:
            Each
            Person, other than a Qualified Correspondent, that originated Mortgage
            Loans
            acquired by the Company.

          

          3. Article
            I
            of the Agreement is hereby amended effective as of the date hereof by
            deleting
            in its entirety the definition of Subservicer in Section 1.01 and replacing
            it
            with the following:

          

          Subservicer:
            Any
            Person that services Mortgage Loans on behalf of the Company or any Subservicer
            and is responsible for the performance (whether directly or through Subservicers
            or Subcontractors) of a substantial portion of the material servicing
            functions
            required to be performed by the Company under this Agreement or any
            Reconstitution Agreement that are identified in Item 1122(d) of Regulation
            AB.

          

          4. Article
            I
            of the Agreement is hereby amended effective as of the date hereof by
            deleting
            in its entirety the definition of Principal Prepayment in Section 1.01
            and
            replacing it with the following:

          

          Principal
            Prepayment:
            Any
            payment or other recovery of principal on a Mortgage Loan full or partial
            which
            is received in advance of its scheduled Due Date, including any Prepayment
            Charge and which is not accompanied by an amount of interest representing
            scheduled interest due on any date or dates in any month or months subsequent
            to
            the month of prepayment.

          

          5. Article
            III of the Agreement is hereby amended effective as of the date hereof
            by
            revising Section 3.01(n) as follows (new text underlined):

          

          (n) Company
            has delivered to the Purchaser financial statements of its parent, for
            its last
            two complete fiscal years. All such financial information fairly presents
            the
            pertinent results of operations and financial position for the period
            identified
            and has been prepared in accordance with GAAP consistently applied throughout
            the periods involved, except as set forth in the notes thereto. There
            has been
            no change in the servicing
            policies and procedures,
            business, operations, financial condition, properties or assets of the
            Company
            since the date of the Company’s financial information that would have a material
            adverse effect on its ability to perform its obligations under this
            Agreement;

          

          6. Article
            III of the Agreement is hereby amended effective as of the date hereof
            by adding
            the following new Section 3.01(p):

          

          (p) As
            of the
            date of each Pass-Through Transfer, and except as has been otherwise
            disclosed
            to the Purchaser, any Master Servicer and any Depositor: (1) no default
            or
            servicing related performance trigger has occurred as to any other
            securitization due to any act or failure to act of the Company; (2) no
            material
            noncompliance with applicable servicing criteria as to any other securitization
            has been disclosed or reported by the Company; (3) the Company has not
            been
            terminated as servicer in a residential mortgage loan securitization,
            either due
            to a servicing default or to application of a servicing performance test
            or
            trigger; (4) no material changes to the Company’s servicing policies and
            procedures for similar loans has occurred in the preceding three years;
            (5)
            there are no aspects of the Company’s financial condition that could have a
            material adverse impact on the performance by the Company of its obligations
            hereunder; (6) there are no legal proceedings pending, or known to be
            contemplated by governmental authorities, against the Company that could
            be
            material to investors in the securities issued in such Pass-Through Transfer;
            and (7) there are no affiliations, relationships or transactions relating
            to the
            Company of a type that are described under Item 1119 of Regulation
            AB.

          

          7. Article
            III of the Agreement is hereby amended effective as of the date hereof
            by adding
            the following new Section 3.01(q):

          

          (q) If
            so
            requested by the Purchaser or any Depositor on any date, the Company
            shall,
            within five Business Days following such request, confirm in writing
            the
            accuracy of the representations and warranties set forth in Section 3.01(p)
            of
            this Section or, if any such representation and warranty is not accurate
            as of
            the date of such request, provide reasonably adequate disclosure of the
            pertinent facts, in writing, to the requesting party.

          

          8. Article
            III of the Agreement is hereby amended effective as of the date hereof
            by adding
            the following new Section 3.01(r):

          

          (r) Notwithstanding
            anything to the contrary in the Agreement, the Company shall (or shall
            cause
            each Subservicer and Third-Party Originator to) (i) immediately notify
            the
            Purchaser, any Master Servicer and any Depositor in writing of (A) any
            material
            litigation or governmental proceedings pending against the Company, any
            Subservicer or any Third-Party Originator, (B) any affiliations or relationships
            that develop following the closing date of a Pass-Through Transfer between
            the
            Company, any Subservicer or any Third-Party Originator and any of the
            parties
            specified in clause (7) of paragraph (p) of this Section (and any other
            parties
            identified in writing by the requesting party) with respect to such Pass-Through
            Transfer, (C)
            any
            Event of Default under the terms of this Agreement or any Reconstitution
            Agreement, (D) any merger, consolidation or sale of substantially all
            of the
            assets of the Company, and (E) the Company’s entry into an agreement with a
            Subservicer to perform or assist in the performance of any of the Company’s
            obligations under this Agreement or any Reconstitution Agreement and
            (ii)
            provide to the Purchaser and any Depositor a description of such proceedings,
            affiliations or relationships.

          

          All
            notification pursuant to this Section 3.01(r), other than those pursuant
            to
            Section 3.01(r)(i)(A), should be sent to:

          

          EMC
            Mortgage Corporation

          2780
            Lake
            Vista Drive

          Lewisville,
            TX 75067-3884

          Attention:
            Conduit Seller Approval Dept.

          Facsimile:
            (214) 626-3751

          Email:
            sellerapproval@bear.com

          

          With
            a
            copy to:

          

          Bear,
            Stearns & Co. Inc.

          383
            Madison Avenue, 3rd Floor

          New,
            York, NY 10179

          Attention:
            Global Credit Administration

          Facsimile:
            (212) 272-6564

          

          Notifications
            pursuant to Section 3.01(r)(i)(A) should be sent to: 

          

          EMC
            Mortgage Corporation

          Two
            Mac
            Arthur Ridge

          909
            Hidden Ridge Drive, Suite 200

          Irving,
            TX 75038

          Attention:
            Associate General Counsel for Loan Administration

          Facsimile:
            (972) 831-2555

          

          With
            copies to:

          

          Bear,
            Stearns & Co. Inc.

          383
            Madison Avenue, 3rd Floor

          New,
            York, NY 10179

          Attention:
            Global Credit Administration

          Facsimile:
            (212) 272-6564

          

          EMC
            Mortgage Corporation

          2780
            Lake
            Vista Drive

          Lewisville,
            TX 75067-3884

          Attention:
            Conduit Seller Approval Dept.

          Facsimile:
            (214) 626-3751

          Email:
            sellerapproval@bear.com

          

          9. Article
            III of the Agreement is hereby amended effective as of the date hereof
            by adding
            the following new Section 3.01(s):

          

          (s) As
            a
            condition to the succession to the Company or any Subservicer as servicer
            or
            subservicer under this Agreement or any Reconstitution Agreement by any
            Person
            (i) into which the Company or such Subservicer may be merged or consolidated,
            or
            (ii) which may be appointed as a successor to the Company or any Subservicer,
            the Company shall provide to the Purchaser, any Master Servicer and any
            Depositor, at least 15 calendar days prior to the effective date of such
            succession or appointment, (x) written notice to the Purchaser, any Master
            Servicer and any Depositor of such succession or appointment and (y)
            in writing
            and in form and substance reasonably satisfactory to the Purchaser, any
            Master
            Servicer and such Depositor, all information reasonably requested by
            the
            Purchaser, any Master Servicer or any Depositor in order to comply with
            its
            reporting obligation under Item 6.02 of Form 8-K with respect to any
            class of
            asset-backed securities.

          

          10. Article
            III of the Agreement is hereby amended effective as of the date hereof
            by adding
            the following new Section 3.02(ggg):

          

          With
            respect to each Mortgage Loan, information regarding the borrower credit
            files
            related to such Mortgage Loan has been furnished to credit reporting
            agencies in
            compliance with the provisions of the Fair Credit Reporting Act and the
            applicable implementing regulations.

          

          11.
             Article
            IV of the Agreement is hereby amended effective as of the date hereof
            by adding
            the following after the first sentence of Section 4.01:

          

          In
            addition, the Company shall furnish information regarding the borrower
            credit
            files related to such Mortgage Loan to credit reporting agencies in compliance
            with the provisions of the Fair Credit Reporting Act and the applicable
            implementing regulations.

          

          12.
             Article
            IV of the Agreement is hereby amended effective as of the date hereof
            by
            deleting in its entirety the last paragraph of Section 4.02 and replacing
            it
            with the following:

          

          The
            Company shall not waive any 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,
            (ii) the enforcement thereof is illegal, or any local, state or federal
            agency
            has threatened legal action if the prepayment penalty is enforced, (iii)
            the
            mortgage debt has been accelerated in connection with a foreclosure or
            other
            involuntary payment or (iv) such waiver is standard and customary in
            servicing
            similar Mortgage Loans and relates to a default or a reasonably foreseeable
            default and would, in the reasonable judgment of the Company, maximize
            recovery
            of total proceeds taking into account the value of such Prepayment Charge
            and
            the related Mortgage Loan. If a Prepayment Charge is waived, but does
            not meet
            the standards described above, then the Company is required to pay the
            amount of
            such waived Prepayment Charge by remitting such amount to the Purchaser
            by the
            Remittance Date.

          

          13. Article
            IV of the Agreement is hereby amended effective as of the date hereof
            by
            revising the first paragraph of Section 4.03 by adding the following
            after the
            first sentence:

          

          In
            determining the delinquency status of any Mortgage Loan, the Company
            will use
            delinquency recognition policies as described to and approved by the
            Purchaser,
            and shall revise these policies as requested by the Purchaser from time
            to
            time.

          

          14. Article
            V
            of the Agreement is hereby amended effective as of the date hereof by
            deleting
            Section 5.02 in its entirety and replacing it with the following:

          

          Section
            5.02 Statements
            to the Purchaser.

          

          The
            Company shall furnish to Purchaser an individual loan accounting report,
            as of
            the last Business Day of each month, in the Company's assigned loan number
            order
            to document Mortgage Loan payment activity on an individual Mortgage
            Loan basis.
            With respect to each month, the corresponding individual loan accounting
            report
            shall be received by the Purchaser no later than the fifth Business Day
            of the
            following month on a disk or tape or other computer-readable format in
            such
            format as may be mutually agreed upon by both Purchaser and Company,
            and no
            later than the fifth Business Day of the following month in hard copy,
            and shall
            contain the following:

          

          (i) with
            respect to each Mortgage Loan and each Monthly Payment, the amount of
            such
            remittance allocable to principal (including a separate breakdown of
            any
            Principal Prepayment, including the date of such prepayment, and any
            prepayment
            penalties or premiums, along with a detailed report of interest on principal
            prepayment amounts remitted in accordance with Section 4.04);

          

          (ii) with
            respect to each Mortgage Loan and each Monthly Payment, the amount of
            such
            remittance allocable to interest;

          

          (iii) with
            respect to each Mortgage Loan, the amount of servicing compensation received
            by
            the Company during the prior distribution period;

          

          (iv) the
            Stated Principal Balance of each Mortgage Loan and the aggregate Stated
            Principal Balance of all Mortgage Loans as of the first day of the distribution
            period and the last day of the distribution period;

          

          (v) with
            respect to each Mortgage Loan, the current Mortgage Interest Rate;

          

          (vi) with
            respect to each Mortgage Loan, the aggregate amount of any Insurance
            Proceeds,
            Condemnation Proceeds, Liquidation Proceeds and REO Disposition Proceeds
            received during the prior distribution period;

          

          (vii) with
            respect to each Mortgage Loan, the amount of any Prepayment Interest
            Shortfalls
            paid by the Company in accordance with Section 4.04(viii) during the
            prior
            distribution period; 

          

          (viii) the
            beginning and ending balances of the Custodial Account and Escrow
            Account;

          

          (ix) the
            number of Mortgage Loans as of the first day of the distribution period
            and the
            last day of the distribution period; 

          

          (x) with
            respect to each Mortgage Loan, the Stated Principal Balance of each Mortgage
            Loan (a) delinquent as grouped in the following intervals through final
            liquidation of such Mortgage Loan: 30 to 59 days, 60 to 89 days, 90 days
            or
            more; (b) as to which foreclosure has commenced; and (c) as to which
            REO
            Property has been acquired;

          

          (xi) with
            respect to each Mortgage Loan, the amount and severity of any realized
            loss
            following liquidation of such Mortgage Loan; 

          

          (xii) with
            respect to each Mortgage Loan, and in the aggregate for all Mortgage
            Loans, the
            amount of any Monthly Advances made by the Company during the prior distribution
            period; 

          

          (xiii) with
            respect to each Mortgage Loan, a description of any Servicing Advances
            made by
            the Company with respect to such Mortgage Loan including the amount,
            terms and
            general purpose of such Servicing Advances, and the aggregate amount
            of
            Servicing Advances for all Mortgage Loans during the prior distribution
            period;

          

          (xiv) with
            respect to each Mortgage Loan, a description of any Nonrecoverable Advances
            made
            by the Company with respect to such Mortgage Loan including the amount,
            terms
            and general purpose of such Nonrecoverable Advances, and the aggregate
            amount of
            Nonrecoverable Advances for all Mortgage Loans during the prior distribution
            period;

          

          (xv) with
            respect to each Mortgage Loan, a description of any Monthly Advances,
            Servicing
            Advances and Nonrecoverable Advances reimbursed to the Company with respect
            to
            such Mortgage Loan during the prior distribution period pursuant to Section
            4.05, and the source of funds for such reimbursement, and the aggregate
            amount
            of any Monthly Advances, Servicing Advances and Nonrecoverable Advances
            reimbursed to the Company for all Mortgage Loans during the prior distribution
            period pursuant to Section 4.05; 

          

          (xvi) with
            respect to any Mortgage Loan, a description of any material modifications,
            extensions or waivers to the terms, fees, penalties or payments of such
            Mortgage
            Loan during the prior distribution period or that have cumulatively become
            material over time;

          

          (xvii) a
            description of any material breach of a representation or warranty set
            forth in
            Section 3.01 or Section 3.02 herein or of any other breach of a covenant
            or
            condition contained herein and the status of any resolution of such
            breach;

          

          (xviii) with
            respect to each Mortgage Loan, the Stated Principal Balance of any substitute
            Mortgage Loan provided by the Company and the Stated Principal Balance
            of any
            Mortgage Loan that has been replaced by a substitute Mortgage Loan in
            accordance
            with Section 3.03 herein;

          

          (xix) with
            respect to each Mortgage Loan, the Stated Principal Balance of any Mortgage
            Loan
            that has been repurchased by the Company in accordance with Section 3.03
            herein.

          

          In
            addition, the Company shall provide to the Purchaser such other information
            known or available to the Company that is necessary in order to provide
            the
            distribution and pool performance information as required under Item
            1121 of
            Regulation AB, as amended from time to time, as determined by the Purchaser
            in
            its sole discretion. The Company shall also provide a monthly report,
            in the
            form of Exhibit
            E
            hereto,
            or such other form as is mutually acceptable to the Company, the Purchaser
            and
            any Master Servicer, Exhibit
            F
            with
            respect to defaulted mortgage loans and Exhibit
            P,
            with
            respect to realized losses and gains, with each such report. 

          

          The
            Company shall prepare and file any and all information statements or
            other
            filings required to be delivered to any governmental taxing authority
            or to
            Purchaser pursuant to any applicable law with respect to the Mortgage
            Loans and
            the transactions contemplated hereby. In addition, the Company shall
            provide
            Purchaser with such information concerning the Mortgage Loans as is necessary
            for Purchaser to prepare its federal income tax return as Purchaser may
            reasonably request from time to time.

          

          In
            addition, not more than sixty (60) days after the end of each calendar
            year, the
            Company shall furnish to each Person who was a Purchaser at any time
            during such
            calendar year an annual statement in accordance with the requirements
            of
            applicable federal income tax law as to the aggregate of remittances
            for the
            applicable portion of such year.

          

          15. Article
            VI of the Agreement is hereby amended effective as of the date hereof
            by
            deleting Section 6.04 in its entirety and replacing it with the
            following:

          

          Section
            6.04 Annual
            Statement as to Compliance; Annual Certification.

          

          (a) The
            Company will deliver to the Purchaser and any Master Servicer, not later
            than
            March 1 of each calendar year beginning in 2007, an Officers’ Certificate
            acceptable to the Purchaser (an “Annual Statement of Compliance”) stating, as to
            each signatory thereof, that (i) a review of the activities of the Company
            during the preceding calendar year and of performance under this Agreement
            or
            other applicable servicing agreement has been made under such officers’
supervision and (ii) to the best of such officers’ knowledge, based on such
            review, the Company has fulfilled all of its obligations under this Agreement
            or
            other applicable servicing 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. Copies
            of
            such statement shall be provided by the Company to the Purchaser upon
            request
            and by the Purchaser to any Person identified as a prospective purchaser
            of the
            Mortgage Loans. In the event that the Company has delegated any servicing
            responsibilities with respect to the Mortgage Loans to a Subservicer,
            the
            Company shall deliver an officer’s certificate (an “Annual Certification”) of
            the Subservicer as described above as to each Subservicer as and when
            required
            with respect to the Company.

          

          (b) With
            respect to any Mortgage Loans that are the subject of a Pass-Through
            Transfer,
            by March 1 of each calendar year beginning in 2007, an officer of the
            Company
            shall execute and deliver an Annual Certification to the Purchaser, any
            Master
            Servicer and any related Depositor for the benefit of each such entity
            and such
            entity’s affiliates and the officers, directors and agents of any such entity
            and such entity’s affiliates, in the form attached hereto as Exhibit
            L.
            In the
            event that the Company has delegated any servicing responsibilities with
            respect
            to the Mortgage Loans to a Subservicer, the Company shall deliver an
            Annual
            Certification of the Subservicer as described above as to each Subservicer
            as
            and when required with respect to the Company.

          

          (c) If
            the
            Company cannot deliver the related Annual Statement of Compliance or
            Annual
            Certification by March 1st
            of such
            year, the Purchaser, at its sole option, may permit a cure period for
            the
            Company to deliver such Annual Statement of Compliance or Annual Certification,
            but in no event later than March 10th of such year.

          

          Failure
            of the Company to timely comply with this Section 6.04 shall be deemed
            an Event
            of Default, automatically, without notice and without any cure period,
            unless
            otherwise agreed to by the Purchaser as set forth in 6.04(c), and Purchaser
            may,
            in addition to whatever rights the Purchaser may have under Sections
            3.03 and
            8.01 and at law or equity or to damages, including injunctive relief
            and
            specific performance, terminate all the rights and obligations of the
            Company
            under this Agreement and in and to the Mortgage Loans and the proceeds
            thereof
            without compensating the Company for the same, as provided in Section
            9.01. Such
            termination shall be considered with cause pursuant to Section 10.01
            of this
            Agreement. This paragraph shall supercede any other provision in this
            Agreement
            or any other agreement to the contrary.

          

          

          16. Article
            VI of the Agreement is hereby amended effective as of the date hereof
            by
            deleting Section 6.05 in its entirety and replacing it with the
            following:

          

          Section
            6.05 [Reserved]

          

          

          17. Article
            VI of the Agreement is hereby amended effective as of the date hereof
            by adding
            the following new Section 6.07:

          

          Section
            6.07 Assessment
            of Compliance with Servicing Criteria.

          

          On
            and
            after January 1, 2006, the Company shall service and administer, and
            shall cause
            each subservicer to servicer or administer, the Mortgage Loans in accordance
            with all applicable requirements of the Servicing Criteria.

          

          With
            respect to any Mortgage Loans that are the subject of a Pass-Through
            Transfer,
            the Company shall deliver to the Purchaser or its designee, any Master
            Servicer
            and any Depositor on or before March 1 of each calendar year beginning
            in 2007,
            a report (an “Assessment of Compliance”) reasonably satisfactory to the
            Purchaser, any Master Servicer and any Depositor regarding the Company’s
            assessment of compliance with the Servicing Criteria during the preceding
            calendar year as required by Rules 13a-18 and 15d-18 of the Exchange
            Act and
            Item 1122 of Regulation AB or as otherwise required by the Master Servicer,
            which as of the date hereof, require a report by an authorized officer
            of the
            Company that contains the following:

          

          (a) A
            statement by such officer of its responsibility for assessing compliance
            with
            the Servicing Criteria applicable to the Company;

          

          (b) A
            statement by such officer that such officer used the Servicing Criteria
            to
            assess compliance with the Servicing Criteria applicable to the
            Company;

          

          (c) An
            assessment by such officer of the Company’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 Company, 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 Company’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 Company, which statement shall be based on the activities it performs
            with
            respect to asset-backed securities transactions taken as a whole involving
            the
            Company, 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 a
            certification substantially in the form of Exhibit
            O
            hereto
            delivered to the Purchaser concurrently with the execution of this
            Agreement.

          

          With
            respect to any Mortgage Loans that are the subject of a Pass-Through
            Transfer,
            on or before March 1 of each calendar year beginning in 2007, the Company
            shall
            furnish to the Purchaser or its designee, any Master Servicer and any
            Depositor
            a report (an “Attestation Report”) by a registered public accounting firm that
            attests to, and reports on, the Assessment of Compliance made by the
            Company, as
            required by Rules 13a-18 and 15d-18 of the Exchange Act and Item 1122(b)
            of
            Regulation AB or as otherwise required by the Master Servicer, which
            Attestation
            Report must be made in accordance with standards for attestation reports
            issued
            or adopted by the Public Company Accounting Oversight Board. 

          

          The
            Company shall cause each Subservicer, and each Subcontractor determined
            by the
            Company pursuant to Section 11.20 to be “participating in the servicing
            function” within the meaning of Item 1122 of Regulation AB, to deliver to the
            Purchaser, any Master Servicer and any Depositor an assessment of compliance
            and
            accountants’ attestation as and when provided in Sections 6.07.

          

          If
            the
            Company cannot deliver the related Assessment
            of Compliance or
            Attestation Report by March 1st
            of such
            year, the Purchaser, at its sole option, may permit a cure period for
            the
            Company to deliver such Assessment of Compliance or Attestation Report,
            but in
            no event later than March 10th of such year.

          

          Failure
            of the Company to timely comply with this Section 6.07 shall be deemed
            an Event
            of Default, automatically, without notice and without any cure period,
            unless
            otherwise agreed to by the Purchaser as described herein, and Purchaser
            may, in
            addition to whatever rights the Purchaser may have under Sections 3.03
            and 8.01
            and at law or equity or to damages, including injunctive relief and specific
            performance, terminate all the rights and obligations of the Company
            under this
            Agreement and in and to the Mortgage Loans and the proceeds thereof without
            compensating the Company for the same, as provided in Section 9.01. Such
            termination shall be considered with cause pursuant to Section 10.01
            of this
            Agreement. This paragraph shall supercede any other provision in this
            Agreement
            or any other agreement to the contrary.

          

          18. Article
            VI of the Agreement is hereby amended effective as of the date hereof
            by adding
            the following new Section 6.08:

          

          Section
            6.08 Intent
            of the Parties; Reasonableness.

          

          The
            Purchaser and the Company acknowledge and agree that a purpose of Sections
            3.01(p), 5.02, 6.04, 6.07 and 11.18 of this Agreement is to facilitate
            compliance by the Purchaser and any Depositor with the provisions of
            Regulation
            AB and related rules and regulations of the Commission. None of the Purchaser,
            any Master Servicer or Depositor shall exercise its right to request
            delivery of
            information or other performance under these provisions other than in
            good
            faith, or for purposes other than compliance with the Securities Act,
            the
            Exchange Act and the rules and regulations of the Commission thereunder.
            The
            Company acknowledges that interpretations of the requirements of Regulation
            AB
            may change over time, whether due to interpretive guidance provided by
            the
            Commission or its staff, consensus among participants in the asset-backed
            securities markets, advice of counsel, or otherwise, and agrees to comply
            with
            requests made by the Purchaser or any Depositor in good faith for delivery
            of
            information under these provisions on the basis of evolving interpretations
            of
            Regulation AB. In connection with any Pass-Through Transfer, the Company
            shall
            cooperate fully with the Purchaser to deliver to the Purchaser (including
            any of
            its assignees or designees) and any Depositor, any and all statements,
            reports,
            certifications, records and any other information necessary in the good
            faith
            determination of the Purchaser or any Depositor to permit the Purchaser
            or such
            Depositor to comply with the provisions of Regulation AB, together with
            such
            disclosures relating to the Company, any Subservicer, any Third-Party
            Originator
            and the Mortgage Loans, or the servicing of the Mortgage Loans, reasonably
            believed by the Purchaser or any Depositor to be necessary in order to
            effect
            such compliance.

          

          19. Article
            IX of the Agreement is hereby amended effective as of the date hereof
            by
            deleting the first sentence of the last paragraph of Section 9.01 and
            replacing
            it with the following (new text underlined):

          

          Then,
            and
            in each and every such case, so long as an Event of Default shall not
            have been
            remedied, the Purchaser, by notice in writing to the Company (except
            in the case
            of an Event of Default under clauses (iii), (iv) or (v) above, or
            as
            otherwise stated herein,
            in which
            case, automatically and without notice) may, in addition to whatever
            rights the
            Purchaser may have under Sections 3.03 and 8.01 and at law or equity
            or to
            damages, including injunctive relief and specific performance, terminate
            all the
            rights and obligations of the Company (and
            if
            the Company is servicing any of the Mortgage Loans in a Securitization
            Transaction, appoint a successor servicer reasonably acceptable to any
            Master
            Servicer for such Securitization Transaction)
            under
            this Agreement and in and to the Mortgage Loans and the proceeds thereof
            without
            compensating the Company for the same.

          

          20. Article
            IX of the Agreement is hereby amended effective as of the date hereof
            by adding
            the following at the end of the last paragraph of Section 9.01:

          

          The
            Company shall promptly reimburse the Purchaser (or any designee of the
            Purchaser, such as a master servicer) and any Depositor, as applicable,
            for all
            reasonable expenses incurred by the Purchaser (or such designee) or such
            Depositor, as such are incurred, in connection with the termination of
            the
            Company as servicer and the transfer of servicing of the Mortgage Loans
            to a
            successor servicer. The provisions of this paragraph shall not limit
            whatever
            rights the Purchaser or any Depositor may have under other provisions
            of this
            Agreement and/or any applicable Reconstitution Agreement or otherwise,
            whether
            in equity or at law, such as an action for damages, specific performance
            or
            injunctive relief.

          

          21. Article
            XI of the Agreement is hereby amended effective as of the date hereof
            by
            restating Section 11.18 in its entirety as follows:

          

          Section
            11.18. Cooperation
            of Company with a Reconstitution.

          

          The
            Company and the Purchaser agree that with respect to some or all of the
            Mortgage
            Loans, on or after the related Closing Date, on one or more dates (each
            a
            "Reconstitution Date") at the Purchaser's sole option, the Purchaser
            may effect
            a sale (each, a "Reconstitution") of some or all of the Mortgage Loans
            then
            subject to this Agreement, without recourse, to:

          

          (a) one
            or
            more third party purchasers in one or more in whole loan transfers (each,
            a
            "Whole Loan Transfer"); or

          

          (b) one
            or
            more trusts or other entities to be formed as part of one or more Pass-Through
            Transfers.

          

          The
            Company agrees to execute in connection with any agreements among the
            Purchaser,
            the Company, and any servicer in connection with a Whole Loan Transfer,
            an
            Assignment, Assumption and Recognition Agreement substantially in the
            form of
Exhibit
            D
            hereto,
            or, at Purchaser’s request, a seller's warranties and servicing agreement or a
            participation and servicing agreement or similar agreement in form and
            substance
            reasonably acceptable to the parties, and in connection with a Pass-Through
            Transfer, a pooling and servicing agreement in form and substance reasonably
            acceptable to the parties, (collectively the agreements referred to herein
            are
            designated, the “Reconstitution Agreements”). It is understood that any such
            Reconstitution Agreements will not contain any greater obligations on
            the part
            of Company than are contained in this Agreement. Notwithstanding anything
            to the
            contrary in this Section 11.18, the Company agrees that it is required
            to
            perform the obligations described in Exhibit
            K
            hereto.

          

          With
            respect to each Whole Loan Transfer and each Pass-Through Transfer entered
            into
            by the Purchaser, the Company agrees (1) to cooperate fully with the
            Purchaser
            and any prospective purchaser with respect to all reasonable requests
            and due
            diligence procedures; (2) to execute, deliver and perform all Reconstitution
            Agreements required by the Purchaser; (3) to restate the representations
            and
            warranties set forth in this Agreement as of the settlement or closing
            date in
            connection with such Reconstitution (each, a "Reconstitution Date").
            

          

          In
            addition, the Company shall provide to such servicer or issuer, as the
            case may
            be, and any other participants in such Reconstitution: 

          

          (i) any
            and
            all information and appropriate verification of information which may
            be
            reasonably available to the Company, whether through letters of its auditors
            and
            counsel or otherwise, as the Purchaser or any such other participant
            shall
            request upon reasonable demand; 

          

          (ii) such
            additional representations, warranties, covenants, opinions of counsel,
            letters
            from auditors, and certificates of public officials or officers of the
            Company
            as are reasonably agreed upon by the Company and the Purchaser or any
            such other
            participant;

          

          (iii) within
            5
            Business Days after request by the Purchaser, the information with respect
            to
            the Company (as originator) and each Third-Party Originator of the Mortgage
            Loans as required under Item 1110(a) and (b) of Regulation AB, a summary
            of the
            requirements of which has of the date hereof is attached hereto as Exhibit
            N
            for
            convenience of reference only, as determined by Purchaser in its sole
            discretion. If requested by the Purchaser, this will include information
            about
            the applicable credit-granting or underwriting criteria;

          

          (iv) within
            5
            Business Days after request by the Purchaser, the Company shall provide
            (or, as
            applicable, cause each Third-Party Originator to provide) Static Pool
            Information with respect to the mortgage loans (of a similar type as
            the
            Mortgage Loans, as reasonably identified by the Purchaser as provided
            below)
            originated by (i) the Company, if the Company is an originator of Mortgage
            Loans
            (including as an acquirer of Mortgage Loans from a Qualified Correspondent),
            and/or (ii) each Third-Party Originator. Such Static Pool Information
            shall be
            prepared by the Company (or Third-Party Originator) on the basis of its
            reasonable, good faith interpretation of the requirements of Item 1105(a)(1)-(3)
            and (c) of Regulation AB. To the extent that there is reasonably available
            to
            the Company (or Third-Party Originator) Static Pool Information with
            respect to
            more than one mortgage loan type, the Purchaser or any Depositor shall
            be
            entitled to specify whether some or all of such information shall be
            provided
            pursuant to this paragraph. The content of such Static Pool Information
            may be
            in the form customarily provided by the Company, and need not be customized
            for
            the Purchaser or any Depositor. Such Static Pool Information for each
            vintage
            origination year or prior securitized pool, as applicable, shall be presented
            in
            increments no less frequently than quarterly over the life of the mortgage
            loans
            included in the vintage origination year or prior securitized pool. The
            most
            recent periodic increment must be as of a date no later than 135 days
            prior to
            the date of the prospectus or other offering document in which the Static
            Pool
            Information is to be included or incorporated by reference. The Static
            Pool
            Information shall be provided in an electronic format that provides a
            permanent
            record of the information provided, such as a portable document format
            (pdf)
            file, or other such electronic format reasonably required by the Purchaser
            or
            the Depositor, as applicable;

          

          (v) within
            5
            Business Days after request by the Purchaser, information with respect
            to the
            Company (as servicer) as required by Item 1108(b) and (c) of Regulation
            AB, a
            summary of the requirements of which as of the date hereof is attached
            hereto as
Exhibit
            N
            for
            convenience of reference only, as determined by Purchaser in its sole
            discretion. In the event that the Company has delegated any servicing
            responsibilities with respect to the Mortgage Loans to a Subservicer,
            the
            Company shall provide the information required pursuant to this clause
            with
            respect to the Subservicer;

          

          (vi) within
            5
            Business Days after request by the Purchaser, 

          (a)
            information regarding any legal proceedings pending (or known to be
            contemplated) against the Company (as originator and as servicer) and
            each other
            originator of the Mortgage Loans and each Subservicer as required by
            Item 1117
            of Regulation AB, a summary of the requirements of which as of the date
            hereof
            is attached hereto as Exhibit N for convenience of reference only, as
            determined
            by Purchaser in its sole discretion,

          (b)
            information regarding affiliations with respect to the Company (as originator
            and as servicer) and each other originator of the Mortgage Loans and
            each
            Subservicer as required by Item 1119(a) of Regulation AB, a summary of
            the
            requirements of which as of the date hereof is attached hereto as Exhibit
            N
            for
            convenience of reference only, as determined by Purchaser in its sole
            discretion, and

          (c)
            information regarding relationships and transactions with respect to
            the Company
            (as originator and as servicer) and each other originator of the Mortgage
            Loans
            and each Subservicer as required by Item 1119(b) and (c) of Regulation
            AB, a
            summary of the requirements of which as of the date hereof is attached
            hereto as
            Exhibit N for convenience of reference only, as determined by Purchaser
            in its
            sole discretion; 

          

          (vii) if
            so
            requested by the Purchaser, the Company shall provide (or, as applicable,
            cause
            each Third-Party Originator to provide), at the expense of the requesting
            party
            (to the extent of any additional incremental expense associated with
            delivery
            pursuant to this Agreement), such statements and agreed-upon procedures
            letters
            of certified public accountants reasonably acceptable to the Purchaser
            or
            Depositor, as applicable, pertaining to Static Pool Information relating
            to
            prior securitized pools for securitizations closed on or after January
            1, 2006
            or, in the case of Static Pool Information with respect to the Company’s or
            Third-Party Originator’s originations or purchases, to calendar months
            commencing January 1, 2006, or to any financial information included
            in any
            other disclosure provided under this Section 11.18, as the Purchaser
            or such
            Depositor shall reasonably request. Such statements and letters shall
            be
            addressed to and be for the benefit of such parties as the Purchaser
            or such
            Depositor shall designate, which may include, by way of example, any
            Sponsor,
            any Depositor and any broker dealer acting as underwriter, placement
            agent or
            initial purchaser with respect to a Pass-Through Transfer. Any such statement
            or
            letter may take the form of a standard, generally applicable document
            accompanied by a reliance letter authorizing reliance by the addressees
            designated by the Purchaser or such Depositor;

          

          (viii)
            For the purpose of satisfying the reporting obligation under the Exchange
            Act
            with respect to any class of asset-backed securities, the Company shall
            (or
            shall cause each Subservicer and Third-Party Originator to) (i) provide
            prompt
            notice to the Purchaser, any Master Servicer and any Depositor in writing
            of (A)
            any material litigation or governmental proceedings involving the Company,
            any
            Subservicer or any Third-Party Originator, (B) any affiliations or relationships
            that develop following the closing date of a Securitization Transaction
            between
            the Company, any Subservicer or any Third-Party Originator and any of
            the
            parties specified in clause (D) of paragraph (a) of this Section (and
            any other
            parties identified in writing by the requesting party) with respect to
            such
            Securitization Transaction, (C) any Event of Default under the terms
            of this
            Agreement or any Reconstitution Agreement, (D) any merger, consolidation
            or sale
            of substantially all of the assets of the Company, and (E) the Company’s entry
            into an agreement with a Subservicer to perform or assist in the performance
            of
            any of the Company’s obligations under this Agreement or any Reconstitution
            Agreement and (ii) provide to the Purchaser and any Depositor a description
            of
            such proceedings, affiliations or relationships; 

          

          (ix)
            As a
            condition to the succession to the Company or any Subservicer as servicer
            or
            subservicer under this Agreement or any Reconstitution Agreement by any
            Person
            (i) into which the Company or such Subservicer may be merged or consolidated,
            or
            (ii) which may be appointed as a successor to the Company or any Subservicer,
            the Company shall provide to the Purchaser, any Master Servicer, and
            any
            Depositor, at least 15 calendar days prior to the effective date of such
            succession or appointment, (x) written notice to the Purchaser and any
            Depositor
            of such succession or appointment and (y) in writing and in form and
            substance
            reasonably satisfactory to the Purchaser and such Depositor, all information
            reasonably requested by the Purchaser or any Depositor in order to comply
            with
            its reporting obligation under Item 6.02 of Form 8-K with respect to
            any class
            of asset-backed securities; 

          

          (x)
            In
            addition to such information as the Company, as servicer, is obligated
            to
            provide pursuant to other provisions of this Agreement, not later than
            ten days
            prior to the deadline for the filing of any distribution report on Form
            10-D in
            respect of any Securitization Transaction that includes any of the Mortgage
            Loans serviced by the Company or any Subservicer, the Company or such
            Subservicer, as applicable, shall, to the extent the Company or such
            Subservicer
            has knowledge, provide to the party responsible for filing such report
            (including, if applicable, the Master Servicer) notice of the occurrence
            of any
            of the following events along with all information, data, and materials
            related
            thereto as may be required to be included in the related distribution
            report on
            Form 10-D (as specified in the provisions of Regulation AB referenced
            below):

          

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

          

          (B) material
            breaches of pool asset representations or warranties or transaction covenants
            (Item 1121(a)(12) of Regulation AB); and

          

          (C) information
            regarding new asset-backed securities issuances backed by the same pool
            assets,
            any pool asset changes (such as, additions, substitutions or repurchases),
            and
            any material changes in origination, underwriting or other criteria for
            acquisition or selection of pool assets (Item 1121(a)(14) of Regulation
            AB);
            and

          

          (xi)
            The
            Company shall provide to the Purchaser, any Master Servicer and any Depositor,
            evidence of the authorization of the person signing any certification
            or
            statement, copies or other evidence of Fidelity Bond Insurance and Errors
            and
            Omission Insurance policy, financial information and reports, and such
            other
            information related to the Company or any Subservicer or the Company
            or such
            Subservicer’s performance hereunder.

          

          In
            the
            event of a conflict or inconsistency between the terms of Exhibit N and
            the text
            of the applicable Item of Regulation AB as cited above, the text of Regulation
            AB, its adopting release and other public statements of the SEC shall
            control.

          

          The
            Company shall indemnify the Purchaser, each affiliate of the Purchaser,
            and each
            of the following parties participating in a Pass-Through Transfer: each
            sponsor
            and issuing entity; each Person (including, but not limited to, any Master
            Servicer, if applicable) responsible for the preparation, execution or
            filing of
            any report required to be filed with the Commission with respect to such
            Pass-Through Transfer, or for execution of a certification pursuant to
            Rule
            13a-14(d) or Rule 15d-14(d) under the Exchange Act with respect to such
            Pass-Through Transfer; each broker dealer acting as underwriter, placement
            agent
            or initial purchaser, each Person who controls any of such parties or
            the
            Depositor (within the meaning of Section 15 of the Securities Act and
            Section 20
            of the Exchange Act); and the respective present and former directors,
            officers,
            employees, agents and affiliates of each of the foregoing and of the
            Depositor
            (each, an “Indemnified Party”), and shall hold each of them harmless from and
            against any claims, losses, damages, penalties, fines, forfeitures, legal
            fees
            and expenses and related costs, judgments, and any other costs, fees
            and
            expenses that any of them may sustain arising out of or based upon:

          

          (i)(A)
            any untrue statement of a material fact contained or alleged to be contained
            in
            any information, report, certification, data, accountants’ letter or other
            material provided under this Section 11.18 by or on behalf of the Company,
            or
            provided under this Section 11.18 by or on behalf of any Subservicer,
            Subcontractor or Third-Party Originator (collectively, the “Company
            Information”), or (B) the omission or alleged omission to state in the Company
            Information a material fact required to be stated in the Company Information
            or
            necessary in order to make the statements therein, in the light of the
            circumstances under which they were made, not misleading; provided, by
            way of
            clarification, that clause (B) of this paragraph shall be construed solely
            by
            reference to the Company Information and not to any other information
            communicated in connection with a sale or purchase of securities, without
            regard
            to whether the Company Information or any portion thereof is presented
            together
            with or separately from such other information;

          

          (ii)
            any
            breach by the Company of its obligations under this Section 11.18, including
            particularly any failure by the Company, any Subservicer, any Subcontractor
            or
            any Third-Party Originator to deliver any information, report, certification,
            accountants’ letter or other material when and as required under this Section
            11.18, including any failure by the Company to identify pursuant to Section
            11.20 any Subcontractor “participating in the servicing function” within the
            meaning of Item 1122 of Regulation AB; 

          

          (iii)
            any
            breach by the Company of a representation or warranty set forth in Section
            3.01
            or in a writing furnished pursuant to Section 3.01(q) and made as of
            a date
            prior to the closing date of the related Pass-Through Transfer, to the
            extent
            that such breach is not cured by such closing date, or any breach by
            the Company
            of a representation or warranty in a writing furnished pursuant to Section
            3.01(q) to the extent made as of a date subsequent to such closing date;
            or

          (iv)the
            negligence bad faith or willful misconduct of the Company in connection
            with its
            performance under this Section 11.18.

          

          If
            the
            indemnification provided for herein is unavailable or insufficient to
            hold
            harmless an Indemnified Party, then the Company agrees that it shall
            contribute
            to the amount paid or payable by such Indemnified Party as a result of
            any
            claims, losses, damages or liabilities incurred by such Indemnified Party
            in
            such proportion as is appropriate to reflect the relative fault of such
            Indemnified Party on the one hand and the Company on the other. 

          

          In
            the
            case of any failure of performance described above, the Company shall
            promptly
            reimburse the Purchaser, any Depositor, as applicable, and each Person
            responsible for the preparation, execution or filing of any report required
            to
            be filed with the Commission with respect to such Securitization Transaction,
            or
            for execution of a certification pursuant to Rule 13a-14(d) or Rule 15d-14(d)
            under the Exchange Act with respect to such Securitization Transaction,
            for all
            costs reasonably incurred by each such party in order to obtain the information,
            report, certification, accountants’ letter or other material not delivered as
            required by the Company, any Subservicer, any Subcontractor or any Third-Party
            Originator.

          

          This
            indemnification shall survive the termination of this Agreement or the
            termination of any party to this Agreement.

          

          All
            Mortgage Loans not sold or transferred pursuant to a Reconstitution shall
            remain
            subject to, and serviced in accordance with the terms of, this Agreement
            and the
            related Term Sheet, and with respect thereto this Agreement and the related
            Term
            Sheet shall remain in full force and effect.

          

          22. Article
            XI of the Agreement is hereby amended effective as of the date hereof
            by adding
            the following new Section 11.20:

          

          Section
            11.20. Use
            of
            Subservicers and Subcontractors.

          

          (a) The
            Company shall not hire or otherwise utilize the services of any Subservicer
            to
            fulfill any of the obligations of the Company as servicer under this
            Agreement
            or any Reconstitution Agreement unless the Company complies with the
            provisions
            of paragraph (b) of this Section. The Company shall not hire or otherwise
            utilize the services of any Subcontractor, and shall not permit any Subservicer
            to hire or otherwise utilize the services of any Subcontractor, to fulfill
            any
            of the obligations of the Company as servicer under this Agreement or
            any
            Reconstitution Agreement unless the Company complies with the provisions
            of
            paragraph (d) of this Section. 

          

          (b) The
            Company shall cause any Subservicer used by the Company (or by any Subservicer)
            for the benefit of the Purchaser and any Depositor to comply with the
            provisions
            of this Section and with Sections 3.01(p), 3.01(s), 6.04, 6.07 and 11.18
            of this
            Agreement to the same extent as if such Subservicer were the Company,
            and to
            provide the information required with respect to such Subservicer under
            Section
            3.01(r) of this Agreement. The Company shall be responsible for obtaining
            from
            each Subservicer and delivering to the Purchaser, any Master Servicer
            and any
            Depositor any Annual Statement of Compliance required to be delivered
            by such
            Subservicer under Section 6.04(a), any Assessment of Compliance and Attestation
            Report required to be delivered by such Subservicer under Section 6.07
            and any
            Annual Certification required under Section 6.04(b) as and when required
            to be
            delivered.

          

          (c) The
            Company shall promptly upon request provide to the Purchaser, any Master
            Servicer and any Depositor (or any designee of the Depositor, such as
            an
            administrator) a written description (in form and substance satisfactory
            to the
            Purchaser, any Master Servicer and such Depositor) of the role and function
            of
            each Subcontractor utilized by the Company or any Subservicer, specifying
            (i)
            the identity of each such Subcontractor, (ii) which (if any) of such
            Subcontractors are “participating in the servicing function” within the meaning
            of Item 1122 of Regulation AB, and (iii) which elements of the Servicing
            Criteria will be addressed in assessments of compliance provided by each
            Subcontractor identified pursuant to clause (ii) of this paragraph.

          

          (d) As
            a
            condition to the utilization of any Subcontractor determined to be
“participating in the servicing function” within the meaning of Item 1122 of
            Regulation AB, the Company shall cause any such Subcontractor used by
            the
            Company (or by any Subservicer) for the benefit of the Purchaser and
            any
            Depositor to comply with the provisions of Sections 6.07 and 11.18 of
            this
            Agreement to the same extent as if such Subcontractor were the Company.
            The
            Company shall be responsible for obtaining from each Subcontractor and
            delivering to the Purchaser and any Depositor any Assessment of Compliance
            and
            Attestation Report and the other certificates required to be delivered
            by such
            Subservicer and such Subcontractor under Section 6.07, in each case as
            and when
            required to be delivered.

          

          23. Article
            XI of the Agreement is hereby amended effective as of the date hereof
            by adding
            the following new Section 11.21:

          

          Section
            11.21. Third
            Party Beneficiary.

          

          For
            purposes of this Agreement, each Master Servicer shall be considered a
            third party beneficiary to this Agreement, entitled to all the rights
            and
            benefits hereof as if it were a direct party to this
            Agreement.

          

          24. The
            Agreement is hereby amended as of the date hereof by deleting Exhibit
            E in its
            entirety and replacing it with the following:

          

          EXHIBIT
            E

          

          REPORTING
            DATA FOR MONTHLY REPORT

          

          
            	
                    Standard
                      File Layout - Master Servicing

                  
	
                    Column
                      Name

                  	
                    Description

                  	
                    Decimal

                  	
                    Format
                      Comment

                  	
                    Max
                      Size

                  
	
                    SER_INVESTOR_NBR

                  	
                    A
                      value assigned by the Servicer to define a group of loans.

                  	 	
                    Text
                      up to 10 digits

                  	
                    20

                  
	
                    LOAN_NBR

                  	
                    A
                      unique identifier assigned to each loan by the investor.

                  	 	
                    Text
                      up to 10 digits

                  	
                    10

                  
	
                    SERVICER_LOAN_NBR

                  	
                    A
                      unique number assigned to a loan by the Servicer. This may
                      be different
                      than the LOAN_NBR.

                  	 	
                    Text
                      up to 10 digits

                  	
                    10

                  
	
                    BORROWER_NAME

                  	
                    The
                      borrower name as received in the file. It is not separated
                      by first and
                      last name.

                  	 	
                    Maximum
                      length of 30 (Last, First)

                  	
                    30

                  
	
                    SCHED_PAY_AMT

                  	
                    Scheduled
                      monthly principal and scheduled interest payment that a borrower
                      is
                      expected to pay, P&I constant.

                  	
                    2

                  	
                    No
                      commas(,) or dollar signs ($)

                  	
                    11

                  
	
                    NOTE_INT_RATE

                  	
                    The
                      loan interest rate as reported by the Servicer.

                  	
                    4

                  	
                    Max
                      length of 6

                  	
                    6

                  
	
                    NET_INT_RATE

                  	
                    The
                      loan gross interest rate less the service fee rate as reported
                      by the
                      Servicer.

                  	
                    4

                  	
                    Max
                      length of 6

                  	
                    6

                  
	
                    SERV_FEE_RATE

                  	
                    The
                      servicer's fee rate for a loan as reported by the
                      Servicer.

                  	
                    4

                  	
                    Max
                      length of 6

                  	
                    6

                  
	
                    SERV_FEE_AMT

                  	
                    The
                      servicer's fee amount for a loan as reported by the
                      Servicer.

                  	
                    2

                  	
                    No
                      commas(,) or dollar signs ($)

                  	
                    11

                  
	
                    NEW_PAY_AMT

                  	
                    The
                      new loan payment amount as reported by the Servicer.

                  	
                    2

                  	
                    No
                      commas(,) or dollar signs ($)

                  	
                    11

                  
	
                    NEW_LOAN_RATE

                  	
                    The
                      new loan rate as reported by the Servicer.

                  	
                    4

                  	
                    Max
                      length of 6

                  	
                    6

                  
	
                    ARM_INDEX_RATE

                  	
                    The
                      index the Servicer is using to calculate a forecasted
                      rate.

                  	
                    4

                  	
                    Max
                      length of 6

                  	
                    6

                  
	
                    ACTL_BEG_PRIN_BAL

                  	
                    The
                      borrower's actual principal balance at the beginning of the
                      processing
                      cycle.

                  	
                    2

                  	
                    No
                      commas(,) or dollar signs ($)

                  	
                    11

                  
	
                    ACTL_END_PRIN_BAL

                  	
                    The
                      borrower's actual principal balance at the end of the processing
                      cycle.

                  	
                    2

                  	
                    No
                      commas(,) or dollar signs ($)

                  	
                    11

                  
	
                    BORR_NEXT_PAY_DUE_DATE

                  	
                    The
                      date at the end of processing cycle that the borrower's next
                      payment is
                      due to the Servicer, as reported by Servicer.

                  	 	
                    MM/DD/YYYY

                  	
                    10

                  
	
                    SERV_CURT_AMT_1

                  	
                    The
                      first curtailment amount to be applied.

                  	
                    2

                  	
                    No
                      commas(,) or dollar signs ($)

                  	
                    11

                  
	
                    SERV_CURT_DATE_1

                  	
                    The
                      curtailment date associated with the first curtailment
                      amount.

                  	 	
                    MM/DD/YYYY

                  	
                    10

                  
	
                    CURT_ADJ_
                      AMT_1

                  	
                    The
                      curtailment interest on the first curtailment amount, if
                      applicable.

                  	
                    2

                  	
                    No
                      commas(,) or dollar signs ($)

                  	
                    11

                  
	
                    SERV_CURT_AMT_2

                  	
                    The
                      second curtailment amount to be applied.

                  	
                    2

                  	
                    No
                      commas(,) or dollar signs ($)

                  	
                    11

                  
	
                    SERV_CURT_DATE_2

                  	
                    The
                      curtailment date associated with the second curtailment
                      amount.

                  	 	
                    MM/DD/YYYY

                  	
                    10

                  
	
                    CURT_ADJ_
                      AMT_2

                  	
                    The
                      curtailment interest on the second curtailment amount, if
                      applicable.

                  	
                    2

                  	
                    No
                      commas(,) or dollar signs ($)

                  	
                    11

                  
	
                    SERV_CURT_AMT_3

                  	
                    The
                      third curtailment amount to be applied.

                  	
                    2

                  	
                    No
                      commas(,) or dollar signs ($)

                  	
                    11

                  
	
                    SERV_CURT_DATE_3

                  	
                    The
                      curtailment date associated with the third curtailment
                      amount.

                  	 	
                    MM/DD/YYYY

                  	
                    10

                  
	
                    CURT_ADJ_AMT_3

                  	
                    The
                           curtailment interest on the third curtailment amount,
                      if
                      applicable.

                  	
                    2

                  	
                    No
                      commas(,) or dollar signs ($)

                  	
                    11

                  
	
                    PIF_AMT

                  	
                    The
                      loan "paid in full" amount as reported by the Servicer.

                  	
                    2

                  	
                    No
                      commas(,) or dollar signs ($)

                  	
                    11

                  
	
                    PIF_DATE

                  	
                    The
                      paid in full date as reported by the Servicer.

                  	 	
                    MM/DD/YYYY

                  	
                    10

                  
	 	 	 	
                    Action
                      Code Key: 15=Bankruptcy, 30=Foreclosure, , 60=PIF, 63=Substitution,
                      65=Repurchase,70=REO

                  	
                    2

                  
	
                    ACTION_CODE

                  	
                    The
                      standard FNMA numeric code used to indicate the default/delinquent
                      status
                      of a particular loan.

                  
	
                    INT_ADJ_AMT

                  	
                    The
                      amount of the interest adjustment as reported by the
                      Servicer.

                  	
                    2

                  	
                    No
                      commas(,) or dollar signs ($)

                  	
                    11

                  
	
                    SOLDIER_SAILOR_ADJ_AMT

                  	
                    The
                      Soldier and Sailor Adjustment amount, if applicable.

                  	
                    2

                  	
                    No
                      commas(,) or dollar signs ($)

                  	
                    11

                  
	
                    NON_ADV_LOAN_AMT

                  	
                    The
                      Non Recoverable Loan Amount, if applicable.

                  	
                    2

                  	
                    No
                      commas(,) or dollar signs ($)

                  	
                    11

                  
	
                    LOAN_LOSS_AMT

                  	
                    The
                      amount the Servicer is passing as a loss, if applicable.

                  	
                    2

                  	
                    No
                      commas(,) or dollar signs ($)

                  	
                    11

                  
	
                    SCHED_BEG_PRIN_BAL

                  	
                    The
                      scheduled outstanding principal amount due at the beginning
                      of the cycle
                      date to be passed through to investors.

                  	
                    2

                  	
                    No
                      commas(,) or dollar signs ($)

                  	
                    11

                  
	
                    SCHED_END_PRIN_BAL

                  	
                    The
                      scheduled principal balance due to investors at the end of
                      a processing
                      cycle.

                  	
                    2

                  	
                    No
                      commas(,) or dollar signs ($)

                  	
                    11

                  
	
                    SCHED_PRIN_AMT

                  	
                    The
                      scheduled principal amount as reported by the Servicer for
                      the current
                      cycle -- only applicable for Scheduled/Scheduled Loans.

                  	
                    2

                  	
                    No
                      commas(,) or dollar signs ($)

                  	
                    11

                  
	
                    SCHED_NET_INT

                  	
                    The
                      scheduled gross interest amount less the service fee amount
                      for the
                      current cycle as reported by the Servicer -- only applicable
                      for
                      Scheduled/Scheduled Loans.

                  	
                    2

                  	
                    No
                      commas(,) or dollar signs ($)

                  	
                    11

                  
	
                    ACTL_PRIN_AMT

                  	
                    The
                      actual principal amount collected by the Servicer for the current
                      reporting cycle -- only applicable for Actual/Actual
                      Loans.

                  	
                    2

                  	
                    No
                      commas(,) or dollar signs ($)

                  	
                    11

                  
	
                    ACTL_NET_INT

                  	
                    The
                      actual gross interest amount less the service fee amount for
                      the current
                      reporting cycle as reported by the Servicer -- only applicable
                      for
                      Actual/Actual Loans.

                  	
                    2

                  	
                    No
                      commas(,) or dollar signs ($)

                  	
                    11

                  
	
                    PREPAY_PENALTY_
                      AMT

                  	
                    The
                      penalty amount received when a borrower prepays on his loan
                      as reported by
                      the Servicer.

                  	
                    2

                  	
                    No
                      commas(,) or dollar signs ($)

                  	
                    11

                  
	
                    PREPAY_PENALTY_
                      WAIVED

                  	
                    The
                      prepayment penalty amount for the loan waived by the
                      servicer.

                  	
                    2

                  	
                    No
                      commas(,) or dollar signs ($)

                  	
                    11

                  
	
                    MOD_DATE

                  	
                    The
                      Effective Payment Date of the Modification for the loan.

                  	 	
                    MM/DD/YYYY

                  	
                    10

                  
	
                    MOD_TYPE

                  	
                    The
                      Modification Type.

                  	 	
                    Varchar
                      - value can be alpha or numeric

                  	
                    30

                  
	
                    DELINQ_P&I_ADVANCE_AMT

                  	
                    The
                      current outstanding principal and interest advances made by
                      Servicer.

                  	
                    2

                  	
                    No
                      commas(,) or dollar signs ($)

                  	
                    11

                  

          

          

          

          25. The
            Agreement is hereby amended as of the date hereof by adding the following
            new
            Exhibit F:

          

          

          EXHIBIT
            F

          

          REPORTING
            DATA FOR DEFAULTED LOANS

          

          Standard
            File Layout - Delinquency Reporting

          

          
            	
                    Column/Header
                      Name

                  	
                    Description

                  	
                    Decimal

                  	
                    Format
                      Comment

                  
	
                    SERVICER_LOAN_NBR

                  	
                    A
                      unique number assigned to a loan by the Servicer. This may
                      be different
                      than the LOAN_NBR

                  	 	
                     

                  
	
                    LOAN_NBR

                  	
                    A
                      unique identifier assigned to each loan by the originator.

                  	 	
                     

                  
	
                    CLIENT_NBR

                  	
                    Servicer
                      Client Number

                  	 	 
	
                    SERV_INVESTOR_NBR

                  	
                    Contains
                      a unique number as assigned by an external servicer to identify
                      a group of
                      loans in their system.

                  	 	
                     

                  
	
                    BORROWER_FIRST_NAME

                  	
                    First
                      Name of the Borrower.

                  	 	 
	
                    BORROWER_LAST_NAME

                  	
                    Last
                      name of the borrower.

                  	 	 
	
                    PROP_ADDRESS

                  	
                    Street
                      Name and Number of Property

                  	 	
                     

                  
	
                    PROP_STATE

                  	
                    The
                      state where the property located.

                  	 	
                     

                  
	
                    PROP_ZIP

                  	
                    Zip
                      code where the property is located.

                  	 	
                     

                  
	
                    BORR_NEXT_PAY_DUE_DATE

                  	
                    The
                      date that the borrower's next payment is due to the servicer
                      at the end of
                      processing cycle, as reported by Servicer.

                  	 	
                    MM/DD/YYYY

                  
	
                    LOAN_TYPE

                  	
                    Loan
                      Type (i.e. FHA, VA, Conv)

                  	 	
                     

                  
	
                    BANKRUPTCY_FILED_DATE

                  	
                    The
                      date a particular bankruptcy claim was filed.

                  	 	
                    MM/DD/YYYY

                  
	
                    BANKRUPTCY_CHAPTER_CODE

                  	
                    The
                      chapter under which the bankruptcy was filed.

                  	 	
                     

                  
	
                    BANKRUPTCY_CASE_NBR

                  	
                    The
                      case number assigned by the court to the bankruptcy
                      filing.

                  	 	
                     

                  
	
                    POST_PETITION_DUE_DATE

                  	
                    The
                      payment due date once the bankruptcy has been approved by the
                      courts

                  	 	
                    MM/DD/YYYY

                  
	
                    BANKRUPTCY_DCHRG_DISM_DATE

                  	
                    The
                      Date The Loan Is Removed From Bankruptcy. Either by Dismissal,
                      Discharged
                      and/or a Motion For Relief Was Granted. 

                  	 	
                    MM/DD/YYYY

                  
	
                    LOSS_MIT_APPR_DATE

                  	
                    The
                      Date The Loss Mitigation Was Approved By The Servicer

                  	 	
                    MM/DD/YYYY

                  
	
                    LOSS_MIT_TYPE

                  	
                    The
                      Type Of Loss Mitigation Approved For A Loan Such As;

                  	 	 
	
                    LOSS_MIT_EST_COMP_DATE

                  	
                    The
                      Date The Loss Mitigation /Plan Is Scheduled To End/Close

                  	 	
                    MM/DD/YYYY

                  
	
                    LOSS_MIT_ACT_COMP_DATE

                  	
                    The
                      Date The Loss Mitigation Is Actually Completed

                  	 	
                    MM/DD/YYYY

                  
	
                    FRCLSR_APPROVED_DATE

                  	
                    The
                      date DA Admin sends a letter to the servicer with instructions
                      to begin
                      foreclosure proceedings.

                  	 	
                    MM/DD/YYYY

                  
	
                    ATTORNEY_REFERRAL_DATE

                  	
                    Date
                      File Was Referred To Attorney to Pursue Foreclosure

                  	 	
                    MM/DD/YYYY

                  
	
                    FIRST_LEGAL_DATE

                  	
                    Notice
                      of 1st legal filed by an Attorney in a Foreclosure Action

                  	 	
                    MM/DD/YYYY

                  
	
                    FRCLSR_SALE_EXPECTED_DATE

                  	
                    The
                      date by which a foreclosure sale is expected to occur.

                  	 	
                    MM/DD/YYYY

                  
	
                    FRCLSR_SALE_DATE

                  	
                    The
                      actual date of the foreclosure sale.

                  	 	
                    MM/DD/YYYY

                  
	
                    FRCLSR_SALE_AMT

                  	
                    The
                      amount a property sold for at the foreclosure sale.

                  	
                    2

                  	
                    No
                      commas(,) or dollar signs ($)

                  
	
                    EVICTION_START_DATE

                  	
                    The
                      date the servicer initiates eviction of the borrower.

                  	 	
                    MM/DD/YYYY

                  
	
                    EVICTION_COMPLETED_DATE

                  	
                    The
                      date the court revokes legal possession of the property from
                      the
                      borrower.

                  	 	
                    MM/DD/YYYY

                  
	
                    LIST_PRICE

                  	
                    The
                      price at which an REO property is marketed.

                  	
                    2

                  	
                    No
                      commas(,) or dollar signs ($)

                  
	
                    LIST_DATE

                  	
                    The
                      date an REO property is listed at a particular price.

                  	 	
                    MM/DD/YYYY

                  
	
                    OFFER_AMT

                  	
                    The
                      dollar value of an offer for an REO property.

                  	
                    2

                  	
                    No
                      commas(,) or dollar signs ($)

                  
	
                    OFFER_DATE_TIME

                  	
                    The
                      date an offer is received by DA Admin or by the Servicer.

                  	 	
                    MM/DD/YYYY

                  
	
                    REO_CLOSING_DATE

                  	
                    The
                      date the REO sale of the property is scheduled to close.

                  	 	
                    MM/DD/YYYY

                  
	
                    REO_ACTUAL_CLOSING_DATE

                  	
                    Actual
                      Date Of REO Sale

                  	 	
                    MM/DD/YYYY

                  
	
                    OCCUPANT_CODE

                  	
                    Classification
                      of how the property is occupied.

                  	 	
                     

                  
	
                    PROP_CONDITION_CODE

                  	
                    A
                      code that indicates the condition of the property.

                  	 	
                     

                  
	
                    PROP_INSPECTION_DATE

                  	
                    The
                      date a property inspection is performed.

                  	 	
                    MM/DD/YYYY

                  
	
                    APPRAISAL_DATE

                  	
                    The
                      date the appraisal was done.

                  	 	
                    MM/DD/YYYY

                  
	
                    CURR_PROP_VAL

                  	
                     The
                      current "as is" value of the property based on brokers price
                      opinion or
                      appraisal.

                  	
                    2

                  	
                     

                  
	
                    REPAIRED_PROP_VAL

                  	
                    The
                      amount the property would be worth if repairs are completed
                      pursuant to a
                      broker's price opinion or appraisal.

                  	
                    2

                  	
                     

                  
	
                    If
                      applicable:

                  	
                     

                  	 	
                     

                  
	
                    DELINQ_STATUS_CODE

                  	
                    FNMA
                      Code Describing Status of Loan

                  	 	 
	
                    DELINQ_REASON_CODE

                  	
                    The
                      circumstances which caused a borrower to stop paying on a loan.
                      Code
                      indicates the reason why the loan is in default for this
                      cycle.

                  	 	 
	
                    MI_CLAIM_FILED_DATE

                  	
                    Date
                      Mortgage Insurance Claim Was Filed With Mortgage Insurance
                      Company.

                  	 	
                    MM/DD/YYYY

                  
	
                    MI_CLAIM_AMT

                  	
                    Amount
                      of Mortgage Insurance Claim Filed

                  	 	
                    No
                      commas(,) or dollar signs ($)

                  
	
                    MI_CLAIM_PAID_DATE

                  	
                    Date
                      Mortgage Insurance Company Disbursed Claim Payment

                  	 	
                    MM/DD/YYYY

                  
	
                    MI_CLAIM_AMT_PAID

                  	
                    Amount
                      Mortgage Insurance Company Paid On Claim

                  	
                    2

                  	
                    No
                      commas(,) or dollar signs ($)

                  
	
                    POOL_CLAIM_FILED_DATE

                  	
                    Date
                      Claim Was Filed With Pool Insurance Company

                  	 	
                    MM/DD/YYYY

                  
	
                    POOL_CLAIM_AMT

                  	
                    Amount
                      of Claim Filed With Pool Insurance Company

                  	
                    2

                  	
                    No
                      commas(,) or dollar signs ($)

                  
	
                    POOL_CLAIM_PAID_DATE

                  	
                    Date
                      Claim Was Settled and The Check Was Issued By The Pool
                      Insurer

                  	 	
                    MM/DD/YYYY

                  
	
                    POOL_CLAIM_AMT_PAID

                  	
                    Amount
                      Paid On Claim By Pool Insurance Company

                  	
                    2

                  	
                    No
                      commas(,) or dollar signs ($)

                  
	
                    FHA_PART_A_CLAIM_FILED_DATE

                  	
                     Date
                      FHA Part A Claim Was Filed With HUD

                  	 	
                    MM/DD/YYYY

                  
	
                    FHA_PART_A_CLAIM_AMT

                  	
                     Amount
                      of FHA Part A Claim Filed

                  	
                    2

                  	
                    No
                      commas(,) or dollar signs ($)

                  
	
                    FHA_PART_A_CLAIM_PAID_DATE

                  	
                     Date
                      HUD Disbursed Part A Claim Payment

                  	 	
                    MM/DD/YYYY

                  
	
                    FHA_PART_A_CLAIM_PAID_AMT

                  	
                     Amount
                      HUD Paid on Part A Claim

                  	
                    2

                  	
                    No
                      commas(,) or dollar signs ($)

                  
	
                    FHA_PART_B_CLAIM_FILED_DATE

                  	
                      Date
                      FHA Part B Claim Was Filed With HUD

                  	 	
                    MM/DD/YYYY

                  
	
                    FHA_PART_B_CLAIM_AMT

                  	
                      Amount
                      of FHA Part B Claim Filed

                  	
                    2

                  	
                    No
                      commas(,) or dollar signs ($)

                  
	
                    FHA_PART_B_CLAIM_PAID_DATE

                  	
                       Date
                      HUD Disbursed Part B Claim Payment

                  	 	
                    MM/DD/YYYY

                  
	
                    FHA_PART_B_CLAIM_PAID_AMT

                  	
                     Amount
                      HUD Paid on Part B Claim

                  	
                    2

                  	
                    No
                      commas(,) or dollar signs ($)

                  
	
                    VA_CLAIM_FILED_DATE

                  	
                     Date
                      VA Claim Was Filed With the Veterans Admin

                  	 	
                    MM/DD/YYYY

                  
	
                    VA_CLAIM_PAID_DATE

                  	
                     Date
                      Veterans Admin. Disbursed VA Claim Payment

                  	 	
                    MM/DD/YYYY

                  
	
                    VA_CLAIM_PAID_AMT

                  	
                     Amount
                      Veterans Admin. Paid on VA Claim

                  	
                    2

                  	
                    No
                      commas(,) or dollar signs ($)

                  

          

           

           

           

          

          Exhibit
            2: Standard
            File Codes - Delinquency Reporting

           

          

           

          The
            Loss
            Mit Type
            field
            should show the approved Loss Mitigation Code as follows: 

           

          
            	·  	
                    ASUM-Approved
                      Assumption

                  

          

           

          
            	·  	
                    BAP-Borrower
                      Assistance Program

                  

          

           

          
            	·  	
                    CO-
                      Charge Off

                  

          

           

          
            	·  	
                    DIL-
                      Deed-in-Lieu

                  

          

           

          
            	·  	
                    FFA-
                      Formal Forbearance Agreement

                  

          

           

          
            	·  	
                    MOD-
                      Loan Modification

                  

          

           

          
            	·  	
                    PRE-
                      Pre-Sale

                  

          

           

          
            	·  	
                    SS-
                      Short Sale

                  

          

           

          
            	·  	
                    MISC-Anything
                      else approved by the PMI or Pool
                      Insurer

                  

          

           

          

           

          NOTE:
            Wells
            Fargo Bank will accept alternative Loss Mitigation Types to those above,
            provided that they are consistent with industry standards. If Loss Mitigation
            Types other than those above are used, the Servicer must supply Wells
            Fargo Bank
            with a description of each of the Loss Mitigation Types prior to sending
            the
            file.

           

          

           

          The
            Occupant
            Code
            field
            should show the current status of the property code as follows:

           

          
            	·  	
                    Mortgagor

                  

          

           

          
            	·  	
                    Tenant

                  

          

           

          
            	·  	
                    Unknown
                      

                  

          

           

          
            	·  	
                    Vacant

                  

          

           

          

           

          The
            Property
            Condition
            field
            should show the last reported condition of the property as follows:

           

          
            	·  	
                    Damaged

                  

          

           

          
            	·  	
                    Excellent

                  

          

           

          
            	·  	
                    Fair

                  

          

           

          
            	·  	
                    Gone

                  

          

           

          
            	·  	
                    Good

                  

          

           

          
            	·  	
                    Poor

                  

          

           

          
            	·  	
                    Special
                      Hazard

                  

          

           

          
            	·  	
                    Unknown

                  

          

           

          

          Exhibit
            2: Standard
            File Codes - Delinquency Reporting, Continued

           

          

           

          The
            FNMA
            Delinquent Reason Code
            field
            should show the Reason for Delinquency as follows: 

           

          

          
            	
                    Delinquency
                      Code

                  	
                    Delinquency
                      Description

                  
	
                    001

                  	
                    FNMA-Death
                      of principal mortgagor

                  
	
                    002

                  	
                    FNMA-Illness
                      of principal mortgagor

                  
	
                    003

                  	
                    FNMA-Illness
                      of mortgagor’s family member

                  
	
                    004

                  	
                    FNMA-Death
                      of mortgagor’s family member

                  
	
                    005

                  	
                    FNMA-Marital
                      difficulties

                  
	
                    006

                  	
                    FNMA-Curtailment
                      of income

                  
	
                    007

                  	
                    FNMA-Excessive
                      Obligation

                  
	
                    008

                  	
                    FNMA-Abandonment
                      of property

                  
	
                    009

                  	
                    FNMA-Distant
                      employee transfer

                  
	
                    011

                  	
                    FNMA-Property
                      problem

                  
	
                    012

                  	
                    FNMA-Inability
                      to sell property

                  
	
                    013

                  	
                    FNMA-Inability
                      to rent property

                  
	
                    014

                  	
                    FNMA-Military
                      Service

                  
	
                    015

                  	
                    FNMA-Other

                  
	
                    016

                  	
                    FNMA-Unemployment

                  
	
                    017

                  	
                    FNMA-Business
                      failure

                  
	
                    019

                  	
                    FNMA-Casualty
                      loss

                  
	
                    022

                  	
                    FNMA-Energy
                      environment costs

                  
	
                    023

                  	
                    FNMA-Servicing
                      problems

                  
	
                    026

                  	
                    FNMA-Payment
                      adjustment

                  
	
                    027

                  	
                    FNMA-Payment
                      dispute

                  
	
                    029

                  	
                    FNMA-Transfer
                      of ownership pending

                  
	
                    030

                  	
                    FNMA-Fraud

                  
	
                    031

                  	
                    FNMA-Unable
                      to contact borrower

                  
	
                    INC

                  	
                    FNMA-Incarceration

                  

          

          

          
            
              
              

            

            
              
              

              
                

              

            

            
              
              

            

          

          

          Exhibit
            2: Standard
            File Codes - Delinquency Reporting, Continued

          

           

          The
            FNMA
            Delinquent Status Code
            field
            should show the Status of Default as follows: 

           

          

          
            	
                    Status
                      Code

                  	
                    Status
                      Description

                  
	
                    09

                  	
                    Forbearance

                  
	
                    17

                  	
                    Pre-foreclosure
                      Sale Closing Plan Accepted

                  
	
                    24

                  	
                    Government
                      Seizure

                  
	
                    26

                  	
                    Refinance

                  
	
                    27

                  	
                    Assumption

                  
	
                    28

                  	
                    Modification

                  
	
                    29

                  	
                    Charge-Off

                  
	
                    30

                  	
                    Third
                      Party Sale

                  
	
                    31

                  	
                    Probate

                  
	
                    32

                  	
                    Military
                      Indulgence

                  
	
                    43

                  	
                    Foreclosure
                      Started

                  
	
                    44

                  	
                    Deed-in-Lieu
                      Started

                  
	
                    49

                  	
                    Assignment
                      Completed

                  
	
                    61

                  	
                    Second
                      Lien Considerations

                  
	
                    62

                  	
                    Veteran’s
                      Affairs-No Bid

                  
	
                    63

                  	
                    Veteran’s
                      Affairs-Refund

                  
	
                    64

                  	
                    Veteran’s
                      Affairs-Buydown

                  
	
                    65

                  	
                    Chapter
                      7 Bankruptcy

                  
	
                    66

                  	
                    Chapter
                      11 Bankruptcy

                  
	
                    67

                  	
                    Chapter
                      13 Bankruptcy

                  

          

           

          

          26. The
            Agreement is hereby amended effective as of the date hereof by adding
            the
            following new Exhibit K:

          

          EXHIBIT
            K

          

          COMPANY’S
            OBLIGATIONS IN CONNECTION 

          WITH
            A
            RECONSTITUTION

          

          • The
            Company shall (i) possess the ability to service to a securitization
            documents;
            (ii) service on a “Scheduled/Scheduled” reporting basis (advancing through the
            liquidation of an REO Property), (iii) make compensating interest payments
            on
            payoffs and curtailments and (iv) remit and report to a Master Servicer
            in
            format acceptable to such Master Servicer by the 10th calendar day of
            each
            month.

          

          • The
            Company shall provide an acceptable annual certification (officer’s certificate)
            to the Master Servicer (as required by the Sarbanes-Oxley Act of 2002)
            as well
            as any other annual certifications required under the securitization
            documents
            (i.e. the annual statement as to compliance/annual independent certified
            public
            accountants’ servicing report due by March 1 of each year).

          

          • The
            Company shall allow for the Purchaser, the Master Servicer or their designee
            to
            perform a review of audited financials and net worth of the
            Company.

          

          • The
            Company shall provide a Uniform Single Attestation Program certificate
            and
            Management Assertion as requested by the Master Servicer or the
            Purchaser.

          

          • The
            Company shall provide information on each Custodial Account as requested
            by the
            Master Servicer or the Purchaser, and each Custodial Accounts shall comply
            with
            the requirements for such accounts as set forth in the securitization
            documents.

          

          • The
            Company shall maintain its servicing system in accordance with the requirements
            of the Master Servicer.

          

          

          

          27. The
            Agreement is hereby amended effective as of the date hereof by adding
            the
            following new Exhibit L:

          

          EXHIBIT
            L

          

          FORM
            OF
            COMPANY CERTIFICATION

          

          Re: The
            [_______] agreement dated as of [________ l, 200[ ] (the “Agreement”), among
            [IDENTIFY PARTIES]

          

          I,
            ____________________________, the _______________________ of [NAME OF
            COMPANY]
            (the “Company”), certify to [the Purchaser], [the Depositor], and the [Master
            Servicer] [Securities Administrator] [Trustee], and their officers, with
            the
            knowledge and intent that they will rely upon this certification,
            that:

          

          I
            have
            reviewed the servicer compliance statement of the Company provided in
            accordance
            with Item 1123 of Regulation AB (the “Compliance Statement”), the report on
            assessment of the Company’s compliance with the servicing criteria set forth in
            Item 1122(d) of Regulation AB (the “Servicing Criteria”), provided in accordance
            with Rules 13a-18 and 15d-18 under Securities Exchange Act of 1934, as
            amended
            (the “Exchange Act”) and Item 1122 of Regulation AB (the “Servicing
            Assessment”), the registered public accounting firm’s attestation report
            provided in accordance with Rules 13a-18 and 15d-18 under the Exchange
            Act and
            Section 1122(b) of Regulation AB (the “Attestation Report”), and all servicing
            reports, officer’s certificates and other information relating to the servicing
            of the Mortgage Loans by the Company during 200[ ] that were delivered
            by the
            Company to the [Depositor] [Master Servicer] [Securities Administrator]
            [Trustee] pursuant to the Agreement (collectively, the “Company Servicing
            Information”);

          

          Based
            on
            my knowledge, the Company Servicing Information, taken as a whole, does
            not
            contain any untrue statement of a material fact or omit to state a material
            fact
            necessary to make the statements made, in the light of the circumstances
            under
            which such statements were made, not misleading with respect to the period
            of
            time covered by the Company Servicing Information;

          

          Based
            on
            my knowledge, all of the Company Servicing Information required to be
            provided
            by the Company under the Agreement has been provided to the [Depositor]
            [Master
            Servicer] [Securities Administrator] [Trustee];

          

          I
            am
            responsible for reviewing the activities performed by the Company as
            servicer
            under the Agreement, and based on my knowledge and the compliance review
            conducted in preparing the Compliance Statement and except as disclosed
            in the
            Compliance Statement, the Servicing Assessment or the Attestation Report,
            the
            Company has fulfilled its obligations under the Agreement in all material
            respects; and

          

          The
            Compliance Statement required to be delivered by the Company pursuant
            to this
            Agreement, and the Servicing Assessment and Attestation Report required
            to be
            provided by the Company and by any Subservicer and Subcontractor pursuant
            to the
            Agreement, have been provided to the [Depositor] [Master Servicer]. Any
            material
            instances of noncompliance described in such reports have been disclosed
            to the
            [Depositor] [Master Servicer]. Any material instance of noncompliance
            with the
            Servicing Criteria has been disclosed in such reports.

          

          28. The
            Agreement is hereby amended effective as of the date hereof by adding
            the
            following new Exhibit M:

          

          EXHIBIT
            M

          

          SUMMARY
            OF REGULATION AB

          SERVICING
            CRITERIA

          

          NOTE:
            This Exhibit M is provided for convenience of reference only. In the
            event of a
            conflict or inconsistency between the terms of this Exhibit M and the
            text of
            Regulation AB, the text of Regulation AB, its adopting release and other
            public
            statements of the SEC shall control. 

          

          Item
            1122(d)

           

          
            	(a)  	
                    General
                      servicing considerations.

                  

          

           

          (1)  Policies
            and procedures are instituted to monitor any performance or other triggers
            and
            events of default in accordance with the transaction agreements.

           

          (2)  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.

           

          (3)  Any
            requirements in the transaction agreements to maintain a back-up servicer
            for
            the mortgage loans are maintained.

           

          (4)  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.

           

          
            	(b)  	
                    Cash
                      collection and administration.

                  

          

           

          (1)  Payments
            on mortgage loans are deposited into the appropriate custodial bank accounts
            and
            related bank clearing accounts no more than two business days following
            receipt,
            or such other number of days specified in the transaction
            agreements.

           

          (2)  Disbursements
            made via wire transfer on behalf of an obligor or
            to an
            investor are made only by authorized personnel.

           

          (3)  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.

           

          (4)  The
            related accounts for the transaction, such as cash reserve accounts or
            accounts
            established as a form of overcollateralization, are separately maintained
            (e.g.,
            with respect to commingling of cash) as set forth in the transaction
            agreements.

           

          (5)  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.

           

          (6)  Unissued
            checks are safeguarded so as to prevent unauthorized access.

           

          (7)  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.

           

          
            	(c)  	
                    Investor
                      remittances and reporting.

                  

          

           

          (1)  Reports
            to investors, including those to be filed with the Commission, are maintained
            in
            accordance with the transaction agreements and applicable Commission
            requirements. Specifically, such reports (A) are prepared in accordance
            with
            timeframes and other terms set forth in the transaction agreements; (B)
            provide
            information calculated in accordance with the terms specified in the
            transaction
            agreements; (C) are filed with the Commission as required by its rules
            and
            regulations; and (D) agree with investors’ or the trustee’s records as to the
            total unpaid principal balance and number of mortgage loans serviced
            by the
            Servicer.

           

          (2)  Amounts
            due to investors are allocated and remitted in accordance with timeframes,
            distribution priority and other terms set forth in the transaction
            agreements.

           

          (3)  Disbursements
            made to an investor are posted within two business days to the Servicer’s
            investor records, or such other number of days specified in the transaction
            agreements.

           

          (4)  Amounts
            remitted to investors per the investor reports agree with cancelled checks,
            or
            other form of payment, or custodial bank statements.

           

          
            	(d)  	
                    Mortgage
                      Loan administration.

                  

          

           

          (1)  Collateral
            or security on mortgage loans is maintained as required by the transaction
            agreements or related mortgage loan documents.

           

          (2)  Mortgage
            loan and related documents are safeguarded as required by the transaction
            agreements.

           

          (3)  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.

           

          (4)  Payments
            on mortgage loans, including any payoffs, made in accordance with the
            related
            mortgage loan documents are posted to the Servicer’s obligor records maintained
            no more than two business days after receipt, or such other number of
            days
            specified in the transaction agreements, and allocated to principal,
            interest or
            other items (e.g., escrow) in accordance with the related mortgage loan
            documents.

           

          (5)  The
            Servicer’s records regarding the mortgage loans agree with the Servicer’s
            records with respect to an obligor’s unpaid principal balance.

           

          (6)  Changes
            with respect to the terms or status of an obligor’s mortgage loans (e.g., loan
            modifications or re-agings) are made, reviewed and approved by authorized
            personnel in accordance with the transaction agreements and related mortgage
            loan documents.

           

          (7)  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.

           

          (8)  Records
            documenting collection efforts are maintained during the period a mortgage
            loan
            is delinquent in accordance with the transaction agreements. Such records
            are
            maintained on at least a monthly basis, or such other period specified
            in the
            transaction agreements, and describe the entity’s activities in monitoring
            delinquent mortgage loans including, for example, phone calls, letters
            and
            payment rescheduling plans in cases where delinquency is deemed temporary
            (e.g.,
            illness or unemployment).

           

          (9)  Adjustments
            to interest rates or rates of return for mortgage loans with variable
            rates are
            computed based on the related mortgage loan documents.

           

          (10)  Regarding
            any funds held in trust for an obligor (such as escrow accounts): (A)
            such funds
            are analyzed, in accordance with the obligor’s mortgage loan documents, on at
            least an annual basis, or such other period specified in the transaction
            agreements; (B) interest on such funds is paid, or credited, to obligors
            in
            accordance with applicable mortgage loan documents and state laws; and
            (C) such
            funds are returned to the obligor within 30 calendar days of full repayment
            of
            the related mortgage loans, or such other number of days specified in
            the
            transaction agreements.

           

          (11)  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.

           

          (12)  Any
            late
            payment penalties in connection with any payment to be made on behalf
            of an
            obligor are paid from the Servicer’s funds and not charged to the obligor,
            unless the late payment was due to the obligor’s error or omission.

           

          (13)  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.

           

          (14)  Delinquencies,
            charge-offs and uncollectable accounts are recognized and recorded in
            accordance
            with the transaction agreements.

           

          (15)  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.

          

          29. The
            Agreement is hereby amended effective as of the date hereof by adding
            the
            following new Exhibit N:

           

          EXHIBIT
            N

          

          SUMMARY
            OF APPLICABLE REGULATION AB REQUIREMENTS

          

          NOTE:
            This Exhibit N is provided for convenience of reference only. In the
            event of a
            conflict or inconsistency between the terms of this Exhibit N and the
            text of
            Regulation AB, the text of Regulation AB, its adopting release and other
            public
            statements of the SEC shall control. 

           

          Item
            1105(a)(1)-(3) and (c)

          

          -Provide
            static pool information with respect to mortgage loans that were originated
            or
            purchased by the Company and which are of the same type as the Mortgage
            Loans.

           

          -Provide
            static pool information regarding delinquencies, cumulative losses and
            prepayments for prior securitized pools of the Company.

           

          -If
            the
            Company has less than 3 years experience securitizing assets of the same
            type as
            the Mortgage Loans, provide the static pool information by vintage origination
            years regarding loans originated or purchased by the Company, instead
            of by
            prior securitized pool. A vintage origination year represents mortgage
            loans
            originated during the same year.

           

          -Such
            static pool information shall be for the prior five years, or for so
            long as the
            Company has been originating or purchasing (in the case of data by vintage
            origination year) or securitizing (in the case of data by prior securitized
            pools) such mortgage loans if for less than five years.

           

          -The
            static pool information for each vintage origination year or prior securitized
            pool, as applicable, shall be presented in monthly increments over the
            life of
            the mortgage loans included in the vintage origination year or prior
            securitized
            pool.

           

          -Provide
            summary information for the original characteristics of the prior securitized
            pools or vintage origination years, as applicable and material, including:
            number of pool assets, original pool balance, weighted average initial
            loan
            balance, weighted average mortgage rate, weighted average and minimum
            and
            maximum FICO, product type, loan purpose, weighted average and minimum
            and
            maximum LTV, distribution of loans by mortgage rate, and geographic
            concentrations of 5% or more.

           

          

          Item
            1108(b) and (c)

          

          Provide
            the following information with respect to each servicer that will service,
            including interim service, 20% or more of the mortgage loans in any loan
            group
            in the securitization issued in the Pass-Through Transfer: 

           

          -a
            description of the Company’s form of organization;

           

          -a
            description of how long the Company has been servicing residential mortgage
            loans; a general discussion of the Company’s experience in servicing assets of
            any type as well as a more detailed discussion of the Company’s experience in,
            and procedures for the servicing function it will perform under this
            Agreement
            and any Reconstitution Agreements; information regarding the size, composition
            and growth of the Company’s portfolio of mortgage loans of the type similar to
            the Mortgage Loans and information on factors related to the Company
            that may be
            material to any analysis of the servicing of the Mortgage Loans or the
            related
            asset-backed securities, as applicable, including whether any default
            or
            servicing related performance trigger has occurred as to any other
            securitization due to any act or failure to act of the Company, whether
            any
            material noncompliance with applicable servicing criteria as to any other
            securitization has been disclosed or reported by the Company, and the
            extent of
            outsourcing the Company uses;

           

          -a
            description of any material changes to the Company’s policies or procedures in
            the servicing function it will perform under this Agreement and any
            Reconstitution Agreements for mortgage loans of the type similar to the
            Mortgage
            Loans during the past three years;

           

          -information
            regarding the Company’s financial condition to the extent that there is a
            material risk that the effect on one or more aspects of servicing resulting
            from
            such financial condition could have a material impact on the performance
            of the
            securities issued in the Pass-Through Transfer, or on servicing of mortgage
            loans of the same asset type as the Mortgage Loans;

           

          -any
            special or unique factors involved in servicing loans of the same type
            as the
            Mortgage Loans, and the Company’s processes and procedures designed to address
            such factors;

           

          -statistical
            information regarding principal and interest advances made by the Company
            on the
            Mortgage Loans and the Company’s overall servicing portfolio for the past three
            years; and

           

          -the
            Company’s process for handling delinquencies, losses, bankruptcies and
            recoveries, such as through liquidation of REO Properties, foreclosure,
            sale of
            the Mortgage Loans or workouts.

           

          Item
            1110(a)

          

          -Identify
            any originator or group of affiliated originators that originated, or
            is
            expected to originate, 10% or more of the mortgage loans in any loan
            group in
            the securitization issued in the Pass-Through Transfer.

           

          

          Item
            1110(b)

          

          Provide
            the following information with respect to any originator or group of
            affiliated
            originators that originated, or is expected to originate, 20% or more
            of the
            mortgage loans in any loan group in the securitization issued in the
            Pass-Through Transfer:

           

          -the
            Company’s form of organization; and

           

          -a
            description of the Company’s origination program and how long the Company has
            been engaged in originating residential mortgage loans, which description
            must
            include a discussion of the Company’s experience in originating mortgage loans
            of the same type as the Mortgage Loans and information regarding the
            size and
            composition of the Company’s origination portfolio as well as information that
            may be material to an analysis of the performance of the Mortgage Loans,
            such as
            the Company’s credit-granting or underwriting criteria for mortgage loans of the
            same type as the Mortgage Loans.

           

          

          Item
            1117

          

          -describe
            any legal proceedings pending against the Company or against any of its
            property, including any proceedings known to be contemplated by governmental
            authorities, that may be material to the holders of the securities issued
            in the
            Pass-Through Transfer.

           

          

          Item
            1119(a)

          

          -describe
            any affiliations of the Company, each other originator of the Mortgage
            Loans and
            each Subservicer with the sponsor, depositor, issuing entity, trustee,
            any
            originator, any other servicer, any significant obligor, enhancement
            or support
            provider or any other material parties related to the Pass-Through
            Transfer.

           

          

          Item
            1119(b)

          

          -describe
            any business relationship, agreement, arrangement, transaction or understanding
            entered into outside of the ordinary course of business or on terms other
            than
            those obtained in an arm’s length transaction with an unrelated third party,
            apart from the Pass-Through Transfer, between the Company, each other
            originator
            of the Mortgage Loans and each Subservicer, or their respective affiliates,
            and
            the sponsor, depositor or issuing entity or their respective affiliates,
            that
            exists currently or has existed during the past two years, that may be
            material
            to the understanding of an investor in the securities issued in the Pass-Through
            Transfer.

           

          Item
            1119(c)

          

          -describe
            any business relationship, agreement, arrangement, transaction or understanding
            involving or relating to the Mortgage Loans or the Pass-Through Transfer,
            including the material terms and approximate dollar amount involved,
            between the
            Company, each other originator of the Mortgage Loans and each Subservicer,
            or
            their respective affiliates and the sponsor, depositor or issuing entity
            or
            their respective affiliates, that exists currently or has existed during
            the
            past two years.

           

          30. The
            Agreement is hereby amended effective as of the date hereof by adding
            the
            following new Exhibit O:

          

          EXHIBIT
            O

          

          SERVICING
            CRITERIA TO BE ADDRESSED IN ASSESSMENT OF COMPLIANCE

          

          The
            assessment of compliance to be delivered by [the Company] [Name of Subservicer]
            shall address, at a minimum, the criteria identified as below as “Applicable
            Servicing Criteria”:

          

          
            	
                    Servicing
                      Criteria 

                  	
                    Applicable
                      Servicing Criteria

                  
	
                    Reference

                  	
                    Criteria

                  	
                     

                  
	
                     

                  	
                    General
                      Servicing Considerations

                  	
                     

                  
	
                    1122(d)(1)(i)

                  	
                    Policies
                      and procedures are instituted to monitor any performance or
                      other triggers
                      and events of default in accordance with the transaction
                      agreements.

                  	 
	
                    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.

                  	 
	
                    1122(d)(1)(iii)

                  	
                    Any
                      requirements in the transaction agreements to maintain a back-up
                      servicer
                      for the mortgage loans are maintained.

                  	 
	
                    1122(d)(1)(iv)

                  	
                    A
                      fidelity bond and errors and omissions policy is in effect
                      on the party
                      participating in the servicing function throughout the reporting
                      period in
                      the amount of coverage required by and otherwise in accordance
                      with the
                      terms of the transaction agreements.

                  	 
	
                     

                  	
                    Cash
                      Collection and Administration

                  	 
	
                    1122(d)(2)(i)

                  	
                    Payments
                      on mortgage loans are deposited into the appropriate custodial
                      bank
                      accounts and related bank clearing accounts no more than two
                      business days
                      following receipt, or such other number of days specified in
                      the
                      transaction agreements.

                  	 
	
                    1122(d)(2)(ii)

                  	
                    Disbursements
                      made via wire transfer on behalf of an obligor or to an investor
                      are made
                      only by authorized personnel.

                  	 
	
                    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.

                  	 
	
                    1122(d)(2)(iv)

                  	
                    The
                      related accounts for the transaction, such as cash reserve
                      accounts or
                      accounts established as a form of overcollateralization, are
                      separately
                      maintained (e.g., with respect to commingling of cash) as set
                      forth in the
                      transaction agreements.

                  	 
	
                    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.

                  	 
	
                    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.

                  	 
	
                     

                  	
                    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 mortgage loans serviced by the
                      Servicer.

                  	 
	
                    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.

                  	 
	
                    1122(d)(3)(iii)

                  	
                    Disbursements
                      made to an investor are posted within two business days to
                      the Servicer’s
                      investor records, or such other number of days specified in
                      the
                      transaction agreements.

                  	 
	
                    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.

                  	 
	
                     

                  	
                    Pool
                      Asset Administration

                  	 
	
                    1122(d)(4)(i)

                  	
                    Collateral
                      or security on mortgage loans is maintained as required by
                      the transaction
                      agreements or related mortgage loan documents.

                  	 
	
                    1122(d)(4)(ii)

                  	
                    Mortgage
                      loan and related documents are safeguarded as required by the
                      transaction
                      agreements

                  	 
	
                    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.

                  	 
	
                    1122(d)(4)(iv)

                  	
                    Payments
                      on mortgage loans, including any payoffs, made in accordance
                      with the
                      related mortgage loan documents are posted to the Servicer’s obligor
                      records maintained no more than two business days after receipt,
                      or such
                      other number of days specified in the transaction agreements,
                      and
                      allocated to principal, interest or other items (e.g., escrow)
                      in
                      accordance with the related mortgage loan documents.

                  	 
	
                    1122(d)(4)(v)

                  	
                    The
                      Servicer’s records regarding the mortgage loans agree with the Servicer’s
                      records with respect to an obligor’s unpaid principal
                      balance.

                  	 
	
                    1122(d)(4)(vi)

                  	
                    Changes
                      with respect to the terms or status of an obligor's mortgage
                      loans (e.g.,
                      loan modifications or re-agings) are made, reviewed and approved
                      by
                      authorized personnel in accordance with the transaction agreements
                      and
                      related pool asset documents.

                  	 
	
                    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.

                  	 
	
                    1122(d)(4)(viii)

                  	
                    Records
                      documenting collection efforts are maintained during the period
                      a mortgage
                      loan is delinquent in accordance with the transaction agreements.
                      Such
                      records are maintained on at least a monthly basis, or such
                      other period
                      specified in the transaction agreements, and describe the entity’s
                      activities in monitoring delinquent mortgage loans including,
                      for example,
                      phone calls, letters and payment rescheduling plans in cases
                      where
                      delinquency is deemed temporary (e.g., illness or
                      unemployment).

                  	 
	
                    1122(d)(4)(ix)

                  	
                    Adjustments
                      to interest rates or rates of return for mortgage loans with
                      variable
                      rates are computed based on the related mortgage loan
                      documents.

                  	 
	
                    1122(d)(4)(x)

                  	
                    Regarding
                      any funds held in trust for an obligor (such as escrow accounts):
                      (A) such
                      funds are analyzed, in accordance with the obligor’s mortgage loan
                      documents, on at least an annual basis, or such other period
                      specified in
                      the transaction agreements; (B) interest on such funds is paid,
                      or
                      credited, to obligors in accordance with applicable mortgage
                      loan
                      documents and state laws; and (C) such funds are returned to
                      the obligor
                      within 30 calendar days of full repayment of the related mortgage
                      loans,
                      or such other number of days specified in the transaction
                      agreements.

                  	 
	
                    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.

                  	 
	
                    1122(d)(4)(xii)

                  	
                    Any
                      late payment penalties in connection with any payment to be
                      made on behalf
                      of an obligor are paid from the servicer’s funds and not charged to the
                      obligor, unless the late payment was due to the obligor’s error or
                      omission.

                  	 
	
                    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.

                  	 
	
                    1122(d)(4)(xiv)

                  	
                    Delinquencies,
                      charge-offs and uncollectible accounts are recognized and recorded
                      in
                      accordance with the transaction agreements.

                  	 
	
                    1122(d)(4)(xv)

                  	
                    Any
                      external enhancement or other support, identified in Item 1114(a)(1)
                      through (3) or Item 1115 of Regulation AB, is maintained as
                      set forth in
                      the transaction agreements.

                  	 
	
                     

                  	
                     

                  	
                     

                  

          

          

           

          [NAME
            OF
            COMPANY] [NAME OF SUBSERVICER]

           

          Date: _________________________

          

           

          By: _________________________

          Name:
            

          Title:
            

           

          

          31. The
            Agreement is hereby amended as of the date hereof by adding the following
            new
            Exhibit P:

          

          EXHIBIT
            P

          

          REPORTING
            DATA FOR REALIZED LOSSES AND GAINS

          

          Calculation
            of Realized Loss/Gain Form 332- Instruction Sheet

          

          NOTE:
            Do not net or combine items. Show all expenses individually and all credits
            as
            separate line items. Claim packages are due on the remittance report
            date. Late
            submissions may result in claims not being passed until the following
            month. The
            Servicer is responsible to remit all funds pending loss approval and
            /or
            resolution of any disputed items. 

          1.  

           

          2.  The
            numbers on the 332 form correspond with the numbers listed below.

           

          Liquidation
            and Acquisition Expenses:

           

          1.           
            The
            Actual Unpaid Principal Balance of the Mortgage Loan. For documentation,
            an
            Amortization Schedule from date of default through liquidation breaking
            out the
            net interest and servicing fees advanced is required.

           

           

          

           

          2.            
            The
            Total
            Interest Due less the aggregate amount of servicing fee that would have
            been
            earned if all delinquent payments had been made as agreed. For documentation,
            an
            Amortization Schedule from date of default through liquidation breaking
            out the
            net interest and servicing fees advanced is required.

           

          3.            
            Accrued
            Servicing Fees based upon the Scheduled Principal Balance of the Mortgage
            Loan
            as calculated on a monthly basis. For documentation, an Amortization
            Schedule
            from date of default through liquidation breaking out the net interest
            and
            servicing fees advanced is required.

           

          4-12.      
            Complete
            as applicable. Required documentation:

           

          *
            For
            taxes and insurance advances - see page 2 of 332 form - breakdown required
            showing period

           

          of
            coverage, base tax, interest, penalty. Advances prior to default require
            evidence of servicer efforts to recover advances.

           

          *
            For
            escrow advances - complete payment history 

           

          (to
            calculate advances from last positive escrow balance forward)

           

          *
            Other
            expenses -  copies of corporate advance history showing all payments

           

          *
            REO
            repairs > $1500 require explanation

           

          *
            REO
            repairs >$3000 require evidence of at least 2 bids.

           

          *
            Short
            Sale or Charge Off require P&L supporting the decision and WFB’s approved
            Officer Certificate 

           

          *
            Unusual
            or extraordinary items may require further documentation. 

           

          13.  The
            total
            of lines 1 through 12.

           

          3.  Credits:
            

           

          14-21.     
            Complete
            as applicable. Required documentation:

           

          *
            Copy of
            the HUD 1 from the REO sale. If a 3rd
            Party
            Sale, bid instructions and Escrow Agent / Attorney

           

          Letter
            of
            Proceeds Breakdown.

           

          *
            Copy of
            EOB for any MI or gov't guarantee 

           

          *
            All
            other credits need to be clearly defined on the 332
            form      
     

           

           

          
            	 	
                    22.

                  	
                    The
                      total of lines 14 through 21.

                  

          

           

           

          
            	 	 	 

          

           

           

          Please
            Note: For
            HUD/VA loans, use line (18a) for Part A/Initial proceeds and line (18b)
            for Part
            B/Supplemental proceeds.

           

           

          

           

           

          Total
            Realized Loss (or Amount of Any Gain)

           

          23. The
            total
            derived from subtracting line 22 from 13. If the amount represents a
            realized
            gain, show
            the
            amount in parenthesis ( ). 

          

          Calculation
            of Realized Loss/Gain Form 332

          

           

          Prepared
            by: __________________   Date:
            _______________

          Phone:
            ______________________ Email Address:_____________________

           

          
            	
                    Servicer
                      Loan No.

                  	 	
                    Servicer
                      Name

                  	 	
                    Servicer
                      Address 

                     

                  

          

           

          WELLS
            FARGO BANK, N.A. Loan No._____________________________

           

          Borrower's
            Name: _________________________________________________________

          Property
            Address: _________________________________________________________

           

          Liquidation
            Type: REO Sale  
            3rd
            Party Sale  
Short
            Sale 
Charge
            Off 

           

          Was
            this loan granted a Bankruptcy deficiency or cramdown  Yes                            
            No

          If
“Yes”,
            provide deficiency or cramdown amount
            ________________________________________

           

          Liquidation
            and Acquisition Expenses:

          

            
              	
                      (1)

                    	
                      Actual
                        Unpaid Principal Balance of Mortgage Loan

                    	
                      $
                        ______________

                    	
                      (1)

                    
	
                      (2)

                    	
                      Interest
                        accrued at Net Rate

                    	
                      ________________

                    	
                      (2)

                    
	
                      (3)

                    	
                      Accrued
                        Servicing Fees

                    	
                      ________________

                    	
                      (3)

                    
	
                      (4)

                    	
                      Attorney's
                        Fees

                    	
                      ________________

                    	
                      (4)

                    
	
                      (5)

                    	
                      Taxes
                        (see page 2)

                    	
                      ________________

                    	
                      (5)

                    
	
                      (6)

                    	
                      Property
                        Maintenance

                    	
                      ________________

                    	
                      (6)

                    
	
                      (7)

                    	
                      MI/Hazard
                        Insurance Premiums (see page 2)

                    	
                      ________________

                    	
                      (7)

                    
	
                      (8)

                    	
                      Utility
                        Expenses

                    	
                      ________________

                    	
                      (8)

                    
	
                      (9)

                    	
                      Appraisal/BPO

                    	
                      ________________

                    	
                      (9)

                    
	
                      (10)

                    	
                      Property
                        Inspections

                    	
                      ________________

                    	
                      (10)

                    
	
                      (11)

                    	
                      FC
                        Costs/Other Legal Expenses

                    	
                      ________________

                    	
                      (11)

                    
	
                      (12)

                    	
                      Other
                        (itemize)

                    	
                      $________________

                    	
                      (12)

                    
	
                      Cash
                        for Keys__________________________

                    	 	
                      ________________

                    	 
	
                      HOA/Condo
                        Fees_______________________

                    	 	
                      ________________

                    	 
	
                      ______________________________________

                    	 	
                      ________________

                    	 
	
                      ______________________________________

                    	 	
                      ________________

                    	 
	
                      Total
                        Expenses

                    	 	
                      $
                        _______________

                    	
                      (13)

                    
	
                      Credits:

                    	 	 	 
	
                      (14)

                    	
                      Escrow
                        Balance

                    	
                      $
                        _______________

                    	
                      (14)

                    
	
                      (15)

                    	
                      HIP
                        Refund

                    	
                      ________________

                    	
                      (15)

                    
	
                      (16)

                    	
                      Rental
                        Receipts

                    	
                      ________________

                    	
                      (16)

                    
	
                      (17)

                    	
                      Hazard
                        Loss Proceeds

                    	
                      ________________

                    	
                      (17)

                    
	
                      (18)

                    	
                      Primary
                        Mortgage Insurance / Gov’t Insurance

                    	
                      ________________

                    	
                      (18a)

                    
	 	
                      HUD
                        Part A

                    	 	 
	 	
                      HUD
                        Part B

                    	
                      ________________

                    	
                      (18b)

                    
	
                      (19)

                    	
                      Pool
                        Insurance Proceeds

                    	
                      ________________

                    	
                      (19)

                    
	
                      (20)

                    	
                      Proceeds
                        from Sale of Acquired Property

                    	
                      ________________

                    	
                      (20)

                    
	
                      (21)

                    	
                      Other
                        (itemize)

                    	
                      ________________

                    	
                      (21)

                    
	
                      _________________________________________

                    	 	
                      _________________

                    	 
	
                      _________________________________________

                    	
                       

                    	
                      _________________

                    	 
	
                      Total
                        Credits

                    	
                       $________________

                    	
                       

                    	
                      (22)

                    
	
                      Total
                        Realized Loss (or Amount of Gain)

                    	
                       $________________

                    	
                       

                    	
                      (23)

                    

          

          

          Escrow
            Disbursement Detail

          

          

          
            	
                    Type

                    (Tax
                      /Ins.)

                  	
                    Date
                      Paid

                  	
                    Period
                      of Coverage

                  	
                    Total
                      Paid

                  	
                    Base
                      Amount

                  	
                    Penalties

                  	
                    Interest

                  
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 

          

          

          32. Except
            as
            amended above, the Agreement shall continue to be in full force and effect
            in
            accordance with its terms.

          

          33. This
            Amendment may be executed by one or more of the parties hereto on any
            number of
            separate counterparts and of said counterparts taken together shall be
            deemed to
            constitute one and the same instrument.

          

          [SIGNATURE
            PAGES FOLLOW]

          
 

          
            
              
              

            

            
              
              

              
                

              

            

            
              
              

            

          

          
 

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

           

          EMC
            MORTGAGE CORPORATION,

          as
            Purchaser

           

          By: _______________________________

          Name:
            

          Title:
            

           

          SAVANNAH
            BANK, NA

          dba
            HARBOURSIDE MORTGAGE CORPORATION,

          as
            Company

           

          By: _______________________________

          Name:
            

          Title:  

           

        

      

       

      
 

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      

       

      EXHIBIT
        R-6

      

      NATIONAL
        CITY SERVICING
        AGREEMENT

      

       

      
         

        

        

        EMC
          MORTGAGE CORPORATION

        Purchaser,
          

         

        
 

        NATIONAL
          CITY MORTGAGE COMPANY

        Company,

         

        
 

        PURCHASE,
          WARRANTIES AND SERVICING AGREEMENT

         

        Dated
          as
          of October 1, 2001

        

        

        

        (Fixed
          and Adjustable Rate Mortgage Loans)

         

        
 

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

        

        This
          is a
          Purchase, Warranties and Servicing Agreement, dated as of October 1, 2001
          and is
          executed between EMC MORTGAGE CORPORATION, as Purchaser (the "Purchaser"),
          and
          NATIONAL CITY MORTGAGE COMPANY (the "Company").

        

        
          W I T N ES S E T H
            :

        

        

        WHEREAS,
          the Purchaser has heretofore agreed to purchase from the Company and the
          Company
          has heretofore agreed to sell to the Purchaser, from time to time, certain
          Mortgage Loans on a servicing retained basis, pursuant to the terms of
          this
          Agreement and the related Term Sheet.

        

        WHEREAS,
          each of the Mortgage Loans is secured by a mortgage, deed of trust or other
          security instrument creating a first lien on a residential dwelling located
          in
          the jurisdiction indicated on the Mortgage Loan Schedule, which is annexed
          to
          the related Term Sheet; and

        

        WHEREAS,
          the Purchaser and the Company wish to prescribe the representations and
          warranties of the Company with respect to itself and the Mortgage Loans
          and the
          management, servicing and control of the Mortgage Loans;

        

        NOW,
          THEREFORE, in consideration of the mutual agreements hereinafter set forth,
          and
          for other good and valuable consideration, the receipt and adequacy of
          which is
          hereby acknowledged, the Purchaser and the Company agree as
          follows:

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

        

        ARTICLE
          I

        

        DEFINITIONS

        

        Section
          1.01 Defined
          Terms.

        

        Whenever
          used in this Agreement, the following words and phrases, unless the context
          otherwise requires, shall have the following meaning specified in this
          Article:

        

        Accepted
          Servicing Practices:
          With
          respect to any Mortgage Loan, those mortgage servicing practices (including
          collection procedures) of prudent mortgage banking institutions which service
          mortgage loans of the same type as such Mortgage Loan in the jurisdiction
          where
          the related Mortgaged Property is located, and which are in accordance
          with
          Fannie Mae servicing practices and procedures, for MBS pool mortgages,
          as
          defined in the Fannie Mae Guides including future updates. 

        

        Adjustment
          Date:
          As to
          each adjustable rate Mortgage Loan, the date on which the Mortgage Interest
          Rate
          is adjusted in accordance with the terms of the related Mortgage
          Note.

        

        Agreement:
          This
          Purchase, Warranties and Servicing Agreement including all exhibits hereto,
          amendments hereof and supplements hereto.

        

        Appraised
          Value:
          With
          respect to any Mortgaged Property, 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 requirements
          of the
          Company and Fannie Mae. 

        

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

         

        BIF:
          The
          Bank Insurance Fund, or any successor thereto.

        

        Business
          Day:
          Any day
          other than: (i) a Saturday or Sunday, or (ii) a legal holiday in the State
          of
          New York or Ohio, or (iii) a day on which banks in the State of New York
          or Ohio
          are authorized or obligated by law or executive order to be closed.

        

        Closing
          Date:
          With
          respect to any Mortgage Loan, the date stated on the related Term Sheet,
          which
          are expected to be the dates set forth in the related Confirmation.

        

        Code:  The
          Internal Revenue Code of 1986, or any successor statute thereto.

        

        Company: National
          City Mortgage Company, their successors in interest and assigns, as permitted
          by
          this Agreement.

        

        Company's
          Officer's Certificate:
          A
          certificate signed by the Chairman of the Board, President, any Vice President
          or Treasurer of Company stating the date by which Company expects to receive
          any
          missing documents sent for recording from the applicable recording
          office.

        

        Condemnation
          Proceeds:
          All
          awards or settlements in respect of a Mortgaged Property, whether permanent
          or
          temporary, partial or entire, by exercise of the power of eminent domain
          or
          condemnation, to the extent not required to be released to a Mortgagor
          in
          accordance with the terms of the related Mortgage Loan Documents.

        

        Confirmation:
          The
          Trade
          Confirmation Letter between the Purchaser and the Company which relates
          to the
          Mortgage Loans.

        

        Co-op
          Lease:
          With
          respect to a Co-op Loan, the lease with respect to a dwelling unit occupied
          by
          the Mortgagor and relating to the stock allocated to the related dwelling
          unit.

        

        Co-op
          Loan:
          A
          Mortgage Loan secured by the pledge of stock allocated to a dwelling unit
          in a
          residential cooperative housing corporation and a collateral assignment
          of the
          related Co-op Lease.

        

        Current
          Appraised Value: With
          respect to any Mortgaged Property, the value thereof as determined by an
          appraisal made for the Company (by an appraiser who met the requirements
          of the
          Company and Fannie Mae) at the request of a Mortgagor for the purpose of
          canceling a Primary Mortgage Insurance Policy in accordance with federal,
          state
          and local laws and regulations or otherwise made at the request of the
          Company
          or Mortgagor.

        

        Current
          LTV: The
          ratio
          of the Stated Principal Balance of a Mortgage Loan to the Current Appraised
          Value of the Mortgaged Property.

        

        Custodial
          Account:
          Each
          separate demand account or accounts created and maintained pursuant to
          Section
          4.04 which shall be entitled "National City Mortgage Company, in trust
          for the
          [Purchaser], Owner of Mortgage Loans" and shall be established in an Eligible
          Account, in the name of the Person that is the "Purchaser" with respect
          to the
          related Mortgage Loans.

         

        Custodian:
          With
          respect to any Mortgage Loan, the entity stated on the related Term Sheet,
          and
          its successors and assigns, as custodian for the Purchaser.

        

        Cut-off
          Date:
          With
          respect to any Mortgage Loan, the date stated on the related Term Sheet.
          

        

        Determination
          Date:
          The
          15th day (or if such 15th day is not a Business Day, the Business Day
          immediately preceding such 15th day) of the month of the related Remittance
          Date.

        

        Due
          Date:
          The day
          of the month on which the Monthly Payment is due on a Mortgage Loan, exclusive
          of any days of grace, which is the first day of the month.

        

        Due
          Period:
          With
          respect to any Remittance Date, the period commencing on the second day
          of the
          month preceding the month of such Remittance Date and ending on the first
          day of
          the month of the Remittance Date.

        

        Eligible
          Account:
          An
          account established and maintained: (i) within FDIC insured accounts created,
          maintained and monitored by the Company so that all funds deposited therein
          are
          fully insured, or (ii) as
          a trust
          account with the corporate trust department of a depository institution
          or trust
          company organized under the laws of the United States of America or any
          one of
          the states thereof or the District of Columbia which is not affiliated
          with the
          Company (or any sub-servicer) or (iii) with an entity which is an institution
          whose
          deposits are insured by the FDIC, the unsecured and uncollateralized long-term
          debt obligations of which shall be rated “A2” or higher by Moody’s and “A” or
          higher by either Standard & Poor’s or Fitch, Inc. or
          one of
          the two highest short-term ratings by any applicable Rating Agency, and
          which is
          either (a) a federal savings association duly organized, validly existing
          and in
          good standing under the federal banking laws, (b) an institution duly organized,
          validly existing and in good standing under the applicable banking laws
          of any
          state, (c) a national banking association under the federal banking laws,
          or (d)
          a principal subsidiary of a bank holding company,
          or (iv)
          if ownership of the Mortgage Loans is evidenced by mortgaged-backed securities,
          the equivalent required ratings of each Rating Agency, and held such that
          the
          rights of the Purchaser and the owner of the Mortgage Loans shall be fully
          protected against the claims of any creditors of the Company (or any
          sub-servicer) and of any creditors or depositors of the institution in
          which
          such account is maintained or (v) in a separate non-trust account without
          FDIC
          or other insurance in an Eligible Institution. In the event that a Custodial
          Account is established pursuant to clause (iii), (iv) or (v) of the preceding
          sentence, the Company shall provide the Purchaser with written notice on
          the
          Business Day following the date on which the applicable institution fails
          to
          meet the applicable ratings requirements.

        

        Eligible
          Institution:
          National City Bank Ohio, or an institution having (i) the highest short-term
          debt rating, and one of the two highest long-term debt ratings of each
          Rating
          Agency; or (ii) with respect to any Custodial Account, an unsecured long-term
          debt rating of at least one of the two highest unsecured long-term debt
          ratings
          of each Rating Agency.

        

        Equity
          Take-Out Refinanced Mortgage Loan:
          A
          Refinanced Mortgage Loan the proceeds of which were in excess of the outstanding
          principal balance of the existing mortgage loan as defined in the Fannie
          Mae
          Guide(s). 

        

        Escrow
          Account:
          Each
          separate trust account or accounts created and maintained pursuant to Section
          4.06 which shall be entitled " National City Mortgage Company, in trust
          for the
          [Purchaser], Owner of Mortgage Loans, and various Mortgagors" and shall
          be
          established in an Eligible Account, in the name of the Person that is the
          "Purchaser" with respect to the related Mortgage Loans.

        

        Escrow
          Payments:
          With
          respect to any Mortgage Loan, the amounts constituting ground rents, taxes,
          assessments, water rates, sewer rents, municipal charges, mortgage insurance
          premiums, fire and hazard insurance premiums, condominium charges, and
          any other
          payments required to be escrowed by the Mortgagor with the mortgagee pursuant
          to
          the Mortgage or any other document.

        

        Event
          of Default:
          Any one
          of the conditions or circumstances enumerated in Section 9.01.

        

        Fannie
          Mae: The
          Federal National Mortgage Association, or any successor thereto.

        

        Fannie
          Mae Guide(s):
          The
          Fannie Mae Selling Guide and the Fannie Mae Servicing Guide and all amendments
          or additions thereto.

        

        FDIC:
          The
          Federal Deposit Insurance Corporation, or any successor thereto.

        

        FHLMC:
          The
          Federal Home Loan Mortgage Corporation, or any successor thereto.

        

        FHLMC
          Guide:
          The
          FHLMC Single Family Seller/Servicer Guide and all amendments or additions
          thereto.

        

        Fidelity
          Bond:
          A
          fidelity bond to be maintained by the Company pursuant to Section
          4.12.

        

        FIRREA:
          The
          Financial Institutions Reform, Recovery, and Enforcement Act of
          1989.

        

        GAAP:
          Generally accepted accounting principles, consistently applied.

        

        HUD:
          The
          United States Department of Housing and Urban Development or any
          successor.

        

        Index:
          With
          respect to any adjustable rate Mortgage Loan, the index identified on the
          Mortgage Loan Schedule and set forth in the related Mortgage Note for the
          purpose of calculating the interest rate thereon.

        

        Initial
          Rate Cap: As
          to
          each adjustable rate Mortgage Loan, where applicable, the maximum increase
          or
          decrease in the Mortgage Interest Rate on the first Adjustment
          Date.

        

        Insurance
          Proceeds:
          With
          respect to each Mortgage Loan, proceeds of insurance policies insuring
          the
          Mortgage Loan or the related Mortgaged Property.

        

        Lender
          Primary Mortgage Insurance Policy: Any
          Primary Mortgage Insurance Policy for which premiums are paid by the
          Company.

        

        Lender
          Paid Mortgage Insurance Rate:
          The
          Lender Paid Mortgage Insurance Rate shall be a rate per annum equal to
          the
          percentage shown on the Mortgage Loan Schedule.

        

        Lifetime
          Rate Cap:
          As to
          each Mortgage Loan, the maximum Mortgage Interest Rate over the term of
          such
          Mortgage Loan. 

        

        Liquidation
          Proceeds:
          Cash
          received in connection with the liquidation of a defaulted Mortgage Loan,
          whether through the sale or assignment of such Mortgage Loan, trustee's
          sale,
          foreclosure sale or otherwise.

        

        Loan-to-Value
          Ratio or LTV:
          With
          respect to any Mortgage Loan, the ratio of the original outstanding principal
          amount of the Mortgage Loan, to (i) the Appraised Value of the Mortgaged
          Property as of the Origination Date with respect to a Refinanced Mortgage
          Loan,
          and (ii) the lesser of the Appraised Value of the Mortgaged Property as
          of the
          Origination Date or the purchase price of the Mortgaged Property with respect
          to
          all other Mortgage Loans.

        

        Margin:
          With
          respect to each adjustable rate Mortgage Loan, the fixed percentage amount
          set
          forth in each related Mortgage Note which is added to the Index in order
          to
          determine the related Mortgage Interest Rate, as set forth in the Mortgage
          Loan
          Schedule.

        

        Monthly
          Advance:
          The
          aggregate of the advances made by the Company on any Remittance Date pursuant
          to
          Section 5.03.

        

        Monthly
          Payment:
          The
          scheduled monthly payment of principal and interest on a Mortgage Loan
          which is
          payable by a Mortgagor under the related Mortgage Note.

        

        Mortgage:
          The
          mortgage, deed of trust or other instrument securing a Mortgage Note which
          creates a first lien on an unsubordinated estate in fee simple in real
          property
          securing the Mortgage Note.

        

        Mortgage
          File:
          The
          mortgage documents pertaining to a particular Mortgage Loan which are specified
          in Exhibit A hereto and any additional documents required to be added to
          the
          Mortgage File pursuant to this Agreement.

        

        Mortgage
          Impairment Insurance Policy:
          A
          mortgage impairment or blanket hazard insurance policy as required by Section
          4.11.

        

        Mortgage
          Interest Rate:
          The
          annual rate at which interest accrues on any Mortgage Loan, which may be
          adjusted from time to time for an adjustable rate Mortgage Loan, in accordance
          with the provisions of the related Mortgage Note.

        

        Mortgage
          Loan:
          An
          individual mortgage loan which is the subject of this Agreement, each Mortgage
          Loan originally sold and subject to this Agreement being identified on
          the
          Mortgage Loan Schedule attached to the related Term Sheet, which Mortgage
          Loan
          includes without limitation the Mortgage File, the Monthly Payments, Principal
          Prepayments, Liquidation Proceeds, Condemnation Proceeds, Insurance Proceeds,
          REO Disposition Proceeds, and all other rights, benefits, proceeds and
          obligations arising from or in connection with such Mortgage Loan, excluding
          replaced or repurchased mortgage loans.

        

        Mortgage
          Loan Documents:
          The
          documents listed in
          Exhibit A.

        

        Mortgage
          Loan Remittance Rate:
          With
          respect to each Mortgage Loan, the annual rate of interest remitted to
          the
          Purchaser, which shall be equal to the Mortgage Interest Rate minus the
          Servicing Fee Rate minus the Lender Paid Mortgage Insurance Rate, if
          any.

        

        Mortgage
          Loan Schedule:
          The
          schedule of Mortgage Loans annexed to the related Term Sheet, such schedule
          setting forth the following information with respect to each Mortgage Loan
          in
          the related Mortgage Loan Package:

        

        (1) the
          Company's Mortgage Loan identifying number;

        

        (2) the
          Mortgagor's first and last name;

        

        (3)
           the
          street address of the Mortgaged Property including the city, state and
          zip
          code;

        

        (4) a
          code
          indicating whether the Mortgaged Property is owner-occupied, a second home
          or an
          investor property;

        

        (5) the
          type
          of residential property constituting the Mortgaged Property;

        

        
          	(6)  	
                  the
                    original months to maturity of the Mortgage
                    Loan;

                

        

        

        (7)  the
          remaining months to maturity from the related Cut-off Date, based on the
          original amortization schedule and, if different, the maturity expressed
          in the
          same manner but based on the actual amortization schedule;

        

        (8) the
          Sales
          Price, if applicable, Appraised Value and Loan-to-Value Ratio, at
          origination;

        

        (9) the
          Mortgage Interest Rate as of origination and as of the related Cut-off
          Date;
          with respect to each adjustable rate Mortgage Loan, the initial Adjustment
          Date,
          the next Adjustment Date immediately following the related Cut-off Date,
          the
          Index, the Margin, the Initial Rate Cap, if any, Periodic Rate Cap, if
          any,
          minimum Mortgage Interest Rate under the terms of the Mortgage Note and
          the
          Lifetime Rate Cap;

        

        (10) the
          Origination Date of the Mortgage Loan;

        

        (11) the
          stated maturity date;

        

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

        

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

        

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

        

        (15) the
          scheduled Stated Principal Balance of the Mortgage Loan as of the close
          of
          business on the related Cut-off Date, after deduction of payments of principal
          due on or before the related Cut-off Date whether or not collected;

        

        (16)
           a
          code
          indicating the purpose of the Mortgage Loan (i.e., purchase, rate and term
          refinance, equity take-out refinance); 

        

        (17)
           a
          code
          indicating the documentation style (i.e. full, alternative, etc.); 

        

        (18) the
          number of times during the twelve (12) month period preceding the related
          Closing Date that any Monthly Payment has been received after the month
          of its
          scheduled due date;

        

        (19) the
          date
          on which the first payment is or was due; 

        

        
          	(20)  	
                  a
                    code indicating whether or not the Mortgage Loan is the subject
                    of a
                    Primary Mortgage Insurance Policy and
                    the name of the related insurance carrier;
                    

                

        

        

        
          	(21)  	
                  a
                    code indicating whether or not the Mortgage Loan is the subject
                    of a
                    Lender Primary Mortgage Insurance Policy and
                    the name of the related insurance carrier;

                

        

        

        
          	(22)  	
                  a
                    code indicating whether or not the Mortgage Loan is currently
                    convertible
                    and the conversion spread;

                

        

        

        
          	(23)  	
                  the
                    last Due Date on which a Monthly Payment was actually applied
                    to the
                    unpaid principal balance of the Mortgage
                    Loan.

                

        

        

        
          	(24)  	
                  product
                    type (i.e. fixed, 3/1, 5/1, etc.);

                

        

        

        
          	(25)  	
                  credit
                    score and/or mortgage score, if
                    applicable;

                

        

        

        
          	(26)  	
                  the
                    Lender Paid Mortgage Insurance
                    Rate;

                

        

        

        
          	(27)  	
                  a
                    code indicating whether or not the Mortgage Loan has a prepayment
                    penalty
                    and if so, the amount and term thereof;
                    and

                

        

        

        (28) 
          the
          Current Appraised Value of the Mortgage Loan and Current LTV, if
          applicable.

        

        With
          respect to the Mortgage Loans in the aggregate, the Mortgage Loan Schedule
          attached to the related Term Sheet shall set forth the following information,
          as
          of the related Cut-off Date:

        

        (1) the
          number of Mortgage Loans;

        

        (2) the
          current aggregate outstanding principal balance of the Mortgage
          Loans;

        

        (3) the
          weighted average Mortgage Interest Rate of the Mortgage Loans; 

        

        (4) the
          weighted average maturity of the Mortgage Loans; and

        

        (5)
           the
          weighted average months to next Adjustment Date;

         

        Mortgage
          Note:
          The
          note or other evidence of the indebtedness of a Mortgagor secured by a
          Mortgage.

        

        Mortgaged
          Property:
          The
          underlying real property securing repayment of a Mortgage Note, consisting
          of a
          single parcel of real estate considered to be real estate under the laws
          of the
          state in which such real property is located which may include condominium
          units
          and planned unit developments, improved by a residential dwelling; except
          that
          with respect to real property located in jurisdictions in which the use
          of
          leasehold estates for residential properties is a widely-accepted practice,
          a
          leasehold estate of the Mortgage, the term of which is equal to or longer
          than
          the term of the Mortgage. 

        

        Mortgagor:
          The
          obligor on a Mortgage Note. 

        

        OCC:
          Office
          of the Comptroller of the Currency, its successors and assigns.

        

        Officers'
          Certificate:
          A
          certificate signed by the Chairman of the Board, the Vice Chairman of the
          Board,
          the President, a Senior Vice President or a Vice President or by the Treasurer
          or the Secretary or one of the Assistant Treasurers or Assistant Secretaries
          of
          the Company, and delivered to the Purchaser as required by this
          Agreement.

        

        Opinion
          of Counsel:
          A
          written opinion of counsel, who may be an employee of the party on behalf
          of
          whom the opinion is being given, reasonably acceptable to the
          Purchaser.

        

        Origination
          Date:
          The
          date on which a Mortgage Loan funded, which date shall not, in connection
          with a
          Refinanced Mortgage Loan, be the date of the funding of the debt being
          refinanced, but rather the closing of the debt currently outstanding under
          the
          terms of the Mortgage Loan Documents. 

        

        Periodic
          Rate Cap:
          As to
          each adjustable rate Mortgage Loan, the maximum increase or decrease in
          the
          Mortgage Interest Rate on any Adjustment Date, as set forth in the related
          Mortgage Note and the related Mortgage Loan Schedule.

        

        Permitted
          Investments:
          Any one
          or more of the following obligations or securities:

        

        (i) direct
          obligations of, and obligations fully guaranteed by the United States of
          America
          or any agency or instrumentality of the United States of America the obligations
          of which are backed by the full faith and credit of the United States of
          America; 

        

        
          	 	
                  (ii)
                    (a) demand or time deposits, federal funds or bankers' acceptances
                    issued
                    by any depository institu-tion or trust company incorporated
                    under the
                    laws of the United States of America or any state thereof and
                    subject to
                    supervision and examination by federal and/or state banking authorities,
                    provided that the commercial paper and/or the short-term deposit
                    rating
                    and/or the long-term unsecured debt obligations or deposits of
                    such
                    depository institution or trust company at the time of such investment
                    or
                    contractual commitment providing for such investment are rated
                    in one of
                    the two highest rating categories by each Rating Agency and (b)
                    any other
                    demand or time deposit or certificate of deposit that is fully
                    insured by
                    the FDIC;

                

        

        

        
          	 	
                  (iii)
                    repurchase obligations with a term not to exceed thirty (30)
                    days and with
                    respect to (a) any security described in clause (i) above and
                    entered into
                    with a depository institution or trust company (acting as principal)
                    described in clause (ii)(a) above;

                

        

        

        
          	 	
                  (iv)
                    securities bearing interest or sold at a discount issued by any
                    corporation incorporated under the laws of the United States
                    of America or
                    any state thereof that are rated in one of the two highest rating
                    categories by each Rating Agency at the time of such in-vestment
                    or
                    contractual commitment providing for such investment; provided,
                    however,
                    that securities issued by any particular corporation will not
                    be Permitted
                    Investments to the extent that investments therein will cause
                    the then
                    outstanding principal amount of secur-ities issued by such corporation
                    and
                    held as Permitted Investments to exceed 10% of the aggregate
                    outstand-ing
                    principal balances of all of the Mortgage Loans and Permitted
                    Investments;

                

        

        

        
          	 	
                  (v)
                    commercial paper (including both non-interest-bearing discount
                    obligations
                    and interest-bearing obliga-tions payable on demand or on a specified
                    date
                    not more than one year after the date of issuance there-of) which
                    are
                    rated in one of the two highest rating categories by each Rating
                    Agency at
                    the time of such investment;

                

        

        

        
          	 	
                  (vi)
                    any other demand, money market or time deposit, obligation, security
                    or
                    investment as may be acceptable to each Rating Agency as evidenced
                    in
                    writing by each Rating Agency; and

                

        

        

        
          	 	
                  (vii)
                    any money market funds the collateral of which consists of obligations
                    fully guaranteed by the United States of America or any agency
                    or
                    instru-ment-al-ity of the United States of America the obligations
                    of
                    which are backed by the full faith and credit of the United States
                    of
                    America (which may include repurchase obligations secured by
                    collateral
                    described in clause (i)) and other securities and which money
                    market funds
                    are rated in one of the two highest rating categories by each
                    Rating
                    Agency. 

                

        

        

        provided,
          however,
          that no
          instrument or security shall be a Permitted Investment if such instrument
          or
          security evidences a right to receive only interest payments with respect
          to the
          ob-li-ga-tions underlying such instrument or if such security provides
          for
          payment of both principal and interest with a yield to matur-ity in excess
          of
          120% of the yield to maturity at par or if such investment or security
          is
          purchased at a price greater than par.

        

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

        

        Prepayment
          Interest Shortfall:
          With
          respect to any Remittance Date, for each Mortgage Loan that was the subject
          of a
          Principal Prepayment during the related Prepayment Period, an amount equal
          to
          the excess of one month’s interest at the applicable Mortgage Loan Remittance
          Rate on the amount of such Principal Prepayment over the amount of interest
          (adjusted to the Mortgage Loan Remittance Rate) actually paid by the related
          Mortgagor with respect to such Prepayment Period.

        

        Prepayment
          Period: With
          respect to any Remittance Date, the calendar month preceding the month
          in which
          such Remittance Date occurs.

        

        Primary
          Mortgage Insurance Policy:
          Each
          primary policy of mortgage insurance represented to be in effect pursuant
          to
          Section 3.02(hh), or any replacement policy therefor obtained by the Company
          pursuant to Section 4.08.

        

        Prime
          Rate:
          The
          prime rate announced to be in effect from time to time as published as
          the
          average rate in the Wall Street Journal (Northeast Edition).

        

        Principal
          Prepayment:
          Any
          payment or other recovery of principal on a Mortgage Loan full or partial
          which
          is received in advance of its scheduled Due Date, including any prepayment
          penalty or premium thereon and which is not accompanied by an amount of
          interest
          representing scheduled interest due on any date or dates in any month or
          months
          subsequent to the month of prepayment. 

         

        Purchase
          Price:
          As
          defined in Section 2.02.

        

        Purchaser:
          EMC
          Mortgage Corporation, its successors in interest and assigns.

        

        Qualified
          Appraiser:
          An
          appraiser, duly appointed by the Company, who had no interest, direct or
          indirect in the Mortgaged Property or in any loan made on the security
          thereof,
          and whose compensation is not affected by the approval or disapproval of
          the
          Mortgage Loan, and such appraiser and the appraisal made by such appraiser
          both
          satisfy the requirements of Title XI of FIRREA and the regulations promulgated
          thereunder and the requirements of Fannie Mae, all as in effect on the
          date the
          Mortgage Loan was originated.

        

        Qualified
          Insurer:
          An
          insurance company duly qualified as such under the laws of the states in
          which
          the Mortgaged Properties are located, duly authorized and licensed in such
          states to transact the applicable insurance business and to write the insurance
          provided, approved as an insurer by Fannie Mae or FHLMC. 

        

        Rating
          Agency:
          Moody’s
          Investors Service, Standard & Poor's, Fitch, Inc. or, in the event that some
          or all of the ownership of the Mortgage Loans is evidenced by mortgage-backed
          securities, the nationally recognized rating agencies issuing ratings with
          respect to such securities, if any.

         

        Refinanced
          Mortgage Loan:
          A
          Mortgage Loan which was made to a Mortgagor who owned the Mortgaged Property
          prior to the origination of such Mortgage Loan and the proceeds of which
          were
          used in whole or part to satisfy an existing mortgage.

        

        REMIC:
          A "real
          estate mortgage investment conduit," as such term is defined in Section
          860D of
          the Code.

        

        REMIC
          Provisions:
          The
          provisions of the federal income tax law relating to REMICs, which appear
          at
          Sections 860A through 860G of the Code, and the related provisions and
          regulations promulgated thereunder, as the foregoing may be in effect from
          time
          to time.

        

        Remittance
          Date:
          The
          18th day of any month, beginning with the First Remittance Date, or if
          such 18th
          day is not a Business Day, the first Business Day immediately preceding
          such
          18th day.

        

        REO
          Disposition:
          The
          final sale by the Company of any REO Property.

        

        REO
          Disposition Proceeds:
          Amounts
          received by the Company in connection with a related REO
          Disposition.

        

        REO
          Property:
          A
          Mortgaged Property acquired by the Company on behalf of the Purchaser as
          described in Section 4.13.

        

        Repurchase
          Price:
          With
          respect to any Mortgage Loan, a price equal to (i) the
          product of the greater of 100% or the percentage of par as stated in the
          Confirmation multiplied by the Stated Principal Balance
          of such Mortgage Loan on the repurchase date,
          plus
          (ii) interest on such outstanding principal balance at the Mortgage Loan
          Remittance Rate from the last date through which interest has been paid
          and
          distributed to the Purchaser to the end of the month of repurchase, plus,
          (iii)
          third party expenses incurred in connection with the transfer of the Mortgage
          Loan being repurchased; less amounts received or advanced in respect of
          such
          repurchased Mortgage Loan which are being held in the Custodial Account
          for
          distribution in the month of repurchase. 

        

        Servicing
          Advances:
          All
          customary, reasonable and necessary "out of pocket" costs and expenses
          (including reasonable attorneys' fees and disbursements) incurred in the
          performance by the Company of its servicing obligations, including, but
          not
          limited to, the cost of (a) the preservation, restoration and protection
          of the
          Mortgaged Property, (b) any enforcement, administrative or judicial proceedings,
          or any legal work or advice specifically related to servicing the Mortgage
          Loans, including but not limited to, foreclosures, bankruptcies, condemnations,
          drug seizures, elections, foreclosures by subordinate or superior lienholders,
          and other legal actions incidental to the servicing of the Mortgage Loans
          (provided that such expenses are reasonable and that the Company specifies
          the
          Mortgage Loan(s) to which such expenses relate and, upon Purchaser’s request,
          provides documentation supporting such expense (which documentation would
          be
          acceptable to Fannie Mae), and provided further that any such enforcement,
          administrative or judicial proceeding does not arise out of a breach of
          any
          representation, warranty or covenant of the Company hereunder), (c) the
          management and liquidation of the Mortgaged Property if the Mortgaged Property
          is acquired in full or partial satisfaction of the Mortgage, (d) taxes,
          assessments, water rates, sewer rates and other charges which are or may
          become
          a lien upon the Mortgaged Property, and Primary Mortgage Insurance Policy
          premiums and fire and hazard insurance coverage, (e) any expenses reasonably
          sustained by the Company with respect to the liquidation of the Mortgaged
          Property in accordance with the terms of this Agreement and (f) compliance
          with
          the obligations under Section 4.08.

        

        Servicing
          Fee:
          With
          respect to each Mortgage Loan, the amount of the annual fee the Purchaser
          shall
          pay to the Company, which shall, for a period of one full month, be equal
          to
          one-twelfth of the product of (a) the Servicing Fee Rate and (b) the outstanding
          principal balance of such Mortgage Loan. Such fee shall be payable monthly,
          computed on the basis of the same principal amount and period respecting
          which
          any related interest payment on a Mortgage Loan is computed. The obligation
          of
          the Purchaser to pay the Servicing Fee is limited to, and the Servicing
          Fee is
          payable solely from, the interest portion of such Monthly Payment collected
          by
          the Company, or as otherwise provided under Section 4.05 and in accordance
          with
          the Fannie Mae Guide(s). Any fee payable to the Company for administrative
          services related to any REO Property as described in Section 4.13 shall
          be
          payable from Liquidation Proceeds of the related REO Property.

        

        Servicing
          Fee Rate:
          As set
          forth in the related Term Sheet.

        

        Servicing
          File:
          With
          respect to each Mortgage Loan, the file retained by the Company consisting
          of
          originals of all documents in the Mortgage File which are not delivered
          to the
          Purchaser and copies of the Mortgage Loan Documents listed in Exhibit A,
          the
          originals of which are delivered to the Purchaser or its designee pursuant
          to
          Section 2.04.

        

        Servicing
          Officer:
          Any
          officer of the Company involved in, or responsible for, the administration
          and
          servicing of the Mortgage Loans whose name appears on a list of servicing
          officers furnished by the Company to the Purchaser upon request, as such
          list
          may from time to time be amended.

        

        Stated
          Principal Balance:
          As to
          each Mortgage Loan as of any date of determination, (i) the principal balance
          of
          such Mortgage Loan at the Cut-off Date after giving effect to payments
          of
          principal due on or before such date, whether or not received, minus (ii)
          all
          amounts previously distributed to the Purchaser with respect to the Mortgage
          Loan representing payments or recoveries of principal or advances in lieu
          thereof.

        

        Subservicer:
          Any
          subservicer which is subservicing the Mortgage Loans pursuant to a Subservicing
          Agreement. Any subservicer shall meet the qualifications set forth in Section
          4.01.

        

        Subservicing
          Agreement:
          An
          agreement between the Company and a Subservicer, if any, for the servicing
          of
          the Mortgage Loans.

        

        Term
          Sheet:
          A
          supplemental agreement in the form attached hereto as Exhibit I which shall
          be
          executed and delivered by the Company and the Purchaser to provide for
          the sale
          and servicing pursuant to the terms of this Agreement of the Mortgage Loans
          listed on Schedule I attached thereto, which supplemental agreement shall
          contain certain specific information relating to such sale of such Mortgage
          Loans and may contain additional covenants relating to such sale of such
          Mortgage Loans.

        

        

        ARTICLE
          II

        

        SERVICING
          OF MORTGAGE LOANS;

        RECORD
          TITLE AND POSSESSION OF MORTGAGE FILES;

        BOOKS
          AND RECORDS; CUSTODIAL AGREEMENT;

        DELIVERY
          OF MORTGAGE LOAN DOCUMENTS

        

        Section
          2.01 Agreement
          to Purchase.

        

        The
          Company agrees to sell and the Purchaser agrees to purchase the Mortgage
          Loans
          having an aggregate Stated Principal Balance on the related Cut-off Date
          set
          forth in the related Term Sheet in an amount as set forth in the Confirmation,
          or in such other amount as agreed by the Purchaser and the Company as evidenced
          by the actual aggregate Stated Principal Balance of the Mortgage Loans
          accepted
          by the Purchaser on the related Closing Date, with servicing retained by
          the
          Company. The Company shall deliver the related Mortgage Loan Schedule attached
          to the related Term Sheet for the Mortgage Loans to be purchased on the
          related
          Closing Date to the Purchaser at least two (2) Business Days prior to the
          related Closing Date. The Mortgage Loans shall be sold pursuant to this
          Agreement, and the related Term Sheet shall be executed and delivered on
          the
          related Closing Date.

        

        Section
          2.02 Purchase
          Price.

        

        The
          Purchase Price for each Mortgage Loan shall be the percentage of par as
          stated
          in the Confirmation (subject to adjustment as provided therein), multiplied
          by
          the Stated Principal Balance, as of the related Cut-off Date, of the Mortgage
          Loan listed on the related Mortgage Loan Schedule attached to the related
          Term
          Sheet, after application of scheduled payments of principal due on or before
          the
          related Cut-off Date whether or not collected. 

        

        In
          addition to the Purchase Price as described above, the Purchaser shall
          pay to
          the Company, at closing, accrued interest on the Stated Principal Balance
          of
          each Mortgage Loan as of the related Cut-off Date at the Mortgage Loan
          Remittance Rate of each Mortgage Loan from the related Cut-off Date through
          the
          day prior to the related Closing Date, inclusive.

        

        The
          Purchase Price plus accrued interest as set forth in the preceding paragraph
          shall be paid on the related Closing Date by wire transfer of immediately
          available funds.

        

        Purchaser
          shall be entitled to (1) all scheduled principal due after the related
          Cut-off
          Date, (2) all other recoveries of principal collected on or after the related
          Cut-off Date (provided, however, that all scheduled payments of principal
          due on
          or before the related Cut-off Date and collected by the Company or any
          successor
          servicer after the related Cut-off Date shall belong to the Company), and
          (3)
          all payments of interest on the Mortgage Loans net of applicable Servicing
          Fees
          (minus that portion of any such payment which is allocable to the period
          prior
          to the related Cut-off Date). The outstanding principal balance of each
          Mortgage
          Loan as of the related Cut-off Date is determined after application of
          payments
          of principal due on or before the related Cut-off Date whether or not collected,
          together with any unscheduled principal prepayments collected prior to
          the
          related Cut-off Date; provided, however, that payments of scheduled principal
          and interest prepaid for a Due Date beyond the related Cut-off Date shall
          not be
          applied to the principal balance as of the related Cut-off Date. Such prepaid
          amounts shall be the property of the Purchaser. The Company shall deposit
          any
          such prepaid amounts into the Custodial Account, which account is established
          for the benefit of the Purchaser for subsequent remittance by the Company
          to the
          Purchaser.

        

        Section
          2.03 Servicing
          of Mortgage Loans.

        

        Simultaneously
          with the execution and delivery of each Term Sheet, the Company does hereby
          agree to directly service the Mortgage Loans listed on the related Mortgage
          Loan
          Schedule attached to the related Term Sheet subject to the terms of this
          Agreement and the related Term Sheet. The rights of the Purchaser to receive
          payments with respect to the related Mortgage Loans shall be as set forth
          in
          this Agreement.

        

        Section
          2.04 Record
          Title and Possession of Mortgage Files; Maintenance of Servicing
          Files.

        

        As
          of the
          related Closing Date, the Company sold, transferred, assigned, set over
          and
          conveyed to the Purchaser, without recourse, and the Company hereby acknowledges
          that the Purchaser has, but subject to the terms of this Agreement and
          the
          related Term Sheet, all the right, title and interest of the Company in
          and to
          the Mortgage Loans. Company will deliver the Mortgage Files to the Custodian
          designated by Purchaser, on or before the related Closing Date, at the
          expense
          of the Company. The Company shall maintain a Servicing File consisting
          of a copy
          of the contents of each Mortgage File and the originals of the documents
          in each
          Mortgage File not delivered to the Purchaser. The Servicing File shall
          contain
          all documents necessary to service the Mortgage Loans. The possession of
          each
          Servicing File by the Company is at the will of the Purchaser, for the
          sole
          purpose of servicing the related Mortgage Loan, and such retention and
          possession by the Company is in a custodial capacity only. From the related
          Closing Date, the ownership of each Mortgage Loan, including the Mortgage
          Note,
          the Mortgage, the contents of the related Mortgage File and all rights,
          benefits, proceeds and obligations arising therefrom or in connection therewith,
          has been vested in the Purchaser. All rights arising out of the Mortgage
          Loans
          including, but not limited to, all funds received on or in connection with
          the
          Mortgage Loans and all records or documents with respect to the Mortgage
          Loans
          prepared by or which come into the possession of the Company shall be received
          and held by the Company in trust for the benefit of the Purchaser as the
          owner
          of the Mortgage Loans. Any portion of the Mortgage Files retained by the
          Company
          shall be appropriately identified in the Company's computer system to clearly
          reflect the ownership of the Mortgage Loans by the Purchaser. The Company
          shall
          release its custody of the contents of the Mortgage Files only in accordance
          with written instructions of the Purchaser, except when such release is
          required
          as incidental to the Company's servicing of the Mortgage Loans or is in
          connection with a repurchase of any Mortgage Loan or Loans with respect
          thereto
          pursuant to this Agreement and the related Term Sheet, such written instructions
          shall not be required.

        

        Section
          2.05  Books
          and Records.

        

        The
          sale
          of each Mortgage Loan has been reflected on the Company's balance sheet
          and
          other financial statements as a sale of assets by the Company. The Company
          shall
          be responsible for maintaining, and shall maintain, a complete set of books
          and
          records for the Mortgage Loans that shall be appropriately identified in
          the
          Company's computer system to clearly reflect the ownership of the Mortgage
          Loan
          by the Purchaser. In particular, the Company shall maintain in its possession,
          available for inspection by the Purchaser, or its designee and shall deliver
          to
          the Purchaser upon demand, evidence of compliance with all federal, state
          and
          local laws, rules and regulations, and requirements of Fannie Mae or FHLMC,
          as
          applicable, including but not limited to documentation as to the method
          used in
          determining the applicability of the provisions of the Flood Disaster Protection
          Act of 1973, as amended, to the Mortgaged Property, documentation evidencing
          insurance coverage of any condominium project as required by Fannie Mae
          or
          FHLMC, and periodic inspection reports as required by Section 4.13. To
          the
          extent that original documents are not required for purposes of realization
          of
          Liquidation Proceeds or Insurance Proceeds, documents maintained by the
          Company
          may be in the form of microfilm or microfiche.

        

        The
          Company shall maintain with respect to each Mortgage Loan and shall make
          available for inspection by any Purchaser or its designee the related Servicing
          File during the time the Purchaser retains ownership of a Mortgage Loan
          and
          thereafter in accordance with applicable laws and regulations.

        

        In
          addition to the foregoing, Company shall provide to any supervisory agents
          or
          examiners that regulate Purchaser, including but not limited to, the FDIC
          and
          other similar entities, access, during normal business hours, upon reasonable
          advance notice to Company and without charge to Company or such supervisory
          agents or examiners, to any documentation regarding the Mortgage Loans
          that may
          be required by any applicable regulator.

        

        Section
          2.06. Transfer
          of Mortgage Loans.

        

        The
          Company shall keep at its servicing office books and records in which,
          subject
          to such reasonable regulations as it may prescribe, the Company shall note
          transfers of Mortgage Loans. No transfer of a Mortgage Loan may be made
          unless
          such transfer is in compliance with the terms hereof. For the purposes
          of this
          Agreement, the Company shall be under no obligation to deal with any person
          with
          respect to this Agreement or any Mortgage Loan unless a notice of the transfer
          of such Mortgage Loan has been delivered to the Company in accordance with
          this
          Section 2.06 and the books and records of the Company show such person
          as the
          owner of the Mortgage Loan. The Purchaser may, subject to the terms of
          this
          Agreement, sell and transfer one or more of the Mortgage Loans, provided,
          however, that the transferee will not be deemed to be a Purchaser hereunder
          binding upon the Company unless such transferee shall agree in writing
          to be
          bound by the terms of this Agreement and an original counterpart of the
          instrument of transfer in an Assignment and Assumption of this Agreement
          substantially in the form of Exhibit D hereto executed by the transferee
          shall
          have been delivered to the Company. The Purchaser also shall advise the
          Company
          of the transfer. Upon receipt of notice of the transfer, the Company shall
          mark
          its books and records to reflect the ownership of the Mortgage Loans of
          such
          assignee, and the previous Purchaser shall be released from its obligations
          hereunder with respect to the Mortgage Loans sold or transferred.

        

        Section
          2.07 Delivery
          of Mortgage Loan Documents.

        

        The
          Company shall deliver and release to the Purchaser or its designee the
          Mortgage
          Loan Documents in accordance with the terms of this Agreement and the related
          Term Sheet. The documents enumerated as items (1), (2), (3), (4), (5),
          (6), (7),
          (8), (9) and (16) in Exhibit A hereto shall be delivered by the Company
          to the
          Purchaser or its designee no later than three (3) Business Days prior to
          the
          related Closing Date pursuant to a bailee letter agreement. All other documents
          in Exhibit A hereto, together with all other documents executed in connection
          with the Mortgage Loan that Company may have in its possession, shall be
          retained by the Company in trust for the Purchaser. If the Company cannot
          deliver the original recorded Mortgage Loan Documents or the original policy
          of
          title insurance, including riders and endorsements thereto, on the related
          Closing Date, the Company shall, promptly upon receipt thereof and in any
          case
          not later than 120 days from the related Closing Date, deliver such original
          documents, including original recorded documents, to the Purchaser or its
          designee (unless the Company is delayed in making such delivery by reason
          of the
          fact that such documents shall not have been returned by the appropriate
          recording office). If delivery is not completed within 120 days solely
          due to
          delays in making such delivery by reason of the fact that such documents
          shall
          not have been returned by the appropriate recording office, Company shall
          deliver such document to Purchaser, or its designee, within such time period
          as
          specified in a Company's Officer's Certificate. In the event that documents
          have
          not been received by the date specified in the Company's Officer's Certificate,
          a subsequent Company's Officer's Certificate shall be delivered by such
          date
          specified in the prior Company's Officer's Certificate, stating a revised
          date
          for receipt of documentation. The procedure shall be repeated until the
          documents have been received and delivered. If
          delivery is not completed within 180 days solely due to delays in making
          such
          delivery by reason of the fact that such documents shall not have been
          returned
          by the appropriate recording office, the Company shall continue to use
          its best
          efforts to effect delivery as soon as possible thereafter, provided that
          if such
          documents are not delivered by the 270th day from the date of the related
          Closing Date, the Company shall repurchase the related Mortgage Loans at
          the
          Repurchase Price in accordance with Section 3.03 hereof.

        

        The
          Company shall pay all initial recording fees, if any, for the assignments
          of
          mortgage and any other fees in connection with the transfer of all original
          documents to the Purchaser or its designee. Company shall prepare, in recordable
          form, all assignments of mortgage necessary to assign the Mortgage Loans
          to
          Purchaser, or its designee. Company shall be responsible for recording
          the
          assignments of mortgage.

        

        Company
          shall provide an original or duplicate original of the title insurance
          policy to
          Purchaser or its designee within ninety (90) days of the receipt of the
          recorded
          documents (required for issuance of such policy) from the applicable recording
          office.

        

        Any
          review by the Purchaser, or its designee, of the Mortgage Files shall in
          no way
          alter or reduce the Company's obligations hereunder.

        

        If
          the
          Purchaser or its designee discovers any defect with respect to a Mortgage
          File,
          the Purchaser shall, or shall cause its designee to, give written specification
          of such defect to the Company which may be given in the exception report
          or the
          certification delivered pursuant to this Section 2.07, or otherwise in
          writing
          and the Company shall cure or repurchase such Mortgage Loan in accordance
          with
          Section 3.03.

        

        The
          Company shall forward to the Purchaser, or its designee, original documents
          evidencing an assumption, modification, consolidation or extension of any
          Mortgage Loan entered into in accordance with Section 4.01 or 6.01 within
          one
          week of their execution; provided, however, that the Company shall provide
          the
          Purchaser, or its designee, with a certified true copy of any such document
          submitted for recordation within one week of its execution, and shall provide
          the original of any document submitted for recordation or a copy of such
          document certified by the appropriate public recording office to be a true
          and
          complete copy of the original within sixty (60) days of its submission
          for
          recordation.

        

        From
          time
          to time the Company may have a need for Mortgage Loan Documents to be released
          from Purchaser, or its designee. Purchaser shall, or shall cause its designee,
          upon the written request of the Company, within ten (10) Business Days,
          deliver
          to the Company, any requested documentation previously delivered to Purchaser
          as
          part of the Mortgage File, provided that such documentation is promptly
          returned
          to Purchaser, or its designee, when the Company no longer requires possession
          of
          the document, and provided that during the time that any such documentation
          is
          held by the Company, such possession is in trust for the benefit of Purchaser.
          Company shall indemnify Purchaser, and its designee, from and against any
          and
          all losses, claims, damages, penalties, fines, forfeitures, costs and expenses
          (including court costs and reasonable attorney's fees) resulting from or
          related
          to the loss, damage, or misplacement of any documentation delivered to
          Company
          pursuant to this paragraph.

        

        Section
          2.08 Quality
          Control Procedures.

        

        The
          Company must have an internal quality control program that verifies, on
          a
          regular basis, the existence and accuracy of the legal documents, credit
          documents, property appraisals, and underwriting decisions. The program
          must be
          capable of evaluating and monitoring the overall quality of its loan production
          and servicing activities. The program is to ensure that the Mortgage Loans
          are
          originated and serviced in accordance with prudent mortgage banking practices
          and accounting principles; guard against dishonest, fraudulent, or negligent
          acts; and guard against errors and omissions by officers, employees, or
          other
          authorized persons.

        

        Section
          2.09 Near-term Principal Prepayments; Near Term Payment
          Defaults

        

        In
          the
          event any Principal Prepayment is made by a Mortgagor on or prior to sixty
          (60)
          days after the related Closing Date, the Company shall remit to the Purchaser
          an
          amount equal to the excess, if any, of the Purchase Price Percentage over
          par
          multiplied by the amount of such Principal Prepayment. Such remittance
          shall be
          made by the Company to Purchaser no later than the third Business Day following
          receipt of such Principal Prepayment by the Company.

        

        In
          the
          event any of the first two (2) scheduled Monthly Payments which are due
          under
          any Mortgage Loan after the related Cut-off Date are not made during the
          month
          in which such Monthly Payments are due, then not later than five (5) Business
          Days after notice to the Company by Purchaser (and at Purchaser’s sole option),
          the Company, shall repurchase such Mortgage Loan from the Purchaser pursuant
          to
          the repurchase provisions contained in this Subsection 3.03.

        

        

        

        ARTICLE
          III

        

        REPRESENTATIONS
          AND WARRANTIES OF

        THE
          COMPANY; REPURCHASE; REVIEW OF MORTGAGE LOANS

        

        Section
          3.01 Representations
          and Warranties of the Company. 

        

        The
          Company represents, warrants and covenants to the Purchaser that, as of
          the
          related Closing Date or as of such date specifically provided
          herein:

        

        (a) The
          Company is a corporation, duly organized, validly existing and in good
          standing
          under the laws of the State of Ohio and has all licenses necessary to carry
          out
          its business as now being conducted, and is licensed and qualified to transact
          business in and is in good standing under the laws of each state in which
          any
          Mortgaged Property is located or is otherwise exempt under applicable law
          from
          such licensing or qualification or is otherwise not required under applicable
          law to effect such licensing or qualification and no demand for such licensing
          or qualification has been made upon such Company by any such state, and
          in any
          event such Company is in compliance with the laws of any such state to
          the
          extent necessary to ensure the enforceability of each Mortgage Loan and
          the
          servicing of the Mortgage Loans in accordance with the terms of this
          Agreement;

         

        (b)
          The
          Company has the full power and authority and legal right to hold, transfer
          and
          convey each Mortgage Loan, to sell each Mortgage Loan and to execute, deliver
          and perform, and to enter into and consummate all transactions contemplated
          by
          this Agreement and the related Term Sheet and to conduct its business as
          presently conducted, has duly authorized the execution, delivery and performance
          of this Agreement and the related Term Sheet and any agreements contemplated
          hereby, has duly executed and delivered this Agreement and the related
          Term
          Sheet, and any agreements contemplated hereby, and this Agreement and the
          related Term Sheet and each Assignment to the Purchaser and any agreements
          contemplated hereby, constitutes a legal, valid and binding obligation
          of the
          Company, enforceable against it in accordance with its terms, and all requisite
          corporate action has been taken by the Company to make this Agreement and
          the
          related Term Sheet and all agreements contemplated hereby valid and binding
          upon
          the Company in accordance with their terms; 

        

        (c)
          Neither the execution and delivery of this Agreement and the related Term
          Sheet,
          nor the origination or purchase of the Mortgage Loans by the Company, the
          sale
          of the Mortgage Loans to the Purchaser, the consummation of the transactions
          contemplated hereby, or the fulfillment of or compliance with the terms
          and
          conditions of this Agreement and the related Term Sheet will conflict with
          any
          of the terms, conditions or provisions of the Company's charter or by-laws
          or
          materially conflict with or result in a material breach of any of the terms,
          conditions or provisions of any legal restriction or any agreement or instrument
          to which the Company is now a party or by which it is bound, or constitute
          a
          default or result in an acceleration under any of the foregoing, or result
          in
          the material violation of any law, rule, regulation, order, judgment or
          decree
          to which the Company or its properties are subject, or impair the ability
          of the
          Purchaser to realize on the Mortgage Loans.

        

        (d)
          There
          is no litigation, suit, proceeding or investigation pending or, to the
          best of
          Company’s knowledge, threatened, or any order or decree outstanding, with
          respect to the Company which, either in any one instance or in the aggregate,
          is
          reasonably likely to have a material adverse effect on the sale of the
          Mortgage
          Loans, the execution, delivery, performance or enforceability of this Agreement
          and the related Term Sheet, or which is reasonably likely to have a material
          adverse effect on the financial condition of the Company.

        

        (e)
          No
          consent, approval, authorization or order of any court or governmental
          agency or
          body is required for the execution, delivery and performance by the Company
          of
          or compliance by the Company with this Agreement or the related Term Sheet,
          or
          the sale of the Mortgage Loans and delivery of the Mortgage Files to the
          Purchaser or the consummation of the transactions contemplated by this
          Agreement
          or the related Term Sheet, except for consents, approvals, authorizations
          and
          orders which have been obtained;

        

        (f)
          The
          consummation of the transactions contemplated by this Agreement or the
          related
          Term Sheet is in the ordinary course of business of the Company and Company,
          and
          the transfer, assignment and conveyance of the Mortgage Notes and the Mortgages
          by the Company pursuant to this Agreement or the related Term Sheet are
          not
          subject to bulk transfer or any similar statutory provisions in effect
          in any
          applicable jurisdiction;

        

        (g)
          The
          origination and servicing practices used by the Company and any prior originator
          or servicer with respect to each Mortgage Note and Mortgage have been legal
          and
          in accordance with applicable laws and regulations and the Mortgage Loan
          Documents, and in all material respects proper and prudent in the mortgage
          origination and servicing business. Each Mortgage Loan has been serviced
          in all
          material respects with Accepted Servicing Practices. With respect to escrow
          deposits and payments that the Company, on behalf of an investor, is entitled
          to
          collect, all such payments are in the possession of, or under the control
          of,
          the Company, and there exist no deficiencies in connection therewith for
          which
          customary arrangements for repayment thereof have not been made. All escrow
          payments have been collected in full compliance with state and federal
          law and
          the provisions of the related Mortgage Note and Mortgage. As to any Mortgage
          Loan that is the subject of an escrow, escrow of funds is not prohibited
          by
          applicable law and has been established in an amount sufficient to pay
          for every
          escrowed item that remains unpaid and has been assessed but is not yet
          due and
          payable. No escrow deposits or other charges or payments due under the
          Mortgage
          Note have been capitalized under any Mortgage or the related Mortgage
          Note;

        

        (h)
          The
          Company used no selection procedures that identified the Mortgage Loans
          as being
          less desirable or valuable than other comparable mortgage loans in the
          Company's
          portfolio at the related Cut-off Date; 

        

        (i) The
          Company will treat the sale of the Mortgage Loans to the Purchaser as a
          sale for
          reporting and accounting purposes and, to the extent appropriate, for federal
          income tax purposes; 

        

        (j) Company
          is an approved seller/servicer of residential mortgage loans for Fannie
          Mae,
          FHLMC and HUD, with such facilities, procedures and personnel necessary
          for the
          sound servicing of such mortgage loans. The Company is duly qualified,
          licensed,
          registered and otherwise authorized under all applicable federal, state
          and
          local laws, and regulations, if applicable, meets the minimum capital
          requirements set forth by the OCC, and is in good standing to sell mortgage
          loans to and service mortgage loans for Fannie Mae and FHLMC and no event
          has
          occurred which would make Company unable to comply with eligibility requirements
          or which would require notification to either Fannie Mae or FHLMC; 

        

        (k) The
          Company does not believe, nor does it have any cause or reason to believe,
          that
          it cannot perform each and every covenant contained in this Agreement or
          the
          related Term Sheet. The Company is solvent and the sale of the Mortgage
          Loans
          will not cause the Company to become insolvent. The sale of the Mortgage
          Loans
          is not undertaken with the intent to hinder, delay or defraud any of the
          Company's creditors;

        

        (l) No
          statement, tape, diskette, form, report or other document prepared by,
          or on
          behalf of, Company pursuant to this Agreement or the related Term Sheet
          or in
          connection with the transactions contemplated hereby, contains or will
          contain
          any statement that is or will be inaccurate or misleading in any material
          respect;

        

        (m)
           The
          Company acknowledges and agrees that the Servicing Fee represents reasonable
          compensation for performing such services and that the entire Servicing
          Fee
          shall be treated by the Company, for accounting and tax purposes, as
          compensation for the servicing and administration of the Mortgage Loans
          pursuant
          to this Agreement. In the opinion of Company, the consideration received
          by
          Company upon the sale of the Mortgage Loans to Purchaser under this Agreement
          and the related Term Sheet constitutes fair consideration for the Mortgage
          Loans
          under current market conditions. 

        

        (n)
           Company
          has delivered to the Purchaser financial statements of its parent, for
          its last
          two complete fiscal years. All such financial information fairly presents
          the
          pertinent results of operations and financial position for the period identified
          and has been prepared in accordance with GAAP consistently applied throughout
          the periods involved, except as set forth in the notes thereto. There has
          been
          no change in the business, operations, financial condition, properties
          or assets
          of the Company since the date of the Company’s financial information that would
          have a material adverse effect on its ability to perform its obligations
          under
          this Agreement;

        

        (o)
           The
          Company has not dealt with any broker, investment banker, agent or other
          person
          that may be entitled to any commission or compensation in connection with
          the
          sale of the Mortgage Loans; 

        

        Section
          3.02 Representations
          and Warranties as to Individual
          Mortgage Loans.

        

        References
          in this Section to percentages of Mortgage Loans refer in each case to
          the
          percentage of the aggregate Stated Principal Balance of the Mortgage Loans
          as of
          the related Cut-off Date, based on the outstanding Stated Principal Balances
          of
          the Mortgage Loans as of the related Cut-off Date, and giving effect to
          scheduled Monthly Payments due on or prior to the related Cut-off Date,
          whether
          or not received. References to percentages of Mortgaged Properties refer,
          in
          each case, to the percentages of expected aggregate Stated Principal Balances
          of
          the related Mortgage Loans (determined as described in the preceding sentence).
          The Company hereby represents and warrants to the Purchaser, as to each
          Mortgage
          Loan, as of the related Closing Date as follows:

        

        (a)
          The
          information set forth in the Mortgage Loan Schedule attached to the related
          Term
          Sheet is true, complete and correct in all material respects as of the
          related
          Cut-Off Date;

        

        (b) The
          Mortgage creates a valid, subsisting and enforceable first lien or a first
          priority ownership interest in an estate in fee simple in real property
          securing
          the related Mortgage Note subject to principles of equity, bankruptcy,
          insolvency and other laws of general application affecting the rights of
          creditors;

        

        (c)
          All
          payments due prior to the related Cut-off Date for such Mortgage Loan have
          been
          made as of the related Closing Date; the Mortgage Loan has not been dishonored;
          there are no material defaults under the terms of the Mortgage Loan; the
          Company
          has not advanced its own funds, or induced, solicited or knowingly received
          any
          advance of funds from a party other than the owner of the Mortgaged Property
          subject to the Mortgage, directly or indirectly, for the payment of any
          amount
          required by the Mortgage Loan. As
          of the
          related Closing Date, all of the Mortgage Loans will have an actual Interest
          Paid to Date of their related Cut-off Date(or later) and will be due for
          the
          scheduled monthly payment next succeeding the Cut-off Date (or later),
          as
          evidenced by a posting to Company's servicing collection system. No payment
          under any Mortgage Loan is delinquent as of the related Closing Date nor
          has any
          scheduled payment been delinquent at any time during the twelve (12) months
          prior to the month of the related Closing Date. For purposes of this paragraph,
          a Mortgage Loan will be deemed delinquent if any payment due thereunder
          was not
          paid by the Mortgagor in the month such payment was due;

        

        (d)
          There
          are no defaults by Company in complying with the terms of the Mortgage,
          and all
          taxes, governmental assessments, insurance premiums, water, sewer and municipal
          charges, leasehold payments or ground rents which previously became due
          and
          owing have been paid, or escrow funds have been established in an amount
          sufficient to pay for every such escrowed item which remains unpaid and
          which
          has been assessed but is not yet due and payable;

        

        (e)
          The
          terms of the Mortgage Note and the Mortgage have not been impaired, waived,
          altered or modified in any respect, except by written instruments which
          have
          been recorded to the extent any such recordation is required by law, or,
          necessary to protect the interest of the Purchaser. No instrument of waiver,
          alteration or modification has been executed except in connection with
          a
          modification agreement and which modification agreement is part of the
          Mortgage
          File and the terms of which are reflected in the related Mortgage Loan
          Schedule,
          and no Mortgagor has been released, in whole or in part, from the terms
          thereof
          except in connection with an assumption agreement and which assumption
          agreement
          is part of the Mortgage File and the terms of which are reflected in the
          related
          Mortgage Loan Schedule; the substance of any such waiver, alteration or
          modification has been approved by the issuer of any related Primary Mortgage
          Insurance Policy, Lender Primary Mortgage Insurance Policy and title insurance
          policy, to the extent required by the related policies;

        

        (f)
          The
          Mortgage Note and the Mortgage are not subject to any right of rescission,
          set-off, counterclaim or defense, including, without limitation, the defense
          of
          usury, nor will the operation of any of the terms of the Mortgage Note
          or the
          Mortgage, or the exercise of any right thereunder, render the Mortgage
          Note or
          Mortgage unenforceable, in whole or in part, or subject to any right of
          rescission, set-off, counterclaim or defense, including the defense of
          usury,
          and no such right of rescission, set-off, counterclaim or defense has been
          asserted with respect thereto; and as of the related Closing Date the Mortgagor
          was not a debtor in any state or federal bankruptcy or insolvency
          proceeding;

        

        (g)
          All
          buildings or other customarily insured improvements upon the Mortgaged
          Property
          are insured by an insurer acceptable under the Fannie Mae or FHLMC Guides,
          against loss by fire, hazards of extended coverage and such other hazards
          as are
          provided for in the Fannie Mae or FHLMC Guide, as well as all additional
          requirements set forth in Section 4.10 of this Agreement. All such standard
          hazard policies are in full force and effect and contain a standard mortgagee
          clause naming the Company and its successors in interest and assigns as
          loss
          payee and such clause is still in effect and all premiums due thereon have
          been
          paid. If required by the Flood Disaster Protection Act of 1973, as amended,
          the
          Mortgage Loan is covered by a flood insurance policy meeting the requirements
          of
          the current guidelines of the Federal Insurance Administration which policy
          conforms to Fannie Mae or FHLMC requirements, as well as all additional
          requirements set forth in Section 4.10 of this Agreement. Such policy was
          issued
          by an insurer acceptable under Fannie Mae or FHLMC guidelines. The Mortgage
          obligates the Mortgagor thereunder to maintain all such insurance at the
          Mortgagor's cost and expense, and on the Mortgagor's failure to do so,
          authorizes the holder of the Mortgage to maintain such insurance at the
          Mortgagor's cost and expense and to seek reimbursement therefor from the
          Mortgagor.
          Neither
          the Company (nor any prior originator or servicer of any of the Mortgage
          Loans)
          nor any Mortgagor has engaged in any act or omission which has impaired
          or would
          impair the coverage of any such policy, the benefits of the endorsement
          provided
          for herein, or the validity and binding effect of either;

        

        (h)
          Any
          and all requirements of any federal, state or local law including, without
          limitation, usury, truth-in-lending, real estate settlement procedures,
          consumer
          credit protection, equal credit opportunity or disclosure laws applicable
          to the
          Mortgage Loan have been complied with in all material respects; the Company
          maintains, and shall maintain, evidence of such compliance as required
          by
          applicable law or regulation and shall make such evidence available for
          inspection at the Company's office during normal business hours upon reasonable
          advance notice;

        

        (i)
          The
          Mortgage has not been satisfied, canceled or subordinated, in whole or
          in part,
          or rescinded, and the Mortgaged Property has not been released from the
          lien of
          the Mortgage, in whole or in part nor has any instrument been executed
          that
          would effect any such release, cancellation, subordination or rescission.
          The
          Company has not waived the performance by the Mortgagor of any action,
          if the
          Mortgagor’s failure to perform such action would cause the Mortgage Loan to be
          in default, nor has the Company waived any default resulting from any action
          or
          inaction by the Mortgagor;

        

        (j) The
          Mortgage is a valid, subsisting, enforceable and perfected first lien on
          the
          Mortgaged Property, including all buildings on the Mortgaged Property and
          all
          installations and mechanical, electrical, plumbing, heating and air conditioning
          systems affixed to such buildings, and all additions, alterations and
          replacements made at any time with respect to the foregoing securing the
          Mortgage Note's original principal balance subject to principles of equity,
          bankruptcy, insolvency and other laws of general application affecting
          the
          rights of creditors. The Mortgage and the Mortgage Note do not contain
          any
          evidence of any security interest or other interest or right thereto. Such
          lien
          is free and clear of all adverse claims, liens and encumbrances having
          priority
          over the first lien of the Mortgage subject only to (1) the lien of
          non-delinquent current real property taxes and assessments not yet due
          and
          payable, (2) covenants, conditions and restrictions, rights of way, easements
          and other matters of the public record as of the date of recording which
          are
          acceptable to mortgage lending institutions generally and either (A) which
          are
          referred to in the lender’s title insurance policy delivered to the originator
          or otherwise considered in the appraisal made for the originator of the
          Mortgage
          Loan, or (B) which do not adversely affect the residential use or Appraised
          Value of the Mortgaged Property as set forth in such appraisal, and (3)
          other
          matters to which like properties are commonly subject which do not individually
          or in the aggregate materially interfere with the benefits of the security
          intended to be provided by the Mortgage or the use, enjoyment, value or
          marketability of the related Mortgaged Property. Any security agreement,
          chattel
          mortgage or equivalent document related to and delivered in connection
          with the
          Mortgage Loan establishes and creates a valid, subsisting, enforceable
          and
          perfected first lien and first priority security interest on the property
          described therein, and the Company has the full right to sell and assign
          the
          same to the Purchaser;

        

        (k)
          The
          Mortgage Note and the related Mortgage are original and genuine and each
          is the
          legal, valid and binding obligation of the maker thereof, enforceable in
          all
          respects in accordance with its terms subject to principles of equity,
          bankruptcy, insolvency and other laws of general application affecting
          the
          rights of creditors, and the Company has taken all action necessary to
          transfer
          such rights of enforceability to the Purchaser. All parties to the Mortgage
          Note
          and the Mortgage had the legal capacity to enter into the Mortgage Loan
          and to
          execute and deliver the Mortgage Note and the Mortgage. The Mortgage Loan
          Documents are on forms acceptable to Fannie Mae and FHLMC. The Mortgage
          Note and
          the Mortgage have been duly and properly executed by such parties. No fraud,
          error, omission, misrepresentation, negligence or similar occurrence with
          respect to a Mortgage Loan has taken place on the part of Company or the
          Mortgagor, or on the part of any other party involved in the origination
          or
          servicing of the Mortgage Loan. The proceeds of the Mortgage Loan have
          been
          fully disbursed and there is no requirement for future advances thereunder,
          and
          any and all requirements as to completion of any on-site or off-site
          improvements and as to disbursements of any escrow funds therefor have
          been
          complied with. All costs, fees and expenses incurred in making or closing
          the
          Mortgage Loan and the recording of the Mortgage were paid, and the Mortgagor
          is
          not entitled to any refund of any amounts paid or due under the Mortgage
          Note or
          Mortgage;

        

        (l)
          The
          Company is the sole owner and holder of the Mortgage Loan and the indebtedness
          evidenced by the Mortgage Note. Upon the sale of the Mortgage Loan to the
          Purchaser, the Company will retain the Mortgage File or any part thereof
          with
          respect thereto not delivered to the Purchaser or the Purchaser’s designee in
          trust only for the purpose of servicing and supervising the servicing of
          the
          Mortgage Loan. Immediately prior to the transfer and assignment to the
          Purchaser, the Mortgage Loan, including the Mortgage Note and the Mortgage,
          were
          not subject to an assignment, sale or pledge to any person other than Purchaser,
          and the Company had good and marketable title to and was the sole owner
          thereof
          and had full right to transfer and sell the Mortgage Loan to the Purchaser
          free
          and clear of any encumbrance, equity, lien, pledge, charge, claim or security
          interest and has the full right and authority subject to no interest or
          participation of, or agreement with, any other party, to sell and assign
          the
          Mortgage Loan pursuant to this Agreement and following the sale of the
          Mortgage
          Loan, the Purchaser will own such Mortgage Loan free and clear of any
          encumbrance, equity, participation interest, lien, pledge, charge, claim
          or
          security interest. The Company intends to relinquish all rights to possess,
          control and monitor the Mortgage Loan, except for the purposes of servicing
          the
          Mortgage Loan as set forth in this Agreement. After the related Closing
          Date,
          the Company will not have any right to modify or alter the terms of the
          sale of
          the Mortgage Loan and the Company will not have any obligation or right
          to
          repurchase the Mortgage Loan or substitute another Mortgage Loan, except
          as
          provided in this Agreement, or as otherwise agreed to by the Company and
          the
          Purchaser;

        

        (m)
          Each
          Mortgage Loan is covered by an ALTA lender's title insurance policy or
          other
          generally acceptable form of policy or insurance acceptable to Fannie Mae
          or
          FHLMC (including adjustable rate endorsements), issued by a title insurer
          acceptable to Fannie Mae or FHLMC and qualified to do business in the
          jurisdiction where the Mortgaged Property is located, insuring (subject
          to the
          exceptions contained in (j)(1), (2) and (3) above) the Company, its successors
          and assigns, as to the first priority lien of the Mortgage in the original
          principal amount of the Mortgage Loan and against any loss by reason of
          the
          invalidity or unenforceability of the lien resulting from the provisions
          of the
          Mortgage providing for adjustment in the Mortgage Interest Rate and Monthly
          Payment. Where required by state law or regulation, the Mortgagor has been
          given
          the opportunity to choose the carrier of the required mortgage title insurance.
          The Company, its successors and assigns, is the sole insured of such lender's
          title insurance policy, such title insurance policy has been duly and validly
          endorsed to the Purchaser or the assignment to the Purchaser of the Company's
          interest therein does not require the consent of or notification to the
          insurer
          and such lender's title insurance policy is in full force and effect and
          will be
          in full force and effect upon the consummation of the transactions contemplated
          by this Agreement. No claims have been made under such lender's title insurance
          policy, and no prior holder or servicer of the related Mortgage, including
          the
          Company, nor any Mortgagor, has done, by act or omission, anything which
          would
          impair the coverage of such lender's title insurance policy;

        

        (n)
          There
          is no default, breach, violation or event of acceleration existing under
          the
          Mortgage or the related Mortgage Note and no event which, with the passage
          of
          time or with notice and the expiration of any grace or cure period, would
          constitute a default, breach, violation or event permitting acceleration;
          and
          neither the Company, nor any prior mortgagee has waived any default, breach,
          violation or event permitting acceleration;

        

        (o)
          There
          are no mechanics' or similar liens or claims which have been filed for
          work,
          labor or material (and no rights are outstanding that under law could give
          rise
          to such liens) affecting the related Mortgaged Property which are or may
          be
          liens prior to or equal to the lien of the related Mortgage;

        

        (p)
          All
          improvements subject to the Mortgage which were considered in determining
          the
          appraised value of the Mortgaged Property lie wholly within the boundaries
          and
          building restriction lines of the Mortgaged Property (and wholly within
          the
          project with respect to a condominium unit) and no improvements on adjoining
          properties encroach upon the Mortgaged Property except those which are
          insured
          against by the title insurance policy referred to in clause (m) above and
          all
          improvements on the property comply with all applicable zoning and subdivision
          laws and ordinances;

        

        (q)
          Each
          Mortgage Loan was originated by or for the Company pursuant to, and conforms
          with, the Company’s underwriting guidelines attached as Exhibit H hereto. The
          Mortgage Loan bears interest at an adjustable rate (if applicable) as set
          forth
          in the related Mortgage Loan Schedule, and Monthly Payments under the Mortgage
          Note are due and payable on the first day of each month. The Mortgage contains
          the usual and enforceable provisions of the Company at the time of origination
          for the acceleration of the payment of the unpaid principal amount of the
          Mortgage Loan if the related Mortgaged Property is sold without the prior
          consent of the mortgagee thereunder;

        

        (r)
          The
          Mortgaged Property is not subject to any material damage. At origination
          of the
          Mortgage Loan there was not, since origination of the Mortgage Loan there
          has
          not been, and there currently is no proceeding pending for the total or
          partial
          condemnation of the Mortgaged Property. The Company has not received
          notification that any such proceedings are scheduled to commence at a future
          date;

        

        (s)
          The
          related Mortgage contains customary and enforceable provisions such as
          to render
          the rights and remedies of the holder thereof adequate for the realization
          against the Mortgaged Property of the benefits of the security provided
          thereby,
          including, (1) in the case of a Mortgage designated as a deed of trust,
          by
          trustee's sale, and (2) otherwise by judicial foreclosure. There is no
          homestead
          or other exemption available to the Mortgagor which would interfere with
          the
          right to sell the Mortgaged Property at a trustee's sale or the right to
          foreclose the Mortgage;

        

        (t)
          If
          the Mortgage constitutes a deed of trust, a trustee, authorized and duly
          qualified if required under applicable law to act as such, has been properly
          designated and currently so serves and is named in the Mortgage, and no
          fees or
          expenses, except as may be required by local law, are or will become payable
          by
          the Purchaser to the trustee under the deed of trust, except in connection
          with
          a trustee's sale or attempted sale after default by the Mortgagor;

        

        (u)
          The
          Mortgage File contains an appraisal of the related Mortgaged Property signed
          prior to the final approval of the mortgage loan application by a Qualified
          Appraiser, approved by the Company, who had no interest, direct or indirect,
          in
          the Mortgaged Property or in any loan made on the security thereof, and
          whose
          compensation is not affected by the approval or disapproval of the Mortgage
          Loan, and the appraisal and appraiser both satisfy the requirements of
          Fannie
          Mae or FHLMC and Title XI of the Federal Institutions Reform, Recovery,
          and
          Enforcement Act of 1989 and the regulations promulgated thereunder, all
          as in
          effect on the date the Mortgage Loan was originated. The appraisal is in
          a form
          acceptable to Fannie Mae or FHLMC;

        

        (v)
          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) (A) in compliance with any and all
          applicable licensing requirements of the laws of the state wherein the
          Mortgaged
          Property is located, and (B) (1) organized under the laws of such state,
          or (2)
          qualified to do business in such state, or (3) federal savings and loan
          associations or national banks or a Federal Home Loan Bank or savings bank
          having principal offices in such state, or (4) not doing business in such
          state;

        

        (w)
          The
          related Mortgage Note is not and has not been secured by any collateral
          except
          the lien of the corresponding Mortgage and the security interest of any
          applicable security agreement or chattel mortgage referred to above and
          such
          collateral does not serve as security for any other obligation;

        

        (x)
          The
          Mortgagor has received and has executed, where applicable, all disclosure
          materials required by applicable law with respect to the making of such
          mortgage
          loans;

        

        (y)
          The
          Mortgage Loan does not contain balloon or "graduated payment" features;
          No
          Mortgage Loan is subject to a buydown agreement or contains any buydown
          provision;

        

        (z)
          The
          Mortgagor is not in bankruptcy and, the Mortgagor is not insolvent and
          the
          Company has no knowledge of any circumstances or conditions with respect
          to the
          Mortgage, the Mortgaged Property, the Mortgagor or the Mortgagor's credit
          standing that could reasonably be expected to cause investors to regard
          the
          Mortgage Loan as an unacceptable investment, cause the Mortgage Loan to
          become
          delinquent, or materially adversely affect the value or marketability of
          the
          Mortgage Loan;

        

        (aa)
          Each
          Mortgage Loan bears interest based upon a thirty (30) day month and a three
          hundred and sixty (360) day year. The Mortgage Loans have an original term
          to
          maturity of not more than thirty (30) years, with interest payable in arrears
          on
          the first day of each month. As to each adjustable rate Mortgage Loan,
          on each
          applicable Adjustment Date, the Mortgage Interest Rate will be adjusted
          to equal
          the sum of the Index, plus the applicable Margin; provided, that the Mortgage
          Interest Rate, on each applicable Adjustment Date, will not increase by
          more
          than the Initial Rate Cap or Periodic Rate Cap, as applicable. Over the
          term of
          each adjustable rate Mortgage Loan, the Mortgage Interest Rate will not
          exceed
          such Mortgage Loan's Lifetime Rate Cap. None of the Mortgage Loans are
          “interest-only” Mortgage Loans or “negative amortization” Mortgage Loans. With
          the respect to each adjustable rate Mortgage Loan, each Mort-gage Note
          requires
          a monthly payment which is suffi-cient (a) during the period prior to the
          first
          adjust-ment to the Mortgage Interest Rate, to fully amortize the original
          principal balance over the original term thereof and to pay interest at
          the
          related Mortgage Interest Rate, and (b) during the period following each
          Adjust-ment Date, to fully amortize the outstanding principal balance as
          of the
          first day of such period over the then remaining term of such Mortgage
          Note and
          to pay interest at the related Mortgage Interest Rate. With the respect
          to each
          adjustable rate Mortgage Loan, the Mortgage Note provides that when the
          Mortgage
          Interest Rate changes on an Adjustment Date, the then outstanding principal
          balance will be reamortized over the remaining life of the Mortgage Loan.
          No
          Mortgage Loan contains terms or provi-sions which would result in negative
          amortization. None of the Mortgage Loans contain a conversion feature which
          would cause the Mortgage Loan interest rate to convert to a fixed interest
          rate.
          None of the Mortgage Loans are considered agricultural loans; 

        

        (bb) (INTENTIONALLY
          LEFT BLANK)

        

        (cc) (INTENTIONALLY
          LEFT BLANK)

        

        (dd) (INTENTIONALLY
          LEFT BLANK)

         

        (ee) (INTENTIONALLY
          LEFT BLANK) 

        

        (ff) (INTENTIONALLY
          LEFT BLANK)

        

        (gg) 
          (INTENTIONALLY LEFT BLANK)

        

        (hh) Unless
          set forth in the related Term Sheet, in the event the Mortgage Loan had
          an LTV
          at origination greater than 80.00%, either (i) the excess of the principal
          balance of the Mortgage Loan over 75.0% of the Appraised Value of the Mortgaged
          Property with respect to a Refinanced Mortgage Loan, or the lesser of the
          Appraised Value or the purchase price of the Mortgaged Property with respect
          to
          a purchase money Mortgage Loan was insured as to payment defaults by a
          Primary
          Mortgage Insurance Policy issued by a Qualified Insurer or (ii) the Mortgage
          Loan was insured as to payment defaults by a Lender Primary Mortgage Insurance
          Policy issued by a Qualified Insurer. No Mortgage Loan has an LTV over
          95%. All
          provisions of such Primary Mortgage Insurance Policy or Lender Primary
          Mortgage
          Insurance Policy, as applicable, have been and are being complied with,
          such
          policy is in full force and effect, and all premiums due thereunder have
          been
          paid. No Mortgage Loan requires payment of such premiums, in whole or in
          part,
          by the Purchaser. No action, inaction, or event has occurred and no state
          of
          facts exists that has, or will result in the exclusion from, denial of,
          or
          defense to coverage. Any Mortgage Loan subject to a Primary Mortgage Insurance
          Policy obligates the Mortgagor thereunder to maintain the Primary Mortgage
          Insurance Policy, subject to state and federal law, and to pay all premiums
          and
          charges in connection therewith. Any Mortgage Loan subject to a Lender
          Primary
          Mortgage Insurance Policy obligates the Company to maintain the Lender
          Primary
          Mortgage Insurance Policy and to pay all premiums and charges in connection
          therewith. No action has been taken or failed to be taken, on or prior
          to the
          Closing Date which has resulted or will result in an exclusion from, denial
          of,
          or defense to coverage under any Primary Mortgage Insurance Policy or Lender
          Primary Mortgage Insurance Policy (including, without limitation, any
          exclusions, denials or defenses which would limit or reduce the availability
          of
          the timely payment of the full amount of the loss otherwise due thereunder
          to
          the insured) whether arising out of actions, representations, errors, omissions,
          negligence, or fraud of the Company or the Mortgagor, or for any other
          reason
          under such coverage; With respect to any Primary Mortgage Insurance Policy,
          the
          mortgage interest rate for the Mortgage Loan as set forth on the related
          Mortgage Loan Schedule is net of any such insurance premium;

        

        (ii) The
          Assignment is in recordable form and is acceptable for recording under
          the laws
          of the jurisdiction in which the Mortgaged Property is located;

        

        (jj) Unless
          otherwise specified in the related Term Sheet, none of the Mortgage Loans
          are
          secured by an interest in a leasehold estate. The Mortgaged Property is
          located
          in the state identified in the related Mortgage Loan Schedule and consists
          of a
          single parcel of real property with a detached single family residence
          erected
          thereon, or a townhouse, or a two-to four-family dwelling, or an individual
          condominium unit in a condominium project, or an individual unit in a planned
          unit development or a de minimis planned unit development, provided, however,
          that no residence or dwelling is a single parcel of real property with
          a
          manufactured home not affixed to a permanent foundation, or a mobile home.
          Any
          condominium unit or planned unit development conforms with the Company’s
          underwriting guidelines. As
          of the
          date of origination, no portion of any Mortgaged Property is used for commercial
          purposes, and since the Origination Date, no portion of any Mortgaged Property
          has been, or currently is, used for commercial purposes;

        

        (kk) Payments
          on the Mortgage Loan commenced no more than sixty (60) days after the funds
          were
          disbursed in connection with the Mortgage Loan. The Mortgage Note is payable
          on
          the first day of each month in monthly installments of principal and interest,
          which installments are subject to change due to the adjustments to the
          Mortgage
          Interest Rate on each Adjustment Date, with interest calculated and payable
          in
          arrears. Each of the Mortgage Loans will amortize fully by the stated maturity
          date, over an original term of not more than thirty years from commencement
          of
          amortization;

        

        (ll) As
          of the
          Closing Date of the Mortgage Loan, the Mortgage Property was lawfully occupied
          under applicable law, and all inspections, licenses and certificates required
          to
          be made or issued with respect to all occupied portions of the Mortgaged
          Property and, with respect to the use and occupancy of the same, including
          but
          not limited to certificates of occupancy and fire underwriting certificates,
          have been made or obtained from the appropriate authorities;

        

        (mm) There
          is
          no pending action or proceeding directly involving the Mortgaged Property
          in
          which compliance with any environmental law, rule or regulation is an issue;
          there is no violation of any environmental law, rule or regulation with
          respect
          to the Mortgaged Property; and the Company has not received any notice
          of any
          environmental hazard on the Mortgaged Property and nothing further remains
          to be
          done to satisfy in full all requirements of each such law, rule or regulation
          constituting a prerequisite to use and enjoyment of said property;

        

        (nn) The
          Mortgagor has not notified the Company, and the Company has no knowledge
          of any
          relief requested or allowed to the Mortgagor under the Soldiers' and Sailors'
          Civil Relief Act of 1940;

        

        (oo) No
          Mortgage Loan is a construction or rehabilitation Mortgage Loan or was
          made to
          facilitate the trade-in or exchange of a Mortgaged Property;

        

        (pp) The
          Mortgagor for each Mortgage Loan is a natural person;

        

        (qq) None
          of
          the Mortgage Loans are Co-op Loans; 

        

        (rr)
           With
          respect to each Mortgage Loan that has a prepayment penalty feature, each
          such
          prepayment penalty is enforceable and will be enforced by the Company and
          each
          prepayment penalty is permitted pursuant to federal, state and local law.
          No
          Mortgage Loan will impose a prepayment penalty for a term in excess of
          five
          years from the date such Mortgage Loan was originated. Except as otherwise
          set
          forth on the Mortgage Loan Schedule, with respect to each Mortgage Loan
          that
          contains a prepayment penalty, such prepayment penalty is at least equal
          to the
          lesser of (A) the maximum amount permitted under applicable law and (B)
          six
          months interest at the related Mortgage Interest Rate on the amount prepaid
          in
          excess of 20% of the original principal balance of such Mortgage
          Loan;

        

        (ss)
           With
          respect to each Mortgage Loan either (i) the fair market value of the Mortgaged
          Property securing such Mortgage Loan was at least equal to 80 percent of
          the
          original principal balance of such Mortgage Loan at the time such Mortgage
          Loan
          was originated or (ii) (a) the Mortgage Loan is only secured by the Mortgage
          Property and (b) substantially all of the proceeds of such Mortgage Loan
          were
          used to acquire or to improve or protect the Mortgage Property. For the
          purposes
          of the preceding sentence, if the Mortgage Loan has been significantly
          modified
          other than as a result of a default or a reasonable foreseeable default,
          the
          modified Mortgage Loan will be viewed as having been originated on the
          date of
          the modification;

        

        (tt) The
          Mortgage Loan was originated by a mortgagee approved by the Secretary of
          Housing
          and Urban Development pursuant to sections 203 and 211 of the National
          Housing
          Act, a savings and loan association, a savings bank, a commercial bank,
          credit
          union, insurance company or similar institution which is supervised and
          examined
          by a federal or state authority; 

        

        (uu) None
          of
          the Mortgage Loans are simple interest Mortgage Loans and none of the Mortgaged
          Properties are timeshares; 

        

        (vv) All
          of
          the terms of the Mortgage pertaining to interest rate adjustments, payment
          adjustments and adjustments of the outstanding principal balance are
          enforceable, all such adjustments have been properly made, including the
          mailing
          of required notices, and such adjustments do not and will not affect the
          priority of the Mortgage lien. With respect to each Mortgage Loan which
          has
          passed its initial Adjustment Date, Company has performed an audit of the
          Mortgage Loan to determine whether all interest rate adjustments have been
          made
          in accordance with the terms of the Mortgage Note and Mortgage; and

        

        (ww) Each
          Mortgage Note, each Mortgage, each Assignment and any other documents required
          pursuant to this Agreement to be delivered to the Purchaser or its designee,
          or
          its assignee for each Mortgage Loan, have been, on or before the related
          Closing
          Date, delivered to the Purchaser or its designee, or its assignee.

        

        Section
          3.03 Repurchase;
          Substitution.

        

        It
          is
          understood and agreed that the representations and warranties set forth
          in
          Sections 3.01 and 3.02 shall survive the sale of the Mortgage Loans and
          delivery
          of the Mortgage Loan Documents to the Purchaser, or its designee, and shall
          inure to the benefit of the Purchaser, notwithstanding any restrictive
          or
          qualified endorsement on any Mortgage Note or Assignment or the examination,
          or
          lack of examination, of any Mortgage File. Upon discovery by either the
          Company
          or the Purchaser of a breach of any of the foregoing representations and
          warranties which materially and adversely affects the value of the Mortgage
          Loans or the interest of the Purchaser in any Mortgage Loan, the party
          discovering such breach shall give prompt written notice to the other.
          The
          Company shall have a period of sixty (60) days from the earlier of its
          discovery
          or its receipt of notice of any such breach within which to correct or
          cure such
          breach. The Company hereby covenants and agrees that if any such breach
          is not
          corrected or cured within such sixty day period, the Company shall, at
          the
          Purchaser's option and not later than ninety (90) days of its discovery
          or its
          receipt of notice of such breach, repurchase such Mortgage Loan at the
          Repurchase Price or, with the Purchaser's prior consent and at Purchaser’s sole
          option, substitute a Mortgage Loan as provided below. In the event that
          any such
          breach shall involve any representation or warranty set forth in Section
          3.01,
          and such breach is not cured within sixty (60) days of the earlier of either
          discovery by or notice to the Company of such breach, all Mortgage Loans
          shall,
          at the option of the Purchaser, be repurchased by the Company at the Repurchase
          Price. Any such repurchase shall be accomplished by wire transfer of immediately
          available funds to Purchaser in the amount of the Repurchase Price.

        

        If
          the
          Company is required to repurchase any Mortgage Loan pursuant to this Section
          3.03, the Company may, with the Purchaser's prior consent and at Purchaser’s
          sole option, within ninety (90) days from the related Closing Date, remove
          such
          defective Mortgage Loan from the terms of this Agreement and substitute
          another
          mortgage loan for such defective Mortgage Loan, in lieu of repurchasing
          such
          defective Mortgage Loan. Any substitute Mortgage Loan is subject to Purchaser
          acceptability. Any substituted Loans will comply with the representations
          and
          warranties set forth in this Agreement as of the substitution date

        

        The
          Company shall amend the related Mortgage Loan Schedule to reflect the withdrawal
          of the removed Mortgage Loan from this Agreement and the substitution of
          such
          substitute Mortgage Loan therefor. Upon such amendment, the Purchaser shall
          review the Mortgage File delivered to it relating to the substitute Mortgage
          Loan. In the event of such a substitution, accrued interest on the substitute
          Mortgage Loan for the month in which the substitution occurs and any Principal
          Prepayments made thereon during such month shall be the property of the
          Purchaser and accrued interest for such month on the Mortgage Loan for
          which the
          substitution is made and any Principal Prepayments made thereon during
          such
          month shall be the property of the Company. The principal payment on a
          substitute Mortgage Loan due on the Due Date in the month of substitution
          shall
          be the property of the Company and the principal payment on the Mortgage
          Loan
          for which the substitution is made due on such date shall be the property
          of the
          Purchaser.

        

        It
          is
          understood and agreed that the obligation of the Company set forth in this
          Section 3.03 to cure, repurchase or substitute for a defective Mortgage
          Loan,
          and to indemnify Purchaser pursuant to Section 8.01, constitute the sole
          remedies of the Purchaser respecting a breach of the foregoing representations
          and warranties. If the Company fails to repurchase or substitute for a
          defective
          Mortgage Loan in accordance with this Section 3.03, or fails to cure a
          defective
          Mortgage Loan to Purchaser's reasonable satisfaction in accordance with
          this
          Section 3.03, or to indemnify Purchaser pursuant to Section 8.01, that
          failure
          shall be an Event of Default and the Purchaser shall be entitled to pursue
          all
          remedies available in this Agreement as a result thereof. No provision
          of this
          paragraph shall affect the rights of the Purchaser to terminate this Agreement
          for cause, as set forth in Sections 10.01 and 11.01.

        

        Any
          cause
          of action against the Company relating to or arising out of the breach
          of any
          representations and warranties made in Sections 3.01 and 3.02 shall accrue
          as to
          any Mortgage Loan upon (i) the earlier of discovery of such breach by the
          Company or notice thereof by the Purchaser to the Company, (ii) failure
          by the
          Company to cure such breach or repurchase such Mortgage Loan as specified
          above,
          and (iii) demand upon the Company by the Purchaser for compliance with
          this
          Agreement.

        

        In
          the
          event that any Mortgage Loan is held by a REMIC, notwithstanding any contrary
          provision of this Agreement, with respect to any Mortgage Loan that is
          not in
          default or as to which no default is imminent, no substitution pursuant
          to
          Subsection 3.03 shall be made after the applicable REMIC's "start up day"
          (as
          defined in Section 860G(a) (9) of the Code), unless the Company has obtained
          an
          Opinion of Counsel to the effect that such substitution will not (i) result
          in
          the imposition of taxes on "prohibited transactions" of such REMIC (as
          defined
          in Section 860F of the Code) or otherwise subject the REMIC to tax, or
          (ii)
          cause the REMIC to fail to qualify as a REMIC at any time.

        

        Section
          3.04 Representations
          and Warranties of the Purchaser.

         

        The
          Purchaser represents, warrants and convenants to the Company that, as of
          the
          related Closing Date or as of such date specifically provided
          herein:

        

        (a)  The
          Purchaser is a corporation, dully organized validly existing and in good
          standing under the laws of the State of Delaware and is qualified to transact
          business in, is in good standing under the laws of, and possesses all licenses
          necessary for the conduct of its business in, each state in which any Mortgaged
          Property is located or is otherwise except or not required under applicable
          law
          to effect such qualification or license;

        

        (b)  The
          Purchaser has full power and authority to hold each Mortgage Loan, to purchase
          each Mortgage Loan pursuant to this Agreement and the related Term Sheet
          and to
          execute, deliver and perform, and to enter into and consummate all transactions
          contemplated by this Agreement and the related Term Sheet and to conduct
          its
          business as presently conducted, has duly authorized the execution, delivery
          and
          performance of this Agreement and the related Term Sheet, has duly executed
          and
          delivered this Agreement and the related Term Sheet;

        

        (c) None
          of
          the execution and delivery of this Agreement and the related Term Sheet,
          the
          purchase of the Mortgage Loans, the consummation of the transactions
          contemplated hereby, or the fulfillment of or compliance with the terms
          and
          conditions of this Agreement and the related Term Sheet will conflict with
          any
          of the terms, conditions or provisions of the Purchaser’s charter or by-laws or
          materially conflict with or result in a material breach of any of the terms,
          conditions or provisions
          of any legal restriction or any agreement or instrument to which the Purchaser
          is now a party or by which it is bound, or constitute a default or result
          in an
          acceleration under any of the foregoing, or result in the material violation
          of
          any law, rule, regulation, order, judgment or decree to which the Purchaser
          or
          its property is subject;

        

        (d) There
          is
          no litigation pending or to the best of the Purchaser’s knowledge, threatened
          with respect to the Purchaser which is reasonably likely to have a material
          adverse effect on the purchase of the related Mortgage Loans, the execution,
          delivery or enforceability of this Agreement and the related Term Sheet,
          or
          which is reasonably likely to have a material adverse effect on the financial
          condition of the Purchaser;

        

        (e) No
          consent, approval, authorization or order of any court or governmental
          agency or
          body is required for the execution, delivery and performance by the Purchaser
          of
          or compliance by the Purchaser with this Agreement and the related Term
          Sheet,
          the purchase of the Mortgage Loans or the consummation of the transactions
          contemplated by this Agreement and the related Term Sheet except for consents,
          approvals, authorizations and orders which have been obtained;

        

        (f) The
          consummation of the transactions contemplated by this Agreement and the
          related
          Term Sheet is in the ordinary course of business of the Purchaser;

        

        (h) The
          Purchaser will treat the purchase of the Mortgage Loans from the Company
          as a
          purchase for reporting, tax and accounting purposes; and

        

        (i) The
          Purchaser does not believe, nor does it have any cause or reason to believe,
          that it cannot perform each and every of its covenants contained in this
          Agreement and the related Term Sheet.

        

        The
          Purchaser shall indemnify the Company and hold it harmless against any
          claims,
          proceedings, losses, damages, penalties, fines, forfeitures, reasonable
          and
          necessary legal fees and related costs, judgments, and other costs and
          expenses
          resulting from a breach by the Purchaser of the representations and warranties
          contained in this Section 3.04. It is understood and agreed that the obligations
          of the Purchaser set forth in this Section 3.04 to indemnify the Seller
          as
          provided herein constitute the sole remedies of the Seller respecting a
          breach
          of the foregoing representations and warranties.

        

        

        ARTICLE
          IV

        

        ADMINISTRATION
          AND SERVICING OF MORTGAGE LOANS

        

        Section
          4.01 Company
          to Act as Servicer.

        

        The
          Company, as independent contract servicer, shall service and administer
          the
          Mortgage Loans in accordance with this Agreement and the related Term Sheet
          and
          with Accepted Servicing Practices, and shall have full power and authority,
          acting alone, to do or cause to be done any and all things in connection
          with
          such servicing and administration which the Company may deem necessary
          or
          desirable and consistent with the terms of this Agreement and the related
          Term
          Sheet and with Accepted Servicing Practices and exercise the same care
          that it
          customarily employs for its own account. Except as set forth in this Agreement
          and the related Term Sheet, the Company shall service the Mortgage Loans
          in
          strict compliance with the servicing provisions of the Fannie Mae Guides
          (special servicing option), which include, but are not limited to, provisions
          regarding the liquidation of Mortgage Loans, the collection of Mortgage
          Loan
          payments, the payment of taxes, insurance and other charges, the maintenance
          of
          hazard insurance with a Qualified Insurer, the maintenance of mortgage
          impairment insurance, the maintenance of fidelity bond and errors and omissions
          insurance, inspections, the restoration of Mortgaged Property, the maintenance
          of Primary Mortgage Insurance Policies and Lender Primary Mortgage Insurance
          Policies, insurance claims, the title, management and disposition of REO
          Property, permitted withdrawals with respect to REO Property, liquidation
          reports, and reports of foreclosures and abandonments of Mortgaged Property,
          the
          transfer of Mortgaged Property, the release of Mortgage Files, annual
          statements, and examination of records and facilities. In the event of
          any
          conflict, inconsistency or discrepancy between any of the servicing provisions
          of this Agreement and the related Term Sheet and any of the servicing provisions
          of the Fannie Mae Guides, the provisions of this Agreement and the related
          Term
          Sheet shall control and be binding upon the Purchaser and the Company.
          

        

        Consistent
          with the terms of this Agreement and the related Term Sheet, the Company
          may
          waive, modify or vary any term of any Mortgage Loan or consent to the
          postponement of any such term or in any manner grant indulgence to any
          Mortgagor
          if in the Company's reasonable and prudent determination such waiver,
          modification, postponement or indulgence is not materially adverse to the
          Purchaser, provided, however, that unless the Company has obtained the
          prior
          written consent of the Purchaser, the Company shall not permit any modification
          with respect to any Mortgage Loan that would change the Mortgage Interest
          Rate,
          defer for more than ninety days or forgive any payment of principal or
          interest,
          reduce or increase the outstanding principal balance (except for actual
          payments
          of principal) or change the final maturity date on such Mortgage Loan.
          In the
          event of any such modification which has been agreed to in writing by the
          Purchaser and which permits the deferral of interest or principal payments
          on
          any Mortgage Loan, the Company shall, on the Business Day immediately preceding
          the Remittance Date in any month in which any such principal or interest
          payment
          has been deferred, deposit in the Custodial Account from its own funds,
          in
          accordance with Section 4.04, the difference between (a) such month's principal
          and one month's interest at the Mortgage Loan Remittance Rate on the unpaid
          principal balance of such Mortgage Loan and (b) the amount paid by the
          Mortgagor. The Company shall be entitled to reimbursement for such advances
          to
          the same extent as for all other advances pursuant to Section 4.05. Without
          limiting the generality of the foregoing, the Company shall continue, and
          is
          hereby authorized and empowered, to prepare, execute and deliver, all
          instruments of satisfaction or cancellation, or of partial or full release,
          discharge and all other comparable instruments, with respect to the Mortgage
          Loans and with respect to the Mortgaged Properties. Notwithstanding anything
          herein to the contrary, the Company may not enter into a forbearance agreement
          or similar arrangement with respect to any Mortgage Loan which runs more
          than
          180 days after the first delinquent Due Date. Any such agreement shall
          be
          approved by Purchaser and, if required, by the Primary Mortgage Insurance
          Policy
          insurer and Lender Primary Mortgage Insurance Policy insurer, if required.
          

        

        Notwithstanding
          anything in this Agreement to the contrary, if any Mortgage Loan becomes
          subject
          to a Pass-Through Transfer, the Company (a) with respect to such Mortgage
          Loan,
          shall not permit any modification with respect to such Mortgage Loan that
          would
          change the Mortgage Interest Rate and (b) shall not (unless the Mortgagor
          is in
          default with respect to such Mortgage Loan or such default is, in the judgment
          of the Company, reasonably foreseeable) make or permit any modification,
          waiver
          or amendment of any term of such Mortgage Loan that would both (i) effect
          an
          exchange or reissuance of such Mortgage Loan under Section 1001 of the
          Code (or
          Treasury regulations promulgated thereunder) and (ii) cause any REMIC to
          fail to
          qualify as a REMIC under the Code or the imposition of any tax on “prohibited
          transactions” or “contriburions” after the startup date under the REMIC
          Provisions.

        

        Prior
          to
          taking any action with respect to the Mortgage Loans subject to a Pass-Through
          Transfer, which is not contemplated under the terms of this Agreement,
          the
          Company will obtain an Opinion of Counsel acceptable to the trustee in
          such
          Pass-Through Transfer with respect to whether such action could result
          in the
          imposition of a tax upon any REMIC (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”), and the Company shall not take any such
          actions as to which it has been advised that an Adverse REMIC Event could
          occur.

        

        The
          Company shall not permit the creation of any “interests” (within the meaning of
          Section 860G of the Code) in any REMIC. The Company shall not enter into
          any
          arrangement by which a REMIC will receive a fee or other compensation for
          services nor permit a REMIC to receive any income from assets other than
          “qualified mortgages” as defined in Section 860G(a)(3) of the Code or “permitted
          investments” as defined in Section 860G(a)(5) of the Code.

        

        In
          servicing and administering the Mortgage Loans, the Company shall employ
          Accepted Servicing Practices, giving due consideration to the Purchaser's
          reliance on the Company. Unless a different time period is stated in this
          Agreement or the related Term Sheet, Purchaser shall be deemed to have
          given
          consent in connection with a particular matter if Purchaser does not
          affirmatively grant or deny consent within five (5) Business Days from
          the date
          Purchaser receives a second written request for consent for such matter
          from
          Company as servicer. 

        

        The
          Mortgage Loans may be subserviced by a Subservicer on behalf of the Company
          provided that the Subservicer is an entity that engages in the business
          of
          servicing loans, and in either case shall be authorized to transact business,
          and licensed to service mortgage loans, in the state or states where the
          related
          Mortgaged Properties it is to service are situated, if and to the extent
          required by applicable law to enable the Subservicer to perform its obligations
          hereunder and under the Subservicing Agreement, and in either case shall
          be a
          FHLMC or Fannie Mae approved mortgage servicer in good standing, and no
          event
          has occurred, including but not limited to a change in insurance coverage,
          which
          would make it unable to comply with the eligibility requirements for lenders
          imposed by Fannie Mae or for seller/servicers imposed by Fannie Mae or
          FHLMC, or
          which would require notification to Fannie Mae or FHLMC. In addition, each
          Subservicer will obtain and preserve its qualifications to do business
          as a
          foreign corporation and its licenses to service mortgage loans, in each
          jurisdiction in which such qualifications and/or licenses are or shall
          be
          necessary to protect the validity and enforceability of this Agreement,
          or any
          of the Mortgage Loans and to perform or cause to be performed its duties
          under
          the related Subservicing Agreement. The Company may perform any of its
          servicing
          responsibilities hereunder or may cause the Subservicer to perform any
          such
          servicing responsibilities on its behalf, but the use by the Company of
          the
          Subservicer shall not release the Company from any of its obligations hereunder
          and the Company shall remain responsible hereunder for all acts and omissions
          of
          the Subservicer as fully as if such acts and omissions were those of the
          Company. The Company shall pay all fees and expenses of the Subservicer
          from its
          own funds, and the Subservicer's fee shall not exceed the Servicing Fee.
          Company
          shall notify Purchaser promptly in writing upon the appointment of any
          Subservicer.

        

        At
          the
          cost and expense of the Company, without any right of reimbursement from
          the
          Custodial Account, the Company shall be entitled to terminate the rights
          and
          responsibilities of the Subservicer and arrange for any servicing
          responsibilities to be performed by a successor subservicer meeting the
          requirements in the preceding paragraph, provided, however, that nothing
          contained herein shall be deemed to prevent or prohibit the Company, at
          the
          Company's option, from electing to service the related Mortgage Loans itself.
          In
          the event that the Company's responsibilities and duties under this Agreement
          are terminated pursuant to Section 4.13, 8.04, 9.01 or 10.01 and if requested
          to
          do so by the Purchaser, the Company shall at its own cost and expense terminate
          the rights and responsibilities of the Subservicer effective as of the
          date of
          termination of the Company. The Company shall pay all fees, expenses or
          penalties necessary in order to terminate the rights and responsibilities
          of the
          Subservicer from the Company's own funds without reimbursement from the
          Purchaser.

        

        Notwithstanding
          any of the provisions of this Agreement relating to agreements or arrangements
          between the Company and the Subservicer or any reference herein to actions
          taken
          through the Subservicer or otherwise, the Company shall not be relieved
          of its
          obligations to the Purchaser and shall be obligated to the same extent
          and under
          the same terms and conditions as if it alone were servicing and administering
          the Mortgage Loans. The Company shall be entitled to enter into an agreement
          with the Subservicer for indemnification of the Company by the Subservicer
          and
          nothing contained in this Agreement shall be deemed to limit or modify
          such
          indemnification. The Company will indemnify and hold Purchaser harmless
          from any
          loss, liability or expense arising out of its use of a Subservicer to perform
          any of its servicing duties, responsibilities and obligations
          hereunder.

        

        Any
          Subservicing Agreement and any other transactions or services relating
          to the
          Mortgage Loans involving the Subservicer shall be deemed to be between
          the
          Subservicer and Company alone, and the Purchaser shall have no obligations,
          duties or liabilities with respect to the Subservicer including no obligation,
          duty or liability of Purchaser to pay the Subservicer's fees and expenses.
          For
          purposes of distributions and advances by the Company pursuant to this
          Agreement, the Company shall be deemed to have received a payment on a
          Mortgage
          Loan when the Subservicer has received such payment.

        

        Section
          4.02 Collection
          of Mortgage Loan Payments.

        

        Continuously
          from the date hereof until the date each Mortgage Loan ceases to be subject
          to
          this Agreement, the Company will proceed diligently to collect all payments
          due
          under each Mortgage Loan when the same shall become due and payable and
          shall,
          to the extent such procedures shall be consistent with this Agreement,
          Accepted
          Servicing Practices, and the terms and provisions of any related Primary
          Mortgage Insurance Policy and Lender Primary Mortgage Insurance Policy,
          follow
          such collection procedures as it follows with respect to mortgage loans
          comparable to the Mortgage Loans and held for its own account. Further,
          the
          Company will take special care in ascertaining and estimating annual escrow
          payments, and all other charges that, as provided in the Mortgage, will
          become
          due and payable, so that the installments payable by the Mortgagors will
          be
          sufficient to pay such charges as and when they become due and
          payable.

        

        In
          no
          event will the Company waive its right to any prepayment penalty or premium
          without the prior written consent of Purchaser and Company will use diligent
          efforts to collect same when due except as otherwise provided in the prepayment
          penalty rider to the Mortgage. 

        

        Section
          4.03 Realization
          Upon Defaulted Mortgage

        

        The
          Company shall use its best efforts, consistent with the procedures that
          the
          Company would use in servicing loans for its own account, consistent with
          Accepted Servicing Practices, any Primary Mortgage Insurance Policies and
          Lender
          Primary Mortgage Insurance Policies and the best interest of Purchaser,
          to
          foreclose upon or otherwise comparably convert the ownership of properties
          securing such of the Mortgage Loans as come into and continue in default
          and as
          to which no satisfactory arrangements can be made for collection of delinquent
          payments pursuant to Section 4.01. Foreclosure or comparable proceedings
          shall
          be initiated or a notice of default sent within ninety (90) days of default
          for
          Mortgaged Properties for which no satisfactory arrangements can be made
          for
          collection of delinquent payments, subject to state and federal law and
          regulation. The Company shall use its best efforts to realize upon defaulted
          Mortgage Loans in such manner as will maximize the receipt of principal
          and
          interest by the Purchaser, taking into account, among other things, the
          timing
          of foreclosure proceedings. The foregoing is subject to the provisions
          that, in
          any case in which a Mortgaged Property shall have suffered damage, the
          Company
          shall not be required to expend its own funds toward the restoration of
          such
          property unless it shall determine in its discretion (i) that such restoration
          will increase the proceeds of liquidation of the related Mortgage Loan
          to the
          Purchaser after reimbursement to itself for such expenses, and (ii) that
          such
          expenses will be recoverable by the Company through Insurance Proceeds
          or
          Liquidation Proceeds from the related Mortgaged Property, as contemplated
          in
          Section 4.05. Company shall obtain prior approval of Purchaser as to repair
          or
          restoration expenses in excess of ten thousand dollars ($10,000). The Company
          shall notify the Purchaser in writing of the commencement of foreclosure
          proceedings. The Company shall be responsible for all costs and expenses
          incurred by it in any such proceedings or functions; provided, however,
          that it
          shall be entitled to reimbursement thereof from the related property, as
          contemplated in Section 4.05. Notwithstanding anything to the contrary
          contained
          herein, in connection with a foreclosure or acceptance of a deed in lieu
          of
          foreclosure, in the event the Company has reasonable cause to believe that
          a
          Mortgaged Property is contaminated by hazardous or toxic substances or
          wastes,
          or if the Purchaser otherwise requests an environmental inspection or review
          of
          such Mortgaged Property, such an inspection or review is to be conducted
          by a
          qualified inspector at the Purchaser's expense. Upon completion of the
          inspection, the Company shall promptly provide the Purchaser with a written
          report of the environmental inspection. After reviewing the environmental
          inspection report, the Purchaser shall determine how the Company shall
          proceed
          with respect to the Mortgaged Property. 

        

        Notwithstanding
          anything to the contrary contained herein, the Purchaser may, at the Purchaser's
          sole option, terminate the Company as servicer of any Mortgage Loan which
          becomes ninety (90) days or greater delinquent in payment of a scheduled
          Monthly
          Payment, without payment of any termination fee with respect thereto, provided
          that the Company shall on the date said termination takes effect be reimbursed
          for any unreimbursed advances of the Company's funds made pursuant to Section
          5.03 and any unreimbursed Servicing Advances and Servicing Fees in each
          case
          relating to the Mortgage Loan underlying such delinquent Mortgage Loan
          notwithstanding anything to the contrary set forth in Section 4.05. In
          the event
          of any such termination, the provisions of Section 11.01 hereof shall apply
          to
          said termination and the transfer of servicing responsibilities with respect
          to
          such delinquent Mortgage Loan to the Purchaser or its designee.

        

        In
          the
          event that a Mortgage Loan becomes part of a REMIC, and becomes REO Property,
          such property shall be disposed of by the Company, with the consent of
          Purchaser
          as required pursuant to this Agreement, before the close of the third taxable
          year following the taxable year in which the Mortgage Loan became an REO
          Property, unless the Company provides to the trustee under such REMIC an
          opinion
          of counsel to the effect that the holding of such REO Property subsequent
          to the
          close of the third taxable year following the taxable year in which the
          Mortgage
          Loan became an REO Property, will not result in the imposition of taxes
          on
          "prohibited transactions" as defined in Section 860F of the Code, or cause
          the
          transaction to fail to qualify as a REMIC at any time that certificates
          are
          outstanding. Company shall manage, conserve, protect and operate each such
          REO
          Property for the certificateholders solely for the purpose of its prompt
          disposition and sale in a manner which does not cause such property to
          fail to
          qualify as "foreclosure property" within the meaning of Section 860F(a)(2)(E)
          of
          the Code, or any "net income from foreclosure property" which is subject
          to
          taxation under the REMIC provisions of the Code. Pursuant to its efforts
          to sell
          such property, the Company shall either itself or through an agent selected
          by
          Company, protect and conserve such property in the same manner and to such
          an
          extent as is customary in the locality where such property is located.
          

        

        Section
          4.04 Establishment
          of Custodial Accounts; Deposits in Custodial Accounts.

        

        The
          Company 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 one or more Custodial Accounts.
          The
          Custodial Account shall be an Eligible Account. Funds
          deposited in the Custodial Account, which shall be deposited within 24
          hours of
          receipt, shall at all times be insured by the FDIC up to the FDIC insurance
          limits, or must be invested in Permitted Investments for the benefit of
          the
          Purchaser. Funds
          deposited in the Custodial Account may be drawn on by the Company in accordance
          with Section 4.05. The creation of any Custodial Account shall be evidenced
          by a
          letter agreement in the form shown in Exhibit B hereto. The original of
          such
          letter agreement shall be furnished to the Purchaser on the Closing Date,
          and
          upon the request of any subsequent Purchaser.

        

        The
          Company shall deposit in the Custodial Account on a daily basis, and retain
          therein the following payments and collections received or made by it subsequent
          to the Cut-off Date, or received by it prior to the Cut-off Date but allocable
          to a period subsequent thereto, other than in respect of principal and
          interest
          on the Mortgage Loans due on or before the Cut-off Date:

        

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

        

        (ii)
          all
          payments on account of interest on the Mortgage Loans adjusted to the Mortgage
          Loan Remittance Rate;

        

        (iii)
          all
          Liquidation Proceeds;

        

        (iv)
          any
          amounts required to be deposited by the Company in connection with any
          REO
          Property pursuant to Section 4.13 and in connection therewith, the Company
          shall
          provide the Purchaser with written detail itemizing all of such
          amounts;

        

        (v)
          all
          Insurance Proceeds including amounts required to be deposited pursuant
          to
          Sections 4.08, 4.10 and 4.11, 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 Accepted Servicing Practices,
          the
          Mortgage Loan Documents or applicable law;

        

        (vi)
          all
          Condemnation Proceeds affecting any Mortgaged Property which are not released
          to
          the Mortgagor in accordance with Accepted Servicing Practices, the loan
          documents or applicable law;

        

        (vii)
          any
          Monthly Advances;

        

        (viii)
          with
          respect to each full or partial Principal Prepayment, any Prepayment Interest
          Shortfalls, to the extent of the Company’s aggregate Servicing Fee received with
          respect to the related Prepayment Period;

        

        (ix)
          any
          amounts required to be deposited by the Company pursuant to Section 4.10
          in
          connection with the deductible clause in any blanket hazard insurance policy,
          such deposit shall be made from the Company's own funds, without reimbursement
          therefor; and

        

        (x)
          any
          amounts required to be deposited in the Custodial Account pursuant to Section
          4.01, 4.13 or 6.02.

        

        The
          foregoing requirements for deposit in the Custodial 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 and assumption
          fees,
          to the extent permitted by Section 6.01, need not be deposited by the Company
          in
          the Custodial Account. Any interest paid on funds deposited in the Custodial
          Account by the depository institution shall accrue to the benefit of the
          Company
          and the Company shall be entitled to retain and withdraw such interest
          from the
          Custodial Account pursuant to Section 4.05 (iv). The
          Purchaser shall not be responsible for any losses suffered with respect
          to
          investment of funds in the Custodial Account.

        

        

        Section
          4.05 Permitted
          Withdrawals From the Custodial Account.

        

        The
          Company may, from time to time, withdraw from the Custodial Account for
          the
          following purposes:

        

        (i) to
          make
          payments to the Purchaser in the amounts and in the manner provided for
          in
          Section 5.01;

        

        (ii)
          to
          reimburse itself for Monthly Advances, the Company's right to reimburse
          itself
          pursuant to this subclause (ii) being limited to amounts received on the
          related
          Mortgage Loan which represent late collections (net of the related Servicing
          Fees) of principal and/or interest respecting which any such advance was
          made,
          it being understood that, in the case of such reimbursement, the Company's
          right
          thereto shall be prior to the rights of the Purchaser, except that, where
          the
          Company is required to repurchase a Mortgage Loan, pursuant to Section
          3.03, the
          Company's right to such reimbursement shall be subsequent to the payment
          to the
          Purchaser of the Repurchase Price pursuant to such Section and all other
          amounts
          required to be paid to the Purchaser with respect to such Mortgage
          Loan;

        

        (iii)
          to
          reimburse itself for unreimbursed Servicing Advances and any unpaid Servicing
          Fees(or REO administration fees described in Section 4.13), the Company's
          right
          to reimburse itself pursuant to this subclause (iii) with respect to any
          Mortgage Loan being limited to related proceeds from Liquidation Proceeds,
          Condemnation Proceeds and Insurance Proceeds in accordance with the relevant
          provisions of the Fannie Mae Guides or as otherwise set forth in this Agreement;
          any recovery shall be made upon liquidation of the REO Property; 

        

        (iv) to
          pay to
          itself as part of its servicing compensation (a) any interest earned on
          funds in
          the Custodial Account (all such interest to be withdrawn monthly not later
          than
          each Remittance Date), and (b) the Servicing Fee from that portion of any
          payment or recovery as to interest with respect to a particular Mortgage
          Loan;

        

        (v) to
          pay to
          itself with respect to each Mortgage Loan that has been repurchased pursuant
          to
          Section 3.03 all amounts received thereon and not distributed as of the
          date on
          which the related repurchase price is determined,

        

        (vi) to
          transfer funds to another Eligible Account in accordance with Section 4.09
          hereof;

        

        (vii) to
          remove
          funds inadvertently placed in the Custodial Account by the Company;
          and

        

        (vi) to
          clear
          and terminate the Custodial Account upon the termination of this
          Agreement.

        

        

        Section
          4.06 Establishment
          of Escrow Accounts; Deposits in Escrow Accounts.

        

        The
          Company 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 one
          or more
          Escrow Accounts. The Escrow Account shall be an Eligible Account. Funds
          deposited in each Escrow Account shall at all times be insured in a manner
          to
          provide maximum insurance under the insurance limitations of the FDIC,
          or must
          be invested in Permitted Investments. Funds
          deposited in the Escrow Account may be drawn on by the Company in accordance
          with Section 4.07. The creation of any Escrow Account shall be evidenced
          by a
          letter agreement in the form shown in Exhibit C. The original of such letter
          agreement shall be furnished to the Purchaser on the Closing Date, and
          upon
          request to any subsequent purchaser.

        

        The
          Company shall deposit in the Escrow Account or Accounts on a daily basis,
          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;

        

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

        

        (iii) all
          Servicing Advances for Mortgagors whose Escrow Payments are insufficient
          to
          cover escrow disbursements.

        

        The
          Company shall make withdrawals from the Escrow Account only to effect such
          payments as are required under this Agreement, and for such other purposes
          as
          shall be as set forth or in accordance with Section 4.07. The Company shall
          be
          entitled to retain any interest paid on funds deposited in the Escrow Account
          by
          the depository institution other than interest on escrowed funds required
          by law
          to be paid to the Mortgagor and, to the extent required by law, the Company
          shall pay interest on escrowed funds to the Mortgagor notwithstanding that
          the
          Escrow Account is non-interest bearing or that interest paid thereon is
          insufficient for such purposes. The
          Purchaser shall not be responsible for any losses suffered with respect
          to
          investment of funds in the Escrow Account.

        

        

        Section
          4.07 Permitted
          Withdrawals From Escrow Account.

        

        Withdrawals
          from the Escrow Account may be made by Company only:

        

        (i) to
          effect
          timely payments of ground rents, taxes, assessments, water rates, Primary
          Mortgage Insurance Policy premiums, if applicable, fire and hazard insurance
          premiums, condominium assessments and comparable items;

        

        (ii) to
          reimburse Company for any Servicing Advance made by Company with respect
          to a
          related Mortgage Loan but only from amounts received on the related Mortgage
          Loan which represent late payments or 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 Custodial 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 Company, or to the Mortgagor to the extent required by law, 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.
          As part
          of its servicing duties, the Company shall pay to the Mortgagors interest
          on
          funds in Escrow Account, to the extent required by law, 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;
          and

        

        (viii)
          to
          pay to the Mortgagors or other parties Insurance Proceeds deposited in
          accordance with Section 4.06.

        

        Section
          4.08 Payment
          of Taxes, Insurance and Other Charges; Maintenance of Primary Mortgage
          Insurance
          Policies; Collections Thereunder.

         

        With
          respect to each Mortgage Loan, the Company shall maintain accurate records
          reflecting the status of ground rents, taxes, assessments, water rates
          and other
          charges which are or may become a lien upon the Mortgaged Property and
          the
          status of primary mortgage insurance premiums and fire and hazard insurance
          coverage and 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 Company in amounts sufficient for such purposes, as allowed under
          the
          terms of the Mortgage or applicable law. To the extent that the Mortgage
          does
          not provide for Escrow Payments, the Company shall determine that any such
          payments are made by the Mortgagor at the time they first become due. The
          Company 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 advances from its own funds to effect such payments.

        

        The
          Company will maintain in full force and effect Primary Mortgage Insurance
          Policies and Lender Primary Mortgage Insurance Policies issued by a Qualified
          Insurer with respect to each Mortgage Loan for which such coverage is herein
          required. Such coverage will be terminated only with the approval of Purchaser,
          or as required by applicable law or regulation. The Company will not cancel
          or
          refuse to renew any Primary Mortgage Insurance Policy or Lender Primary
          Mortgage
          Insurance Policy in effect on the Closing Date that is required to be kept
          in
          force under this Agreement unless a replacement Primary Mortgage Insurance
          Policy or Lender Primary Mortgage Insurance Policy for such canceled or
          nonrenewed policy is obtained from and maintained with a Qualified Insurer.
          The
          Company shall not take any action which would result in non-coverage under
          any
          applicable Primary Mortgage Insurance Policy or Lender Primary Mortgage
          Insurance Policy of any loss which, but for the actions of the Company
          would
          have been covered thereunder. In connection with any assumption or substitution
          agreement entered into or to be entered into pursuant to Section 6.01,
          the
          Company shall promptly notify the insurer under the related Primary Mortgage
          Insurance Policy or Lender Primary Mortgage Insurance Policy, if any, of
          such
          assumption or substitution of liability in accordance with the terms of
          such
          policy and shall take all actions which may be required by such insurer
          as a
          condition to the continuation of coverage under the Primary Mortgage Insurance
          Policy or Lender Primary Mortgage Insurance Policy. If such Primary Mortgage
          Insurance Policy or Lender Primary Mortgage Insurance Policy is terminated
          as a
          result of such assumption or substitution of liability, the Company shall
          obtain
          a replacement Primary Mortgage Insurance Policy or Lender Primary Mortgage
          Insurance Policy as provided above.

        

        In
          connection with its activities as servicer, the Company agrees to prepare
          and
          present, on behalf of itself and the Purchaser, claims to the insurer under
          any
          Primary Mortgage Insurance Policy or Lender Primary Mortgage Insurance
          Policy in
          a timely fashion in accordance with the terms of such Primary Mortgage
          Insurance
          Policy or Lender Primary Mortgage Insurance Policy and, in this regard,
          to take
          such action as shall be necessary to permit recovery under any Primary
          Mortgage
          Insurance Policy or Lender Primary Mortgage Insurance Policy respecting
          a
          defaulted Mortgage Loan. Pursuant to Section 4.04, any amounts collected
          by the
          Company under any Primary Mortgage Insurance Policy or Lender Primary Mortgage
          Insurance Policy shall be deposited in the Custodial Account, subject to
          withdrawal pursuant to Section 4.05.

        

        Section
          4.09 Transfer
          of Accounts.

        

        The
          Company may transfer the Custodial Account or the Escrow Account to a different
          Eligible Account from time to time. Such transfer shall be made only upon
          obtaining the prior written consent of the Purchaser, which consent will
          not be
          unreasonably withheld.

        

        Section
          4.10 Maintenance
          of Hazard Insurance.

        

        The
          Company shall cause to be maintained for each Mortgage Loan fire and hazard
          insurance with extended coverage as is acceptable to Fannie Mae or FHLMC
          and
          customary in the area where the Mortgaged Property is located in an amount
          which
          is equal to the lesser of (i) the maximum insurable value of the improvements
          securing such Mortgage Loan or (ii) the greater of (a) the outstanding
          principal
          balance of the Mortgage Loan, and (b) an amount such that the proceeds
          thereof
          shall be sufficient to prevent the Mortgagor and/or the mortgagee from
          becoming
          a co-insurer. If required by the Flood Disaster Protection Act of 1973,
          as
          amended, each Mortgage Loan shall be covered by a flood insurance policy
          meeting
          the requirements of the current guidelines of the Federal Insurance
          Administration in effect with an insurance carrier acceptable to Fannie
          Mae or
          FHLMC, in an amount representing coverage not less than the least of (i)
          the
          outstanding principal balance of the Mortgage Loan, (ii) the maximum insurable
          value of the improvements securing such Mortgage Loan or (iii) the maximum
          amount of insurance which is available under the Flood Disaster Protection
          Act
          of 1973, as amended. If at any time during the term of the Mortgage Loan,
          the
          Company determines in accordance with applicable law and pursuant to the
          Fannie
          Mae Guides that a Mortgaged Property is located in a special flood hazard
          area
          and is not covered by flood insurance or is covered in an amount less than
          the
          amount required by the Flood Disaster Protection Act of 1973, as amended,
          the
          Company shall notify the related Mortgagor that the Mortgagor must obtain
          such
          flood insurance coverage, and if said Mortgagor fails to obtain the required
          flood insurance coverage within forty-five (45) days after such notification,
          the Company shall immediately force place the required flood insurance
          on the
          Mortgagor’s behalf. The Company shall also maintain on each REO Property, fire
          and hazard insurance with extended coverage in an amount which is at least
          equal
          to the maximum insurable value of the improvements which are a part of
          such
          property, and, to the extent required and available under the Flood Disaster
          Protection Act of 1973, as amended, flood insurance in an amount as provided
          above. Any amounts collected by the Company under any such policies other
          than
          amounts to be deposited in the Escrow Account and applied to the restoration
          or
          repair of the Mortgaged Property or REO Property, or released to the Mortgagor
          in accordance with Accepted Servicing Practices, shall be deposited in
          the
          Custodial Account, subject to withdrawal pursuant to Section 4.05. It is
          understood and agreed that no other additional insurance need be required
          by the
          Company of the Mortgagor or maintained on property acquired in respect
          of the
          Mortgage Loan, other than pursuant to this Agreement, the Fannie Mae Guides
          or
          such applicable state or federal laws and regulations as shall at any time
          be in
          force and as shall require such additional insurance. All such policies
          shall be
          endorsed with standard mortgagee clauses with loss payable to the Company
          and
          its successors and/or assigns and shall provide for at least thirty days
          prior
          written notice of any cancellation, reduction in the amount or material
          change
          in coverage to the Company. The Company shall not interfere with the Mortgagor's
          freedom of choice in selecting either his insurance carrier or agent, provided,
          however, that the Company shall not accept any such insurance policies
          from
          insurance companies unless such companies are Qualified Insurers.

        

        Section
          4.11 Maintenance
          of Mortgage Impairment Insurance Policy.

        

        In
          the
          event that the Company shall obtain and maintain a blanket policy issued
          by an
          insurer acceptable to Fannie Mae or FHLMC insuring against hazard losses
          on all
          of the Mortgage Loans, then, to the extent such policy provides coverage
          in an
          amount equal to the amount required pursuant to Section 4.10 and otherwise
          complies with all other requirements of Section 4.10, it shall conclusively
          be
          deemed to have satisfied its obligations as set forth in Section 4.10,
          it being
          understood and agreed that such policy may contain a deductible clause,
          in which
          case the Company shall, in the event that there shall not have been maintained
          on the related Mortgaged Property or REO Property a policy complying with
          Section 4.10, and there shall have been a loss which would have been covered
          by
          such policy, deposit in the Custodial Account the amount not otherwise
          payable
          under the blanket policy because of such deductible clause. In connection
          with
          its activities as servicer of the Mortgage Loans, the Company agrees to
          prepare
          and present, on behalf of the Purchaser, claims under any such blanket
          policy in
          a timely fashion in accordance with the terms of such policy. Upon request
          of
          the Purchaser, the Company shall cause to be delivered to the Purchaser
          a
          certified true copy of such policy and shall use its best efforts to obtain
          a
          statement from the insurer thereunder that such policy shall in no event
          be
          terminated or materially modified without thirty (30) days' prior written
          notice
          to the Purchaser.

        

        Section
          4.12 Fidelity
          Bond, Errors and Omissions Insurance.

        

        The
          Company shall maintain, at its own expense, a blanket fidelity bond and
          an
          errors and omissions insurance policy, with broad coverage with responsible
          companies on all officers, employees or other persons acting in any capacity
          with regard to the Mortgage Loan to handle funds, money, documents and
          papers
          relating to the Mortgage Loan. The Fidelity Bond shall be in the form of
          the
          Mortgage Banker's Blanket Bond and shall protect and insure the Company
          against
          losses, including forgery, theft, embezzlement and fraud of such persons.
          The
          errors and omissions insurance shall protect and insure the Company against
          losses arising out of errors and omissions and negligent acts of such persons.
          Such errors and omissions insurance shall also protect and insure the Company
          against losses in connection with the failure to maintain any insurance
          policies
          required pursuant to this Agreement and the release or satisfaction of
          a
          Mortgage Loan without having obtained payment in full of the indebtedness
          secured thereby. No provision of this Section 4.12 requiring the Fidelity
          Bond
          or errors and omissions insurance shall diminish or relieve the Company
          from its
          duties and obligations as set forth in this Agreement. The minimum coverage
          under any such bond and insurance policy shall be at least equal to the
          corresponding amounts required by Fannie Mae in the Fannie Mae Guides.
          Upon
          request by the Purchaser, the Company shall deliver to the Purchaser a
          certificate from the surety and the insurer as to the existence of the
          Fidelity
          Bond and errors and omissions insurance policy and shall obtain a statement
          from
          the surety and the insurer that such Fidelity Bond or insurance policy
          shall in
          no event be terminated or materially modified without thirty (30) days'
          prior
          written notice to the Purchaser. The Company shall notify the Purchaser
          within
          five (5) business days of receipt of notice that such Fidelity Bond or
          insurance
          policy will be, or has been, materially modified or terminated. The Purchaser
          (or any party having the status of Purchaser hereunder) and any subsidiary
          thereof and their successors or assigns as their interests may appear must
          be
          named as loss payees on the Fidelity Bond and as additional insured on
          the
          errors and omissions policy. Upon request by Purchaser, Company shall provide
          Purchaser with an insurance certificate certifying coverage under this
          Section
          4.12, and will provide an update to such certificate upon request, or upon
          renewal or material modification of coverage.

        

        Section
          4.13 Title,
          Management and Disposition of REO Property.

        

        In
          the
          event that title to the Mortgaged Property is acquired in foreclosure or
          by deed
          in lieu of foreclosure, the deed or certificate of sale shall be taken
          in the
          name of the Purchaser or its designee, or in the event the Purchaser or
          its
          designee is not authorized or permitted to hold title to real property
          in the
          state where the REO Property is located, or would be adversely affected
          under
          the "doing business" or tax laws of such state by so holding title, the
          deed or
          certificate of sale shall be taken in the name of such Person or Persons
          as
          shall be consistent with an opinion of counsel obtained by the Company
          from an
          attorney duly licensed to practice law in the state where the REO Property
          is
          located. Any Person or Persons holding such title other than the Purchaser
          shall
          acknowledge in writing that such title is being held as nominee for the
          benefit
          of the Purchaser.

        

        The
          Company shall notify the Purchaser in accordance with the Fannie Mae Guides
          of
          each acquisition of REO Property upon such acquisition (and, in any event,
          shall
          provide notice of the consummation of any foreclosure sale within three
          (3)
          Business Days of the date Company receives notice of such consummation),
          together with a copy of the drive by appraisal or brokers price opinion
          of the
          Mortgaged Property obtained in connection with such acquisition, and thereafter
          assume the responsibility for marketing such REO property in accordance
          with
          Accepted Servicing Practices. Thereafter, the Company shall continue to
          provide
          certain administrative services to the Purchaser relating to such REO Property
          as set forth in this Section 4.13. The fee for such administrative services
          shall be $2,000 to be paid upon liquidation of the REO Property. No Servicing
          Fee shall be assessed or otherwise accrue on any REO Property from and
          after the
          date on which it becomes an REO Property. 

        

        The
          Company shall, either itself or through an agent selected by the Company,
          and in
          accordance with the Fannie Mae Guides manage, conserve, protect and operate
          each
          REO Property in the same manner that it manages, conserves, protects and
          operates other foreclosed property for its own account, and in the same
          manner
          that similar property in the same locality as the REO Property is managed.
          The
          Company shall cause each REO Property to be inspected promptly upon the
          acquisition of title thereto and shall cause each REO Property to be inspected
          at least monthly thereafter or more frequently as required by the circumstances.
          The Company shall make or cause to be made a written report of each such
          inspection. Such reports shall be retained in the Mortgage File and copies
          thereof shall be forwarded by the Company to the Purchaser.

        

        The
          Company shall use its best efforts to dispose of the REO Property as soon
          as
          possible and shall sell such REO Property in any event within one year
          after
          title has been taken to such REO Property, unless the Company determines,
          and
          gives an appropriate notice to the Purchaser to such effect, that a longer
          period is necessary for the orderly liquidation of such REO Property. If
          a
          longer period than one (1) year is permitted under the foregoing sentence
          and is
          necessary to sell any REO Property, the Company shall report monthly to
          the
          Purchaser as to the progress being made in selling such REO Property. No
          REO
          Property shall be marketed for less than the Appraised Value, without the
          prior
          consent of Purchaser. No REO Property shall be sold for less than ninety
          five
          percent (95%) of its Appraised Value, without the prior consent of Purchaser.
          All requests for reimbursement of Servicing Advances shall be in accordance
          with
          the Fannie Mae Guides. The disposition of REO Property shall be carried
          out by
          the Company at such price, and upon such terms and conditions, as the Company
          deems to be in the best interests of the Purchaser (subject to the above
          conditions) only with the prior written consent of the Purchaser. Company
          shall
          provide monthly reports to Purchaser in reference to the status of the
          marketing
          of the REO Properties.

        

        Notwithstanding
          anything to the contrary contained herein, the Purchaser may, at the Purchaser's
          sole option, terminate the Company as servicer of any such REO Property
          without
          payment of any termination fee with respect thereto, provided that the
          Company
          shall on the date said termination takes effect be reimbursed for any
          unreimbursed advances of the Company's funds made pursuant to Section 5.03
          and
          any unreimbursed Servicing Advances and Servicing Fees in each case relating
          to
          the Mortgage Loan underlying such REO Property notwithstanding anything
          to the
          contrary set forth in Section 4.05. In the event of any such termination,
          the
          provisions of Section 11.01 hereof shall apply to said termination and
          the
          transfer of servicing responsibilities with respect to such REO Property
          to the
          Purchaser or its designee. Within five Business Days of any such termination,
          the Company shall, if necessary convey such property to the Purchaser and
          shall
          further provide the Purchaser with the following information regarding
          the
          subject REO Property: the related drive by appraisal or brokers price opinion,
          and copies of any related Mortgage Impairment Insurance Policy claims.
          In
          addition, within five Business Days, the Company shall provide the Purchaser
          with the following information regarding the subject REO Property: the
          related
          trustee’s deed upon sale and copies of any related hazard insurance claims, or
          repair bids.

        

        Section
          4.14 Notification
          of Maturity Date.

        

        With
          respect to each Mortgage Loan, the Company shall execute and deliver to
          the
          Mortgagor any and all necessary notices required under applicable law and
          the
          terms of the related Mortgage Note and Mortgage regarding the maturity
          date if
          required under applicable law.

         

        
 

        ARTICLE
          V

        

        PAYMENTS
          TO THE PURCHASER

        

        Section
          5.01 Distributions.

        

        On
          each
          Remittance Date, the Company shall distribute by wire transfer of immediately
          available funds to the Purchaser (i) all amounts credited to the Custodial
          Account as of the close of business on the preceding Determination Date,
          net of
          charges against or withdrawals from the Custodial Account pursuant to Section
          4.05, plus (ii) all Monthly Advances, if any, which the Company is obligated
          to
          distribute pursuant to Section 5.03, plus, (iii) interest at the Mortgage
          Loan
          Remittance Rate on any Principal Prepayment from the date of such Principal
          Prepayment through the end of the month for which disbursement is made
          provided
          that the Company’s obligation as to payment of such interest shall be limited to
          the Servicing Fee earned during the month of the distribution, plus (iv)
          unless
          otherwise stated in the related Confirmation or related Term Sheet, any
          amount
          received by the Company that represents a prepayment penalty with respect
          to a
          Mortgage Loan, minus (v) any amounts attributable to Monthly Payments collected
          but due on a Due Date or Dates subsequent to the preceding Determination
          Date,
          which amounts shall be remitted on the Remittance Date next succeeding
          the Due
          Period for such amounts. It is understood that, by operation of Section
          4.04,
          the remittance on the first Remittance Date with respect to Mortgage Loans
          purchased pursuant to the related Term Sheet is to include principal collected
          after the Cut-off Date through the preceding Determination Date plus interest,
          adjusted to the Mortgage Loan Remittance Rate collected through such
          Determination Date exclusive of any portion thereof allocable to the period
          prior to the Cut-off Date, with the adjustments specified in clauses (ii),
          (iii)
          and (iv) above.

        

        With
          respect to any remittance received by the Purchaser after the Remittance
          Date,
          the Company shall pay to the Purchaser interest on any such late payment
          at an
          annual rate equal to the Prime Rate, adjusted as of the date of each change,
          plus three (3) percentage points, but in no event greater than the maximum
          amount permitted by applicable law. Such interest shall cover the period
          commencing with the day following the Business Day such payment was due
          and
          ending with the Business Day on which such payment is made to the Purchaser,
          both inclusive. The payment by the Company of any such interest shall not
          be
          deemed an extension of time for payment or a waiver of any Event of Default
          by
          the Company. On each Remittance Date, the Company shall provide a remittance
          report detailing all amounts being remitted pursuant to this Section
          5.01.

        

        Section
          5.02 Statements
          to the Purchaser.

        

        The
          Company shall furnish to Purchaser an individual loan accounting report,
          as of
          the last Business Day of each month, in the Company's assigned loan number
          order
          to document Mortgage Loan payment activity on an individual Mortgage Loan
          basis.
          With respect to each month, the corresponding individual loan accounting
          report
          shall be received by the Purchaser no later than the fifth Business Day
          of the
          following month on a disk or tape or other computer-readable format in
          such
          format as may be mutually agreed upon by both Purchaser and Company, and
          no
          later than the fifth Business Day of the following month in hard copy,
          and shall
          contain the following:

        

        (i)
          With
          respect to each Monthly Payment, the amount of such remittance allocable
          to
          principal (including a separate breakdown of any Principal Prepayment,
          including
          the date of such prepayment, and any prepayment penalties or premiums,
          along
          with a detailed report of interest on principal prepayment amounts remitted
          in
          accordance with Section 4.04);

        

        (ii)
          with
          respect to each Monthly Payment, the amount of such remittance allocable
          to
          interest;

        

        (iii)
          the
          amount of servicing compensation received by the Company during the prior
          distribution period;

        

        (iv)
          the
          aggregate Stated Principal Balance of the Mortgage Loans;

        

        (v)
          the
          aggregate of any expenses reimbursed to the Company during the prior
          distribution period pursuant to Section 4.05; 

        

        (vi)
          The
          number and aggregate outstanding principal balances of Mortgage Loans (a)
          delinquent (1) 30 to 59 days, (2) 60 to 89 days, (3) 90 days or more; (b)
          as to
          which foreclosure has commenced; and (c) as to which REO Property has been
          acquired; and

        

        The
          Company shall also provide a trial balance, sorted in Purchaser's assigned
          loan
          number order, in the form of Exhibit E hereto, with each such
          Report.

        

        The
          Company shall prepare and file any and all information statements or other
          filings required to be delivered to any governmental taxing authority or
          to
          Purchaser pursuant to any applicable law with respect to the Mortgage Loans
          and
          the transactions contemplated hereby.

        

        Section
          5.03 Monthly
          Advances by the Company.

        

        Not
          later
          than the close of business on the Business Day preceding each Remittance
          Date,
          the Company shall deposit in the Custodial Account an amount equal to all
          payments not previously advanced by the Company, whether or not deferred
          pursuant to Section 4.01, of principal (due after the Cut-off Date) and
          interest
          not allocable to the period prior to the Cut-off Date, adjusted to the
          Mortgage
          Loan Remittance Rate, which were due on a Mortgage Loan and delinquent
          at the
          close of business on the related Determination Date.

        

        The
          Company's obligation to make such Monthly Advances as to any Mortgage Loan
          will
          continue through the last Monthly Payment due prior to the payment in full
          of
          the Mortgage Loan, or through the Remittance Date prior to the date on
          which the
          Mortgaged Property liquidates (including Insurance Proceeds, proceeds from
          the
          sale of REO Property or Condemnation Proceeds) with respect to the Mortgage
          Loan
          unless the Company deems such advance to be nonrecoverable. In such event,
          the
          Company shall deliver to the Purchaser an Officer's Certificate of the
          Company
          to the effect that an officer of the Company has reviewed the related Mortgage
          File and has made the reasonable determination that any additional advances
          are
          nonrecoverable. 

        

        Section
          5.04 Liquidation
          Reports.

        

        Upon
          the
          foreclosure sale of any Mortgaged Property or the acquisition thereof by
          the
          Purchaser pursuant to a deed-in-lieu of foreclosure, the Company shall
          submit to
          the Purchaser a liquidation report with respect to such Mortgaged Property
          in a
          form mutually acceptable to Company and Purchaser. The Company shall also
          provide reports on the status of REO Property containing such information
          as
          Purchaser may reasonably require.

         

        
 

        ARTICLE
          VI

        

        GENERAL
          SERVICING PROCEDURES

        

        Section
          6.01 Assumption
          Agreements.

        

        The
          Company will, to the extent it has knowledge of any conveyance or prospective
          conveyance by any Mortgagor of the Mortgaged Property (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 any "due-on-sale"
          clause to the extent permitted by law; provided, however, that the Company
          shall
          not exercise any such rights if prohibited by law or the terms of the Mortgage
          Note from doing so or if the exercise of such rights would impair or threaten
          to
          impair any recovery under the related Primary Mortgage Insurance Policy
          or
          Lender Primary Mortgage Insurance Policy, if any. If the Company reasonably
          believes it is unable under applicable law to enforce such "due-on-sale"
          clause,
          the Company, with the approval of the Purchaser, will enter into an assumption
          agreement with the person to whom the Mortgaged 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. Where an assumption is allowed pursuant
          to
          this Section 6.01, the Company, with the prior consent of the Purchaser
          and the
          primary mortgage insurer, if any, is authorized to enter into a substitution
          of
          liability agreement with the person to whom the Mortgaged Property has
          been
          conveyed or is proposed to be conveyed pursuant to which the original mortgagor
          is released from liability and such Person is substituted as mortgagor
          and
          becomes liable under the related Mortgage Note. Any such substitution of
          liability agreement shall be in lieu of an assumption agreement. 

        

        In
          connection with any such assumption or substitution of liability, the Company
          shall follow the underwriting practices and procedures of the Company.
          With
          respect to an assumption or substitution of liability, the Mortgage Interest
          Rate borne by the related Mortgage Note, the amount of the Monthly Payment
          and
          the maturity date may not be changed (except pursuant to the terms of the
          Mortgage Note). If the credit of the proposed transferee does not meet
          such
          underwriting criteria, the Company diligently shall, to the extent permitted
          by
          the Mortgage or the Mortgage Note and by applicable law, accelerate the
          maturity
          of the Mortgage Loan. The Company shall notify the Purchaser that any such
          substitution of liability or assumption agreement has been completed by
          forwarding to the Purchaser the original of any such substitution of liability
          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. All fees collected by the Company for entering into an assumption
          or
          substitution of liability agreement shall belong to the Company.

        

        Notwithstanding
          the foregoing paragraphs of this Section or any other provision of this
          Agreement, the Company 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 any assumption which the Company may be restricted
          by law from preventing, for any reason whatsoever. For purposes of this
          Section
          6.01, 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
          6.02 Satisfaction
          of Mortgages and Release of Mortgage Files.

        

        Upon
          the
          payment in full of any Mortgage Loan, or the receipt by the Company of
          a
          notification that payment in full will be escrowed in a manner customary
          for
          such purposes, the Company will immediately notify the Purchaser by a
          certification, 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 Custodial Account pursuant to Section 4.04
          have
          been or will be so deposited, of a Servicing Officer and shall request
          delivery
          to it of the portion of the Mortgage File held by the Purchaser. The Purchaser
          shall no later than five Business Days after receipt of such certification
          and
          request, release or cause to be released to the Company, the related Mortgage
          Loan Documents and, upon its receipt of such documents, the Company shall
          promptly prepare and deliver to the Purchaser the requisite satisfaction
          or
          release. No later than five (5) Business Days following its receipt of
          such
          satisfaction or release, the Purchaser shall deliver, or cause to be delivered,
          to the Company the release or satisfaction properly executed by the owner
          of
          record of the applicable mortgage or its duly appointed attorney in fact.
          No
          expense incurred in connection with any instrument of satisfaction or deed
          of
          reconveyance shall be chargeable to the Custodial Account.

        

        In
          the
          event the Company satisfies or releases a Mortgage without having obtained
          payment in full of the indebtedness secured by the Mortgage or should it
          otherwise prejudice any right the Purchaser may have under the mortgage
          instruments, the Company, upon written demand, shall remit within two (2)
          Business Days to the Purchaser the then outstanding principal balance of
          the
          related Mortgage Loan by deposit thereof in the Custodial Account. The
          Company
          shall maintain the Fidelity Bond and errors and omissions insurance insuring
          the
          Company against any loss it may sustain with respect to any Mortgage Loan
          not
          satisfied in accordance with the procedures set forth herein.

        

        From
          time
          to time and as appropriate for the servicing or foreclosure of the Mortgage
          Loan, including for the purpose of collection under any Primary Mortgage
          Insurance Policy or Lender Primary Mortgage Insurance Policy, the Purchaser
          shall, upon request of the Company and delivery to the Purchaser of a servicing
          receipt signed by a Servicing Officer, release the portion of the Mortgage
          File
          held by the Purchaser to the Company. Such servicing receipt shall obligate
          the
          Company to return the related Mortgage documents to the Purchaser when
          the need
          therefor by the Company no longer exists, unless the Mortgage Loan has
          been
          liquidated and the Liquidation Proceeds relating to the Mortgage Loan have
          been
          deposited in the Custodial 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 Company has delivered to the Purchaser 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, the servicing receipt shall be released
          by
          the Purchaser to the Company.

        

        Section
          6.03 Servicing
          Compensation.

        

        As
          compensation for its services hereunder, the Company shall be entitled
          to
          withdraw from the Custodial Account (to the extent of interest payments
          collected on the Mortgage Loans) or to retain from interest payments collected
          on the Mortgage Loans, the amounts provided for as the Company's Servicing
          Fee,
          subject to payment of compensating interest on Principal Prepayments as
          capped
          by the Servicing Fee pursuant to Section 5.01 (iii). Additional servicing
          compensation in the form of assumption fees, as provided in Section 6.01,
          and
          late payment charges or otherwise shall be retained by the Company to the
          extent
          not required to be deposited in the Custodial Account. No Servicing Fee
          shall be
          payable in connection with partial Monthly Payments. The Company shall
          be
          required to pay all expenses incurred by it in connection with its servicing
          activities hereunder and shall not be entitled to reimbursement therefor
          except
          as specifically provided for.

        

        Section
          6.04 Annual
          Statement as to Compliance.

        

        The
          Company will deliver to the Purchaser not later than 90 days following
          the end
          of each fiscal year of the Company beginning in March 2002,
          an
          Officers' Certificate stating, as to each signatory thereof, that (i) a
          review
          of the activities of the Company 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
          Company has fulfilled all of its obligations under this Agreement throughout
          such year, or, if there has been a default in the fulfillment of any such
          obligation, specifying each such default known to such officers and the
          nature
          and status of cure provisions thereof. Copies of such statement shall be
          provided by the Company to the Purchaser upon request.

        

        Section
          6.05 Annual
          Independent Certified Public Accountants' Servicing Report.

        

        Within
          ninety (90) days of Company's fiscal year end beginning in March 2002 the
          Company at its expense shall cause a firm of independent public accountants
          which is a member of the American Institute of Certified Public Accountants
          to
          furnish a statement to the Purchaser to the effect that such firm has examined
          certain documents and records relating to the Company's servicing of mortgage
          loans of the same type as the Mortgage Loans pursuant to servicing agreements
          substantially similar to this Agreement, which agreements may include this
          Agreement, and that, on the basis of such an examination, conducted
          substantially in the uniform single audit program for mortgage bankers,
          such
          firm is of the opinion that the Company's servicing has been conducted
          in
          compliance with the agreements examined pursuant to this Section 6.05,
          except
          for (i) such exceptions as such firm shall believe to be immaterial, and
          (ii)
          such other exceptions as shall be set forth in such statement. Copies of
          such
          statement shall be provided by the Company to the Purchaser. In addition,
          on an
          annual basis, Company shall provided Purchaser with copies of its audited
          financial statements. 

        

        Section
          6.06 Purchaser's
          Right to Examine Company Records.

        

        The
          Purchaser shall have the right to examine and audit upon reasonable notice
          to
          the Company, during business hours or at such other times as might be reasonable
          under applicable circumstances, any and all of the books, records, documentation
          or other information of the Company, or held by another for the Company
          or on
          its behalf or otherwise, which relates to the performance or observance
          by the
          Company of the terms, covenants or conditions of this Agreement.

        

        The
          Company shall provide to the Purchaser and any supervisory agents or examiners
          representing a state or federal governmental agency having jurisdiction
          over the
          Purchaser, including but not limited to FDIC and other similar entities,
          access
          to any documentation regarding the Mortgage Loans in the possession of
          the
          Company which may be required by any applicable regulations. Such access
          shall
          be afforded without charge, upon reasonable request, during normal business
          hours and at the offices of the Company, and in accordance with the federal
          government, FDIC, or any other similar regulations.

         

        
 

        ARTICLE
          VII

        

        REPORTS
          TO BE PREPARED BY SERVICER

        

        Section
          7.01 Company
          Shall Provide Information as Reasonably Required.

        

        The
          Company shall furnish to the Purchaser during the term of this Agreement
          such
          periodic, special or other reports, information or documentation, not provided
          for herein, as shall be necessary, reasonable or appropriate in respect
          to the
          Purchaser, or otherwise in respect to the Mortgage Loans and the performance
          of
          the Company under this Agreement, including any reports, information or
          documentation reasonably required to comply with any regulations regarding
          any
          supervisory agents or examiners of the Purchaser all such reports or information
          to be as provided by and in accordance with such applicable instructions
          and
          directions as the Purchaser may reasonably request in relation to this
          Agreement
          or the performance of the Company under this Agreement. Such periodic,
          special
          or other reports, information or documentation furnished to the Purchaser
          at the
          Purchaser’s request pursuant to the preceding sentence shall be at the expense
          of the Purchaser. The Company agrees to execute and deliver all such instruments
          and take all such action as the Purchaser, from time to time, may reasonably
          request in order to effectuate the purpose and to carry out the terms of
          this
          Agreement.

        

        In
          connection with marketing the Mortgage Loans, the Purchaser may make available
          to a prospective purchaser audited financial statements of the Company
          for the
          most recently completed two (2) fiscal years for which such statements
          are
          available, as well as a Consolidated Statement of Condition at the end
          of the
          last two (2) fiscal years covered by any Consolidated Statement of Operations.
          If it has not already done so, the Company shall furnish promptly to the
          Purchaser or a prospective purchaser copies of the statements specified
          above.

        

        The
          Company shall make reasonably available to the Purchaser or any prospective
          Purchaser a knowledgeable financial or accounting officer for the purpose
          of
          answering questions and to permit any prospective purchaser to inspect
          the
          Company’s servicing facilities for the purpose of satisfying such prospective
          purchaser that the Company has the ability to service the Mortgage Loans
          as
          provided in this Agreement.

        

        ARTICLE
          VIII

        

        THE
          SERVICER

        

        Section
          8.01 Indemnification;
          Third Party Claims.

        

        The
          Company agrees to indemnify the Purchaser and hold it harmless against
          any and
          all claims, losses, damages, penalties, fines, forfeitures, legal fees
          and
          related costs, judgments, and any other costs, fees and expenses that the
          Purchaser may sustain in any way related to the failure of the Company
          to
          observe and perform its duties, obligations, covenants, and agreements
          to
          service the Mortgage Loans in strict compliance with the terms of this
          Agreement. The Company agrees to indemnify the Purchaser and hold it harmless
          against any and all claims, losses, damages, penalties, fines, forfeitures,
          legal fees and related costs, judgments, and any other costs, fees and
          expenses
          that the Purchaser may sustain in any way related to the breach of a
          representation or warranty set forth in Sections 3.01 or 3.02 of this Agreement.
          The Company shall immediately notify the Purchaser if a claim is made by
          a third
          party against Company with respect to this Agreement or the Mortgage Loans,
          assume (with the consent of the Purchaser) the defense of any such claim
          and pay
          all expenses in connection therewith, including counsel fees, whether or
          not
          such claim is settled prior to judgment, and promptly pay, discharge and
          satisfy
          any judgment or decree which may be entered against it or the Purchaser
          in
          respect of such claim. The Company shall follow any written instructions
          received from the Purchaser in connection with such claim. The Purchaser
          shall
          promptly reimburse the Company for all amounts advanced by it pursuant
          to the
          two preceding sentences except when the claim relates to the failure of
          the
          Company to service and administer the Mortgages in strict compliance with
          the
          terms of this Agreement, the breach of representation or warranty set forth
          in
          Sections 3.01 or 3.02, or the gross negligence, bad faith or willful misconduct
          of Company. The provisions of this Section 8.01 shall survive termination
          of
          this Agreement.

        

        Section
          8.02 Merger
          or Consolidation of the Company.

        

        The
          Company will keep in full effect its existence, rights and franchises as
          a
          corporation under the laws of the state of its incorporation except as
          permitted
          herein, and will obtain and preserve its qualification to do business as
          a
          foreign corporation in each jurisdiction in which such qualification is
          or shall
          be necessary to protect the validity and enforceability of this Agreement,
          or
          any of the Mortgage Loans and to perform its duties under this
          Agreement.

        

        Any
          Person into which the Company may be merged or consolidated, or any corporation
          resulting from any merger, conversion or consolidation to which the Company
          shall be a party, or any Person succeeding to the business of the Company
          whether or not related to loan servicing, shall be the successor of the
          Company
          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
          shall
          be an institution (i) having a GAAP net worth of not less than $25,000,000,
          (ii)
          the deposits of which are insured by the FDIC and/or BIF, and which is
          a
          HUD-approved mortgagee whose primary business is in origination and servicing
          of
          first lien mortgage loans, and (iii) who is a Fannie Mae or FHLMC approved
          seller/servicer in good standing; provided, further, however, that the
          Company
          shall give sixty (60) days written notice to the Purchaser of any merger,
          conversion or consolidation to which the Company shall be a party, or of
          any
          Person succeeding to the business of the Company, and the Purchaser, at
          it sole
          option, shall make the determination as to whether such successor of the
          Company
          shall continue to service the Mortgage Loans hereunder.

        

        Section
          8.03 Limitation
          on Liability of the Company and Others.

        

        Neither
          the Company nor any of the officers, employees or agents of the Company
          shall be
          under any liability to the Purchaser 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 made in good faith; provided, however, that this provision
          shall not
          protect the Company or any such person against any breach of warranties
          or
          representations made herein, or failure to perform its obligations in strict
          compliance with any standard of care set forth in this Agreement, or any
          liability which would otherwise be imposed by reason of negligence, bad
          faith or
          willful misconduct, or any breach of the terms and conditions of this Agreement.
          The Company and any officer, employee or agent of the Company may rely
          in good
          faith on any document of any kind prima facie properly executed and submitted
          by
          the Purchaser respecting any matters arising hereunder. The Company shall
          not be
          under any obligation to appear in, prosecute or defend any legal action
          which is
          not incidental to its duties to service the Mortgage Loans in accordance
          with
          this Agreement and which in its reasonable opinion may involve it in any
          expenses or liability; provided, however, that the Company may, with the
          consent
          of the Purchaser, undertake any such action which it may deem necessary
          or
          desirable in respect to this Agreement and the rights and duties of the
          parties
          hereto. In such event, the reasonable legal expenses and costs of such
          action
          and any liability resulting therefrom shall be expenses, costs and liabilities
          for which the Purchaser will be liable, and the Company shall be entitled
          to be
          reimbursed therefor from the Purchaser upon written demand.

        

        Section
          8.04 Company
          Not to Assign or Resign.

        

        The
          Company shall not assign this Agreement or resign from the obligations
          and
          duties hereby imposed on it except by mutual consent of the Company and
          the
          Purchaser or upon the determination that its duties hereunder are no longer
          permissible under applicable law and such incapacity cannot be cured by
          the
          Company. Any such determination permitting the resignation of the Company
          shall
          be evidenced by an Opinion of Counsel to such effect delivered to the Purchaser
          which Opinion of Counsel shall be in form and substance acceptable to the
          Purchaser. No such resignation shall become effective until a successor
          shall
          have assumed the Company's responsibilities and obligations hereunder in
          the
          manner provided in Section 11.01.

        

        Section
          8.05 No
          Transfer of Servicing.

        

        With
          respect to the retention of the Company to service the Mortgage Loans hereunder,
          the Company acknowledges that the Purchaser has acted in reliance upon
          the
          Company's independent status, the adequacy of its servicing facilities,
          plan,
          personnel, records and procedures, its integrity, reputation and financial
          standing and the continuance thereof. Without in any way limiting the generality
          of this Section, the Company shall not either assign this Agreement or
          the
          servicing hereunder or delegate its rights or duties hereunder or any portion
          thereof, or sell or otherwise dispose of all or substantially all of its
          property or assets, without the prior written approval of the Purchaser,
          which
          consent shall be granted or withheld in the Purchaser's sole
          discretion.

        

        Without
          in any way limiting the generality of this Section 8.05, in the event that
          the
          Company either shall assign this Agreement or the servicing responsibilities
          hereunder or delegate its duties hereunder or any portion thereof without
          (i)
          satisfying the requirements set forth herein or (ii) the prior written
          consent
          of the Purchaser, then the Purchaser shall have the right to terminate
          this
          Agreement, without any payment of any penalty or damages and without any
          liability whatsoever to the Company (other than with respect to accrued
          but
          unpaid Servicing Fees and Servicing Advances remaining unpaid) or any third
          party. 

        

        

        ARTICLE
          IX

        

        DEFAULT

        

        Section
          9.01 Events
          of Default.

        

        In
          case
          one or more of the following Events of Default by the Company shall occur
          and be
          continuing, that is to say:

        

        (i)
          any
          failure by the Company to remit to the Purchaser any payment required to
          be made
          under the terms of this Agreement which continues unremedied for a period
          of one
          (1) Business Day; or

        

        (ii)
          failure on the part of the Company duly to observe or perform in any material
          respect any other of the covenants or agreements on the part of the Company
          set
          forth in this Agreement which continues unremedied for a period of thirty
          (30)
          days after the date on which written notice of such failure, requiring
          the same
          to be remedied, shall have been given to the Company by the Purchaser;
          or

        

        (iii)
          a
          decree or order of a court or agency or supervisory authority having
          jurisdiction for the appointment of a conservator or receiver or liquidator
          in
          any insolvency, bankruptcy, readjustment of debt, marshalling of assets
          and
          liabilities or similar proceedings, or for the winding-up or liquidation
          of its
          affairs, shall have been entered against the Company and such decree or
          order
          shall have remained in force undischarged or unstayed for a period of sixty
          days; or

        

        (iv)
          the
          Company shall consent to the appointment of a conservator or receiver or
          liquidator in any insolvency, bankruptcy, readjustment of debt, marshalling
          of
          assets and liabilities or similar proceedings of or relating to the Company
          or
          of or relating to all or substantially all of its property; or

        

        (v)
          the
          Company 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)
          Company ceases to be approved by either Fannie Mae or FHLMC as a mortgage
          loan
          seller or servicer for more than thirty days; or

        

        (vii)
          the
          Company attempts to assign its right to servicing compensation hereunder
          or the
          Company attempts, without the consent of the Purchaser, to sell or otherwise
          dispose of all or substantially all of its property or assets or to assign
          this
          Agreement or the servicing responsibilities hereunder or to delegate its
          duties
          hereunder or any portion thereof; or

        

        (viii)
          the Company ceases to be (a) licensed to service first lien residential
          mortgage
          loans in any jurisdiction in which a Mortgaged Property is located and
          such
          licensing is required, and (b) qualified to transact business in any
          jurisdiction where it is currently so qualified, but only to the extent
          such
          non-qualification materially and adversely affects the Company's ability
          to
          perform its obligations hereunder; or

        

        (ix)
          the
          Company fails to meet the eligibility criteria set forth in the last sentence
          of
          Section 8.02.

        

        Then,
          and
          in each and every such case, so long as an Event of Default shall not have
          been
          remedied, the Purchaser, by notice in writing to the Company (except in
          the case
          of an Event of Default under clauses (iii), (iv) or (v) above, in which
          case,
          automatically and without notice) Company may, in addition to whatever
          rights
          the Purchaser may have under Sections 3.03 and 8.01 and at law or equity
          or to
          damages, including injunctive relief and specific performance, terminate
          all the
          rights and obligations of the Company under this Agreement and in and to
          the
          Mortgage Loans and the proceeds thereof without compensating the Company
          for the
          same. On or after the receipt by the Company of such written notice (or,
          in the
          case of an Event of Default under clauses (iii), (iv) or (v) above, in
          which
          case, automatically and without notice), all authority and power of the
          Company
          under this Agreement, whether with respect to the Mortgage Loans or otherwise,
          shall pass to and be vested in the successor appointed pursuant to Section
          11.01. Upon written request from the Purchaser, the Company shall prepare,
          execute and deliver, any and all documents and other instruments, place
          in such
          successor's possession all Mortgage Files, and do or accomplish all other
          acts
          or things necessary or appropriate to effect the purposes of such notice
          of
          termination, whether to complete the transfer and endorsement or assignment
          of
          the Mortgage Loans and related documents, or otherwise, at the Company's
          sole
          expense. The Company agrees to cooperate with the Purchaser and such successor
          in effecting the termination of the Company's responsibilities and rights
          hereunder, including, without limitation, the transfer to such successor
          for
          administration by it of all cash amounts which shall at the time be credited
          by
          the Company to the Custodial Account or Escrow Account or thereafter received
          with respect to the Mortgage Loans or any REO Property.

        

        Section
          9.02 Waiver
          of Defaults.

        

        The
          Purchaser may waive only by written notice any default by the Company in
          the
          performance of its obligations hereunder and its consequences. Upon any
          such
          waiver of a past default, such default shall cease to exist, and any Event
          of
          Default arising therefrom shall be deemed to have been remedied for every
          purpose of this Agreement. No such waiver shall extend to any subsequent
          or
          other default or impair any right consequent thereon except to the extent
          expressly so waived in writing.

         

        
 

        ARTICLE
          X

        

        TERMINATION

        

        Section
          10.01 Termination.

         

        The
          respective obligations and responsibilities of the Company shall terminate
          upon:
          (i) the later of the final payment or other liquidation (or any advance
          with
          respect thereto) of the last Mortgage Loan and the disposition of all remaining
          REO Property and the remittance of all funds due hereunder; or (ii) by
          mutual
          consent of the Company and the Purchaser in writing; or (iii) termination
          with
          cause under the terms of this Agreement.

         

        
 

         

        ARTICLE
          XI

        

        MISCELLANEOUS
          PROVISIONS

        

        Section
          11.01 Successor
          to the Company.

        

        Prior
          to
          termination of Company's responsibilities and duties under this Agreement
          pursuant to Sections 4.13, 8.04, 9.01, 10.01 (ii) or (iii), the Purchaser
          shall
          (i) succeed to and assume all of the Company's responsibilities, rights,
          duties
          and obligations under this Agreement, or (ii) appoint a successor having
          the
          characteristics set forth in Section 8.02 hereof and which shall succeed
          to all
          rights and assume all of the responsibilities, duties and liabilities of
          the
          Company under this Agreement prior to the termination of Company's
          responsibilities, duties and liabilities under this Agreement. In connection
          with such appointment and assumption, the Purchaser may make such arrangements
          for the compensation of such successor out of payments on Mortgage Loans
          as the
          Purchaser and such successor shall agree. In the event that the Company's
          duties, responsibilities and liabilities under this Agreement should be
          terminated pursuant to the aforementioned Sections, the Company shall discharge
          such duties and responsibilities during the period from the date it acquires
          knowledge of such termination until the effective date thereof with the
          same
          degree of diligence and prudence which it is obligated to exercise under
          this
          Agreement, and shall take no action whatsoever that might impair or prejudice
          the rights or financial condition of its successor. The resignation or
          removal
          of Company pursuant to the aforementioned Sections shall not become effective
          until a successor shall be appointed pursuant to this Section and shall
          in no
          event relieve the Company of the representations and warranties made pursuant
          to
          Sections 3.01, 3.02 and 3.03 and the remedies available to the Purchaser
          thereunder and under Section 8.01, it being understood and agreed that
          the
          provisions of such Sections 3.01, 3.02, 3.03 and 8.01 shall be applicable
          to the
          Company notwithstanding any such resignation or termination of the Company,
          or
          the termination of this Agreement.

        

        Any
          successor appointed as provided herein shall execute, acknowledge and deliver
          to
          the Company and to the Purchaser an instrument accepting such appointment,
          whereupon such successor shall become fully vested with all the rights,
          powers,
          duties, responsibilities, obligations and liabilities of the Company, with
          like
          effect as if originally named as a party to this Agreement. Any termination
          or
          resignation of the Company or this Agreement pursuant to Section 4.13,
          8.04,
          9.01 or 10.01 shall not affect any claims that the Purchaser may have against
          the Company arising prior to any such termination or resignation.

        

        The
          Company shall promptly deliver to the successor the funds in the Custodial
          Account and the Escrow Account and the Mortgage Files and related documents
          and
          statements held by it hereunder and the Company shall account for all funds.
          The
          Company shall execute and deliver such instruments and do such other things
          all
          as may reasonably be required to more fully and definitely vest and confirm
          in
          the successor all such rights, powers, duties, responsibilities, obligations
          and
          liabilities of the Company. The successor shall make arrangements as it
          may deem
          appropriate to reimburse the Company for unrecovered Servicing Advances
          which
          the successor retains hereunder and which would otherwise have been recovered
          by
          the Company pursuant to this Agreement but for the appointment of the successor
          servicer.

        

        Upon
          a
          successor's acceptance of appointment as such, the Company shall notify
          by mail
          the Purchaser of such appointment.

        

        Section
          11.02 Amendment.

        

        This
          Agreement may be amended from time to time by the Company and the Purchaser
          by
          written agreement signed by the Company and the Purchaser.

        

        Section
          11.03 Recordation
          of Agreement.

        

        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 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 Company at the Company's
          expense on direction of the Purchaser accompanied by an opinion of counsel
          to
          the effect that such recordation materially and beneficially affects the
          interest of the Purchaser or is necessary for the administration or servicing
          of
          the Mortgage Loans.

        

        Section
          11.04 Governing
          Law.

        

        This
          Agreement and the related Term Sheet shall be governed by and construed
          in
          accordance with the laws of the State of New York except to the extent
          preempted
          by Federal law. The obligations, rights and remedies of the parties hereunder
          shall be determined in accordance with such laws.

        

        Section
          11.05 Notices.

        

        Any
          demands, notices or other communications permitted or required hereunder
          shall
          be in writing and shall be deemed conclusively to have been given if personally
          delivered at or mailed by registered mail, postage prepaid, and return
          receipt
          requested or certified mail, return receipt requested, or transmitted by
          telex,
          telegraph or telecopier and confirmed by a similar mailed writing, as
          follows:

        

        (i)           
          if
          to the
          Company:

         

        National
          City Mortgage Company

        3232
          Newmark Drive

        Miamisburg,
          Ohio 45342

        Attention:
          Sheila N. Hansford

        Telecopier
          No.: (937) 910-4137

        

        Servicing
          contact:

        

        National
          City Mortgage Company

        3232
          Newmark Drive

        Miamisburg,
          Ohio 45342

        Attention:
          T. Jackson Case

        

         

        (ii)          
          if
          to the
          Purchaser:

         

        EMC
          Mortgage Corporation 

        Mac
          Arthur Ridge II, 

        909
          Hidden Ridge Drive, Suite 200

        Irving,
          Texas 75038

        Attention:
          Mr. Edward Raice

        Telecopier
          No.: (972) 444-2810

        

        With
          a
          copy to:

        

        Bear
          Stearns Mortgage Capital Corporation

        245
          Park
          Avenue

        New
          York,
          New York 10167

        Attention:
          Mary Haggerty

        

        or
          such
          other address as may hereafter be furnished to the other party by like
          notice.
          Any such demand, notice or communication hereunder shall be deemed to have
          been
          received on the date delivered to or received at the premises of the addressee
          (as evidenced, in the case of registered or certified mail, by the date
          noted on
          the return receipt).

        

        Section
          11.06 Severability
          of Provisions.

        

        Any
          part,
          provision, representation or warranty of this Agreement and the related
          Term
          Sheet 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
          be ineffective, as to such jurisdiction, 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 that prohibits or renders void or unenforceable
          any
          provision hereof. If the invalidity of any part, provision, representation
          or
          warranty of this Agreement shall deprive any party of the economic benefit
          intended to be conferred by this Agreement, the parties shall negotiate,
          in good
          faith, to develop a structure the economic effect of which is nearly as
          possible
          the same as the economic effect of this Agreement without regard to such
          invalidity.

        

        Section
          11.07 Exhibits.

        

        The
          exhibits to this Agreement are hereby incorporated and made a part hereof
          and
          are an integral part of this Agreement.

        

        Section
          11.08 General
          Interpretive Principles.

        

        For
          purposes of this Agreement, except as otherwise expressly provided or unless
          the
          context otherwise requires:

        

        (i)
           the
          terms
          defined in this Agreement have the meanings assigned to them in this Agreement
          and include the plural as well as the singular, and the use of any gender
          herein
          shall be deemed to include the other gender;

        

        (ii)
           accounting
          terms not otherwise defined herein have the meanings assigned to them in
          accordance with generally accepted accounting principles;

         

        (iii)
           references
          herein to "Articles", "Sections", Subsections", "Paragraphs", and other
          subdivisions without reference to a document are to designated Articles,
          Sections, Subsections, Paragraphs and other subdivisions of this
          Agreement;

        

        (iv)
           a
          reference to a Subsection without further reference to a Section is a reference
          to such Subsection as contained in the same Section in which the reference
          appears, and this rule shall also apply to Paragraphs and other
          subdivisions;

        

        (v)
           the
          words
          "herein", "hereof ", "hereunder" and other words of similar import refer
          to this
          Agreement as a whole and not to any particular provision; 

        

        (vi)
           the
          term
          "include" or "including" shall mean without limitation by reason of enumeration;
          and

        

        (viii)
           headings
          of the Articles and Sections in this Agreement are for reference purposes
          only
          and shall not be deemed to have any substantive effect.

        

        Section
          11.09 Reproduction
          of Documents.

        

        This
          Agreement and all documents relating thereto, including, without limitation,
          (i)
          consents, waivers and modifications which may hereafter be executed, (ii)
          documents received by any party at the closing, and (iii) financial statements,
          certificates and other information previously or hereafter furnished, may
          be
          reproduced by any photographic, photostatic, microfilm, micro-card, miniature
          photographic or other similar process. The parties agree that any such
          reproduction shall be admissible in evidence as the original itself in
          any
          judicial or administrative proceeding, whether or not the original is in
          existence and whether or not such reproduction was made by a party in the
          regular course of business, and that any enlargement, facsimile or further
          reproduction of such reproduction shall likewise be admissible in
          evidence.

        

        Section
          11.10 Confidentiality
          of Information.

        

        Each
          party recognizes that, in connection with this Agreement, it may become
          privy to
          non-public information regarding the financial condition, operations and
          prospects of the other party. Each party agrees to keep all non-public
          information regarding the other party strictly confidential, and to use
          all such
          information solely in order to effectuate the purpose of the Agreement,
          provided
          that each party may provide confidential information to its employees,
          agents
          and affiliates who have a need to know such information in order to effectuate
          the transaction, provided further that such information is identified as
          confidential non-public information. In addition, confidential information
          may
          be provided to a regulatory authority with supervisory power over Purchaser,
          provided such information is identified as confidential non-public
          information.

        

        Section
          11.11 Recordation
          of Assignments of Mortgage.

        

        To
          the
          extent permitted by applicable law, each of the Assignments 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
          Mortgaged Properties are situated, and in any other appropriate public
          recording
          office or elsewhere, such recordation to be effected by and at the Company’s
          expense in the event recordation is either necessary under applicable law
          or
          requested by the Purchaser at its sole option.

        

        Section
          11.12 Assignment
          by Purchaser.

        

        The
          Purchaser shall have the right, without the consent of the Company, to
          assign,
          in whole or in part, its interest under this Agreement with respect to
          some or
          all of the Mortgage Loans, and designate any person to exercise any rights
          of
          the Purchaser hereunder, by executing an Assignment and Assumption Agreement
          substantially in the form of Exhibit D hereto and the assignee or designee
          shall
          accede to the rights and obligations hereunder of the Purchaser with respect
          to
          such Mortgage Loans. In no event shall Purchaser sell a partial interest
          in any
          Mortgage Loan without the written consent of Company, which consent shall
          not be
          unreasonably denied. All references to the Purchaser in this Agreement
          shall be
          deemed to include its assignee or designee. 

        

        Section
          11.13 No
          Partnership.

        

        Nothing
          herein contained shall be deemed or construed to create a co-partnership
          or
          joint venture between the parties hereto and the services of the Company
          shall
          be rendered as an independent contractor and not as agent for
          Purchaser.

        

        Section
          11.14 Execution:
          Successors and Assigns.

        

        This
          Agreement may be executed in one or more counterparts and by the different
          parties hereto on separate counterparts, each of which, when so executed,
          shall
          be deemed to be an original; such counterparts, together, shall constitute
          one
          and the same agreement. Subject to Section 8.04, this Agreement shall inure
          to
          the benefit of and be binding upon the Company and the Purchaser and their
          respective successors and assigns.

        

        Section
          11.15 Entire
          Agreement.

        

        The
          Company acknowledges that no representations, agreements or promises were
          made
          to the Company by the Purchaser or any of its employees other than those
          representations, agreements or promises specifically contained herein and
          in the
          Confirmation. The Confirmation and this Agreement and the related Term
          Sheet
          sets forth the entire understanding between the parties hereto; provided,
          however, only this Agreement and the related Term Sheet shall be binding
          upon
          all successors of both parties. In the event of any inconsistency between
          the
          Confirmation and this Agreement, this Agreement and the related Term Sheet
          shall
          control.

        

        Section
          11.16. No
          Solicitation.

        

        From
          and
          after the Closing Date, the Company agrees that it will not take any action
          or
          permit or cause any action to be taken by any of its agents or affiliates,
          to
          personally, by telephone or mail, solicit the borrower or obligor under
          any
          Mortgage Loan to refinance the Mortgage Loan, in whole or in part, without
          the
          prior written consent of the Purchaser. Notwithstanding the foregoing,
          it is
          understood and agreed that (i) promotions undertaken by the Company or
          any
          affiliate of the Company which are directed to the general public at large,
          or
          segments thereof, provided that no segment shall consist primarily of the
          Mortgage Loans, including, without limitation, mass mailing based on
          commercially acquired mailing lists, newspaper, radio and television
          advertisements, and customer portfolio and (ii) responses to unsolicited
          requests or inquiries made by a Mortgagor or an agent of a Mortgagor, shall
          not
          constitute solicitation under this Section 11.16. This Section 11.16 shall
          not
          be deemed to preclude the Company or any of its affiliates from soliciting
          any
          Mortgagor for any other financial products or services. From and after
          the
          Closing Date, the Purchaser agrees that it will not take any action or
          permit or
          cause any action to be taken by any of its agents or affiliates, or by
          any
          independent contractors on the Purchaser’s behalf, to personally by telephone or
          mail, solicit the borrower or obligor under any Mortgage Loan to refinance
          the
          Mortgage Loan, in whole or in part, without the prior written consent of
          the
          Company,. In addition, the Purchaser or any of its affiliates shall not
          solicit
          any Mortgagor for any other financial products or services. Notwithstanding
          the
          foregoing, it is understood and agreed that (i) promotions undertaken by
          the
          Purchasr or any affiliate of the Purchaser which are directed to the general
          public at large, or segments thereof, provided that no segment shall consist
          primarily of the Mortgage Loans, including, without limitation, mass mailing
          based on commercially acquired mailing lists, newspaper, radio and television
          advertisements and (ii) responses to unsolicited requests or inquiries
          made by a
          Mortgagor or an agent of a Mortgagor, shall not constitute solicitation
          under
          this Section 11.16 The Company shall use its best efforts to prevent the
          sale of
          the name of any Mortgagor to any Person who is not affiliate of the
          Company.

        

        Section
          11.17. Closing.

        

        The
          closing for the purchase and sale of the Mortgage Loans shall take place
          on the
          related Closing Date. The closing shall be either: by telephone, confirmed
          by
          letter or wire as the parties shall agree, or conducted in person, at such
          place
          as the parties shall agree.

        

        The
          closing for the Mortgage Loans to be purchased on the related Closing Date
          shall
          be subject to each of the following conditions:

        

        (a) at
          least
          one (1) Business Day prior to the related Closing Date, the Company shall
          deliver to the Purchaser a magnetic diskette, or transmit by modem, a listing
          on
          a loan-level basis of the information contained in the related Mortgage
          Loan
          Schedule attached to the related Term Sheet;

        

        (b) all
          of
          the representations and warranties of the Company under this Agreement
          shall be
          materially true and correct as of the related Closing Date and no event
          shall
          have occurred which, with notice or the passage of time, would constitute
          a
          material default under this Agreement;

        

        (c) the
          Purchaser shall have received, or the Purchaser's attorneys shall have
          received
          in escrow, all documents required pursuant to this Agreement, the related
          Term
          Sheet, an opinion of counsel and an officer's certificate, all 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 terms
          hereof;

        

        (d) the
          Company shall have delivered and released to the Purchaser (or its designee)
          on
          or prior to the related Closing Date all documents required pursuant to
          the
          terms of this Agreement and the related Term Sheet; and

        

        (e) all
          other
          terms and conditions of this Agreement, the related Term Sheet and the
          Confirmation shall have been materially complied with.

        

        Subject
          to the foregoing conditions, the Purchaser shall pay to the Company on
          the
          related Closing Date the Purchase Price, plus accrued interest pursuant
          to
          Section 2.02 of this Agreement, by wire transfer of immediately available
          funds
          to the account designated by the Company.

        

        Section
          11.18. Cooperation
          of Company with a Reconstitution.

        

        The
          Company and the Purchaser agree that with respect to some or all of the
          Mortgage
          Loans, on or after the related Closing Date, on one or more dates (each
          a
          "Reconstitution Date") at the Purchaser's sole option, the Purchaser may
          effect
          a sale (each, a "Reconstitution") of some or all of the Mortgage Loans
          then
          subject to this Agreement, without recourse, to:

        

        (a) 
          one or
          more third party purchasers in one or more in whole loan transfers (each,
          a
          "Whole Loan Transfer"); or

        

        (b) one
          or
          more trusts or other entities to be formed as part of one or more pass-through
          transfers (each, a "Pass-Through Transfer").

        

        The
          Company agrees to execute in connection with any agreements among the Purchaser,
          the Company, and any servicer in connection with a Whole Loan Transfer,
          an
          Assignment, Assumption and Recognition Agreement substantially in the form
          of
          Exhibit D hereto, or, at Purchaser’s request, a seller's warranties and
          servicing agreement or a participation and servicing agreement or similar
          agreement in form and substance reasonably acceptable to the parties, and
          in
          connection with a Pass-Through Transfer, a pooling and servicing agreement
          in
          form and substance reasonably acceptable to the parties, (collectively
          the
          agreements referred to herein are designated, the "Reconstitution Agreements").
          It is understood that any such Reconstitution Agreements will not contain
          any
          greater obligations on the part of Company than are contained in this
          Agreement.

        

        With
          respect to each Whole Loan Transfer and each Pass-Through Transfer entered
          into
          by the Purchaser, the Company agrees (1) to cooperate fully with the Purchaser
          and any prospective purchaser with respect to all reasonable requests and
          due
          diligence procedures; (2) to execute, deliver and perform all Reconstitution
          Agreements required by the Purchaser; (3) to restate the representations
          and
          warranties set forth in this Agreement as of the settlement or closing
          date in
          connection with such Reconstitution (each, a "Reconstitution Date"). In
          that
          connection, the Company shall provide to such servicer or issuer, as the
          case
          may be, and any other participants in such Reconstitution: (i) any and
          all
          information (including servicing portfolio information) and appropriate
          verification of information (including servicing portfolio information)
          which
          may be reasonably available to the Company, whether through letters of
          its
          auditors and counsel or otherwise, as the Purchaser or any such other
          participant shall request upon reasonable demand; and (ii) such additional
          representations, warranties, covenants, opinions of counsel, letters from
          auditors, and certificates of public officials or officers of the Company
          as are
          reasonably agreed upon by the Company and the Purchaser or any such other
          participant. In connection with each Pass-Through Transfer, the Company
          agrees
          to provide reasonable and customary indemnification to the Purchaser and
          its
          affiliates for disclosure contained in any offering document relating to
          the
          Company or its affiliates, the Mortgage Loans and the underwriting standards
          of
          the Mortgage Loans. The Purchaser shall be responsible for the costs relating
          to
          the delivery of such information. With respect to each Pass-Through Transfer,
          the Purchaser shall provide thirty (30) days notice of such transfer, unless
          otherwise agreed by the parties in the related Confirmation. With respect
          to
          each Whole Loan Transfer, limits on frequency of Reconstitution may be
          provided
          in the related Confirmation or related Term Sheet for the related Mortgage
          Loans. 

         

        All
          Mortgage Loans not sold or transferred pursuant to a Reconstitution shall
          remain
          subject to, and serviced in accordance with the terms of, this Agreement
          and the
          related Term Sheet, and with respect thereto this Agreement and the related
          Term
          Sheet shall remain in full force and effect.

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

        

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

         

        EMC
          MORTGAGE CORPORATION

        Purchaser

        

        By:________________________

        Name:
          

        Title:
          

        

        NATIONAL
          CITY MORTGAGE COMPANY

        Company

        

        By:
          _______________________

        Name:

        Title:

        

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

        

        EXHIBIT
          A

         

        CONTENTS
          OF MORTGAGE FILE

        

        With
          respect to each Mortgage Loan, the Mortgage File shall include each of
          the
          following items, which shall be available for inspection by the Purchaser,
          and
          which shall be retained by the Company in the Servicing File or delivered
          to the
          Purchaser or its designee pursuant to Sections 2.04 and 2.05 of the Purchase,
          Warranties and Servicing Agreement.

        

        1.
          The
          original Mortgage Note endorsed "Pay to the order of
          ____________________________________________________, without recourse,"
          and
          signed via original signature in the name of the Company by an authorized
          officer, with all intervening endorsements showing a complete chain of
          title
          from the originator to the Company, together with any applicable riders.
          In no
          event may an endorsement be a facsimile endorsement. If the Mortgage Loan
          was
          acquired by the Company in a merger, the endorsement must be by "[Company],
          successor by merger to the [name of predecessor]". If the Mortgage Loan
          was
          acquired or originated by the Company while doing business under another
          name,
          the endorsement must be by "[Company] formerly known as [previous name]".
          Mortgage Notes may be in the form of a lost note affidavit subject to Purchaser
          acceptability. 

        

        2.
          The
          original Mortgage (together with a standard adjustable rate mortgage rider)
          with
          evidence of recording thereon, or a copy thereof certified by the public
          recording office in which such mortgage has been recorded or, if the original
          Mortgage has not been returned from the applicable public recording office,
          a
          true certified copy, certified by the Company.

        

        3.
          The
          original or certified copy, certified by the Company, of the Primary Mortgage
          Insurance Policy or Lender Primary Mortgage Insurance Policy, if
          required.

        

        4. The
          original Assignment, from the Company to _____________________________________,
          or in accordance with Purchaser's instructions, which assignment shall,
          but for
          any blanks requested by Purchaser, be in form and substance acceptable
          for
          recording. If the Mortgage Loan was acquired or originated by the Company
          while
          doing business under another name, the Assignment must be by "[Company]
          formerly
          known as [previous name]". If the Mortgage Loan was acquired by the Company
          in a
          merger, the endorsement must be by "[Company], successor by merger to the
          [name
          of predecessor]". None of the Assignments are blanket assignments of
          mortgage.

        

        5. The
          original policy of title insurance, including riders and endorsements thereto,
          or if the policy has not yet been issued, a written commitment or interim
          binder
          or preliminary report of title issued by the title insurance or escrow
          company.

        

        6. Originals
          of all recorded intervening Assignments, or copies thereof, certified by
          the
          public recording office in which such Assignments have been recorded showing
          a
          complete chain of title from the originator to the Company, with evidence
          of
          recording thereon, or a copy thereof certified by the public recording
          office in
          which such Assignment has been recorded or, if the original Assignment
          has not
          been returned from the applicable public recording office, a true certified
          copy, certified by the Company.

        

        7. Originals,
          or copies thereof certified by the public recording office in which such
          documents have been recorded, of each assumption, extension, modification,
          written assurance or substitution agreements, if applicable, or if the
          original
          of such document has not been returned from the applicable public recording
          office, a true certified copy, certified by the Company. 

        

        8. If
          the
          Mortgage Note or Mortgage or any other material document or instrument
          relating
          to the Mortgage Loan has been signed by a person on behalf of the Mortgagor,
          the
          original or copy of power of attorney or other instrument that authorized
          and
          empowered such person to sign bearing evidence that such instrument has
          been
          recorded, if so required in the appropriate jurisdiction where the Mortgaged
          Property is located, or a copy thereof certified by the public recording
          office
          in which such instrument has been recorded or, if the original instrument
          has
          not been returned from the applicable public recording office, a true certified
          copy, certified by the Company.

        

        9. reserved.

        

        10. Mortgage
          Loan closing statement (Form HUD-1) and any other truth-in-lending or real
          estate settlement procedure forms required by law.

        

        11.
          Residential loan application.

        

        12. Uniform
          underwriter and transmittal summary (Fannie Mae Form 1008) or reasonable
          equivalent.

        

        13. Credit
          report on the mortgagor.

        

        14. Business
          credit report, if applicable.

        

        15. Residential
          appraisal report and attachments thereto.

        

        16. The
          original of any guarantee executed in connection with the Mortgage
          Note.

        

        17. Verification
          of employment and income except for Mortgage Loans originated under a limited
          documentation program, all in accordance with Company's underwriting
          guidelines.

        

        18. Verification
          of acceptable evidence of source and amount of down payment, in accordance
          with
          Company's underwriting guidelines.

        

        19. Photograph
          of the Mortgaged Property (may be part of appraisal).

        

        20. Survey
          of
          the Mortgaged Property, if any.

        

        21. Sales
          contract, if applicable.

        

        22. If
          available, termite report, structural engineer’s report, water portability and
          septic certification.

        

        23. Any
          original security agreement, chattel mortgage or equivalent executed in
          connection with the Mortgage.

        

        24. Name
          affidavit, if applicable.

        

        Notwithstanding
          anything to the contrary herein, Company may provide one certificate for
          all of
          the Mortgage Loans indicating that the documents were delivered for
          recording.

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

        EXHIBIT
          B

        

        CUSTODIAL
          ACCOUNT LETTER AGREEMENT

        

                                    ______________,
          2001

        

        To: [_______________________]
          

        (the
          "Depository")

        

        As
          "Company" under the Purchase, Warranties and Servicing Agreement, dated
          as of
          October 1, 2001 (the "Agreement"), we hereby authorize and request you
          to
          establish an account, as a Custodial Account pursuant to Section 4.04 of
          the
          Agreement, to be designated as " National City Mortgage Company, in trust
          for
          the [Purchaser], Owner of Mortgage Loans". All deposits in the account
          shall be
          subject to withdrawal therefrom by order signed by the Company. This letter
          is
          submitted to you in duplicate. Please execute and return one original to
          us.

        

        NATIONAL
          CITY MORTGAGE COMPANY

        

        By:____________________________

        Name:__________________________

        Title:___________________________

         

         

        

        The
          undersigned, as "Depository", hereby certifies that the above described
          account
          has been established under Account Number [__________], at the office of
          the
          depository indicated above, and agrees to honor withdrawals on such account
          as
          provided above. The full amount deposited at any time in the account will
          be
          insured up to applicable limits by the Federal Deposit Insurance Corporation
          through the Bank Insurance Fund or the Savings Association Insurance Fund
          or
          will be invested in Permitted Investments as defined in the
          Agreement.

        

        [___________________________]

        

        By:____________________________

        Name:__________________________

        Title:___________________________

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

        EXHIBIT
          C

        

        ESCROW
          ACCOUNT LETTER AGREEMENT

         

                                    _____________,
          2001

        

        To: [_______________________]

        (the
          "Depository")

        

        As
          “Company” under the Purchase Warranties and Servicing Agreement, dated as of
          October 1, 2001 (the "Agreement"), we hereby authorize and request you
          to
          establish an account, as an Escrow Account pursuant to Section 4.06 of
          the
          Agreement, to be designated as "National City Mortgage Company, in trust
          for the
          [Purchaser], Owner of Mortgage Loans, and various Mortgagors." All deposits
          in
          the account shall be subject to withdrawal therefrom by order signed by
          the
          Company. This letter is submitted to you in duplicate. Please execute and
          return
          one original to us.

        

        NATIONAL
          CITY MORTGAGE COMPANY

        

        By:____________________________

        Name:__________________________

        Title:___________________________

        

        

        The
          undersigned, as "Depository", hereby certifies that the above described
          account
          has been established under Account Number __________, at the office of
          the
          depository indicated above, and agrees to honor withdrawals on such account
          as
          provided above. The full amount deposited at any time in the account will
          be
          insured up to applicable limits by the Federal Deposit Insurance Corporation
          through the Bank Insurance Fund or the Savings Association Insurance Fund
          or
          will be invested in Permitted Investments as defined in the
          Agreement.

        

        [______________________]

        

        By:______________________________

        Name:____________________________

        Title:_____________________________

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

        

        EXHIBIT
          D

        

        FORM
          OF
          ASSIGNMENT, ASSUMPTION AND RECOGNITION AGREEMENT

        

        This
          is a
          Purchase, Assignment, Assumption and Recognition Agreement (this “PAAR
          Agreement”) made as of __________, 200__, among EMC Mortgage Corporation (the
“Assignor”), ___________________ (the “Assignee”), and _______________________
          (the “Company”).

        

        In
          consideration of the mutual promises contained herein the parties hereto
          agree
          that the residential mortgage loans (the “Assigned Loans”) listed on Attachment
          1 annexed hereto (the "Assigned Loan Schedule") now serviced by Company
          for
          Assignor and its successors and assigns pursuant to the Purchase, Warranties
          and
          Servicing Agreement, dated as of _________, 200__, between Assignor and
          Company
          (the “Purchase Agreement”) shall be subject to the terms of this PAAR Agreement.
          Capitalized terms used herein but not defined shall have the meanings ascribed
          to them in the Purchase Agreement.

        

        Purchase,
          Assignment and Assumption

        

        1. Assignor
          hereby grants, transfers and assigns to Assignee all of the right, title
          and
          interest of Assignor in the Assigned Loans and, as they relate to the Assigned
          Loans, all of its right, title and interest in, to and under the Purchase
          Agreement.

        

        2. Simultaneously
          with the execution hereof, (i) Assignee shall pay to Assignor the “Funding
          Amount” as set forth in that certain letter agreement, dated as of _________
          ____, between Assignee and Assignor (the “Confirmation”) and (ii) Assignor, at
          its expense, shall have caused to be delivered to Assignee or its designee
          the
          Mortgage File for each Assigned Loan in Assignor's or its custodian's
          possession, as set forth in the Purchase Agreement, along with, for each
          Assigned Loan, an endorsement of the Mortgage Note from the applicable
          Company,
          in blank, and an assignment of mortgage in recordable form from the applicable
          Company, in blank. Assignee shall pay the Funding Amount by wire transfer
          of
          immediately available funds to the account specified by Assignor. Assignee
          shall
          be entitled to all scheduled payments due on the Assigned Loans after
          ___________, 200__ and all unscheduled payments or other proceeds or other
          recoveries on the Assigned Loans received on and after _____________,
          200__.

        

        Representations,
          Warranties and Covenants

        

        3. Assignor
          warrants and represents to Assignee and Company as of the date
          hereof:

        

        (a) Attached
          hereto as Attachment 2 is a true and accurate copy of the Purchase Agreement,
          which agreement is in full force and effect as of the date hereof and the
          provisions of which have not been waived, amended or modified in any respect,
          nor has any notice of termination been given thereunder;

        

        (b) Assignor
          is the lawful owner of the Assigned Loans with full right to transfer the
          Assigned Loans and any and all of its interests, rights and obligations
          under
          the Purchase Agreement as they relate to the Assigned Loans, free and clear
          from
          any and all claims and encumbrances; and upon the transfer of the Assigned
          Loans
          to Assignee as contemplated herein, Assignee shall have good title to each
          and
          every Assigned Loan, as well as any and all of Assignee’s interests, rights and
          obligations under the Purchase Agreement as they relate to the Assigned
          Loans,
          free and clear of any and all liens, claims and encumbrances;

        

        (c) There
          are
          no offsets, counterclaims or other defenses available to Company with respect
          to
          the Assigned Loans or the Purchase Agreement;

         

        (d) Assignor
          has no knowledge of, and has not received notice of, any waivers under,
          or any
          modification of, any Assigned Loan;

        

        (e) Assignor
          is duly organized, validly existing and in good standing under the laws
          of the
          jurisdiction of its incorporation, and has all requisite power and authority
          to
          acquire, own and sell the Assigned Loans;

        

        (f) Assignor
          has full corporate power and authority to execute, deliver and perform
          its
          obligations under this PAAR Agreement, and to consummate the transactions
          set
          forth herein. The consummation of the transactions contemplated by this
          PAAR
          Agreement is in the ordinary course of Assignor’s business and will not conflict
          with, or result in a breach of, any of the terms, conditions or provisions
          of
          Assignor’s charter or by-laws or any legal restriction, or any material
          agreement or instrument to which Assignor is now a party or by which it
          is
          bound, or result in the violation of any law, rule, regulation, order,
          judgment
          or decree to which Assignor or its property is subject. The execution,
          delivery
          and performance by Assignor of this PAAR Agreement and the consummation
          by it of
          the transactions contemplated hereby, have been duly authorized by all
          necessary
          corporate action on part of Assignor. This PAAR Agreement has been duly
          executed
          and delivered by Assignor and, upon the due authorization, execution and
          delivery by Assignee and Company, will constitute the valid and legally
          binding
          obligation of Assignor enforceable against Assignor in accordance with
          its terms
          except as enforceability may be limited by bankruptcy, reorganization,
          insolvency, moratorium or other similar laws now or hereafter in effect
          relating
          to creditors’ rights generally, and by general principles of equity regardless
          of whether enforceability is considered in a proceeding in equity or at
          law;

         

        (g)  No
          consent, approval, order or authorization of, or declaration, filing or
          registration with, any governmental entity is required to be obtained or
          made by
          Assignor in connection with the execution, delivery or performance by Assignor
          of this PAAR Agreement, or the consummation by it of the transactions
          contemplated hereby; and

        

        (h)  Neither
          Assignor nor anyone acting on its behalf has offered, transferred, pledged,
          sold
          or otherwise disposed of the Assigned Loans or any interest in the Assigned
          Loans, or solicited any offer to buy or accept a transfer, pledge or other
          disposition of the Assigned Loans, or any interest in the Assigned Loans
          or
          otherwise approached or negotiated with respect to the Assigned Loans,
          or any
          interest in the Assigned Loans with any Person in any manner, or made any
          general solicitation by means of general advertising or in any other manner,
          or
          taken any other action which would constitute a distribution of the Assigned
          Loans under the Securities Act of 1933, as amended (the “1933 Act”) or which
          would render the disposition of the Assigned Loans a violation of Section
          5 of
          the 1933 Act or require registration pursuant thereto.

        

         

        4. Assignee
          warrants and represents to, and covenants with, Assignor and Company as
          of the
          date hereof:

         

        

        (a) Assignee
          is duly organized, validly existing and in good standing under the laws
          of the
          jurisdiction of its organization and has all requisite power and authority
          to
          acquire, own and purchase the Assigned Loans;

        

        (b) Assignee
          has full corporate power and authority to execute, deliver and perform
          its
          obligations under this PAAR Agreement, and to consummate the transactions
          set
          forth herein. The consummation of the transactions contemplated by this
          PAAR
          Agreement is in the ordinary course of Assignee’s business and will not conflict
          with, or result in a breach of, any of the terms, conditions or provisions
          of
          Assignee’s charter or by-laws or any legal restriction, or any material
          agreement or instrument to which Assignee is now a party or by which it
          is
          bound, or result in the violation of any law, rule, regulation, order,
          judgment
          or decree to which Assignee or its property is subject. The execution,
          delivery
          and performance by Assignee of this PAAR Agreement and the consummation
          by it of
          the transactions contemplated hereby, have been duly authorized by all
          necessary
          corporate action on part of Assignee. This PAAR Agreement has been duly
          executed
          and delivered by Assignee and, upon the due authorization, execution and
          delivery by Assignor and Company, will constitute the valid and legally
          binding
          obligation of Assignee enforceable against Assignee in accordance with
          its terms
          except as enforceability may be limited by bankruptcy, reorganization,
          insolvency, moratorium or other similar laws now or hereafter in effect
          relating
          to creditors’ rights generally, and by general principles of equity regardless
          of whether enforceability is considered in a proceeding in equity or at
          law;

        

        (c) No
          consent, approval, order or authorization of, or declaration, filing or
          registration with, any governmental entity is required to be obtained or
          made by
          Assignee in connection with the execution, delivery or performance by Assignee
          of this PAAR Agreement, or the consummation by it of the transactions
          contemplated hereby; and 

        

        (d) Assignee
          agrees to be bound as “Purchaser” by all of the terms, covenants and conditions
          of the Purchase Agreement with respect to the Assigned Loans, and from
          and after
          the date hereof, Assignee assumes for the benefit of each of Assignor and
          Company all of Assignor's obligations as “Purchaser” thereunder but solely with
          respect to such Assigned Loans.

         

        5. Company
          warrants and represents to, and covenant with, Assignor and Assignee as
          of the
          date hereof:

        

        (a) Attached
          hereto as Attachment 2 is a true and accurate copy of the Purchase Agreement,
          which agreement is in full force and effect as of the date hereof and the
          provisions of which have not been waived, amended or modified in any respect,
          nor has any notice of termination been given thereunder; 

        

        (b)
           Company
          is duly organized, validly existing and in good standing under the laws
          of the
          jurisdiction of its incorporation, and has all requisite power and authority
          to
          service the Assigned Loans and otherwise to perform its obligations under
          the
          Purchase Agreement;

        

        
          	(c)  	
                  Company
                    has full corporate power and authority to execute, deliver and
                    perform its
                    obligations under this PAAR Agreement, and to consummate the
                    transactions
                    set forth herein. The consummation of the transactions contemplated
                    by
                    this PAAR Agreement is in the ordinary course of Company’s business and
                    will not conflict with, or result in a breach of, any of the
                    terms,
                    conditions or provisions of Company’s charter or by-laws or any legal
                    restriction, or any material agreement or instrument to which
                    Company is
                    now a party or by which it is bound, or result in the violation
                    of any
                    law, rule, regulation, order, judgment or decree to which Company
                    or its
                    property is subject. The execution, delivery and performance
                    by Company of
                    this PAAR Agreement and the consummation by it of the transactions
                    contemplated hereby, have been duly authorized by all necessary
                    corporate
                    action on part of Company. This PAAR Agreement has been duly
                    executed and
                    delivered by Company, and, upon the due authorization, execution
                    and
                    delivery by Assignor and Assignee, will constitute the valid
                    and legally
                    binding obligation of Company, enforceable against Company in
                    accordance
                    with its terms except as enforceability may be limited by bankruptcy,
                    reorganization, insolvency, moratorium or other similar laws
                    now or
                    hereafter in effect relating to creditors’ rights generally, and by
                    general principles of equity regardless of whether enforceability
                    is
                    considered in a proceeding in equity or at
                    law;

                

        

        

        
          	(d)  	
                  No
                    consent, approval, order or authorization of, or declaration,
                    filing or
                    registration with, any governmental entity is required to be
                    obtained or
                    made by Assignee in connection with the execution, delivery or
                    performance
                    by Company of this PAAR Agreement, or the consummation by it
                    of the
                    transactions contemplated hereby;
                    and

                

        

        

        
          	(e)  	
                  No
                    event has occurred
                    from the Closing Date to the date hereof which would render the
                    representations and warranties as to the related Assigned Loans
                    made by
                    the Company in Sections 3.01 and 3.02 of the Purchase Agreement
                    to be
                    untrue in any material respect.

                

        

        

        Recognition
          of Assignee

        

        6. From
          and
          after the date hereof, Company shall recognize Assignee as owner of the
          Assigned
          Loans and will service the Assigned Loans in accordance with the Purchase
          Agreement. It is the intention of Assignor, Company and Assignee that this
          PAAR
          Agreement shall be binding upon and for the benefit of the respective successors
          and assigns of the parties hereto. Neither Company nor Assignor shall amend
          or
          agree to amend, modify, waiver, or otherwise alter any of the terms or
          provisions of the Purchase Agreement which amendment, modification, waiver
          or
          other alteration would in any way affect the Assigned Loans without the
          prior
          written consent of Assignee.

        

         

        Miscellaneous

        

        7. All
          demands, notices and communications related to the Assigned Loans, the
          Purchase
          Agreement and this PAAR Agreement shall be in writing and shall be deemed
          to
          have been duly given if personally delivered at or mailed by registered
          mail,
          postage prepaid, as follows:

         

        

        (a)          
          In
          the
          case of Company,

        

        ____________________

        ____________________

        ____________________

        ____________________

        ____________________

         

        With
          a
          copy to ______________________________________.

         

        
          (b)          
            In
            the
            case of Assignor,

        

        ____________________

        ____________________

        ____________________

        ____________________

        ____________________ 

        

        (c)          
          In
          the
          case of Assignee,

        

        EMC
          Mortgage Corporation 

        Mac
          Arthur Ridge II 

        909
          Hidden Ridge Drive, Suite 200

        Irving,
          Texas 75038

        Attention:
          Mr. Edward Raice

        Telecopier
          No.: (972) 444-2810

        

        with
          a
          copy to:

        

        ___________________

        245
          Park
          Avenue

        New
          York,
          New York 10167

        Attention:
          ___________

        Telecopier
          No.: (212) 272-____

        

        8. Each
          party will pay any commissions it has incurred and the fees of its attorneys
          in
          connection with the negotiations for, documenting of and closing of the
          transactions contemplated by this PAAR Agreement. 

        

        9. This
          PAAR
          Agreement shall be construed in accordance with the laws of the State of
          New
          York, without regard to conflicts of law principles, and the obligations,
          rights
          and remedies of the parties hereunder shall be determined in accordance
          with
          such laws.

        

        10. No
          term
          or provision of this PAAR Agreement may be waived or modified unless such
          waiver
          or modification is in writing and signed by the party against whom such
          waiver
          or modification is sought to be enforced.

        

        11. This
          PAAR
          Agreement shall inure to the benefit of the successors and assigns of the
          parties hereto. Any entity into which Assignor, Assignee or Company may
          be
          merged or consolidated shall, without the requirement for any further writing,
          be deemed Assignor, Assignee or Company, respectively, hereunder.

        

        12. This
          PAAR
          Agreement shall survive the conveyance of the Assigned Loans, the assignment
          of
          the Purchase Agreement to the extent of the Assigned Loans by Assignor
          to
          Assignee and the termination of the Purchase Agreement.

        

        13. This
          PAAR
          Agreement may be executed simultaneously in any number of counterparts.
          Each
          counterpart shall be deemed to be an original and all such counterparts
          shall
          constitute one and the same instrument.

        

        14. In
          the
          event that any provision of this PAAR Agreement conflicts with any provision
          of
          the Purchase Agreement with respect to the Assigned Loans, the terms of
          this
          PAAR Agreement shall control. In the event that any provision of this PAAR
          Agreement conflicts with any provision of the Confirmation with respect
          to the
          Assigned Loans, the terms of this PAAR Agreement shall control.

        

        

        [Modification
          of Purchase Agreement

        

        
          	15.  	
                  The
                    Company and Assignor hereby amend the Purchase Agreement as
                    follows:

                

        

        

        (a) The
          following definitions are added to Section 1.01 of the Purchase
          Agreement:

        

        Securities
          Administrator: ________________________

        

        Supplemental
          PMI Insurer: ________________________

        

        Supplemental
          PMI Policy: The
          primary guarantee insurance policy of the Supplemental PMI Insurer attached
          hereto as Exhibit J, or any successor Supplemental PMI Policy given to
          the
          Servicer by the Assignee.

        

        Trustee:
           ________________________

        

        (b) The
          following definition is amended and restated:

        

        Insurance
          Proceeds: Proceeds
          of any Primary Mortgage Insurance Policy
          or
          Lender Primary Mortgage Insurance Policy,
          the
          Supplemental PMI Policy, any title policy, any hazard insurance policy
          or any
          other insurance policy covering a Mortgage Loan or other related Mortgaged
          Property, including any amounts required to be deposited in the Custodial
          Account pursuant to Section 4.04, 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 Accepted Servicing Practices.

        

        (c) The
          following are added as the fourth, fifth and sixth paragraphs of Section
          4.08:

        

        “In
          connection with its activities as servicer, the Company agrees to prepare
          and
          present, on behalf of itself and the Purchaser, claims to the Supplemental
          PMI
          Insurer with respect to the Supplemental PMI Policy and, in this regard,
          to take
          such action as shall be necessary to permit recovery under any Supplemental
          PMI
          Policy respecting a defaulted Mortgage Loan. Pursuant to Section 4.04,
          any
          amounts collected by the Company under any Supplemental PMI Policy shall
          be
          deposited in the Custodial Account, subject to withdrawal pursuant to Section
          4.05.

        

        In
          accordance with the Supplemental PMI Policy, the Company shall provide
          to the
          Supplemental PMI Insurer any required information regarding the Mortgage
          Loans.

        

        The
          Company shall provide to the [Securities Administrator] on a monthly basis
          via
          computer tape, or other mutually acceptable format, the unpaid principal
          balance, insurer certificate number, lender loan number, and premium due
          the
          Supplemental PMI Insurer for each Mortgage Loan covered by the Supplemental
          PMI
          Policy. In addition, the Company agrees to forward to the Purchaser and
          the
          [Securities Administrator] any statements or other reports given by the
          Supplemental PMI Insurer to the Servicer in connection with a claim under
          the
          Supplemental PMI Policy.”

        

        (d) Clause
          (vi) of Section 6.1 is amended to read as follows:

        

        “Company
          ceases to be approved by either Fannie Mae or FHLMC as a mortgage loan
          seller or
          servicer for more than thirty days, or the Company fails to meet the servicer
          eligibility requirements of the Supplemental PMI Insurer; or”]

        

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

        IN
          WITNESS WHEREOF, the parties hereto have executed this PAAR Agreement as
          of the
          day and year first above written.

        

        EMC
          MORTGAGE CORPORATION

        Assignor

        

        By:
          _____________________________

        Name:
          ___________________________

        Title:
          ____________________________

        

        

        _________________________________

        Assignee

        

        By:
          _____________________________

        Name:
          ___________________________

        Title:
          ____________________________

        

        

        _________________________________

        Company

        

        By:
          _____________________________

        Name:
          ___________________________

        Title:
          ____________________________

        

        

        

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

        ATTACHMENT
          1

        

        ASSIGNED
          LOAN SCHEDULE

        

        

        ATTACHMENT
          2

        

        PURCHASE,
          WARRANTIES AND SERVICING AGREEMENT

        

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

        EXHIBIT
          E

        

        FORM
          OF
          TRIAL BALANCE

        

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

        EXHIBIT
          G

        

        REQUEST
          FOR RELEASE OF DOCUMENTS AND RECEIPT

        

        RE: Mortgage
          Loan #__________________________________________

        BORROWER:__________________________________________________

        PROPERTY:
          ___________________________________________________

        

        

        Pursuant
          to a Purchase, Warranties and Servicing Agreement (the "Agreement") between
          the
          Company and the Purchaser, the undersigned hereby certifies that he or
          she is an
          officer of the Company requesting release of the documents for the reason
          specified below. The undersigned further certifies that:

        

        (Check
          one of the items below)

        

        _____ On
          _________________, the above captioned mortgage loan was paid in full or
          that
          the Company has been notified that payment in full has been or will be
          escrowed.
          The Company hereby certifies that all amounts with respect to this loan
          which
          are required under the Agreement have been or will be deposited in the
          Custodial
          Account as required.

        

        _____ The
          above
          captioned loan is being repurchased pursuant to the terms of the Agreement.
          The
          Company hereby certifies that the repurchase price has been credited to
          the
          Custodial Account as required under the Agreement.

        

        _____ The
          above
          captioned loan is being placed in foreclosure and the original documents
          are
          required to proceed with the foreclosure action. The Company hereby certifies
          that the documents will be returned to the Purchaser in the event of
          reinstatement.

        

        _____ Other
          (explain)

        

        _______________________________________________________

        _______________________________________________________

        

        All
          capitalized terms used herein and not defined shall have the meanings assigned
          to them in the Agreement.

        

        Based
          on
          this certification and the indemnities provided for in the Agreement, please
          release to the Company all original mortgage documents in your possession
          relating to this loan.

        

        Dated:_________________

        

        By:__________________________________

        Signature

        ____________________________________

        Title

        

        Send
          documents to: _______________________________________________

        _______________________________________________________________

        _______________________________________________________________

        

        Acknowledgement:

        

        Purchaser
          hereby acknowledges that all original documents previously released on
          the above
          captioned mortgage loan have been returned and received by the
          Purchaser.

        

        

        Dated:________________

        

        By:________________________________

        Signature

        __________________________________

        Title

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

        

        

        EXHIBIT
          H

        

        COMPANY’S
          UNDERWRITING GUIDELINES

        

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

        EXHIBIT
          I

        

        

        TERM
          SHEET

        

        This
          TERM
          SHEET (the "Term Sheet") dated _____________, between National City Mortgage
          Company, a ________ corporation, located at 3232 Newmark Drive, Miamisburg,
          Ohio
          45342 (the “Company”) and EMC Mortgage Corporation, a Delaware corporation,
          located at ______________ (the "Purchaser") is made pursuant to the terms
          and
          conditions of that certain Purchase, Warranties and Servicing Agreement
          (the
          "Agreement") dated as of October 1, 2001, between the Company and the Purchaser,
          the provisions of which are incorporated herein as if set forth in full
          herein,
          as such terms and conditions may be modified or supplemented hereby. All
          initially capitalized terms used herein unless otherwise defined shall
          have the
          meanings ascribed thereto in the Agreement. 

        

        The
          Purchaser hereby purchases from the Company and the Company hereby sells
          to the
          Purchaser, all of the Company’s right, title and interest in and to the Mortgage
          Loans described on the Mortgage Loan Schedule annexed hereto as Schedule
          I,
          pursuant to and in accordance with the terms and conditions set forth in
          the
          Agreement, as same may be supplemented or modified hereby. Hereinafter,
          the
          Company shall service the Mortgage Loans for the benefit of the Purchaser
          and
          all subsequent transferees of the Mortgage Loans pursuant to and in accordance
          with the terms and conditions set forth in the Agreement. 

        

        1. Definitions

        

        For
          purposes of the Mortgage Loans to be sold pursuant to this Term Sheet,
          the
          following terms shall have the following meanings:

        

        Aggregate
          Principal Balance

        (as
          of
          the Cut-Off Date):    

        

        Closing
          Date:    

        

        Custodian:    

        

        Cut-off
          Date:    

        

        Initial
          Weighted Average

        Mortgage
          Loan Remittance Rate:  

        

        Mortgage
          Loan:    

        

        Purchase
          Price Percentage:   

        

        Servicing
          Fee Rate:   

        

        Additional
          Closing Conditions: 

        

        In
          addition to the conditions specified in the Agreement, the obligation of
          each of
          the Company and the Purchaser is subject to the fulfillment, on or prior
          to the
          applicable Closing Date, of the following additional conditions: [None].
          

        

        Additional
          Loan Documents: 

        

        In
          addition to the contents of the Mortgage File specified in the Agreement,
          the
          following documents shall be delivered with respect to the Mortgage Loans:
          [None]

        

        [Additional]
          [Modification] of Representations and Warranties:

         

        [In
          addition to the representations and warranties set forth in the Agreement,
          as of
          the date hereof, the Company makes the following additional representations
          and
          warranties with respect to the Mortgage Loans: [None]. [Notwithstanding
          anything
          to the contrary set forth in the Agreement, with respect to each Mortgage
          Loan
          to be sold on the Closing Date, the representation and warranty set forth
          in
          Section ______ of the Agreement shall be modified to read as
          follows:]

        

        Except
          as
          modified herein, Section ______ of the Agreement shall remain in full force
          and
          effect as of the date hereof.

         

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

        IN
          WITNESS WHEREOF, the parties hereto have caused their names to be signed
          hereto
          by their respective duly authorized officers as of the date first above
          written.

         

        

        NATIONAL
          CITY MORTGAGE COMPANY

        

        

        
          	 	 	 	 	
                  By:
                    _____________________________

                

        

        
          	 	 	 	 	
                  Name:
                    ___________________________

                

        

        
          	 	 	 	 	
                  Title:
                    ____________________________

                

        

        

        

        

        
          	 	 	 	 	
                  EMC
                    MORTGAGE CORPORATION

                

        

        

        

        
          	 	 	 	 	
                  By:
                    _____________________________

                

        

        
          	 	 	 	 	
                  Name:
                    ___________________________

                

        

        
          	 	 	 	 	
                  Title:
                    ____________________________

                

        

        

        

        

        SCHEDULE
          I

        

        MORTGAGE
          LOAN SCHEDULE

         

        
 

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

      

       

      

        AMENDMENT
          REG AB

        TO
          THE PURCHASE, WARRANTIES AND SERVICING AGREEMENT

         

        This
          is
          Amendment Reg AB (the “Amendment
          Reg AB”),
          dated
          as of March 1, 2006 (the “Amendment
          Date”),
          by
          and between EMC Mortgage Corporation (the “Purchaser”), and
          National City Mortgage, Co. (the “Company”)
          to
          that certain Seller’s Purchase, Warranties and Servicing Agreement dated as of
          October 1, 2001 between the Company and the Purchaser (the “Agreement”).

         

        W
          I T N E S S E T H

         

        WHEREAS,
          the Company and the Purchaser have agreed, subject to the terms and conditions
          of this Amendment Reg AB that the Agreement be amended to reflect certain
          agreed
          upon revisions to the terms of the Agreement.

         

        Accordingly,
          the Company and the Purchaser hereby agree, in consideration of the mutual
          premises and mutual obligations set forth herein, that the Agreement is
          hereby
          amended as follows:

        

        DEFINED
          TERMS

        

        [Capitalized
          terms not defined are presumed to be defined in the applicable
          Agreement.]

        

        Commission:
          The
          United States Securities and Exchange Commission.

        

        Company
          Information:
          As
          defined in Section 7(a).

        

        Depositor:
          The
          depositor, as such term is defined in Regulation AB, with respect to any
          Securitization Transaction.

        

        Exchange
          Act.
          The
          Securities Exchange Act of 1934, as amended.

        

        Master
          Servicer:
          With
          respect to any Securitization Transaction, the “master servicer,” if any,
          identified in the related transaction documents.

        

        Qualified
          Correspondent:
          Any
          Person from which the Company purchased Mortgage Loans, provided that the
          following conditions are satisfied: (i) such Mortgage Loans were originated
          pursuant to an agreement between the Company and such Person that contemplated
          that such Person would underwrite mortgage loans from time to time, for
          sale to
          the Company, in accordance with underwriting guidelines designated by the
          Company (“Designated Guidelines”) or guidelines that do not vary materially from
          such Designated Guidelines; (ii) such Mortgage Loans were in fact underwritten
          as described in clause (i) above and were acquired by the Company within
          180
          days after origination; (iii) either (x) the Designated Guidelines were,
          at the
          time such Mortgage Loans were originated, used by the Company in origination
          of
          mortgage loans of the same type as the Mortgage Loans for the Company’s own
          account or (y) the Designated Guidelines were, at the time such Mortgage
          Loans
          were underwritten, designated by the Company on a consistent basis for
          use by
          lenders in originating mortgage loans to be purchased by the Company; and
          (iv)
          the Company employed, at the time such Mortgage Loans were acquired by
          the
          Company, pre-purchase or post-purchase quality assurance procedures (which
          may
          involve, among other things, review of a sample of mortgage loans purchased
          during a particular time period or through particular channels) designed
          to
          ensure that Persons from which it purchased mortgage loans properly applied
          the
          underwriting criteria designated by the Company. For the avoidance of doubt,
          a
“Qualified Correspondent” includes a “table broker” or mortgage lender that
          originates loans underwritten and funded by the Company or an Affiliate
          of the
          Company.

        

        Reconstitution:
          Any
          Securitization Transaction or Whole Loan Transfer.

        

        Reconstitution
          Agreement: Any servicing agreement relating to a Reconstitution.

        

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

        

        Securities
          Act:
          The
          Securities Act of 1933, as amended.

        

        Securitization
          Transaction.
          Any
          transaction involving either (1) a sale or other transfer of some or all
          of the
          Mortgage Loans directly or indirectly to an issuing entity in connection
          with an
          issuance of publicly offered or privately placed, rated or unrated
          mortgage-backed securities or (2) an issuance of publicly offered or privately
          placed, rated or unrated securities, the payments on which are determined
          primarily by reference to one or more portfolios of residential mortgage
          loans
          consisting, in whole or in part, of some or all of the Mortgage
          Loans.

        

        Servicer:
          As
          defined in Section 3(c).

        

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

        

        Static
          Pool Information:
          Static
          pool information as described in Item 1105(a)(1)-(3) and 1105(c) of Regulation
          AB.

        

        Subcontractor:
          Any
          vendor, subcontractor or other Person that is not responsible for the overall
          servicing (as “servicing” is commonly understood by participants in the
          mortgage-backed securities market) of Mortgage Loans but performs one or
          more
          discrete material functions identified in Item 1122(d) of Regulation AB
          with
          respect to Mortgage Loans under the direction or authority of the Company
          or a
          Subservicer.

        

        Subservicer:
          Any
          Person that services Mortgage Loans on behalf of the Company or any Subservicer
          and is responsible for the performance (whether directly or through Subservicers
          or Subcontractors) of a substantial portion of the material servicing functions
          required to be performed by the Company under this Agreement or any
          Reconstitution Agreement that are identified in Item 1122(d) of Regulation
          AB;
          provided, however, that the term “Subservicer” shall not include any master
          servicer, or any special servicer other than the Company engaged at the
          request
          of a Depositor, Purchaser or investor in a Securitization Transaction,
          nor any
“back-up servicer” or trustee performing servicing functions on behalf of a
          Securitization Transaction.

        

        Third-Party
          Originator:
          Each
          Person, other than a Qualified Correspondent, that originated Mortgage
          Loans
          acquired by the Company and shall not include a mortgage broker that does
          not
          fund loans.

        

        Whole
          Loan Transfer:
          Any
          sale or transfer of some or all of the Mortgage Loans, other than a
          Securitization Transaction.

         

         

        

        ARTICLE
          1

        COMPLIANCE
          WITH REGULATION AB

        

        Section
          1
Intent
          of the Parties.

        

        The
          Purchaser and the Company acknowledge and agree that the purpose of Article
          1 of
          this Agreement is to facilitate compliance by the Purchaser and any Depositor
          with the provisions of Regulation AB and related rules and regulations
          of the
          Commission. Although Regulation AB is applicable by its terms only to offerings
          of asset-backed securities that are registered under the Securities Act,
          the
          Company acknowledges that investors in privately offered securities may
          require
          that the Purchaser or any Depositor provide comparable disclosure in
          unregistered offerings and will provide such comparable disclosure in
          unregistered offerings to the extent such disclosure becomes consistent
          with
          industry practice. References in this Agreement to compliance with Regulation
          AB
          include provision of comparable disclosure in private offerings. Neither
          the
          Purchaser nor any Depositor shall exercise its right to request (if any
          request
          is required) delivery of information or other performance under these provisions
          other than in good faith, or for purposes other than compliance with the
          provisions of the Securities Act, the Exchange Act and the rules and regulations
          of the Commission thereunder (or the provision in a private offering of
          disclosure comparable to that required under the Securities Act). The Company
          acknowledges that interpretations of the requirements of Regulation AB
          may
          change over time, whether due to interpretive guidance provided by the
          Commission or its staff, consensus among participants in the asset-backed
          securities markets, advice of counsel, or otherwise, and agrees to comply
          with
          reasonable requests made by the Purchaser, any Master Servicer or any Depositor
          in good faith for delivery of information under these provisions on the
          basis of
          evolving interpretations of Regulation AB. In connection
          with any Securitization Transaction, the Company shall cooperate as set
          forth
          herein with the Purchaser to deliver to the Purchaser (including any of
          its
          assignees or designees) and any Depositor, any and all statements, reports,
          certifications, records and any other information necessary in the good
          faith
          determination of the Purchaser or any Depositor to permit the Purchaser
          or such
          Depositor to comply with the provisions of Regulation AB, together with
          such
          disclosures relating to the Company, any Subservicer, any Third-Party Originator
          and the Mortgage Loans, or the servicing of the Mortgage Loans, reasonably
          believed by the Purchaser or any Depositor to be necessary in order to
          effect
          such compliance.

        

        Section
          2
          Additional Representations and Warranties of the Company.

        

        (a) The
          Company shall be deemed to represent to the Purchaser and to any Depositor,
          as
          of the date on which information is first provided to the Purchaser or
          any
          Depositor under Section 3 that, except as disclosed in writing to the Purchaser
          or such Depositor prior to such date and unless otherwise disclosed in
          such
          information provided under Section 3: (i)
          the
          Company is not aware and has not received notice that any default, early
          amortization or other performance triggering event has occurred as to any
          other
          securitization due to any act or failure to act of the Company; (ii)
the
          Company has not been terminated as servicer in a residential mortgage loan
          securitization, either due to a servicing default or to application of
          a
          servicing performance test or trigger; (iii) no
          material noncompliance
          with the applicable servicing criteria with respect to other securitizations
          of
          residential mortgage loans involving the Company as servicer
          has been
          disclosed or reported by the Company; (iv) no material
          changes to the Company’s policies or procedures with respect to the servicing
          function it will perform under this Agreement and any Reconstitution Agreement
          for mortgage loans of a type similar to the Mortgage Loans
          have
          occurred during the three-year period immediately preceding the scheduled
          closing date of the related
          Securitization Transaction; (v) there are no aspects of the Company’s financial
          condition that could have a material adverse effect on the performance
          by
the
          Company of its servicing obligations under this Agreement or any Reconstitution
          Agreement;
          (v)
          there are no material
          legal or governmental proceedings pending (or known to be contemplated
          by
          Government authorities) against the Company, or to the knowledge of the
          Company,
          any Subservicer or any Third-Party Originator;
          and
          (vi) there are no affiliations, relationships or transactions relating
          to the
          Company, any Subservicer or any Third-Party Originator with respect to
          any
          Securitization Transaction and any party thereto identified by the related
          Depositor of a type described in Item 1119 of Regulation AB.

        

        (b) If
          so
          requested by the Purchaser or any Depositor on any date following the
          date
          on which information is first provided to the Purchaser or any Depositor
          under
          Section 3,
          the
          Company shall, within five business days following such request, confirm
          in
          writing the accuracy of the representations and warranties set forth in
          paragraph (a) of this Section or, if any such representation and warranty
          is not
          accurate as of the date of such request, provide reasonably adequate disclosure
          of the pertinent facts, in writing, to the requesting party.

        

        Section
          3
Information
          to Be Provided by the Company.

        

        In
          connection with any Securitization Transaction the Company shall (i)
within
          five business days
          following request by the Purchaser or any Depositor, provide to the Purchaser
          and such Depositor (or, as applicable, cause each Third-Party Originator
          and
          each Subservicer to provide), in writing, or in a mutually agreed upon
          electronic format, and in form and substance reasonably satisfactory to
          the
          Purchaser and such Depositor, the information and materials specified in
          paragraphs (a), (b), (c) and (f) of this Section, and (ii) as promptly
          as
          practicable following notice to or discovery by the Company, provide to
          the
          Purchaser and any Depositor (in writing, or in a mutually agreed upon electronic
          format, and in form and substance reasonably satisfactory to the Purchaser
          and
          such Depositor) the information specified in paragraph (d) of this
          Section.

        

        (a) If
          so
          requested by the Purchaser or any Depositor, the Company shall provide
          (or cause
          each Third-Party Originator or Subservicer, as applicable, to provide)
          such
          information, as mutually agreed upon by the Purchaser or any Depositor
          and the
          Company (or such Third-Party Originator or Subservicer, as applicable),
          regarding (i) the Company, as originator of the Mortgage Loans (including
          as an
          acquirer of Mortgage Loans from a Qualified Correspondent), or (ii) each
          Third-Party Originator, and (iii) as applicable, each Subservicer, as is
          requested for the purpose of compliance with Items 1103(a)(1), 1105, 1110,
          1117
          and 1119 of Regulation AB. Such information shall include, at a
          minimum:

        

        (A) the
          originator’s form of organization;

        

        (B) a
          description of the originator’s origination program and how long the originator
          has been engaged in originating residential mortgage loans, which description
          shall include a discussion of the originator’s experience in originating
          mortgage loans of a similar type as the Mortgage Loans; information regarding
          the size and composition of the originator’s origination portfolio; and
          information that may be materialin the good faith judgment of the Purchaser
          or
          any Depositor, to an analysis of the performance of the Mortgage Loans,
          including the originators’ credit-granting or underwriting criteria for mortgage
          loans of similar type(s) as the Mortgage Loans and such other information
          as the
          Purchaser or any Depositor may reasonably request for the purpose of compliance
          with Item 1110(b)(2) of Regulation AB;

        

        (C) a
          description of any material legal proceedings pending (or known to be
          contemplated by governmental authorities) against the Company, or to the
          knowledge of the Company, each Third-Party Originator and each Subservicer;
          and

        

        (D) a
          description of any affiliation or relationship between the Company, each
          Third-Party Originator, each Subservicer and any of the following parties
          to a
          Securitization Transaction, as such parties are identified and noticed
          to the
          Company by the Purchaser or any Depositor in writing in advance of such
          Securitization Transaction:

        

        (1) the
          sponsor;

        (2) the
          depositor;

        (3) the
          issuing entity;

        (4) any
          servicer;

        (5) any
          trustee;

        (6) any
          originator;

        (7) any
          significant obligor;

        (8) any
          enhancement or support provider; and

        (9) any
          other
          material transaction party.

        

        (b) If
          so
          requested by the Purchaser or any Depositor, the Company shall provide
          (or, as
          applicable, cause each Third-Party Originator to provide) Static Pool
          Information with respect to the mortgage loans (of a similar type as the
          Mortgage Loans, as reasonably identified by the Purchaser as provided below)
          originated by (i) the Company, if the Company is an originator of Mortgage
          Loans
          (including as an acquirer of Mortgage Loans from a Qualified Correspondent),
          and/or (ii) each Third-Party Originator. Such Static Pool Information shall
          be
          prepared by the Company (or Third-Party Originator) on the basis of its
          reasonable, good faith interpretation of the requirements of Item 1105(a)(1)-(3)
          of Regulation AB. To the extent that there is reasonably available to the
          Company (or Third-Party Originator) Static Pool Information with respect
          to more
          than one mortgage loan type, the Purchaser or any Depositor shall be entitled
          to
          specify whether some or all of such information shall be provided pursuant
          to
          this paragraph. The content of such Static Pool Information may be in the
          form
          customarily provided by the Company, and need not be customized for the
          Purchaser or any Depositor. Such Static Pool Information for each vintage
          origination year or prior securitized pool, as applicable, shall be presented
          in
          increments no less frequently than quarterly over the life of the mortgage
          loans
          included in the vintage origination year or prior securitized pool. The
          most
          recent periodic increment must be as of a date no later than 135 days prior
          to
          the date of the prospectus or other offering document in which the Static
          Pool
          Information is to be included or incorporated by reference. The Static
          Pool
          Information shall be provided in an electronic format that provides a permanent
          record of the information provided, such as a portable document format
          (.pdf)
          file, or other such electronic format as mutually agreed upon by the Purchaser
          or the Depositor and the Company, as applicable.

        

        Promptly
          following notice or discovery of a material error in Static Pool Information
          provided pursuant to the immediately preceding paragraph (including an
          omission
          to include therein information required to be provided pursuant to such
          paragraph), the Company shall provide corrected Static Pool Information
          to the
          Purchaser or any Depositor, as applicable, in the same format in which
          Static
          Pool Information was previously provided to such party by the
          Company.

        

        If
          so
          requested by the Purchaser or any Depositor, the Company shall provide
          (or, as
          applicable, cause each Third-Party Originator to provide), at the expense
          of the
          Purchaser or Depositor, as applicable (to the extent of any additional
          incremental expense associated with delivery pursuant to this Agreement),
          such
          agreed-upon procedures letters of certified public accountants reasonably
          acceptable to the Purchaser or Depositor, as applicable, pertaining
          to Static Pool Information relating to prior securitized pools for
          securitizations closed on or after January 1, 2006 or, in the case of Static
          Pool Information with respect to the Company’s or Third-Party Originator’s
          originations or purchases, to calendar months commencing January 1,
          2006,
          as the
          Purchaser or such Depositor shall reasonably request. Such statements and
          letters shall be addressed to and be for the benefit of such parties as
          the
          Purchaser or such Depositor shall designate, which may include, by way
          of
          example, any Sponsor, any Depositor and any broker dealer acting as underwriter,
          placement agent or initial purchaser with respect to a Securitization
          Transaction[, and shall also be addressed to and for the benefit of the
          Company,
          its assignees and such Third-Party Originator. Any such statement or letter
          may
          take the form of a standard, generally applicable document accompanied
          by a
          reliance letter authorizing reliance by the addressees designated by the
          Purchaser or such Depositor.

        

        (c) If
          so
          requested by the Purchaser or any Depositor, the Company shall provide
          such
          information regarding the Company, as servicer of the Mortgage Loans, and
          cause
          each Subservicer to so provide such information (each of the Company and
          each
          Subservicer, for purposes of this paragraph, a “Servicer”), as is requested for
          the purpose of compliance with Item 1108 of Regulation AB. Such information
          shall include, at a minimum:

        

        (A) the
          Servicer’s form of organization;

         

        (B) a
          description of how long the Servicer has been servicing residential mortgage
          loans; a general discussion of the Servicer’s experience in servicing assets of
          any type as well as a more detailed discussion of the Servicer’s experience in,
          and procedures for, the servicing function it will perform under this Agreement
          and any Reconstitution Agreements; information regarding the size, composition
          and growth of the Servicer’s portfolio of residential mortgage loans of a type
          similar to the Mortgage Loans and information on factors related to the
          Servicer
          that may be material, in the good faith judgment of the Purchaser or any
          Depositor, to any analysis of the servicing of the Mortgage Loans or the
          related
          asset-backed securities, as applicable, including, without
          limitation:

         

        (1) whether
          any prior securitizations of mortgage loans of a type similar to the Mortgage
          Loans involving the Servicer have defaulted or experienced an early amortization
          or other performance triggering event because of servicing during the three-year
          period immediately preceding the scheduled closing date of the related
          Securitization Transaction;

        (2) the
          extent of outsourcing the Servicer utilizes;

        (3) whether
          there has been previous disclosure of material noncompliance with the applicable
          servicing criteria with respect to other securitizations of residential
          mortgage
          loans involving the Servicer as a servicer during the three-year period
          immediately preceding the scheduled closing date of the related Securitization
          Transaction; and

        (4) whether
          the Servicer has been terminated as servicer in a residential mortgage
          loan
          securitization, either due to a servicing default or to application of
          a
          servicing performance test or trigger; and

        (5) such
          other information as the Purchaser or any Depositor may reasonably request
          for
          the purpose of compliance with Item 1108(b)(2) of Regulation AB;

         

        (C) a
          description of any material changes during the three-year period immediately
          preceding the scheduled closing date of the related Securitization Transaction
          to the Servicer’s policies or procedures with respect to the servicing function
          it will perform under this Agreement and any Reconstitution Agreements
          for
          mortgage loans of a type similar to the Mortgage Loans;

         

        (D) information
          regarding the Servicer’s financial condition, to the extent that there is a
          material risk that the effect on one or more aspects of servicing resulting
          from
          such financial condition would have a material impact on pool performance
          or on
          the performance by the Company of its servicing obligations under this
          Agreement
          or any Reconstitution Agreement;

         

        (E) information
          regarding advances made by the Servicer on the Mortgage Loans and the Servicer’s
          overall servicing portfolio of residential mortgage loans for the three-year
          period immediately preceding the scheduled closing date of the related
          Securitization Transaction, which may be limited to a statement by an authorized
          officer of the Servicer to the effect that the Servicer has made all advances
          required to be made on residential mortgage loans serviced by it during
          such
          period, or, if such statement would not be accurate, information regarding
          the
          percentage and type of advances not made as required, and the reasons for
          such
          failure to advance;

         

        (F) a
          description of the Servicer’s processes and procedures designed to address any
          special or unique factors involved in servicing loans of a similar type
          as the
          Mortgage Loans;

        

        (G) a
          description of the Servicer’s processes for handling delinquencies, losses,
          bankruptcies and recoveries, such as through liquidation of mortgaged
          properties, sale of defaulted mortgage loans or workouts; and

        

        (H) information
          as to how the Servicer defines or determines delinquencies and charge-offs,
          including the effect of any grace period, re-aging, restructuring, partial
          payments considered current or other practices with respect to delinquency
          and
          loss experience.

        

        (d) For
          the
          purpose of satisfying the reporting obligation under the Exchange Act with
          respect to any class of asset-backed securities, at the time the Company
          knows
          or should have known of any of the circumstances in subsection (i) of this
          paragraph, the Company shall (or shall cause each Subservicer and Third-Party
          Originator to) (i) immediately notify the Purchaser, any Master Servicer
          and any
          Depositor in writing of (A) any material litigation proceedings pending
          or
          governmental proceedings known to be contemplated against the Company,
          any
          Subservicer or any Third-Party Originator, as applicable, (B) any affiliations
          or relationships that develop following the closing date of a Securitization
          Transaction between the Company, any Subservicer or any Third-Party Originator
          and any of the parties specified in clause (D) of paragraph (a) of this
          Section
          (and any other parties identified in writing by the requesting party) with
          respect to such Securitization Transaction, (C) any Event of Default under
          the
          terms of this Agreement or any Reconstitution Agreement, (D) any merger,
          consolidation or sale of substantially all of the assets of the Company,
          and (E)
          the Company’s entry into an agreement with a Subservicer to perform or assist in
          the performance of any of the Company’s obligations under this Agreement or any
          Reconstitution Agreement and (ii) provide to the Purchaser and any Depositor
          a
          description of such proceedings, affiliations or relationships.

        

        All
          notification pursuant to this Section 3(d) should
          be
          sent to EMC by e-mail to regABnotifications@bear.com.
          In
          addition, each
          such
          notice
          other
          than those pursuant to Section 3(d)(i)(A), should be sent to:

        

        EMC
          Mortgage Corporation

        2780
          Lake
          Vista Drive

        Lewisville,
          TX 75067-3884

        Attention:
          Conduit Seller Approval Dept.

        Facsimile:
          (214) 626-3751

        Email:
          sellerapproval@bear.com

        

        With
          a
          copy to:

        

        Bear,
          Stearns & Co. Inc.

        383
          Madison Avenue, 3rd Floor

        New,
          York, NY 10179

        Attention:
          Global Credit Administration

        Facsimile:
          (212) 272-6564

        

        Notifications
          pursuant to Section 3(d)(i)(A) should be sent to: 

        

        EMC
          Mortgage Corporation

        Two
          Mac
          Arthur Ridge

        909
          Hidden Ridge Drive, Suite 200

        Irving,
          TX 75038

        Attention:
          Associate General Counsel for Loan Administration

        Facsimile:
          (972) 831-2555

        

        With
          copies to:

        

        Bear,
          Stearns & Co. Inc.

        383
          Madison Avenue, 3rd Floor

        New,
          York, NY 10179

        Attention:
          Global Credit Administration

        Facsimile:
          (212) 272-6564

        

        EMC
          Mortgage Corporation

        2780
          Lake
          Vista Drive

        Lewisville,
          TX 75067-3884

        Attention:
          Conduit Seller Approval Dept.

        Facsimile:
          (214) 626-3751

        Email:
          sellerapproval@bear.com

        

        (e) As
          a
          condition to the succession to the Company or any Subservicer as servicer
          or
          subservicer under this Agreement or any Reconstitution Agreement by any
          Person
          (i) into which the Company or such Subservicer may be merged or consolidated,
          or
          (ii) which may be appointed as a successor to the Company or any Subservicer,
          the Company shall provide to the Purchaser, any Master Servicer and any
          Depositor, at least fifteen calendar days prior to the effective date of
          such
          succession or appointment, (x) written notice to the Purchaser and any
          Depositor
          of such succession or appointment and (y) in writing and in form and substance
          reasonably satisfactory to the Purchaser and such Depositor, all information
          reasonably requested by the Purchaser or any Depositor in order to comply
          with
          its reporting obligation under Item 6.02 of Form 8-K with respect to the
          related
          Securitization Transaction.

        

        (f) In
          addition to such information as the Company, as servicer, is obligated
          to
          provide pursuant to other provisions of this Agreement, if so requested
          by the
          Purchaser or any Depositor, the Company shall provide such information
          regarding
          the performance or servicing of the Mortgage Loans as is reasonably required
          to
          facilitate preparation of distribution reports in accordance with Item
          1121 of
          Regulation AB as applicable to the Company. The Company shall also provide
          a
          monthly report, in the form of Exhibit
          C
          hereto,
          or such other form as is mutually acceptable to the Company, the Purchaser
          and
          any Master Servicer, Exhibit
          D
          with
          respect to defaulted mortgage loans and Exhibit
          E,
          with
          respect to realized losses and gains, with each such report. Such information
          shall be provided concurrently with the monthly reports otherwise required
          to be
          delivered by the servicer under this Agreement, commencing with the first
          such
          report due not less than ten Business Days following such request. 

        

        (g)
          In
          addition to such information as the Company, as servicer, is obligated
          to
          provide pursuant to other provisions of this Agreement, not later than
          ten days
          prior to the deadline for the filing of any distribution report on Form
          10-D in
          respect of any Securitization Transaction that includes any of the Mortgage
          Loans serviced by the Company or any Subservicer, the Company or such
          Subservicer, as applicable, shall, to the extent the Company or such Subservicer
          has knowledge, provide to the party responsible for filing such report
          (including, if applicable, the Master Servicer) notice of the occurrence
          of any
          of the following events along with all information, data, and materials
          related
          thereto as may be required to be included in the related distribution report
          on
          Form 10-D (as specified in the provisions of Regulation AB referenced
          below):

        (i) any
          material modifications, extensions or waivers of pool asset terms, fees,
          penalties or payments during the distribution period or that have cumulatively
          become material over time (Item 1121(a)(11) of Regulation AB);

        

        (ii) material
          breaches of pool asset representations or warranties or transaction covenants
          (Item 1121(a)(12) of Regulation AB); and

        

        (iii) information
          regarding any pool asset changes (such as, additions, substitutions or
          repurchases), and any material changes in origination, underwriting or
          other
          criteria for acquisition or selection of pool assets (Item 1121(a)(14)
          of
          Regulation AB).

        

        (h)
          The
          Company shall provide, as may be reasonably requested by the Purchaser,
          any
          Master Servicer or any Depositor, evidence of the authorization of the
          person
          signing any certification or statement, copies or other evidence of Fidelity
          Bond Insurance and Errors and Omission Insurance policy, financial information
          and reports, and such other information related to the Company or any
          Subservicer or the Company or such Subservicer’s performance hereunder to the
          Purchaser, any Master Servicer and any Depositor.

        

        Section
          4
Servicer
          Compliance Statement.

        

        On
          or
          before March 1 of each calendar year, commencing in 2007, the Company shall
          deliver to the Purchaser, any Master Servicer and any Depositor a statement
          of
          compliance addressed to the Purchaser, such Master Servicer and such Depositor
          and signed by an authorized officer of the Company, to the effect that
          (i) a
          review of the Company’s activities as servicer during the immediately preceding
          calendar year (or applicable portion thereof) and of its performance under
          this
          Agreement and any applicable Reconstitution Agreement during such period
          has
          been made under such officer’s supervision, and (ii) to the best of such
          officers’ knowledge, based on such review, the Company has fulfilled all of its
          obligations under this Agreement and any applicable Reconstitution Agreement
          in
          all material respects throughout such calendar year (or applicable portion
          thereof) or, if there has been a failure to fulfill any such obligation
          in any
          material respect, specifically identifying each such failure known to such
          officer and the nature and the status thereof.

        

        Section
          5
Report
          on Assessment of Compliance and Attestation.

        

        (a) On
          or
          before March 1 of each calendar year, commencing in 2007, the 

        Company
          shall:

        

        (i) deliver
          to the Purchaser, any Master Servicer and any Depositor a report (in form
          and
          substance reasonably satisfactory to the Purchaser, such Master Servicer
          and
          such Depositor) regarding the Company’s assessment of compliance with the
          Servicing Criteria during the immediately preceding calendar year, as required
          under Rules 13a-18 and 15d-18 of the Exchange Act and Item 1122 of Regulation
          AB. Such report shall be addressed to the Purchaser, such Master Servicer
          and
          such Depositor and signed by an authorized officer of the Company, and
          shall
          address each of the applicable Servicing Criteria specified on Exhibit
          B
          hereto;

        

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

        

        (iii) cause
          each Subservicer, and each Subcontractor determined by the Company pursuant
          to
          Section 6(b) to be “participating in the servicing function” within the meaning
          of Item 1122 of Regulation AB, to deliver to the Purchaser, any Master
          Servicer
          and any Depositor an assessment of compliance and accountants’ attestation as
          and when provided in paragraphs (a) and (b) of this Section; and

        

        (iv) deliver
          and cause each Subservicer and Subcontractor described in clause (iii)
          to
          provide to the Purchaser, any Master Servicer any Depositor and any other
          Person
          that will be responsible for signing the certification (a “Sarbanes
          Certification”) required by Rules 13a-14(d) and 15d-14(d) under the Exchange Act
          (pursuant to Section 302 of the Sarbanes-Oxley Act of 2002) on behalf of
          an
          asset-backed issuer with respect to a Securitization Transaction a certification
          signed by the appropriate officer of the Company in the form attached hereto
          as
          Exhibit A; provided that such certification delivered by the Company may
          not be
          filed as an exhibit to, or included in, any offering document or registration
          statement.

        

        The
          Company acknowledges that the parties identified in clause (a)(iv) above
          may
          rely on the certification provided by the Company pursuant to such clause
          in
          signing a Sarbanes Certification and filing such with the
          Commission.

        

        (b) Each
          assessment of compliance provided by a Subservicer pursuant to Section
          5(a)(i) shall address each of the Servicing Criteria specified on Exhibit
          B
          hereto. An assessment of compliance provided by a Subcontractor pursuant
          to
          Section 5(a)(iii) need not address any elements of the Servicing Criteria
          other
          than those specified by the Company pursuant to Section 6.

        

        Section
          6
Use
          of
          Subservicers and Subcontractors.

        

        The
          Company shall not hire or otherwise utilize the services of any Subservicer
          to
          fulfill any of the obligations of the Company as servicer under this Agreement
          or any Reconstitution Agreement unless the Company complies with the provisions
          of paragraph (a) of this Section. The Company shall not hire or otherwise
          utilize the services of any Subcontractor, and shall not permit any Subservicer
          to hire or otherwise utilize the services of any Subcontractor, to fulfill
          any
          of the obligations of the Company as servicer under this Agreement or any
          Reconstitution Agreement unless the Company complies with the provisions
          of
          paragraph (b) of this Section.

        

        (a) It
          shall
          not be necessary for the Company to seek the consent of the Purchaser,
          any
          Master Servicer or any Depositor to the utilization of any Subservicer.
          The
          Company shall cause any Subservicer used by the Company (or by any Subservicer)
          for the benefit of the Purchaser and any Depositor to comply with the provisions
          of this Section and with Sections 2, 3(c), (e), (f) and (g), 4, 5, and
          07 of
          this Agreement to the same extent as if such Subservicer were the Company,
          and
          to provide the information required with respect to such Subservicer under
          Section 3(d) of this Agreement. The Company shall be responsible for obtaining
          from each Subservicer and delivering to the Purchaser and any Depositor
          any
          servicer compliance statement required to be delivered by such Subservicer
          under
          Section 4, any assessment of compliance and attestation required to be
          delivered
          by such Subservicer under Section 5 and any certification required to be
          delivered to the Person that will be responsible for signing the Sarbanes
          Certification under Section 5 as and when required to be delivered.

        

        (b) It
          shall
          not be necessary for the Company to seek the consent of the Purchaser,
          any
          Master Servicer or any Depositor to the utilization of any Subcontractor.
          The
          Company shall promptly upon request provide to the Purchaser, any Master
          Servicer and any Depositor (or any designee of the Depositor, such as a
          master
          servicer or administrator) a written description (in form and substance
          satisfactory to the Purchaser, any Master Servicer and such Depositor)
          of the
          role and function of each Subcontractor utilized by the Company or any
          Subservicer, specifying (i) the identity of each such Subcontractor, (ii)
          which
          (if any) of such Subcontractors are “participating in the servicing function”
within the meaning of Item 1122 of Regulation AB, and (iii) which elements
          of
          the Servicing Criteria will be addressed in assessments of compliance provided
          by each Subcontractor identified pursuant to clause (ii) of this
          paragraph.

        

        As
          a
          condition to the utilization of any Subcontractor determined to be
“participating in the servicing function” within the meaning of Item 1122 of
          Regulation AB, the Company shall cause any such Subcontractor used by the
          Company (or by any Subservicer) for the benefit of the Purchaser and any
          Depositor to comply with the provisions of Sections 5 and 7 of this Agreement
          to
          the same extent as if such Subcontractor were the Company. The Company
          shall be
          responsible for obtaining from each Subcontractor and delivering to the
          Purchaser and any Depositor any assessment of compliance and attestation
          and the
          other certifications required to be delivered by such Subcontractor under
          Section 5, in each case as and when required to be delivered.

        

        Section
          7
Indemnification;
          Remedies.
          

        

        (a) The
          Company
          shall
          indemnify the Purchaser and each of the following parties participating
          in a Securitization Transaction: each
          sponsor and issuing entity; each Person (including, but not limited to,
          any
          Master Servicer) responsible for the preparation, execution or filing of
          any
          report required to be filed with the Commission with respect to such
          Securitization Transaction, or for execution of a certification pursuant
          to Rule
          13a-14(d) or Rule 15d-14(d) under the Exchange Act with respect to such
          Securitization Transaction; each broker dealer acting as underwriter, placement
          agent or initial purchaser,
          each
          Person who controls any of such parties or the Depositor (within
          the meaning of Section 15 of the Securities Act and Section 20 of the Exchange
          Act);
          and the
          respective present and former directors, officers, employees, agents and
          affiliates of each of the foregoing and the Depositor (each, an “Indemnified
          Party”), and shall hold each of them (each, an “Indemnified Party”) harmless
          from and against any claims, losses, damages, penalties, fines, forfeitures,
          legal fees and expenses and related costs, judgments, and any other costs,
          fees
          and expenses that any of them may sustain arising out of or based
          upon:

        

        (i)(A) any
          untrue statement of a material fact contained or alleged to be contained
          in
any
          information, report, certification, accountants’ letter or other
          material
          provided
under
          this Article 1 by
          or on
          behalf of the Company,
          or provided under this Article 1 by or on behalf of any Subservicer,
          Subcontractor or Third-Party Originator (collectively, the “Company
          Information”),
          or (B)
          the omission or alleged omission to state in the Company Information a
          material
          fact required to be stated in the Company Information or necessary in order
          to
          make the statements therein, in the light of the circumstances under which
          they
          were made, not misleading; provided,
          by way of clarification,
          that
          clause (B) of this paragraph shall be construed solely by reference to
          the
          Company Information and not to any other information communicated in connection
          with a sale or purchase of securities, without regard to whether the Company
          Information or any portion thereof is presented together with or separately
          from
          such other information;

        

        (ii) any
          breach by the Company of its obligations under this Article I, including
          particularly the failure by the Company, any Subservicer, any Subcontractor
          or
          any Third-Party
          Originator to deliver any information, report, certification, accountants’
letter or other material when and as required under this Article I, including
          any failure by the Company to identify pursuant to Section 6(b) any
          Subcontractor “participating in the servicing function” within the meaning of
          Item 1122 of Regulation AB; or

        

        (iii) any
          breach by the Company of a representation or warranty set forth in Section
          2(a)
          or in a writing furnished pursuant to Section 2(b) and made as of a date
          prior
          to the closing date of the related Securitization Transaction, to the extent
          that such breach is not cured by such closing date, or any breach by the
          Company
          of a representation or warranty in a writing furnished pursuant to Section
          2(b)
          to the extent made as of a date subsequent to such closing date; or

        

        (iv) if
          the
          indemnification provided for herein is unavailable or insufficient to hold
          harmless an Indemnified Party, then the Company agrees that it shall contribute
          to the amount paid or payable by such Indemnified Party as a result of
          any
          claims, losses, damages or liabilities incurred by such Indemnified Party
          in
          such proportion as is appropriate to reflect the relative fault of such
          Indemnified Party on the one hand and the Company on the other.

        

        In
          the
          case of any failure of performance described in clause (a)(ii) of this
          Section,
          the Company shall promptly reimburse the Purchaser, any Depositor, as
          applicable, and each Person responsible for the preparation, execution
          or filing
          of any report required to be filed with the Commission with respect to
          such
          Securitization Transaction, or for execution of a certification pursuant
          to Rule
          13a-14(d) or Rule 15d-14(d) under the Exchange Act with respect to such
          Securitization Transaction, for all costs reasonably incurred by each such
          party
          in order to obtain the information,
          report, certification, accountants’ letter or other material not delivered as
          required by the Company, any
          Subservicer, any Subcontractor or any Third-Party
          Originator.

        

        This
          indemnification shall survive the termination of this Agreement or the
          termination of any party to this Agreement.

        

        (b) (i) Any
          failure by the Company, any Subservicer, any Subcontractor or any Third-Party
          Originator to deliver any information, report, certification, accountants’
letter or other material when and as required under this Article I, or
          any
          breach by the Company of a representation or warranty set forth in Section
          2(a)
          or in a writing furnished pursuant to Section 2(b) and made as of a date
          prior
          to the closing date of the related Securitization Transaction, to the extent
          that such breach is not cured by such closing date, or any breach by the
          Company
          of a representation or warranty in a writing furnished pursuant to Section
          2(b)
          to the extent made as of a date subsequent to such closing date, shall,
          except
          as provided in clause (ii) of this paragraph, immediately and automatically,
          without notice or grace period, constitute an Event of Default with respect
          to
          the Company under this Agreement and any applicable Reconstitution Agreement,
          if
          such failure or breach is not cured within two (2) Business Days after
          the
          Company receives written notice of such failure or breach (which may be
          provided
          by e-mail), and shall entitle the Purchaser or any Depositor, as applicable,
          in
          its sole discretion to terminate the rights and obligations of the Company
          as
          servicer under this Agreement and/or any applicable Reconstitution Agreement
          without payment (notwithstanding anything in this Agreement or any applicable
          Reconstitution Agreement to the contrary) of any compensation to the Company
          except for reimbursing
          the Company for any servicing advances that the Company actually made as
          servicer pursuant to this Agreement and rights
          arising
          prior to such termination (and if the Company is servicing any of the Mortgage
          Loans in a Securitization Transaction, appoint a successor servicer reasonably
          acceptable to any Master Servicer for such Securitization Transaction);
          provided
          that to
          the extent that any provision of this Agreement and/or any applicable
          Reconstitution Agreement expressly provides for the survival of certain
          rights
          or obligations following termination of the Company as servicer, such provision
          shall be given effect.

         

        (ii) Any
          failure by the Company, any Subservicer or any Subcontractor to deliver
          any
          information, report, certification or accountants’ letter when and as required
          under Section 4 or 5, including any failure by the Company to identify
          pursuant
          to Section 6(b) any Subcontractor “participating in the servicing function”
within the meaning of Item 1122 of Regulation AB, which continues unremedied
          for
          ten calendar days after the date of written notice from the Master Servicer
          shall constitute an Event of Default (notwithstanding any other provision
          in
          this Agreement or any Reconstitution Agreement to the contrary) with respect
          to
          the Company under this Agreement and any applicable Reconstitution Agreement,
          and shall entitle the Purchaser, any Master Servicer or any Depositor,
          as
          applicable, in its sole discretion to terminate the rights and obligations
          of
          the Company as servicer under this Agreement and/or any applicable
          Reconstitution Agreement without payment (notwithstanding anything in this
          Agreement to the contrary) of any compensation to the Company except for
          reimbursing
          the Company for any servicing advances that the Company actually made as
          servicer pursuant to this Agreement and rights
          arising
          prior to such termination; provided
          that to
          the extent that any provision of this Agreement and/or any applicable
          Reconstitution Agreement expressly provides for the survival of certain
          rights
          or obligations following termination of the Company as servicer, such provision
          shall be given effect. 

         

        (iii) The
          Company shall promptly reimburse the Purchaser (or any designee of the
          Purchaser, such as a master servicer) and any Depositor, as applicable,
          for all
          reasonable expenses incurred by the Purchaser (or such designee) or such
          Depositor, as such are incurred, in connection with the termination of
          the
          Company as servicer and the transfer of servicing of the Mortgage Loans
          to a
          successor servicer. The provisions of this paragraph shall not limit whatever
          rights the Purchaser or any Depositor may have under other provisions of
          this
          Agreement and/or any applicable Reconstitution Agreement or otherwise,
          whether
          in equity or at law, such as an action for damages, specific performance
          or
          injunctive relief.

         

        (c) Notification
          and Cooperation.
          The
          parties hereto further agree, and any Indemnified Party not a party hereto
          is
          deemed to agree, as a condition to its reliance on such indemnification,
          that
          the Company’s indemnification obligations under this Section 7 are subject to
          the following terms and conditions:

        

        (i) An
          Indemnified Party seeking indemnification hereunder shall give written
          notice to
          the Company within a reasonable time after the Indemnified Party receives
          notice
          of an indemnifiable claim provided that failure to give such notice within
          a
          reasonable time shall not invalidate the Company’s obligations to indemnify such
          Indemnified Party except if, and then only to the extent that, such failure
          materially prejudices the Indemnifying Party or its ability to defend such
          claim, and the Indemnifying Party shall have the burden of proving such
          material
          prejudice;

        (ii) The
          Company shall undertake the defense of the action or claim with counsel
          or other
          representatives of its own choosing and reasonably acceptable to the Indemnified
          Party (which counsel shall not, except with the consent of the Indemnified
          Party, be counsel to the Indemnifying Party);

        (iii) The
          Indemnified Party shall have the right to participate and assist in, but
          not
          control, the defense of such claim and employ separate counsel in any action
          or
          claim, at the expense of the Indemnified Party (i.e., at its own expense),
          provided that if the interests of the Company and the Indemnified Party
          diverge,
          the Indemnified Party shall be entitled to separate counsel at the Company’s
          expense, provided
          such expense is reasonable;
          and

        (iv) The
          Company shall not settle or compromise any claim suit or action against
          the
          Indemnified Party without the express prior written consent of the Indemnified
          Party.

        

        (d) Exclusive
          Remedy.
          Except
          for remedies under the Agreement and remedies that cannot be waived as
          a matter
          of law and injunctive relief, the rights under this Section 7 shall be
          the
          exclusive remedy for breaches of this Section 7 (including any covenant,
          obligation, representation or warranty contained herein or
          therein).

        

        (e) Limitations. Notwithstanding
          anything in this Agreement to the contrary, in no event shall the Company
          be
          obligated under this Section 7 to indemnify an Indemnified Party otherwise
          entitled to indemnity hereunder in respect of any indemnifiable claims
          or losses
          to the extent that such claims or losses result directly from the willful
          misconduct, bad faith or negligent acts of the Indemnified Party.

        

        (f) The
          parties hereto agree that any written notice under this Section 7 may be
          made
          via email.

        

        Section
          8
Third
          Party Beneficiary.

         

        For
          purposes of this Article I and any related provisions thereto, each Master
          Servicer shall be considered a third-party beneficiary of this Agreement,
          entitled to all the rights and benefits hereof as if it were a direct party
          to
          this Agreement.

        

        

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

        IN
          WITNESS WHEREOF, the Seller and the Purchaser have caused this Amendment
          to be
          executed and delivered by their duly authorized officers as of the day
          and year
          first above written.

        

        
          	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	
                  NATIONAL
                    CITY MORTGAGE CO.

                
	 	 	 	 	 	 	 	
                  (Seller)

                
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	
                  By:_________________________

                
	 	 	 	 	 	 	 	
                  Name:
                    Kelly
                    C. Johnson

                
	 	 	 	 	 	 	 	
                  Title:
                    Senior
                    Vice President

                
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	
                  EMC
                    MORTGAGE CORPORATION

                
	 	 	 	 	 	 	 	
                  (Purchaser)

                
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	
                  By:_________________________

                
	 	 	 	 	 	 	 	
                  Name:_______________________

                
	 	 	 	 	 	 	 	
                  Title:________________________

                

        

        

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

        

        EXHIBIT
          A

         

        FORM
          OF
          ANNUAL CERTIFICATION

         

        
          	Re:  	
                  The
                    [ ] agreement dated as of [ ],
                    200[ ] (the “Agreement”), among [IDENTIFY
                    PARTIES]

                

        

         

        I,
          ________________________________, the _______________________ of [NAME
          OF
          COMPANY] (the “Company”), certify to [the Purchaser], [the Depositor], and the
          [Master Servicer] [Securities Administrator] [Trustee], and their officers,
          with
          the knowledge and intent that they will rely upon this certification,
          that:

         

        (1) I
          have
          reviewed the servicer compliance statement of the Company provided in accordance
          with Item 1123 of Regulation AB (the “Compliance Statement”), the report on
          assessment of the Company’s compliance with the servicing criteria set forth in
          Item 1122(d) of Regulation AB (the “Servicing Criteria”), provided in accordance
          with Rules 13a-18 and 15d-18 under Securities Exchange Act of 1934, as
          amended
          (the “Exchange Act”) and Item 1122 of Regulation AB (the “Servicing
          Assessment”), the registered public accounting firm’s attestation report
          provided in accordance with Rules 13a-18 and 15d-18 under the Exchange
          Act and
          Section 1122(b) of Regulation AB (the “Attestation
          Report”), and all servicing reports, officer’s certificates and other
          information relating to the servicing of the Mortgage Loans by the Company
          during 200[ ] that were delivered by the Company to the [Depositor] [Master
          Servicer] [Securities Administrator] [Trustee] pursuant to the Agreement
          (collectively, the “Company Servicing Information”);

         

        (2) Based
          on
          my knowledge, the Company Servicing Information, taken as a whole, does
          not
          contain any untrue statement of a material fact or omit to state a material
          fact
          necessary to make the statements made, in the light of the circumstances
          under
          which such statements were made , not misleading with respect to the period
          of
          time covered by the Company Servicing Information;

         

        (3) Based
          on
          my knowledge, all of the Company Servicing Information required to be provided
          by the Company under the Agreement has been provided to the [Depositor]
          [Master
          Servicer] [Securities Administrator] [Trustee];

         

        (4) I
          am
          responsible for reviewing the activities performed by the Company as servicer
          under the Agreement, and based on my knowledge and the compliance review
          conducted in preparing the Compliance Statement and except as disclosed
          in the
          Compliance Statement, the Servicing Assessment or the Attestation Report,
          the
          Company has fulfilled its obligations under the Agreement; and

         

        (5) The
          Compliance Statement required to be delivered by the Company pursuant to
          this
          Agreement, and the Servicing Assessment and Attestation Report required
          to be
          provided by the Company and by any Subservicer and Subcontractor “participating
          in the servicing function” pursuant to the Agreement, have been provided to the
          [Depositor] [Master Servicer]. Any material instances of noncompliance
          described
          in such reports have been disclosed to the [Depositor] [Master Servicer].
          Any
          material instance of noncompliance with the Servicing Criteria has been
          disclosed in such reports.

         

        Date: _________________________

         

        By:
           _________________________

         

        Name:
           _________________________

         

        Title:
           _________________________

         

        

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

        EXHIBIT
          B

        

        SERVICING
          CRITERIA TO BE ADDRESSED IN ASSESSMENT OF COMPLIANCE

        

        The
          assessment of compliance to be delivered by the Company [Name of Subservicer]
          shall address, at a minimum, the criteria identified as below as “Applicable
          Servicing Criteria”:

        

        
          	
                  Servicing
                    Criteria 

                   

                	
                  Applicable
                    Servicing Criteria

                   

                
	
                  Reference

                	
                  Criteria

                   

                	
                   

                
	
                   

                	
                  General
                    Servicing Considerations

                   

                	
                   

                
	
                  1122(d)(1)(i)

                	
                  Policies
                    and procedures are instituted to monitor any performance or other
                    triggers
                    and events of default in accordance with the transaction
                    agreements.

                   

                	
                  X

                
	
                  1122(d)(1)(ii)

                	
                  If
                    any material servicing activities are outsourced to third parties,
                    policies and procedures are instituted to monitor the third party’s
                    performance and compliance with such servicing activities.

                   

                	
                  X

                
	
                  1122(d)(1)(iii)

                	
                  Any
                    requirements in the transaction agreements to maintain a back-up
                    servicer
                    for the mortgage loans are maintained.

                   

                	 
	
                  1122(d)(1)(iv)

                	
                  A
                    fidelity bond and errors and omissions policy is in effect on
                    the party
                    participating in the servicing function throughout the reporting
                    period in
                    the amount of coverage required by and otherwise in accordance
                    with the
                    terms of the transaction agreements.

                   

                	
                  X

                
	
                   

                	
                  Cash
                    Collection and Administration

                   

                	 
	
                  1122(d)(2)(i)

                	
                  Payments
                    on mortgage loans are deposited into the appropriate custodial
                    bank
                    accounts and related bank clearing accounts no more than two
                    business days
                    following receipt, or such other number of days specified in the
                    transaction agreements.

                   

                	
                  X

                
	
                  1122(d)(2)(ii)

                	
                  Disbursements
                    made via wire transfer on behalf of an obligor or to an investor
                    are made
                    only by authorized personnel.

                   

                	
                  X

                
	
                  1122(d)(2)(iii)

                	
                  Advances
                    of funds or guarantees regarding collections, cash flows or distributions,
                    and any interest or other fees charged for such advances, are
                    made,
                    reviewed and approved as specified in the transaction
                    agreements.

                   

                	
                  X

                
	
                  1122(d)(2)(iv)

                	
                  The
                    related accounts for the transaction, such as cash reserve accounts
                    or
                    accounts established as a form of overcollateralization, are
                    separately
                    maintained (e.g., with respect to commingling of cash) as set
                    forth in the
                    transaction agreements.

                   

                	
                  X

                
	
                  1122(d)(2)(v)

                	
                  Each
                    custodial account is maintained at a federally insured depository
                    institution as set forth in the transaction agreements. For purposes
                    of
                    this criterion, “federally insured depository institution” with respect to
                    a foreign financial institution means a foreign financial institution
                    that
                    meets the requirements of Rule 13k-1(b)(1) of the Securities
                    Exchange
                    Act.

                   

                	
                  X

                
	
                  1122(d)(2)(vi)

                	
                  Unissued
                    checks are safeguarded so as to prevent unauthorized access.

                   

                	
                  X

                
	
                  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 (A) are mathematically accurate;
                    (B) were
                    prepared within 30 calendar days after the bank statement cutoff
                    date, or
                    such other number of days specified in the transaction agreements;
                    (C)
                    were reviewed and approved by someone other than the person who
                    prepared
                    the reconciliation; and (D) contain explanations for reconciling
                    items.
                    These reconciling items are resolved within 90 calendar days
                    of their
                    original identification, or such other number of days specified
                    in the
                    transaction agreements.

                   

                	
                  X

                
	
                   

                	
                  Investor
                    Remittances and Reporting

                   

                	 
	
                  1122(d)(3)(i)

                	
                  Reports
                    to investors, including those to be filed with the Commission,
                    are
                    maintained in accordance with the transaction agreements and
                    applicable
                    Commission requirements. Specifically, such reports (A) are prepared
                    in
                    accordance with timeframes and other terms set forth in the transaction
                    agreements; (B) provide information calculated in accordance
                    with the
                    terms specified in the transaction agreements; (C) are filed
                    with the
                    Commission as required by its rules and regulations; and (D)
                    agree with
                    investors’ or the trustee’s records as to the total unpaid principal
                    balance and number of mortgage loans serviced by the
                    Servicer.

                   

                	
                  X

                
	
                  1122(d)(3)(ii)

                	
                  Amounts
                    due to investors are allocated and remitted in accordance with
                    timeframes,
                    distribution priority and other terms set forth in the transaction
                    agreements.

                   

                	
                  X

                
	
                  1122(d)(3)(iii)

                	
                  Disbursements
                    made to an investor are posted within two business days to the
                    Servicer’s
                    investor records, or such other number of days specified in the
                    transaction agreements.

                   

                	
                  X

                
	
                  1122(d)(3)(iv)

                	
                  Amounts
                    remitted to investors per the investor reports agree with cancelled
                    checks, or other form of payment, or custodial bank
                    statements.

                   

                	
                  X

                
	
                   

                	
                  Pool
                    Asset Administration

                   

                	 
	
                  1122(d)(4)(i)

                	
                  Collateral
                    or security on mortgage loans is maintained as required by the
                    transaction
                    agreements or related mortgage loan documents.

                   

                	
                  X

                
	
                  1122(d)(4)(ii)

                	
                  Mortgage
                    loan and related documents are safeguarded as required by the
                    transaction
                    agreements

                   

                	
                  X

                
	
                  1122(d)(4)(iii)

                	
                  Any
                    additions, removals or substitutions to the asset pool are made,
                    reviewed
                    and approved in accordance with any conditions or requirements
                    in the
                    transaction agreements.

                   

                	
                  X

                
	
                  1122(d)(4)(iv)

                	
                  Payments
                    on mortgage loans, including any payoffs, made in accordance
                    with the
                    related mortgage loan documents are posted to the Servicer’s obligor
                    records maintained no more than two business days after receipt,
                    or such
                    other number of days specified in the transaction agreements,
                    and
                    allocated to principal, interest or other items (e.g., escrow)
                    in
                    accordance with the related mortgage loan documents.

                   

                	
                  X

                
	
                  1122(d)(4)(v)

                	
                  The
                    Servicer’s records regarding the mortgage loans agree with the Servicer’s
                    records with respect to an obligor’s unpaid principal
                    balance.

                   

                	
                  X

                
	
                  1122(d)(4)(vi)

                	
                  Changes
                    with respect to the terms or status of an obligor's mortgage
                    loans (e.g.,
                    loan modifications or re-agings) are made, reviewed and approved
                    by
                    authorized personnel in accordance with the transaction agreements
                    and
                    related pool asset documents.

                   

                	
                  X

                
	
                  1122(d)(4)(vii)

                	
                  Loss
                    mitigation or recovery actions (e.g., forbearance plans, modifications
                    and
                    deeds in lieu of foreclosure, foreclosures and repossessions,
                    as
                    applicable) are initiated, conducted and concluded in accordance
                    with the
                    timeframes or other requirements established by the transaction
                    agreements.

                   

                	
                  X

                
	
                  1122(d)(4)(viii)

                	
                  Records
                    documenting collection efforts are maintained during the period
                    a mortgage
                    loan is delinquent in accordance with the transaction agreements.
                    Such
                    records are maintained on at least a monthly basis, or such other
                    period
                    specified in the transaction agreements, and describe the entity’s
                    activities in monitoring delinquent mortgage loans including,
                    for example,
                    phone calls, letters and payment rescheduling plans in cases
                    where
                    delinquency is deemed temporary (e.g., illness or
                    unemployment).

                   

                	
                  X

                
	
                  1122(d)(4)(ix)

                	
                  Adjustments
                    to interest rates or rates of return for mortgage loans with
                    variable
                    rates are computed based on the related mortgage loan
                    documents.

                   

                	
                  X

                
	
                  1122(d)(4)(x)

                	
                  Regarding
                    any funds held in trust for an obligor (such as escrow accounts):
                    (A) such
                    funds are analyzed, in accordance with the obligor’s mortgage loan
                    documents, on at least an annual basis, or such other period
                    specified in
                    the transaction agreements; (B) interest on such funds is paid,
                    or
                    credited, to obligors in accordance with applicable mortgage
                    loan
                    documents and state laws; and (C) such funds are returned to
                    the obligor
                    within 30 calendar days of full repayment of the related mortgage
                    loans,
                    or such other number of days specified in the transaction
                    agreements.

                   

                	
                  X

                
	
                  1122(d)(4)(xi)

                	
                  Payments
                    made on behalf of an obligor (such as tax or insurance payments)
                    are made
                    on or before the related penalty or expiration dates, as indicated
                    on the
                    appropriate bills or notices for such payments, provided that
                    such support
                    has been received by the servicer at least 30 calendar days prior
                    to these
                    dates, or such other number of days specified in the transaction
                    agreements.

                   

                	
                  X

                
	
                  1122(d)(4)(xii)

                	
                  Any
                    late payment penalties in connection with any payment to be made
                    on behalf
                    of an obligor are paid from the servicer’s funds and not charged to the
                    obligor, unless the late payment was due to the obligor’s error or
                    omission.

                	
                  X

                
	
                  1122(d)(4)(xiii)

                	
                  Disbursements
                    made on behalf of an obligor are posted within two business days
                    to the
                    obligor’s records maintained by the servicer, or such other number of
                    days
                    specified in the transaction agreements.

                   

                	
                  X

                
	
                  1122(d)(4)(xiv)

                	
                  Delinquencies,
                    charge-offs and uncollectible accounts are recognized and recorded
                    in
                    accordance with the transaction agreements.

                   

                	
                  X

                
	
                  1122(d)(4)(xv)

                	
                  Any
                    external enhancement or other support, identified in Item 1114(a)(1)
                    through (3) or Item 1115 of Regulation AB, is maintained as set
                    forth in
                    the transaction agreements.

                	 
	
                   

                	
                   

                	
                   

                

        

        

        

        

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

        EXHIBIT
          C

        

        REPORTING
          DATA FOR MONTHLY REPORT

        

        
          	
                  Standard
                    File Layout - Master Servicing

                   

                
	
                  Column
                    Name

                	
                  Description

                	
                  Decimal

                	
                  Format
                    Comment

                	
                  Max
                    Size

                
	
                   

                  SER_INVESTOR_NBR

                   

                	
                   

                  A
                    value assigned by the Servicer to define a group of loans.

                   

                	 	
                   

                  Text
                    up to 10 digits

                   

                	
                   

                  20

                   

                
	
                  LOAN_NBR

                	
                  A
                    unique identifier assigned to each loan by the investor.

                	 	
                  Text
                    up to 10 digits

                	
                  10

                   

                
	
                  SERVICER_LOAN_NBR

                	
                  A
                    unique number assigned to a loan by the Servicer. This may be
                    different
                    than the LOAN_NBR.

                   

                	 	
                  Text
                    up to 10 digits

                	
                  10

                
	
                  BORROWER_NAME

                	
                  The
                    borrower name as received in the file. It is not separated by
                    first and
                    last name.

                   

                	 	
                  Maximum
                    length of 30 (Last, First)

                	
                  30

                
	
                  SCHED_PAY_AMT

                	
                  Scheduled
                    monthly principal and scheduled interest payment that a borrower
                    is
                    expected to pay, P&I constant.

                   

                	
                  2

                	
                  No
                    commas(,) or dollar signs ($)

                	
                  11

                
	
                  NOTE_INT_RATE

                	
                  The
                    loan interest rate as reported by the Servicer.

                	
                  4

                	
                  Max
                    length of 6

                	
                  6

                   

                
	
                  NET_INT_RATE

                	
                  The
                    loan gross interest rate less the service fee rate as reported
                    by the
                    Servicer.

                   

                	
                  4

                	
                  Max
                    length of 6

                	
                  6

                
	
                  SERV_FEE_RATE

                	
                  The
                    servicer's fee rate for a loan as reported by the
                    Servicer.

                	
                  4

                	
                  Max
                    length of 6

                	
                  6

                   

                
	
                  SERV_FEE_AMT

                	
                  The
                    servicer's fee amount for a loan as reported by the
                    Servicer.

                	
                  2

                	
                  No
                    commas(,) or dollar signs ($)

                	
                  11

                   

                
	
                  NEW_PAY_AMT

                	
                  The
                    new loan payment amount as reported by the Servicer.

                	
                  2

                	
                  No
                    commas(,) or dollar signs ($)

                	
                  11

                   

                
	
                  NEW_LOAN_RATE

                	
                  The
                    new loan rate as reported by the Servicer.

                	
                  4

                	
                  Max
                    length of 6

                	
                  6

                   

                
	
                  ARM_INDEX_RATE

                	
                  The
                    index the Servicer is using to calculate a forecasted
                    rate.

                	
                  4

                	
                  Max
                    length of 6

                	
                  6

                   

                
	
                  ACTL_BEG_PRIN_BAL

                	
                  The
                    borrower's actual principal balance at the beginning of the processing
                    cycle.

                   

                	
                  2

                	
                  No
                    commas(,) or dollar signs ($)

                	
                  11

                
	
                  ACTL_END_PRIN_BAL

                	
                  The
                    borrower's actual principal balance at the end of the processing
                    cycle.

                	
                  2

                	
                  No
                    commas(,) or dollar signs ($)

                	
                  11

                   

                
	
                  BORR_NEXT_PAY_DUE_DATE

                	
                  The
                    date at the end of processing cycle that the borrower's next
                    payment is
                    due to the Servicer, as reported by Servicer.

                   

                	 	
                  MM/DD/YYYY

                	
                  10

                
	
                  SERV_CURT_AMT_1

                	
                  The
                    first curtailment amount to be applied.

                	
                  2

                	
                  No
                    commas(,) or dollar signs ($)

                	
                  11

                   

                
	
                  SERV_CURT_DATE_1

                	
                  The
                    curtailment date associated with the first curtailment
                    amount.

                	 	
                  MM/DD/YYYY

                	
                  10

                   

                
	
                  CURT_ADJ_
                    AMT_1

                	
                  The
                    curtailment interest on the first curtailment amount, if
                    applicable.

                	
                  2

                	
                  No
                    commas(,) or dollar signs ($)

                	
                  11

                   

                
	
                  SERV_CURT_AMT_2

                	
                  The
                    second curtailment amount to be applied.

                	
                  2

                	
                  No
                    commas(,) or dollar signs ($)

                	
                  11

                   

                
	
                  SERV_CURT_DATE_2

                	
                  The
                    curtailment date associated with the second curtailment
                    amount.

                	 	
                  MM/DD/YYYY

                	
                  10

                   

                
	
                  CURT_ADJ_
                    AMT_2

                	
                  The
                    curtailment interest on the second curtailment amount, if
                    applicable.

                	
                  2

                	
                  No
                    commas(,) or dollar signs ($)

                	
                  11

                   

                
	
                  SERV_CURT_AMT_3

                	
                  The
                    third curtailment amount to be applied.

                	
                  2

                	
                  No
                    commas(,) or dollar signs ($)

                	
                  11

                   

                
	
                  SERV_CURT_DATE_3

                	
                  The
                    curtailment date associated with the third curtailment
                    amount.

                	 	
                  MM/DD/YYYY

                	
                  10

                   

                
	
                  CURT_ADJ_AMT_3

                	
                  The
                    curtailment interest on the third curtailment amount, if
                    applicable.

                	
                  2

                	
                  No
                    commas(,) or dollar signs ($)

                	
                  11

                   

                
	
                  PIF_AMT

                	
                  The
                    loan "paid in full" amount as reported by the Servicer.

                	
                  2

                	
                  No
                    commas(,) or dollar signs ($)

                	
                  11

                   

                
	
                  PIF_DATE

                	
                  The
                    paid in full date as reported by the Servicer.

                	 	
                  MM/DD/YYYY

                	
                  10

                
	 	 	 	
                   

                  Action
                    Code Key: 15=Bankruptcy, 30=Foreclosure, , 60=PIF, 63=Substitution,
                    65=Repurchase,70=REO

                   

                	
                   

                  2

                
	
                  ACTION_CODE

                	
                  The
                    standard FNMA numeric code used to indicate the default/delinquent
                    status
                    of a particular loan.

                   

                
	
                  INT_ADJ_AMT

                	
                  The
                    amount of the interest adjustment as reported by the
                    Servicer.

                	
                  2

                	
                  No
                    commas(,) or dollar signs ($)

                	
                  11

                   

                
	
                  SOLDIER_SAILOR_ADJ_AMT

                	
                  The
                    Soldier and Sailor Adjustment amount, if applicable.

                	
                  2

                	
                  No
                    commas(,) or dollar signs ($)

                	
                  11

                   

                
	
                  NON_ADV_LOAN_AMT

                	
                  The
                    Non Recoverable Loan Amount, if applicable.

                	
                  2

                	
                  No
                    commas(,) or dollar signs ($)

                	
                  11

                   

                
	
                  LOAN_LOSS_AMT

                	
                  The
                    amount the Servicer is passing as a loss, if applicable.

                	
                  2

                	
                  No
                    commas(,) or dollar signs ($)

                	
                  11

                   

                
	
                  SCHED_BEG_PRIN_BAL

                	
                  The
                    scheduled outstanding principal amount due at the beginning of
                    the cycle
                    date to be passed through to investors.

                   

                	
                  2

                	
                  No
                    commas(,) or dollar signs ($)

                	
                  11

                
	
                  SCHED_END_PRIN_BAL

                	
                  The
                    scheduled principal balance due to investors at the end of a
                    processing
                    cycle.

                   

                	
                  2

                	
                  No
                    commas(,) or dollar signs ($)

                	
                  11

                
	
                  SCHED_PRIN_AMT

                	
                  The
                    scheduled principal amount as reported by the Servicer for the
                    current
                    cycle -- only applicable for Scheduled/Scheduled Loans.

                   

                	
                  2

                	
                  No
                    commas(,) or dollar signs ($)

                	
                  11

                
	
                  SCHED_NET_INT

                	
                  The
                    scheduled gross interest amount less the service fee amount for
                    the
                    current cycle as reported by the Servicer -- only applicable
                    for
                    Scheduled/Scheduled Loans.

                   

                	
                  2

                	
                  No
                    commas(,) or dollar signs ($)

                	
                  11

                
	
                  ACTL_PRIN_AMT

                	
                  The
                    actual principal amount collected by the Servicer for the current
                    reporting cycle -- only applicable for Actual/Actual Loans.

                   

                	
                  2

                	
                  No
                    commas(,) or dollar signs ($)

                	
                  11

                
	
                  ACTL_NET_INT

                	
                  The
                    actual gross interest amount less the service fee amount for
                    the current
                    reporting cycle as reported by the Servicer -- only applicable
                    for
                    Actual/Actual Loans.

                   

                	
                  2

                	
                  No
                    commas(,) or dollar signs ($)

                	
                  11

                
	
                  PREPAY_PENALTY_
                    AMT

                	
                  The
                    penalty amount received when a borrower prepays on his loan as
                    reported by
                    the Servicer.

                   

                	
                  2

                	
                  No
                    commas(,) or dollar signs ($)

                	
                  11

                
	
                  PREPAY_PENALTY_
                    WAIVED

                	
                  The
                    prepayment penalty amount for the loan waived by the
                    servicer.

                	
                  2

                	
                  No
                    commas(,) or dollar signs ($)

                	
                  11

                   

                
	
                  MOD_DATE

                	
                  The
                    Effective Payment Date of the Modification for the loan.

                	 	
                  MM/DD/YYYY

                	
                  10

                   

                
	
                  MOD_TYPE

                	
                  The
                    Modification Type.

                	 	
                  Varchar
                    - value can be alpha or numeric

                	
                  30

                   

                
	
                  DELINQ_P&I_ADVANCE_AMT

                	
                  The
                    current outstanding principal and interest advances made by
                    Servicer.

                	
                  2

                	
                  No
                    commas(,) or dollar signs ($)

                	
                  11

                

        

        

        

        

        

        EXHIBIT
          D

        

        REPORTING
          DATA FOR DEFAULTED LOANS

        

        Standard
          File Layout - Delinquency Reporting

        

        
          	
                  Column/Header
                    Name

                	
                  Description

                	
                  Decimal

                	
                  Format
                    Comment

                
	
                   

                  SERVICER_LOAN_NBR

                	
                   

                  A
                    unique number assigned to a loan by the Servicer. This may be
                    different
                    than the LOAN_NBR

                   

                	 	
                   

                
	
                  LOAN_NBR

                	
                  A
                    unique identifier assigned to each loan by the originator.

                   

                	 	
                   

                
	
                  CLIENT_NBR

                	
                  Servicer
                    Client Number

                   

                	 	 
	
                  SERV_INVESTOR_NBR

                	
                  Contains
                    a unique number as assigned by an external servicer to identify
                    a group of
                    loans in their system.

                   

                	 	
                   

                
	
                  BORROWER_FIRST_NAME

                	
                  First
                    Name of the Borrower.

                   

                	 	 
	
                  BORROWER_LAST_NAME

                	
                  Last
                    name of the borrower.

                   

                	 	 
	
                  PROP_ADDRESS

                	
                  Street
                    Name and Number of Property

                   

                	 	
                   

                
	
                  PROP_STATE

                	
                  The
                    state where the property located.

                   

                	 	
                   

                
	
                  PROP_ZIP

                	
                  Zip
                    code where the property is located.

                   

                	 	
                   

                
	
                  BORR_NEXT_PAY_DUE_DATE

                	
                  The
                    date that the borrower's next payment is due to the servicer
                    at the end of
                    processing cycle, as reported by Servicer.

                   

                	 	
                  MM/DD/YYYY

                
	
                  LOAN_TYPE

                	
                  Loan
                    Type (i.e. FHA, VA, Conv)

                   

                	 	
                   

                
	
                  BANKRUPTCY_FILED_DATE

                	
                  The
                    date a particular bankruptcy claim was filed.

                	 	
                  MM/DD/YYYY

                   

                
	
                  BANKRUPTCY_CHAPTER_CODE

                	
                  The
                    chapter under which the bankruptcy was filed.

                   

                	 	
                   

                
	
                  BANKRUPTCY_CASE_NBR

                	
                  The
                    case number assigned by the court to the bankruptcy filing.

                   

                	 	
                   

                
	
                  POST_PETITION_DUE_DATE

                	
                  The
                    payment due date once the bankruptcy has been approved by the
                    courts

                	 	
                  MM/DD/YYYY

                   

                
	
                  BANKRUPTCY_DCHRG_DISM_DATE

                	
                  The
                    Date The Loan Is Removed From Bankruptcy. Either by Dismissal,
                    Discharged
                    and/or a Motion For Relief Was Granted. 

                   

                	 	
                  MM/DD/YYYY

                
	
                  LOSS_MIT_APPR_DATE

                	
                  The
                    Date The Loss Mitigation Was Approved By The Servicer

                	 	
                  MM/DD/YYYY

                   

                
	
                  LOSS_MIT_TYPE

                	
                  The
                    Type Of Loss Mitigation Approved For A Loan Such As;

                   

                	 	 
	
                  LOSS_MIT_EST_COMP_DATE

                	
                  The
                    Date The Loss Mitigation /Plan Is Scheduled To End/Close

                	 	
                  MM/DD/YYYY

                   

                
	
                  LOSS_MIT_ACT_COMP_DATE

                	
                  The
                    Date The Loss Mitigation Is Actually Completed

                	 	
                  MM/DD/YYYY

                   

                
	
                  FRCLSR_APPROVED_DATE

                	
                  The
                    date DA Admin sends a letter to the servicer with instructions
                    to begin
                    foreclosure proceedings.

                   

                	 	
                  MM/DD/YYYY

                
	
                  ATTORNEY_REFERRAL_DATE

                	
                  Date
                    File Was Referred To Attorney to Pursue Foreclosure

                	 	
                  MM/DD/YYYY

                   

                
	
                  FIRST_LEGAL_DATE

                	
                  Notice
                    of 1st legal filed by an Attorney in a Foreclosure Action

                	 	
                  MM/DD/YYYY

                   

                
	
                  FRCLSR_SALE_EXPECTED_DATE

                	
                  The
                    date by which a foreclosure sale is expected to occur.

                	 	
                  MM/DD/YYYY

                   

                
	
                  FRCLSR_SALE_DATE

                	
                  The
                    actual date of the foreclosure sale.

                	 	
                  MM/DD/YYYY

                   

                
	
                  FRCLSR_SALE_AMT

                	
                  The
                    amount a property sold for at the foreclosure sale.

                	
                  2

                	
                  No
                    commas(,) or dollar signs ($)

                   

                
	
                  EVICTION_START_DATE

                	
                  The
                    date the servicer initiates eviction of the borrower.

                	 	
                  MM/DD/YYYY

                   

                
	
                  EVICTION_COMPLETED_DATE

                	
                  The
                    date the court revokes legal possession of the property from
                    the
                    borrower.

                	 	
                  MM/DD/YYYY

                   

                
	
                  LIST_PRICE

                	
                  The
                    price at which an REO property is marketed.

                	
                  2

                	
                  No
                    commas(,) or dollar signs ($)

                   

                
	
                  LIST_DATE

                	
                  The
                    date an REO property is listed at a particular price.

                	 	
                  MM/DD/YYYY

                   

                
	
                  OFFER_AMT

                	
                  The
                    dollar value of an offer for an REO property.

                	
                  2

                	
                  No
                    commas(,) or dollar signs ($)

                   

                
	
                  OFFER_DATE_TIME

                	
                  The
                    date an offer is received by DA Admin or by the Servicer.

                	 	
                  MM/DD/YYYY

                   

                
	
                  REO_CLOSING_DATE

                	
                  The
                    date the REO sale of the property is scheduled to close.

                	 	
                  MM/DD/YYYY

                   

                
	
                  REO_ACTUAL_CLOSING_DATE

                	
                  Actual
                    Date Of REO Sale

                	 	
                  MM/DD/YYYY

                   

                
	
                  OCCUPANT_CODE

                	
                  Classification
                    of how the property is occupied.

                   

                	 	
                   

                
	
                  PROP_CONDITION_CODE

                	
                  A
                    code that indicates the condition of the property.

                   

                	 	
                   

                
	
                  PROP_INSPECTION_DATE

                	
                  The
                    date a property inspection is performed.

                	 	
                  MM/DD/YYYY

                   

                
	
                  APPRAISAL_DATE

                	
                  The
                    date the appraisal was done.

                	 	
                  MM/DD/YYYY

                   

                
	
                  CURR_PROP_VAL

                	
                   The
                    current "as is" value of the property based on brokers price
                    opinion or
                    appraisal.

                	
                  2

                   

                	
                   

                
	
                  REPAIRED_PROP_VAL

                	
                  The
                    amount the property would be worth if repairs are completed pursuant
                    to a
                    broker's price opinion or appraisal.

                   

                	
                  2

                	
                   

                
	
                  If
                    applicable:

                   

                	
                   

                	 	
                   

                
	
                  DELINQ_STATUS_CODE

                	
                  FNMA
                    Code Describing Status of Loan

                   

                	 	 
	
                  DELINQ_REASON_CODE

                	
                  The
                    circumstances which caused a borrower to stop paying on a loan.
                    Code
                    indicates the reason why the loan is in default for this
                    cycle.

                   

                	 	 
	
                  MI_CLAIM_FILED_DATE

                	
                  Date
                    Mortgage Insurance Claim Was Filed With Mortgage Insurance
                    Company.

                	 	
                  MM/DD/YYYY

                   

                
	
                  MI_CLAIM_AMT

                	
                  Amount
                    of Mortgage Insurance Claim Filed

                	 	
                  No
                    commas(,) or dollar signs ($)

                   

                
	
                  MI_CLAIM_PAID_DATE

                	
                  Date
                    Mortgage Insurance Company Disbursed Claim Payment

                	 	
                  MM/DD/YYYY

                   

                
	
                  MI_CLAIM_AMT_PAID

                	
                  Amount
                    Mortgage Insurance Company Paid On Claim

                	
                  2

                	
                  No
                    commas(,) or dollar signs ($)

                   

                
	
                  POOL_CLAIM_FILED_DATE

                	
                  Date
                    Claim Was Filed With Pool Insurance Company

                	 	
                  MM/DD/YYYY

                   

                
	
                  POOL_CLAIM_AMT

                	
                  Amount
                    of Claim Filed With Pool Insurance Company

                	
                  2

                	
                  No
                    commas(,) or dollar signs ($)

                   

                
	
                  POOL_CLAIM_PAID_DATE

                	
                  Date
                    Claim Was Settled and The Check Was Issued By The Pool
                    Insurer

                	 	
                  MM/DD/YYYY

                   

                
	
                  POOL_CLAIM_AMT_PAID

                	
                  Amount
                    Paid On Claim By Pool Insurance Company

                	
                  2

                	
                  No
                    commas(,) or dollar signs ($)

                   

                
	
                  FHA_PART_A_CLAIM_FILED_DATE

                	
                   Date
                    FHA Part A Claim Was Filed With HUD

                	 	
                  MM/DD/YYYY

                   

                
	
                  FHA_PART_A_CLAIM_AMT

                	
                   Amount
                    of FHA Part A Claim Filed

                	
                  2

                	
                  No
                    commas(,) or dollar signs ($)

                   

                
	
                  FHA_PART_A_CLAIM_PAID_DATE

                	
                   Date
                    HUD Disbursed Part A Claim Payment

                	 	
                  MM/DD/YYYY

                   

                
	
                  FHA_PART_A_CLAIM_PAID_AMT

                	
                   Amount
                    HUD Paid on Part A Claim

                	
                  2

                	
                  No
                    commas(,) or dollar signs ($)

                   

                
	
                  FHA_PART_B_CLAIM_FILED_DATE

                	
                    Date
                    FHA Part B Claim Was Filed With HUD

                	 	
                  MM/DD/YYYY

                   

                
	
                  FHA_PART_B_CLAIM_AMT

                	
                    Amount
                    of FHA Part B Claim Filed

                	
                  2

                	
                  No
                    commas(,) or dollar signs ($)

                   

                
	
                  FHA_PART_B_CLAIM_PAID_DATE

                	
                     Date
                    HUD Disbursed Part B Claim Payment

                	 	
                  MM/DD/YYYY

                   

                
	
                  FHA_PART_B_CLAIM_PAID_AMT

                	
                   Amount
                    HUD Paid on Part B Claim

                	
                  2

                	
                  No
                    commas(,) or dollar signs ($)

                   

                
	
                  VA_CLAIM_FILED_DATE

                	
                   Date
                    VA Claim Was Filed With the Veterans Admin

                	 	
                  MM/DD/YYYY

                   

                
	
                  VA_CLAIM_PAID_DATE

                	
                   Date
                    Veterans Admin. Disbursed VA Claim Payment

                	 	
                  MM/DD/YYYY

                   

                
	
                  VA_CLAIM_PAID_AMT

                	
                   Amount
                    Veterans Admin. Paid on VA Claim

                	
                  2

                	
                  No
                    commas(,) or dollar signs ($)

                

        

         

         

         

        

        Exhibit
          2: Standard
          File Codes - Delinquency Reporting

         

        

         

        The
          Loss
          Mit Type
          field
          should show the approved Loss Mitigation Code as follows: 

         

        
          	·  	
                  ASUM-Approved
                    Assumption

                

        

         

        
          	·  	
                  BAP-Borrower
                    Assistance Program

                

        

         

        
          	·  	
                  CO-
                    Charge Off

                

        

         

        
          	·  	
                  DIL-
                    Deed-in-Lieu

                

        

         

        
          	·  	
                  FFA-
                    Formal Forbearance Agreement

                

        

         

        
          	·  	
                  MOD-
                    Loan Modification

                

        

         

        
          	·  	
                  PRE-
                    Pre-Sale

                

        

         

        
          	·  	
                  SS-
                    Short Sale

                

        

         

        
          	·  	
                  MISC-Anything
                    else approved by the PMI or Pool
                    Insurer

                

        

         

        

         

        NOTE:
          Wells
          Fargo Bank will accept alternative Loss Mitigation Types to those above,
          provided that they are consistent with industry standards. If Loss Mitigation
          Types other than those above are used, the Servicer must supply Wells Fargo
          Bank
          with a description of each of the Loss Mitigation Types prior to sending
          the
          file.

         

        

         

        The
          Occupant
          Code
          field
          should show the current status of the property code as follows:

         

        
          	·  	
                  Mortgagor

                

        

         

        
          	·  	
                  Tenant

                

        

         

        
          	·  	
                  Unknown
                    

                

        

         

        
          	·  	
                  Vacant

                

        

         

        

         

        The
          Property
          Condition
          field
          should show the last reported condition of the property as follows:

         

        
          	·  	
                  Damaged

                

        

         

        
          	·  	
                  Excellent

                

        

         

        
          	·  	
                  Fair

                

        

         

        
          	·  	
                  Gone

                

        

         

        
          	·  	
                  Good

                

        

         

        
          	·  	
                  Poor

                

        

         

        
          	·  	
                  Special
                    Hazard

                

        

         

        
          	·  	
                  Unknown

                

        

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

         

        

        Exhibit
          2: Standard
          File Codes - Delinquency Reporting, Continued

         

        

         

        The
          FNMA
          Delinquent Reason Code
          field
          should show the Reason for Delinquency as follows: 

         

        

        
          	
                  Delinquency
                    Code

                	
                  Delinquency
                    Description

                
	
                  001

                	
                  FNMA-Death
                    of principal mortgagor

                
	
                  002

                	
                  FNMA-Illness
                    of principal mortgagor

                
	
                  003

                	
                  FNMA-Illness
                    of mortgagor’s family member

                
	
                  004

                	
                  FNMA-Death
                    of mortgagor’s family member

                
	
                  005

                	
                  FNMA-Marital
                    difficulties

                
	
                  006

                	
                  FNMA-Curtailment
                    of income

                
	
                  007

                	
                  FNMA-Excessive
                    Obligation

                
	
                  008

                	
                  FNMA-Abandonment
                    of property

                
	
                  009

                	
                  FNMA-Distant
                    employee transfer

                
	
                  011

                	
                  FNMA-Property
                    problem

                
	
                  012

                	
                  FNMA-Inability
                    to sell property

                
	
                  013

                	
                  FNMA-Inability
                    to rent property

                
	
                  014

                	
                  FNMA-Military
                    Service

                
	
                  015

                	
                  FNMA-Other

                
	
                  016

                	
                  FNMA-Unemployment

                
	
                  017

                	
                  FNMA-Business
                    failure

                
	
                  019

                	
                  FNMA-Casualty
                    loss

                
	
                  022

                	
                  FNMA-Energy
                    environment costs

                
	
                  023

                	
                  FNMA-Servicing
                    problems

                
	
                  026

                	
                  FNMA-Payment
                    adjustment

                
	
                  027

                	
                  FNMA-Payment
                    dispute

                
	
                  029

                	
                  FNMA-Transfer
                    of ownership pending

                
	
                  030

                	
                  FNMA-Fraud

                
	
                  031

                	
                  FNMA-Unable
                    to contact borrower

                
	
                  INC

                	
                  FNMA-Incarceration

                

        

        

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

        

        Exhibit
          2: Standard
          File Codes - Delinquency Reporting, Continued

        

         

        The
          FNMA
          Delinquent Status Code
          field
          should show the Status of Default as follows: 

         

        

        
          	
                  Status
                    Code

                	
                  Status
                    Description

                
	
                  09

                	
                  Forbearance

                
	
                  17

                	
                  Pre-foreclosure
                    Sale Closing Plan Accepted

                
	
                  24

                	
                  Government
                    Seizure

                
	
                  26

                	
                  Refinance

                
	
                  27

                	
                  Assumption

                
	
                  28

                	
                  Modification

                
	
                  29

                	
                  Charge-Off

                
	
                  30

                	
                  Third
                    Party Sale

                
	
                  31

                	
                  Probate

                
	
                  32

                	
                  Military
                    Indulgence

                
	
                  43

                	
                  Foreclosure
                    Started

                
	
                  44

                	
                  Deed-in-Lieu
                    Started

                
	
                  49

                	
                  Assignment
                    Completed

                
	
                  61

                	
                  Second
                    Lien Considerations

                
	
                  62

                	
                  Veteran’s
                    Affairs-No Bid

                
	
                  63

                	
                  Veteran’s
                    Affairs-Refund

                
	
                  64

                	
                  Veteran’s
                    Affairs-Buydown

                
	
                  65

                	
                  Chapter
                    7 Bankruptcy

                
	
                  66

                	
                  Chapter
                    11 Bankruptcy

                
	
                  67

                	
                  Chapter
                    13 Bankruptcy

                

        

         

        

         

         

        

        

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

        EXHIBIT
          E

        

        REPORTING
          DATA FOR REALIZED LOSSES AND GAINS

        

        Calculation
          of Realized Loss/Gain Form 332- Instruction Sheet

        

        NOTE:
          Do not net or combine items. Show all expenses individually and all credits
          as
          separate line items. Claim packages are due on the remittance report date.
          Late
          submissions may result in claims not being passed until the following month.
          The
          Servicer is responsible to remit all funds pending loss approval and /or
          resolution of any disputed items. 

         

        1.  

         

        2.  The
          numbers on the 332 form correspond with the numbers listed below.

         

        Liquidation
          and Acquisition Expenses:

         

        1.            The
          Actual Unpaid Principal Balance of the Mortgage Loan. For documentation,
          an
          Amortization Schedule from date of default through liquidation breaking
          out the
          net interest and servicing fees advanced is required.

         

        2.            The
          Total
          Interest Due less the aggregate amount of servicing fee that would have
          been
          earned if all delinquent payments had been made as agreed. For documentation,
          an
          Amortization Schedule from date of default through liquidation breaking
          out the
          net interest and servicing fees advanced is required.

         

        3.          
            Accrued
          Servicing Fees based upon the Scheduled Principal Balance of the Mortgage
          Loan
          as calculated on a monthly basis. For documentation, an Amortization Schedule
          from date of default through liquidation breaking out the net interest
          and
          servicing fees advanced is required.

         

        4-12.     
           Complete
          as applicable. Required documentation:

         

        *
          For
          taxes and insurance advances - see page 2 of 332 form - breakdown required
          showing period of
          coverage, base tax, interest, penalty. Advances prior to default require
          evidence of servicer efforts to recover advances.

         

        *
          For
          escrow advances - complete payment history (to
          calculate advances from last positive escrow balance forward)

         

        *
          Other
          expenses -  copies of corporate advance history showing all payments

         

        *
          REO
          repairs > $1500 require explanation

         

        *
          REO
          repairs >$3000 require evidence of at least 2 bids.

         

        *
          Short
          Sale or Charge Off require P&L supporting the decision and WFB’s approved
          Officer Certificate 

         

        *
          Unusual
          or extraordinary items may require further documentation. 

         

        13.  The
          total
          of lines 1 through 12.

         

        3.   
            Credits:
          

         

        14-21.  
           Complete
          as applicable. Required documentation:

         

        *
          Copy of
          the HUD 1 from the REO sale. If a 3rd
          Party
          Sale, bid instructions and Escrow Agent / Attorney

         

        Letter
          of
          Proceeds Breakdown.

         

        *
          Copy of
          EOB for any MI or gov't guarantee 

         

        *
          All
          other credits need to be clearly defined on the 332
          form            

         

        
          	 	
                  22.

                	
                  The
                    total of lines 14 through 21.

                

        

         

        Please
          Note: For
          HUD/VA loans, use line (18a) for Part A/Initial proceeds and line (18b)
          for Part
          B/Supplemental proceeds.

         

        Total
          Realized Loss (or Amount of Any Gain)

         

        23.       
           The
          total
          derived from subtracting line 22 from 13. If the amount represents a realized
          gain, show
          the
          amount in parenthesis ( ). 

        
           

          Calculation
            of Realized Loss/Gain Form 332

          

           

          Prepared
            by: __________________   Date:
            _____________________

          Phone:
            ______________________           
Email Address:_____________________

           

          
            	
                     
                      Servicer Loan No.

                  	 	
                     
                      Servicer Name

                  	 	
                     
                      Servicer Address 

                     

                  

          

           

          WELLS
            FARGO BANK, N.A. Loan No._________________________________________

           

          Borrower's
            Name: _________________________________________________________

          Property
            Address: _________________________________________________________

           

          Liquidation
            Type: REO Sale  
            3rd
            Party Sale  
Short
            Sale 
Charge
            Off 

           

          Was
            this loan granted a Bankruptcy deficiency or cramdown  Yes                            
            No

          If
“Yes”,
            provide deficiency or cramdown amount
            ________________________________________

           

          Liquidation
            and Acquisition Expenses:

          

            
              	
                      (1)

                    	
                      Actual
                        Unpaid Principal Balance of Mortgage Loan

                    	
                      $
                        _______________

                    	
                      (1)

                    
	
                      (2)

                    	
                      Interest
                        accrued at Net Rate

                    	
                      ________________

                    	
                      (2)

                    
	
                      (3)

                    	
                      Accrued
                        Servicing Fees

                    	
                      ________________

                    	
                      (3)

                    
	
                      (4)

                    	
                      Attorney's
                        Fees

                    	
                      ________________

                    	
                      (4)

                    
	
                      (5)

                    	
                      Taxes
                        (see page 2)

                    	
                      ________________

                    	
                      (5)

                    
	
                      (6)

                    	
                      Property
                        Maintenance

                    	
                      ________________

                    	
                      (6)

                    
	
                      (7)

                    	
                      MI/Hazard
                        Insurance Premiums (see page 2)

                    	
                      ________________

                    	
                      (7)

                    
	
                      (8)

                    	
                      Utility
                        Expenses

                    	
                      ________________

                    	
                      (8)

                    
	
                      (9)

                    	
                      Appraisal/BPO

                    	
                      ________________

                    	
                      (9)

                    
	
                      (10)

                    	
                      Property
                        Inspections

                    	
                      ________________

                    	
                      (10)

                    
	
                      (11)

                    	
                      FC
                        Costs/Other Legal Expenses

                    	
                      ________________

                    	
                      (11)

                    
	
                      (12)

                    	
                      Other
                        (itemize)

                    	
                      $________________

                    	
                      (12)

                    
	
                      Cash
                        for Keys__________________________

                    	 	
                      ________________

                    	 
	
                      HOA/Condo
                        Fees_______________________

                    	 	
                      ________________

                    	 
	
                      ______________________________________

                    	 	
                      ________________

                    	 
	
                      ______________________________________

                    	 	
                      ________________

                    	 
	
                      Total
                        Expenses

                    	 	
                      $
                        _______________

                    	
                      (13)

                    
	
                      Credits:

                    	 	 	 
	
                      (14)

                    	
                      Escrow
                        Balance

                    	
                      $
                        _______________

                    	
                      (14)

                    
	
                      (15)

                    	
                      HIP
                        Refund

                    	
                      ________________

                    	
                      (15)

                    
	
                      (16)

                    	
                      Rental
                        Receipts

                    	
                      ________________

                    	
                      (16)

                    
	
                      (17)

                    	
                      Hazard
                        Loss Proceeds

                    	
                      ________________

                    	
                      (17)

                    
	
                      (18)

                    	
                      Primary
                        Mortgage Insurance / Gov’t Insurance

                    	
                      ________________

                    	
                      (18a)

                    
	 	
                      HUD
                        Part A

                    	 	 
	 	
                      HUD
                        Part B

                    	
                      ________________

                    	
                      (18b)

                    
	
                      (19)

                    	
                      Pool
                        Insurance Proceeds

                    	
                      ________________

                    	
                      (19)

                    
	
                      (20)

                    	
                      Proceeds
                        from Sale of Acquired Property

                    	
                      ________________

                    	
                      (20)

                    
	
                      (21)

                    	
                      Other
                        (itemize)

                    	
                      ________________

                    	
                      (21)

                    
	
                      _________________________________________

                    	 	
                      _________________

                    	 
	
                      _________________________________________

                    	
                       

                    	
                      _________________

                    	 
	
                      Total
                        Credits

                    	
                       $________________

                    	
                       

                    	
                      (22)

                    
	
                      Total
                        Realized Loss (or Amount of Gain)

                    	
                       $________________

                    	
                       

                    	
                      (23)

                    

          

        

         

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

        Escrow
          Disbursement Detail

        

        

        
          	
                  Type

                  (Tax
                    /Ins.)

                	
                  Date
                    Paid

                	
                  Period
                    of Coverage

                	
                  Total
                    Paid

                	
                  Base
                    Amount

                	
                  Penalties

                	
                  Interest

                
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 

        

         

        
 

         

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      

       

      EXHIBIT
        R-7

      
 

      
        WACHOVIA
          SERVICING AGREEMENT

         

        

          EXECUTION
            COPY

          

          

          

          EMC
            MORTGAGE CORPORATION

          Purchaser,

           

           

          WACHOVIA
            MORTGAGE CORPORATION

          Seller

           

           

          SELLER’S
            PURCHASE, WARRANTIES AND SERVICING AGREEMENT

           

          Dated
            as
            of July 1, 2005

           

          

          

          
            
              
              

            

            
              
              

              
                

              

            

            
              
              

            

          

          SELLER’S
            PURCHASE, WARRANTIES AND SERVICING AGREEMENT

           

          This
            is a
            Seller’s Purchase, Warranties and Servicing Agreement, dated as of July 1,
            2005 and is executed by and between EMC Mortgage Corporation, as purchaser
            (the
“Purchaser”),
            and
            Wachovia Mortgage Corporation, as seller and servicer (in such capacity,
            the
“Seller”).

           

          WITNESSETH:

           

          WHEREAS,
            the Purchaser has heretofore agreed to purchase from the Seller and the
            Seller
            has heretofore agreed to sell to the Purchaser certain Mortgage Loans,
            servicing
            rights retained, from time to time, pursuant to the terms of a letter
            agreement
            by and between the Seller and the Purchaser (the “Purchase
            Price and Terms Letter”);

           

          WHEREAS,
            each of the Mortgage Loans is secured by a mortgage, deed of trust or
            other
            security instrument creating a first or second lien on a residential
            dwelling
            located in the jurisdiction indicated on the related Mortgage Loan Schedule,
            which is annexed to the related Assignment and Conveyance. The Mortgage
            Loans as
            described herein shall be delivered in groups of whole loans (each, a
            “Mortgage
            Loan Package”)
            on
            various dates as provided herein (each, a “Closing
            Date”);
            and

           

          WHEREAS,
            the Purchaser and the Seller wish to prescribe the representations and
            warranties of the Seller with respect to itself, the Mortgage Loans and
            the
            management, servicing and control of the Mortgage Loans by the
            Seller.

           

          NOW,
            THEREFORE, in consideration of the mutual agreements hereinafter set
            forth, and
            for other good and valuable consideration, the receipt and adequacy of
            which is
            hereby acknowledged, the Purchaser and the Seller agree as follows:

           

          ARTICLE
            I

          DEFINITIONS

           

          Section
            1.01.  Defined
            Terms.

           

          Whenever
            used in this Agreement, the following words and phrases, unless the context
            otherwise requires, shall have the following meaning specified in this
            Article:

           

          Accepted
            Servicing Practices:
            With
            respect to any Mortgage Loan, those mortgage servicing practices (including
            collection procedures) of prudent mortgage banking institutions which
            service
            mortgage loans of the same type as such Mortgage Loan in the jurisdiction
            where
            the related Mortgaged Property is located, and which are in accordance
            with
            Fannie Mae servicing practices and procedures, for MBS pool mortgages,
            as
            defined in the Fannie Mae Guides, including future updates.

           

          Adjustable
            Rate Mortgage Loan:
            A
            Mortgage Loan as to which the related Mortgage Note provides that the
            Mortgage
            Interest Rate may be adjusted periodically.

           

          Adjustment
            Date:
            With
            respect to each Adjustable Rate Mortgage Loan, the date set forth in
            the related
            Mortgage Note on which the Mortgage Interest Rate on the Mortgage Loan
            is
            adjusted in accordance with the terms of the Mortgage Note.

           

          Agency
            Transfer:
            The
            sale or transfer by the Purchaser of some or all of the Mortgage Loans
            to Fannie
            Mae or Freddie Mac.

           

          Agreement:
            This
            Seller’s Purchase, Warranties and Servicing Agreement including all exhibits
            hereto, amendments hereof and supplements hereto.

           

          Appraised
            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
            underwriting requirements of the originator, 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 underwriting requirements of
            the
            originator.

           

          Assignment
            and Conveyance:
            As
            defined in Section 2.03.

           

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

           

          BIF:
            The
            Bank Insurance Fund, or any successor thereto.

           

          Business
            Day:
            Any day
            other than (i) a Saturday or a Sunday, or (ii) a legal holiday in the
            States of
            New York or North Carolina, or (iii) a day on which banks in the States
            of New
            York or North Carolina are authorized or obligated by law or executive
            order to
            be closed.

           

          Closing
            Date:
            The
            date or dates set forth in the related Purchase Price and Terms Letter
            on which
            the Purchaser from time to time shall purchase and the Seller from time
            to time
            shall sell to the Purchaser, the Mortgage Loans listed on the related
            Mortgage
            Loan Schedule with respect to the related Mortgage Loan Package.

           

          Code:
            The
            Internal Revenue Code of 1986, as the same may be amended from time to
            time (or
            any successor statute thereto).

           

          Compensating
            Interest:
            For any
            Remittance Date, the lesser of (i) the aggregate Servicing Fee payable
            to the
            Seller for such Remittance Date and (ii) the aggregate Prepayment Interest
            Shortfall for such Remittance Date.

           

          Condemnation
            Proceeds:
            All
            awards, compensation and settlements in respect of a Mortgaged Property,
            whether
            permanent or temporary, partial or entire, by exercise of the power of
            eminent
            domain or condemnation, to the extent not required to be released to
            a Mortgagor
            in accordance with the terms of the related Mortgage Loan
            Documents.

           

          Convertible
            Mortgage Loan:
            Any
            Adjustable Rate Mortgage Loan purchased pursuant to this Agreement as
            to which
            the related Mortgage Note permits the Mortgagor to convert the Mortgage
            Interest
            Rate on such Mortgage Loan to a fixed Mortgage Interest Rate.

           

          Co-op
            Lease:
            With
            respect to a Co-op Loan, the lease with respect to a dwelling unit occupied
            by
            the Mortgagor and relating to the stock allocated to the related dwelling
            unit.

           

          Co-op
            Loan:
            A
            Mortgage Loan secured by the pledge of stock allocated to a dwelling
            unit in a
            residential cooperative housing corporation and a collateral assignment
            of the
            related Co-op Lease.

           

          Co-op
            Stock:
            With
            respect to a Co-op Loan, the single outstanding class of stock, partnership
            interest or other ownership instrument in the related residential cooperative
            housing corporation.

           

          Credit
            Score:
            The
            credit score for each Mortgage Loan shall be the minimum of two credit
            bureau
            scores obtained at origination or such other time by the Seller. If two
            credit
            bureau scores are obtained, the Credit Score will be the lower score.
            If three
            credit bureau scores are obtained, the Credit Score will be the middle
            of the
            three. When there is more than one applicant, the lowest of the applicants’
Credit Scores will be used. There is only one (1) score for any loan
            regardless
            of the number of borrowers and/or applicants.

           

          Custodial
            Account:
            Each
            separate demand account or accounts created and maintained pursuant to
            Section
            4.04 which shall be entitled “Wachovia Mortgage Corporation, in trust for the
            Purchaser, owner of various whole loan series” and shall be established as an
            Eligible Account, in the name of the Person that is the “Purchaser” with respect
            to the related Mortgage Loans.

           

          Cut-off
            Date:
            With
            respect to each Mortgage Loan Package, the first Business Day of the
            month of
            the related Closing Date, or as otherwise set forth in the related Purchase
            Price and Terms Letter.

           

          Determination
            Date:
            With
            respect to each Remittance Date, the 15th day (or if such 15th day is
            not a
            Business Day, the Business Day immediately preceding such 15th day) of
            the month
            in which such Remittance Date occurs.

           

          Due
            Date:
            With
            respect to any Mortgage Loan, the day of the month on which the Monthly
            Payment
            is due on such Mortgage Loan, exclusive of any days of grace.

           

          Due
            Period:
            With
            respect to each Remittance Date, the period commencing on the second
            day of the
            month preceding the month of such Remittance Date and ending on the first
            day of
            the month of the Remittance Date.

           

          Eligible
            Account:
            An
            account established and maintained: (a) within FDIC insured accounts
            (or other
            accounts with comparable insurance coverage acceptable to the Rating
            Agencies)
            created, maintained and monitored by the Seller so that all funds deposited
            therein are fully insured, (b) with the corporate trust department of
            a
            financial institution assigned a long-term debt rating of not less than
“Baa3,”
and a short term debt rating of “P3,” from Moody’s Investors Services, Inc. and,
            if ownership of the Mortgage Loans is evidenced by mortgaged backed securities,
            the equivalent ratings of the rating agencies, and held such that the
            rights of
            the Purchaser and the owner of the Mortgage Loans shall be fully protected
            against the claims of any creditors of the Seller and of any creditors
            or
            depositors of the institution in which such account is maintained or
            (c) in a
            separate non-trust account without FDIC or other insurance in an Eligible
            Institution. In the event that a Custodial Account is established pursuant
            to
            clause (b) or (c) of the preceding sentence, the Seller shall provide
            the
            Purchaser with written notice on the Business Day following the date
            on which
            the applicable institution fails to meet the applicable ratings
            requirements.

           

          Eligible
            Institution:
            An
            institution having (i) the highest short-term debt rating, and one of
            the two
            highest long-term debt ratings of the Rating Agency; or (ii) with respect
            to any
            Custodial Account, an unsecured long-term debt rating of at least one
            of the two
            highest unsecured long-term debt ratings of the Rating Agencies.

           

          Eligible
            Investments:
            Any one
            or more of the following obligations or securities:

           

          (a) direct
            obligations of, and obligations fully guaranteed by the United States
            of America
            or any agency or instrumentality of the United States of America the
            obligations
            of which are backed by the full faith and credit of the United States
            of
            America;

           

          (b) (i)
            demand or time deposits, federal funds or bankers’ acceptances issued by any
            depository institution or trust company incorporated under the laws of
            the
            United States of America or any state thereof and subject to supervision
            and
            examination by federal and/or state banking authorities, provided that
            the
            commercial paper and/or the short-term deposit rating and/or the long-term
            unsecured debt obligations or deposits of such depository institution
            or trust
            company at the time of such investment or contractual commitment providing
            for
            such investment are rated in one of the two highest rating categories
            by each
            Rating Agency and (ii) any other demand or time deposit or certificate
            of
            deposit that is fully insured by the FDIC;

           

          (c) repurchase
            obligations with a term not to exceed thirty (30) days and with respect
            to (i)
            any security described in clause (a) above and entered into with a depository
            institution or trust company (acting as principal) described in clause
            (b)(ii)
            above;

           

          (d) securities
            bearing interest or sold at a discount issued by any corporation incorporated
            under the laws of the United States of America or any state thereof that
            are
            rated in one of the two highest rating categories by each Rating Agency
            at the
            time of such investment or contractual commitment providing for such
            investment;
provided,
            however,
            that
            securities issued by any particular corporation will not be Eligible
            Investments
            to the extent that investments therein will cause the then outstanding
            principal
            amount of securities issued by such corporation and held as Eligible
            Investments
            to exceed 10% of the aggregate outstanding principal balances of all
            of the
            Mortgage Loans and Eligible Investments;

           

          (e) commercial
            paper (including both non-interest-bearing discount obligations and
            interest-bearing obligations payable on demand or on a specified date
            not more
            than one year after the date of issuance thereof) which are rated in
            one of the
            two highest rating categories by each Rating Agency at the time of such
            investment;

           

          (f) any
            other
            demand, money market or time deposit, obligation, security or investment
            as may
            be acceptable to each Rating Agency as evidenced in writing by each Rating
            Agency; and

           

          (g) any
            money
            market funds the collateral of which consists of obligations fully guaranteed
            by
            the United States of America or any agency or instrumentality of the
            United
            States of America the obligations of which are backed by the full faith
            and
            credit of the United States of America (which may include repurchase
            obligations
            secured by collateral described in clause (a)) and other securities and
            which
            money market funds are rated in one of the two highest rating categories
            by each
            Rating Agency.

           

          provided,
            however,
            that no
            instrument or security shall be an Eligible Investment if such instrument
            or
            security evidences a right to receive only interest payments with respect
            to the
            obligations underlying such instrument or if such security provides for
            payment
            of both principal and interest with a yield to maturity in excess of
            120% of the
            yield to maturity at par or if such investment or security is purchased
            at a
            price greater than par.

           

          Equity:
            With
            respect to any second lien Mortgage Loan, the Appraised Value, less the
            unpaid
            principal balance of the related First Lien.

           

          Equity
            Loan-to-Value:
            With
            respect to any second lien Mortgage Loan, the original principal balance
            of such
            Mortgage Loan, divided by the Equity.

           

          Escrow
            Account:
            Each
            separate trust account or accounts created and maintained pursuant to
            Section
            4.06 which shall be entitled “Wachovia Mortgage Corporation, in trust for the
            Purchaser, owner of various whole loan series and various Mortgagors” and shall
            be established as an Eligible Account, in the name of the Person that
            is the
“Purchaser” with respect to the related Mortgage Loans.

           

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

           

          Event
            of Default:
            Any one
            of the conditions or circumstances enumerated in Section 8.01.

           

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

           

          Fannie
            Mae Guides:
            The
            Fannie Mae Sellers’ Guide and the Fannie Mae Servicers’ Guide and all amendments
            or additions thereto, including, but not limited to, future updates
            thereof.

           

          FDIC:
            The
            Federal Deposit Insurance Corporation, or any successor thereto.

           

          Fidelity
            Bond:
            A
            fidelity bond to be maintained by the Seller pursuant to Section
            4.12.

           

          FIRREA:
            The
            Financial Institutions Reform, Recovery, and Enforcement Act of 1989,
            as amended
            and in effect from time to time.

           

          First
            Lien:
            With
            respect to any second lien Mortgage Loan, the mortgage loan relating
            to the
            corresponding Mortgaged Property having a first priority lien.

           

          First
            Remittance Date:
            The
            eighteenth (18th) day of the month following each respective Closing
            Date, or if
            such day is not a Business Day, the first Business Day immediately preceding
            such 18th
            day.

           

          Fixed
            Rate Mortgage Loan:
            A
            Mortgage Loan purchased pursuant to this Agreement which bears a fixed
            Mortgage
            Interest Rate during the life of the loan.

           

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

           

          Freddie
            Mac Guides:
            The
            Freddie Mac Sellers’ Guide and the Freddie Mac Servicers’ Guide and all
            amendments or additions thereto, including, but not limited to, any future
            updates thereof.

           

          GAAP:
            Generally accepted accounting principles, consistently applied.

           

          Gross
            Margin:
            With
            respect to any Adjustable Rate Mortgage Loan, the fixed percentage amount
            set
            forth in the related Mortgage Note and the related Mortgage Loan Schedule
            that
            is added to the Index on each Adjustment Date in accordance with the
            terms of
            the related Mortgage Note to determine the new Mortgage Interest Rate
            for such
            Mortgage Loan.

           

          HUD:
            The
            United States Department of Housing and Urban Development or any successor
            thereto.

           

          Index:
            With
            respect to any Adjustable Rate Mortgage Loan, the index identified on
            the
            Mortgage Loan Schedule and set forth in the related Mortgage Note for
            the
            purpose of calculating the Mortgage Interest Rate thereon.

           

          Insurance
            Proceeds:
            With
            respect to each Mortgage Loan, proceeds of insurance policies insuring
            the
            Mortgage Loan or the related Mortgaged Property.

           

          Interest
            Only Mortgage Loan:
            A
            Mortgage Loan that only requires payments of interest for a period of
            time
            specified in the related Mortgage Note.

           

          Liquidation
            Proceeds:
            Amounts
            received in connection with the partial or complete liquidation of a
            defaulted
            Mortgage Loan, whether through the sale or assignment of such Mortgage
            Loan,
            trustee’s sale, foreclosure sale or otherwise, or in connection with the sale
            of
            the Mortgaged Property if the Mortgaged Property is acquired in satisfaction
            of
            the Mortgage.

           

          Loan-to-Value
            Ratio
            or
LTV:
            With
            respect to any Mortgage Loan, the ratio of the original outstanding principal
            amount of the Mortgage Loan and, with respect to any second lien Mortgage
            Loan,
            the outstanding principal amount of any related First Lien as of the
            date of
            origination of such mortgage loan, to the Appraised Value of the related
            Mortgaged Property.

           

          Maximum
            Mortgage Interest Rate:
            With
            respect to each Adjustable Rate Mortgage Loan, a rate that is set forth
            on the
            related Mortgage Loan Schedule and in the related Mortgage Note and is
            the
            maximum interest rate to which the Mortgage Interest Rate on such Mortgage
            Loan
            may be increased on any Adjustment Date.

           

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

           

          MERS
            Mortgage Loan:
            Any
            Mortgage Loan registered with MERS on the MERS System.

           

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

           

          MIN:
            The
            Mortgage Identification Number for any MERS Mortgage Loan.

           

          Minimum
            Mortgage Interest Rate:
            With
            respect to each Adjustable Rate Mortgage Loan, a rate that is set forth
            on the
            related Mortgage Loan Schedule and in the related Mortgage Note and is
            the
            minimum interest rate to which the Mortgage Interest Rate on such Mortgage
            Loan
            may be decreased on any Adjustment Date.

           

          MOM
            Loan:
            Any
            Mortgage Loan as to which MERS is acting as mortgagee, solely as nominee
            for the
            originator of such Mortgage Loan and its successors and assigns.

           

          Monthly
            Advance:
            The
            payment required to be made by the Seller with respect to any Remittance
            Date
            pursuant to Section 5.03.

           

          Monthly
            Payment:
            The
            scheduled monthly payment on a Mortgage Loan due on any Due Date allocable
            to
            principal and/or interest on such Mortgage Loan pursuant to the terms
            of the
            related Mortgage Note.

           

          Mortgage:
            With
            respect to any Mortgage Loan that is not a Co-op Loan, the mortgage,
            deed of
            trust or other instrument securing a Mortgage Note which creates a first
            or
            second lien on an unsubordinated estate in fee simple in real property
            securing
            the Mortgage Note; except that with respect to real property located
            in
            jurisdictions in which the use of leasehold estates for residential properties
            is a widely-accepted practice, the mortgage, deed of trust or other instrument
            securing the Mortgage Note may secure and create a first or second lien
            upon a
            leasehold estate of the Mortgagor. With respect to a Co-op Loan, the
            related
            Security Agreement.

           

          Mortgage
            File:
            With
            respect to each Mortgage Loan, the documents pertaining thereto specified
            in
Exhibit
            A-1
            and any
            additional documents required to be added to the Mortgage File pursuant
            to this
            Agreement.

           

          Mortgage
            Interest Rate:
            As to
            each Mortgage Loan, the annual rate at which interest accrues on such
            Mortgage
            Loan in accordance with the provisions of the related Mortgage
            Note.

           

          Mortgage
            Loan:
            An
            individual Mortgage Loan which is the subject of this Agreement, each
            Mortgage
            Loan originally sold and subject to this Agreement being identified on
            the
            related Mortgage Loan Schedule, which Mortgage Loan includes without
            limitation
            the Mortgage File, the Monthly Payments, Principal Prepayments, Liquidation
            Proceeds, Condemnation Proceeds, Insurance Proceeds, REO Disposition
            Proceeds,
            any escrow accounts related to the Mortgage Loan, and all other rights,
            benefits, proceeds and obligations arising from or in connection with
            such
            Mortgage Loan, excluding replaced or repurchased mortgage loans.

           

          Mortgage
            Loan Documents:
            The
            documents contained in a Mortgage File.

           

          Mortgage
            Loan Package:
            As
            defined in the Recitals to this Agreement.

           

          Mortgage
            Loan Remittance Rate:
            With
            respect to each Mortgage Loan, the Mortgage Interest Rate less the related
            Servicing Fee Rate.

           

          Mortgage
            Loan Schedule:
            The
            schedule of Mortgage Loans annexed to the related Assignment and Conveyance,
            each such schedule setting forth the following information with respect
            to each
            Mortgage Loan in the related Mortgage Loan Package:

           

          (1) the
            Seller’s Mortgage Loan identifying number;

           

          (2) the
            Mortgagor’s name;

           

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

           

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

           

          (5) the
            type
            of residential property constituting the Mortgaged Property;

           

          (6) the
            original months to maturity or the remaining months to maturity from
            the related
            Cut-off Date, in any case based on the original amortization schedule
            and, if
            different, the maturity expressed in the same manner but based on the
            actual
            amortization schedule;

           

          (7) the
            Loan-to-Value Ratio at origination and as of the related Cut-off
            Date;

           

          (8) with
            respect to any second lien Mortgage Loan, the Equity Loan-to-Value Ratio
            at
            origination and as of the related Cut-off Date;

           

          (9) the
            Mortgage Interest Rate at origination and as of the related Cut-off
            Date;

           

          (10) the
            Mortgage Loan origination date;

           

          (11) the
            paid
            through date;

           

          (12) the
            stated maturity date of the Mortgage Loan and of the First Lien, if
            applicable;

           

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

           

          (14) the
            original principal amount of the Mortgage Loan and the principal balance
            of the
            related First Lien, if applicable, as of the date of origination;

           

          (15) the
            Scheduled Principal Balance of the Mortgage Loan and the principal balance
            of
            the related First Lien, if applicable, as of the related Cut-off
            Date;

           

          (16) a
            code
            indicating the purpose of the Mortgage Loan (i.e., purchase, rate and
            term
            refinance, equity take-out refinance);

           

          (17) a
            code
            indicating the documentation style (i.e. full, alternative or
            reduced);

           

          (18) the
            number of times during the twelve (12) month period preceding the related
            Closing Date that any Monthly Payment has been received thirty (30) or
            more days
            after its Due Date;

           

          (19) the
            date
            on which the first Monthly Payment is due and the applicable next Due
            Date;

           

          (20) a
            code
            indicating whether or not the Mortgage Loan is insured as to payment
            defaults by
            a Primary Mortgage Insurance Policy; and, in the case of any Mortgage
            Loan which
            is insured as to payment defaults by a Primary Mortgage Insurance Policy, the
            name of the provider of such Primary Mortgage Insurance Policy;

           

          (21) a
            code
            indicating whether or not the Mortgage Loan is the subject of a prepayment
            penalty, and if so, the terms of such prepayment penalty;

           

          (22) the
            Primary Mortgage Insurance Policy certificate number, if
            applicable;

           

          (23) the
            Primary Mortgage Insurance Policy coverage percentage, if
            applicable;

           

          (24) a
            code
            indicating the Credit Score of the Mortgagor at the time of origination
            of the
            Mortgage Loan;

           

          (25) a
            code
            indicating the specific loan/underwriting program of each Mortgage Loan
            as
            assigned by the Seller pursuant to the Underwriting Standards;

           

          (26) the
            loan
            type (i.e. fixed, adjustable; 2/28, 3/27, 5/25, etc.);

           

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

           

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

           

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

           

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

           

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

           

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

           

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

           

          (34) a
            code
            indicating whether the Mortgage Loan is a second lien Mortgage
            Loan;

           

          (35) a
            code
            indicating whether the Mortgage Loan is a MERS Mortgage Loan; and

           

          (36) a
            code
            indicating whether the Mortgage Loan is an Interest Only Mortgage Loan
            and the
            term of the interest-only period.

           

          With
            respect to the Mortgage Loans in the aggregate in each Mortgage Loan
            Package,
            the Mortgage Loan Schedule shall set forth the following information,
            as of the
            related Cut-off Date unless otherwise specified:

           

          (1) the
            number of Mortgage Loans;

           

          (2) the
            current aggregate outstanding principal balance of the Mortgage
            Loans;

           

          (3) the
            weighted average Mortgage Interest Rate of the Mortgage Loans;

           

          (4) the
            weighted average original months to maturity of the Mortgage Loans and
            the
            weighted average remaining months to maturity of the Mortgage
            Loans.

           

          Mortgage
            Note:
            The
            note or other evidence of the indebtedness of a Mortgagor secured by
            a
            Mortgage.

           

          Mortgaged
            Property:
            With
            respect to any Mortgage Loan, the underlying real property securing repayment
            of
            the related Mortgage Note, consisting of a fee simple parcel of real
            estate or a
            leasehold estate, the term of which is equal to or longer than the term
            of such
            Mortgage Note.

           

          Mortgagor:
            The
            obligor on a Mortgage Note.

           

          Mortgagor
            Personal Information:
            Any
            information, including, but not limited to, all personal information
            about a
            Mortgagor that is disclosed to the Seller or the Purchaser by or on behalf
            of
            the Mortgagor.

           

          OCC:
            Office
            of the Comptroller of the Currency, its successors and assigns.

           

          Officers’
            Certificate:
            A
            certificate signed by the Chairman of the Board, the Vice Chairman of
            the Board,
            the President, a Senior Vice President or a Vice President and by the
            Treasurer
            or the Secretary or one of the Assistant Treasurers or Assistant Secretaries
            of
            the Seller, and delivered to the Purchaser as required by this
            Agreement.

           

          Opinion
            of Counsel:
            A
            written opinion of counsel, who may be an employee of the party on behalf
            of
            whom the opinion is being given, reasonably acceptable to the
            Purchaser.

           

          OTS:
            Office
            of Thrift Supervision or any successor thereto.

           

          Pass-Through
            Transfer:
            As
            defined in Section 10.01(a)(iii).

           

          Periodic
            Rate Cap:
            With
            respect to each Adjustable Rate Mortgage Loan and any Adjustment Date
            therefor,
            a number of percentage points per annum that is set forth in the related
            Mortgage Loan Schedule and in the related Mortgage Note, which is the
            maximum
            amount by which the Mortgage Interest Rate for such Mortgage Loan may
            increase
            (without regard to the Maximum Mortgage Interest Rate) or decrease (without
            regard to the Minimum Mortgage Interest Rate) on such Adjustment Date
            from the
            Mortgage Interest Rate in effect immediately prior to such Adjustment
            Date,
            which may be a different amount with respect to the first Adjustment
            Date.

           

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

           

          Prepayment
            Interest Shortfall:
            As to
            any Remittance Date and Principal Prepayment in full, the difference
            between (i)
            one full month’s interest at the applicable Mortgage Interest Rate (after giving
            effect to any applicable relief act reduction, debt service reduction
            and
            deficient valuation), as reduced by the Servicing Fee Rate, on the outstanding
            principal balance of the related Mortgage Loan immediately prior to such
            Principal Prepayment and (ii) the amount of interest actually received
            with
            respect to such Mortgage Loan in connection with such Principal
            Prepayment.

           

          Primary
            Mortgage Insurance Policy:
            Each
            policy of primary mortgage insurance represented to be in effect pursuant
            to
            Section 3.02(bb), or any replacement policy therefor obtained by the
            Seller
            pursuant to Section 4.08.

           

          Prime
            Rate:
            The
            prime rate announced to be in effect from time to time as published as
            the
            average rate in The
            Wall Street Journal
            (Northeast Edition).

           

          Principal
            Prepayment:
            Any
            full or partial payment or other recovery of principal on a Mortgage
            Loan which
            is received in advance of its scheduled Due Date, including any prepayment
            penalty or premium thereon and which is not accompanied by an amount
            of interest
            representing scheduled interest due on any date or dates in any month
            or months
            subsequent to the month of prepayment.

           

          Purchase
            Price:
            As
            defined in Section 2.02.

           

          Purchase
            Price and Terms Letter:
            As
            defined in the Recitals to this Agreement which may also be a form of
            trade
            execution notice. 

           

          Purchaser:
            EMC
            Mortgage Corporation, its successors in interest and assigns.

           

          Qualified
            Appraiser:
            With
            respect to each Mortgage Loan, an appraiser, duly appointed by the Seller,
            who
            had no interest, direct or indirect in the Mortgaged Property or in any
            loan
            made on the security thereof, and whose compensation is not affected
            by the
            approval or disapproval of the Mortgage Loan, and such appraiser and
            the
            appraisal made by such appraiser both satisfy the requirements of Fannie
            Mae and
            Title XI of FIRREA and the regulations promulgated thereunder, all as
            in effect
            on the date the Mortgage Loan was originated.

           

          Qualified
            Insurer:
            An
            insurance company duly qualified as such under the laws of the states
            in which
            the Mortgaged Properties are located, duly authorized and licensed in
            such
            states to transact the applicable insurance business and to write the
            insurance
            provided by the insurance policy issued by it, approved as an insurer
            by Fannie
            Mae or Freddie Mac.

           

          Rating
            Agencies:
            Standard & Poor’s Ratings Services, a division of The McGraw- Hill
            Companies, Inc., Moody’s Investors Service, Inc. or, in the event that some or
            all ownership of the Mortgage Loans is evidenced by mortgage-backed securities,
            the nationally recognized rating agencies issuing ratings with respect
            to such
            securities, if any.

           

          Refinanced
            Mortgage Loan:
            A
            Mortgage Loan which was made to a Mortgagor who owned the Mortgaged Property
            prior to the origination of such Mortgage Loan and the proceeds of which
            were
            used in whole or part to satisfy an existing mortgage.

           

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

           

          REMIC
            Provisions:
            The
            provisions of the federal income tax law relating to REMICs, which appear
            at
            Sections 860A through 860G of the Code, and the related provisions and
            regulations promulgated thereunder, as the foregoing may be in effect
            from time
            to time.

          

           

          Remittance
            Date:
            The
            18th day of each month, beginning with the First Remittance Date, or
            if such day
            is not a Business Day, the first Business Day immediately preceding such
            18th
            day.

           

          REO
            Disposition:
            The
            final sale by the Seller of any REO Property.

           

          REO
            Disposition Proceeds:
            Amounts
            received by the Seller in connection with an REO Disposition.

           

          REO
            Property:
            A
            Mortgaged Property acquired by or on behalf of the Purchaser in full
            or partial
            satisfaction of the related Mortgage as described in Section 4.13.

           

          Repurchase
            Price:
            With
            respect to any Mortgage Loan, a price equal to (i) in the event such
            Mortgage
            Loan is required to be repurchased during the period (A) from the related
            Closing Date to the closing date for any related Pass-Through Transfer
            or Whole
            Loan Transfer, the greater of 100% or the percentage of par as stated
            in the
            related Purchase Price and Terms Letter multiplied by the outstanding
            principal
            balance of the Mortgage Loan or (B) after the closing date for any related
            Pass-Through Transfer or Whole Loan Transfer, 100% multiplied by the
            outstanding
            principal balance of the Mortgage Loan, plus
            (ii)
            interest on such outstanding principal balance at the related Mortgage
            Loan
            Remittance Rate from the date through which interest was last distributed
            to the
            Purchaser (from payments from the related Mortgagor or from Monthly Advances)
            through the day prior to the date of repurchase, less
            (iii)
            amounts received or advanced in respect of such repurchased Mortgage
            Loan which
            are being held in the Custodial Account for distribution in connection
            with such
            Mortgage Loan. 

           

          SAIF:
            The
            Savings Association Insurance Fund, or any successor thereto.

           

          Security
            Agreement:
            With
            respect to a Co-op Loan, the agreement or mortgage creating a security
            interest
            in favor of the originator of the Co-op Loan in the related Co-op
            Stock.

           

          Scheduled
            Principal Balance:
            As to
            each Mortgage Loan and any date of determination, (i) the principal balance
            of
            such Mortgage Loan as of the related Cut-off Date after giving effect
            to
            payments of principal due on or before such date, whether or not received,
            minus
            (ii) all amounts previously distributed to the Purchaser with respect
            to the
            Mortgage Loan representing payments or recoveries of principal (or advances
            in
            lieu thereof).

           

          Servicing
            Advances:
            All
            customary, reasonable and necessary “out of pocket” costs and expenses
            (including reasonable attorneys’ fees and disbursements) incurred in the
            performance by the Seller of its servicing obligations, including, but
            not
            limited to, the cost of (a) the preservation, restoration and protection
            of a
            Mortgaged Property, (b) any enforcement, administrative or judicial proceedings,
            or any legal work or advice specifically related to servicing the Mortgage
            Loans, including but not limited to, foreclosures, bankruptcies, condemnations,
            drug seizures, elections, foreclosures by subordinate or superior lienholders,
            and other legal actions incidental to the servicing of the Mortgage Loans
            (provided that such expenses are reasonable and that the Seller specifies
            the
            Mortgage Loan(s) to which such expenses relate, and provided further
            that any
            such enforcement, administrative or judicial proceeding does not arise
            out of a
            breach of any representation, warranty or covenant of the Seller hereunder),
            (c)
            the management and liquidation of any REO Property, (d) taxes, assessments,
            water rates, sewer rates and other charges which are or may become a
            lien upon
            the Mortgaged Property, and Primary Mortgage Insurance Policy premiums
            and fire
            and hazard insurance coverage, (e) any expenses reasonably sustained
            by the
            Seller with respect to the liquidation of the Mortgaged Property in accordance
            with the terms of this Agreement and (f) compliance with the obligations
            under
            Section 4.08.

           

          Servicing
            Fee:
            As to
            each Mortgage Loan Package, the amount of the fee the Purchaser shall
            pay to the
            Seller for servicing the Mortgage Loans in accordance with the terms
            of this
            Agreement, which shall, with respect to each Mortgage Loan, for a period
            of one
            full month, be equal to one-twelfth of the product of (i) the Servicing
            Fee Rate
            and (ii) the Scheduled Principal Balance of such Mortgage Loan as of
            the first
            day of the month for which such fee is being calculated.

           

          Servicing
            Fee Rate:
            The per
            annum rate at which the Servicing Fee accrues, which rate with respect
            to each
            Mortgage Loan shall be as set forth in the related Purchase Price and
            Terms
            Letter.

           

          Servicing
            File:
            With
            respect to each Mortgage Loan, the documents pertaining thereto specified
            in
Exhibit
            A-2
            and
            copies of all documents for such Mortgage Loan specified in Exhibit
            A-1.

           

          Servicing
            Officer:
            Any
            officer of the Seller involved in, or responsible for, the administration
            and
            servicing of the Mortgage Loans whose name appears on a list of servicing
            officers furnished by the Seller to the Purchaser upon request, as such
            list may
            from time to time be amended.

           

          Underwriting
            Standards:
            As to
            each Mortgage Loan, the Seller’s underwriting guidelines in effect as of the
            date of origination of such Mortgage Loan.

           

          Whole
            Loan Transfer:
            As
            defined in Section 10.01(a)(i).

           

          ARTICLE
            II

          SERVICING
            OF MORTGAGE LOANS; RECORD TITLE AND POSSESSION OF MORTGAGE FILES; BOOKS
            AND
            RECORDS; CUSTODIAL AGREEMENT; DELIVERY OF MORTGAGE LOAN
            DOCUMENTS

           

          Section
            2.01.  Agreement
            to Purchase.

           

          The
            Seller agrees to sell and the Purchaser agrees to purchase on each Closing
            Date,
            pursuant to this Agreement and the related Purchase Price and Terms Letter,
            the
            Mortgage Loans being sold by the Seller and listed on the related Mortgage
            Loan
            Schedule, servicing rights retained, having an aggregate Scheduled Principal
            Balance in an amount as set forth in the related Purchase Price and Terms
            Letter, or in such other amount as agreed by the Purchaser and the Seller
            as
            evidenced by the actual aggregate principal balance of the Mortgage Loans
            accepted by the Purchaser on such Closing Date. The Seller shall deliver
            in an
            electronic format the Mortgage Loan Schedule for the Mortgage Loans to
            be
            purchased on such Closing Date to the Purchaser at least two (2) Business
            Days
            prior to such Closing Date.

           

          Section
            2.02.  Purchase
            Price.

           

          The
            Purchase Price for the Mortgage Loans in a Mortgage Loan Package shall
            be equal
            to the sum of (a) the percentage of par as stated in the related Purchase
            Price
            and Terms Letter (subject to adjustment as provided therein), multiplied
            by the
            aggregate Scheduled Principal Balance of Mortgage Loans as of the related
            Cut-off Date listed on the related Mortgage Loan Schedule plus
            (b)
            accrued interest on the aggregate Scheduled Principal Balance of the
            related
            Mortgage Loans at the weighted average Mortgage Loan Remittance Rate
            of such
            Mortgage Loans from the related Cut-off Date to but not including such
            Closing
            Date (the “Purchase
            Price”).
            If so
            provided in the related Purchase Price and Terms Letter, portions of
            each
            Mortgage Loan Package shall be priced separately.

           

          The
            Purchase Price as set forth in the preceding paragraph for the Mortgage
            Loans in
            a Mortgage Loan Package shall be paid on the related Closing Date by
            wire
            transfer of immediately available funds.

           

          With
            respect to each Mortgage Loan, the Purchaser shall be entitled to (1)
            the
            principal portion of all Monthly Payments due after the related Cut-off
            Date,
            (2) all other recoveries of principal collected on or after the related
            Cut-off
            Date (provided, however, that the principal portion of all Monthly Payments
            due
            on or before the related Cut-off Date and collected by the Seller or
            any
            successor servicer after the related Cut-off Date shall belong to the
            Seller),
            and (3) all payments of interest on the Mortgage Loans at the related
            Mortgage
            Loan Remittance Rate (minus that portion of any such payment which is
            allocable
            to the period prior to the related Cut-off Date). The Scheduled Principal
            Balance of each Mortgage Loan as of the related Cut-off Date is determined
            after
            application of payments of principal due on or before the related Cut-off
            Date
            whether or not collected, together with any unscheduled Principal Prepayments
            collected prior to the related Cut-off Date; provided,
            however,
            that
            Monthly Payments for a Due Date beyond the related Cut-off Date shall
            not be
            applied to the principal balance as of the related Cut-off Date. Such
            Monthly
            Payments shall be the property of the Purchaser. The Seller shall deposit
            any
            such Monthly Payments into the Custodial Account.

           

          Section
            2.03.  Servicing
            of Mortgage Loans.

           

          On
            each
            Closing Date, the Mortgage Loans in the related Mortgage Loan Package
            will be
            sold by the Seller to the Purchaser on a servicing retained basis upon
            the
            execution and delivery of an Assignment and Conveyance in the form attached
            hereto as Exhibit
            E
            (the
“Assignment
            and Conveyance”).

           

          Simultaneously
            with the execution and delivery of the related Assignment and Conveyance,
            for
            each Mortgage Loan Package, the Seller hereby agrees to service the Mortgage
            Loans listed on the Mortgage Loan Schedule in accordance with Accepted
            Servicing
            Practices and this Agreement. The rights of the Purchaser to receive
            payments
            with respect to the related Mortgage Loans shall be as set forth in this
            Agreement.

           

          Section
            2.04.  Record
            Title and Possession of Mortgage Files; Maintenance of Servicing
            Files.

           

          As
            of
            each Closing Date, the Seller will have sold, transferred, assigned,
            set over
            and conveyed to the Purchaser, without recourse, and the Seller hereby
            acknowledges that the Purchaser will have, all the right, title and interest
            of
            the Seller in and to the Mortgage Loans. In accordance with Section 2.07,
            the
            Seller shall deliver at its own expense, the Mortgage Files for the related
            Mortgage Loans to Purchaser or its designee. The possession of each Servicing
            File by the Seller is for the sole purpose of servicing the related Mortgage
            Loan. From each Closing Date, the ownership of each related Mortgage
            Loan,
            including the Mortgage Note, the Mortgage, the contents of the related
            Mortgage
            File and all rights, benefits, proceeds and obligations arising therefrom
            or in
            connection therewith, has been vested in the Purchaser. All rights arising
            out
            of the Mortgage Loans including, but not limited to, all funds received
            on or in
            connection with the Mortgage Loans and all records or documents with
            respect to
            the Mortgage Loans prepared by or which come into the possession of the
            Seller
            shall be received and held by the Seller in trust for the benefit of
            the
            Purchaser as the owner of the Mortgage Loans. Any portion of the Mortgage
            Files
            retained by the Seller shall be appropriately identified in the Seller’s
            computer system to clearly reflect the ownership of the Mortgage Loans
            by the
            Purchaser.

           

          In
            addition, in connection with the assignment of any MERS Mortgage Loan,
            the
            Seller agrees that it will cause, at its own expense, the MERS® System to
            indicate that such Mortgage Loans have been assigned by the Seller to
            the
            Purchaser in accordance with this Agreement by including (or deleting,
            in the
            case of Mortgage Loans which are repurchased in accordance with this
            Agreement)
            in such computer files the information required by the MERS® System to identify
            the Purchaser of such Mortgage Loans. The Seller further agrees that
            it will not
            alter the information referenced in this paragraph with respect to any
            Mortgage
            Loan during the term of this Agreement unless and until such Mortgage
            Loan is
            repurchased in accordance with the terms of this Agreement.

           

          Section
            2.05.  Books
            and Records.

           

          The
            sale
            of each Mortgage Loan will be reflected on the Seller’s balance sheet and other
            financial statements as a sale of assets by the Seller and will be reflected
            on
            the Purchaser’s balance sheet and other financial statements as a purchase by
            the Purchaser. The Seller shall maintain, a complete set of books and
            records
            for the Mortgage Loans sold by it which shall be appropriately identified
            in the
            Seller’s computer system to clearly reflect the ownership of the Mortgage Loans
            by the Purchaser. In particular, the Seller shall maintain in its possession,
            available for inspection by the Purchaser, or its designee and shall
            deliver to
            the Purchaser upon demand, evidence of compliance with all federal, state
            and
            local laws, rules and regulations, and requirements of Fannie Mae or
            Freddie
            Mac, as applicable, including but not limited to documentation as to
            the method
            used in determining the applicability of the provisions of the Flood
            Disaster
            Protection Act of 1973, as amended, to the Mortgaged Property, documentation
            evidencing insurance coverage and eligibility of any condominium project
            for
            approval by Seller and periodic inspection reports as required by Section
            4.13.
            To the extent that original documents are not required for purposes of
            realization of Liquidation Proceeds or Insurance Proceeds, documents
            maintained
            by the Seller may be in the form of microfilm or microfiche or such other
            reliable means of recreating original documents, including but not limited
            to,
            optical imagery techniques so long as the Seller complies with the requirements
            of the Fannie Mae Guides.

           

          Section
            2.06.  Transfer
            of Mortgage Loans.

           

          The
            Seller shall keep at its office books and records in which, subject to
            such
            reasonable regulations as it may prescribe, the Seller shall note transfers
            of
            Mortgage Loans. No transfer of a Mortgage Loan may be made unless such
            transfer
            is in compliance with the terms of Section 11.12. For the purposes of
            this
            Agreement, the Seller shall be under no obligation to deal with any person
            with
            respect to this Agreement or any Mortgage Loan unless a properly executed
            Assignment, Assumption and Recognition Agreement in the form of Exhibit
            D
            with
            respect to such Mortgage Loan has been delivered to the Seller; provided,
            that,
            unless otherwise provided in the related Purchase Price and Terms Letter,
            in no
            event shall there be more than five (5) “Purchasers” with respect to any
            Mortgage Loan Package. Upon receipt of notice of the transfer, the Seller
            shall
            mark its books and records to reflect the ownership of the Mortgage Loans
            by
            such assignee, and, except as otherwise provided herein, the previous
            Purchaser
            shall be released from its obligations hereunder with respect to the
            Mortgage
            Loans sold or transferred.

           

          Section
            2.07.  Delivery
            of Mortgage Loan Documents.

           

          The
            Seller shall deliver and release to the Purchaser or its designee the
            Mortgage
            Loan Documents no later than four (4) Business Days prior to the related
            Closing
            Date pursuant to a bailee letter agreement. If the Seller cannot deliver
            the
            original recorded Mortgage Loan Documents on the related Closing Date,
            the
            Seller shall, promptly upon receipt thereof and in any case not later
            than 270
            days from the related Closing Date, deliver such original recorded documents
            to
            the Purchaser or its designee (unless the Seller is delayed in making
            such
            delivery by reason of the fact that such documents shall not have been
            returned
            by the appropriate recording office). If delivery is not completed within
            270
            days of the related Closing Date solely because such documents shall
            not have
            been returned by the appropriate recording office, the Seller shall notify
            the
            Purchaser of the same and indicate in such notice the approximate date
            on which
            such documents shall be delivered. The Seller shall provide the Purchaser
            with
            updated reports as to the status of such documents as necessary thereafter.
            The
            Seller shall use its best efforts to effect delivery of all delayed recorded
            documents within 360 days of the related Closing Date; provided, however,
            that
            if such documents are not delivered by the 360th day from the related
            Closing
            Date, the Seller shall, at Purchaser’s request, repurchase the related Mortgage
            Loans at the Repurchase Price in accordance with Section 3.03 hereof.
            

           

          No
            later
            than three (3) days prior to the related Closing Date, the Seller shall
            provide
            a copy of the commitment for title insurance to the Purchaser or its
            designee.

           

          Any
            review by the Purchaser or its designee of the Mortgage Files shall in
            no way
            alter or reduce the Seller’s obligations hereunder.

           

          The
            Seller shall forward to the Purchaser, or its designee, original documents
            evidencing an assumption, modification, consolidation or extension of
            any
            Mortgage Loan entered into in accordance with Section 4.01 or 6.01 within
            two
            (2) weeks of their execution and shall also provide the original of any
            document
            submitted for recordation or a copy of such document certified by the
            appropriate public recording office to be a true and complete copy of
            the
            original within two (2) weeks of its return from the appropriate public
            recording office.

           

          Section
            2.08.  Quality
            Control Procedures.

           

          The
            Seller shall have an internal quality control program that verifies,
            on a
            regular basis, the existence and accuracy of the legal documents, credit
            documents, property appraisals, and underwriting decisions. The program
            must be
            capable of evaluating and monitoring the overall quality of its loan
            production
            and servicing activities. The program is to ensure that the Mortgage
            Loans are
            originated and serviced in accordance with prudent mortgage banking practices
            and accounting principles; guard against dishonest, fraudulent, or negligent
            acts; and guard against errors and omissions by officers, employees,
            or other
            authorized persons.

           

          Section
            2.09.  Closing.

           

          The
            closing for the purchase and sale of the Mortgage Loans shall take place
            on the
            related Closing Date. The closing shall be either: by telephone, confirmed
            by
            letter or wire as the parties shall agree, or conducted in person, at
            such place
            as the parties shall agree.

           

          The
            closing for the Mortgage Loans to be purchased on the related Closing
            Date shall
            be subject to each of the following conditions:

           

          (a)  at
            least
            two (2) Business Days prior to the related Closing Date, the Seller shall
            deliver to the Purchaser a magnetic diskette, or transmit by modem or
            e-mail, a
            listing on a loan-level basis of the information contained in the Mortgage
            Loan
            Schedule;

           

          (b)  all
            of
            the representations and warranties of the Seller and the Purchaser under
            this
            Agreement shall be materially true and correct as of the related Closing
            Date
            or, with respect to representations and warranties made as of a date
            other than
            the related Closing Date, as of such date, and no event shall have occurred
            which, with notice or the passage of time, would constitute a material
            default
            under this Agreement;

           

          (c)  the
            Purchaser shall have received, or the Purchaser’s attorneys shall have received
            in escrow, all closing documents, 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 terms hereof;

           

          (d)  the
            Seller shall have received, or the Seller’s attorneys shall have received in
            escrow, all closing documents, in such forms as are agreed upon and acceptable
            to the Seller, duly executed by all signatories other than the Seller
            as
            required pursuant to the terms hereof;

           

          (e)  the
            Seller shall have delivered and released to the Purchaser (or its designee)
            on
            or prior to the related Closing Date all documents required to be delivered
            and
            released pursuant to the terms of this Agreement; and

           

          (f)  all
            other
            terms and conditions of this Agreement, the related Purchase Price and
            Terms
            Letter and the related Assignment and Conveyance shall have been materially
            complied with.

           

          Subject
            to the foregoing conditions, the Purchaser shall pay to the Seller on
            the
            related Closing Date the Purchase Price pursuant to Section 2.02 of this
            Agreement, by wire transfer of immediately available funds to the account
            designated by the Seller.

           

          ARTICLE
            III

          REPRESENTATIONS
            AND WARRANTIES OF THE SELLER; REPURCHASE; REVIEW OF MORTGAGE
            LOANS

           

          Section
            3.01.  Representations
            and Warranties of the Seller.

           

          The
            Seller represents, warrants and covenants to the Purchaser that as of
            each
            Closing Date or as of such date specifically provided herein:

           

          (a)  The
            Seller is a corporation duly organized, validly existing and in good
            standing
            under the laws of the jurisdiction of its incorporation and has all licenses
            necessary to carry out its business as now being conducted, and is licensed
            and
            qualified to transact business in and is in good standing under the laws
            of each
            state in which any Mortgaged Property is located or is otherwise exempt
            under
            applicable law from such licensing or qualification or is otherwise not
            required
            under applicable law to effect such licensing or qualification and no
            demand for
            such licensing or qualification has been made upon the Seller by any
            such state,
            and in any event the Seller is in compliance with the laws of any such
            state to
            the extent necessary to ensure the enforceability of each Mortgage Loan
            and the
            servicing of the Mortgage Loans in accordance with the terms of this
            Agreement;

           

          (b)  The
            Seller has the full power and authority and legal right to hold, transfer
            and
            convey each Mortgage Loan, to sell each Mortgage Loan and to execute,
            deliver
            and perform, and to enter into and consummate all transactions contemplated
            by
            this Agreement, the related Purchase Price and Terms Letter and the related
            Assignment and Conveyance and to conduct its business as presently conducted;
            the Seller has duly authorized the execution, delivery and performance
            of this
            Agreement and any agreements contemplated hereby, has duly executed and
            delivered this Agreement, the related Purchase Price and Terms Letter
            and the
            related Assignment and Conveyance, and any agreements contemplated hereby,
            and
            this Agreement, the related Purchase Price and Terms Letter, the related
            Assignment and Conveyance and each Assignment of Mortgage to the Purchaser
            and
            any agreements contemplated hereby, constitute the legal, valid and binding
            obligations of the Seller, enforceable against it in accordance with
            their
            respective terms, except as such enforceability may be limited by bankruptcy,
            insolvency, moratorium, reorganization and similar laws, and by equitable
            principles affecting the enforceability of the rights of creditors; and
            all
            requisite corporate action has been taken by the Seller to make this
            Agreement,
            the related Purchase Price and Terms Letter, the related Assignment and
            Conveyance and all agreements contemplated hereby valid and binding upon
            the
            Seller in accordance with their respective terms;

           

          (c)  None
            of
            the execution and delivery of this Agreement, the related Purchase Price
            and
            Terms Letter, the related Assignment and Conveyance, the sale of the
            Mortgage
            Loans to the Purchaser, the consummation of the transactions contemplated
            hereby, or the fulfillment of or compliance with the terms and conditions
            of
            this Agreement, the related Purchase Price and Terms Letter or the related
            Assignment and Conveyance will conflict with any of the terms, conditions
            or
            provisions of the Seller’s charter or by-laws or materially conflict with or
            result in a material breach of any of the terms, conditions or provisions
            of any
            legal restriction or any material agreement or instrument to which the
            Seller is
            now a party or by which it is bound, or constitute a default or result
            in an
            acceleration under any of the foregoing, or result in the material violation
            of
            any law, rule, regulation, order, judgment or decree to which the Seller
            or its
            property is subject;

           

          (d)  There
            is
            no litigation, suit, proceeding or investigation pending or, to the Seller’s
            knowledge, threatened, or any order or decree outstanding, which is reasonably
            likely to have a material adverse effect on the sale of the Mortgage
            Loans, the
            execution, delivery, performance or enforceability of this Agreement,
            the
            related Purchase Price and Terms Letter or the related Assignment and
            Conveyance, or which is reasonably likely to have a material adverse
            effect on
            the financial condition of the Seller;

           

          (e)  No
            consent, approval, authorization or order of any court or governmental
            agency or
            body is required for the execution, delivery and performance by the Seller
            of or
            compliance by the Seller with this Agreement, the related Purchase Price
            and
            Terms Letter and the related Assignment and Conveyance, except for consents,
            approvals, authorizations and orders which have been obtained;

           

          (f)  The
            consummation of the transactions contemplated by this Agreement, the
            related
            Purchase Price and Terms Letter and the related Assignment and Conveyance
            are in
            the ordinary course of business of the Seller, and the transfer, assignment
            and
            conveyance of the Mortgage Notes and the Mortgages by the Seller pursuant
            to
            this Agreement, the related Purchase Price and Terms Letter and the related
            Assignment and Conveyance are not subject to bulk transfer or any similar
            statutory provisions in effect in any applicable jurisdiction;

           

          (g)  The
            Seller has not used selection procedures that identified the Mortgage
            Loans as
            being less desirable or valuable than other comparable mortgage loans
            in the
            Seller’s portfolio at the Cut-off Date;

           

          (h)  The
            Seller will treat the sale of the Mortgage Loans to the Purchaser as
            a sale for
            reporting and accounting purposes and, to the extent appropriate, for
            federal
            income tax purposes;

           

          (i)  The
            Seller is an approved seller/servicer of residential mortgage loans for
            Fannie
            Mae or Freddie Mac and HUD, with such facilities, procedures and personnel
            necessary for the sound servicing of such mortgage loans. The Seller
            is duly
            qualified, licensed, registered and otherwise authorized under all applicable
            federal, state and local laws and regulations, meets the minimum capital
            requirements, if applicable, set forth by the OCC, and is in good standing
            to
            sell mortgage loans to and service mortgage loans for Fannie Mae or Freddie
            Mac
            and no event has occurred which would make the Seller unable to comply
            with
            eligibility requirements or which would require notification to either
            Fannie
            Mae or Freddie Mac;

           

          (j)  The
            Seller does not believe, nor does it have any cause or reason to believe,
            that
            it cannot perform each and every covenant contained in this Agreement
            and the
            related Purchase Price and Terms Letter. The Seller is solvent and the
            sale of
            the Mortgage Loans will not cause the Seller to become insolvent. The
            sale of
            the Mortgage Loans is not undertaken with the intent to hinder, delay
            or defraud
            any of the Seller’s creditors;

           

          (k)  No
            statement, tape, diskette, form, report or other document prepared by,
            or on
            behalf of, the Seller pursuant to this Agreement, the related Purchase
            Price and
            Terms Letter or in connection with the transactions contemplated hereby,
            contains or will contain any statement that is or will be inaccurate
            or
            misleading in any material respect;

           

          (l)  The
            Seller acknowledges and agrees that the Servicing Fee represents reasonable
            compensation for performing such services and that the entire Servicing
            Fee
            shall be treated by the Seller, for accounting and tax purposes, as compensation
            for the servicing and administration of the Mortgage Loans pursuant to
            this
            Agreement;

           

          (m)  The
            Seller has delivered to the Purchaser financial statements as to its
            last two
            complete fiscal years for which financial statements are available. All
            such
            financial statements fairly present the pertinent results of operations
            and
            changes in financial position for each of such periods and the financial
            position at the end of each such period of the Seller and its subsidiaries
            and
            have been prepared in accordance with GAAP consistently applied throughout
            the
            periods involved, except as set forth in the notes thereto. There has
            been no
            change in the business, operations, financial condition, properties or
            assets of
            the Seller since the date of the Seller’s financial statements that would have a
            material adverse effect on its ability to perform its obligations under
            this
            Agreement, the related Purchase Price and Terms Letter or the related
            Assignment
            and Conveyance;

           

          (n)  The
            Seller has not dealt with any broker, investment banker, agent or other
            person
            that may be entitled to any commission or compensation in connection
            with the
            sale of the Mortgage Loans; and

           

          (o)  The
            Seller is a member of MERS in good standing, and will comply in all material
            respects with the rules and procedures of MERS in connection with the
            servicing
            of the MERS Mortgage Loans for as long as such Mortgage Loans are registered
            with MERS.

           

          Section
            3.02.  Representations
            and Warranties as to Individual Mortgage Loans.

           

          The
            Seller hereby represents and warrants to the Purchaser, as to each Mortgage
            Loan, as of the related Closing Date as follows:

           

          (a)  The
            information set forth in the Mortgage Loan Schedule, including any diskette
            or
            other related data tapes delivered to the Purchaser, is complete, true
            and
            correct in all material respects as of the related Cut-off Date;

           

          (b)  With
            respect to a first lien Mortgage Loan that is not a Co-op Loan, the Mortgage
            creates a first lien or a first priority ownership interest in an estate
            in fee
            simple in real property securing the related Mortgage Note. With respect
            to a
            first lien Mortgage Loan that is a Co-op Loan, the Mortgage creates a
            first lien
            or a first priority ownership interest in the stock ownership and leasehold
            rights associated with the cooperative unit securing the related Mortgage
            Note;

           

          (c)  With
            respect to a second lien Mortgage Loan that is not a Co-op Loan, the
            Mortgage
            creates a second lien or a second priority ownership interest in an estate
            in
            fee simple in real property securing the related Mortgage Note. With
            respect to
            a second lien Mortgage Loan that is a Co-op Loan, the Mortgage creates
            a second
            lien or a second priority ownership interest in the stock ownership and
            leasehold rights associated with the cooperative unit securing the related
            Mortgage Note;

           

          (d)  All
            payments due on or prior to the related Cut-off Date for such Mortgage
            Loan have
            been made as of the related Closing Date, the Mortgage Loan is not delinquent
            thirty (30) days or more in payment and has not been dishonored; there
            are no
            material defaults under the terms of the Mortgage Loan; the Seller has
            not
            advanced funds, or induced, solicited or knowingly received any advance
            of funds
            from a party other than the owner of the Mortgaged Property subject to
            the
            Mortgage, directly or indirectly, for the payment of any amount required
            by the
            Mortgage Loan; as to each Mortgage Loan, there has been no thirty (30)
            day
            delinquency during the immediately preceding twelve-month period;

           

          (e)  All
            taxes, governmental assessments, insurance premiums, water, sewer and
            municipal
            charges, leasehold payments or ground rents which previously became due
            and
            owing have been paid, or escrow funds have been established in an amount
            sufficient to pay for every such escrowed item which remains unpaid and
            which
            has been assessed but is not yet due and payable;

           

          (f)  The
            terms
            of the Mortgage Note and the Mortgage have not been impaired, waived,
            altered or
            modified in any respect, except by written instruments which have been
            recorded
            to the extent any such recordation is required by law, or, necessary
            to protect
            the interest of the Purchaser. No instrument of waiver, alteration or
            modification has been executed in connection with such Mortgage Loan,
            and no
            Mortgagor has been released, in whole or in part, from the terms thereof
            except
            in connection with an assumption agreement and which assumption agreement
            is
            part of the Mortgage File and the terms of which are reflected in the
            Mortgage
            Loan Schedule; the substance of any such waiver, alteration or modification
            has
            been approved by the issuer of any related Primary Mortgage Insurance
            Policy and
            title insurance policy, to the extent required by the related
            policies;

           

          (g)  The
            Mortgage Note and the Mortgage are not subject to any right of rescission,
            set-off, counterclaim or defense, including, without limitation, the
            defense of
            usury, nor will the operation of any of the terms of the Mortgage Note
            or the
            Mortgage, or the exercise of any right thereunder, render the Mortgage
            Note or
            Mortgage unenforceable, in whole or in part, or subject to any right
            of
            rescission, set-off, counterclaim or defense, including the defense of
            usury,
            and no such right of rescission, set-off, counterclaim or defense has
            been
            asserted with respect thereto;

           

          (h)  All
            buildings or other customarily insured improvements upon the Mortgaged
            Property
            are insured by an insurer acceptable under the Fannie Mae Guides, against
            loss
            by fire, hazards of extended coverage and such other hazards as are provided
            for
            in the Fannie Mae Guides or by Freddie Mac, as well as all additional
            requirements set forth in Section 4.10 of this Agreement. All such standard
            hazard policies are in full force and effect and on the date of origination
            contained a standard mortgagee clause naming the Seller and its successors
            in
            interest and assigns as loss payee and such clause is still in effect
            and all
            premiums due thereon have been paid. If required by the Flood Disaster
            Protection Act of 1973, as amended, the Mortgage Loan is covered by a
            flood
            insurance policy meeting the requirements of the current guidelines of
            the
            Federal Insurance Administration which policy conforms to Fannie Mae
            and Freddie
            Mac requirements, as well as all additional requirements set forth in
            Section
            4.10 of this Agreement. Such policy was issued by an insurer acceptable
            under
            Fannie Mae or Freddie Mac guidelines. The Mortgage obligates the Mortgagor
            thereunder to maintain all such insurance at the Mortgagor’s cost and expense,
            and upon the Mortgagor’s failure to do so, authorizes the holder of the Mortgage
            to maintain such insurance at the Mortgagor’s cost and expense and to seek
            reimbursement therefor from the Mortgagor;

           

          (i)  Any
            and
            all requirements of any federal, state or local law including, without
            limitation, usury, truth-in-lending, real estate settlement procedures,
            consumer
            credit protection, equal credit opportunity or disclosure laws applicable
            to the
            Mortgage Loan have been complied with in all material respects;

           

          (j)  The
            Mortgage has not been satisfied, canceled or subordinated, in whole or
            in part,
            or rescinded, and the Mortgaged Property has not been released from the
            lien of
            the Mortgage, in whole or in part nor has any instrument been executed
            that
            would effect any such release, cancellation, subordination or rescission.
            The
            Seller has not waived the performance by the Mortgagor of any action,
            if the
            Mortgagor’s failure to perform such action would cause the Mortgage Loan to be
            in default, nor has the Seller waived any default resulting from any
            action or
            inaction by the Mortgagor;

           

          (k)  With
            respect to any first lien Mortgage Loan, the related Mortgage is a valid,
            subsisting, enforceable and perfected first lien on the Mortgaged Property
            and,
            with respect to any second lien Mortgage Loan, the related Mortgage is
            a valid,
            subsisting, enforceable and perfected second lien on the Mortgaged Property,
            including for Mortgage Loans that are not Co-op Loans, all buildings
            on the
            Mortgaged Property and all installations and mechanical, electrical,
            plumbing,
            heating and air conditioning systems affixed to such buildings, and all
            additions, alterations and replacements made at any time with respect
            to the
            foregoing securing the Mortgage Note’s original principal balance. The Mortgage
            and the Mortgage Note do not contain any evidence of any security interest
            or
            other interest or right thereto. Such lien is free and clear of all adverse
            claims, liens and encumbrances having priority over the first or second
            lien, as
            applicable, of the Mortgage subject only to (1) with respect to any second
            lien
            Mortgage Loan, the related First Lien, (2) the lien of non-delinquent
            current
            real property taxes and assessments not yet due and payable, (3) covenants,
            conditions and restrictions, rights of way, easements and other matters
            of the
            public record as of the date of recording which are acceptable to mortgage
            lending institutions generally and either (A) which are referred to or
            otherwise
            considered in the appraisal made for the originator of the Mortgage Loan,
            or (B)
            which do not adversely affect the appraised value of the Mortgaged Property
            as
            set forth in such appraisal, and (4) 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 the Mortgage or the use, enjoyment,
            value or
            marketability of the related Mortgaged Property. Any security agreement,
            chattel
            mortgage or equivalent document related to and delivered in connection
            with the
            Mortgage Loan establishes and creates (1) with respect to any first lien
            Mortgage Loan, a valid, subsisting, enforceable and perfected first lien
            and
            first priority security interest and (2) with respect to any second lien
            Mortgage Loan, a valid, subsisting, enforceable and perfected second
            lien and
            second priority security interest, in each case, on the property described
            therein, and the Seller has the full right to sell and assign the same
            to the
            Purchaser;

           

          (l)  The
            Mortgage Note and the related Mortgage are original and genuine and each
            is the
            legal, valid and binding obligation of the maker thereof, enforceable
            in all
            respects in accordance with its terms, except as such enforcement may
            be limited
            by bankruptcy, insolvency, moratorium, reorganization and other laws
            of general
            application affecting the rights of creditors generally
            and the equitable remedy of specific performance and by
            general equitable principles. All parties to the Mortgage Note and the
            related
            Mortgage had the legal capacity to enter into the Mortgage Loan and to
            execute
            and deliver the Mortgage Note and the related Mortgage. The Mortgage
            Note and
            the related Mortgage have been duly and properly executed by such parties.
            To
            the Seller’s knowledge, no fraud, error, omission, misrepresentation, negligence
            or similar occurrence with respect to a Mortgage Loan has taken place
            on the
            part of Seller, the Mortgagor or any other party involved in the origination
            of
            the Mortgage Loan. The proceeds of the Mortgage Loan have been fully
            disbursed
            and there is no requirement for future advances thereunder, and any and
            all
            requirements as to completion of any on-site or off-site improvements
            and as to
            disbursements of any escrow funds therefor have been complied with. All
            costs,
            fees and expenses incurred in making or closing the Mortgage Loan and
            the
            recording of the Mortgage were paid or are in the process of being paid,
            and the
            Mortgagor is not entitled to any refund of any amounts paid or due under
            the
            Mortgage Note or related Mortgage;

           

          (m)  Except
            with respect to MERS Mortgage Loans, the Seller or its affiliate is the
            sole
            owner of record and holder of the Mortgage Loan and the indebtedness
            evidenced
            by the Mortgage Note, and upon recordation the Purchaser or its designee
            will be
            the owner of record of the Mortgage and the indebtedness evidenced by
            the
            Mortgage Note, and upon the sale of the Mortgage Loan to the Purchaser,
            the
            Seller will retain the Servicing File in trust for the Purchaser only
            for the
            purpose of servicing and supervising the servicing of the Mortgage Loan.
            Immediately prior to the transfer and assignment to the Purchaser on
            the related
            Closing Date, the Mortgage Loan, including the Mortgage Note and the
            Mortgage,
            were not subject to an assignment or pledge, and the Seller had good
            and
            marketable title to and was the sole owner thereof and had full right
            to
            transfer and sell the Mortgage Loan to the Purchaser free and clear of
            any
            encumbrance, equity, lien, pledge, charge, claim or security interest
            and has
            the full right and authority subject to no interest or participation
            of, or
            agreement with, any other party, to sell and assign the Mortgage Loan
            pursuant
            to this Agreement and following the sale of the Mortgage Loan, the Purchaser
            will own such Mortgage Loan free and clear of any encumbrance, equity,
            participation interest, lien, pledge, charge, claim or security interest.
            The
            Seller intends to relinquish all rights to possess, control and monitor
            the
            Mortgage Loan, except for the purposes of servicing the Mortgage Loan
            as set
            forth in this Agreement;

           

          (n)  Each
            Mortgage Loan that is not a Co-op Loan is covered by an ALTA lender’s title
            insurance policy or other generally acceptable form of policy or insurance
            acceptable to Fannie Mae or Freddie Mac, issued by a title insurer acceptable
            to
            Fannie Mae or Freddie Mac and qualified to do business in the jurisdiction
            where
            the Mortgaged Property is located, insuring (subject to the exceptions
            contained
            in (k)(1), (2), (3) and (4) above) the Seller, its successors and assigns,
            as to
            the first or second priority lien, as applicable, of the Mortgage in
            the
            original principal amount of the Mortgage Loan. Where required by applicable
            state law or regulation, the Mortgagor has been given the opportunity
            to choose
            the carrier of the required mortgage title insurance. The Seller, its
            successors
            and assigns, are the sole insureds of such lender’s title insurance policy, such
            title insurance policy has been duly and validly endorsed to the Purchaser
            or
            the assignment to the Purchaser of the Seller’s interest therein does not
            require the consent of or notification to the insurer and such lender’s title
            insurance policy is in full force and effect and will be in full force
            and
            effect upon the consummation of the transactions contemplated by this
            Agreement
            and the related Purchase Price and Terms Letter. 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;

           

          (o)  There
            is
            no default, breach, violation or event of acceleration existing under
            the
            Mortgage or the related Mortgage Note and no event which, with the passage
            of
            time or with notice and the expiration of any grace or cure period, would
            constitute a default, breach, violation or event permitting acceleration;
            and
            neither the Seller nor, any prior mortgagee has waived any default, breach,
            violation or event permitting acceleration. With respect to each second
            lien
            Mortgage Loan, (i) the First Lien is in full force and effect, (ii) there
            is no
            default, breach, violation or event of acceleration existing under such
            prior
            mortgage or the related mortgage note, (iii) no event which, with the
            passage of
            time or with notice and the expiration of any grace or cure period, would
            constitute a default, breach, violation or event of acceleration thereunder,
            and
            either (A) the prior mortgage contains a provision which allows or (B)
            applicable law requires, the mortgagee under the second lien Mortgage
            Loan to
            receive notice of, and affords such mortgagee an opportunity to cure
            any default
            by payment in full or otherwise under the prior mortgage;

           

          (p)  There
            are
            no mechanics’ or similar liens or claims which have been filed for work, labor
            or material (and no rights are outstanding that under law could give
            rise to
            such liens) affecting the related Mortgaged Property which are or may
            be liens
            prior to or equal to the lien of the related Mortgage, which are not
            insured
            against by the title insurance policy referenced in paragraph (n) above;
            

           

          (q)  All
            improvements subject to the Mortgage which were considered in determining
            the
            Appraised Value of the Mortgaged Property lie wholly within the boundaries
            and
            building restriction lines of the Mortgaged Property (and wholly within
            the
            project with respect to a condominium unit) and no improvements on adjoining
            properties encroach upon the Mortgaged Property except those which are
            insured
            against by the title insurance policy referred to in clause (n) above
            and all
            improvements on the property comply with all applicable zoning and subdivision
            laws and ordinances;

           

          (r)  The
            Mortgage Loan was originated by or for the Seller. The Mortgage Loan
            complies
            with the terms, conditions and requirements of the Underwriting Standards
            in all
            material respects. The Mortgage Notes and Mortgages (exclusive of any
            riders)
            are on forms generally acceptable to Fannie Mae or Freddie Mac. The Mortgage
            Loan bears interest at the Mortgage Interest Rate set forth in the related
            Mortgage Loan Schedule, and Monthly Payments under the Mortgage Note
            are due and
            payable on the first day of each month. The Mortgage contains the usual
            and
            enforceable provisions of the originator at the time of origination for
            the
            acceleration of the payment of the unpaid principal amount of the Mortgage
            Loan
            if the related Mortgaged Property is sold without the prior consent of
            the
            mortgagee thereunder; 

           

          (s)  
            At
            origination of the Mortgage Loan and as of each related Closing Date,
            the
            related Mortgaged Property was free of material damage and waste. At
            origination
            of the Mortgage Loan and as of each related Closing Date, there was no
            proceeding pending for the total or partial condemnation of the Mortgaged
            Property; 

           

          (t)  The
            related Mortgage contains customary and enforceable provisions such as
            to render
            the rights and remedies of the holder thereof adequate for the realization
            against the Mortgaged Property of the benefits of the security provided
            thereby.
            There is no homestead or other exemption available to the Mortgagor which
            would
            interfere with the right to sell the Mortgaged Property at a trustee’s sale or
            the right to foreclose the Mortgage subject to applicable federal and
            state laws
            and judicial precedent with respect to bankruptcy and right of
            redemption;

           

          (u)  If
            the
            Mortgage constitutes a deed of trust, a trustee, authorized and duly
            qualified
            if required under applicable law to act as such, has been properly designated
            and currently so serves and is named in the Mortgage, and no fees or
            expenses,
            except as may be required by local law, are or will become payable by
            the
            Purchaser to the trustee under the deed of trust, except in connection
            with a
            trustee’s sale or attempted sale after default by the Mortgagor;

           

          (v)  If
            required by the applicable processing style, the Mortgage File contains
            an
            appraisal of the related Mortgaged Property signed prior to the final
            approval
            of the mortgage loan application by a Qualified Appraiser. The appraisal
            is in a
            form acceptable to Fannie Mae or Freddie Mac;

           

          (w)  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) (A) in compliance with any and all
            applicable licensing requirements of the laws of the state wherein the
            Mortgaged
            Property is located, and (B) (1) organized under the laws of such state,
            or (2)
            qualified to do business in such state, or (3) federal savings and loan
            associations or national banks or a Federal Home Loan Bank or savings
            bank
            having principal offices in such state, or (4) not doing business in
            such
            state;

           

          (x)  The
            related Mortgage Note is not and has not been secured by any collateral
            except
            the lien of the corresponding Mortgage and the security interest of any
            applicable security agreement or chattel mortgage referred to in clause
            (k)
            above and such collateral does not serve as security for any other
            obligation;

           

          (y)  The
            Mortgage Loan does not contain balloon or “graduated payment” features; to the
            extent any Mortgage Loan contains any buydown provision, such buydown
            funds have
            been maintained and administered in accordance with, and such Mortgage
            Loan
            otherwise complies with, Fannie Mae or Freddie Mac requirements relating
            to
            buydown loans;

           

          (z)  The
            Mortgagor was not in bankruptcy or insolvent as of the date of origination
            of
            the Mortgage Loan or as of each related Closing Date;

           

          (aa)  Each
            Fixed Rate Mortgage Loan has an original term to maturity of not more
            than
            thirty (30) years, with interest calculated and payable in arrears on
            the first
            day of each month in equal monthly installments of principal and interest.
            Except with respect to Interest Only Mortgage Loans, each Mortgage Note
            requires
            a monthly payment which is sufficient to fully amortize the original
            principal
            balance of the Mortgage Loan fully by the stated maturity date, over
            an original
            term of not more than thirty (30) years and to pay interest at the related
            Mortgage Interest Rate; provided,
            however,
            in the
            case of a balloon Mortgage Loan, the Mortgage Loan matures at least five
            (5)
            years after the first payment date thereby requiring a final payment
            of the
            outstanding principal balance prior to the full amortization of the Mortgage
            Loan. No Mortgage Loan contains terms or provisions which would result
            in
            negative amortization;

           

          (bb)  If
            a
            Mortgage Loan has an LTV greater than 80%, the portion of the principal balance
            of such Mortgage Loan in excess of the portion of the Appraisal Value
            of the
            Mortgaged Property required by Fannie Mae, is and will be insured as
            to payment
            defaults by a Primary Mortgage Insurance Policy issued by a Qualified
            Insurer.
            All provisions of such Primary Mortgage Insurance Policy have been and
            are being
            complied with, such policy is in full force and effect, and all premiums
            due
            thereunder have been paid. No action, inaction, or event has occurred
            and no
            state of facts exists that has, or will result in the exclusion from,
            denial of,
            or defense to coverage. Any Mortgage Loan subject to a Primary Mortgage
            Insurance Policy obligates the Mortgagor thereunder to maintain the Primary
            Mortgage Insurance Policy and to pay all premiums and charges in connection
            therewith. The mortgage interest rate for the Mortgage Loan as set forth
            on the
            related Mortgage Loan Schedule is net of any such insurance
            premium;

           

          (cc)  The
            Assignment of Mortgage is in recordable form and is acceptable for recording
            under the laws of the jurisdiction in which the Mortgaged Property is
            located;

           

          (dd)  As
            to
            Mortgage Loans that are not Co-op Loans and that are not secured by an
            interest
            in a leasehold estate, the Mortgaged Property is located in the state
            identified
            in the related Mortgage Loan Schedule and consists of a single parcel
            of real
            property with a detached single family residence erected thereon, or
            a
            townhouse, or a two-to four-family dwelling, or an individual condominium
            unit
            in a condominium project, or an individual unit in a planned unit development
            or
            a de minimis planned unit development, provided,
            however,
            that no
            residence or dwelling is a mobile home. As of the date of origination,
            no
            portion of the Mortgaged Property was used for commercial purposes, and,
            since
            the date of origination no portion of the Mortgaged Property has been
            used for
            commercial purposes, except as permitted under the Underwriting
            Standards;

           

          (ee)  Except
            with respect to Interest Only Mortgage Loans, principal payments on the
            Mortgage
            Loan commenced no more than sixty (60) days after the funds were disbursed
            in
            connection with such Mortgage Loan;

           

          (ff)  Unless
            otherwise noted on the Mortgage Loan Schedule, no Mortgage Loan imposes
            a
            prepayment penalty;

           

          (gg)  As
            of the
            date of origination of the Mortgage Loan, the Mortgaged Property was
            lawfully
            occupied under applicable law, and all inspections, licenses and certificates
            required to be made or issued with respect to all occupied portions of
            the
            Mortgaged Property and, with respect to the use and occupancy of the
            same,
            including but not limited to certificates of occupancy and fire underwriting
            certificates, have been made or obtained from the appropriate
            authorities;

           

          (hh)  If
            the
            Mortgaged Property is a condominium unit or a planned unit development
            (other
            than a de minimis planned unit development), or stock in a cooperative
            housing
            corporation, such condominium, cooperative or planned unit development
            project
            meets the Seller’s eligibility requirements as set forth in Underwriting
            Standards;

           

          (ii)  To
            the
            Seller’s knowledge, there is no pending action or proceeding directly involving
            the Mortgaged Property in which compliance with any environmental law,
            rule or
            regulation is an issue and there is no violation of any environmental
            law, rule
            or regulation with respect to the Mortgaged Property. The Seller has
            not
            received any notice of any environmental hazard on the Mortgaged
            Property;

           

          (jj)  The
            related Mortgagor has not notified the Seller, and the Seller has no
            knowledge
            of any relief requested or allowed to the Mortgagor under the Servicemembers
            Civil Relief Act;

           

          (kk)  No
            action
            has been taken or failed to be taken by the Seller on or prior to the
            related
            Closing Date which has resulted or will result in an exclusion from,
            denial of,
            or defense to coverage under any Primary Mortgage Insurance Policy (including,
            without limitation, any exclusions, denials or defenses which would limit
            or
            reduce the availability of the timely payment of the full amount of the
            loss
            otherwise due thereunder to the insured) whether arising out of actions,
            representations, errors, omissions, negligence, or fraud of the Seller,
            or for
            any other reason under such coverage;

           

          (ll)  Each
            Mortgage Loan has been serviced in all material respects in compliance
            with
            Accepted Servicing Practices and applicable state and federal laws, including,
            without limitation, the Federal Truth-In-Lending Act and other consumer
            protection laws, real estate settlement procedures, usury, equal credit
            opportunity and disclosure laws;

           

          (mm)  With
            respect to each Co-op Loan, the related Mortgage is a valid, enforceable
            and
            subsisting first security interest on the related cooperative shares
            securing
            the related cooperative note, subject only to (a) liens of the cooperative
            for
            unpaid assessments representing the Mortgagor’s pro rata share of the
            cooperative’s payments for its blanket mortgage, current and future real
            property taxes, insurance premiums, maintenance fees and other assessments
            to
            which like collateral is commonly subject and (b) other matters to which
            like
            collateral is commonly subject which do not materially interfere with
            the
            benefits of the security intended to be provided by the Security Agreement.
            There are no liens against or security interest in the cooperative shares
            relating to each Co-op Loan (except for unpaid maintenance, assessments
            and
            other amounts owed to the related cooperative which individually or in
            the
            aggregate will not have a material adverse effect on such Co-op Loan),
            which
            have priority over the Seller’s security interest in such cooperative
            shares;

           

          (nn)  With
            respect to each Co-op Loan, a search for filings of financing statements
            has
            been made by a company competent to make the same, which company is acceptable
            to Fannie Mae and qualified to do business in the jurisdiction where
            the
            cooperative unit is located, and such search has not found anything which
            would
            materially and adversely affect the Co-op Loan;

           

          (oo)  With
            respect to each Co-op Loan, the related cooperative corporation that
            owns title
            to the related cooperative apartment building is a “cooperative housing
            corporation” within the meaning of Section 216 of the Code, and is in material
            compliance with applicable federal, state and local laws which, if not
            complied
            with, could have a material adverse effect on the Mortgaged
            Property;

           

          (pp)  With
            respect to each Co-op Loan, there is no prohibition against pledging
            the shares
            of the cooperative corporation or assigning the Co-op Lease;

           

          (qq)  The
            Mortgage Loan was originated by a mortgagee approved by the Secretary
            of Housing
            and Urban Development pursuant to sections 203 and 211 of the National
            Housing
            Act, a savings and loan association, a savings bank, a commercial bank,
            credit
            union, insurance company or similar institution which is supervised and
            examined
            by a federal or state authority;

           

          (rr)  With
            respect to any ground lease to which a Mortgaged Property may be subject:
            (i) a
            true, correct and complete copy of the ground lease and all amendments,
            modifications and supplements thereto is included in the Servicing File,
            and the
            Mortgagor is the owner of a valid and subsisting leasehold interest under
            such
            ground lease; (ii) such ground lease is in full force and effect, unmodified
            and
            not supplemented by any writing or otherwise except as contained in the
            Mortgage
            File; (iii) all rent, additional rent and other charges reserved therein
            have
            been fully paid to the extent payable as of the related Closing Date;
            (iv) the
            Mortgagor enjoys the quiet and peaceful possession of the leasehold estate,
            subject to any sublease; (v) the Mortgagor is not in default under any
            of the
            terms of such ground lease, and there are no circumstances which, with
            the
            passage of time or the giving of notice, or both, would result in a default
            under such ground lease; (vi) the lessor under such ground lease is not
            in
            default under any of the terms or provisions of such ground lease on
            the part of
            the lessor to be observed or performed; (vii) the lessor under such ground
            lease
            has satisfied any repair or construction obligations due as of the related
            Closing Date pursuant to the terms of such ground lease; (viii) the execution,
            delivery and performance of the Mortgage do not require the consent (other
            than
            those consents which have been obtained and are in full force and effect)
            under,
            and will not contravene any provision of or cause a default under, such
            ground
            lease; (ix) the ground lease term extends beyond the maturity date of
            the
            related Mortgage Loan; and (x) the Purchaser has the right to cure defaults
            on
            the ground lease;

           

          (ss)  With
            respect to any broker fees collected and paid on any of the Mortgage
            Loans, all
            broker fees have been properly assessed to the borrower and no claims
            will arise
            as to broker fees that are double charged and for which the borrower
            would be
            entitled to reimbursement;

           

          (tt)  Each
            Mortgage Loan constitutes a “qualified mortgage” under
            Section 860G(a)(3)(A) of the Code and Treasury Regulations Section
            1.860G-2(a)(1);

           

          (uu)  Except
            as
            provided in Section 2.07, the Mortgage Note, the Mortgage, the Assignment
            of
            Mortgage and the other documents set forth in Exhibit
            A-1
            and
            required to be delivered on the related Closing Date have been delivered
            to the
            Purchaser or its designee;

           

          (vv)  All
            information supplied by, on behalf of, or concerning the Mortgagor is
            true,
            accurate and complete and does not contain any statement that is or will
            be
            inaccurate or misleading in any material respect;

           

          (ww)  The
            Mortgagor has executed a statement to the effect that the Mortgagor has
            received
            all disclosure materials required by applicable law with respect to the
            making
            of adjustable rate mortgage loans. The Seller shall maintain such statement
            in
            the Servicing File;

           

          (xx)  No
            Mortgage Loan had a Loan-to-Value Ratio at the time of origination of
            more than
            100%. No second lien Mortgage Loan has an Equity LTV in excess of
            100%;

           

          (yy)  Either
            (a) no consent for the second lien Mortgage Loan is required by the holder
            of
            the related First Lien or (b) such consent has been obtained and is contained
            in
            the Mortgage File;

           

          (zz)  With
            respect to any second lien Mortgage Loan, the Seller has not received
            notice of:
            (1) any proceeding for the total or partial condemnation of any Mortgaged
            Property, (2) any subsequent, intervening mortgage, lien, attachment,
            lis
            pendens or other encumbrance affecting any Mortgaged Property or (3)
            any default
            under any mortgage, lien or other encumbrance senior to each
            Mortgage;

           

          (aaa)  No
            second
            lien Mortgage Loan is a “home equity line of credit”;

           

          (bbb)  As
            of the
            Closing Date, the Seller has not received a notice of default of a First
            Lien
            which has not been cured;

           

          (ccc)  No
            First
            Lien provides for negative amortization; 

           

          (ddd)  No
            Mortgage Loan is (i) classified as a “high cost” mortgage loan under the Home
            Ownership and Equity Protection Act of 1994, as amended, nor is any Mortgage
            Loan a “high cost home,” “covered”, “high risk home” or “predatory” loan under
            any applicable state, federal or local law (or a similarly classified
            loan using
            different terminology under an applicable law imposing heightened regulatory
            scrutiny or additional legal liability for residential mortgage loans
            having
            high interest rates, points and/or fees), (ii) subject to the New
            Jersey Home Ownership Security Act of 2002 (the “Act”),
            unless such Mortgage Loan is a (1) “Home Loan” as defined in the Act that is a
            first lien Mortgage Loan, which is not a “High Cost Home Loan” as defined in the
            Act or (2) “Covered Home Loan” as defined in the Act that is a first lien
            purchase money Mortgage Loan, which is not a High Cost Home Loan under
            the Act,
            or (iii) secured by Mortgaged Property in the Commonwealth of Massachusetts
            with
            a loan application date on or after November 7, 2004 that refinances
            a mortgage
            loan that is less than sixty (60) months old, unless such Mortgage Loan
            (a) is
            on an investment property, (b) meets the requirements set forth in the
            Code of
            Massachusetts Regulation (“CMR”),
            209 CMR 53.04(1)(b), or (c) meets the requirements set forth in the 209
            CMR
            53.04(1)(c). In addition to and notwithstanding anything to the contrary
            herein,
            no Mortgage Loan for which the Mortgaged Property is located in New Jersey
            is a
“Home Loan” as defined in the Act that was made, arranged, or assigned by a
            person selling either a manufactured home or home improvements to the
            Mortgaged
            Property or was made by an originator to whom the Mortgagor was referred
            by any
            such seller;

           

          (eee)  None
            of
            the proceeds of the Mortgage Loan were used to finance single-premium
            credit
            insurance policies;

           

          (fff)  With
            respect to any Mortgage Loan which is a Texas Home Equity Loan, any and
            all
            requirements of Section 50, Article XVI of the Texas Constitution applicable
            to
            Texas Home Equity Loans which were in effect at the time of the origination
            of
            the Mortgage Loan have been complied with; 

           

          (ggg)  There
            is
            no Mortgage Loan originated on or after October 1, 2002 and prior to
            March 7,
            2003 and secured by a Mortgaged Property located in the State of Georgia;
            

           

          (hhh)  The
            origination and servicing practices with respect to each Mortgage Note
            and
            Mortgage have been legal and in accordance with applicable laws and regulations,
            and in all material respects proper and prudent in the mortgage origination
            and
            servicing business. With respect to escrow deposits and payments that
            the Seller
            is entitled to collect, all such payments are in the possession of, or
            under the
            control of, the Seller, and there exist no deficiencies in connection
            therewith
            for which customary arrangements for repayment thereof have not been
            made. All
            escrow payments have been collected and are being maintained in full
            compliance
            with applicable state and federal law and the provisions of the related
            Mortgage
            Note and Mortgage. As to any Mortgage Loan that is the subject of an
            escrow,
            escrow of funds is not prohibited by applicable law and has been established
            in
            an amount sufficient to pay for every escrowed item that remains unpaid
            and has
            been assessed but is not yet due and payable. No escrow deposits or other
            charges or payments due under the Mortgage Note have been capitalized
            under any
            Mortgage or the related Mortgage Note. All Mortgage Interest Rate adjustments
            have been made in strict compliance with state and federal law and the
            terms of
            the related Mortgage Note. Any interest required to be paid pursuant
            to state
            and local law has been properly paid and credited; 

           

          (iii)  No
            Mortgage Loan is a Convertible Mortgage Loan; 

           

          (jjj)  The
            Seller will
            transmit full-file credit reporting data for each Mortgage Loan pursuant
            to the
            Fannie Mae Selling Guide and that for each Mortgage Loan, the Company
            agrees it
            shall report one of the following statuses each month as follows: new
            origination, current, delinquent (30-, 60-, 90-days, etc.), foreclosed,
            or
            charged-off;

           

          (kkk)  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; 

           

          (lll)  No
            borrower was required to purchase any credit life, disability, accident
            or
            health insurance product as a condition of obtaining the extension of
            credit. No
            borrower obtained a prepaid single-premium credit life, disability, accident
            or
            health insurance policy in connection with the origination of the Mortgage
            Loan;
            no proceeds from any Mortgage Loan were used to purchase single premium
            credit
            insurance policies as part of the origination of, or as a condition to
            closing,
            such Mortgage Loan;

           

          (mmm)  No
            borrower was encouraged or required to select a Mortgage Loan product
            offered by
            the Mortgage Loan’s originator which is a higher cost product designed for less
            creditworthy borrowers, unless at the time of the Mortgage Loan’s origination,
            such borrower did not qualify taking into account credit history and
            debt-to-income ratios for a lower-cost credit product then offered by
            the
            Mortgage Loan’s originator or any affiliate of the Mortgage Loan’s originator;
            and

           

          (nnn)  With
            respect to any Mortgage Loan that contains a provision permitting imposition
            of
            a premium upon a prepayment prior to maturity: (i) prior to the loan’s
            origination, the borrower agreed to such premium in exchange for a monetary
            benefit, including but not limited to a rate or fee reduction, (ii) prior
            to the
            loan’s origination, the borrower was offered the option of obtaining a mortgage
            loan that did not require payment of such a premium, (iii) the prepayment
            premium is disclosed to the borrower in the loan documents pursuant to
            applicable state and federal law, and (iv) notwithstanding any state
            or federal
            law to the contrary, the Servicer shall not impose such prepayment premium
            in
            any instance when the mortgage debt is accelerated as the result of the
            borrower’s default in making the loan payments. 

           

          Section
            3.03.  Repurchase.

           

          It
            is
            understood and agreed that the representations and warranties set forth
            in
            Sections 3.01 and 3.02 shall survive the sale of the Mortgage Loans and
            delivery
            of the Mortgage File to the Purchaser, or its designee, and shall inure
            to the
            benefit of the Purchaser, notwithstanding any restrictive or qualified
            endorsement on any Mortgage Note or Assignment of Mortgage or the examination,
            or lack of examination, of any Mortgage Loan Document. Upon discovery
            by the
            Seller or the Purchaser of a breach of any of the foregoing representations
            and
            warranties which materially and adversely affects the value of the Mortgage
            Loans or the interest of the Purchaser in any Mortgage Loan, the party
            discovering such breach shall give prompt written notice to the others.
            The
            Seller shall have a period of ninety (90) days from the earlier of its
            discovery
            or its receipt of notice of any such breach within which to correct or
            cure such
            breach. The Seller hereby covenants and agrees that if any such breach
            is not
            corrected or cured within such ninety (90) day period, the Seller shall,
            at the
            Purchaser’s option, repurchase such Mortgage Loan at the Repurchase Price. In
            the event that any such breach shall involve any representation or warranty
            set
            forth in Section 3.01, and such breach is not cured within ninety (90) days
            of the earlier of either discovery by or notice to the Seller of such
            breach,
            all affected Mortgage Loans shall, at the option of the Purchaser, be
            repurchased by the Seller at the Repurchase Price. Any such repurchase
            shall be
            accomplished by deposit in the Custodial Account of the amount of the
            Repurchase
            Price.

           

          If
            pursuant to the foregoing provisions the Seller repurchases a Mortgage
            Loan that
            is a MERS Mortgage Loan, the Seller shall either (i) cause MERS to execute
            and
            deliver an assignment of the Mortgage in recordable form to transfer
            the
            Mortgage from MERS to the Seller and shall cause such Mortgage to be
            removed
            from registration on the MERS® System in accordance with MERS’ rules and
            regulations or (ii) cause MERS to designate on the MERS® System the Seller as
            the beneficial holder of such Mortgage Loan.

           

          It
            is
            understood and agreed that the obligation of the Seller set forth in
            this
            Section 3.03 to cure or repurchase a defective Mortgage Loan, and to
            indemnify
            Purchaser pursuant to Section 7.01, constitutes the sole remedies of
            the
            Purchaser respecting a breach of the foregoing representations and warranties.
            If the Seller fails to repurchase or substitute for a defective Mortgage
            Loan in
            accordance with this Section 3.03, or fails to cure a defective Mortgage
            Loan to
            Purchaser’s reasonable satisfaction in accordance with this Section 3.03, or to
            indemnify Purchaser pursuant to Section 7.01, that failure shall, upon
            compliance by the Purchaser with the next to the last paragraph of this
            Section
            3.03, be an Event of Default and the Purchaser shall be entitled to pursue
            all
            available remedies. No provision of this paragraph shall affect the rights
            of
            the Purchaser to terminate this Agreement for cause, as set forth in
            Sections
            8.01 and 9.01.

           

          Any
            cause
            of action against the Seller relating to or arising out of the breach
            of any
            representations and warranties made in Sections 3.01 and 3.02 shall accrue
            as to
            any Mortgage Loan upon (i) the earlier of discovery of such breach by
            the Seller
            or notice thereof by the Purchaser to the Seller, (ii) failure by the
            Seller to
            cure such breach or repurchase such Mortgage Loan as specified above,
            and (iii)
            demand upon the Seller by the Purchaser for compliance with this
            Agreement.

           

          In
            the
            event that any Mortgage Loan is held by a REMIC, notwithstanding any
            contrary
            provision of this Agreement, with respect to any Mortgage Loan that is
            not in
            default or as to which no default is imminent, Purchaser may, in connection
            with
            any repurchase or substitution of a Defective Mortgage Loan pursuant
            to this
            Section 3.03, require that the Seller deliver, at the Seller’s expense, an
            Opinion of Counsel to the effect that such repurchase or substitution
            will not
            (i) result in the imposition of taxes on “prohibited transactions” of such REMIC
            (as defined in Section 860F of the Code) or otherwise subject the REMIC
            to tax,
            or (ii) cause the REMIC to fail to qualify as a REMIC at any
            time.

           

          Section
            3.04.  Purchase
            Price Protection.

           

          With
            respect to any Mortgage Loan that prepays in full during the first month
            following the related Closing Date or as otherwise set forth in the related
            Purchase Price and Terms Letter or Assignment and Conveyance, the Seller
            shall
            reimburse the Purchaser the amount (if any) by which the Purchase Price
            paid by
            the Purchaser to the Seller exceeded 100% of the outstanding scheduled
            principal
            balance of the Mortgage Loan as of the related Cut-off Date, within thirty
            (30)
            days of such payoff. Upon any assignment of a Mortgage Loan and/or this
            Agreement, the Purchaser may at its option retain its rights under this
            Section
            3.04 notwithstanding such assignment. 

           

          Section
            3.05.  Repurchase
            of Mortgage Loans With First Payment Defaults.

           

          If
            a
            Mortgagor is thirty (30) days or more delinquent with respect to the
            first
            Monthly Payment, or as otherwise set forth in the related Purchase Price
            and
            Terms Letter or Assignment and Conveyance, due to the Purchaser on the
            related
            Mortgage Loan immediately following the related Closing Date, the Seller,
            at the
            Purchaser’s option, shall promptly repurchase such Mortgage Loan from the
            Purchaser within thirty (30) calendar days’ of receipt of written notice from
            the Purchaser. Any repurchase pursuant to this Section 3.05 shall be
            made at the
            Repurchase Price.

           

          ARTICLE
            IV

          ADMINISTRATION
            AND SERVICING OF THE MORTGAGE LOANS

           

          Section
            4.01.  The
            Seller to Act as Servicer.

           

          The
            Seller, as independent contract servicer, shall service and administer
            the
            Mortgage Loans in accordance with this Agreement and with Accepted Servicing
            Practices, and shall have full power and authority, acting alone or through
            subservicers or agents, to do or cause to be done any and all things
            in
            connection with such servicing and administration which the Seller may
            deem
            necessary or desirable and consistent with the terms of this Agreement
            and with
            Accepted Servicing Practices. The Seller shall service and administer
            the
            Mortgage Loans through the exercise of the same care that it customarily
            employs
            for its own account. The Seller may perform its servicing responsibilities
            through agents or independent contractors, but shall not thereby be released
            from any of its responsibilities hereunder. Notwithstanding anything
            to the
            contrary, the Seller may delegate any of its duties under this Agreement
            to one
            or more of its affiliates without regard to any of the requirements of
            this
            Section; provided,
            however,
            that
            the Seller shall not be released from any of its responsibilities hereunder
            by
            virtue of such delegation.

           

          Except
            as
            set forth in this Agreement, the Seller shall service the Mortgage Loans
            in
            compliance with the servicing provisions of the Fannie Mae Guides (special
            servicing option), which include, but are not limited to, provisions
            regarding
            the liquidation of Mortgage Loans, the collection of Mortgage Loan payments,
            the
            payment of taxes, insurance and other charges, the maintenance of hazard
            insurance with a Qualified Insurer, the maintenance of mortgage impairment
            insurance, the maintenance of fidelity bond and errors and omissions
            insurance,
            inspections, the restoration of Mortgaged Property, the maintenance of
            Primary
            Mortgage Insurance Policies, insurance claims, the title, management
            of REO
            Property, permitted withdrawals with respect to REO Property, liquidation
            reports, and reports of foreclosures and abandonments of Mortgaged Property,
            the
            transfer of Mortgaged Property, the release of Mortgage Files, annual
            statements, and examination of records and facilities. In the event of
            any
            conflict, inconsistency or discrepancy between any of the servicing provisions
            of this Agreement and any of the servicing provisions of the Fannie Mae
            Guides,
            the provisions of this Agreement shall control and be binding upon the
            Purchaser
            and the Seller.

           

          Consistent
            with the terms of this Agreement, the Seller may waive, modify or vary
            any term
            of any Mortgage Loan or consent to the postponement of any such term
            or in any
            manner grant indulgence to any Mortgagor if in the Seller’s reasonable and
            prudent determination such waiver, modification, postponement or indulgence
            is
            not materially adverse to the Purchaser, provided,
            however,
            that
            unless the Mortgagor is in default with respect to the Mortgage Loan,
            or such
            default is, in the judgment of the Seller, reasonably foreseeable, or
            the Seller
            has obtained the prior written consent of the Purchaser, the Seller shall
            not
            permit any modification with respect to any Mortgage Loan that would
            change the
            Mortgage Interest Rate, forgive the payment of any principal or interest,
            reduce
            or increase the outstanding principal balance (except for actual payments
            of
            principal), make any future advances or extend the final maturity date,
            as the
            case may be, with respect to such Mortgage Loan. In the event of any
            such
            modification that permits the deferral of interest or principal payments
            on any
            Mortgage Loan, the Seller shall, on the Business Day immediately preceding
            the
            Remittance Date in any month in which any such principal or interest
            payment has
            been deferred, deposit in the Custodial Account from its own funds, in
            accordance with Section 4.04, the difference between (a) the otherwise
            scheduled
            Monthly Payment and (b) the amount paid by the Mortgagor. The Seller
            shall be
            entitled to reimbursement for such advances to the same extent as for
            all other
            advances pursuant to Section 4.05. Without limiting the generality of
            the
            foregoing, the Seller shall continue, and is hereby authorized and empowered
            by
            the Purchaser when the Seller believes it appropriate and reasonable
            in its best
            judgment, to prepare, execute and deliver, all instruments of satisfaction
            or
            cancellation, or of partial or full release, discharge and all other
            comparable
            instruments, with respect to the Mortgage Loans and with respect to the
            Mortgaged Properties and to institute foreclosure proceedings or obtain
            a
            deed-in-lieu of foreclosure so as to convert the ownership of such properties,
            and to hold or cause to be held title to such properties, on behalf of
            the
            Purchaser pursuant to the provisions of Section 4.13. Notwithstanding
            anything
            herein to the contrary, the Seller may not enter into a forbearance agreement
            or
            similar arrangement with respect to any Mortgage Loan which runs more
            than 180
            days after the first delinquent Due Date without the prior consent of
            the
            Purchaser. Any such agreement shall be approved by any applicable holder
            of a
            Primary Mortgage Insurance Policy, if required.

           

          Notwithstanding
            anything in this Agreement to the contrary, if any Mortgage Loan becomes
            subject
            to a Pass-Through Transfer, the Seller (a) with respect to such Mortgage
            Loan,
            shall not permit any modification with respect to such Mortgage Loan
            that would
            change the Mortgage Interest Rate and (b) shall not (unless the Mortgagor
            is in
            default with respect to such Mortgage Loan or such default is, in the
            judgment
            of the Seller, reasonably foreseeable) make or permit any modification,
            waiver
            or amendment of any term of such Mortgage Loan that would both (i) effect
            an
            exchange or reissuance of such Mortgage Loan under Section 1001 of the
            Code (or
            Treasury regulations promulgated thereunder) and (ii) cause any REMIC
            to fail to
            qualify as a REMIC under the Code or the imposition of any tax on “prohibited
            transactions” or “contributions” after the startup date under the REMIC
            Provisions.

           

          The
            Seller shall not permit the creation of any “interests” (within the meaning of
            Section 860G of the Code) in any REMIC. The Seller shall not enter into
            any
            arrangement by which a REMIC will receive a fee or other compensation
            for
            services nor permit a REMIC to receive any income from assets other than
            “qualified mortgages” as defined in Section 860G(a)(3) of the Code or “permitted
            investments” as defined in Section 860G(a)(5) of the Code.

           

          The
            Seller is authorized and empowered by the Purchaser, in its own name,
            when the
            Seller believes it appropriate in its reasonable judgment to register
            any
            Mortgage Loan on the MERS® System, or cause the removal from the registration of
            any Mortgage Loan on the MERS® System, to execute and deliver, on behalf of the
            Purchaser, any and all instruments of assignment and other comparable
            instruments with respect to such assignment or re-recording of a Mortgage
            in the
            name of MERS, solely as nominee for the Purchaser and its successors
            and
            assigns.

           

          Unless
            a
            different time period is stated in this Agreement, the Purchaser shall
            be deemed
            to have given consent in connection with a particular matter if the Purchaser
            does not affirmatively grant or deny consent within five (5) Business
            Days from
            the date the Purchaser receives a written request for consent for such
            matter
            from the Seller.

           

          The
            Seller shall accurately and fully report its borrower credit files related
            to
            the Mortgage Loans to Equifax, Transunion and Experian in a timely
            manner.

           

          Section
            4.02.  Collection
            of Mortgage Loan Payments.

           

          Continuously
            from the date hereof until the date each Mortgage Loan ceases to be serviced
            subject to this Agreement, the Seller will proceed diligently to collect
            all
            payments due under each Mortgage Loan when the same shall become due
            and payable
            and shall, to the extent such procedures shall be consistent with this
            Agreement, Accepted Servicing Practices, and the terms and provisions
            of related
            Primary Mortgage Insurance Policy, follow such collection procedures
            as it
            follows with respect to mortgage loans comparable to the Mortgage Loans
            and held
            for its own account. Further, the Seller will take special care in ascertaining
            and estimating annual escrow payments, and all other charges that, as
            provided
            in the Mortgage, will become due and payable, so that the installments
            payable
            by the Mortgagors will be sufficient to pay such charges as and when
            they become
            due and payable.

           

          Section
            4.03.  Realization
            Upon Defaulted Mortgage Loans.

           

          The
            Seller shall use commercially reasonable efforts, consistent with the
            procedures
            that the Seller would use in servicing loans for its own account, Accepted
            Servicing Practices, any Primary Mortgage Insurance and the best interest
            of
            Purchaser, to foreclose upon or otherwise comparably convert the ownership
            of
            properties securing such of the Mortgage Loans as come into and continue
            in
            default and as to which no satisfactory arrangements can be made for
            collection
            of delinquent payments pursuant to Section 4.01. Foreclosure or comparable
            proceedings shall be initiated pursuant to Fannie Mae guidelines and
            applicable
            state law with respect to Mortgaged Properties for which no satisfactory
            arrangements can be made for collection of delinquent payments. The Seller
            shall
            use its best efforts to realize upon defaulted Mortgage Loans in such
            manner as
            will maximize the receipt of principal and interest by the Purchaser,
            taking
            into account, among other things, the timing of foreclosure proceedings.
            The
            foregoing is subject to the provisions that, in any case in which the
            Mortgaged
            Property shall have suffered damage, the Seller shall not be required
            to expend
            its own funds toward the restoration of such property unless it shall
            determine
            in its discretion (i) that such restoration will increase the proceeds
            of
            liquidation of the related Mortgage Loan to the Purchaser after reimbursement
            to
            itself for such expenses, and (ii) that such expenses will be recoverable
            by the
            Seller through Insurance Proceeds or Liquidation Proceeds from the related
            Mortgaged Property, as contemplated in Section 4.05. The Seller shall
            notify the
            Purchaser in writing (which may be by electronic mail) of the commencement
            of
            foreclosure proceedings. The Seller shall be responsible for all costs
            and
            expenses incurred by it in any such proceedings or functions; provided,
            however,
            that it
            shall be entitled to reimbursement thereof from the related property,
            as
            contemplated in Section 4.05. Notwithstanding anything to the contrary
            contained
            herein, in connection with a foreclosure or acceptance of a deed in lieu
            of
            foreclosure, in the event the Seller has reasonable cause to believe
            that a
            Mortgaged Property is contaminated by hazardous or toxic substances or
            wastes,
            or if the Purchaser otherwise requests an environmental inspection or
            review of
            such Mortgaged Property, such an inspection or review is to be conducted
            by a
            qualified inspector at the Purchaser’s expense. Upon completion of the
            inspection, the Seller shall promptly provide the Purchaser with a written
            report of the environmental inspection. After reviewing the environmental
            inspection report, the Purchaser shall determine how the Seller shall
            proceed
            with respect to the Mortgaged Property.

           

          Notwithstanding
            anything to the contrary contained herein, the Purchaser may, at the
            Purchaser's
            sole option, terminate the Seller as servicer of any Mortgage Loan which
            becomes
            ninety (90) days or greater delinquent in payment of a Monthly Payment,
            without
            payment of any termination fee with respect thereto; provided, that,
            notwithstanding anything to the contrary set forth in Section 4.05, the
            Seller
            shall on the date such termination takes effect be reimbursed for any
            unreimbursed Monthly Advances of the Seller's funds made pursuant to
            Section
            5.03 and any unreimbursed Servicing Advances and unpaid Servicing Fees,
            in each
            case relating to such delinquent Mortgage Loan. In the event of any such
            termination, the provisions of Section 9.01 hereof shall apply to such
            termination and the transfer of servicing responsibilities with respect
            to such
            delinquent Mortgage Loan to the Purchaser or its designee. 

          

          In
            the
            event that a Mortgage Loan becomes part of a REMIC, and becomes REO Property,
            such property shall be disposed of by the Seller, with the consent of
            the
            Purchaser as required pursuant to this Agreement, within three (3) years
            after
            becoming an REO Property, unless the Seller provides to the trustee under
            such
            REMIC an opinion of counsel to the effect that the holding of such REO
            Property
            subsequent to three years after its becoming REO Property, will not result
            in
            the imposition of taxes on “prohibited transactions” as defined in Section 860F
            of the Code, or cause the transaction to fail to qualify as a REMIC at
            any time
            that certificates are outstanding. The Seller shall manage, conserve,
            protect
            and operate each such REO Property for the certificateholders solely
            for the
            purpose of its prompt disposition and sale in a manner which does not
            cause such
            property to fail to qualify as “foreclosure property” within the meaning of
            Section 860G(a)(8) of the Code, or any “net income from foreclosure property”
which is subject to taxation under the REMIC provisions of the Code.
            Pursuant to
            its efforts to sell such property, the Seller shall either itself or
            through an
            agent selected by the Seller, protect and conserve such property in the
            same
            manner and to such an extent as is customary in the locality where such
            property
            is located. Additionally, the Seller shall provide the Purchaser or any
            master
            servicer with information sufficient to perform the tax withholding and
            reporting related to Sections 1445 and 6050J of the Code.

           

          Section
            4.04.  Establishment
            of Custodial Accounts; Deposits in Custodial Accounts.

           

          The
            Seller 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 one or more Custodial Accounts.
            Each
            Custodial Account shall be an Eligible Account. Funds deposited in a
            Custodial
            Account may be drawn on in accordance with Section 4.05. The creation
            of any
            Custodial Account shall be evidenced by a letter agreement in the form
            shown in
Exhibit
            B
            hereto.
            The original of such letter agreement shall be furnished to the Purchaser
            on the
            initial Closing Date, and upon the request of any subsequent
            purchaser.

           

          The
            Seller shall deposit in the Custodial Account on a daily basis, within
            two (2)
            Business Days of receipt thereof, and retain therein the following payments
            and
            collections received or made by it subsequent to the Cut-off Date, or
            received
            by it prior to the Cut-off Date but allocable to a period subsequent
            thereto,
            other than in respect of principal and interest on the Mortgage Loans
            due on or
            before the Cut-off Date:

           

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

           

          (ii)  all
            payments on account of interest on the Mortgage Loans adjusted to the
            Mortgage
            Loan Remittance Rate;

           

          (iii)  all
            Liquidation Proceeds;

           

          (iv)  any
            amounts required to be deposited by the Seller in connection with any
            REO
            Property pursuant to Section 4.13 and, in connection therewith, the Seller
            shall
            provide the Purchaser with written detail itemizing all of such
            amounts;

           

          (v)  all
            Insurance Proceeds including amounts required to be deposited pursuant
            to
            Sections 4.08, 4.10 and 4.11, 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 Accepted Servicing Practices,
            the
            loan documents or applicable law;

           

          (vi)  all
            Condemnation Proceeds affecting any Mortgaged Property which are not
            released to
            the Mortgagor in accordance with the Seller’s normal servicing procedures, the
            loan documents or applicable law;

           

          (vii)  any
            Monthly Advances;

           

          (viii)  Compensating
            Interest, if any, for the month of distribution. Such deposit shall be
            made from
            the Seller’s own funds, without reimbursement therefor;

           

          (ix)  all
            proceeds of any Mortgage Loan repurchased in accordance with Section
            3.03 or
            Section 3.05;

           

          (x)  any
            amounts required to be deposited by the Seller pursuant to Section 4.11
            in
            connection with the deductible clause in any blanket hazard insurance
            policy,
            such deposit shall be made from the Seller’s own funds, without reimbursement
            therefor; and

           

          (xi)  any
            amounts required to be deposited in the Custodial Account pursuant to
            Section
            4.01 or Section 6.02.

           

          The
            foregoing requirements for deposit in the Custodial 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 and
            other ancillary fees, to the extent permitted by Section 6.01, need not
            be
            deposited by the Seller in the Custodial Account.

           

          The
            Seller may invest the funds in the Custodial Account in Eligible Investments
            designated in the name of the Seller for the benefit of the Seller, which
            shall
            mature not later than the Business Day next preceding the Remittance
            Date next
            following the date of such investment (except that (A) any investment
            in the
            Eligible Institution with which the Custodial Account is maintained may
            mature
            on such Remittance Date and (B) any other investment may mature on such
            Remittance Date if the Seller shall advance funds on such Remittance
            Date,
            pending receipt thereof to the extent necessary to make distributions
            to the
            Purchaser) and shall not be sold or disposed of prior to maturity.
            Notwithstanding anything to the contrary herein and above, all income
            and gain
            realized from any such investment shall be for the benefit of the Seller
            and
            shall be subject to withdrawal by the Seller from the Custodial Account
            pursuant
            to Section 4.05(iv). The amount of any losses incurred in respect of
            any such
            investments shall be deposited in the Custodial Account by the Seller
            out of its
            own funds immediately as realized.

           

          Section
            4.05.  Permitted
            Withdrawals From the Custodial Account.

           

          The
            Seller may, from time to time, withdraw from the Custodial Account for
            the
            following purposes:

           

          (i)  to
            make
            payments to the Purchaser in the amounts and in the manner provided for
            in
            Section 5.01;

           

          (ii)  to
            reimburse itself for Monthly Advances, the Seller’s right to reimburse itself
            pursuant to this subclause (ii) being limited to amounts received on
            the related
            Mortgage Loan which represent late collections (net of the related Servicing
            Fee) of principal and/or interest respecting which any such advance was
            made, it
            being understood that, in the case of such reimbursement, the Seller’s right
            thereto shall be prior to the rights of the Purchaser, except that, where
            the
            Seller is required to repurchase a Mortgage Loan, pursuant to Section
            3.03, the
            Seller’s right to such reimbursement shall be subsequent to the payment to the
            Purchaser of the Repurchase Price pursuant to such Section and all other
            amounts
            required to be paid to the Purchaser with respect to such Mortgage
            Loan;

           

          (iii)  to
            reimburse itself for unreimbursed Servicing Advances and any unpaid Servicing
            Fees, the Seller’s right to reimburse itself pursuant to this subclause (iii)
            with respect to any Mortgage Loan being limited to related proceeds from
            Liquidation Proceeds, Condemnation Proceeds, Insurance Proceeds and REO
            Disposition Proceeds;

           

          (iv)  to
            pay to
            itself as part of its servicing compensation: (a) any interest earned
            on funds
            or any investment earnings in the Custodial Account net of any losses
            on such
            investments (all such amounts to be withdrawn monthly not later than
            each
            Remittance Date), and (b) to the extent not otherwise retained, the Servicing
            Fee from that portion of any payment or recovery as to interest with
            respect to
            a particular Mortgage Loan;

           

          (v)  to
            pay to
            itself with respect to each Mortgage Loan that has been repurchased pursuant
            to
            Section 3.03 or Section 3.05 all amounts received thereon and not distributed
            as
            of the date on which the related Repurchase Price is determined;

           

          (vi)  to
            reimburse itself for unreimbursed Monthly Advances and Servicing Advances
            to the
            extent not fully reimbursed pursuant to Section 4.05(ii) or (iii)
            above;

           

          (vii)  to
            transfer funds to another Eligible Account in accordance with Section
            4.09
            hereof;

           

          (viii)  to
            remove
            funds inadvertently placed in the Custodial Account by the Seller or
            for which
            amounts previously deposited are returned unpaid by the related Mortgagor’s
            banking institution; and

           

          (ix)  to
            clear
            and terminate the Custodial Account upon the termination of this
            Agreement.

           

          Section
            4.06.  Establishment
            of Escrow Accounts; Deposits in Accounts.

           

          The
            Seller 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
            one or more
            Escrow Accounts. Each Escrow Account shall be an Eligible Account. Funds
            deposited in the Escrow Account may be drawn on by the Seller in accordance
            with
            Section 4.07. The creation of any Escrow Account shall be evidenced by
            a letter
            agreement in the form shown in Exhibit
            C.
            The
            original of such letter agreement shall be furnished to the Purchaser
            on the
            initial Closing Date, and upon request to any subsequent purchaser.

           

          The
            Seller shall deposit in the Escrow Account or Accounts on a daily basis,
            within
            two (2) Business Days of receipt thereof, 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;

           

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

           

          (iii)  all
            Servicing Advances for Mortgagors whose Escrow Payments are insufficient
            to
            cover escrow disbursements.

           

          The
            Seller shall make withdrawals from the Escrow Account only to effect
            such
            payments as are required under this Agreement, and for such other purposes
            as
            shall be as set forth or in accordance with Section 4.07. The Seller
            shall be
            entitled to retain any interest paid on funds deposited in an Escrow
            Account by
            the depository institution other than interest on escrowed funds required
            by law
            to be paid to the Mortgagor and, to the extent required by law, the Seller
            shall
            pay interest on escrowed funds to the Mortgagor notwithstanding that
            such Escrow
            Account is non-interest bearing or that interest paid thereon is insufficient
            for such purposes.

           

          Section
            4.07.  Permitted
            Withdrawals From the Escrow Account.

           

          Withdrawals
            from the Escrow Account may be made by the Seller only:

           

          (i)  to
            effect
            timely payments of ground rents, taxes, assessments, water rates, Primary
            Mortgage Insurance Policy premiums, if applicable, fire and hazard insurance
            premiums, condominium assessments and comparable items for the related
            Mortgage;

           

          (ii)  to
            reimburse the Seller for any Servicing Advance made by the Seller with
            respect
            to a related Mortgage Loan but only from amounts received on the related
            Mortgage Loan which represent late payments or 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 Custodial 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 Seller, or to the Mortgagor to the extent required by law, 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;

           

          (viii)  to
            pay to
            the Mortgagors or other parties Insurance Proceeds deposited in accordance
            with
            Section 4.06;

           

          (ix)  to
            remove
            funds inadvertently placed in the Escrow Account by the Seller or for
            which
            amounts previously deposited are returned unpaid by the related Mortgagor’s
            banking institution; and

           

          (x)  to
            clear
            and terminate the Escrow Account upon the termination of this
            Agreement.

           

          Section
            4.08.  Payment
            of Taxes, Insurance and Charges; Maintenance of Primary Mortgage Insurance;
            Collections Thereunder.

           

          With
            respect to each Mortgage Loan, the Seller shall maintain accurate records
            reflecting the status of ground rents, taxes, assessments, water rates
            and other
            charges which are or may become a lien upon the Mortgaged Property and
            the
            status of primary mortgage insurance premiums (if any) and fire and hazard
            insurance coverage and 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 Seller in amounts sufficient for such purposes,
            as
            allowed under the terms of the Mortgage or applicable law. To the extent
            that
            the Mortgage does not provide for Escrow Payments, the Seller shall determine
            that any such payments are made by the Mortgagor at the time they first
            become
            due. The Seller 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 advances from its own funds to effect
            such
            payments subject to its ability to recover such Servicing Advances pursuant
            to
            Sections 4.05(ii), (iii) and (vi). Notwithstanding the foregoing, if
            the Seller
            reasonably determines that any such Servicing Advance would not be recoverable
            from amounts collected on the related Mortgage Loan, the Seller shall
            have no
            obligation to make such Servicing Advance. Any such determination shall
            be
            evidenced by an Officer’s Certificate delivered to the Purchaser indicating the
            reasons therefor.

           

          The
            Seller will maintain in full force and effect Primary Mortgage Insurance
            Policies issued by a Qualified Insurer with respect to each first lien
            Mortgage
            Loan for which such coverage is herein required. Such coverage will be
            maintained until the Loan-to-Value ratio of the related Mortgage Loan
            is reduced
            to the amount for which Fannie Mae no longer requires such insurance
            to be
            maintained. The Seller will not cancel or refuse to renew any Primary
            Mortgage
            Insurance Policy in effect on the related Closing Date that is required
            to be
            kept in force under this Agreement unless a replacement Primary Mortgage
            Insurance Policy for such canceled or non-renewed policy is obtained
            from and
            maintained with a Qualified Insurer. The Seller shall not take any action
            which
            would result in non-coverage under any applicable Primary Mortgage Insurance
            Policy of any loss which, but for the actions of the Seller would have
            been
            covered thereunder. In connection with any assumption or substitution
            agreement
            entered into or to be entered into pursuant to Section 6.01, the Seller
            shall
            promptly notify the insurer under the related Primary Mortgage Insurance
            Policy,
            if any, of such assumption or substitution of liability in accordance
            with the
            terms of such policy and shall take all actions which may be required
            by such
            insurer as a condition to the continuation of coverage under the Primary
            Mortgage Insurance Policy. If such Primary Mortgage Insurance Policy
            is
            terminated as a result of such assumption or substitution of liability,
            the
            Seller shall obtain a replacement Primary Mortgage Insurance Policy as
            provided
            above.

           

          In
            connection with its activities as servicer, the Seller agrees to prepare
            and
            present, on behalf of itself and the Purchaser, claims to the insurer
            under any
            Primary Mortgage Insurance Policy in a timely fashion in accordance with
            the
            terms of such Primary Mortgage Insurance Policy and, in this regard,
            to take
            such action as shall be necessary to permit recovery under any Primary
            Mortgage
            Insurance Policy respecting a defaulted first lien Mortgage Loan. Pursuant
            to
            Section 4.04, any amounts collected by the Seller under any Primary Mortgage
            Insurance Policy shall be deposited in the Custodial Account, subject
            to
            withdrawal pursuant to Section 4.05.

           

          Section
            4.09.  Transfer
            of Accounts.

           

          The
            Seller may transfer a Custodial Account or an Escrow Account to a different
            Eligible Account from time to time. Such transfer shall be made only
            upon
            providing notice of the transfer to the Purchaser.

           

          Section
            4.10.  Maintenance
            of Hazard Insurance.

           

          The
            Seller shall cause to be maintained for each Mortgage Loan fire and hazard
            insurance with extended coverage as is acceptable to Fannie Mae or Freddie
            Mac
            and customary in the area where the Mortgaged Property is located in
            an amount
            which is equal to the lesser of (i) the maximum insurable value of the
            improvements securing such Mortgage Loan and (ii) the greater of (a)
            the
            outstanding principal balance of the Mortgage Loan, and (b) an amount
            such that
            the proceeds thereof shall be sufficient to prevent the Mortgagor and/or
            the
            mortgagee from becoming a co-insurer. If required by the Flood Disaster
            Protection Act of 1973, as amended, each Mortgage Loan shall be covered
            by a
            flood insurance policy meeting the requirements of the current guidelines
            of the
            Federal Insurance Administration in effect with an insurance carrier
            acceptable
            to Fannie Mae or Freddie Mac, in an amount representing coverage not
            less than
            the least of (i) the outstanding principal balance of the Mortgage Loan,
            (ii)
            the maximum insurable value of the improvements securing such Mortgage
            Loan and
            (iii) the maximum amount of insurance which is available under the Flood
            Disaster Protection Act of 1973, as amended. If at any time during the
            term of
            the Mortgage Loan, the Seller determines in accordance with applicable
            law and
            pursuant to the Fannie Mae Guides that a Mortgaged Property is located
            in a
            special flood hazard area and is not covered by flood insurance or is
            covered in
            an amount less than the amount required by the Flood Disaster Protection
            Act of
            1973, as amended, the Seller shall notify the related Mortgagor that
            the
            Mortgagor must obtain such flood insurance coverage, and if the related
            Mortgagor fails to obtain the required flood insurance coverage within
            forty-five (45) days after such notification, the Seller shall immediately
            force
            place the required flood insurance on the Mortgagor’s behalf. To the extent the
            payment of the related premiums will not, in the Seller’s reasonable
            determination, constitute non-recoverable Servicing Advances, the Seller
            shall
            also maintain on each REO Property, fire and hazard insurance with extended
            coverage in an amount which is at least equal to the maximum insurable
            value of
            the improvements which are a part of such property, and, to the extent
            required
            and available under the Flood Disaster Protection Act of 1973, as amended,
            flood
            insurance in an amount as provided above. Any amounts collected by the
            Seller
            under any such policies other than amounts to be deposited in the Escrow
            Account
            and applied to the restoration or repair of the Mortgaged Property or
            REO
            Property, or released to the Mortgagor in accordance with Accepted Servicing
            Practices, shall be deposited in the Custodial Account, subject to withdrawal
            pursuant to Section 4.05. It is understood and agreed that no other additional
            insurance need be required by the Seller or maintained on property acquired
            in
            respect of the Mortgage Loan, other than pursuant to this Agreement,
            the Fannie
            Mae Guides or such applicable state or federal laws and regulations as
            shall at
            any time be in force and as shall require such additional insurance.
            All such
            policies shall be endorsed with standard mortgagee clauses with loss
            payable to
            the Seller and its successors and/or assigns and shall provide for at
            least
            thirty (30) days prior written notice of any cancellation, reduction
            in the
            amount or material change in coverage to the Seller. The Seller shall
            not
            interfere with the Mortgagor’s freedom of choice in selecting either his
            insurance carrier or agent, provided,
            however,
            that
            the Seller shall not accept any such insurance policies from insurance
            companies
            unless such companies are Qualified Insurers.

           

          Section
            4.11.  Maintenance
            of Mortgage Impairment Insurance Policy.

           

          In
            the
            event that the Seller (or an affiliate of the Seller) shall obtain and
            maintain
            a blanket policy issued by an issuer acceptable to Fannie Mae or Freddie
            Mac
            insuring against hazard losses on all of the Mortgage Loans, then, to
            the extent
            such policy provides coverage in an amount equal to the amount required
            pursuant
            to Section 4.10 and otherwise complies with all other requirements of
            Section
            4.10, it shall conclusively be deemed to have satisfied its obligations
            as set
            forth in Section 4.10, it being understood and agreed that such policy
            may
            contain a deductible clause, in which case the Seller shall, in the event
            that
            there shall not have been maintained on the related Mortgaged Property
            or REO
            Property a policy complying with Section 4.10, and there shall have been
            a loss
            which would have been covered by such policy, deposit in the Custodial
            Account
            the amount not otherwise payable under the blanket policy because of
            such
            deductible clause. In connection with its activities as servicer of the
            Mortgage
            Loans, the Seller agrees to prepare and present, on behalf of the Purchaser,
            claims under any such blanket policy in a timely fashion in accordance
            with the
            terms of such policy. Upon request of the Purchaser, the Seller shall
            cause to
            be delivered to the Purchaser a certified true copy of such policy and
            shall use
            commercially reasonable efforts to obtain a statement from the insurer
            thereunder that such policy shall in no event be terminated or materially
            modified without thirty (30) days’ prior written notice to the
            Purchaser.

           

          Section
            4.12.  Maintenance
            of Fidelity Bond and Errors and Omissions Insurance.

           

          The
            Seller shall maintain, at its own expense, a blanket Fidelity Bond and
            an errors
            and omissions insurance policy, with broad coverage with responsible
            companies
            on all officers, employees or other persons acting in any capacity with
            regard
            to the Mortgage Loans to handle funds, money, documents and papers relating
            to
            the Mortgage Loans. The Fidelity Bond shall be in the form of a mortgage
            banker’s blanket bond and shall protect and insure the Seller against losses,
            including forgery, theft, embezzlement and fraud of such persons. The
            errors and
            omissions insurance shall protect and insure the Seller against losses
            arising
            out of errors and omissions and negligent acts of such persons. Such
            errors and
            omissions insurance shall also protect and insure the Seller against
            losses in
            connection with the failure to maintain any insurance policies required
            pursuant
            to this Agreement and the release or satisfaction of a Mortgage Loan
            without
            having obtained payment in full of the indebtedness secured thereby.
            No
            provision of this Section 4.12 requiring the Fidelity Bond or errors
            and
            omissions insurance shall diminish or relieve the Seller from its duties
            and
            obligations as set forth in this Agreement. The minimum coverage under
            any such
            bond and insurance policy shall be at least equal to the corresponding
            amounts
            required by Fannie Mae in the Fannie Mae Guides or by Freddie Mac in
            the Freddie
            Mac Guides. The Seller shall deliver to the Purchaser a certificate from
            the
            surety and the insurer as to the existence of the Fidelity Bond and errors
            and
            omissions insurance policy and shall obtain a statement from the surety
            and the
            insurer that such Fidelity Bond or insurance policy shall in no event
            be
            terminated or materially modified without thirty (30) days’ prior written notice
            to the Purchaser. Upon request by the Purchaser, the Seller shall provide
            the
            Purchaser with an insurance certificate certifying coverage under this
            Section
            4.12, and will provide an update to such certificate upon request, or
            upon
            renewal or material modification of coverage.

           

          Section
            4.13.  Title,
            Management and Disposition of REO Property.

           

          In
            the
            event that title to the Mortgaged Property is acquired in foreclosure,
            by deed
            in lieu of foreclosure or other method resulting in full or partial satisfaction
            of the related Mortgage, the deed or certificate of sale shall be taken
            in the
            name of the Purchaser or its designee, or in the event the Purchaser
            or its
            designee is not authorized or permitted to hold title to real property
            in the
            state where the REO Property is located, or would be adversely affected
            under
            the “doing business” or tax laws of such state by so holding title, the deed or
            certificate of sale shall be taken in the name of such Person or Persons
            as
            shall be consistent with an Opinion of Counsel obtained by the Seller,
            at the
            expense of the Purchaser, from an attorney duly licensed to practice
            law in the
            state where the REO Property is located. Any Person or Persons holding
            such
            title other than the Purchaser shall acknowledge in writing that such
            title is
            being held as nominee for the benefit of the Purchaser.

           

          The
            Seller shall notify the Purchaser in accordance with the Fannie Mae Guides
            of
            each acquisition of REO Property upon such acquisition, and thereafter
            assume
            the responsibility for marketing such REO Property in accordance with
            Accepted
            Servicing Practices. Thereafter, the Seller shall continue to provide
            certain
            administrative services to the Purchaser relating to such REO Property
            as set
            forth in this Section 4.13. No Servicing Fee shall be assessed or otherwise
            accrue with respect to any REO Property. 

          

          The
            Seller shall, either itself or through an agent selected by the Seller,
            and in
            accordance with the Fannie Mae Guides manage, conserve, protect and operate
            each
            REO Property in the same manner that it manages, conserves, protects
            and
            operates other foreclosed property for its own account, and in the same
            manner
            that similar property in the same locality as the REO Property is managed.
            The
            Seller shall cause each REO Property to be inspected promptly upon the
            acquisition of title thereto and shall cause each REO Property to be
            inspected
            at least annually thereafter or more frequently as required by the
            circumstances. The Seller shall make or cause to be made a written report
            of
            each such inspection. Such reports shall be retained in the Servicing
            File.

           

          The
            Seller shall use its best efforts to dispose of the REO Property as soon
            as
            possible and shall sell such REO Property in any event within three (3)
            years
            after title has been taken to such REO Property, unless the Seller determines,
            and gives an appropriate notice to the Purchaser to such effect, that
            a longer
            period is necessary for the orderly liquidation of such REO Property.
            If a
            longer period than three (3) years is permitted under the foregoing sentence
            and
            is necessary to sell any REO Property, the Seller shall report monthly
            to the
            Purchaser as to the progress being made in selling such REO Property.
            If as of
            the date title to any REO Property was acquired by the Seller there were
            outstanding unreimbursed Servicing Advances with respect to the REO Property,
            the Seller shall be entitled to immediate reimbursement from the Purchaser
            for
            any related unreimbursed Servicing Advances. The disposition of REO Property
            shall be carried out by the Seller at such price, and upon such terms
            and
            conditions, as the Seller deems to be in the best interests of the Purchaser.
            The Seller shall update the Purchaser from time-to-time as to the status
            of each
            REO Property.

           

          Notwithstanding
            anything to the contrary contained herein, the Purchaser may, at the
            Purchaser’s
            sole option, terminate the Seller as servicer of any such REO Property
            without
            payment of any termination fee with respect thereto; provided, that,
            notwithstanding anything to the contrary set forth in Section 4.05, the
            Seller
            shall on the date such termination takes effect be reimbursed for any
            unreimbursed advances of the Seller’s funds made pursuant to Section 5.03 and
            any unreimbursed Servicing Advances and unpaid Servicing Fees, in each
            case
            relating to the Mortgage Loan underlying such REO Property. In the event
            of any
            such termination, the provisions of Section 9.01 hereof shall apply to
            the
            termination and the transfer of servicing responsibilities with respect
            to such
            REO Property to the Purchaser or its designee. Within five (5) Business
            Days
            following any such termination, the Seller shall, if necessary, convey
            such REO
            Property to the Purchaser and shall provide the Purchaser with the following
            information regarding the subject REO Property: the related drive by
            appraisal
            or broker’s price opinion and copies of any related mortgage impairment
            insurance policy claims. In addition, within five (5) Business Days following
            any such termination, the Seller shall provide the Purchaser with the
            following
            information and documents regarding the subject REO Property: the related
            trustee’s deed upon sale and copies of any related hazard insurance claims or
            repair bids.

           

          Section
            4.14.  Notification
            of Maturity Date.

           

          With
            respect to each Mortgage Loan, the Seller shall execute and deliver to
            the
            Mortgagor any and all necessary notices required under applicable law
            and the
            terms of the related Mortgage Note and Mortgage regarding the maturity
            date if
            required under applicable law.

           

          ARTICLE
            V

          PAYMENTS
            TO THE PURCHASER

           

          Section
            5.01.  Distributions.

           

          On
            each
            Remittance Date, the Seller shall distribute by wire transfer to the
            Purchaser
            (i) all amounts credited to the Custodial Account as of the close of
            business on
            the preceding Determination Date, net of charges against or withdrawals
            from the
            Custodial Account pursuant to Section 4.05, plus (ii) all Monthly Advances,
            if
            any, which the Seller is obligated to distribute pursuant to Section
            5.03, plus
            (iii) all payments in respect of Compensating Interest for such Remittance
            Date
            required to be deposited in the Custodial Account pursuant to Section
            4.04(viii), minus (iv) any amounts attributable to Monthly Payments
            collected but due on a Due Date or Dates subsequent to the preceding
            Determination Date, which amounts shall be remitted on the Remittance
            Date next
            succeeding the Due Period for such amounts, and any Principal Prepayments
            received during the month of such Remittance Date, which amounts shall
            be
            remitted on the next succeeding Remittance Date.

           

          With
            respect to any remittance received by the Purchaser after the Business
            Day
            following the Business Day on which such payment was due, the Seller
            shall pay
            to the Purchaser interest on any such late payment at an annual rate
            equal to
            the Prime Rate, adjusted as of the date of each change, plus two percentage
            points, but in no event greater than the maximum amount permitted by
            applicable
            law. Such interest shall be deposited in the Custodial Account by the
            Seller on
            the date such late payment is made and shall cover the period commencing
            with
            the day following the second Business Day on which such payment was due
            and
            ending with the Business Day on which such payment is made, both inclusive.
            Such
            interest shall be remitted along with the distribution payable on the
            next
            succeeding Remittance Date. The payment by the Seller of any such interest
            shall
            not be deemed an extension of time for payment or a waiver of any Event
            of
            Default by the Seller.

           

          Section
            5.02.  Statements
            to the Purchaser.

           

          The
            Seller shall furnish to the Purchaser an individual loan accounting report,
            as
            of the last Business Day of each month, in the Seller’s assigned loan number
            order to document Mortgage Loan payment activity on an individual Mortgage
            Loan
            basis. With respect to each month, the corresponding individual loan
            accounting
            report shall be received by the Purchaser no later than the fifth (5th)
            Business
            Day of the following month in a format mutually agreed upon by both the
            Purchaser and the Seller, which report shall contain the following (or
            such
            other information as is mutually agreed upon by the Seller and the
            Purchaser):

           

          (i)  with
            respect to each Monthly Payment, the amount of such remittance allocable
            to
            principal (including a separate breakdown of any Principal Prepayment
            and a
            detailed report of interest on principal prepayment amounts remitted
            in
            accordance with Section 4.04);

           

          (ii)  with
            respect to each Monthly Payment, the amount of such remittance allocable
            to
            interest;

           

          (iii)  the
            aggregate Scheduled Principal Balance of the Mortgage Loans;

           

          (iv)  the
            aggregate of any expenses reimbursed to the Seller during the prior distribution
            period pursuant to Section 4.05; and

           

          (v)  the
            number and aggregate outstanding principal balances of Mortgage Loans
            (a)
            delinquent (1) 30 to 59 days, (2) 60 to 89 days, and (3) 90 days or more;
            (b) as
            to which foreclosure has commenced; and (c) as to which REO Property
            has been
            acquired.

           

          The
            Seller shall also provide, upon request, a monthly servicing report,
            sorted in
            the Purchaser’s assigned loan number order, in the form of Alltel reports P139,
            S214, S215 and S50Y and Fidelity report P-4DL (or in such other forms
            as the
            Purchaser and the Seller may agree), with each such report.

           

          The
            Seller shall prepare and file any and all information statements or other
            filings required to be delivered to any governmental taxing authority
            or to the
            Purchaser pursuant to any applicable law with respect to the Mortgage
            Loans and
            the transactions contemplated hereby. In addition, the Seller shall provide
            the
            Purchaser with such information concerning the Mortgage Loans as is necessary
            for the Purchaser to prepare its federal income tax return as the Purchaser
            may
            reasonably request from time to time.

           

          In
            addition, not more than sixty (60) days after the end of each calendar
            year, the
            Seller shall furnish to each Person who was a Purchaser at any time during
            such
            calendar year an annual statement in accordance with the requirements
            of
            applicable federal income tax law as to the aggregate of remittances
            for the
            applicable portion of such year.

           

          Section
            5.03.  Monthly
            Advances by the Seller.

           

          Not
            later
            than the close of business on the Business Day preceding each Remittance
            Date,
            the Seller shall deposit in the Custodial Account an amount equal to
            all Monthly
            Payments, whether or not deferred pursuant to Section 4.01, which were
            due on a
            Mortgage Loan on the immediately preceding Due Date and delinquent at
            the close
            of business on the related Determination Date.

           

          The
            Seller’s obligation to make such Monthly Advances as to any Mortgage Loan will
            continue through the earlier of: (i) the date of the termination or resignation,
            as applicable, of the Seller pursuant to Section 7.04, 8.01 or 9.01 or
            (ii) the
            date of final disposition and liquidation of the related Mortgage Loan
            or any
            Mortgaged Property acquired through foreclosure or a conveyance in lieu
            of
            foreclosure, unless the Seller reasonably believes such advance to be
            non-recoverable from proceeds of the related Mortgage Loan. In such event,
            the
            Seller shall deliver to the Purchaser an Officer’s Certificate of the Seller to
            the effect that an officer of the Seller has reviewed the related Servicing
            File
            and has made the reasonable determination that any additional advances
            are
            non-recoverable from proceeds of the related Mortgage Loan.

           

          Section
            5.04.  Liquidation
            Reports.

           

          Upon
            the
            foreclosure sale of any Mortgaged Property or the acquisition thereof
            by the
            Purchaser pursuant to a deed in lieu of foreclosure, the Seller shall
            submit to
            the Purchaser a liquidation report with respect to such Mortgaged Property.
            The
            Seller shall also provide reports on the status of REO Property containing
            such
            information as the Purchaser may reasonably require.

           

          ARTICLE
            VI

          GENERAL
            SERVICING PROCEDURES

           

          Section
            6.01.  Assumption
            Agreements.

           

          The
            Seller shall, to the extent it has knowledge of any conveyance or prospective
            conveyance by any Mortgagor of the Mortgaged Property (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 any “due-on-sale”
clause to the extent permitted by law; provided,
            however,
            that
            the Seller shall not exercise any such rights if prohibited by law or
            the terms
            of the Mortgage Note from doing so or if the exercise of such rights
            would
            impair or threaten to impair any recovery under the related Primary Mortgage
            Insurance Policy, if any. If the Seller reasonably believes it is unable
            under
            applicable law to enforce such “due-on-sale” clause, the Seller will enter into
            an assumption agreement with the person to whom the Mortgaged 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. If the Seller is prohibited
            under
            applicable law from (a) entering into an assumption agreement with the
            Person to
            whom the Mortgaged Property has been conveyed or is proposed to be conveyed
            or
            (b) requiring the original Mortgagor to remain liable under the Mortgage
            Note,
            the Seller, with the prior consent of the primary mortgage insurer, if
            any, is
            authorized to enter into a substitution of liability agreement with the
            person
            to whom the Mortgaged Property has been conveyed or is proposed to be
            conveyed
            pursuant to which the original Mortgagor is released from liability and
            such
            Person is substituted as mortgagor and becomes liable under the related
            Mortgage
            Note. Any such substitution of liability agreement shall be in lieu of
            an
            assumption agreement.

           

          In
            connection with any such assumption or substitution of liability, the
            Seller
            shall follow the underwriting practices and procedures of the Fannie
            Mae Guides.
            With respect to an assumption or substitution of liability, the Mortgage
            Interest Rate borne by the related Mortgage Note and the amount of the
            Monthly
            Payment may not be changed. If the credit of the proposed transferee
            does not
            meet such underwriting criteria, the Seller diligently shall, to the
            extent
            permitted by the Mortgage or the Mortgage Note and by applicable law,
            accelerate
            the maturity of the Mortgage Loan. The Seller shall notify the Purchaser
            that
            any such substitution of liability or assumption agreement has been completed
            by
            forwarding to the Purchaser the original of any such substitution of
            liability
            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. All fees collected by the Seller for entering into an assumption
            or
            substitution of liability agreement shall belong to the Seller as additional
            servicing compensation.

           

          Notwithstanding
            the foregoing paragraphs of this Section or any other provision of this
            Agreement, the Seller 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 any assumption which the Seller may be restricted
            by
            law from preventing, for any reason whatsoever. For purposes of this
            Section
            6.01, 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
            6.02.  Satisfaction
            of Mortgages and Release of Mortgage Files.

           

          Upon
            the
            payment in full of any Mortgage Loan, or the receipt by the Seller of
            a
            notification that payment in full will be escrowed in a manner customary
            for
            such purposes, the Seller will immediately notify the Purchaser by a
            certification, 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 Custodial Account pursuant to Section
            4.04 have
            been or will be so deposited, of a Servicing Officer and shall request
            delivery
            to it of the portion of the Mortgage File held by the Purchaser. The
            Purchaser
            shall no later than five (5) Business Days after receipt of such certification
            and request, release or cause to be released to the Seller, the related
            Mortgage
            Loan Documents and, upon its receipt of such documents, the Seller shall
            promptly prepare and deliver to the Purchaser the requisite satisfaction
            or
            release. No later than three (3) Business Days following its receipt
            of such
            satisfaction or release, the Purchaser shall deliver, or cause to be
            delivered,
            to the Seller the release or satisfaction properly executed by the owner
            of
            record of the applicable Mortgage or its duly appointed attorney in fact.
            If
            such Mortgage Loan is a MERS Mortgage Loan, the Seller is authorized
            to cause
            the removal from the registration on the MERS System of such Mortgage
            and to
            execute and deliver, on behalf of the Purchaser, any and all instruments
            of
            satisfaction or cancellation or of partial or full release.

           

          In
            the
            event the Seller satisfies or releases a Mortgage without having obtained
            payment in full of the indebtedness secured by the Mortgage or should
            it
            otherwise prejudice any right the Purchaser may have under the Mortgage
            Loan
            Documents, the Seller, upon written demand, shall remit within two (2)
            Business
            Days to the Purchaser the then outstanding principal balance of the related
            Mortgage Loan by deposit thereof in the Custodial Account.

           

          From
            time
            to time and as appropriate for the servicing or foreclosure of the Mortgage
            Loans, including for the purpose of collection under any Primary Mortgage
            Insurance Policy, the Purchaser shall, upon request of the Seller and
            delivery
            to the Purchaser of a servicing receipt signed by a Servicing Officer,
            release
            the portion of the Mortgage File held by the Purchaser to the Seller.
            Such
            servicing receipt shall obligate the Seller to return such Mortgage Loan
            Documents to the Purchaser when the need therefor by the Seller no longer
            exists, unless the Mortgage Loan has been liquidated and the Liquidation
            Proceeds relating to the Mortgage Loan have been deposited in the Custodial
            Account or the Mortgage File 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 Seller
            has
            delivered to the Purchaser a certificate of a Servicing Officer certifying
            as to
            the name and address of the Person to which such Mortgage File 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, the
            servicing
            receipt shall be released by the Purchaser to the Seller.

           

          Section
            6.03.  Servicing
            Compensation.

           

          As
            compensation for its services hereunder, the Seller shall be entitled
            to the
            Servicing Fee. Additional servicing compensation in the form of assumption
            fees,
            as provided in Section 6.01, late payment charges, prepayment penalties
            (unless
            otherwise set forth in the related Purchase Price and Terms Letter or
            Assignment
            and Conveyance), interest and investment earning on funds on deposit
            in the
            Custodial Account and Escrow Account (to the extent provided for herein)
            and
            other ancillary income shall be retained by the Seller to the extent
            not
            required to be deposited in the Custodial Account. The Seller shall be
            required
            to pay all expenses incurred by it in connection with its servicing activities
            hereunder and shall not be entitled to reimbursement therefor except
            as
            specifically provided for herein.

           

          Section
            6.04.  Annual
            Statement as to Compliance.

           

          Within
            the later of (a) seventy-five (75) days after the end of each calendar
            year or
            (b) fifteen (15) calendar days prior to the date on which the Purchaser
            or the
            affiliate of the Purchaser required to file an annual report on Form
            10-K in
            connection with any Pass-Through Transfer is required to file such annual
            report
            on Form 10-K with the United States Securities and Exchange Commission
            (the
“SEC”),
            the
            Seller will deliver to the Purchaser an Officers’ Certificate stating, as to
            each signatory thereof, that (i) a review of the activities of the Seller
            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 Seller has fulfilled in all material
            respects all of its obligations under this Agreement throughout such
            year, or,
            if there has been a default in the fulfillment of any such obligation,
            specifying each such default known to such officers and the nature and
            status
            thereof. The first Officer’s Certificate delivered by the Seller to the
            Purchaser pursuant to this Section shall be delivered on or before March
            15,
            2006, or such other date as may be required pursuant to the first sentence
            of
            this Section 6.04. Copies of such statement shall be provided by the
            Seller to
            the Purchaser upon request. 

           

          Section
            6.05.  Annual
            Independent Certified Public Accountants’ Servicing Report.

           

          Within
            the later of (a) seventy-five (75) days after the end of each calendar
            year or
            (b) fifteen (15) calendar days prior to the date on which the Purchaser
            or the
            affiliate of the Purchaser required to file an annual report on Form
            10-K in
            connection with any Pass-Through Transfer is required to file such annual
            report
            on Form 10-K with the SEC, the Seller at its expense shall cause a firm
            of
            independent public accountants which is a member of the American Institute
            of
            Certified Public Accountants to furnish a statement to the Purchaser
            to the
            effect that such firm has examined certain documents and records relating
            to the
            Seller’s servicing of residential mortgage loans, and that, on the basis of
            such
            an examination, conducted substantially in compliance with the Uniform
            Single
            Attestation Program for Mortgage Bankers or the Audit Guide for HUD Approved
            Title II Approved Mortgagees and Loan Correspondent Programs, such firm
            is of
            the opinion that the Seller’s servicing has been conducted in compliance with
            such programs, except for (i) such exceptions as such firm shall believe
            to be
            immaterial, and (ii) such other exceptions as shall be set forth in such
            statement. The first statement delivered by the Seller to the Purchaser
            pursuant
            to this Section shall be delivered on or before March 15, 2006, or such
            other
            date as may be required pursuant to the first sentence of this Section
            6.05.
            Copies of such statement shall be provided by the Seller to the Purchaser.
            

           

          Section
            6.06.  Purchaser’s
            Right to Examine Seller Records.

           

          At
            its
            expense, the Purchaser shall have the right to examine and audit upon
            reasonable
            notice to the Seller, during business hours or at such other times as
            might be
            reasonable under applicable circumstances, any and all of the books,
            records,
            documentation or other information of the Seller, or held by another
            for the
            Seller or on its behalf or otherwise, which relates to the performance
            or
            observance by the Seller of the terms, covenants or conditions of this
            Agreement.

           

          The
            Seller shall provide to the Purchaser and any supervisory agents or examiners
            representing a state or federal governmental agency having jurisdiction
            over the
            Purchaser, including but not limited to, OCC, OTS, FDIC and other similar
            entities, access to any documentation regarding the Mortgage Loans in
            the
            possession of the Seller which may be required by any applicable regulations.
            Such access shall be afforded without charge, upon reasonable request,
            during
            normal business hours and at the offices of the Seller, and in accordance
            with
            the federal government, OCC, FDIC, OTS, or any other similar regulations;
            provided,
            however,
            that
in
            connection with providing such access, the Seller shall not be required
            to incur
            any out-of-pocket costs unless provisions have been made for the reimbursement
            thereof.

           

          Section
            6.07.  Seller
            Shall Provide Information as Reasonably Required.

           

          The
            Seller shall furnish to the Purchaser during the term of this Agreement
            such
            periodic, special or other reports, information or documentation as the
            Purchaser may reasonably request, as shall be necessary, reasonable or
            appropriate in respect to the Mortgage Loans and the performance of the
            Seller
            under this Agreement, including any reports, information or documentation
            reasonably required to comply with any regulations regarding any supervisory
            agents or examiners of the Purchaser; provided, that, the Seller shall
            not be
            liable for any out-of-pocket costs with respect to the provision of such
            reports, information or documentation. All such reports or information
            shall be
            provided by and in accordance with such applicable instructions and directions
            as the Purchaser may reasonably request in relation to this Agreement
            or the
            performance of the Seller under this Agreement. The Seller agrees to
            execute and
            deliver all such instruments and take all such action as the Purchaser,
            from
            time to time, may reasonably request in order to effectuate the purpose
            and to
            carry out the terms of this Agreement.

           

          The
            Seller, upon reasonable advance notice, shall make reasonably available
            to the
            Purchaser or any prospective purchaser a knowledgeable financial or accounting
            officer for the purpose of answering questions and to permit any prospective
            purchaser to inspect the Seller’s servicing facilities for the purpose of
            satisfying such prospective purchaser that the Seller has the ability
            to service
            the Mortgage Loans as provided in this Agreement.

           

          The
            Seller shall maintain with respect to each Mortgage Loan and shall make
            available for inspection by the Purchaser or its designee the related
            Servicing
            File during the time the Purchaser retains ownership of a Mortgage Loan
            and
            thereafter in accordance with applicable laws and regulations.

           

          ARTICLE
            VII

          THE
            SELLER

           

          Section
            7.01.  Indemnification;
            Third Party Claims.

           

          The
            Seller agrees to indemnify the Purchaser and hold it harmless against
            any and
            all claims, losses, damages, penalties, fines, forfeitures, legal fees
            and
            related costs, judgments, and any other costs, fees and expenses (collectively,
            “Damages”)
            that
            the Purchaser may sustain in any way related to the failure of the Seller
            to
            observe and perform its duties, obligations, covenants, and agreements
            and to
            service the Mortgage Loans in compliance with the terms of this Agreement
            or
            from any claim, demand, defense or assertion based on or grounded upon,
            or
            resulting from a breach of a representation or warranty set forth in
            Sections
            3.01 or 3.02 of this Agreement. The Seller hereunder shall immediately
            notify
            the Purchaser if a claim is made by a third party with respect to this
            Agreement
            or a Mortgage Loan, assume (with the consent of the Purchaser) the defense
            of
            any such claim and pay all expenses in connection therewith, including
            counsel
            fees, and promptly pay, discharge and satisfy any judgment or decree
            which may
            be entered against it or the Purchaser in respect of such claim. The
            Seller
            shall follow any written instructions received from the Purchaser in
            connection
            with such claim. The Purchaser shall promptly reimburse the Seller for
            all
            amounts advanced by it pursuant to the two preceding sentences except
            when the
            claim relates to the failure of the Seller to service and administer
            the
            Mortgage Loans in compliance with the terms of this Agreement, the failure
            of
            the Seller to perform its duties and obligations pursuant to this Agreement,
            the
            breach of representation or warranty set forth in Sections 3.01 or 3.02,
            or the
            gross negligence, bad faith or willful misconduct of the Seller. The
            provisions
            of this Section 7.01 shall survive termination of this Agreement and
            transfer of
            the related servicing rights.

           

          Section
            7.02.  Merger
            or Consolidation of the Seller.

           

          The
            Seller shall keep in full effect its existence, rights and franchises
            as a
            corporation under the laws of the state of its incorporation except as
            permitted
            herein, and 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,
            or
            any of the Mortgage Loans and to perform its duties under this
            Agreement.

           

          Any
            Person into which the Seller may be merged or consolidated (including
            by means
            of sale or disposal of all or substantially all of the Seller’s assets), or any
            corporation resulting from any merger, conversion or consolidation to
            which the
            Seller shall be a party, or any Person succeeding to the business of
            the Seller
            (whether or not related to loan servicing), shall be the successor of
            the Seller
            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 shall be an institution (i) having
            a GAAP net
            worth of not less than $25,000,000 and (ii) an institution who is a Fannie
            Mae
            or Freddie Mac approved seller/servicer in good standing.

           

          Section
            7.03.  Limitation
            on Liability of the Seller and Others.

           

          The
            duties and obligations of the Seller shall be determined solely by the
            express
            provisions of this Agreement, the Seller shall not be liable except for
            the
            performance of such duties and obligations as are specifically set forth
            in this
            Agreement and no implied covenants or obligations shall be read into
            this
            Agreement against the Seller. Neither the Seller nor any of the officers,
            employees or agents of the Seller shall be under any liability to the
            Purchaser
            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 made in good
            faith;
provided,
            however,
            that
            this provision shall not protect the Seller or any such person against
            any
            breach of warranties or representations made herein, or failure to perform
            its
            obligations in compliance with any standard of care set forth in this
            Agreement,
            or any liability which would otherwise be imposed by reason of negligence,
            bad
            faith or willful misconduct, or any breach of the terms and conditions
            of this
            Agreement. The Seller and any officer, employee or agent of the Seller
            may rely
            in good faith on any document of any kind prima facie properly executed
            and
            submitted by the Purchaser respecting any matters arising hereunder.
            The Seller
            shall not be under any obligation to appear in, prosecute or defend any
            legal
            action which is not incidental to its duties to service the Mortgage
            Loans in
            accordance with this Agreement and which in its reasonable opinion may
            involve
            it in any expenses or liability; provided,
            however,
            that
            the Seller may undertake any such action which it may deem necessary
            or
            desirable in respect to this Agreement and the rights and duties of the
            parties
            hereto. In such event, the reasonable legal expenses and costs of such
            action
            and any liability resulting therefrom shall be expenses, costs and liabilities
            for which the Purchaser will be liable, and the Seller shall be entitled
            to be
            reimbursed therefor from the Purchaser upon written demand.

           

          Section
            7.04.  Seller
            Not to Assign or Resign.

           

          Except
            as
            otherwise provided herein, the Seller shall not assign this Agreement
            or resign
            from the obligations and duties hereby imposed on it except by mutual
            consent of
            the Seller and the Purchaser or upon the determination that its duties
            hereunder
            are no longer permissible under applicable law and such incapacity cannot
            be
            cured by the Seller. Any such determination permitting the resignation
            of the
            Seller shall be evidenced by an Opinion of Counsel to such effect delivered
            to
            the Purchaser which Opinion of Counsel shall be in form and substance
            acceptable
            to the Purchaser. No such resignation shall become effective until a
            successor
            shall have assumed the Seller’s responsibilities and obligations hereunder in
            the manner provided in Section 11.01.

           

          Section
            7.05.  No
            Transfer of Servicing.

           

          With
            respect to the retention of the Seller to service the Mortgage Loans
            hereunder,
            the Seller acknowledges that the Purchaser has acted in reliance upon
            the
            Seller’s independent status, the adequacy of its servicing facilities, plan,
            personnel, records and procedures, its integrity, reputation and financial
            standing and the continuance thereof. Without in any way limiting the
            generality
            of this Section 7.05, the Seller shall not either assign this Agreement
            or the
            servicing hereunder or delegate its rights or duties hereunder or any
            portion
            thereof without the prior written approval of the Purchaser, which consent
            shall
            not be unreasonably withheld. Notwithstanding the foregoing, the Seller
            may,
            without the consent of the Purchaser, retain reasonable and necessary
            third
            party contractors to perform certain servicing and loan administration
            functions, including and limited to, hazard insurance administration,
            tax
            payment and administration, flood certification and administration and
            foreclosure activities; provided, that such contractors shall perform
            such
            servicing and loan administrative functions in a manner consistent with
            this
            Agreement; provided, further, that the retention of such contractors
            by Seller
            shall not limit the obligation of the Seller to service the Mortgage
            Loans
            pursuant to the terms and conditions of this Agreement or release it
            from any of
            its obligations hereunder.

           

          ARTICLE
            VIII

          DEFAULT

           

          Section
            8.01.  Events
            of Default.

           

          In
            case
            one or more of the following Events of Default by the Seller shall occur
            and be
            continuing, that is to say:

           

          (i)  any
            failure by the Seller to remit to the Purchaser any payment required
            to be made
            under the terms of this Agreement which continues unremedied for a period
            of two
            (2) Business Days after the date upon which written notice of such failure,
            requiring the same to be remedied, shall have been given to the Seller
            by the
            Purchaser; or

           

          (ii)  failure
            on the part of the Seller duly to observe or perform in any material
            respect any
            other of the covenants or agreements on the part of the Seller set forth
            in this
            Agreement, which failure continues unremedied for a period of thirty
            (30) days
            after the date on which written notice of such failure, requiring the
            same to be
            remedied, shall have been given to the Seller by the Purchaser; or

           

          (iii)  a
            decree
            or order of a court or agency or supervisory authority having jurisdiction
            for
            the appointment of a conservator or receiver or liquidator in any insolvency,
            bankruptcy, readjustment of debt, marshalling of assets and liabilities
            or
            similar proceedings, or for the winding-up or liquidation of its affairs,
            shall
            have been entered against the Seller and such decree or order shall have
            remained in force undischarged or unstayed for a period of sixty (60)
            days;
            or

           

          (iv)  the
            Seller shall consent to the appointment of a conservator or receiver
            or
            liquidator in any insolvency, bankruptcy, readjustment of debt, marshalling
            of
            assets and liabilities or similar proceedings of or relating to the Seller
            or of
            or relating to all or substantially all of its property; or

           

          (v)  the
            Seller 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)  the
            Seller ceases to be approved by Fannie Mae or Freddie Mac as a mortgage
            loan
            seller and servicer for more than thirty (30) days; or

           

          (vii)  the
            Seller attempts to assign its right to servicing compensation hereunder
            or the
            Seller attempts, without the consent of the Purchaser, to assign this
            Agreement
            or the servicing responsibilities hereunder or to delegate its duties
            hereunder
            or any portion thereof in a manner not permitted under this Agreement;
            or

           

          (viii)  the
            Seller ceases to be (a) licensed to service first lien residential mortgage
            loans in each jurisdiction in which a Mortgaged Property is located and
            such
            licensing is required, and (b) qualified to transact business in any
            jurisdiction where it is currently so qualified, but only to the extent
            such
            non-qualification materially and adversely affects the Seller’s ability to
            perform its obligations hereunder; or

           

          (ix)  failure
            on the part of the Seller to comply with Section 6.04 or Section 6.05,
            which
            failure continues unremedied for a period of fifteen (15) days after
            the date on
            which written notice of such failure, requiring the same to be remedied,
            shall
            have been given to the Seller by the Purchaser.

           

          then,
            and
            in each and every such case, so long as an Event of Default shall not
            have been
            remedied, the Purchaser, by notice in writing to the Seller may, in addition
            to
            whatever rights the Purchaser may have under Sections 3.03 and 7.01 and
            at law
            or equity or to damages, including injunctive relief and specific performance,
            terminate all the rights and obligations of the Seller under this Agreement
            and
            in and to the Mortgage Loans and the proceeds thereof without compensating
            the
            Seller for the same. On or after the receipt by the Seller of such written
            notice of termination, all authority and power of the Seller under this
            Agreement, whether with respect to the Mortgage Loans or otherwise, shall
            pass
            to and be vested in the successor appointed pursuant to Section 12.01.
            Upon
            written request from the Purchaser, the Seller shall prepare, execute
            and
            deliver, any and all documents and other instruments, place in such successor’s
            possession all Servicing Files, and do or accomplish all other acts or
            things
            necessary or appropriate to effect the purposes of such notice of termination,
            whether to complete the transfer and endorsement or assignment of the
            Mortgage
            Loans and related documents, or otherwise, at the Seller’s sole expense. The
            Seller agrees to cooperate with the Purchaser and such successor in effecting
            the termination of the Seller’s responsibilities and rights hereunder,
            including, without limitation, the transfer to such successor for administration
            by it of all cash amounts which shall at the time be credited by the
            Seller to
            the Custodial Account or Escrow Account or thereafter received with respect
            to
            the Mortgage Loans or any REO Property.

           

          If
            any of
            the Mortgage Loans are MERS Mortgage Loans, in connection with the termination
            or resignation (as described in Section 8.04) of the Seller hereunder,
            either
            (i) the successor servicer shall represent and warrant that it is a member
            of
            MERS in good standing and shall agree to comply in all material respects
            with
            the rules and procedures of MERS in connection with the servicing of
            the
            Mortgage Loans that are registered with MERS, or (ii) the Seller shall
            cooperate
            with the successor servicer either (x) in causing MERS to execute and
            deliver an
            assignment of Mortgage in recordable form to transfer the Mortgage from
            MERS to
            the Purchaser and to execute and deliver such other notices, documents
            and other
            instruments as may be necessary or desirable to effect a transfer of
            such
            Mortgage Loan or servicing of such Mortgage Loan on the MERS® System to the
            successor servicer or (y) in causing MERS to designate on the MERS® System the
            successor servicer as the servicer of such Mortgage Loan.

           

          Section
            8.02.  Waiver
            of Defaults.

           

          The
            Purchaser may waive only by written notice any default by the Seller
            in the
            performance of its obligations hereunder and its consequences. Upon any
            such
            waiver of a past default, such default shall cease to exist, and any
            Event of
            Default arising therefrom shall be deemed to have been remedied for every
            purpose of this Agreement. No such waiver shall extend to any subsequent
            or
            other default or impair any right consequent thereon except to the extent
            expressly so waived in writing.

           

          ARTICLE
            IX

          TERMINATION

           

          Section
            9.01.  Termination.

           

          The
            respective obligations and responsibilities of the Seller shall terminate
            upon:
            (i) the later of the final payment or other liquidation (or any advance
            with
            respect thereto) of the last Mortgage Loan or the disposition of all
            REO
            Property and the remittance of all funds due hereunder; (ii) by mutual
            consent
            of the Seller and the Purchaser in writing; or (iii) termination of the
            Seller
            by the Purchaser with cause under the terms of this Agreement.

           

          ARTICLE
            X

          RECONSTITUTION
            OF MORTGAGE LOANS

           

          Section
            10.01.  Reconstitution
            of Mortgage Loans.

           

          (a)  The
            Seller acknowledges and the Purchaser agrees that with respect to some
            or all of
            the Mortgage Loans, the Purchaser may effect, upon ten (10) Business
            Days prior
            written notice to the Seller, either:

           

          (i)  one
            or
            more sales of the Mortgage Loans as whole loan transfers (each, a “Whole
            Loan Transfer”);

           

          (ii)  one
            or
            more Agency Transfers; and/or

           

          (iii)  one
            or
            more sales of the Mortgage Loans as public or private pass-through transfers
            (each, a “Pass-Through
            Transfer”).

           

          (b)  With
            respect to each Whole Loan Transfer, Agency Transfer or Pass-Through
            Transfer,
            as the case may be, the Seller agrees:

           

          (i)  to
            cooperate reasonably with the Purchaser and any prospective purchaser
            with
            respect to all reasonable requests that do not result in an undue burden
            or
            expense of the Seller;

           

          (ii)  to
            execute all agreements required to be executed by the Seller in connection
            with
            such Whole Loan Transfer, Agency Transfer or Pass-Through Transfer, including
            a
            pooling and servicing agreement in form and substance reasonably acceptable
            to
            the parties, provided that any such agreements be consistent with the
            terms
            hereof and, unless otherwise agreed by the Seller, impose no greater
            duties,
            liabilities or obligations upon the Seller than those set forth herein
            and
            provided that the Seller is given an opportunity to review and reasonably
            negotiate in good faith the content of such documents not specifically
            referenced or provided for herein;

           

          (iii)  to
            make
            all the representations and warranties set forth in Section 3.01 as of
            the date
            of the Whole Loan Transfer, Agency Transfer or Pass-Through
            Transfer;

           

          (iv)  to
            deliver to the Purchaser (a) for inclusion in any prospectus or other
            offering
            material such publicly available information regarding the Seller and
            its
            financial condition and any additional information reasonably requested
            by the
            Purchaser or required by law or regulation, (b) any similar nonpublic,
            unaudited
            financial information (which the Purchaser may, at its option and its
            cost, have
            audited by certified public accountants) and such other information as
            is
            reasonably requested by the Purchaser and which the Seller is capable
            of
            providing without unreasonable effort or expense, and to indemnify the
            Purchaser
            and its affiliates for any losses, costs or damages incurred by any of
            them
            directly related to any material misstatements contained in such information
            or
            for any omissions of material fact required to be stated therein to the
            extent
            such information is provided by the Seller specifically for use in a
            prospectus
            or other offering material; provided,
            that,
            the
            Purchaser shall indemnify the Seller and its affiliates for any losses,
            costs or
            damages related to any material misstatements contained in any prospectus
            or
            other offering material other than in such information provided by the
            Seller
            specifically for use therein or for any omissions of material fact required
            to
            be stated therein and (c) such statements and audit letters of reputable,
            certified public accountants pertaining to information provided by the
            Seller
            pursuant to clause (a) above as shall be reasonably requested by the
            Purchaser;
            and

           

          (v)  to
            deliver to the Purchaser, and to any Person designated by the Purchaser,
            opinions of counsel in a form reasonably acceptable to the Purchaser
            as are
            customarily delivered by sellers and servicers and reasonably determined
            by the
            Purchaser to be necessary in connection with Whole Loan Transfers, Agency
            Transfers or Pass-Through Transfers, as the case may be, it being understood
            that the reasonable cost of any opinions of counsel (other than in-house
            counsel) that may be required for a Whole Loan Transfer, Agency Transfer
            or
            Pass-Through Transfer, as the case may be, shall be the responsibility
            of the
            Purchaser.

           

          The
            Purchaser shall reimburse the Seller for any and all reasonable out-of-pocket
            expenses, costs and fees, including reasonable attorney’s fees, incurred by the
            Seller in response to requests for information or assistance under this
            Section.
            All Mortgage Loans not sold or transferred pursuant to a Whole Loan Transfer,
            Agency Transfer or Pass-Through Transfer shall be subject to this Agreement
            and
            shall continue to be serviced in accordance with the terms of this Agreement
            and
            with respect thereto this Agreement shall remain in full force and effect.
            Notwithstanding anything to the contrary in this Section 10.01, the Company
            agrees that it is required to perform the obligations described in Exhibit
            H
            hereto
            in connection with a Reconstitution.

          

          Section
            10.02. Monthly
            Reporting with Respect to a Reconstitution.

          

          As
            long
            as the Company continues to service Mortgage Loans, the Company agrees
            that with
            respect to any Mortgage Loan sold or transferred pursuant to a Reconstitution
            as
            described in Section 10.01 of this Agreement (a “Reconstituted
            Mortgage Loan”),
            the
            Company, at its expense, shall provide the Purchaser with the information
            set
            forth in Exhibit
            G
            attached
            hereto for each Reconstituted Mortgage Loan in Excel or such electronic
            delimited file format as may be mutually agreed upon by both Purchaser
            and
            Company. Such information shall be provided monthly for all Reconstituted
            Mortgage Loans on the fifth (5th) Business Day of each month for the
            immediately
            preceding monthly period, and shall be transmitted to the new investor
            or master
            servicer.

          

          ARTICLE
            XI

          MISCELLANEOUS
            PROVISIONS

           

          Section
            11.01.  Successor
            to the Seller.

           

          Prior
            to
            termination of Seller’s responsibilities and duties under this Agreement
            pursuant to Section 7.04, 8.01 or 9.01, the Purchaser shall (i) succeed
            to and
            assume all of the Seller’s responsibilities, rights, duties and obligations
            under this Agreement, or (ii) appoint a successor having the characteristics
            set
            forth in Section 7.02 hereof and which shall succeed to all rights and
            assume
            all of the responsibilities, duties and liabilities of the Seller under
            this
            Agreement. In connection with such appointment and assumption, the Purchaser
            may
            make such arrangements for the compensation of such successor out of
            payments on
            Mortgage Loans as the Purchaser and such successor shall agree. In the
            event
            that the Seller’s duties, responsibilities and liabilities under this Agreement
            should be terminated pursuant to the aforementioned Sections, the Seller
            shall
            discharge such duties and responsibilities during the period from the
            date it
            acquires knowledge of such termination until the effective date thereof
            with the
            same degree of diligence and prudence which it is obligated to exercise
            under
            this Agreement, and shall take no action whatsoever that might impair
            or
            prejudice the rights or financial condition of its successor. The resignation
            or
            removal of the Seller pursuant to the aforementioned Sections shall not
            become
            effective until a successor shall be appointed pursuant to this Section
            and
            shall in no event relieve the Seller of the representations and warranties
            made
            pursuant to Section 3.01 and the indemnification obligations of the Seller
            pursuant to Section 7.01.

           

          Any
            successor appointed as provided herein shall execute, acknowledge and
            deliver to
            the Seller and to the Purchaser an instrument accepting such appointment,
            whereupon such successor shall become fully vested with all the rights,
            powers,
            duties, responsibilities, obligations and liabilities of the Seller,
            with like
            effect as if originally named as a party to this Agreement. Any termination
            or
            resignation of the Seller or this Agreement pursuant to Section 7.04,
            7.05, 8.01
            or 9.01 shall not affect any claims that the Purchaser may have against
            the
            Seller arising prior to any such termination or resignation.

           

          The
            Seller shall promptly deliver to the successor the funds in the Custodial
            Account and the Escrow Account and the Mortgage Files and related documents
            and
            statements held by it hereunder and the Seller shall account for all
            funds. The
            Seller shall execute and deliver such instruments and do such other things
            all
            as may reasonably be required to more fully and definitely vest and confirm
            in
            the successor all such rights, powers, duties, responsibilities, obligations
            and
            liabilities of the Seller. Upon appointment of successor servicer to
            the Seller,
            the Seller shall be reimbursed for unrecovered Servicing Advances, Monthly
            Advances and unpaid Servicing Fees which would otherwise have been recovered
            by
            the Seller pursuant to this Agreement but for the appointment such successor
            servicer.

          

          Upon
            a
            successor’s acceptance of appointment as such, the Seller shall notify by mail
            the Purchaser of such appointment.

           

          Section
            11.02.  Amendment.

           

          This
            Agreement may be amended or supplemented from time to time by written
            agreement
            executed by the Purchaser and the Seller.

           

          Section
            11.03.  Recordation
            of Agreement.

           

          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 of all the Mortgaged Properties
            subject to the Mortgages are situated, and in any other appropriate public
            recording office or elsewhere, such recordation to be effected by the
            Seller at
            the Seller’s expense on direction of the Purchaser.

           

          Section
            11.04.  Governing
            Law.

           

          This
            Agreement shall be governed by and construed in accordance with the laws
            of the
            State of New York, without regard to its conflict of law provisions,
            except to
            the extent preempted by Federal law. The obligations, rights and remedies
            of the
            parties hereunder shall be determined in accordance with such laws.

           

          Section
            11.05.  Notices.

           

          Any
            demands, notices or other communications permitted or required hereunder
            shall
            be in writing and shall be deemed conclusively to have been given if
            personally
            delivered at or mailed by registered mail, postage prepaid, and return
            receipt
            requested or certified mail, return receipt requested, or transmitted
            by telex,
            telegraph or telecopier and confirmed by a similar mailed writing, as
            follows:

           

          (i) if
            to the
            Seller:

           

          Wachovia
            Mortgage Corporation

          201
            South
            College Street

          Suite
            1600

          Charlotte,
            North Carolina 28288-1088

          Attention:
            Caroline Payne

          Facsimile:
            (704) 383-4591

           

          with
            a
            copy to:

           

          Wachovia
            Mortgage Corporation

          1100
            Corporate Center Drive

          Raleigh,
            North Carolina 27607

          Attention:
            Tom Fowler

          Facsimile:
            (919) 852-7525

           

          (ii) if
            to the
            Purchaser:

           

          EMC
            Mortgage Corporation 

          Mac
            Arthur Ridge II, 

          909
            Hidden Ridge Drive, Suite 200

          Irving,
            Texas 75038

          Attention:
            Ms. Ralene Ruyle

          Telecopier
            No.: (972) 444-2810

          

          with
            copy
            to:

           

          Bear
            Stearns Mortgage Capital Corporation

          383
            Madison Avenue

          New
            York,
            New York 10179

          Attention:
            Steven Trombetta

           

          or
            such
            other address as may hereafter be furnished to the other party by like
            notice.
            Any such demand, notice or communication hereunder shall be deemed to
            have been
            received on the date delivered to or received at the premises of the
            addressee
            (as evidenced, in the case of registered or certified mail, by the date
            noted on
            the return receipt).

           

          Section
            11.06.  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 be ineffective, as to such jurisdiction,
            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. If the invalidity
            of any
            part, provision, representation or warranty of this Agreement shall deprive
            any
            party of the economic benefit intended to be conferred by this Agreement,
            the
            parties shall negotiate, in good faith, to develop a structure the economic
            effect of which is nearly as possible the same as the economic effect
            of this
            Agreement without regard to such invalidity.

           

          Section
            11.07.  Exhibits.

           

          The
            exhibits to this Agreement are hereby incorporated and made a part hereof
            and
            are an integral part of this Agreement.

           

          Section
            11.08.  General
            Interpretive Principles.

           

          For
            purposes of this Agreement, except as otherwise expressly provided or
            unless the
            context otherwise requires:

           

          (i)  the
            terms
            defined in this Agreement have the meanings assigned to them in this
            Agreement
            and include the plural as well as the singular, and the use of any gender
            herein
            shall be deemed to include the other gender;

           

          (ii)  accounting
            terms not otherwise defined herein have the meanings assigned to them
            in
            accordance with GAAP;

           

          (iii)  references
            herein to “Articles,” “Sections,” Subsections,” “Paragraphs,” and other
            subdivisions without reference to a document are to designated Articles,
            Sections, Subsections, Paragraphs and other subdivisions of this
            Agreement;

           

          (iv)  a
            reference to a Subsection without further reference to a Section is a
            reference
            to such Subsection as contained in the same Section in which the reference
            appears, and this rule shall also apply to Paragraphs and other
            subdivisions;

           

          (v)  the
            words
“herein,” “hereof,” “hereunder,” and other words of similar import refer to this
            Agreement as a whole and not to any particular provision;

           

          (vi)  the
            term
“include” or “including” shall mean without limitation by reason of enumeration;
            and

           

          (vii)  headings
            of the Articles and Sections in this Agreement are for reference purposes
            only
            and shall not be deemed to have any substantive effect.

           

          Section
            11.09.  Reproduction
            of Documents.

           

          This
            Agreement and all documents relating thereto, including, without limitation,
            (i)
            consents, waivers and modifications which may hereafter be executed,
            (ii)
            documents received by any party at the closing, and (iii) financial statements,
            certificates and other information previously or hereafter furnished,
            may be
            reproduced by any photographic, photostatic, microfilm, micro-card, miniature
            photographic or other similar process. The parties agree that any such
            reproduction shall be admissible in evidence as the original itself in
            any
            judicial or administrative proceeding, whether or not the original is
            in
            existence and whether or not such reproduction was made by a party in
            the
            regular course of business, and that any enlargement, facsimile or further
            reproduction of such reproduction shall likewise be admissible in
            evidence.

           

          Section
            11.10.  Confidentiality
            of Information.

           

          Each
            party recognizes that, in connection with this Agreement, it may become
            privy to
            non-public information regarding the financial condition, operations
            and
            prospects of the other party. Except as required by law, each party agrees
            to
            keep all non-public information regarding the other party strictly confidential,
            and to use all such information solely in order to effectuate the purpose
            of the
            Agreement, provided that each party may provide confidential information
            to its
            employees, agents and affiliates who have a need to know such information
            in
            order to effectuate the transaction, provided further that such information
            is
            identified as confidential non-public information. In addition, confidential
            information may be provided to a regulatory authority with supervisory
            power
            over the Purchaser, provided such information is identified as confidential
            non-public information.

           

          Section
            11.11.  Recordation
            of Assignments of Mortgage.

           

          To
            the
            extent permitted by applicable law, each of the Assignments of Mortgage
            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 Mortgaged Properties are situated, and in any other appropriate
            public recording office or elsewhere, such recordation to be effected
            (i) with
            respect to MERS Mortgage Loans, at the Purchaser’s expense and (ii) with respect
            to Mortgage Loans that are not MERS Mortgage Loans, at the Seller’s expense, in
            each case, in the event recordation is either necessary under applicable
            law or
            requested by the Purchaser at its sole option.

           

          Section
            11.12.  Assignment
            by Purchaser.

           

          The
            Purchaser shall have the right, upon notice to the Seller, to assign,
            in whole
            or in part, its interest under this Agreement with respect to some or
            all of the
            Mortgage Loans, and designate any person to exercise any rights of the
            Purchaser
            hereunder, by executing an Assignment, Assumption and Recognition Agreement
            substantially in the form of Exhibit
            D
            hereto,
            and the assignee or designee shall accede to the rights and obligations
            hereunder of the Purchaser with respect to such Mortgage Loans; provided,
            however,
            that,
            in no event shall there be any more than five (5) “Purchasers” with respect to
            any Mortgage Loan Package. In no event shall the Purchaser sell a partial
            interest in any Mortgage Loan without the prior written consent of the
            Seller,
            which consent may be granted or withheld in the Seller’s sole discretion. All
            references to the Purchaser in this Agreement shall be deemed to include
            its
            assignee or designee.

           

          Section
            11.13.  No
            Partnership.

           

          Nothing
            herein contained shall be deemed or construed to create a co-partnership
            or
            joint venture between the parties hereto and the services of the Seller
            shall be
            rendered as an independent contractor and not as agent for
            Purchaser.

           

          Section
            11.14.  Execution;
            Successors and Assigns.

           

          This
            Agreement may be executed in one or more counterparts and by the different
            parties hereto on separate counterparts, each of which, when so executed,
            shall
            be deemed to be an original; such counterparts, together, shall constitute
            one
            and the same agreement. Subject to Section 7.02, this Agreement shall
            inure to
            the benefit of and be binding upon the Seller and the Purchaser and their
            respective successors and assigns.

           

          Section
            11.15.  Entire
            Agreement.

           

          Each
            of
            the parties to this Agreement acknowledges that no representations, agreements
            or promises were made to any of the other parties to this Agreement or
            any of
            its employees other than those representations, agreements or promises
            specifically contained herein. This Agreement and the related Purchase
            Price and
            Terms Letter set forth the entire understanding between the parties hereto
            and
            shall be binding upon all successors of all of the parties. In the event
            of any
            inconsistency between a Purchase Price and Terms Letter and this Agreement,
            this
            Agreement shall control.

           

          Section
            11.16.  No
            Solicitation.

           

          From
            and
            after the related Closing Date, except as provided below, the Seller
            agrees that
            it will not take any action or permit or cause any action to be taken
            by any of
            its agents or affiliates, or by any independent contractors on the Seller’s
            behalf, in any manner to solicit the borrower or obligor under any Mortgage
            Loan
            to refinance the Mortgage Loan, in whole or in part, without the prior
            written
            consent of the Purchaser. It is understood and agreed that all rights
            and
            benefits relating to the solicitation of any Mortgagors to refinance
            any
            Mortgage Loans and the attendant rights, title and interest in and to
            the list
            of such Mortgagors and data relating to their Mortgages (including insurance
            renewal dates) shall be transferred to the Purchaser pursuant hereto
            on the
            related Closing Date and the Seller shall take no action to undermine
            these
            rights and benefits. Notwithstanding the foregoing, it is understood
            and agreed
            that the following promotions or solicitations undertaken by the Seller
            or any
            affiliate of the Seller shall not be prohibited under this Section 11.16:
            (i)
            promotions or solicitations that are directed to the general public at
            large or
            segments thereof, provided that no segment shall consist primarily of
            the
            borrowers or obligors under the Mortgage Loans, including, without limitation,
            mass mailing based on commercially acquired mailing lists, newspaper,
            radio and
            television advertisements; (ii) responding to Mortgagor requests for
            pay-off
            information and regarding other bank or financial products or services;
            and
            (iii) promotions or solicitations to any Mortgagor for any other bank
            or
            financial products or services, unless such promotions or solicitations
            are for
            a prepayment of a Mortgage Loan.

           

          Section
            11.17.  Costs.

           

          The
            Purchaser shall pay any commissions due its salesmen, the expenses of
            its
            accountants and attorneys and the expenses and fees of any broker retained
            by
            the Purchaser with respect to the transactions covered by this Agreement.
            To the
            extent not otherwise provided herein, all other costs and expenses incurred
            in
            connection with the transfer and delivery of the Mortgage Loans, including,
            without limitation, fees for recording intervening assignments of mortgage
            and
            Assignments of Mortgage, the cost of obtaining tax service contracts
            and the
            legal fees and expenses of its attorneys shall be paid by the Seller.
            The Seller
            shall be responsible for causing the recordation of all Assignments of
            Mortgage
            and all intervening assignments of mortgage, as applicable.

           

          Section
            11.18.  Protection
            of Mortgagor Personal Information.

           

          Each
            of
            the Purchaser and the Seller agree that it (i) shall comply with any
            applicable
            laws and regulations regarding the privacy and security of Mortgagor
            Personal
            Information, (ii) shall not use Mortgagor Personal Information in any
            manner
            inconsistent with any applicable laws and regulations regarding the privacy
            and
            security of Mortgagor Personal Information, (iii) shall not disclose
            Mortgagor
            Personal Information to third parties except at the specific written
            direction
            of the other; provided,
            however,
            that the
            Purchaser and the Seller may disclose Mortgagor Personal Information
            to third
            parties in connection with secondary market transactions to the extent
            not
            prohibited by applicable law or to the extent required by a valid and
            effective
            subpoena issued by a court of competent jurisdiction or other governmental
            body,
            (iv) shall maintain adequate physical, technical and administrative safeguards
            to protect Mortgagor Personal Information from unauthorized access and
            (v) shall immediately notify the other of any actual or suspected breach
            of
            the confidentiality of Mortgagor Personal Information.

           

          

          

          

          

          [SIGNATURE
            PAGE TO FOLLOW]

           

          
            
              
              

            

            
              
              

              
                

              

            

            
              
              

            

          

          

           

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

           

          

           

          
            	
                    EMC
                      MORTGAGE CORPORATION,

                    as
                      Purchaser

                  
	 	 
	
                    By:

                  	 
	
                    Name:

                  	 
	
                    Title:

                  	 
	 	 
	 	 
	
                    WACHOVIA
                      MORTGAGE CORPORATION, as Seller

                  
	 	 
	 	 
	
                    By:

                  	 
	
                    Name:

                  	 
	
                    Title:

                  	 

          

          

          

          

          

          

          

          

          

          

          

          

          

          

          

          

          

          

          

          [Signature
            Page to Seller’s Purchase, Warranties and Servicing Agreement, dated as of July
            1, 2005]

           

          

          
            
              
                

              

              
              

            

            
              
              

              
                

              

            

            
              
              

              
                

              

            

          

          Exhibit
            A-1

           

          Contents
            of Mortgage File

           

          With
            respect to each Mortgage Loan, the Mortgage File shall include each of
            the
            following items, which shall be available for inspection by the Purchaser,
            and
            which shall be retained by the Seller in the Servicing File or delivered
            to the
            Purchaser or its designee pursuant to Sections 2.04 and 2.05 of the Seller’s
            Purchase, Warranties and Servicing Agreement.

           

          1. The
            original Mortgage Note endorsed “Pay to the order of ___________________ without
            recourse,” and signed in the name of the Seller by an authorized officer, with
            all intervening endorsements showing a complete chain of title from the
            originator to the Seller. If the Mortgage Loan was acquired by the Seller
            in a
            merger, the endorsement must be by “[Seller], successor by merger to the [name
            of predecessor]”. If the Mortgage Loan was acquired or originated by the Seller
            while doing business under another name, the endorsement must be by “[Seller]
            formerly known as [previous name]”. If the original note is unavailable, seller
            will provide an affidavit of lost note (in form acceptable to the Purchaser)
            stating that the original Mortgage Note was lost or destroyed, together
            with a
            copy of such Mortgage Note and indemnifying the Purchaser against any
            and all
            claims arising as a result of any person or entity claiming they are
            the holder
            of the note or that the note has been paid off and returned.

           

          2. A
            true
            certified copy, certified by the [title insurer], of the applicable First
            Lien.

           

          3. Except
            as
            provided below and for each Mortgage Loan that is not a MERS Mortgage
            Loan, the
            original Mortgage with evidence of recording thereon, or a copy thereof
            certified by the public recording office in which such mortgage has been
            recorded or, if the original Mortgage has not been returned from the
            applicable
            public recording office, a true certified copy, certified by the [title
            insurer], of the original Mortgage together with a certificate of the
            Seller
            certifying that the original Mortgage has been delivered for recording
            in the
            appropriate public recording office of the jurisdiction in which the
            Mortgaged
            Property is located and in the case of each MERS Mortgage Loan, the original
            Mortgage, noting the presence of the MIN of the Mortgage Loans and either
            language indicating that the Mortgage Loan is a MOM Loan or if the Mortgage
            Loan
            was not a MOM Loan at origination, the original Mortgage and the assignment
            thereof to MERS, with evidence of recording indicated thereon, or a copy
            of the
            Mortgage certified by the public recording office in which such Mortgage
            has
            been recorded.

           

          4. The
            original or certified to be a true copy or if in electronic form identified
            on
            the Mortgage Loan Schedule, the certificate number, certified by the
            Seller, of
            the related Primary Mortgage Insurance Policy, if required.

           

          5. In
            the
            case of each Mortgage Loan that is not a MERS Mortgage Loan, the original
            Assignment, from the Seller in accordance with Purchaser’s instructions, which
            assignment shall, but for any blanks requested by the Purchaser, be in
            form and
            substance acceptable for recording, or a copy certified by the Seller
            as a true
            and correct copy of the original Assignment which has been sent for recordation.
            If the Mortgage Loan was acquired or originated by the Seller while doing
            business under another name, the Assignment must be by “[Seller] formerly known
            as [previous name]”.

           

          6. With
            respect to Mortgage Loans that are not Co-op Loans, the original policy
            of title
            insurance, including riders and endorsements thereto, or if the policy
            has not
            yet been issued, a written commitment or interim binder or preliminary
            report of
            title issued by the title insurance or escrow company.

           

          7. Originals
            of all recorded intervening Assignments, or copies thereof, certified
            by the
            public recording office in which such Assignments have been recorded
            showing a
            complete chain of title from the originator to the Seller, with evidence
            of
            recording thereon, or a copy thereof certified by the public recording
            office in
            which such Assignment has been recorded or, if the original Assignment
            has not
            been returned from the applicable public recording office, a true certified
            copy, certified by the [title insurer] of the original Assignment together
            with
            a certificate of the [title insurer] certifying that the original Assignment
            has
            been delivered for recording in the appropriate public recording office
            of the
            jurisdiction in which the Mortgaged Property is located.

           

          8. Originals,
            or copies thereof certified by the public recording office in which such
            documents have been recorded, of each assumption, extension, modification,
            written assurance or substitution agreements, if applicable, or if the
            original
            of such document has not been returned from the applicable public recording
            office, a true certified copy, certified by the [title insurer], of such
            original document together with certificate of Seller certifying the
            original of
            such document has been delivered for recording in the appropriate recording
            office of the jurisdiction in which the Mortgaged Property is
            located.

           

          9. If
            the
            Mortgage Note or Mortgage or any other material document or instrument
            relating
            to the Mortgage Loan has been signed by a person on behalf of the Mortgagor,
            the
            original power of attorney or other instrument that authorized and empowered
            such person to sign bearing evidence that such instrument has been recorded,
            if
            so required in the appropriate jurisdiction where the Mortgaged Property
            is
            located (or, in lieu thereof, a duplicate or conformed copy of such instrument,
            together with a certificate of receipt from the recording office, certifying
            that such copy represents a true and complete copy of the original and
            that such
            original has been or is currently submitted to be recorded in the appropriate
            governmental recording office of the jurisdiction where the Mortgaged
            Property
            is located), or if the original power of attorney or other such instrument
            has
            been delivered for recording in the appropriate public recording office
            of the
            jurisdiction in which the Mortgaged Property is located.

           

          10. With
            respect to a Co-op Loan: (i) a copy of the Co-op Lease and the assignment
            of
            such Co-op Lease to the originator of the Mortgage Loan, with all intervening
            assignments showing a complete chain of title and an assignment thereof
            by
            Seller; (ii) the stock certificate together with an undated stock power
            relating
            to such stock certificate executed in blank; (iii) the recognition agreement
            in
            substantially the same form as standard a “AZTECH” form; (iv) copies of the
            financial statement filed by the originator as secured party and, if
            applicable,
            a filed UCC-3 Assignment of the subject security interest showing a complete
            chain of title, together with an executed UCC-3 Assignment of such security
            interest by the Seller in a form sufficient for filing.

           

          11. The
            original of any guarantee executed in connection with the Mortgage
            Note.

           

          Notwithstanding
            anything to the contrary herein, the Seller may provide one certificate
            for all
            of the Mortgage Loans indicating that the documents were delivered for
            recording.

           

          

          
            
              
                

              

              
              

            

            
              
              

              
                

              

            

            
              
              

              
                

              

            

          

          Exhibit
            A-2

           

          Contents
            of Servicing File

           

          With
            respect to each Mortgage Loan, the Servicing File shall include each
            of the
            following items, which shall be available for inspection by the
            Purchaser:

           

          1. Mortgage
            Loan closing statement (Form HUD-1) and any other truth-in-lending or
            real
            estate settlement procedure forms required by law.

           

          2. Residential
            loan application.

           

          3. Uniform
            underwriter and transmittal summary (Fannie Mae Form 1008) or reasonable
            equivalent.

           

          4. Credit
            report on the mortgagor.

           

          5. Business
            credit report, if applicable.

           

          6. Residential
            appraisal report and attachments thereto.

           

          7. Verification
            of employment and income except for Mortgage Loans originated under a
            Limited
            Documentation Program, all in accordance with Seller’s Underwriting
            Standards.

           

          8. Verification
            of acceptable evidence of source and amount of down payment, in accordance
            with
            the Underwriting Standards.

           

          9. Photograph
            of the Mortgaged Property (may be part of appraisal).

           

          10. Survey
            of
            the Mortgaged Property, if any.

           

          11. Sales
            contract, if applicable.

           

          12. If
            available, termite report, structural engineer’s report, water portability and
            septic certification.

           

          13. Any
            original security agreement, chattel mortgage or equivalent executed
            in
            connection with the Mortgage.

           

          14. Any
            ground lease, including all amendments, modifications and supplements
            thereto.

           

          15. Any
            other
            document required to service the Mortgage Loans.

           

          

          
            
              
              

            

            
              
              

              
                

              

            

            
              
              

              
                

              

            

          

          Exhibit
            B

           

          Form
            of Custodial Account Letter Agreement

           

          __________________
            , 200_

           

          To:

           

          As
            “Seller” under the Seller’s Purchase, Warranties and Servicing Agreement, dated
            as of July 1, 2005 (the “Agreement”),
            we
            hereby authorize and request you to establish an account, as a Custodial
            Account
            pursuant to Section 4.04 of the Agreement, to be designated as “Wachovia
            Mortgage Corporation, in trust for the Purchaser, owner of various whole
            loan
            series - principal and interest”. All deposits in the account shall be subject
            to withdrawal therefrom by order signed by the Seller. This letter is
            submitted
            to you in duplicate. Please execute and return one original to us.

           

          
            	
                    WACHOVIA
                      MORTGAGE CORPORATION,

                    as
                      SELLER

                  
	 	 
	
                    By:

                  	 
	
                    Name:

                  	 
	
                    Title:

                  	 

          

          

           

          

          

          The
            undersigned, as “Depository,” hereby certifies that the above described account
            has been established under Account Number ______________, at the office
            of the
            depository indicated above, and agrees to honor withdrawals on such account
            as
            provided above.

          

           

          
            	 
	 	 
	
                    By:

                  	 
	
                    Name:

                  	 
	
                    Title:

                  	 

          

          

           

          

          

          
            
              
                

              

              
              

            

            
              
              

              
                

              

            

            
              
              

              
                

              

            

          

          Exhibit
            C

           

          Form
            of Escrow Account Letter Agreement

           

          _____________________,
            200_

           

          To:

           

          As
            “Seller” under the Seller’s Purchase, Warranties and Servicing Agreement, dated
            as of July 1, 2005 (the “Agreement”),
            we
            hereby authorize and request you to establish an account, as an Escrow
            Account
            pursuant to Section 4.06 of the Agreement, to be designated as “Wachovia
            Mortgage Corporation, in trust for the Purchaser, owner of various whole
            loan
            series, and various Mortgagors.” All deposits in the account shall be subject to
            withdrawal therefrom by order signed by the Seller. This letter is submitted
            to
            you in duplicate. Please execute and return one original to us.

           

          
            	
                    WACHOVIA
                      MORTGAGE CORPORATION,

                    as
                      SELLER

                  
	 	 
	
                    By:

                  	 
	
                    Name:

                  	 
	
                    Title:

                  	 

          

          

          The
            undersigned, as “Depository,” hereby certifies that the above described account
            has been established under Account Number ______________, at the office
            of the
            depository indicated above, and agrees to honor withdrawals on such account
            as
            provided above.

          

          
            	 	 
	
                    By:

                  	 
	
                    Name:

                  	 
	
                    Title:

                  	 

          

          

          

          
            
              
                

              

              
              

            

            
              
              

              
                

              

            

            
              
              

              
                

              

            

          

          Exhibit
            D

           

          Form
            of Assignment, Assumption and Recognition Agreement

           

          This
            Assignment, Assumption and Recognition Agreement (this “Assignment Agreement”),
            dated as of _________, among EMC Mortgage Corporation, a Delaware corporation
            (the “Assignor”),
            ______________________, a ________ corporation (the “Assignee”),
            and
            Wachovia Mortgage Corporation, a North Carolina corporation (the “Seller”):

           

          For
            good
            and valuable consideration the receipt and sufficiency of which hereby
            are
            acknowledged, and of the premises and mutual covenants herein contained,
            the
            parties hereto hereby agree as follows:

           

          1. The
            Assignor hereby grants, transfers and assigns to Assignee all of the
            right,
            title and interest of Assignor, as Purchaser, in, to and under (a) those
            certain
            mortgage loans listed on Exhibit A attached hereto (the “Mortgage Loans”); and
            (b) the Seller’s Purchase, Warranties and Servicing Agreement dated as of July
            1, 2005, but only to the extent of the Mortgage Loans (the “Purchase
            Agreement”).
            For
            purposes of this Assignment Agreement, the term “Purchase Agreement” includes
            any separate Assignment and Conveyance pursuant to which Seller and Assignor
            effectuated the purchase and sale of any Mortgage Loan following the
            execution
            and delivery of the Purchase Agreement.

           

          The
            Assignor specifically reserves and does not assign to the Assignee hereunder
            any
            and all right, title and interest in, to and under any all obligations
            of the
            Assignor with respect to any mortgage loans subject to the Purchase Agreement
            which are not the Mortgage Loans set forth on Exhibit A attached hereto
            and are
            not the subject of this Assignment Agreement.

           

          2. Each
            of
            the Seller and the Assignor represent and warrant to the Assignee that
            (a) the
            copy of the Purchase Agreement, attached hereto as Exhibit B, provided
            to the
            Assignee, is a true, complete and accurate copy of the Purchase Agreement,
            (b)
            the Purchase Agreement is in full force and effect as of the date hereof,
            (c)
            the provisions thereof have not been waived, amended or modified in any
            respect,
            nor have any notices of termination been given thereunder, (d) the Purchase
            Agreement contains all of the terms and conditions governing the sale
            of the
            Mortgage Loans by Seller to Assignor and the purchase of the Mortgage
            Loans by
            Assignor from Seller; provided,
            however,
            that
            the date of purchase and sale and the amount of payment for the Mortgage
            Loans
            may be set out in a Purchase Price and Terms Letter, as defined in the
            Purchase
            Agreement, and (e) Seller sold, conveyed and transferred each Mortgage
            Loan to
            Assignor pursuant to the Purchase Agreement.

           

          3. The
            Assignor warrants and represents to, and covenants with, the Assignee
            and the
            Seller that:

           

          (a) As
            of the
            date hereof, the Assignor is not in default under the Purchase
            Agreement;

           

          (b) The
            Assignor is the lawful owner of the Mortgage Loans with the full right
            to
            transfer the Mortgage Loans and any and all of its interests, rights
            and
            obligations under the Purchase Agreement, free from any and all claims
            and
            encumbrances arising out of the Assignor’s ownership thereof, and the Mortgage
            Loans, as well as the Purchase Agreement, upon the transfer thereof to
            the
            Assignee as contemplated herein, shall be free and clear of all such
            liens,
            claims and encumbrances or any lien claim or encumbrance arising out
            of the
            ownership of the Mortgage Loans by any person at any time after Assignor
            first
            acquired any Mortgage Loan from the Seller;

           

          (c) The
            Assignor has not received notice of, and has no knowledge of, any offsets,
            counterclaims or other defenses available to the Seller with respect
            to the
            Purchase Agreement or the Mortgage Loans;

           

          (d) The
            Assignor has not waived or agreed to any waiver under, or agreed to any
            amendment or other modification of, the Purchase Agreement or the Mortgage
            Loans. The Assignor has no knowledge of, and has not received notice
            of, any
            waivers under or amendments or other modifications of, or assignments
            of rights
            or obligations under or defaults under, the Purchase Agreement, or the
            Mortgage
            Loans;

           

          (e) The
            Assignor is a corporation duly organized, validly existing and in good
            standing
            under the laws of the jurisdiction of its incorporation, and has all
            requisite
            corporate power and authority to sell, transfer and assign the Mortgage
            Loans;

           

          (f) The
            Assignor has full corporate power and authority to execute, deliver and
            perform
            under this Assignment Agreement, and to consummate the transactions set
            forth
            herein. The consummation of the transactions contemplated by this Assignment
            Agreement is in the ordinary course of the Assignor’s business and will not
            conflict with, or result in a breach of, any of the terms, conditions
            or
            provisions of the Assignor’s charter or by-laws, or any legal restriction, or
            any material agreement or instrument to which the Assignor is now a party
            or by
            which it is bound, or result in the violation of any law, rule, regulation,
            order, judgment or decree to which the Assignor or its property is subject.
            The
            execution, delivery and performance by the Assignor of this Assignment
            Agreement, and the consummation by it of the transactions contemplated
            hereby,
            have been duly authorized by all necessary corporate action of the Assignor.
            This Assignment Agreement has been duly executed and delivered by the
            Assignor
            and constitutes the valid and legally binding obligation of the Assignor
            enforceable against the Assignor in accordance with its respective terms
            except
            as enforceability thereof may be limited by bankruptcy, insolvency, or
            reorganization or other similar laws now or hereinafter in effect relating
            to
            creditor’s rights generally and by general principles of equity, regardless of
            whether such enforceability is considered in a proceeding in equity or
            in
            law;

           

          (g) No
            material consent, approval, order or authorization of, or declaration,
            filing or
            registration with, any governmental entity is required to be obtained
            or made by
            the Assignor in connection with the execution, delivery or performance
            by the
            Assignor of this Assignment Agreement, or the consummation by it of the
            transactions contemplated hereby; and

           

          (h) The
            Assignor has paid the purchase price for the Mortgage Loans and has satisfied
            any conditions to closing required of it under the terms of the Purchase
            Agreement.

           

          4. The
            Assignee warrants and represents to, and covenants with, the Assignor
            and the
            Seller that:

           

          (a) The
            Assignee is a corporation duly organized, validly existing and in good
            standing
            under the laws of the jurisdiction of its incorporation, and has all
            requisite
            corporate power and authority to acquire, own and purchase the Mortgage
            Loans;

           

          (b) The
            Assignee has full corporate power and authority to execute, deliver and
            perform
            under this Assignment Agreement, and to consummate the transactions set
            forth
            herein. The consummation of the transactions contemplated by this Assignment
            Agreement is in the ordinary course of the Assignee’s business and will not
            conflict with, or result in a breach of, any of the terms, conditions
            or
            provisions of the Assignee’s charter or by-laws, or any legal restriction, or
            any material agreement or instrument to which the Assignee is now a party
            or by
            which it is bound, or result in the violation of any law, rule, regulation,
            order, judgment or decree to which the Assignee or its property is subject.
            The
            execution, delivery and performance by the Assignee of this Assignment
            Agreement, and the consummation by it of the transactions contemplated
            hereby,
            have been duly authorized by all necessary corporate action of the Assignee.
            This Assignment Agreement has been duly executed and delivered by the
            Assignee
            and constitutes the valid and legally binding obligation of the Assignee
            enforceable against the Assignee in accordance with its respective terms
            except
            as enforceability thereof may be limited by bankruptcy, insolvency, or
            reorganization or other similar laws now or hereinafter in effect relating
            to
            creditor’s rights generally and by general principles of equity, regardless of
            whether such enforceability is considered in a proceeding in equity or
            in
            law;

           

          (c) No
            material consent, approval, order or authorization of, or declaration,
            filing or
            registration with, any governmental entity is required to be obtained
            or made by
            the Assignee in connection with the execution, delivery or performance
            by the
            Assignee of this Assignment Agreement, or the consummation by it of the
            transactions contemplated hereby; and

           

          (d) The
            Assignee agrees to be bound, as Purchaser, by all of the terms, covenants
            and
            conditions of the Purchase Agreement and the Mortgage Loans, and from
            and after
            the date hereof, the Assignee assumes for the benefit of each of the
            Seller and
            the Assignor all of the Assignor’s obligations as Purchaser thereunder, with
            respect to the Mortgage Loans.

           

          5. The
            Seller warrants and represents to, and covenants with, the Assignor and
            the
            Assignee that:

           

          (a) The
            Seller is not a natural person or a general partnership and is duly organized,
            validly existing and in good standing under the laws of the jurisdiction
            of its
            formation, and has all requisite power and authority to service the Mortgage
            Loans;

           

          (b) The
            Seller has full power and authority to execute, deliver and perform under
            this
            Assignment Agreement, and to consummate the transactions set forth herein.
            The
            consummation of the transactions contemplated by this Assignment Agreement
            is in
            the ordinary course of the Seller’s business and will not conflict with, or
            result in a breach of, any of the terms, conditions or provisions of
            the
            Seller’s charter or by-laws, or any legal restriction, or any material agreement
            or instrument to which the Seller is now a party or by which it is bound,
            or
            result in the violation of any law, rule, regulation, order, judgment
            or decree
            to which the Seller or its property is subject. The execution, delivery
            and
            performance by the Seller of this Assignment Agreement, and the consummation
            by
            it of the transactions contemplated hereby, have been duly authorized
            by all
            necessary corporate action of the Seller. This Assignment Agreement has
            been
            duly executed and delivered by the Seller and constitutes the valid and
            legally
            binding obligation of the Seller enforceable against the Seller in accordance
            with its respective terms except as enforceability thereof may be limited
            by
            bankruptcy, insolvency, or reorganization or other similar laws now or
            hereinafter in effect relating to creditors’ rights generally and by general
            principles of equity, regardless of whether such enforceability is considered
            in
            a proceeding in equity or in law;

           

          (d) No
            material consent, approval, order or authorization of, or declaration,
            filing or
            registration with, any governmental entity is required to be obtained
            or made by
            the Seller in connection with the execution, delivery or performance
            by the
            Seller of this Assignment Agreement, or the consummation by it of the
            transactions contemplated hereby;

           

          (e) As
            of the
            date hereof, the Seller is not in default under the Purchase Agreement;
            and

           

          (f) No
            event
            has occurred or has failed to occur, during the period commencing on
            date on
            which Assignor acquired the Mortgage Loans and ending on the date hereof,
            inclusive, which would make the representations and warranties set forth
            in
            Section 3.01 of the Purchase Agreement untrue if such representations
            and
            warranties were made with respect to the Mortgage Loans effective as
            of the date
            hereof.

           

          6. From
            and
            after the date hereof, the Seller shall recognize the Assignee as the
            owner of
            the Mortgage Loans, and shall look solely to the Assignee for performance
            from
            and after the date hereof of the Assignor’s obligations with respect to the
            Mortgage Loans.

           

          7. Notice
            Addresses.

           

          (a) The
            Assignee’s address for purposes of all notices and correspondence related to the
            Mortgage Loans and this Assignment Agreement is:

           

          ________________

          ________________

          ________________

          Attention:
            ________________

           

          (b) The
            Assignor’s address for purposes for all notices and correspondence related to
            the Mortgage Loans and this Assignment Agreement is:

           

          [_____________________________]

          [_____________________________]

          [_____________________________]

          [_____________________________]

          Attention:
            _______________

           

          (c) The
            Seller’s address for purposes of all notices and correspondence related to the
            Mortgage Loans and this Assignment Agreement is:

           

          Wachovia
            Mortgage Corporation

          1100
            Corporate Center Drive

          Raleigh,
            North Carolina 27607

          Attention:
            Tom Fowler

           

          8. This
            Assignment Agreement shall be construed in accordance with the substantive
            laws
            of the State of New York (without regard to conflict of laws principles)
            and the
            obligations, rights and remedies of the parties hereunder shall be determined
            in
            accordance with such laws, except to the extent preempted by federal
            law.

           

          9. This
            Assignment Agreement shall inure to the benefit of the successors and
            assigns of
            the parties hereto. Any entity into which the Seller, the Assignor or
            the
            Assignee may be merged or consolidated shall, without the requirement
            for any
            further writing, be deemed the Seller, the Assignor or the Assignee,
            respectively, hereunder.

           

          10. No
            term
            or provision of this Assignment Agreement may be waived or modified unless
            such
            waiver or modification is in writing and signed by the party against
            whom such
            waiver or modification is sought to be enforced.

           

          11. This
            Assignment Agreement shall survive the conveyance of the Mortgage Loans
            and the
            assignment of the Purchase Agreement by the Assignor.

           

          12. Notwithstanding
            the assignment of the Purchase Agreement by either the Assignor or Assignee,
            this Assignment Agreement shall not be deemed assigned by the Seller
            or the
            Assignor unless assigned by separate written instrument.

           

          13. For
            the
            purpose for facilitating the execution of this Assignment Agreement as
            herein
            provided and for other purposes, this Assignment 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 and
            be one
            and the same instrument.

           

          

          [signatures
            on following page]

           

          
            
              
              

            

            
              
              

              
                

              

            

            
              
              

            

          

          IN
            WITNESS WHEREOF, the parties have caused this Assignment Agreement to
            be
            executed by their duly authorized officers as of the date first above
            written.

           

          

           

          
            	
                    EMC
                      Mortgage Corporation

                    Assignor

                  
	 	 
	
                    By:

                  	 
	
                    Name:

                  	 
	
                    Title:

                  	 
	 	 
	 	 
	
                    [_________________________________]

                    Assignee

                  
	 	 
	 	 
	
                    By:

                  	 
	
                    Name:

                  	 
	
                    Title:

                  	 
	 	 
	 	 
	
                    Wachovia
                      Mortgage Corporation

                    Seller

                  
	 	 
	 	 
	
                    By:

                  	 
	
                    Name:

                  	 
	
                    Title:

                  	 

          

          

           

          

          
            
              
                

              

              
              

            

            
              
              

              
                

              

            

            
              
              

              
                

              

            

          

          Exhibit
            E

           

          Form
            of Assignment and Conveyance

           

          On
            this
            ____ day of ________, 200_, Wachovia Mortgage Corporation (“Wachovia”)
            as the
            Seller under that certain Seller’s Purchase, Warranties and Servicing Agreement,
            dated as of July 1, 2005 (the “Agreement”),
            by
            and between Wachovia and EMC Mortgage Corporation (the “Purchaser”)
            does
            hereby sell, transfer, assign, set over and convey to the Purchaser under
            the
            Agreement, without recourse, but subject to the terms of the Agreement,
            all
            rights, title and interest of Wachovia (excluding the right to service
            the
            Mortgage Loans) in and to the Mortgage Loans listed on the Mortgage Loan
            Schedule attached hereto as Exhibit
            A,
            together with the Mortgage Files and all rights and obligations arising
            under
            the documents contained therein. 

           

          Pursuant
            to Section 2.07 of the Agreement, Wachovia has delivered to the Purchaser
            the
            documents for each Mortgage Loan to be purchased as set forth therein.
            The
            contents of each Servicing File required to be retained by Wachovia to
            service
            the Mortgage Loans pursuant to the Agreement and thus not delivered to
            the
            Purchaser are and shall be held in trust by Wachovia, for the benefit
            of the
            Purchaser as the owner thereof. Wachovia’s possession of any portion of the
            Servicing File is at the will of the Purchaser for the sole purpose of
            facilitating servicing of the related Mortgage Loan pursuant to the Agreement,
            and such retention and possession by Wachovia shall be in a custodial
            capacity
            only. The ownership of each Mortgage Note, Mortgage, and the contents
            of the
            Mortgage File and Servicing File is vested in the Purchaser and the ownership
            of
            all records and documents with respect to the related Mortgage Loan prepared
            by
            or which come into the possession of Wachovia shall immediately vest
            in the
            Purchaser and shall be retained and maintained, in trust, by Wachovia
            at the
            will of the Purchaser in such custodial capacity only.

           

          

           

          [Remainder
            of page intentionally blank - signature page follows]

          

          
 

          
 

          
            
              
              

            

            
              
              

              
                

              

            

            
              
              

            

          

          Capitalized
            terms used herein and not otherwise defined shall have the meanings set
            forth in
            the Agreement.

          

           

          
            	
                    WACHOVIA
                      MORTGAGE CORPORATION

                  
	 	 
	
                    By:

                  	 
	
                    Name:

                  	 
	
                    Title:

                  	 

          

          

           

          

           

          

          
            
              
              

            

            
              
              

              
                

              

            

            
              
              

              
                

              

            

          

          Exhibit
            F

           

          Request
            for Release of Documents and Receipt

           

          RE: Mortgage
            Loan #___________________________________

          BORROWER: __________________________________________________

          PROPERTY:
             __________________________________________________

           

          Pursuant
            to a Seller’s Purchase, Warranties and Servicing Agreement (the “Agreement”)
            between the Seller and the Purchaser, the undersigned hereby certifies
            that he
            or she is an officer of the Seller requesting release of the documents
            for the
            reason specified below. The undersigned further certifies that:

           

          (Check
            one of the items below)

          

          
            	
                    _____

                  	
                    On
                      _________________, the above captioned mortgage loan was paid
                      in full or
                      the Seller has been notified that payment in full has been
                      or will be
                      escrowed. The Seller hereby certifies that all amounts with
                      respect to
                      this loan which are required under the Agreement have been
                      or will be
                      deposited in the Custodial Account as required.

                     

                  
	
                    _____

                  	
                    The
                      above captioned loan is being repurchased pursuant to the terms
                      of the
                      Agreement. The Seller hereby certifies that the repurchase
                      price has been
                      credited to the Custodial Account as required under the
                      Agreement.

                     

                  
	
                    _____

                  	
                    The
                      above captioned loan is being placed in foreclosure and the
                      original
                      documents are required to proceed with the foreclosure action.
                      The Seller
                      hereby certifies that the documents will be returned to the
                      Purchaser in
                      the event of reinstatement.

                     

                  
	
                    _____

                  	
                    Other
                      (explain)

                     

                  
	 	
                    _______________________________________________________

                    _______________________________________________________

                  

          

          

          All
            capitalized terms used herein and not defined shall have the meanings
            assigned
            to them in the Agreement.

           

          
            
              
              

            

            
              
              

              
                

              

            

            
              
              

            

          

          Based
            on
            this certification and the indemnities provided for in the Agreement,
            please
            release to the Seller all original mortgage documents in your possession
            relating to this loan.

           

          Dated:_________________  By:________________________________

          Signature

          Title
            ___________________________________

          
            	
                    Send
                      documents to:

                  	
                    _____________________________________________

                  

          

          
            	 	
                    _____________________________________________

                  

          

          
            	 	
                    _____________________________________________

                  

          

           

          Acknowledgment:

           

          Purchaser
            hereby acknowledges that all original documents previously released on
            the above
            captioned mortgage loan have been returned and received by the
            Purchaser.

           

          Dated:_________________  By:________________________________

          Signature

          Title
            ___________________________________

          
            
              
              

            

            
              
              

              
                

              

            

            
              
              

            

          

          EXHIBIT
            G

          RECONSTITUTED
            MORTGAGE LOAN REPORTING

          

          
            	
                    IP1270
                      FIELD NAME

                  	
                    DESCRIPTION

                  
	
                    MACCTNO
                      

                  	
                    Investor
                      Loan Number

                  
	
                    MSRVACCT
                      

                  	
                    Servicer
                      Loan Number

                  
	
                    MSERVID
                      

                  	
                    blank

                  
	
                    MCUTOFF
                      

                  	
                    Cutoff
                      Date

                  
	
                    MINVSTR
                      

                  	
                    Investor
                      Number

                  
	
                    MCATNUM
                      

                  	
                    Category
                      Number

                  
	
                    MNOTRAT
                      

                  	
                    Note
                      Rate

                  
	
                    MSRVFEE

                  	
                    Service
                      Fee Rate

                  
	
                    MPTRAT

                  	
                    Pass
                      Thru Rate

                  
	
                    MBSCHBAL

                  	
                    Beginning
                      Scheduled Principal Balance

                  
	
                    MPICONST

                  	
                    P&I
                      Constant

                  
	
                    MSCHINT

                  	
                    Scheduled
                      Gross Interest

                  
	
                    MPTINT

                  	
                    Scheduled
                      Net Interest

                  
	
                    MSCHPRN
                      

                  	
                    Scheduled
                      Principal

                  
	
                    MLIQPRN
                      

                  	
                    PIF
                      Principal

                  
	
                    MLIQINT
                      

                  	
                    PIF
                      Interest

                  
	
                    MADDPRN
                      

                  	
                    Curtailment

                  
	
                    MADDTRN

                  	
                    Cutoff
                      Date Curtailment Collected

                  
	
                    MPRNADJ
                      

                  	
                    Adjustment

                  
	
                    MSCHPYMT
                      

                  	
                    Total
                      Scheduled Payment

                  
	
                    MTOTREMIT

                  	
                    Total
                      Remittance Due

                  
	
                    MESCHBAL
                      

                  	
                    Ending
                      Scheduled Principal Balance

                  
	
                    MBPRIBAL
                      

                  	
                    Beginning
                      Actual Principal Balance

                  
	
                    MEPRIBAL
                      

                  	
                    Ending
                      Actual Principal Balance

                  
	
                    MDUEDATE

                  	
                    Due
                      Date

                  
	
                    MPRNCOLL
                      

                  	
                    Principal
                      Collected

                  
	
                    MSRFCOLL
                      

                  	
                    Interest
                      Collected

                  
	
                    MLIQCDE

                  	
                    Liquidation
                      Code

                  
	
                    MLIQDTE
                      

                  	
                    Liquidation
                      Date

                  
	
                    MARMNOT
                      

                  	
                    ARM
                      Note Rate

                  

          

          
            
              
              

            

            
              
              

              
                

              

            

            
              
              

            

          

          EXHIBIT
            H

          

          SELLER’S
            OBLIGATIONS IN CONNECTION

          WITH
            A
            RECONSTITUTION

          

          
            	·  	
                    The
                      Seller shall: (i) possess the ability to service under customary
                      securitization documents; (ii) service on a “Scheduled/Scheduled”
                      reporting basis (advancing through the liquidation of an REO
                      Property);
                      (iii) make compensating interest payments on payoffs and curtailments;
                      and
                      (iv) remit and report to a master servicer in format reasonably
                      acceptable
                      to such master servicer and the Seller by the 10th calendar
                      day of each
                      month.

                  

          

          

          
            	·  	
                    The
                      Seller shall provide an acceptable annual certification (officer’s
                      certificate) to the master servicer (as required by the Sarbanes-Oxley
                      Act
                      of 2002) to the extent a Form 10-K or other required filing is made
                      with respect to the securitization, as well as any other annual
                      certifications required under the securitization documents
                      (i.e., the
                      annual statement as to compliance/annual independent certified
                      public
                      accountants’ servicing report due by March 15 of each
                      year).

                  

          

          

          
            	·  	
                    The
                      Seller shall allow for the Purchaser, the master servicer or
                      their
                      designee to perform a review of audited financials and net
                      worth of the
                      Company.

                  

          

          

          
            	·  	
                    The
                      Seller shall provide a customary Uniform Single Attestation
                      Program
                      certificate and Management Assertion as requested by the master
                      servicer
                      or the Purchaser.

                  

          

          

          
            	·  	
                    The
                      Seller shall provide information on each Custodial Account
                      as reasonably
                      requested by the master servicer or the Purchaser, and each
                      Custodial
                      Account shall comply with the reasonable requirements for such
                      accounts as
                      set forth in the securitization
                      documents.

                  

          

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

        
 

        

          REGULATION
            AB COMPLIANCE ADDENDUM TO SELLER’S PURCHASE, WARRANTIES AND SERVICING
            AGREEMENT

           

          (Servicing-retained)

           

          This
            Regulation AB Compliance Addendum (this “Reg
            AB
            Addendum”),
            dated
            as of March 28, 2005, by and between EMC Mortgage Corporation (the “Purchaser”)
            and
            Wachovia Mortgage Corporation (the “Company”),
            to
            that certain Seller’s Purchase, Warranties and Servicing Agreement, dated as of
            July 1, 2005, by and between the Company and the Purchaser (as amended,
            modified
            or supplemented, the “Agreement”).

           

          WITNESSETH

           

          WHEREAS,
            the Company and the Purchaser have agreed to adopt an addendum to the
            Agreement
            to reflect the intention of the parties to comply with Regulation
            AB.

           

          NOW,
            THEREFORE, in consideration of the mutual promises and mutual obligations
            set
            forth herein, the Company and the Purchaser hereby agree as
            follows:

           

          ARTICLE
            I

          DEFINED
            TERMS

           

          Capitalized
            terms used but not defined herein shall have the meanings assigned to
            such terms
            in the Agreement. The following terms shall have the meanings set forth
            below,
            unless the context clearly indicates otherwise:

           

          Commission:
            The
            United States Securities and Exchange Commission.

           

          Company
            Information:
            As
            defined in Section 2.07(a).

           

          Depositor:
            With
            respect to any Securitization Transaction, the Person identified in writing
            to
            the Company by the Purchaser as depositor for such Securitization
            Transaction.

           

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

           

          Qualified
            Correspondent:
            Any
            Person from which the Company purchased Mortgage Loans, provided that
            the
            following conditions are satisfied: (i) such Mortgage Loans were originated
            pursuant to an agreement between the Company and such Person that contemplated
            that such Person would underwrite mortgage loans from time to time, for
            sale to
            the Company, in accordance with underwriting guidelines designated by
            the
            Company (“Designated
            Guidelines”)
            or
            guidelines that do not vary materially from such Designated Guidelines;
            (ii)
            such Mortgage Loans were in fact underwritten as described in clause
            (i) above
            and substantially all such Mortgage Loans were acquired by the Company
            within
            180 days after origination; (iii) either (x) the Designated Guidelines
            were, at
            the time such Mortgage Loans were originated, used by the Company in
            origination
            of mortgage loans of the same type as the Mortgage Loans for the Company’s own
            account or (y) the Designated Guidelines were, at the time such Mortgage
            Loans
            were underwritten, designated by the Company on a consistent basis for
            use by
            lenders in originating mortgage loans to be purchased by the Company;
            and (iv)
            the Company employed, at the time such Mortgage Loans were acquired by
            the
            Company, pre-purchase or post-purchase quality assurance procedures (which
            may
            involve, among other things, review of a sample of mortgage loans purchased
            during a particular time period or through particular channels) designed
            to
            ensure that Persons from which it purchased mortgage loans properly applied
            the
            underwriting criteria designated by the Company.

           

          Master
            Servicer:
            With
            respect to any Securitization Transaction, the “master servicer,” if any,
            identified in the related transaction documents.

           

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

           

          Securities
            Act:
            The
            Securities Act of 1933, as amended.

           

          Securitization
            Transaction:
            Any
            transaction involving either (1) a sale or other transfer of some or
            all of the
            Mortgage Loans directly or indirectly by the Purchaser to an issuing
            entity in
            connection with an issuance of publicly offered or privately placed,
            rated or
            unrated mortgage backed securities or (2) an issuance of publicly offered or
            privately placed, rated or unrated securities, the payments on which
            are
            determined primarily by reference to one or more portfolios of residential
            mortgage loans consisting, in whole or in part, of some or all of the
            Mortgage
            Loans.

           

          Servicer:
            As
            defined in Section 2.03(c).

           

          Servicing
            Criteria:
            The
“servicing criteria” set forth in Item 1122(d) of Regulation AB, as such may be
            amended from time to time, and as set forth on Exhibit B.

           

          Sponsor:
            With
            respect to any Securitization Transaction, the Person identified in writing
            to
            the Company by the Purchaser as sponsor for such Securitization
            Transaction.

           

          Static
            Pool Information:
            Static
            pool information as described in Item 1105(a)(1)-(3) and 1105(c) of Regulation
            AB.

           

          Subcontractor:
            Any
            vendor, subcontractor or other Person that is not responsible for the
            overall
            servicing (as “servicing” is commonly understood by participants in the
            mortgage-backed securities market) of Mortgage Loans but performs one
            or more
            discrete functions identified in Item 1122(d) of Regulation AB with respect
            to
            Mortgage Loans under the direction or authority of the Company or a
            Subservicer.

           

          Subservicer:
            Any
            Person that services Mortgage Loans on behalf of the Company or any Subservicer
            and is responsible for the performance (whether directly or through Subservicers
            or Subcontractors) of a substantial portion of the material servicing
            functions
            identified in Item 1122(d) of Regulation AB that are required to be performed
            by
            the Company under this Agreement or any Reconstitution Agreement.

           

          Third-Party
            Originator:
            Each
            Person, other than a Qualified Correspondent, that originated Mortgage
            Loans
            acquired by the Company.

           

          Whole
            Loan Transfer:
            Any
            sale or transfer by the Purchaser of some or all of the Mortgage Loans,
            other
            than a Securitization Transaction.

           

          ARTICLE
            II

          COMPLIANCE
            WITH REGULATION AB

           

          Section
            2.01  Intent
            of the Parties; Reasonableness.

           

          The
            Purchaser and the Company acknowledge and agree that the purpose of Article
            II
            of this Reg AB Addendum is to facilitate compliance by the Purchaser
            and any
            Depositor with the provisions of Regulation AB and related rules and
            regulations
            of the Commission and that the provisions of this Reg AB Addendum shall
            be
            applicable to all Mortgage Loans included in a Securitization Transaction
            closing on or after January 1, 2006, regardless whether the Mortgage
            Loans were
            purchased by the Purchaser from the Company prior to the date hereof.
            Although
            Regulation AB is applicable by its terms only to offerings of asset-backed
            securities that are registered under the Securities Act, the Company
            acknowledges that investors in privately offered securities may require
            that the
            Purchaser or any Depositor provide comparable disclosure in unregistered
            offerings. References in this Agreement to compliance with Regulation
            AB include
            provision of comparable disclosure in private offerings.

           

          Neither
            the Purchaser nor any Depositor shall exercise its right to request delivery
            of
            information or other performance under these provisions other than in
            good
            faith, or for purposes other than compliance with the Securities Act,
            the
            Exchange Act and the rules and regulations of the Commission thereunder
            (or the
            provision in a private offering of disclosure comparable to that required
            under
            the Securities Act). The Company acknowledges that interpretations of
            the
            requirements of Regulation AB may change over time, whether due to interpretive
            guidance provided by the Commission or its staff, consensus among participants
            in the asset-backed securities markets, advice of counsel, or otherwise,
            and
            agrees to comply with reasonable requests made by the Purchaser, any
            Master
            Servicer or any Depositor in good faith for delivery of information under
            these
            provisions on the basis of evolving interpretations of Regulation AB.
            In
            connection with any Securitization Transaction, the Company shall cooperate
            with
            the Purchaser to deliver to the Purchaser (including any of its assignees
            or
            designees), any Master Servicer and any Depositor, any and all statements,
            reports, certifications, records and any other information necessary
            in the good
            faith determination of the Purchaser, any Master Servicer or any Depositor
            to
            permit the Purchaser, such Master Servicer or such Depositor to comply
            with the
            provisions of Regulation AB, together with such disclosures relating
            to the
            Company, any Subservicer, any Third-Party Originator and the Mortgage
            Loans, or
            the servicing of the Mortgage Loans, reasonably believed by the Purchaser
            or any
            Depositor to be necessary in order to effect such compliance.

           

          The
            Purchaser and the Company also acknowledge and agree Section 2.02(a)(i)-(v),
            Section 2.03(c), (e) and (f), Section 2.04, Section 2.05 and Section
            2.06 of
            this Reg AB Addendum shall only be applicable with respect to any Mortgage
            Loan
            if the Company (or Subservicer, if any) services such Mortgage Loan following
            the closing date of a related Securitization Transaction. The Purchaser
            and the
            Company also acknowledge and agree that this Reg AB Addendum is intended
            to
            supplement the terms of the Agreement and, to the extent inconsistent,
            the
            rights and obligations under the Agreement shall continue to apply with
            respect
            to any Reconstitution (as defined in the Agreement) that is not covered
            by the
            definition of “Securitization Transaction” in this Reg AB Addendum; provided,
            however, that the requirement to provide an accountants’ report pursuant to
            Section 6.05 of the Agreement shall be deemed satisfied with respect
            to any
            Reconstitution that occurs on or following the date hereof by providing
            an
            accountants’ attestation that satisfies the requirements of Section 2.05(a)(ii)
            of this Reg AB Addendum.

           

          For
            purposes of this Reg AB Addendum, the term “Purchaser” shall refer to EMC
            Mortgage Corporation and its successors in interest and assigns. In addition,
            other than notices provided pursuant to Section 2.03(d) of this Reg AB
            Addendum,
            any notice or request that must be “in writing” or “written” may be made by
            electronic mail.

           

          Section
            2.02  Additional
            Representations and Warranties of the Company.

           

          (a)  The
            Company shall be deemed to represent to the Purchaser and to any Depositor,
            as
            of the date on which information is first provided to the Purchaser or
            any
            Depositor under Section 2.03 that, except as disclosed in writing to
            the
            Purchaser or such Depositor prior to such date: (i) the Company is not
            aware and
            has not received notice that any default, early amortization or other
            performance triggering event has occurred as to any other securitization
            due to
            any act or failure to act of the Company; (ii) the Company has not been
            terminated as servicer in a residential mortgage loan securitization,
            either due
            to a servicing default or to application of a servicing performance test
            or
            trigger; (iii) no material noncompliance with the applicable servicing
            criteria
            with respect to other securitizations of residential mortgage loans involving
            the Company as servicer has been disclosed or reported by the Company;
            (iv) no
            material changes to the Company’s policies or procedures with respect to the
            servicing function it will perform under this Agreement and any Reconstitution
            Agreement for mortgage loans of a type similar to the Mortgage Loans
            have
            occurred during the three-year period immediately preceding the related
            Securitization Transaction; (v) there are no aspects of the Company’s financial
            condition that are reasonably expected to have a material adverse effect
            on the
            performance by the Company of its servicing obligations under this Agreement
            or
            any Reconstitution Agreement; (vi) there are no legal or governmental
            proceedings pending (or known to be contemplated) against the Company,
            any
            Subservicer or any Third-Party Originator that would be material to
            securityholders; and (vii) there are no affiliations, relationships or
            transactions relating to the Company, any Subservicer or any Third-Party
            Originator with respect to any Securitization Transaction and any party
            thereto
            identified in writing to the Company by the related Depositor of a type
            described in Item 1119 of Regulation AB.

           

          (b)  If
            so
            requested in writing by the Purchaser or any Depositor on any date following
            the
            date on which information is first provided to the Purchaser or any Depositor
            under Section 2.03, the Company shall use its reasonable best efforts
            to within
            five (5) Business Days, but in no event later than seven (7) Business
            Days,
            following such request, confirm in writing the accuracy of the representations
            and warranties set forth in paragraph (a) of this Section or, if any
            such
            representation and warranty is not accurate as of the date of such request,
            provide reasonably adequate disclosure of the pertinent facts, in writing,
            to
            the requesting party.

           

          Section
            2.03  Information
            to Be Provided by the Company.

           

          In
            connection with any Securitization Transaction, the Company shall (i)
            use its
            reasonable best efforts to within five (5) Business Days, but in no event
            later
            than seven (7) Business Days, following written request by the Purchaser
            or any
            Depositor, provide to the Purchaser and such Depositor (or, as applicable,
            cause
            each Third-Party Originator and each Subservicer to provide), in writing
            and in
            form and substance reasonably satisfactory to the Purchaser and such
            Depositor,
            the information and materials specified in paragraphs (a), (b), (c),
            (f) and (g)
            of this Section, and (ii) as promptly as practicable following notice
            to or
            discovery by the Company, provide to the Purchaser and any Depositor
            (in writing
            and in form and substance reasonably satisfactory to the Purchaser and
            such
            Depositor) the information specified in paragraph (d) of this
            Section.

           

          (a)  If
            so
            requested in writing by the Purchaser or any Depositor, the Company shall
            provide such information regarding (i) the Company, as originator of
            the
            Mortgage Loans (including as an acquirer of Mortgage Loans from a Qualified
            Correspondent), or (ii) each Third-Party Originator, and (iii) as applicable,
            each Subservicer, as is reasonably requested for the purpose of compliance
            with
            Items 1103(a)(1), 1105, 1110, 1117 and 1119 of Regulation AB. Such information
            shall include, at a minimum (so long as required by Regulation AB):

           

          (A)  the
            originator’s form of organization;

           

          (B)  a
            description of the originator’s origination program and how long the originator
            has been engaged in originating residential mortgage loans, which description
            shall include a discussion of the originator’s experience in originating
            mortgage loans of a similar type as the Mortgage Loans; information regarding
            the size and composition of the originator’s origination portfolio; and
            information that may be material, in the good faith judgment of the Purchaser
            or
            any Depositor, to an analysis of the performance of the Mortgage Loans,
            including the originators’ credit-granting or underwriting criteria for mortgage
            loans of similar type(s) as the Mortgage Loans and such other information
            as the
            Purchaser or any Depositor may reasonably request for the purpose of
            compliance
            with Item 1110(b)(2) of Regulation AB;

           

          (C)  a
            description of any legal or governmental proceedings pending (or known
            to be
            contemplated) against the Company, each Third-Party Originator and each
            Subservicer that would be material to securityholders; and

           

          (D)  a
            description of any affiliation or relationship between the Company, each
            Third-Party Originator, each Subservicer and any of the following parties
            to a
            Securitization Transaction, as such parties are identified to the Company
            by the
            Purchaser or any Depositor in writing in advance of such Securitization
            Transaction:

           

          (1)  the
            sponsor;

          (2)  the
            depositor;

          (3)  the
            issuing entity;

          (4)  any
            servicer;

          (5)  any
            trustee;

          (6)  any
            originator;

          (7)  any
            significant obligor;

          (8)  any
            enhancement or support provider; and

          (9)  any
            other
            material transaction party.

           

          (b)  If
            so
            requested in writing by the Purchaser or any Depositor, the Company shall
            provide (or, as applicable, cause each Third-Party Originator to provide)
            vintage origination year Static Pool Information with respect to mortgage
            loans
            of a similar type as the Mortgage Loans (as reasonably identified by
            the
            Purchaser as provided below) originated by (i) the Company, if the Company
            is an
            originator of Mortgage Loans (including as an acquirer of Mortgage Loans
            from a
            Qualified Correspondent), and/or (ii) each Third-Party Originator, but
            in each
            case only to the extent that (x) such mortgage loans were originated
            after July
            2004 and (y) (A) the Company has not sold such mortgage loans on a
            servicing-released basis or (B) such information relates to “original
            characteristics” as described in Item 1105(a)(3)(iii) of Regulation AB.
            Notwithstanding the preceding sentence, the Company shall not be required
            to
            provide Static Pool Information regarding cumulative losses with respect
            to any
            mortgage loans originated prior to January 1, 2006, which information
            is
            unavailable to the Company without unreasonable effort or expense. Such
            Static
            Pool Information shall be prepared by the Company (or Third-Party Originator)
            on
            the basis of its reasonable, good faith interpretation of the requirements
            of
            Item 1105(a)(2)-(3) of Regulation AB. To the extent that there is reasonably
            available to the Company (or Third-Party Originator) Static Pool Information
            with respect to more than one mortgage loan type, the Purchaser or any
            Depositor
            shall be entitled to specify whether some or all of such information
            shall be
            provided pursuant to this paragraph. The content of such Static Pool
            Information
            may be in the form customarily provided by the Company, and need not
            be
            customized for the Purchaser or any Depositor. Such Static Pool Information
            for
            each vintage origination year shall be presented in increments no less
            frequently than quarterly over the life of the mortgage loans included
            in the
            vintage origination year. The most recent periodic increment must be
            as of a
            date no later than 135 days prior to the date of the prospectus or other
            offering document in which the Static Pool Information is to be included
            or
            incorporated by reference. The Static Pool Information shall be provided
            in an
            electronic format that provides a permanent record of the information
            provided,
            such as a portable document format (pdf) file, or other such electronic
            format
            reasonably required by the Purchaser or the Depositor, as
            applicable.

           

          Promptly
            following notice or discovery of a material error in Static Pool Information
            provided pursuant to the immediately preceding paragraph (including an
            omission
            to include therein information required to be provided pursuant to such
            paragraph) during the applicable offering period for the securities,
            the Company
            shall provide corrected Static Pool Information to the Purchaser or any
            Depositor, as applicable, in the same format in which Static Pool Information
            was previously provided to such party by the Company.

           

          If
            so
            requested in writing by the Purchaser or any Depositor, the Company shall
            provide (or, as applicable, cause each Third-Party Originator to provide),
            at
            the expense of the requesting party (to the extent of any additional
            incremental
            expense associated with delivery pursuant to this Reg AB Addendum), such
            statements and agreed-upon procedures letters of certified public accountants
            reasonably acceptable to the Purchaser or Depositor, as applicable, pertaining
            to Static Pool Information relating to calendar months commencing January
            1,
            2006, as the Purchaser or such Depositor shall reasonably request. Such
            statements and letters shall be addressed to and be for the benefit of
            such
            parties as the Purchaser or such Depositor shall designate, which may
            include,
            by way of example, any Sponsor, any Depositor and any broker dealer acting
            as
            underwriter, placement agent or initial purchaser with respect to a
            Securitization Transaction. Any such statement or letter may take the
            form of a
            standard, generally applicable document accompanied by a reliance letter
            authorizing reliance by the addressees designated by the Purchaser or
            such
            Depositor.

           

          (c)  If
            so
            requested in writing by the Purchaser or any Depositor with respect to
            any
            Securitization Transaction for which 20% or more of the pool assets (measured
            by
            cut-off date principal balance) are serviced by the Company and any Subservicer
            or as otherwise required by Item 1108 of Regulation AB, the Company shall
            provide such information regarding the Company, as servicer of the Mortgage
            Loans, and each Subservicer (each of the Company and each Subservicer,
            for
            purposes of this paragraph, a “Servicer”),
            as is
            reasonably requested for the purpose of compliance with Item 1108 of
            Regulation
            AB. Such information shall include, at a minimum (so long as required
            by
            Regulation AB):

           

          (A)  the
            Servicer’s form of organization;

           

          (B)  a
            description of how long the Servicer has been servicing residential mortgage
            loans; a general discussion of the Servicer’s experience in servicing assets of
            any type as well as a more detailed discussion of the Servicer’s experience in,
            and procedures for, the servicing function it will perform under the
            Agreement
            and any Reconstitution Agreements; information regarding the size, composition
            and growth of the Servicer’s portfolio of residential mortgage loans of a type
            similar to the Mortgage Loans and information on factors related to the
            Servicer
            that may be material, in the good faith judgment of the Purchaser or
            any
            Depositor, to any analysis of the servicing of the Mortgage Loans or
            the related
            asset-backed securities, as applicable, including, without
            limitation:

           

          (1)  whether
            the Servicer is aware of or has received notice that any prior securitizations
            of mortgage loans of a type similar to the Mortgage Loans involving the
            Servicer
            have defaulted or experienced an early amortization or other performance
            triggering event because of servicing by the Servicer during the three-year
            period immediately preceding the related Securitization
            Transaction;

           

          (2)  the
            extent of outsourcing the Servicer utilizes;

           

          (3)  whether
            there has been previous disclosure of material noncompliance with the
            applicable
            servicing criteria with respect to other securitizations of residential
            mortgage
            loans involving the Servicer as a servicer during the three-year period
            immediately preceding the related Securitization Transaction;

           

          (4)  whether
            the Servicer has been terminated as servicer in a residential mortgage
            loan
            securitization, either due to a servicing default or to application of
            a
            servicing performance test or trigger; and

           

          (5)  such
            other information as the Purchaser or any Depositor may reasonably request
            for
            the purpose of compliance with Item 1108(b)(2) of Regulation AB;

           

          (C)  a
            description of any material changes during the three-year period immediately
            preceding the related Securitization Transaction to the Servicer’s policies or
            procedures with respect to the servicing function it will perform under
            the
            Agreement and any Reconstitution Agreements for mortgage loans of a type
            similar
            to the Mortgage Loans;

           

          (D)  information
            regarding the Servicer’s financial condition, to the extent that there is a
            material risk that an adverse financial event or circumstance involving
            the
            Servicer could have a material adverse effect on the performance by the
            Company
            of its servicing obligations under the Agreement or any Reconstitution
            Agreement;

           

          (E)  information
            regarding advances made by the Servicer on the Mortgage Loans and the
            Servicer’s
            overall servicing portfolio of residential mortgage loans for the three-year
            period immediately preceding the related Securitization Transaction,
            which may
            be limited to a statement by an authorized officer of the Servicer to
            the effect
            that the Servicer has made all advances required to be made on residential
            mortgage loans serviced by it during such period, or, if such statement
            would
            not be accurate, information regarding the percentage and type of advances
            not
            made as required, and the reasons for such failure to advance;

           

          (F)  a
            description of the Servicer’s processes and procedures designed to address any
            special or unique factors involved in servicing loans of a similar type
            as the
            Mortgage Loans;

           

          (G)  a
            description of the Servicer’s processes for handling delinquencies, losses,
            bankruptcies and recoveries, such as through liquidation of mortgaged
            properties, sale of defaulted mortgage loans or workouts; and

           

          (H)  information
            as to how the Servicer defines or determines delinquencies and charge-offs,
            including the effect of any grace period, re-aging, restructuring, partial
            payments considered current or other practices with respect to delinquency
            and
            loss experience.

           

          (d)  For
            the
            purpose of satisfying its reporting obligation under the Exchange Act
            with
            respect to any class of asset-backed securities, the Company shall (or
            shall
            cause each Subservicer and Third-Party Originator to) (i) promptly notify
            the
            Purchaser, any Master Servicer and any Depositor in writing of (A) any
            litigation or governmental proceedings pending against the Company, any
            Subservicer or any Third-Party Originator that would be material to
            securityholders, (B) any affiliations or relationships that develop following
            the closing date of a Securitization Transaction between the Company,
            any
            Subservicer or any Third-Party Originator and any of the parties specified
            in
            clause (D) of paragraph (a) of this Section (and any other parties identified
            in
            writing by the requesting party) with respect to such Securitization
            Transaction, but only to the extent that such affiliations or relationships
            do
            not include the Purchaser or Depositor, (C) any Event of Default under
            the terms
            of this Agreement or any Reconstitution Agreement, (D) any merger, consolidation
            or sale of substantially all of the assets of the Company, and (E) the
            Company’s
            entry into an agreement with a Subservicer to perform or assist in the
            performance of any of the Company’s obligations under this Agreement or any
            Reconstitution Agreement and (ii) provide to the Purchaser and any Depositor
            a
            description of such proceedings, affiliations or relationships.

           

          Each
            notification should be sent to the Purchaser by e-mail to
            regABnotifications@bear.com. In addition notification pursuant to this
            Section
            2.03(d), other than those pursuant to Section 2.03(d)(i)(A), should be
            sent
            to:

           

          
            	 	
                    EMC
                      Mortgage Corporation

                    2780
                      Lake Vista Drive

                    Lewisville,
                      TX 75067-3884

                    Attention:
                      Conduit Seller Approval Dept.

                    Facsimile:
                      (214) 626-3751

                    Email:
                      sellerapproval@bear.com

                  
	 	 
	 	
                    With
                      a copy to:

                  
	 	
                    Bear,
                      Stearns & Co. Inc.

                    383
                      Madison Avenue, 3rd Floor 

                    New,
                      York, NY 10179 

                    Attention:
                      Global Credit Administration 

                    Facsimile:
                      (212) 272-6564

                  
	 	 
	 	
                    Notifications
                      pursuant to Section 2.03(d)(i)(A) should be sent to:

                  
	 	 
	 	
                    EMC
                      Mortgage Corporation 

                    Two
                      Mac Arthur Ridge

                    909
                      Hidden Ridge Drive, Suite 200 

                    Irving,
                      TX 75038

                    Attention:
                      Associate General Counsel for Loan Administration 

                    Facsimile:
                      (972) 831-2555

                  
	 	 
	 	
                    With
                      copies to:

                  
	 	 
	 	
                    Bear,
                      Stearns & Co. Inc.

                    383
                      Madison Avenue, 3rd Floor 

                    New,
                      York, NY 10179 

                    Attention:
                      Global Credit Administration 

                    Facsimile:
                      (212) 272-6564

                  
	 	 
	 	
                    EMC
                      Mortgage Corporation 

                    2780
                      Lake Vista Drive 

                    Lewisville,
                      TX 75067-3884 

                    Attention:
                      Conduit Seller Approval Dept. 

                    Facsimile:
                      (214) 626-3751

                    Email:
                      sellerapproval@bear.com

                  

          

          

           

          (e)  As
            a
            condition to the succession to the Company or any Subservicer as servicer
            or
            subservicer under the Agreement or any Reconstitution Agreement by any
            Person
            (i) into which the Company or such Subservicer may be merged or consolidated,
            or
            (ii) which may be appointed as a successor to the Company or any Subservicer,
            the Company shall provide to the Purchaser, any Master Servicer and any
            Depositor, at least 15 calendar days prior to the effective date of such
            succession or appointment, (x) written notice to the Purchaser and any
            Depositor
            of such succession or appointment and (y) in writing and in form and
            substance
            reasonably satisfactory to the Purchaser and such Depositor, all information
            reasonably requested in writing by the Purchaser or any Depositor in
            order to
            comply with its reporting obligation under Item 6.02 of Form 8-K with
            respect to
            any class of asset-backed securities.

           

          (f)  In
            addition to such information as the Company, as servicer, is obligated
            to
            provide pursuant to other provisions of this Agreement, not later than
            ten days
            prior to the deadline for the filing of any distribution report on Form
            10-D in
            respect of any Securitization Transaction that includes any of the Mortgage
            Loans serviced by the Company or any Subservicer, the Company or such
            Subservicer, as applicable, shall, to the extent the Company or such
            Subservicer
            has knowledge, provide to the party responsible for filing such report
            (including, if applicable, the Master Servicer) notice of the occurrence
            of any
            of the following events along with all information, data, and materials
            related
            thereto as may be required to be included in the related distribution
            report on
            Form 10-D (as specified in the provisions of Regulation AB referenced
            below):

           

          (i)  any
            material modifications, extensions or waivers of pool asset terms, fees,
            penalties or payments during the distribution period or that have cumulatively
            become material over time (Item 1121(a)(11) of Regulation AB);

           

          (ii)  material
            breaches of pool asset representations or warranties or transaction covenants
            (Item 1121(a)(12) of Regulation AB); and

           

          (iii)  information
            regarding any pool asset changes (such as, additions, substitutions or
            repurchases) and any material changes in origination, underwriting or
            other
            criteria for acquisition or selection of pool assets (Item 1121(a)(14)
            of
            Regulation AB).

           

          (g)  The
            Company shall provide to the Purchaser, any Master Servicer and any Depositor,
            evidence of the authorization of the person signing any certification
            or
            statement, copies or other evidence of Fidelity Bond Insurance and Errors
            and
            Omission Insurance policy, financial information and reports, and such
            other
            information related to the Company or any Subservicer or the Company
            or such
            Subservicer’s performance hereunder as may be reasonably requested by the
            Purchaser, any Master Servicer or any Depositor.

           

          Section
            2.04  Servicer
            Compliance Statement.

           

          The
            Company shall use reasonable efforts on or before March 1 of each calendar
            year,
            but in no event later than March 15 of each calendar year, commencing
            in 2007,
            to deliver to the Purchaser, any Master Servicer and any Depositor a
            statement
            of compliance addressed to the Purchaser, such Master Servicer and such
            Depositor and signed by an authorized officer of the Company, to the
            effect that
            (i) a review of the Company’s activities during the immediately preceding
            calendar year (or applicable portion thereof) and of its performance
            under the
            Agreement and any applicable Reconstitution Agreement during such period
            has
            been made under such officer’s supervision, and (ii) to the best of such
            officers’ knowledge, based on such review, the Company has fulfilled all of its
            obligations under the Agreement and any applicable Reconstitution Agreement
            in
            all material respects throughout such calendar year (or applicable portion
            thereof) or, if there has been a failure to fulfill any such obligation
            in any
            material respect, specifically identifying each such failure known to
            such
            officer and the nature and the status thereof.

           

          Section
            2.05  Report
            on Assessment of Compliance and Attestation.

           

          (a)  The
            Company shall use reasonable efforts on or before March 1 of each calendar
            year,
            but in no event later than March 15 of each calendar year, commencing
            in 2007,
            to:

           

          (i)  deliver
            to the Purchaser, any Master Servicer and any Depositor a report regarding
            the
            Company’s assessment of compliance with the Servicing Criteria during the
            immediately preceding calendar year, as required under Rules 13a-18 and
            15d-18
            of the Exchange Act and Item 1122 of Regulation AB. Such report shall
            be
            addressed to the Purchaser, such Master Servicer and such Depositor and
            signed
            by an authorized officer of the Company, and shall address each of the
            Servicing
            Criteria specified on a certification substantially in the form of Exhibit
            B
            hereto delivered to the Purchaser concurrently with the execution of
            this Reg AB
            Addendum;

           

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

           

          (iii)  cause
            each Subservicer, and each Subcontractor determined by the Company pursuant
            to
            Section 2.06(b) to be “participating in the servicing function” within the
            meaning of Item 1122 of Regulation AB, to deliver to the Purchaser and
            any
            Depositor an assessment of compliance and accountants’ attestation as and when
            provided in paragraphs (a) and (b) of this Section; and

           

          (iv)  deliver
            and cause each Subservicer and Subcontractor described in clause (iii)
            above to
            deliver to the Purchaser, any Master Servicer, any Depositor and any
            other
            Person that will be responsible for signing the certification (a “Sarbanes
            Certification”)
            required by Rules 13a-14(d) and 15d-14(d) under the Exchange Act (pursuant
            to
            Section 302 of the Sarbanes-Oxley Act of 2002) on behalf of an asset-backed
            issuer with respect to a Securitization Transaction a certification signed
            by an
            appropriate officer of the Company in the form attached hereto as Exhibit
            A.

           

          The
            Company acknowledges that the parties identified in clause (a)(iv) above
            may
            rely on the certification provided by the Company pursuant to such clause
            in
            signing a Sarbanes Certification and filing such with the
            Commission.

           

          (b)  Each
            assessment of compliance provided by a Subservicer pursuant to Section
            2.05(a)(iii) shall address each of the Servicing Criteria specified on
            a
            certification substantially in the form of Exhibit B hereto delivered
            to the
            Purchaser concurrently with the execution of this Reg AB Addendum or,
            in the
            case of a Subservicer subsequently appointed as such, on or prior to
            the date of
            such appointment. An assessment of compliance provided by a Subcontractor
            pursuant to Section 2.05(a)(iii) need not address any elements of the
            Servicing
            Criteria other than those specified by the Company pursuant to Section
            2.06.

           

          Section
            2.06  Use
            of
            Subservicers and Subcontractors.

           

          The
            Company shall not hire or otherwise utilize the services of any Subservicer
            to
            fulfill any of the obligations of the Company as servicer under the Agreement
            or
            any Reconstitution Agreement unless the Company complies with the provisions
            of
            paragraph (a) of this Section. The Company shall not hire or otherwise
            utilize
            the services of any Subcontractor, and shall not authorize any Subservicer
            to
            hire or otherwise utilize the services of any Subcontractor, to fulfill
            any of
            the obligations of the Company as servicer under the Agreement or any
            Reconstitution Agreement unless the Company complies with the provisions
            of
            paragraph (b) of this Section.

           

          (a)  It
            shall
            not be necessary for the Company to seek the consent of the Purchaser,
            any
            Master Servicer or any Depositor to the utilization of any Subservicer.
            The
            Company shall cause any Subservicer used by the Company (or by any Subservicer)
            for the benefit of the Purchaser and any Depositor to comply with the
            provisions
            of this Section and with Sections 2.02, 2.03(c), (e), (f) and (g), 2.04,
            2.05
            and 2.07 of this Reg AB Addendum to the same extent as if such Subservicer
            were
            the Company, and to provide the information required with respect to
            such
            Subservicer under Section 2.03(d) of this Reg AB Addendum. The Company
            shall be
            responsible for obtaining from each Subservicer and delivering to the
            Purchaser
            and any Depositor any servicer compliance statement required to be delivered
            by
            such Subservicer under Section 2.04, any assessment of compliance and
            attestation required to be delivered by such Subservicer under Section
            2.05 and
            any certification required to be delivered to the Person that will be
            responsible for signing the Sarbanes Certification under Section 2.05
            as and
            when required to be delivered.

           

          (b)  It
            shall
            not be necessary for the Company to seek the consent of the Purchaser,
            any
            Master Servicer or any Depositor to the utilization of any Subcontractor.
            The
            Company shall promptly upon written request provide to the Purchaser,
            any Master
            Servicer and any Depositor (or any designee of the Depositor, such as
            a master
            servicer or administrator) a written description (in form and substance
            reasonably satisfactory to the Purchaser, such Master Servicer and such
            Depositor) of the role and function of each Subcontractor utilized by
            the
            Company or any Subservicer, specifying (i) the identity of each such
            Subcontractor that is “participating in the servicing function” within the
            meaning of Item 1122 of Regulation AB as determined by the Company and
            (ii)
            which elements of the Servicing Criteria will be addressed in assessments
            of
            compliance provided by each Subcontractor identified pursuant to clause
            (i) of
            this paragraph.

           

          As
            a
            condition to the utilization of any Subcontractor determined to be
“participating in the servicing function” within the meaning of Item 1122 of
            Regulation AB, the Company shall cause any such Subcontractor used by
            the
            Company (or by any Subservicer) for the benefit of the Purchaser and
            any
            Depositor to comply with the provisions of Sections 2.05 and 2.07 of
            this Reg AB
            Addendum to the same extent as if such Subcontractor were the Company.
            The
            Company shall be responsible for obtaining from each Subcontractor and
            delivering to the Purchaser and any Depositor any assessment of compliance,
            attestation and other certifications required to be delivered by such
            Subcontractor under Section 2.05, in each case as and when required to
            be
            delivered.

           

          Section
            2.07  Indemnification;
            Remedies.

           

          (a)  The
            Company shall indemnify the Purchaser, each affiliate of the Purchaser,
            and each
            of the following parties participating in a Securitization Transaction:
            each
            Sponsor; each Person responsible for the preparation, execution or filing
            of any
            report required to be filed with the Commission with respect to such
            Securitization Transaction, or for execution of a certification pursuant
            to Rule
            13a-14(d) or Rule 15d-14(d) under the Exchange Act with respect to such
            Securitization Transaction; each broker dealer acting as underwriter,
            placement
            agent or initial purchaser, each Person who controls any of such parties
            or the
            Depositor (within the meaning of Section 15 of the Securities Act and
            Section 20
            of the Exchange Act); and the respective present and former directors,
            officers,
            employees and agents (each, an “Indemnified Party”) of each of the foregoing and
            of the Depositor, and shall hold each of them harmless from and against
            any
            losses, damages, penalties, fines, forfeitures, legal fees and expenses
            and
            related costs, judgments, and any other costs, fees and expenses that
            any of
            them may sustain arising out of or based upon:

           

          (i)  
            (A) any
            untrue statement of a material fact contained or alleged to be contained
            in any
            information, report, certification, accountants’ letter or other material in
            written or electronic form provided under this Article II by or on behalf
            of the
            Company, or provided under this Article II by or on behalf of any Subservicer,
            Subcontractor or Third-Party Originator (collectively, the “Company
            Information”),
            or
            (B) the omission or alleged omission to state in the Company Information
            a
            material fact required to be stated in the Company Information or necessary
            in
            order to make the statements therein, in the light of the circumstances
            under
            which they were made, not misleading; provided, by way of clarification,
            that
            clause (B) of this paragraph shall be construed solely by reference to
            the
            Company Information and not to any other information communicated in
            connection
            with a sale or purchase of securities, without regard to whether the
            Company
            Information or any portion thereof is presented together with or separately
            from
            such other information;

           

          (ii)  any
            breach by the Company of its obligations under this Article II, or any
            failure
            by the Company, any Subservicer, any Subcontractor or any Third-Party
            Originator
            to deliver any information, report, certification, accountants’ letter or other
            material when and as required under this Article II, including any failure
            by
            the Company to identify pursuant to Section 2.06(b) any Subcontractor
            “participating in the servicing function” within the meaning of Item 1122 of
            Regulation AB; or

           

          (iii)  any
            breach by the Company of a representation or warranty set forth in Section
            2.02(a) or in a writing furnished pursuant to Section 2.02(b) and made
            as of a
            date prior to the closing date of the related Securitization Transaction,
            to the
            extent that such breach is not cured by such closing date, or any breach
            by the
            Company of a representation or warranty in a writing furnished pursuant
            to
            Section 2.02(b) to the extent made as of a date subsequent to such closing
            date;
            or

           

          (iv)  the
            negligence, bad faith or willful misconduct of the Company in connection
            with
            its performance under this Article II.

           

          If
            the
            indemnification provided for herein is unavailable or insufficient to
            hold
            harmless an Indemnified Party, then the Company agrees that it shall
            contribute
            to the amount paid or payable by such Indemnified Party as a result of
            any
            claims, losses, damages or liabilities incurred by such Indemnified Party
            in
            such proportion as is appropriate to reflect the relative fault of such
            Indemnified Party on the one hand and the Company on the other.

           

          In
            the
            case of any failure of performance described in clause (a)(ii) of this
            Section,
            the Company shall promptly reimburse the Purchaser, any Depositor, as
            applicable, and each Person responsible for the preparation, execution
            or filing
            of any report required to be filed with the Commission with respect to
            such
            Securitization Transaction, or for execution of a certification pursuant
            to Rule
            13a-14(d) or Rule 15d-14(d) under the Exchange Act with respect to such
            Securitization Transaction, for all costs reasonably incurred by each
            such party
            in order to obtain the information, report, certification, accountants’ letter
            or other material not delivered as required by the Company, any Subservicer,
            any
            Subcontractor or any Third-Party Originator.

           

          This
            indemnification shall survive the termination of this Agreement or the
            termination of any party to this Agreement.

           

          (b)  
            (i)Any
            failure by the Company, any Subservicer, any Subcontractor or any Third-Party
            Originator to deliver any information, report, certification, accountants’
letter or other material when and as required under this Article II,
            or any
            breach by the Company of a representation or warranty set forth in Section
            2.02(a) or in a writing furnished pursuant to Section 2.02(b) and made
            as of a
            date prior to the closing date of the related Securitization Transaction,
            to the
            extent that such breach is not cured by such closing date, or any breach
            by the
            Company of a representation or warranty in a writing furnished pursuant
            to
            Section 2.02(b) to the extent made as of a date subsequent to such closing
            date,
            shall, except as provided in clause (ii) of this paragraph, immediately
            and
            automatically, without notice or grace period, constitute an Event of
            Default
            with respect to the Company under the Agreement and any applicable
            Reconstitution Agreement, and shall entitle the Purchaser, any Master
            Servicer
            or any Depositor, as applicable, in its sole discretion to terminate
            the rights
            and obligations of the Company as servicer under the Agreement and/or
            any
            applicable Reconstitution Agreement without payment (notwithstanding
            anything in
            this Agreement or any applicable Reconstitution Agreement to the contrary)
            of
            any compensation to the Company; provided that to the extent that any
            provision
            of the Agreement and/or any applicable Reconstitution Agreement expressly
            provides for the survival of certain rights or obligations following
            termination
            of the Company as servicer, such provision shall be given effect.

           

          (i)  Any
            failure by the Company, any Subservicer or any Subcontractor to deliver
            any
            information, report, certification or accountants’ letter when and as required
            under Section 2.04 or 2.05, including any failure by the Company to identify
            pursuant to Section 2.06(b) any Subcontractor “participating in the servicing
            function” within the meaning of Item 1122 of Regulation AB, which continues
            unremedied for ten calendar days after the date on which such information,
            report, certification or accountants’ letter was required to be delivered shall
            constitute an Event of Default with respect to the Company under the
            Agreement
            and any applicable Reconstitution Agreement, and shall entitle the Purchaser
            or
            Depositor, as applicable, in its sole discretion to terminate the rights
            and
            obligations of the Company as servicer under the Agreement and/or any
            applicable
            Reconstitution Agreement without payment (notwithstanding anything in
            this
            Agreement to the contrary) of any compensation to the Company (and if
            the
            Company is servicing any of the Mortgage Loans in a Securitization Transaction,
            appoint a successor servicer reasonably acceptable to any Master Servicer
            for
            such Securitization Transaction); provided that to the extent that any
            provision
            of the Agreement and/or any applicable Reconstitution Agreement expressly
            provides for the survival of certain rights or obligations following
            termination
            of the Company as servicer, such provision shall be given effect.

           

          (ii)  The
            Company shall promptly reimburse the Purchaser (or any designee of the
            Purchaser, such as a master servicer) and any Depositor, as applicable,
            for all
            reasonable expenses incurred by the Purchaser (or such designee) or such
            Depositor, as such are incurred, in connection with the termination of
            the
            Company as servicer and the transfer of servicing of the Mortgage Loans
            to a
            successor servicer. The provisions of this paragraph shall not limit
            whatever
            rights the Purchaser or any Depositor may have under other provisions
            of the
            Agreement and/or any applicable Reconstitution Agreement or otherwise,
            whether
            in equity or at law, such as an action for damages, specific performance
            or
            injunctive relief.

           

          Section
            2.08  Third-Party
            Beneficiary.

           

          For
            purposes of this Article II and any related provisions thereto, each
            Master
            Servicer shall be considered a third-party beneficiary of this Reg AB
            Addendum,
            entitled to all the rights and benefits hereof as if it were a direct
            party to
            Article II of this Reg AB Addendum.

           

          

           

          

          
            
              
              

            

            
              
              

              
                

              

            

            
              
              

            

          

           

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

           

          
            	 	
                    EMC
                      MORTGAGE CORPORATION, as Purchaser

                  
	 	 
	 	 
	 	
                    By:

                  	 
	 	 	
                    Name:

                  
	 	 	
                    Title:

                  
	 	 	 
	 	 	 
	 	
                    WACHOVIA
                      MORTGAGE CORPORATION, as Company

                  
	 	 
	 	 
	 	
                    By:

                  	 
	 	 	
                    Name:

                  
	 	 	
                    Title:

                  

          

          

           

          

           

          

           

          

           

          

           

          

           

          

           

          

           

          

           

          

           

          

           

          [Signature
            Page to Regulation AB Compliance Addendum
            (servicing-retained)]

           

          

           

          
            
              
              

            

            
              
              

              
                

              

            

            
              
              

              
              

            

          

          EXHIBIT
            A

           

          FORM
            OF
            ANNUAL CERTIFICATION

           

          
            	 	
                    Re:

                  	
                    The
                      [ ] agreement dated as of [ ],
                      200[ ] (the “Agreement”),
                      among [IDENTIFY PARTIES]

                  

          

          

           

          I,
            ________________, the _______________ of Wachovia Mortgage Corporation,
            certify
            to [the Purchaser], [the Depositor], and the [Master Servicer] [Securities
            Administrator] [Trustee], and their officers, with the knowledge and
            intent that
            they will rely upon this certification, that:

           

          (1)  I
            have
            reviewed the servicer compliance statement of the Company provided in
            accordance
            with Item 1123 of Regulation AB (the “Compliance
            Statement”),
            the
            report on assessment of the Company’s compliance with the servicing criteria set
            forth in Item 1122(d) of Regulation AB and identified as the responsibility
            of
            the Company pursuant to the Agreement (the “Servicing
            Criteria”),
            provided in accordance with Rules 13a-18 and 15d-18 under Securities
            Exchange
            Act of 1934, as amended (the “Exchange
            Act”)
            and
            Item 1122 of Regulation AB (the “Servicing
            Assessment”),
            the
            registered public accounting firm’s attestation report provided in accordance
            with Rules 13a-18 and 15d-18 under the Exchange Act and Section 1122(b)
            of
            Regulation AB (the “Attestation
            Report”),
            and
            all servicing reports, officer’s certificates and other information relating to
            the servicing of the Mortgage Loans by the Company during 200[ ] that
            were
            delivered by the Company to the [Depositor] [Master Servicer] [Securities
            Administrator] [Trustee] pursuant to the Agreement (collectively, the
            “Company
            Servicing Information”);

           

          (2)  Based
            on
            my knowledge, the Company Servicing Information, taken as a whole, does
            not
            contain any untrue statement of a material fact or omit to state a material
            fact
            necessary to make the statements made, in the light of the circumstances
            under
            which such statements were made, not misleading with respect to the period
            of
            time covered by the Company Servicing Information;

           

          (3)  Based
            on
            my knowledge, all of the Company Servicing Information required to be
            provided
            by the Company under the Agreement has been provided to the [Depositor]
            [Master
            Servicer] [Securities Administrator] [Trustee];

           

          (4)  I
            am
            responsible for reviewing the activities performed by the Company as
            servicer
            under the Agreement, and based on my knowledge and the compliance review
            conducted in preparing the Compliance Statement and except as disclosed
            in the
            Compliance Statement, the Servicing Assessment or the Attestation Report,
            the
            Company has fulfilled its obligations under the Agreement in all material
            respects; and

           

          (5)  The
            Compliance Statement required to be delivered by the Company pursuant
            to the
            Agreement, and the Servicing Assessment and Attestation Report required
            to be
            provided by the Company and by any Subservicer and Subcontractor pursuant
            to the
            Agreement, have been provided to the [Depositor] [Master Servicer]. Any
            material

           

          instances
            of noncompliance described in such reports have been disclosed to the
            [Depositor] [Master Servicer]. Any material instance of noncompliance
            with the
            Servicing Criteria has been disclosed in such reports.

           

          
            	 	
                    Date:

                  	 
	 	 	 
	 	
                    By:

                  	 
	 	 	
                    Name:

                  
	 	 	
                    Title:

                  

          

          

           

          

           

          
            
              
              

            

            
              
              

              
                

              

            

            
              
              

              
              

            

          

          EXHIBIT
            B

           

          SERVICING
            CRITERIA TO BE ADDRESSED IN ASSESSMENT OF COMPLIANCE

           

          The
            assessment of compliance to be delivered by the Company shall address,
            at a
            minimum, the criteria identified as below as “Applicable
            Servicing Criteria”;

           

          

          
            	
                    Servicing
                      Criteria

                  	
                    Applicable

                    Servicing

                    Criteria

                  
	
                    Reference

                  	
                    Criteria

                  	 
	 	
                    General
                      Servicing Considerations

                  	 
	
                    1122(d)(1)(i)

                  	
                    Policies
                      and procedures are instituted to monitor any performance or
                      other triggers
                      and events of default in accordance with the transaction
                      agreements.

                  	
                    X

                  
	
                    1
                      122(d)(1)(ii)

                  	
                    If
                      any material servicing activities are outsourced to third parties,
                      policies and procedures are instituted to monitor the third
                      party’s
                      performance and compliance with such servicing activities.

                  	
                    X

                  
	
                    1122(d)(1)(iii)

                  	
                    Any
                      requirements in the transaction agreements to maintain a back-up
                      servicer
                      for the mortgage loans are maintained.

                  	 
	
                    1122(d)(1)(iv)

                  	
                    A
                      fidelity bond and errors and omissions policy is in effect
                      on the party
                      participating in the servicing function throughout the reporting
                      period in
                      the amount of coverage required by and otherwise in accordance
                      with the
                      terms of the transaction agreements.

                  	
                    X

                  
	 	
                    Cash
                      Collection and Administration

                  	 
	
                    1122(d)(2)(i)

                  	
                    Payments
                      on mortgage loans are deposited into the appropriate custodial
                      bank
                      accounts and related bank clearing accounts no more than two
                      business days
                      following receipt, or such other number of days specified in
                      the
                      transaction agreements.

                  	
                    X

                  
	
                    1122(d)(2)(ii)

                  	
                    Disbursements
                      made via wire transfer on behalf of an obligor or to an investor
                      are made
                      only by authorized personnel.

                  	
                    X

                  
	
                    1122(d)(2)(iii)

                  	
                    Advances
                      of funds or guarantees regarding collections, cash flows or
                      distributions,
                      and any interest or other fees charged for such advances, are
                      made,
                      reviewed and approved as specified in the transaction
                      agreements.

                  	
                    X

                  
	
                    1122(d)(2)(iv)

                  	
                    The
                      related accounts for the transaction, such as cash reserve
                      accounts or
                      accounts established as a form of overcollateralization, are
                      separately
                      maintained (e.g., with respect to commingling of cash) as set
                      forth in the
                      transaction agreements.

                  	
                    X

                  
	
                    1122(d)(2)(v)

                  	
                    Each
                      custodial account is maintained at a federally insured depository
                      institution as set forth in the transaction agreements. For
                      purposes of
                      this criterion, “federally insured depository institution” with respect to
                      a foreign financial institution means a foreign financial institution
                      that
                      meets the requirements of Rule 13k-1(b)(1) of the Securities
                      Exchange
                      Act.

                  	
                    X

                  
	
                    1122(d)(2)(vi)

                  	
                    Unissued
                      checks are safeguarded so as to prevent unauthorized
                      access.

                  	
                    X

                  
	
                    1122(d)(2)(vii)

                  	
                    Reconciliations
                      are prepared on a monthly basis for all asset-backed securities
                      related
                      bank accounts, including custodial accounts and related bank
                      clearing
                      accounts. These reconciliations are (A) mathematically accurate;
                      (B)
                      prepared within 30 calendar days after the bank statement cutoff
                      date, or
                      such other number of days specified in the transaction agreements;
                      (C)
                      reviewed and approved by someone other than the person who
                      prepared the
                      reconciliation; and (D) contain explanations for reconciling
                      items. These
                      reconciling items are resolved within 90 calendar days of their
                      original
                      identification, or such other number of days specified in the
                      transaction
                      agreements.

                  	
                    X

                  
	 	
                    Investor
                      Remittances and Reporting

                  	 
	
                    1122(d)(3)(i)

                  	
                    Reports
                      to investors, including those to be filed with the Commission,
                      are
                      maintained in accordance with the transaction agreements and
                      applicable
                      Commission requirements. Specifically, such reports (A) are
                      prepared in
                      accordance with timeframes and other terms set forth in the
                      transaction
                      agreements; (B) provide information calculated in accordance
                      with the
                      terms specified in the transaction agreements; (C) are filed
                      with the
                      Commission as required by its rules and regulations; and (D)
                      agree with
                      investors’ or the trustee’s records as to the total unpaid principal
                      balance and number of mortgage loans serviced by the
                      Servicer.

                  	
                    X

                  
	
                    1122(d)(3)(ii)

                  	
                    Amounts
                      due to investors are allocated and remitted in accordance with
                      timeframes,
                      distribution priority and other terms set forth in the transaction
                      agreements.

                  	
                    X

                  
	
                    1122(d)(3)(iii)

                  	
                    Disbursements
                      made to an investor are posted within two business days to
                      the Servicer’s
                      investor records, or such other number of days specified in
                      the
                      transaction agreements.

                  	
                    X

                  
	
                    1122(d)(3)(iv)

                  	
                    Amounts
                      remitted to investors per the investor reports agree with cancelled
                      checks, or other form of payment, or custodial bank
                      statements.

                  	
                    X

                  
	 	
                    Pool
                      Asset Administration

                  	 
	
                    1122(d)(4)(i)

                  	
                    Collateral
                      or security on mortgage loans is maintained as required by
                      the transaction
                      agreements or related mortgage loan documents.

                  	
                    X

                  
	
                    1122(d)(4)(ii)

                  	
                    Mortgage
                      loan and related documents are safeguarded as required by the
                      transaction
                      agreements

                  	
                    X

                  
	
                    1122(d)(4)(iii)

                  	
                    Any
                      additions, removals or substitutions to the asset pool are
                      made, reviewed
                      and approved in accordance with any conditions or requirements
                      in the
                      transaction agreements.

                  	
                    X

                  
	
                    1122(d)(4)(iv)

                  	
                    Payments
                      on mortgage loans, including any payoffs, made in accordance
                      with the
                      related mortgage loan documents are posted to the Servicer’s obligor
                      records maintained no more than two business days after receipt,
                      or such
                      other number of days specified in the transaction agreements,
                      and
                      allocated to principal, interest or other items (e.g., escrow)
                      in
                      accordance with the related mortgage loan documents.

                  	
                    X

                  
	
                    1122(d)(4)(v)

                  	
                    The
                      Servicer’s records regarding the mortgage loans agree with the Servicer’s
                      records with respect to an obligor’s unpaid principal
                      balance.

                  	
                    X

                  
	
                    1122(d)(4)(vi)

                  	
                    Changes
                      with respect to the terms or status of an obligor’s mortgage loans (e.g.,
                      loan modifications or re-agings) are made, reviewed and approved
                      by
                      authorized personnel in accordance with the transaction agreements
                      and
                      related pool asset documents.

                  	
                    X

                  
	
                    1122(d)(4)(vii)

                  	
                    Loss
                      mitigation or recovery actions (e.g., forbearance plans, modifications
                      and
                      deeds in lieu of foreclosure, foreclosures and repossessions,
                      as
                      applicable) are initiated, conducted and concluded in accordance
                      with the
                      timeframes or other requirements established by the transaction
                      agreements.

                  	
                    X

                  
	
                    1122(d)(4)(viii)

                  	
                    Records
                      documenting collection efforts are maintained during the period
                      a mortgage
                      loan is delinquent in accordance with the transaction agreements.
                      Such
                      records are maintained on at least a monthly basis, or such
                      other period
                      specified in the transaction agreements, and describe the entity’s
                      activities in monitoring delinquent mortgage loans including,
                      for example,
                      phone calls, letters and payment rescheduling plans in cases
                      where
                      delinquency is deemed temporary (e.g., illness or
                      unemployment).

                  	
                    X

                  
	
                    1122(d)(4)(ix)

                  	
                    Adjustments
                      to interest rates or rates of return for mortgage loans with
                      variable
                      rates are computed based on the related mortgage loan
                      documents.

                  	
                    X

                  
	
                    1122(d)(4)(x)

                  	
                    Regarding
                      any funds held in trust for an obligor (such as escrow accounts):
                      (A) such
                      funds are analyzed, in accordance with the obligor’s mortgage loan
                      documents, on at least an annual basis, or such other period
                      specified in
                      the transaction agreements; (B) interest on such funds is paid,
                      or
                      credited, to obligors in accordance with applicable mortgage
                      loan
                      documents and state laws; and (C) such funds are returned to
                      the obligor
                      within 30 calendar days of full repayment of the related mortgage
                      loans,
                      or such other number of days specified in the transaction
                      agreements.

                  	
                    X

                  
	
                    1122(d)(4)(xi)

                  	
                    Payments
                      made on behalf of an obligor (such as tax or insurance payments)
                      are made
                      on or before the related penalty or expiration dates, as indicated
                      on the
                      appropriate bills or notices for such payments, provided that
                      such support
                      has been received by the servicer at least 30 calendar days
                      prior to these
                      dates, or such other number of days specified in the transaction
                      agreements.

                  	
                    X

                  
	
                    1122(d)(4)(xii)

                  	
                    Any
                      late payment penalties in connection with any payment to be
                      made on behalf
                      of an obligor are paid from the servicer’s funds and not charged to the
                      obligor, unless the late payment was due to the obligor’s error or
                      omission.

                  	
                    X

                  
	
                    1
                      122(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 I
                      I 14(a)(1)
                      through (3) or Item 1115 of Regulation AB, is maintained as
                      set forth in
                      the transaction agreements.

                  	 

          

          

           

          

        

        
 

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

         

        EXHIBIT
          R-8

        

        WELLS
          FARGO SERVICING AGREEMENT

        

        

        

        

        

        

        

        

        EMC
          MORTGAGE CORPORATION

        Purchaser

         

        
 

        and

         

        
 

        WELLS
          FARGO BANK, N.A.

        Company

        

        

        

        

        _____________________________________________________

        

        

        AMENDED
          AND RESTATED MASTER 

        SELLER'S
          WARRANTIES AND SERVICING AGREEMENT

        

        Dated
          as of November 1, 2005

        

        _____________________________________________________

        

        

        

        Fixed
          Rate and Adjustable Rate Mortgage Loans

        

        

        

        

        
          
            
              
              

            

            
              
              

              
                

              

            

            
              
              

            

          

        

        

        

        This
          is
          an Amended and Restated Master Seller's Warranties and Servicing Agreement
          for
          residential first mortgage loans, dated and effective as of November 1,
          2005,
          and is executed between EMC Mortgage Corporation, as purchaser (the
          "Purchaser"), and Wells Fargo Bank, N.A., as seller and servicer (the
          "Company").

        

        

        
          W I T N ES S E T H
            :

        

        

        

        WHEREAS,
          the Purchaser has agreed to purchase from the Company and the Company has
          agreed
          to sell to the Purchaser from time to time (each a “Transaction”) certain
          residential Mortgage Loans which shall be delivered as whole loans (each
          a “Loan
          Package”) on various dates (each a “Closing Date”) as provided for in certain
          Assignment and Conveyance Agreements by and between the Purchaser and the
          Company as executed from time to time; and

        WHEREAS,
          each of the Mortgage Loans is secured by a mortgage, deed of trust or other
          security instrument creating a first lien on a residential dwelling located
          in
          the jurisdiction indicated on the related Mortgage Loan Schedule; and

        

        WHEREAS,
          the Purchaser and the Company wish to prescribe the manner of purchase
          of the
          Mortgage Loans and the conveyance, servicing and control of the Mortgage
          Loans.

        

        NOW,
          THEREFORE, in consideration of the mutual agreements hereinafter set forth,
          and
          for other good and valuable consideration, the receipt and adequacy of
          which is
          hereby acknowledged, the Purchaser and the Company agree as
          follows:

        

        

         

        ARTICLE
          I

         

        DEFINITIONS

        

        Whenever
          used herein, the following words and phrases, unless the content otherwise
          requires, shall have the following meanings:

        

        Accepted
          Servicing Practices:
          With
          respect to any Mortgage Loan, those mortgage servicing practices of prudent
          mortgage lending institutions which service mortgage loans of the same
          type as
          such Mortgage Loan in the jurisdiction where the related Mortgaged Property
          is
          located.

        

        Adjustment
          Date:
          As to
          each adjustable rate Mortgage Loan, the date on which the Mortgage Interest
          Rate
          is adjusted in accordance with the terms of the related Mortgage Note and
          Mortgage.

        

        Agency/Agencies:
          Fannie
          Mae, Freddie Mac or GNMA, or any of them as applicable.

        

        Agency
          Transfer:
          Any
          sale or transfer of some or all of the Mortgage Loans by the Purchaser
          to an
          Agency which sale or transfer is not a Securitization Transaction or Whole
          Loan
          Transfer.

        

        Agreement:
          This
          Amended and Restated Master Seller's Warranties and Servicing Agreement
          and all
          amendments hereof and supplements hereto.

        

        ALTA:
          The
          American Land Title Association or any successor thereto.

        

        Appraised
          Value:
          With
          respect to any Mortgage Loan, the lesser of (i) the value set forth on
          the
          appraisal made in connection with the origination of the related Mortgage
          Loan
          as the value of the related Mortgaged Property, or (ii) the purchase price
          paid
          for the Mortgaged Property, provided, however, in the case of a refinanced
          Mortgage Loan, such value shall be based solely on the appraisal made in
          connection with the origination of such Mortgage Loan.

        

        Assignment
          and Conveyance Agreement: With
          respect to each Transaction, the agreement between the Purchaser and the
          Company
          conveying to the Purchaser all the right, title and interest of the Company
          in
          and to the related Mortgage Loans listed on the related Mortgage Loan Schedule,
          a form of which is attached hereto as Exhibit A.

        

        Assignment
          of Mortgage:
          An
          assignment of the Mortgage, notice of transfer or equivalent instrument
          in
          recordable form, sufficient under the laws of the jurisdiction wherein
          the
          related Mortgaged Property is located to reflect the sale of the Mortgage
          to the
          Purchaser or if the related Mortgage has been recorded in the name of MERS
          or
          its designee, such actions as are necessary to cause the Purchaser to be
          shown
          as the owner of the related Mortgage on the records of MERS for purposes
          of the
          system of recording transfers of beneficial ownership of mortgages maintained
          by
          MERS, including assignment of the MIN Number which will appear either on
          the
          Mortgage or the Assignment of Mortgage to MERS.

        

        Assignment
          of Mortgage Note and Pledge Agreement:
          With
          respect to a Cooperative Loan, an assignment of the Mortgage Note and Pledge
          Agreement.

        

        Assignment
          of Proprietary Lease:
          With
          respect to a Cooperative Loan, an assignment of the Proprietary Lease sufficient
          under the laws of the jurisdiction wherein the related Cooperative Apartment
          is
          located to effect the assignment of such Proprietary Lease.

        

        Business
          Day:
          Any day
          other than (i) a Saturday or Sunday, or (ii) a day on which banking and
          savings
          and loan institutions in the states where the parties are located or are
          authorized or obligated by law or executive order to be closed.

        

        Buydown
          Agreement:
          An
          agreement between the Company and a Mortgagor, or an agreement among the
          Company, a Mortgagor and a seller of a Mortgaged Property or a third party
          with
          respect to a Mortgage Loan which provides for the application of Buydown
          Funds.

        

        Buydown
          Funds:
          In
          respect of any Buydown Mortgage Loan, any amount contributed by the seller
          of a
          Mortgaged Property subject to a Buydown Mortgage Loan, the buyer of such
          property, the Company or any other source, plus interest earned thereon,
          in
          order to enable the Mortgagor to reduce the payments required to be made
          from
          the Mortgagor’s funds in the early years of a Mortgage Loan.

        

        Buydown
          Mortgage Loan:
          Any
          Mortgage Loan in respect of which, pursuant to a Buydown Agreement, (i)
          the
          Mortgagor pays less than the full Monthly Payments specified in the Mortgage
          Note for a specified period, and (ii) the difference between the payments
          required under such Buydown Agreement and the Mortgage Note is provided
          from
          Buydown Funds.

        

        Buydown
          Period:
          The
          period of time when a Buydown Agreement is in effect with respect to a
          related
          Buydown Mortgage Loan.

        

        Closing
          Date:
          The
          date or dates, set forth in the related Commitment Letter, on which from
          time to
          time the Purchaser shall purchase and the Company shall sell the Mortgage
          Loans
          listed on the related Mortgage Loan Schedule for each Transaction.

        

        Code:
          The
          Internal Revenue Code of 1986, as it may be amended from time to time or
          any
          successor statute thereto, and applicable U.S. Department of the Treasury
          regulations issued pursuant thereto.

        

        Commission:
          The
          United States Securities and Exchange Commission.

        

        Commitment
          Letter:
          The
          commitment letter executed in relation to each Transaction that sets forth,
          among other things, the Purchase Price for the related Mortgage
          Loans.

        

        Company:
          Wells
          Fargo Bank, N.A., or its successor in interest or assigns, or any successor
          to
          the Company under this Agreement appointed as herein provided.

        

        Company
          Information:
          As
          defined in Section 9.01(f)(i)(A).

        

        Condemnation
          Proceeds:
          All
          awards or settlements in respect of a Mortgaged Property, whether permanent
          or
          temporary, partial or entire, by exercise of the power of eminent domain
          or
          condemnation, to the extent not required to be released to a Mortgagor
          in
          accordance with the terms of the related Mortgage Loan Documents.

        

        Cooperative:
          The
          entity that holds title (fee or an acceptable leasehold estate) to all
          of the
          real property that the Project comprises, including the land, separate
          dwelling
          units and all common areas.

         

        Cooperative
          Apartment:
          The
          specific dwelling unit relating to a Cooperative Loan.

         

        Cooperative
          Lien Search:
          A
          search for (a) federal tax liens, mechanics’ liens, lis
          pendens,
          judgments of record or otherwise against (i) the Cooperative, (ii) the
          seller of
          the Cooperative Apartment and (iii) the Company if the Cooperative Loan
          is a
          refinanced Mortgage Loan, (b) filings of financing statements and (c) the
          deed
          of the Project into the Cooperative.

         

        Cooperative
          Loan:
          A
          Mortgage Loan that is secured by Cooperative Shares and a Proprietary Lease
          granting exclusive rights to occupy the related Cooperative
          Apartment.

        

        Cooperative
          Shares:
          The
          shares of stock issued by a Cooperative, owned by the Mortgagor, and allocated
          to a Cooperative Apartment.

        

        Covered
          Loan:
          A
          Mortgage Loan categorized as “Covered” pursuant to the Standard & Poor’s
          Glossary for File Format for LEVELS® Version 5.6, Appendix E, as revised from
          time to time and in effect on each related Closing Date.

         

        Custodial
          Account:
          The
          separate account or accounts created and maintained pursuant to Section
          4.04.

        

        Custodial
          Agreement:
          The
          agreement governing the retention of the originals of each Mortgage Note,
          Mortgage, Assignment of Mortgage and other Mortgage Loan Documents, a form
          of
          which is annexed hereto as Exhibit B.

        

        Custodial
          Mortgage File:
          The
          items referred to as items (1), (2), (4), (5) and (10) in Exhibit C annexed
          hereto to be delivered by the Company to the Custodian on the related Closing
          Date with respect to a particular Mortgage Loan, and any additional documents
          required to be added to the Custodial Mortgage File and delivered to the
          custodian pursuant to this Agreement.

        

        Custodian:
          The
          custodian under the Custodial Agreement, or its successor in interest or
          assigns, or any successor to the Custodian under the Custodial Agreement
          as
          provided therein.

        

        Cut-off
          Date:
          With
          respect to each Transaction, the first day of the month in which the related
          Closing Date occurs.

        

        Deleted
          Mortgage Loan:
          A
          Mortgage Loan which is repurchased by the Company in accordance with the
          terms
          of this Agreement and which is, in the case of a substitution pursuant
          to
          Section 3.03, replaced or to be replaced with a Qualified Substitute Mortgage
          Loan.

        

        Depositor:
          The
          depositor, as such term is defined in Regulation AB, with respect to any
          Securitization Transaction.

        

        Determination
          Date:
          The
          Business Day immediately preceding the related Remittance Date.

        

        Due
          Date:
          The
          first 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 each Remittance Date, the period commencing on the second day
          of the
          month preceding the month of the Remittance Date and ending in the first
          day of
          the month of the Remittance Date.

        

        Electronic
          Data File:
          The
          final electronic file of the Mortgage Loans, in relation to each Transaction,
          provided by Company to the Purchaser on or before the related Closing
          Date.

        

        Errors
          and Omissions Insurance Policy:
          An
          errors and omissions insurance policy to be maintained by the Company pursuant
          to Section 4.12.

        

        Escrow
          Account:
          The
          separate account or accounts created and maintained pursuant to Section
          4.06.

        

        Escrow
          Payments:
          With
          respect to any Mortgage Loan, the amounts constituting ground rents, taxes,
          assessments, water rates, sewer rents, municipal charges, mortgage insurance
          premiums, fire and hazard insurance premiums, condominium charges, and
          any other
          payments required to be escrowed by the Mortgagor with the mortgagee pursuant
          to
          the Mortgage or any other related document.

        

        Event
          of Default:
          Any one
          of the conditions or circumstances enumerated in Section 10.01.

        

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

        

        Fannie
          Mae:
          The
          Federal National Mortgage Association or any successor thereto.

        

        FDIC:
          The
          Federal Deposit Insurance Corporation, or any successor thereto.

        

        Fidelity
          Bond:
          A
          fidelity bond to be maintained by the Company pursuant to Section
          4.12.

        

        Freddie
          Mac:
          The
          Federal Home Loan Mortgage Corporation or any successor thereto.

        

        Gross
          Margin:
          With
          respect to each adjustable rate Mortgage Loan, the fixed percentage amount
          set
          forth in the related Mortgage Note which is added to the Index in order
          to
          determine the related Interest Rate, as set forth in the Mortgage Loan
          Schedule.

        

        High
          Cost Loan:
          A
          Mortgage Loan classified as (a) a “high cost” loan under the Home Ownership and
          Equity Protection Act of 1994, (b) a “high cost home,” “threshold,” “covered,”
“high risk home,” “predatory” or similar loan under any other applicable state,
          federal or local law or (c) a Mortgage Loan categorized as “High Cost” pursuant
          to the Standard & Poor’s Glossary for File Format for LEVELS® Version 5.6,
          Appendix E, as revised from time to time and in effect on each related
          Closing
          Date. 

         

        Home
          Loan:
          A
          Mortgage Loan categorized as “Home Loan” pursuant to the Standard & Poor’s
          Glossary for File Format for LEVELS® Version 5.6, Appendix E, as revised from
          time to time and in effect on each related Closing Date.

        

        Incremental
          Interest:
          As to
          any Incremental Rate Mortgage Loan, the amount of interest accrued on such
          Mortgage Loan attributable to the Incremental Rate; provided, however,
          that with
          respect to any payment of interest received in respect of such a Mortgage
          Loan
          (whether paid by the Mortgagor or received as Liquidation Proceeds or otherwise)
          which is less than the full amount of interest then due with respect to
          such
          Mortgage Loan, only that portion of such payment of interest that bears
          the same
          relationship to the total amount of such payment of interest as the Incremental
          Rate, if any, in respect of such Mortgage Loan bears to the Mortgage Interest
          Rate shall be allocated to the Incremental Interest with respect
          thereto.

        

        Incremental
          Rate:
          For an
          Incremental Rate Mortgage Loan, the per annum increase to the initial Mortgage
          Interest Rate set forth in the addendum to the related Mortgage Note, which
          increase takes effect upon the occurrence of certain specified conditions
          prior
          to the first Adjustment Date and remains in effect until the first Adjustment
          Date.

        

        Incremental
          Rate Mortgage Loan:
          A
          Mortgage Loan for which the related Mortgage Note includes an addendum
          that
          allows for an increase to the initial Mortgage Interest Rate upon the occurrence
          of certain specified conditions.

        

        Index:
          With
          respect to any adjustable rate Mortgage Loan, the index identified on the
          Mortgage Loan Schedule and set forth in the related Mortgage Note for the
          purpose of calculating the interest thereon.

        

        Insurance
          Proceeds:
          With
          respect to each Mortgage Loan, proceeds of insurance policies insuring
          the
          Mortgage Loan or the related Mortgaged Property.

        

        Interest
          Only Mortgage Loan:
          A
          Mortgage Loan for which an interest-only payment feature is allowed during
          the
          interest-only period set forth in the related Mortgage Note.

        

        Lender
          Paid Mortgage Insurance Policy or LPMI Policy:
          A PMI
          Policy for which the Company pays all premiums from its own funds, without
          reimbursement therefor.

        

        Liquidation
          Proceeds:
          Cash
          received in connection with the liquidation of a defaulted Mortgage Loan,
          whether through the sale or assignment of such Mortgage Loan, trustee's
          sale,
          foreclosure sale or otherwise, or the sale of the related Mortgaged Property
          if
          the Mortgaged Property is acquired in satisfaction of the Mortgage
          Loan.

        

        Loan-to-Value
          Ratio or LTV:
          With
          respect to any Mortgage Loan, the ratio of the original loan amount of
          the
          Mortgage Loan at its origination (unless otherwise indicated) to the Appraised
          Value of the Mortgaged Property.

        

        MERS:
          Mortgage Electronic Registration Systems, Inc., a Delaware corporation,
          or any
          successor in interest thereto.

        

        MERS
          Mortgage Loan:
          Any
          Mortgage Loan registered with MERS on the MERS System

        

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

        

        MIN:
          Mortgage Identification Number used to identify mortgage loans registered
          under
          MERS.

        

        Monthly
          Advance:
          The
          portion of each Monthly Payment that is delinquent with respect to each
          Mortgage
          Loan at the close of business on the Determination Date, required to be
          advanced
          by the Company pursuant to Section 5.03 on the Business Day immediately
          preceding the Remittance Date of the related month.

        

        Monthly
          Payment:
          The
          scheduled monthly payment of principal and interest on a Mortgage Loan
          or in the
          case of an Interest Only Mortgage Loan, payments of (i) interest, or (ii)
          principal and interest, if applicable, on a Mortgage Loan.

        

        Mortgage:
          The
          mortgage, deed of trust or other instrument securing a Mortgage Note, which
          creates a first lien on an unsubordinated estate in fee simple in real
          property
          securing the Mortgage Note or the Pledge Agreement securing the Mortgage
          Note
          for a Cooperative Loan.

        

        Mortgage
          Impairment Insurance Policy:
          A
          mortgage impairment or blanket hazard insurance policy as described in
          Section
          4.11.

        

        Mortgage
          Interest Rate:
          The
          annual rate of interest borne on a Mortgage Note in accordance with the
          provisions of the Mortgage Note.

        

        Mortgage
          Loan:
          An
          individual mortgage loan which is the subject of this Agreement, each Mortgage
          Loan originally sold and subject to this Agreement being identified on
          the
          Mortgage Loan Schedule, which Mortgage Loan includes without limitation
          the
          Retained Mortgage File, the Custodial Mortgage File, the Monthly Payments,
          Principal Prepayments, Liquidation Proceeds, Condemnation Proceeds, Insurance
          Proceeds, REO Disposition Proceeds and all other rights, benefits, proceeds
          and
          obligations arising from or in connection with such Mortgage Loan.

        

        Mortgage
          Loan Documents:
          With
          respect to a Mortgage Loan, the original related Mortgage Note with applicable
          addenda and riders, the original related Security Instrument and the originals
          of any required addenda and riders, the original related Assignment and
          any
          original intervening related Assignments, the original related title insurance
          policy and evidence of the related PMI Policy, if any.

        

        Mortgage
          Loan Remittance Rate:
          With
          respect to each Mortgage Loan, the annual rate of interest remitted to
          the
          Purchaser, which shall be equal to the Mortgage Interest Rate minus the
          Servicing Fee Rate.

        

        Mortgage
          Loan Schedule:
          With
          respect to each Transaction, a schedule of Mortgage Loans, which shall
          be
          attached to the related Assignment and Conveyance Agreement, setting forth
          the
          following information with respect to each Mortgage Loan: (1) the Company’s
          Mortgage Loan number; (2) the city state and zip code of the Mortgaged
          Property;
          (3) a code indicating whether the Mortgaged Property is a single family
          residence, two-family residence, three-family residence, four-family residence,
          a Cooperative Loan, planned unit development or condominium; (4) the current
          Mortgage Interest Rate; (5) the current net Mortgage Interest Rate; (6)
          the
          current Monthly Payment; (7) the Gross Margin; (8) the original term to
          maturity; (9) the scheduled maturity date; (10) the principal balance of
          the
          Mortgage Loan as of the related Cut-off Date after deduction of payments
          of
          principal due on or before the related Cut-off Date whether or not collected;
          (11) the Loan-to-Value; (12) the next Adjustment Date; (13) the lifetime
          Mortgage Interest Rate cap; (14) whether the Mortgage Loan is convertible
          or
          not; (15) a code indicating the mortgage guaranty insurance company; (16)
          a code
          indicating whether the Mortgage Loan contains pledged assets; (17) a code
          indicating whether the Mortgage Loan has balloon payments; (18) a code
          indicating whether the Mortgage Loan is an Interest Only Mortgage Loan;
          (16)
          a
          field indicating whether the Mortgage Loan is a Home Loan; and
          (17)
          the Servicing Fee.

        

        Mortgage
          Note:
          The
          note or other evidence of the indebtedness of a Mortgagor secured by a
          Mortgage.

        

        Mortgaged
          Property:
          The
          real property securing repayment of the debt evidenced by a Mortgage Note,
          or
          with respect to a Cooperative Loan, the Cooperative Apartment.

        

        Mortgagor:
          The
          obligor on a Mortgage Note.

        

        Officer's
          Certificate:
          A
          certificate signed by the Chairman of the Board or the Vice Chairman of
          the
          Board or the President or a Vice President or an Assistant Vice President
          and
          certified by the Treasurer or the Secretary or one of the Assistant Treasurers
          or Assistant Secretaries of the Company, and delivered to the Purchaser
          as
          required by this Agreement.

        

        Opinion
          of Counsel:
          A
          written opinion of counsel, who may be an employee of the Company, reasonably
          acceptable to the Purchaser.

        

        Periodic
          Interest Rate Cap:
          As to
          each adjustable rate Mortgage Loan, the maximum increase or decrease in
          the
          Mortgage Interest Rate on any Adjustment Date pursuant to the terms of
          the
          Mortgage Note.

        

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

        

        Pledge
          Agreement:
          With
          respect to a Cooperative Loan, the specific agreement creating a first
          lien on
          and pledge of the Cooperative Shares and the appurtenant Proprietary
          Lease.

         

        Pledge
          Instruments:
          With
          respect to a Cooperative Loan, the Stock Power, the Assignment of the
          Proprietary Lease and the Assignment of the Mortgage Note and Pledge
          Agreement.

         

        PMI
          Policy:
          A
          policy of primary mortgage guaranty insurance evidenced by an electronic
          form
          and certificate number issued by a Qualified Insurer, as required by this
          Agreement with respect to certain Mortgage Loans.

        

        Prime
          Rate:
          The
          prime rate announced to be in effect from time to time, as published as
          the
          average rate in The
          Wall Street Journal.

        

        Principal
          Prepayment:
          Any
          payment or other recovery of principal on a Mortgage Loan which is received
          in
          advance of its scheduled Due Date, including any prepayment penalty or
          premium
          thereon and which is not accompanied by an amount of interest representing
          scheduled interest due on any date or dates in any month or months subsequent
          to
          the month of prepayment.

        

        Principal
          Prepayment Period:
          The
          month preceding the month in which the related Remittance Date
          occurs.

        

        Project:
          With
          respect to a Cooperative Loan, all real property owned by the related
          Cooperative including the land, separate dwelling units and all common
          areas.

         

        Proprietary
          Lease:
          With
          respect to a Cooperative Loan, a lease on a Cooperative Apartment evidencing
          the
          possessory interest of the Mortgagor in such Cooperative Apartment. 

         

        Purchaser:
          EMC
          Mortgage Corporation, or its successor in interest or any successor to
          the
          Purchaser under this Agreement as herein provided.

        

        Purchase
          Price:
          The
          purchase price for each Loan Package shall be as stated in the related
          Commitment Letter.

        

        Qualified
          Correspondent:
          Any
          Person from which the Company purchased Mortgage Loans, provided that the
          following conditions are satisfied: (i) such Mortgage Loans were originated
          pursuant to an agreement between the Company and such Person that contemplated
          that such person would underwrite mortgage loans from time to time, for
          sale to
          the Company, in accordance with underwriting guidelines designated by the
          Company (“Designated Guidelines”) or guidelines that do not vary materially from
          such Designated Guidelines; (ii) such Mortgage Loans were in fact underwritten
          as described in clause (i) above and were acquired by the Company within
          180
          days after origination; (iii) either (x) the Designated Guidelines were,
          at the
          time such Mortgage Loans were originated, used by the Company in origination
          of
          mortgage loans of the same type as the Mortgage Loans for the Company’s own
          account or (y) the Designated Guidelines were, at the time such Mortgage
          Loans
          were underwritten, designated by the Company on a consistent basis for
          use by
          lenders in originating mortgage loans to be purchased by the Company; and
          (iv)
          the Company employed, at the time such Mortgage Loans were acquired by
          the
          Company, pre-purchased or post-purchased quality assurance procedures (which
          may
          involve, among other things, review of a sample or mortgage loans purchased
          during a particular time period or through particular channels) designed
          to
          ensure that Persons from which it purchased mortgage loans properly applied
          the
          underwriting criteria designated by the Company.

        

        Qualified
          Depository:
          A
          deposit account or accounts maintained with a federal or state chartered
          depository institution the deposits in which are insured by the FDIC to
          the
          applicable limits and the short-term unsecured debt obligations of which
          (or, in
          the case of a depository institution that is a subsidiary of a holding
          company,
          the short-term unsecured debt obligations of such holding company) are
          rated A-1
          by Standard & Poor’s Ratings Group or Prime-1 by Moody’s Investors Service,
          Inc. (or a comparable rating if another rating agency is specified by the
          Purchaser by written notice to the Company) at the time any deposits are
          held on
          deposit therein.

        

        Qualified
          Insurer:
          A
          mortgage guaranty insurance company duly authorized and licensed where
          required
          by law to transact mortgage guaranty insurance business and approved as
          an
          insurer by Fannie Mae or Freddie Mac.

        

        Qualified
          Substitute Mortgage Loan:
          A
          mortgage loan eligible to be substituted by the Company for a Deleted Mortgage
          Loan which must, on the date of such substitution, (i) have an outstanding
          principal balance, after deduction of all scheduled payments due in the
          month of
          substitution (or in the case of a substitution of more than one mortgage
          loan
          for a Deleted Mortgage Loan, an aggregate principal balance), not in excess
          of
          the Stated Principal Balance of the Deleted Mortgage Loan; (ii) have a
          Mortgage
          Loan Remittance Rate not less than and not more than two percent (2%) greater
          than the Mortgage Loan Remittance Rate of the Deleted Mortgage Loan; (iii)
          have
          a remaining term to maturity not greater than and not more than one year
          less
          than that of the Deleted Mortgage Loan; (iv) be of the same type as the
          Deleted
          Mortgage Loan and (v) comply with each representation and warranty set
          forth in
          Sections 3.01 and 3.02.

        

        Rating
          Agency/Agencies:
          Any
          nationally recognized statistical Rating Agency, or its successors, including
          Standard & Poor’s, a division of The McGraw-Hill Companies, Moody’s
          Investors Service, Inc. and Fitch Ratings.

        

        Recognition
          Agreement:
          An
          agreement whereby a Cooperative and a lender with respect to a Cooperative
          Loan
          (i) acknowledge that such lender may make, or intends to make, such Cooperative
          Loan, and (ii) make certain agreements with respect to such Cooperative
          Loan.

        

        Reconstitution:
          Any
          Securitization Transaction or Whole Loan Transfer.

        

        Reconstitution
          Agreement:
          The
          agreement or agreements entered into by the Company and the Purchaser and/or
          certain third parties on the Reconstitution Date or Dates with respect
          to any or
          all of the Mortgage Loans serviced hereunder, in connection with a Whole
          Loan
          Transfer or Securitization Transaction.

        

        Reconstitution
          Date:
          The
          date on which any or all of the Mortgage Loans serviced under this Agreement
          may
          be removed from this Agreement and reconstituted as part of a Securitization
          Transaction, Agency Transfer or Whole Loan Transfer pursuant to Section
          9.01
          hereof. The Reconstitution Date shall be such date as the Purchaser shall
          designate. 

        

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

        

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

        

        REMIC
          Provisions:
          Provisions of the federal income tax law relating to a REMIC, which appear
          at
          Section 860A through 860G of Subchapter M of Chapter 1, Subtitle A of the
          Code,
          and related provisions, regulations, rulings or pronouncements promulgated
          thereunder, as the foregoing may be in effect from time to time.

        

        Remittance
          Date:
          The
          18th day (or if such 18th day is not a Business Day, the first Business
          Day
          immediately following) of any month.

        

        REO
          Disposition:
          The
          final sale by the Company of any REO Property.

        

        REO
          Disposition Proceeds:
          All
          amounts received with respect to an REO Disposition pursuant to Section
          4.16.

        

        REO
          Property:
          A
          Mortgaged Property acquired by the Company on behalf of the Purchaser through
          foreclosure or by deed in lieu of foreclosure, as described in Section
          4.16.

        

        Repurchase
          Price:
          Unless
          agreed otherwise by the Purchaser and the Company, a price equal to (i)
          the
          Stated Principal Balance of the Mortgage Loan plus (ii) interest on such
          Stated
          Principal Balance at the Mortgage Loan Remittance Rate from the date on
          which
          interest has last been paid and distributed to the Purchaser through the
          last
          day of the month in which such repurchase takes place, less amounts received
          or
          advanced in respect of such repurchased Mortgage Loan which are being held
          in
          the Custodial Account for distribution in the month of repurchase.

        

        Retained
          Mortgage File:
          The
          items referred to as items (3), (6), (7), (8) and (9) in Exhibit C annexed
          hereto with respect to a particular Mortgage Loan that are not required
          to be
          delivered to the Custodian pursuant to this Agreement, and any additional
          documents required to be added to the Retained Mortgage File pursuant to
          this
          Agreement.

        

        Securities
          Act:
          The
          Securities Act of 1933, as amended.

        

        Securitization
          Transaction:
          Any
          transaction involving either (a) a sale or other transfer of some or all
          of the
          Mortgage Loans directly or indirectly to an issuing entity in connection
          with an
          issuance of publicly offered or privately placed, rated or unrated
          mortgage-backed securities or (b) an issuance of publicly offered or privately
          placed, rated or unrated securities, the payments on which are determined
          primarily by reference to one or more portfolios of residential mortgage
          loans
          consisting, in whole or in part, of some or all of the Mortgage
          Loans.

        

        Servicer:
          As
          defined in Section 9.01(e)(iii).

        

        Servicing
          Advances:
          All
          customary, reasonable and necessary "out of pocket" costs and expenses
          other
          than Monthly Advances (including reasonable attorney's fees and disbursements)
          incurred in the performance by the Company of its servicing obligations,
          including, but not limited to, the cost of (a) the preservation, restoration
          and
          protection of the Mortgaged Property, (b) any enforcement or judicial
          proceedings, including foreclosures, (c) the management and liquidation
          of any
          REO Property and (d) compliance with the obligations under Section 4.08
          and 4.10
          (excluding the Company’s obligations to pay the premiums on LPMI
          Policies).

        

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

        

        Servicing
          Fee:
          With
          respect to each Mortgage Loan, the amount of the annual fee the Purchaser
          shall
          pay to the Company, which shall, for a period of one full month, be equal
          to
          one-twelfth of the product of (a) the Servicing Fee Rate and (b) the outstanding
          principal balance of such Mortgage Loan. Such fee shall be payable monthly,
          computed on the basis of the same principal amount and period respecting
          which
          any related interest payment on a Mortgage Loan is received. The obligation
          of
          the Purchaser to pay the Servicing Fee is limited to, and the Servicing
          Fee is
          payable solely from, the interest portion (including recoveries with respect
          to
          interest from Liquidation Proceeds, to the extent permitted by Section
          4.05) of
          such Monthly Payment collected by the Company, or as otherwise provided
          under
          Section 4.05.

        

        Servicing
          Fee Rate:
          The per
          annum percentage for each Mortgage Loan, as stated in the Commitment
          Letter.

        

        Servicing
          File:
          With
          respect to each Mortgage Loan, the file retained by the Company consisting
          of
          originals of all documents in the Retained Mortgage File which are not
          delivered
          to the Custodian and copies of the Mortgage Loan Documents listed in the
          Custodial Agreement the originals of which are delivered to the Custodian
          pursuant to Section 2.03.

        

        Servicing
          Officer:
          Any
          officer of the Company involved in or responsible for the administration
          and
          servicing of the Mortgage Loans whose name appears on a list of servicing
          officers furnished by the Company to the Purchaser upon request, as such
          list
          may from time to time be amended.

        

        Stated
          Principal Balance:
          As to
          each Mortgage Loan, (i) the principal balance of the Mortgage Loan at the
          related Cut-off Date after giving effect to payments of principal due on
          or
          before such date, whether or not received, minus (ii) all amounts previously
          distributed to the Purchaser with respect to the related Mortgage Loan
          representing payments or recoveries of principal or advances in lieu thereof.
          

        

        Static
          Pool Information:
          Static
          pool information as described in Item 1105(a)(1)-(3) and 1105(c) of Regulation
          AB.

        

        Stock
          Certificate:
          With
          respect to a Cooperative Loan, a certificate evidencing ownership of the
          Cooperative Shares issued by the Cooperative.

         

        Stock
          Power:
          With
          respect to a Cooperative Loan, an assignment of the Stock Certificate or
          an
          assignment of the Cooperative Shares issued by the Cooperative. 

         

        Subcontractor:
          Any
          vendor, subcontractor or other Person that is not responsible for the overall
          servicing (as “servicing” is commonly understood by participants in the
          mortgage-backed securities market) of Mortgage Loans but performs one or
          more
          discrete functions identified in Item 1122(d) of Regulation AB with respect
          to
          Mortgage Loans under the direction or authority of the Company or a
          Subservicer.

         

        Subservicer:
          Any
          Person that services Mortgage Loans on behalf of the Company or any Subservicer
          and is responsible for the performance (whether directly or through Subservicers
          or Subcontractors) of a substantial portion of the material servicing functions
          required to be performed by the Company under this Agreement or any
          Reconstitution Agreement that are identified in Item 1122(d) of Regulation
          AB.

         

        Subsidy
          Account:
          An
          account maintained by the Company specifically to hold all Subsidy Funds
          to be
          applied to individual Subsidy Loans.

        

        Subsidy
          Funds:
          With
          respect to any Subsidy Loans, funds contributed by the employer of a Mortgagor
          in order to reduce the payments required from the Mortgagor for a specified
          period in specified amounts.

        

        Subsidy
          Loan:
          Any
          Mortgage Loan subject to a temporary interest subsidy agreement pursuant
          to
          which the monthly interest payments made by the related Mortgagor will
          be less
          than the scheduled monthly interest payments on such Mortgage Loan, with
          the
          resulting difference in interest payments being provided by the employer
          of the
          Mortgagor. Each Subsidy Loan will be identified as such in the related
          Electronic Data File.

        

        Third-Party
          Originator:
          Each
          Person, other than a Qualified Correspondent, that originated Mortgage
          Loans
          acquired by the Company.

        

        Time$aver®
          Mortgage Loan:
          A
          Mortgage Loan which has been refinanced pursuant to a Company program that
          allows a rate/term refinance of an existing Company serviced loan with
          minimal
          documentation.

        

        Whole
          Loan Transfer:
          Any
          sale or transfer of some or all of the Mortgage Loans by the Purchaser
          to a
          third party, which sale or transfer is not a Securitization Transaction
          or
          Agency Transfer.

        

         

        ARTICLE
          II

         

        

         

        CONVEYANCE
          OF MORTGAGE LOANS; POSSESSION OF MORTGAGE FILES; BOOKS AND RECORDS; CUSTODIAL
          AGREEMENT; DELIVERY OF DOCUMENTS

        

        Section
          2.01 Conveyance
          of Mortgage Loans; Possession of Custodial Mortgage Files; Maintenance
          of
          Retained Mortgage Files and Servicing Files.

        

        Pursuant
          to an Assignment and Conveyance Agreement, on the related Closing Date,
          the
          Company, simultaneously with the payment of the Purchase Price by the Purchaser,
          shall thereby sell, transfer, assign, set over and convey to the Purchaser,
          without recourse, but subject to the terms of this Agreement and the related
          Assignment and Conveyance Agreement, all the right, title and interest
          of the
          Company in and to the Mortgage Loans listed on the respective Mortgage
          Loan
          Schedule annexed to such Assignment and Conveyance Agreement, together
          with the
          Retained Mortgage Files and Custodial Mortgage Files and all rights and
          obligations arising under the documents contained therein. Pursuant to
          Section
          2.03, the Company shall deliver the Custodial Mortgage File for each Mortgage
          Loan comprising the related Loan Package to the Custodian.

        

        The
          contents of each Retained Mortgage File not delivered to the Custodian
          are and
          shall be held in trust by the Company for the benefit of the Purchaser
          as the
          owner thereof. The Company shall maintain a Servicing File consisting of
          a copy
          of the contents of each Custodial Mortgage File and the originals of the
          documents in each Retained Mortgage File not delivered to the Custodian.
          The
          possession of each Retained Mortgage File and Servicing File by the Company
          is
          at the will of the Purchaser for the sole purpose of servicing the related
          Mortgage Loan, and such retention and possession by the Company is in a
          custodial capacity only. Upon the sale of the Mortgage Loans the ownership
          of
          each Mortgage Note, the related Mortgage and the related Custodial Mortgage
          File
          and Servicing File shall vest immediately in the Purchaser, and the ownership
          of
          all records and documents with respect to the related Mortgage Loan prepared
          by
          or which come into the possession of the Company shall vest immediately
          in the
          Purchaser and shall be retained and maintained by the Company, in trust,
          at the
          will of the Purchaser and only in such custodial capacity. The Company
          shall
          release its custody of the contents of any Servicing File only in accordance
          with written instructions from the Purchaser, unless such release is required
          as
          incidental to the Company's servicing of the Mortgage Loans or is in connection
          with a repurchase of any Mortgage Loan pursuant to Section 3.03 or 6.02.
          All
          such costs associated with the release, transfer and re-delivery to the
          Company
          shall be the responsibility of the Purchaser other than any related recording
          costs (especially in instances of breach).

        

        In
          addition, in connection with the assignment of any MERS Mortgage Loan,
          the
          Company agrees that it will cause, the MERS® System to indicate that such
          Mortgage Loans have been assigned by the Company to the Purchaser in accordance
          with this Agreement by including (or deleting, in the case of Mortgage
          Loans
          which are repurchased in accordance with this Agreement) in such computer
          files
          the information required by the MERS® System to identify the Purchaser as
          beneficial owner of such Mortgage Loans. 

        

        Section
          2.02 Books
          and Records; Transfers of Mortgage Loans.

        

        From
          and
          after the sale of the Mortgage Loans to the Purchaser in the related Loan
          Package on each Closing Date, all rights arising out of such Mortgage Loans
          including but not limited to all funds received on or in connection with
          such
          Mortgage Loans, shall be received and held by the Company in trust for
          the
          benefit of the Purchaser as owner of such Mortgage Loans, and the Company
          shall
          retain record title to the related Mortgages for the sole purpose of
          facilitating the servicing and the supervision of the servicing of such
          Mortgage
          Loans.

        

        The
          sale
          of each Mortgage Loan shall be reflected on the Company's balance sheet
          and
          other financial statements as a sale of assets by the Company. The Company
          shall
          be responsible for maintaining, and shall maintain, a complete set of books
          and
          records for each Mortgage Loan which shall be marked clearly to reflect
          the
          ownership of each Mortgage Loan by the Purchaser. In particular, the Company
          shall maintain in its possession, available for inspection by the Purchaser,
          or
          its designee, and shall deliver to the Purchaser upon demand, evidence
          of
          compliance with all federal, state and local laws, rules and regulations,
          and
          requirements of Fannie Mae or Freddie Mac, including but not limited to
          documentation as to the method used in determining the applicability of
          the
          provisions of the Flood Disaster Protection Act of 1973, as amended, to
          the
          Mortgaged Property, documentation evidencing insurance coverage and eligibility
          of any condominium project for approval by Fannie Mae or Freddie Mac and
          records
          of periodic inspections as required by Section 4.13. To the extent that
          original
          documents are not required for purposes of realization of Liquidation Proceeds
          or Insurance Proceeds, documents maintained by the Company may be in the
          form of
          microfilm or microfiche or such other reliable means of recreating original
          documents, including but not limited to, optical imagery techniques so
          long as
          the Company complies with the requirements of the Fannie Mae Selling and
          Servicing Guide, as amended from time to time.

        

        The
          Company shall maintain with respect to each Mortgage Loan and shall make
          available for inspection by any Purchaser or its designee the related Servicing
          File during the time the Purchaser retains ownership of such Mortgage Loan
          and
          thereafter in accordance with applicable laws and regulations.

        

        The
          Company shall keep at its servicing office books and records in which,
          subject
          to such reasonable regulations as it may prescribe, the Company shall note
          transfers of Mortgage Loans. No transfer of a Mortgage Loan may be made
          unless
          such transfer is in compliance with the terms hereof. For the purposes
          of this
          Agreement, the Company shall be under no obligation to deal with any Person
          with
          respect to this Agreement or the Mortgage Loans unless the books and records
          show such Person as the owner of the Mortgage Loan. The Purchaser may,
          subject
          to the terms of this Agreement, sell and transfer one or more of the Mortgage
          Loans. The Purchaser also shall advise the Company of the transfer. Upon
          receipt
          of notice of the transfer, the Company shall mark its books and records
          to
          reflect the ownership of the Mortgage Loans of such assignee, and shall
          release
          the previous Purchaser from its obligations hereunder with respect to the
          Mortgage Loans sold or transferred. Such notification of a transfer shall
          include a final loan schedule which shall be received by the Company no
          fewer
          than five (5) Business Days before the last Business Day of the month.
          If such
          notification is not received as specified above, the Company’s duties to remit
          and report as required by Section 5 shall begin with the next Due
          Period.

        

        Section
          2.03 Custodial
          Agreement; Delivery of Documents.

        

        On
          each
          Closing Date with respect to each Mortgage Loan comprising the related
          Loan
          Package, the Company shall deliver and release to the Custodian the related
          Custodial Mortgage File as set forth in Exhibit C attached hereto.

        

        The
          Custodian shall certify its receipt of any Mortgage Loan Documents actually
          received on or prior to such Closing Date and as required to be delivered
          pursuant to the Custodial Agreement, as evidenced by the Initial Certification
          of the Custodian in the form annexed to the Custodial Agreement. The Purchaser
          will be responsible for the fees and expenses of the Custodian.

        

        Upon
          the
          Purchaser’s request, the Company shall deliver to Purchaser or its designee
          within ten (10) days after such request such contents of the Retained Mortgage
          file so requested. In the event that the company fails to deliver to the
          Purchaser or its designee the requested contents of the Retained Mortgage
          File
          within such ten-day period, and if the Company does not cure such failure
          within
          five (5) days following receipt of written notification of such failure,
          the
          Company shall repurchase each related Mortgage Loan at the price and in
          the
          manner specified in Section 3.03.

        

        The
          Company shall forward to the Custodian original documents evidencing an
          assumption, modification, consolidation or extension of any Mortgage Loan
          entered into in accordance with Section 4.01 or 6.01 within one week of
          their
          execution, provided, however, that the Company shall provide the Custodian
          with
          a certified true copy of any such document submitted for recordation within
          ten
          (10) days of its execution, and shall provide the original of any document
          submitted for recordation or a copy of such document certified by the
          appropriate public recording office to be a true and complete copy of the
          original within sixty days of its submission for recordation.

        

        In
          the
          event the public recording office is delayed in returning any original
          document
          which the Company is required to deliver at any time to the Custodian in
          accordance with the terms of the Custodial Agreement or which the Company
          is
          required to maintain in the related Retained Mortgage File, the Company
          shall
          deliver to the Custodian or to the Retained Mortgage File, as applicable,
          within
          240 days of its submission for recordation, a copy of such document and
          an
          Officer's Certificate, which shall (i) identify the recorded document;
          (ii)
          state that the recorded document has not been delivered to the Custodian
          due
          solely to a delay by the public recording office, (iii) state the amount
          of time
          generally required by the applicable recording office to record and return
          a
          document submitted for recordation, and (iv) specify the date the applicable
          recorded document will be delivered to the Custodian. The Company will
          be
          required to deliver such document to the Custodian or to the Retained Mortgage
          File, as applicable, by the date specified in (iv) above. An extension
          of the
          date specified in (iv) above may be requested from the Purchaser, which
          consent
          shall not be unreasonably withheld.

        

        In
          the
          event that new, replacement, substitute or additional Stock Certificates
          are
          issued with respect to existing Cooperative Shares, the Company immediately
          shall deliver to the Custodian the new Stock Certificates, together with
          the
          related Stock Powers in blank. Such new Stock Certificates shall be subject
          to
          the related Pledge Instruments and shall be subject to all of the terms,
          covenants and conditions of this Agreement.

        

         

        ARTICLE
          III

         

        REPRESENTATIONS
          AND WARRANTIES REMEDIES AND BREACH

         

        

        Section
          3.01 Company
          Representations and Warranties.

         

        The
          Company hereby represents and warrants to the Purchaser that, as of the
          related
          Closing Date:

        

        
          	 	
                  (a)

                	
                  Due
                    Organization and Authority.

                

        

        

        
          	 	 	
                  The
                    Company is a national banking association duly organized, validly
                    existing
                    and in good standing under the laws of the United States and
                    has all
                    licenses necessary to carry on its business as now being conducted
                    and is
                    licensed, qualified and in good standing in each state where
                    a Mortgaged
                    Property is located if the laws of such state require licensing
                    or
                    qualification in order to conduct business of the type conducted
                    by the
                    Company, and in any event the Company is in compliance with the
                    laws of
                    any such state to the extent necessary to ensure the enforceability
                    of the
                    related Mortgage Loan and the servicing of such Mortgage Loan
                    in
                    accordance with the terms of this Agreement; the Company has
                    the full
                    power and authority to execute and deliver this Agreement and
                    to perform
                    in accordance herewith; the execution, delivery and performance
                    of this
                    Agreement (including all instruments of transfer to be delivered
                    pursuant
                    to this Agreement) by the Company and the consummation of the
                    transactions
                    contemplated hereby have been duly and validly authorized; this
                    Agreement
                    evidences the valid, binding and enforceable obligation of the
                    Company;
                    and all requisite action has been taken by the Company to make
                    this
                    Agreement valid and binding upon the Company in accordance with
                    its
                    terms;

                

        

        

        
          	 	
                  (b)

                	
                  Ordinary
                    Course of Business.

                

        

        

        
          	 	 	
                  The
                    consummation of the transactions contemplated by this Agreement
                    are in the
                    ordinary course of business of the Company, who is in the business
                    of
                    selling and servicing loans, and the transfer, assignment and
                    conveyance
                    of the Mortgage Notes and the Mortgages by the Company pursuant
                    to this
                    Agreement are not subject to the bulk transfer or any similar
                    statutory
                    provisions in effect in any applicable
                    jurisdiction;

                

        

        

        
          	 	
                  (c)

                	
                  No
                    Conflicts.

                

        

        

        
          	 	 	
                  Neither
                    the execution and delivery of this Agreement, the acquisition
                    of the
                    Mortgage Loans by the Company, the sale of the Mortgage Loans
                    to the
                    Purchaser or the transactions contemplated hereby, nor the fulfillment
                    of
                    or compliance with the terms and conditions of this Agreement
                    will
                    conflict with or result in a breach of any of the terms, articles
                    of
                    incorporation or by-laws or any legal restriction or any agreement
                    or
                    instrument to which the Company is now a party or by which it
                    is bound, or
                    constitute a default or result in the violation of any law, rule,
                    regulation, order, judgment or decree to which the Company or
                    its property
                    is subject, or impair the ability of the Purchaser to realize
                    on the
                    Mortgage Loans, or impair the value of the Mortgage
                    Loans;

                

        

        

        
          	 	
                  (d)

                	
                  Ability
                    to Service.

                

        

        

        
          	 	 	
                  The
                    Company is an approved seller/servicer of conventional residential
                    mortgage loans for Fannie Mae or Freddie Mac, with the facilities,
                    procedures, and experienced personnel necessary for the sound
                    servicing of
                    mortgage loans of the same type as the Mortgage Loans. The Company
                    is in
                    good standing to sell mortgage loans to and service mortgage
                    loans for
                    Fannie Mae or Freddie Mac, and no event has occurred, including
                    but not
                    limited to a change in insurance coverage, which would make the
                    Company
                    unable to comply with Fannie Mae or Freddie Mac eligibility requirements
                    or which would require notification to either Fannie Mae or Freddie
                    Mac;

                

        

        

        
          	 	
                  (e)

                	
                  Reasonable
                    Servicing Fee.

                

        

        

        
          	 	 	
                  The
                    Company acknowledges and agrees that the Servicing Fee represents
                    reasonable compensation for performing such services and that
                    the entire
                    Servicing Fee shall be treated by the Company, for accounting
                    and tax
                    purposes, as compensation for the servicing and administration
                    of the
                    Mortgage Loans pursuant to this
                    Agreement;

                

        

        

        
          	 	
                  (f)

                	
                  Ability
                    to Perform.

                

        

        

        
          	 	 	
                  The
                    Company does not believe, nor does it have any reason or cause
                    to believe,
                    that it cannot perform each and every covenant contained in this
                    Agreement. The Company is solvent and the sale of the Mortgage
                    Loans will
                    not cause the Company to become insolvent. The sale of the Mortgage
                    Loans
                    is not undertaken to hinder, delay or defraud any of the Company's
                    creditors;

                

        

        

        
          	 	
                  (g)

                	
                  No
                    Litigation Pending.

                

        

        

        
          	 	 	
                  There
                    is no action, suit, proceeding or investigation pending or threatened
                    against the Company which, either in any one instance or in the
                    aggregate,
                    may result in any material adverse change in the business, operations,
                    financial condition, properties or assets of the Company, or
                    in any
                    material impairment of the right or ability of the Company to
                    carry on its
                    business substantially as now conducted, or in any material liability
                    on
                    the part of the Company, or which would draw into question the
                    validity of
                    this Agreement or the Mortgage Loans or of any action taken or
                    to be
                    contemplated herein, or which would be likely to impair materially
                    the
                    ability of the Company to perform under the terms of this
                    Agreement;

                

        

        

        
          	 	
                  (h)

                	
                  No
                    Consent Required.

                

        

        

        
          	 	 	
                  No
                    consent, approval, authorization or order of any court or governmental
                    agency or body is required for the execution, delivery and performance
                    by
                    the Company of or compliance by the Company with this Agreement
                    or the
                    sale of the Mortgage Loans as evidenced by the consummation of
                    the
                    transactions contemplated by this Agreement, or if required,
                    such approval
                    has been obtained prior to the related Closing
                    Date;

                

        

        

        
          	 	
                  (i)

                	
                  Selection
                    Process.
                    

                

        

        

        The
          Mortgage Loans were selected from among either the outstanding fixed rate
          or
          adjustable rate one- to four-family mortgage loans in the Company's mortgage
          banking portfolio at the related Closing Date as to which the representations
          and warranties set forth in Section 3.02 could be made and such selection
          was
          not made in a manner so as to affect adversely the interests of the
          Purchaser;

        

        
          	 	
                  (j)

                	
                  No
                    Untrue Information.

                

        

        

        
          	 	 	
                  Neither
                    this Agreement nor any statement, report or other document furnished
                    or to
                    be furnished pursuant to this Agreement or in connection with
                    the
                    transactions contemplated hereby contains any untrue statement
                    of fact or
                    omits to state a fact necessary to make the statements contained
                    therein
                    not misleading;

                

        

        

        
          	 	
                  (k)

                	
                  Sale
                    Treatment.

                

        

        

        
          	 	 	
                  The
                    Company has determined that the disposition of the Mortgage Loans
                    pursuant
                    to this Agreement will be afforded sale treatment for accounting
                    and tax
                    purposes; 

                

        

        

        
          	 	
                  (l)

                	
                  No
                    Material Change.
                    

                

        

        

        
          	 	 	
                  There
                    has been no material adverse change in the business, operations,
                    financial
                    condition or assets of the Company since the date of the Company’s most
                    recent financial statements; 

                

        

        

        
          	 	
                  (m)

                	
                  No
                    Brokers’ Fees.

                

        

        

        
          	 	 	
                  The
                    Company has not dealt with any broker, investment banker, agent
                    or other
                    Person that may be entitled to any commission or compensation
                    in the
                    connection with the sale of the Mortgage Loans; and
                    

                

        

        

        
          	(n)  	
                  MERS.

                

        

        

        The
          Company is a member of MERS in good standing.

        

        

        Section
          3.02 Representations
          and Warranties Regarding Individual Mortgage Loans.

        

        As
          to
          each Mortgage Loan, the Company hereby represents and warrants to the Purchaser
          that as of the related Closing Date:

        

        
          	 	
                  (a)

                	
                  Mortgage
                    Loans as Described.

                

        

        

        
          	 	 	
                  The
                    information set forth in the respective Mortgage Loan Schedule
                    and the
                    information contained on the respective Electronic Data File
                    delivered to
                    the Purchaser is true and correct;

                

        

        

        
          	 	
                  (b)

                	
                  Payments
                    Current.

                

        

        

        
          	 	 	
                  All
                    payments required to be made up to the related Cut-off Date for
                    the
                    Mortgage Loan under the terms of the Mortgage Note have been
                    made and
                    credited. No payment under any Mortgage Loan has been thirty
                    (30) days
                    delinquent more than one time within twelve (12) months prior
                    to the
                    related Closing Date;

                

        

        

        
          	 	
                  (c)

                	
                  No
                    Outstanding Charges.

                

        

        

        
          	 	 	
                  There
                    are no defaults in complying with the terms of the Mortgages,
                    and all
                    taxes, governmental assessments, insurance premiums, leasehold
                    payments,
                    water, sewer and municipal charges, which previously became due
                    and owing
                    have been paid, or an escrow of funds has been established in
                    an amount
                    sufficient to pay for every such item which remains unpaid and
                    which has
                    been assessed but is not yet due and payable. The Seller has
                    not advanced
                    funds, or induced, solicited directly or indirectly, the payment
                    of any
                    amount required under the Mortgage Loan, except for interest
                    accruing from
                    the date of the Mortgage Note or date of disbursement of the
                    Mortgage Loan
                    proceeds, whichever is later, to the day which precedes by one
                    month the
                    Due Date of the first installment of principal and
                    interest;

                

        

        

        
          	 	
                  (d)

                	
                  Original
                    Terms Unmodified.

                

        

        

        
          	 	 	
                  The
                    terms of the Mortgage Note and Mortgage have not been impaired,
                    waived,
                    altered or modified in any respect, except by a written instrument
                    which
                    has been recorded, if necessary to protect the interests of the
                    Purchaser
                    and which has been delivered to the Custodian. The substance
                    of any such
                    waiver, alteration or modification has been approved by the issuer
                    of any
                    related PMI Policy and the title insurer, to the extent required
                    by the
                    policy, and its terms are reflected on the related Mortgage Loan
                    Schedule.
                    No Mortgagor has been released, in whole or in part, except in
                    connection
                    with an assumption agreement approved by the issuer of any related
                    PMI
                    Policy and the title insurer, to the extent required by the policy,
                    and
                    which assumption agreement was delivered to the Custodian pursuant
                    to the
                    terms of the Custodial Agreement;

                

        

        

        
          	 	
                  (e)

                	
                  No
                    Defenses.

                

        

        

        
          	 	 	
                  The
                    Mortgage Loan is not subject to any right of rescission, set-off,
                    counterclaim or defense, including without limitation the defense
                    of
                    usury, nor will the operation of any of the terms of the Mortgage
                    Note or
                    the Mortgage, or the exercise of any right thereunder, render
                    either the
                    Mortgage Note or the Mortgage unenforceable, in whole or in part,
                    or
                    subject to any right of rescission, set-off, counterclaim or
                    defense,
                    including without limitation the defense of usury, and no such
                    right of
                    rescission, set-off, counterclaim or defense has been asserted
                    with
                    respect thereto;

                

        

        

        
          	 	
                  (f)

                	
                  No
                    Satisfaction of Mortgage.

                

        

        

        
          	 	 	
                  The
                    Mortgage has not been satisfied, canceled, subordinated or rescinded,
                    in
                    whole or in part, and the Mortgaged Property has not been released
                    from
                    the lien of the Mortgage, in whole or in part, nor has any instrument
                    been
                    executed that would effect any such release, cancellation, subordination
                    or rescission;

                

        

        

        
          	 	
                  (g)

                	
                  Validity
                    of Mortgage Documents.

                

        

        

        
          	 	 	
                  The
                    Mortgage Note and the Mortgage and related documents are genuine,
                    and each
                    is the legal, valid and binding obligation of the maker thereof
                    enforceable in accordance with its terms. All parties to the
                    Mortgage Note
                    and the Mortgage had legal capacity to enter into the Mortgage
                    Loan and to
                    execute and deliver the Mortgage Note and the Mortgage, and the
                    Mortgage
                    Note and the Mortgage have been duly and properly executed by
                    such
                    parties;

                

        

        

        With
          respect to each Cooperative Loan, the Mortgage Note, the Mortgage, the
          Pledge
          Agreement, and related documents are genuine, and each is the legal, valid
          and
          binding obligation of the maker thereof enforceable in accordance with
          its
          terms. All parties to the Mortgage Note, the Mortgage, the Pledge Agreement,
          the
          Proprietary Lease, the Stock Power, Recognition Agreement and the Assignment
          of
          Proprietary Lease had legal capacity to enter into the Mortgage Loan and
          to
          execute and deliver such documents, and such documents have been duly and
          properly executed by such parties;

        

        

        (h) No
          Fraud.

        

        
          	 	 	
                  No
                    error, omission, misrepresentation, negligence, fraud or similar
                    occurrence with respect to a Mortgage Loan has taken place on
                    the part of
                    the Company, or the Mortgagor, or to the best of the Company’s knowledge,
                    any appraiser, any builder, or any 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;

                

        

        

        
          	 	
                  (i)

                	
                  Compliance
                    with Applicable Laws.

                

        

        

        
          	 	 	
                  Any
                    and all requirements of any federal, state or local law including,
                    without
                    limitation, usury, truth-in-lending, real estate settlement procedures,
                    consumer credit and privacy protection, equal credit opportunity,
                    disclosure or predatory and abusive lending laws applicable to
                    the
                    Mortgage Loan have been complied with, and the Company shall
                    maintain in
                    its possession, available for the Purchaser's inspection, and
                    shall
                    deliver to the Purchaser upon demand, evidence of compliance
                    with all such
                    requirements. All inspections, licenses and certificates required
                    to be
                    made or issued with respect to all occupied portions of the Mortgaged
                    Property and, with respect to the use and occupancy of the same,
                    including
                    but not limited to certificates of occupancy and fire underwriting
                    certificates, have been made or obtained from the appropriate
                    authorities;

                

        

        

        
          	 	
                  (j)

                	
                  Location
                    and Type of Mortgaged Property.

                

        

        

        
          	 	 	
                  The
                    Mortgaged Property is located in the state identified in the
                    related
                    Mortgage Loan Schedule and consists of a single, contiguous parcel
                    of real
                    property with a detached single family residence erected thereon,
                    or a
                    two- to four-family dwelling, or an individual condominium unit
                    in a
                    condominium project, or a Cooperative Apartment, or an individual
                    unit in
                    a planned unit development or a townhouse, provided, however,
                    that any
                    condominium project or planned unit development shall conform
                    with the
                    applicable Fannie Mae requirements, or the underwriting guidelines
                    of the
                    company, regarding such dwellings, and no residence or dwelling
                    is a
                    mobile home. As of the respective date of the appraisal for each
                    Mortgaged
                    Property, any Mortgaged Property being used for commercial purposes
                    conforms to the underwriting guidelines of the Company and, to
                    the best of
                    the Company’s knowledge, since the date of such appraisal, no portion of
                    the Mortgage Property has been used for commercial purposes outside
                    of the
                    underwriting guidelines of the
                    Company;

                

        

        

        (k) Valid
          First Lien.

        

        
          	 	 	
                  The
                    Mortgage is a valid, subsisting and enforceable first lien on
                    the
                    Mortgaged Property, including all buildings on the Mortgaged
                    Property and
                    all installations and mechanical, electrical, plumbing, heating
                    and air
                    conditioning systems located in or annexed to such buildings,
                    and all
                    additions, alterations and replacements made at any time with
                    respect to
                    the foregoing. The lien of the Mortgage is subject only
                    to:

                

        

        

        
          	 	
                  (1)

                	
                  the
                    lien of current real property taxes and assessments not yet due
                    and
                    payable;

                

        

        

        
          	 	
                  (2)

                	
                  covenants,
                    conditions and restrictions, rights of way, easements and other
                    matters of
                    the public record as of the date of recording acceptable to mortgage
                    lending institutions generally and specifically referred to in
                    the
                    lender's title insurance policy delivered to the originator of
                    the
                    Mortgage Loan and (i) referred to or otherwise considered in
                    the appraisal
                    made for the originator of the Mortgage Loan and (ii) which do
                    not
                    adversely affect the Appraised Value of the Mortgaged Property
                    set forth
                    in such appraisal; and

                

        

        

        
          	 	
                  (3)

                	
                  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 the mortgage or the use, enjoyment, value or marketability
                    of
                    the related Mortgaged Property.

                

        

        

        
          	 	 	
                  Any
                    security agreement, chattel mortgage or equivalent document related
                    to and
                    delivered in connection with the Mortgage Loan establishes and
                    creates a
                    valid, subsisting and enforceable first lien and first priority
                    security
                    interest on the property described therein and the Company has
                    full right
                    to sell and assign the same to the Purchaser;

                

        

        

        With
          respect to each Cooperative Loan, each Pledge Agreement creates a valid,
          enforceable and subsisting first security interest in the Cooperative Shares
          and
          Proprietary Lease, subject only to (i) the lien of the related Cooperative
          for
          unpaid assessments representing the Mortgagor’s pro rata share of the
          Cooperative’s payments for its blanket mortgage, current and future real
          property taxes, insurance premiums, maintenance fees and other assessments
          to
          which like collateral is commonly subject and (ii) other matters to which
          like
          collateral is commonly subject which do not materially interfere with the
          benefits of the security intended to be provided by the Pledge Agreement;
          provided, however, that the appurtenant Proprietary Lease may be subordinated
          or
          otherwise subject to the lien of any mortgage on the Project;

        

        (l) Full
          Disbursement of Proceeds.

        

        
          	 	 	
                  The
                    proceeds of the Mortgage Loan have been fully disbursed, except
                    for
                    escrows established or created due to seasonal weather conditions,
                    and
                    there is no requirement for future advances thereunder. All costs,
                    fees
                    and expenses incurred in making or closing the Mortgage Loan
                    and the
                    recording of the Mortgage were paid, and the Mortgagor is not
                    entitled to
                    any refund of any amounts paid or due under the Mortgage Note
                    or
                    Mortgage;

                

        

        

        
          	 	
                  (m)

                	
                  Consolidation
                    of Future Advances.

                

        

        

        
          	 	 	
                  Any
                    future advances made prior to the related 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
                    related
                    Mortgage Loan Schedule. The lien of the Mortgage securing the
                    consolidated
                    principal amount is expressly insured as having first lien priority
                    by a
                    title insurance policy, an endorsement to the policy insuring
                    the
                    mortgagee’s consolidated interest or by other title evidence acceptable
                    to
                    Fannie Mae or Freddie Mac; the consolidated principal amount
                    does not
                    exceed the original principal amount of the Mortgage Loan; the
                    Seller
                    shall not make future advances after the related Cut-Off
                    Date;

                

        

        

        (n) Ownership.

        

        
          	 	 	
                  The
                    Company is the sole owner of record and holder of the Mortgage
                    Loan and
                    the related Mortgage Note and the Mortgage are not assigned or
                    pledged,
                    and the Company has good and marketable title thereto and has
                    full right
                    and authority to transfer and sell the Mortgage Loan to the Purchaser.
                    The
                    Company is transferring the Mortgage Loan free and clear of any
                    and all
                    encumbrances, liens, pledges, equities, participation interests,
                    claims,
                    charges or security interests of any nature encumbering such
                    Mortgage
                    Loan;

                

        

        

        (o) Origination/Doing
          Business.

        

        
          	 	 	
                  The
                    Mortgage Loan was originated by a savings and loan association,
                    a savings
                    bank, a commercial bank, a credit union, an insurance company,
                    or similar
                    institution which is supervised and examined by a federal or
                    state
                    authority or by a mortgagee approved by the Secretary of Housing
                    and Urban
                    Development pursuant to Sections 203 and 211 of the National
                    Housing Act.
                    All parties which have had any interest in the Mortgage Loan,
                    whether as
                    mortgagee, assignee, pledgee or otherwise, are (or, during the
                    period in
                    which they held and disposed of such interest, were) (1) in compliance
                    with any and all applicable licensing requirements of the laws
                    of the
                    state wherein the Mortgaged Property is located, and (2) organized
                    under
                    the laws of such state, or (3) qualified to do business in such
                    state, or
                    (4) federal savings and loan associations or national banks having
                    principal offices in such state, or (5) not doing business in
                    such
                    state;

                

        

        

        (p) LTV,
          PMI Policy.

        

        
          	 	 	
                  Each
                    Mortgage Loan has an LTV as set forth in the related Mortgage
                    Loan
                    Schedule and related Electronic Data File. Except as indicated
                    on the
                    Electronic Data File, those Mortgage Loans with an LTV greater
                    than 80% at
                    the time of origination, a portion of the unpaid principal balance
                    of the
                    Mortgage Loan is and will be insured as to payment defaults by
                    a PMI
                    Policy. If the Mortgage Loan is insured by a PMI Policy for which
                    the
                    Mortgage pays all premiums, the coverage will remain in place
                    until (i)
                    the LTV is decreased to 78% or (ii) the PMI Policy is otherwise
                    terminated
                    pursuant to the Homeowners Protection Act of 1998, 12 USC 4901,
                    et seq.
                    All provisions of such PMI Policy and LPMI Policy have been and
                    are being
                    complied with, such PMI Policy and LPMI Policy is in full force
                    and
                    effect, and all premiums due thereunder have been paid. The Qualified
                    Insurer has a claims paying ability acceptable to Fannie Mae
                    or Freddie
                    Mac. Any Mortgage Loan subject to a PMI Policy obligates the
                    Mortgagor or
                    in the case of an LPMI Policy, obligates the Company, thereunder
                    to
                    maintain the PMI Policy or LPMI Policy and to pay all premiums
                    and charges
                    in connection therewith. The Mortgage Interest Rate for the Mortgage
                    Loan
                    as set forth on the related Mortgage Loan Schedule is net of
                    any such
                    insurance premium. No prior holder of the Mortgage, including
                    the Company,
                    has done, by act or omission, anything which would impair the
                    coverage of
                    such PMI Policy or LPMI Policy;

                

        

        

        (q) Title
          Insurance.

        

        
          	 	 	
                  The
                    Mortgage Loan is covered by an ALTA lender's title insurance
                    policy or
                    other generally acceptable form of policy of insurance acceptable
                    to
                    Fannie Mae or Freddie Mac, issued by a title insurer acceptable
                    to Fannie
                    Mae or Freddie Mac and qualified to do business in the jurisdiction
                    where
                    the Mortgaged Property is located, insuring the Company, its
                    successors
                    and assigns, as to the first priority lien of the Mortgage in
                    the original
                    principal amount of the Mortgage Loan, subject only to the exceptions
                    contained in clauses (1), (2) and (3) of Paragraph (k) of this
                    Section
                    3.02, and against any loss by reason of the invalidity or unenforceability
                    of the lien resulting from the provisions of the Mortgage providing
                    for
                    adjustment to the Mortgage Interest Rate and Monthly Payment.
                    The Company
                    is the sole insured of such lender's title insurance policy,
                    and such
                    lender's title insurance policy is in full force and effect and
                    will be in
                    force and effect upon the consummation of the transactions contemplated
                    by
                    this Agreement. No claims have been made under such lender's
                    title
                    insurance policy, and no prior holder of the Mortgage, including
                    the
                    Company, has done, by act or omission, anything which would impair
                    the
                    coverage of such lender's title insurance
                    policy;

                

        

        

        (r) No
          Defaults.

        

        
          	 	 	
                  There
                    is no default, breach, violation or event of acceleration existing
                    under
                    the Mortgage or the Mortgage Note and no event which, with the
                    passage of
                    time or with notice and the expiration of any grace or cure period,
                    would
                    constitute a default, breach, violation or event of acceleration,
                    and
                    neither the Company nor its predecessors have waived any default,
                    breach,
                    violation or event of acceleration;

                

        

        

        (s) No
          Mechanics' Liens.

        

        
          	 	 	
                  There
                    are no mechanics' or similar liens or claims which have been
                    filed for
                    work, labor or material (and no rights are outstanding that under
                    the law
                    could give rise to such liens) affecting the related Mortgaged
                    Property
                    which are or may be liens prior to, or equal or coordinate with,
                    the lien
                    of the related Mortgage which are not insured against by the
                    title
                    insurance policy referenced in Paragraph (q)
                    above;

                

        

        

        (t) Location
          of Improvements; No Encroachments.

        

        
          	 	 	
                  Except
                    as insured against by the title insurance policy referenced in
                    Paragraph
                    (q) above, all improvements which were considered in determining
                    the
                    Appraised Value of the Mortgaged Property lay wholly within the
                    boundaries
                    and building restriction lines of the Mortgaged Property and
                    no
                    improvements on adjoining properties encroach upon the Mortgaged
                    Property.
                    No improvement located on or being part of the Mortgaged Property
                    is in
                    violation of any applicable zoning law or
                    regulation;

                

        

        

        
          	 	
                  (u)

                	
                  Payment
                    Terms.

                

        

        

        
          	 	 	
                  Except
                    with respect to the Interest Only Mortgage Loans, principal payments
                    commenced no more than 60 days after the funds were disbursed
                    to the
                    Mortgagor in connection with the Mortgage Loan. The Mortgage
                    Loans have an
                    original term to maturity of not more than 30 years, with interest
                    payable
                    in arrears on the first day of each month. As to each adjustable
                    rate
                    Mortgage Loan on each applicable Adjustment Date, the Mortgage
                    Interest
                    Rate will be adjusted to equal the sum of the Index plus the
                    applicable
                    Gross Margin, rounded up or down to the nearest multiple of 0.125%
                    indicated by the Mortgage Note; provided that the Mortgage Interest
                    Rate
                    will not increase or decrease by more than 2.00% on any Adjustment
                    Date,
                    and will in no event exceed the maximum Mortgage Interest Rate
                    or be lower
                    than the minimum Mortgage Interest Rate listed on the Mortgage
                    Loan
                    Schedule for such Mortgage Loan. Each adjustable rate Mortgage
                    Note
                    requires a monthly payment which is sufficient, during the period
                    prior to
                    the first adjustment to the Mortgage Interest Rate, to fully
                    amortize the
                    outstanding principal balance as of the first day of such period
                    over the
                    then remaining term of such Mortgage Note and to pay interest
                    at the
                    related Mortgage Interest Rate; provided however, with respect
                    to any
                    Interest Only Mortgage Loans, the Mortgage Note allows a Monthly
                    Payment
                    of interest only during the period prior to the first Adjustment
                    Date and
                    upon the first adjustment to the Mortgage Interest Rate, the
                    Mortgage Note
                    requires a Monthly Payment of principal and interest, sufficient
                    to fully
                    amortize the outstanding principal balance over the then remaining
                    term of
                    such Mortgage Loan. As to each adjustable rate Mortgage Loan,
                    if the
                    related Mortgage Interest Rate changes on an adjustment date,
                    the then
                    outstanding principal balance will be reamortized over the remaining
                    life
                    of such Mortgage Loan. No Mortgage Loan contains terms or provisions
                    which
                    would result in negative amortization;

                

        

        

        (v) Customary
          Provisions.

        

        
          	 	 	
                  The
                    Mortgage contains customary and enforceable provisions such as
                    to render
                    the rights and remedies of the holder thereof adequate for the
                    realization
                    against the Mortgaged Property of the benefits of the security
                    provided
                    thereby, 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 a Mortgagor
                    which
                    would interfere with the right to sell the Mortgaged Property
                    at a
                    trustee's sale or the right to foreclose the
                    Mortgage;

                

        

        

        (w) Occupancy
          of the Mortgaged Property.

        

        
          	 	 	
                  As
                    of the date of origination, the Mortgaged Property was lawfully
                    occupied
                    under applicable law;

                

        

        

        (x) No
          Additional Collateral.

        

        
          	 	 	
                  The
                    Mortgage Note is not and has not been secured by any collateral,
                    pledged
                    account, except as indicated on the Electronic Data File, or
                    other
                    security except the lien of the corresponding Mortgage and the
                    security
                    interest of any applicable security agreement or chattel mortgage
                    referred
                    to in (k) above;

                

        

        

        (y) Deeds
          of Trust.

        

        
          	 	 	
                  In
                    the event the Mortgage constitutes a deed of trust, a trustee,
                    duly
                    qualified under applicable law to serve as such, has been properly
                    designated and currently so serves and is named in the Mortgage,
                    and no
                    fees or expenses are or will become payable by the Mortgagee
                    to the
                    trustee under the deed of trust, except in connection with a
                    trustee's
                    sale after default by the
                    Mortgagor;

                

        

        

        (z) Acceptable
          Investment.

        

        
          	 	 	
                  The
                    Company has no knowledge of any circumstances or conditions with
                    respect
                    to the Mortgage Loan, the Mortgaged Property, the Mortgagor or
                    the
                    Mortgagor's credit standing that can reasonably be expected to
                    cause
                    private institutional investors to regard the Mortgage Loan as
                    an
                    unacceptable investment, cause the Mortgage Loan to become delinquent,
                    or
                    adversely affect the value or marketability of the Mortgage
                    Loan;

                

        

        

        (aa) Transfer
          of Mortgage Loans.

        

        
          	 	 	
                  If
                    the Mortgage Loan is not a MERS Mortgage Loan, the Assignment
                    upon the
                    insertion of the name of the assignee and recording information
                    is in
                    recordable form and is acceptable for recording under the laws
                    of the
                    jurisdiction in which the Mortgaged Property is
                    located;

                

        

        

        (bb) Mortgaged
          Property Undamaged.

        

        
          	 	 	
                  The
                    Mortgaged Property is undamaged by waste, fire, earthquake or
                    earth
                    movement, windstorm, flood, tornado or other casualty so as to
                    affect
                    adversely the value of the Mortgaged Property as security for
                    the Mortgage
                    Loan or the use for which the premises were
                    intended;

                

        

        

        (cc) Collection
          Practices; Escrow Deposits.

        

        
          	 	 	
                  The
                    origination and collection practices used with respect to the
                    Mortgage
                    Loan have been in accordance with Accepted Servicing Practices,
                    and have
                    been in all material respects legal and proper. With respect
                    to escrow
                    deposits and Escrow Payments, all such payments are in the possession
                    of
                    the Company and there exist no deficiencies in connection therewith
                    for
                    which customary arrangements for repayment thereof have not been
                    made. All
                    Escrow Payments have been collected in full compliance with state
                    and
                    federal law. No escrow deposits or Escrow Payments or other charges
                    or
                    payments due the Company have been capitalized under the Mortgage
                    Note;

                

        

        

        (dd) No
          Condemnation.

        

        
          	 	 	
                  There
                    is no proceeding pending or to the best of the Company’s knowledge
                    threatened for the total or partial condemnation of the related
                    Mortgaged
                    Property;

                

        

        

        (ee) The
          Appraisal.

        

        
          	 	 	
                  The
                    Servicing File contains an appraisal of the related Mortgaged
                    Property. As
                    to each Time$aver® Mortgage Loan, the appraisal may be from the original
                    of the existing Company-serviced loan, which was refinanced via
                    such
                    Time$aver® Mortgage Loan. The appraisal was conducted by an appraiser who
                    had no interest, direct or indirect, in the Mortgaged Property
                    or in any
                    loan made on the security thereof; and whose compensation is
                    not affected
                    by the approval or disapproval of the Mortgage Loan, and the
                    appraisal and
                    the appraiser both satisfy the applicable requirements of Title
                    XI of the
                    Financial Institution Reform, Recovery, and Enforcement Act of
                    1989 and
                    the regulations promulgated thereunder, all as in effect on the
                    date the
                    Mortgage Loan was originated;

                

        

        

        (ff) Insurance.

        

        
          	 	 	
                  The
                    Mortgaged Property securing each Mortgage Loan is insured by
                    an insurer
                    acceptable to Fannie Mae or Freddie Mac against loss by fire
                    and such
                    hazards as are covered under a standard extended coverage endorsement
                    and
                    such other hazards as are customary in the area where the Mortgaged
                    Property is located pursuant to insurance policies conforming
                    to the
                    requirements of Section 4.10, in an amount which is at least
                    equal to the
                    lesser of (a) 100% of the insurable value, on a replacement cost
                    basis, of
                    the improvements on the related Mortgaged Property, and (b) the
                    greater of
                    (i) the outstanding principal balance of the Mortgage Loan and
                    (ii) an
                    amount such that the proceeds of such insurance shall be sufficient
                    to
                    prevent the application to the Mortgagor or the loss payee of
                    any
                    coinsurance clause under the policy. If the Mortgaged Property
                    is a
                    condominium unit, it is included under the coverage afforded
                    by a blanket
                    policy for the project. If the improvements on the Mortgaged
                    Property are
                    in an area identified in the Federal Register by the Federal
                    Emergency
                    Management Agency as having special flood hazards, a flood insurance
                    policy meeting the requirements of the current guidelines of
                    the Federal
                    Insurance Administration is in effect with a generally acceptable
                    insurance carrier, in an amount representing coverage not less
                    than the
                    least of (A) the outstanding principal balance of the Mortgage Loan,
                    (B) the full insurable value and (C) the maximum amount of
                    insurance which was available under the Flood Disaster Protection
                    Act of
                    1973, as amended. All individual insurance policies contain a
                    standard
                    mortgagee clause naming the Company and its successors and assigns
                    as
                    mortgagee, and all premiums thereon have been paid. The Mortgage
                    obligates
                    the Mortgagor thereunder to maintain a hazard insurance policy
                    at the
                    Mortgagor's cost and expense, and on the Mortgagor's failure
                    to do so,
                    authorizes the holder of the Mortgage to obtain and maintain
                    such
                    insurance at such Mortgagor's cost and expense, and to seek reimbursement
                    therefor from the Mortgagor. The hazard insurance policy is the
                    valid and
                    binding obligation of the insurer, is in full force and effect,
                    and will
                    be in full force and effect and inure to the benefit of the Purchaser
                    upon
                    the consummation of the transactions contemplated by this Agreement.
                    The
                    Company has not acted or failed to act so as to impair the coverage
                    of any
                    such insurance policy or the validity, binding effect and enforceability
                    thereof;

                

        

        

        
          	 	
                  (gg)

                	
                  Servicemembers’
                    Civil Relief Act.

                

        

        

        
          	 	 	
                  The
                    Mortgagor has not notified the Company, and the Company has no
                    knowledge
                    of any relief requested or allowed to the Mortgagor under the
                    Servicemembers’ Civil Relief Act, as
                    amended;

                

        

        

        
          	 	
                  (hh)

                	
                  No
                    Graduated Payments or Contingent Interests.

                

        

        

        
          	 	 	
                  The
                    Mortgage Loan is not a graduated payment mortgage loan and the
                    Mortgage
                    Loan does not have a shared appreciation or other contingent
                    interest
                    feature;

                

        

        

        
          	 	
                  (ii)

                	
                  No
                    Construction Loans.

                

        

        

        
          	 	 	
                  No
                    Mortgage Loan was made in connection with (i) the construction
                    or
                    rehabilitation of a Mortgage Property or (ii) facilitating the
                    trade-in or
                    exchange of a Mortgaged Property other than a construction-to-permanent
                    loan which has converted to a permanent Mortgage
                    Loan;

                

        

        

        
          	 	
                  (jj)

                	
                  Underwriting.

                

        

        

        
          	 	 	
                  Each
                    Mortgage Loan was underwritten in accordance with the underwriting
                    guidelines of the Company, which were in effect at the time the
                    Mortgage
                    Loan was originated; and the Mortgage Note and Mortgage are on
                    forms
                    acceptable to Freddie Mac or Fannie
                    Mae;

                

        

        

        
          	 	
                  (kk)

                	
                  Buydown
                    Mortgage Loans.

                

        

        

        
          	 	 	
                  With
                    respect to each Mortgage Loan that is a Buydown Mortgage
                    Loan:

                

        

        

        
          	 	
                  (i)

                	
                  On
                    or before the date of origination of such Mortgage Loan, the
                    Company and
                    the Mortgagor, or the Company, the Mortgagor and the seller of
                    the
                    Mortgaged Property or a third party entered into a Buydown Agreement.
                    The
                    Buydown Agreement provides that the seller of the Mortgaged Property
                    (or
                    third party) shall deliver to the Company temporary Buydown Funds
                    in an
                    amount equal to the aggregate undiscounted amount of payments
                    that, when
                    added to the amount the Mortgagor on such Mortgage Loan is obligated
                    to
                    pay on each Due Date in accordance with the terms of the Buydown
                    Agreement, is equal to the full scheduled Monthly Payment due
                    on such
                    Mortgage Loan. The temporary Buydown Funds enable the Mortgagor
                    to qualify
                    for the Buydown Mortgage Loan. The effective interest rate of
                    a Buydown
                    Mortgage Loan if less than the interest rate set forth in the
                    related
                    Mortgage Note will increase within the Buydown Period as provided
                    in the
                    related Buydown Agreement so that the effective interest rate
                    will be
                    equal to the interest rate as set forth in the related Mortgage
                    Note. The
                    Buydown Mortgage Loan satisfies the requirements of Fannie Mae
                    or Freddie
                    Mac guidelines;

                

        

        

        
          	 	
                  (ii)

                	
                  The
                    Mortgage and Mortgage Note reflect the permanent payment terms
                    rather than
                    the payment terms of the Buydown Agreement. The Buydown Agreement
                    provides
                    for the payment by the Mortgagor of the full amount of the Monthly
                    Payment
                    on any Due Date that the Buydown Funds are available. The Buydown
                    Funds
                    were not used to reduce the original principal balance of the
                    Mortgage
                    Loan or to increase the Appraised Value of the Mortgage Property
                    when
                    calculating the Loan-to-Value Ratios for purposes of the Agreement
                    and, if
                    the Buydown Funds were provided by the Company and if required
                    under
                    Fannie Mae or Freddie Mac guidelines, the terms of the Buydown
                    Agreement
                    were disclosed to the appraiser of the Mortgaged
                    Property;

                

        

        

        
          	 	
                  (iii)

                	
                  The
                    Buydown Funds may not be refunded to the Mortgagor unless the
                    Mortgagor
                    makes a principal payment for the outstanding balance of the
                    Mortgage
                    Loan;

                

        

        

        
          	 	
                  (iv)

                	
                  As
                    of the date of origination of the Mortgage Loan, the provisions
                    of the
                    related Buydown Agreement complied with the requirements of Fannie
                    Mae or
                    Freddie Mac regarding buydown
                    agreements.

                

        

        

        
          	 	
                  (ll)

                	
                  Delivery
                    of Custodial Mortgage Files.

                

        

        

        Any
          documents required to be delivered by the Company under this Agreement
          have been
          delivered to the Custodian. The Company is in possession of a complete,
          true and
          accurate Retained Mortgage File and Custodial Mortgage File in compliance
          with
          Exhibit C hereto;

        

        
          	 	
                  (mm)

                	
                  No
                    Violation of Environmental Laws.

                

        

        

        There
          is
          no pending action or proceeding directly involving any Mortgaged Property
          of
          which the Company is aware in which compliance with any environmental law,
          rule
          or regulation is an issue; and to the best of the Company’s knowledge, nothing
          further remains to be done to satisfy in full all requirements of each
          such law,
          rule or regulation constituting a prerequisite to use and enjoyment of
          said
          property; 

        

        
          	 	
                  (nn)

                	
                  No
                    Bankruptcy.

                

        

        

        No
          Mortgagor was a debtor in any state or federal bankruptcy or insolvency
          proceeding at the time the Mortgage Loan was originated and to the best
          of the
          Company’s knowledge, as of the related Closing Date, the Company has not
          received notice that any Mortgagor is a debtor under any state or federal
          bankruptcy or insolvency proceeding; 

        

        (oo) HOEPA.

        

        No
          Mortgage Loan is a High Cost Loan or Covered Loan;

        

        (pp) Cooperative
          Loans.

        

        With
          respect to each Cooperative Loan:

        

        
          	 	
                  (i)

                	
                  The
                    Cooperative Shares are held by a person as a tenant-stockholder
                    in a
                    Cooperative. Each original UCC financing statement, continuation
                    statement
                    or other governmental filing or recordation necessary to create
                    or
                    preserve the perfection and priority of the first lien and security
                    interest in the Cooperative Loan and Proprietary Lease has been
                    timely and
                    properly made. Any security agreement, chattel mortgage or equivalent
                    document related to the Cooperative Loan and delivered to Purchaser
                    or its
                    designee establishes in Purchaser a valid and subsisting perfected
                    first
                    lien on and security interest in the Mortgaged Property described
                    therein,
                    and Purchaser has full right to sell and assign the same. The
                    Proprietary
                    Lease term expires no less than five years after the Mortgage
                    Loan term or
                    such other term acceptable to Fannie Mae or Freddie
                    Mac;

                

        

        

        
          	 	
                  (ii)

                	
                  A
                    Cooperative Lien Search has been made by a company competent
                    to make the
                    same which company is acceptable to Fannie Mae and qualified
                    to do
                    business in the jurisdiction where the Cooperative is
                    located;

                

        

        

        
          	 	
                  (iii)

                	
                  (a)
                    The term of the related Proprietary Lease is not less than the
                    terms of
                    the Cooperative Loan; (b) there is no provision in any Proprietary
                    Lease
                    which requires the Mortgagor to offer for sale the Cooperative
                    Shares
                    owned by such Mortgagor first to the Cooperative; (c) there is
                    no
                    prohibition in any Proprietary Lease against pledging the Cooperative
                    Shares or assigning the Proprietary Lease; (d) the Cooperative
                    has been
                    created and exists in full compliance with the requirements for
                    residential cooperatives in the jurisdiction in which the Project
                    is
                    located and qualifies as a cooperative housing corporation under
                    Section
                    210 of the Code; (e) the Recognition Agreement is on a form published
                    by
                    Aztech Document Services, Inc. or includes similar provisions;
                    and (f) the
                    Cooperative has good and marketable title to the Project, and
                    owns the
                    Project either in fee simple or under a leasehold that complies
                    with the
                    requirements of the Fannie Mae Guidelines; such title is free
                    and clear of
                    any adverse liens or encumbrances, except the lien of any blanket
                    mortgage;

                

        

        

        
          	(iv)  	
                  The
                    Company has the right under the terms of the Mortgage Note, Pledge
                    Agreement and Recognition Agreement to pay any maintenance charges
                    or
                    assessments owed by the Mortgagor;

                

        

        

        
          	(v)  	
                  Each
                    Stock Power (i) has all signatures guaranteed or (ii) if all
                    signatures
                    are not guaranteed, then such Cooperative Shares will be transferred
                    by
                    the stock transfer agent of the Cooperative if the Company undertakes
                    to
                    convert the ownership of the collateral securing the related
                    Cooperative
                    Loan;

                

        

        

        (qq) Georgia
          Fair Lending Act.

        

        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;

        

        (rr) Methodology.

        

        The
          methodology used in underwriting the extension of credit for each Mortgage
          Loan
          employs objective mathematical principles which relate the borrower’s income,
          assets and liabilities to the proposed payment and such underwriting methodology
          does not rely on the extent of the borrower’s equity in the collateral as the
          principal determining factor in approving such credit extension. Such
          underwriting methodology confirmed that at the time of origination
          (application/approval) the borrower had a reasonable ability to make timely
          payments on the Mortgage Loan;

        

        
          	(ss)  	
                  Imposition
                    of a Premium.

                

        

        

        With
          respect to any Mortgage Loan that contains a provision permitting imposition
          of
          a premium upon a prepayment prior to maturity: (i) the prepayment premium
          is
          disclosed to the borrower in the loan documents pursuant to applicable
          state and
          federal law, and (ii) notwithstanding any state or federal law to the contrary,
          the Company shall recommend that such prepayment premium is not imposed
          in any
          instance when the mortgage debt is accelerated as the result of the borrower’s
          default in making the loan payments;

        

        
          	(tt)  	
                  Single
                    Premium Credit Life.

                

        

        

        No
          Mortgagor was required to purchase any single premium credit insurance
          policy
          (e.g. life, disability, accident, unemployment or health insurance products)
          or
          debt cancellation agreement as a condition of obtaining the extension of
          credit.
          No Mortgagor obtained a prepaid single premium credit insurance policy
          (e.g.
          life, disability, accident, unemployment or health insurance product) as
          part of
          the origination of the Mortgage Loan. No proceeds from any Mortgage Loan
          were
          used to purchase single premium credit insurance policies or debt cancellation
          agreements as part of the origination of, or as a condition to closing,
          such
          Mortgage Loan;

        

        (uu) No
          Arbitration Provision.
          

        

        
          	 	 	
                  With
                    respect to each Mortgage Loan, neither the related Mortgage nor
                    the
                    related Mortgage Note requires the Mortgagor to
                    submit to arbitration to resolve any dispute arising out of or
                    relating in
                    any way to the Mortgage Loan transaction;

                

        

        

        
          	 	
                  (ww)

                	
                  Credit
                    Reporting.

                

        

        

        With
          respect to each Mortgage Loan, the Company has fully furnished, in accordance
          with the Fair Credit Reporting Act and its implementing regulations, accurate
          and complete information (i.e. favorable and unfavorable) on its borrower
          credit
          files to Equifax, Experian and Trans Union Credit Information Company (three
          of
          the credit repositories), on a monthly basis; and

        

        
          	(xx)  	
                  Illinois
                    Interest Act.

                

        

        

        Any
          Mortgage Loan with a Mortgaged Property in the State of Illinois complies
          with
          the Illinois Interest Act.

        

        Section
          3.03 Repurchase.

        

        It
          is
          understood and agreed that the representations and warranties set forth
          in
          Sections 3.01 and 3.02 shall survive the sale of the Mortgage Loans to
          the
          Purchaser and the delivery of the Mortgage Loan Documents to the Custodian
          and
          shall inure to the benefit of the Purchaser, notwithstanding any restrictive
          or
          qualified endorsement on any Mortgage Note or Assignment of Mortgage or
          the
          examination or failure to examine any Custodial Mortgage Files or Retained
          Mortgage File. Upon discovery by either the Company or the Purchaser of
          a breach
          of any of the foregoing representations and warranties which materially
          and
          adversely affects the value of the Mortgage Loans or the interest of the
          Purchaser (or which materially and adversely affects the interests of Purchaser
          in the related Mortgage Loan in the case of a representation and warranty
          relating to a particular Mortgage Loan), the party discovering such breach
          shall
          give prompt written notice to the other.

        

        Within
          ninety (90) days of the earlier of either discovery by or notice to the
          Company
          of any breach of a representation or warranty which materially and adversely
          affects the value of the Mortgage Loans, the Company shall use its best
          efforts
          promptly to cure such breach in all material respects and, if such breach
          cannot
          be cured, the Company shall, at the Purchaser's option, repurchase such
          Mortgage
          Loan at the Repurchase Price. In the event that a breach shall involve
          any
          representation or warranty set forth in Section 3.01, and such breach cannot
          be
          cured within 90 days of the earlier of either discovery by or notice to
          the
          Company of such breach, all of the Mortgage Loans shall, at the Purchaser's
          option, be repurchased by the Company at the Repurchase Price. However,
          if the
          breach shall involve a representation or warranty set forth in Section
          3.02 and
          the Company discovers or receives notice of any such breach within 120
          days of
          the related Closing Date, the Company shall, if the breach cannot be cured,
          at
          the Purchaser's option and provided that the Company has a Qualified Substitute
          Mortgage Loan, rather than repurchase the Mortgage Loan as provided above,
          remove such Mortgage Loan (a "Deleted Mortgage Loan") and substitute in
          its
          place a Qualified Substitute Mortgage Loan or Loans, provided that any
          such
          substitution shall be effected not later than 120 days after the related
          Closing
          Date. If the Company has no Qualified Substitute Mortgage Loan, it shall
          repurchase the deficient Mortgage Loan within ninety (90) days of the written
          notice of the breach or the failure to cure, whichever is later. Any repurchase
          of a Mortgage Loan or Loans pursuant to the foregoing provisions of this
          Section
          3.03 shall be accomplished by deposit in the Custodial Account of the amount
          of
          the Repurchase Price for distribution to Purchaser on the next scheduled
          Remittance Date, after deducting therefrom any amount received in respect
          of
          such repurchased Mortgage Loan or Loans and being held in the Custodial
          Account
          for future distribution.

        

        At
          the
          time of repurchase or substitution, the Purchaser and the Company shall
          arrange
          for the reassignment of the Deleted Mortgage Loan to the Company and the
          delivery to the Company of any documents held by the Custodian relating
          to the
          Deleted Mortgage Loan. If
          the
          Company repurchases a Mortgage Loan that is a MERS Mortgage Loan, the Company
          shall cause MERS to designate on the MERS® System to remove the Purchaser as the
          beneficial holder with respect to such Mortgage Loan. In
          the
          event of a repurchase or substitution, the Company shall, simultaneously
          with
          such reassignment, give written notice to the Purchaser that such repurchase
          or
          substitution has taken place, amend the related Mortgage Loan Schedule
          to
          reflect the withdrawal of the Deleted Mortgage Loan from this Agreement,
          and, in
          the case of substitution, identify a Qualified Substitute Mortgage Loan
          and
          amend the related Mortgage Loan Schedule to reflect the addition of such
          Qualified Substitute Mortgage Loan to this Agreement. In connection with
          any
          such substitution, the Company shall be deemed to have made as to such
          Qualified
          Substitute Mortgage Loan the representations and warranties set forth in
          this
          Agreement except that all such representations and warranties set forth
          in this
          Agreement shall be deemed made as of the date of such substitution. The
          Company
          shall effect such substitution by delivering to the Custodian for such
          Qualified
          Substitute Mortgage Loan the documents required by Section 2.03, with the
          Mortgage Note endorsed as required by Section 2.03. No substitution will
          be made
          in any calendar month after the Determination Date for such month. The
          Company
          shall deposit in the Custodial Account the Monthly Payment less the Servicing
          Fee due on such Qualified Substitute Mortgage Loan or Loans in the month
          following the date of such substitution. Monthly Payments due with respect
          to
          Qualified Substitute Mortgage Loans in the month of substitution shall
          be
          retained by the Company. With respect to any Deleted Mortgage loan,
          distributions to Purchaser shall include the Monthly Payment due on any
          Deleted
          Mortgage Loan in the month of substitution, and the Company shall thereafter
          be
          entitled to retain all amounts subsequently received by the Company in
          respect
          of such Deleted Mortgage Loan.

        

        For
          any
          month in which the Company substitutes a Qualified Substitute Mortgage
          Loan for
          a Deleted Mortgage Loan, the Company shall determine the amount (if any)
          by
          which the aggregate principal balance of all Qualified Substitute Mortgage
          Loans
          as of the date of substitution is less than the aggregate Stated Principal
          Balance of all Deleted Mortgage Loans (after application of scheduled principal
          payments due in the month of substitution). The amount of such shortfall
          shall
          be distributed by the Company in the month of substitution pursuant to
          Section
          5.01. Accordingly, on the date of such substitution, the Company shall
          deposit
          from its own funds into the Custodial Account an amount equal to the amount
          of
          such shortfall.

        

        In
          addition to such repurchase or substitution obligation, the Company shall
          indemnify the Purchaser and hold it harmless against any losses, damages,
          penalties, fines, forfeitures, reasonable and necessary legal fees and
          related
          costs, judgments, and other costs and expenses resulting from any claim,
          demand,
          defense or assertion based on or grounded upon, or resulting from, a breach
          of
          the Company representations and warranties contained in this Agreement.
          It is
          understood and agreed that the obligations of the Company set forth in
          this
          Section 3.03 to cure, substitute for or repurchase a defective Mortgage
          Loan and
          to indemnify the Purchaser as provided in this Section 3.03 constitute
          the sole
          remedies of the Purchaser respecting a breach of the foregoing representations
          and warranties.

        

        Any
          cause
          of action against the Company relating to or arising out of the breach
          of any
          representations and warranties made in Sections 3.01 and 3.02 shall accrue
          as to
          any Mortgage Loan upon (i) discovery of such breach by the Purchaser or
          notice
          thereof by the Company to the Purchaser, (ii) failures by the Company to
          cure
          such breach or repurchase such Mortgage Loan as specified above, and (iii)
          demand upon the Company by the Purchaser for compliance with this
          Agreement.

        

        In
          the
          event a Mortgage Loan pays off in full on or before the related Closing
          Date,
          the Company must repay the Purchaser the difference between the Unpaid
          Principal
          Balance of such Mortgage Loan as of the date of pay off and the Unpaid
          Principal
          Balance multiplied by the purchase price percentage adjusted, if necessary
          in
          accordance with the Commitment Letter.

        

         

        ARTICLE
          IV

         

        ADMINISTRATION
          AND SERVICING OF MORTGAGE LOANS

        

        Section
          4.01 Company
          to Act as Servicer.

        

        The
          Company, as an independent contractor, shall service and administer the
          Mortgage
          Loans and shall have full power and authority, acting alone or through
          the
          utilization of a Subcontractor, to do any and all things in connection
          with such
          servicing and administration which the Company may deem necessary or desirable,
          consistent with the terms of this Agreement and with Accepted Servicing
          Practices. The
          Company shall be responsible for any and all acts of a Subcontractor, and
          the
          Company’s utilization of a Subcontractor shall in no way relieve the liability
          of the Company under this Agreement. 

        

        Consistent
          with the terms of this Agreement, the Company 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 in
          the
          Company's reasonable and prudent determination such waiver, modification,
          postponement or indulgence is not materially adverse to the Purchaser,
          provided,
          however, that the Company shall not make any future advances with respect
          to a
          Mortgage Loan and (unless the Mortgagor is in default with respect to the
          Mortgage Loan or such default is, in the judgment of the Company, imminent
          and
          the Company has obtained the prior written consent of the Purchaser) the
          Company
          shall not permit any modification with respect to any Mortgage Loan that
          would
          change the Mortgage Interest Rate, defer or forgive the payment of principal
          (except for actual payments of principal) or change the final maturity
          date on
          such Mortgage Loan. In the event of any such modification which permits
          the
          deferral of interest or principal payments on any Mortgage Loan, the Company
          shall, on the Business Day immediately preceding the Remittance Date in
          any
          month in which any such principal or interest payment has been deferred,
          deposit
          in the Custodial Account from its own funds, in accordance with Section
          5.03,
          the difference between (a) such month's principal and one month's interest
          at
          the Mortgage Loan Remittance Rate on the unpaid principal balance of such
          Mortgage Loan and (b) the amount paid by the Mortgagor. The Company shall
          be
          entitled to reimbursement for such advances to the same extent as for all
          other
          advances made pursuant to Section 5.03. Without limiting the generality
          of the
          foregoing, the Company shall continue, and is hereby authorized and empowered,
          to execute and deliver on behalf of itself and the Purchaser, all instruments
          of
          satisfaction or cancellation, or of partial or full release, discharge
          and all
          other comparable instruments, with respect to the Mortgage Loans and with
          respect to the Mortgaged Properties. If reasonably required by the Company,
          the
          Purchaser shall furnish the Company with any powers of attorney and other
          documents necessary or appropriate to enable the Company to carry out its
          servicing and administrative duties under this Agreement.

        

        In
          servicing and administering the Mortgage Loans, the Company shall employ
          procedures (including collection procedures) and exercise the same care
          that it
          customarily employs and exercises in servicing and administering mortgage
          loans
          for its own account, giving due consideration to Accepted Servicing Practices
          where such practices do not conflict with the requirements of this Agreement,
          and the Purchaser's reliance on the Company.

        

        The
          Company is authorized and empowered by the Purchaser, in its own name,
          when the
          Company believes it appropriate in its reasonable judgment to register
          any
          Mortgage Loan on the MERS® System, or cause the removal from the registration of
          any Mortgage Loan on the MERS® System, with written consent of the Purchaser, to
          execute and deliver, on behalf of the Purchaser, any and all instruments
          of
          assignment and other comparable instruments with respect to such assignment
          or
          re-recording of a Mortgage in the name of MERS, solely as nominee for the
          Purchaser and its successors and assigns. 

        

        The
          Company shall cause to be maintained for each Cooperative Loan a copy of
          the
          financing statements and shall file and such financing statements and
          continuation statements as necessary, in accordance with the Uniform Commercial
          Code applicable in the jurisdiction in which the related Cooperative Apartment
          is located, to perfect and protect the security interest and lien of the
          Purchaser.

        

        The
          Company shall apply any Principal Prepayment on an Interest Only Mortgage
          Loan
          to the then-outstanding principal balance, at which time the interest-only
          payment feature shall be extinguished. The related Monthly Payment shall
          thereafter consist of both principal and interest components, and the amount
          of
          such Monthly Payment shall not change prior to the next Adjustment
          Date.

        

        Section
          4.02 Liquidation
          of Mortgage Loans.

        

        In
          the
          event that any payment due under any Mortgage Loan and not postponed pursuant
          to
          Section 4.01 is not paid when the same becomes due and payable, or in the
          event
          the Mortgagor fails to perform any other covenant or obligation under the
          Mortgage Loan and such failure continues beyond any applicable grace period,
          the
          Company shall take such action as (1) the Company would take under similar
          circumstances with respect to a similar mortgage loan held for its own
          account
          for investment, (2) shall be consistent with Accepted Servicing Practices,
          (3)
          the Company shall determine prudently to be in the best interest of Purchaser,
          and (4) is consistent with any related PMI Policy. In the event that any
          payment
          due under any Mortgage Loan is not postponed pursuant to Section 4.01 and
          remains delinquent for a period of 90 days or any other default continues
          for a
          period of 90 days beyond the expiration of any grace or cure period, the
          Company
          shall commence foreclosure proceedings, the Company shall notify the Purchaser
          in writing of the Company's intention to do so, and the Company shall not
          commence foreclosure proceedings if the Purchaser objects to such action
          within
          three (3) Business Days of receiving such notice. In the event the Purchaser
          objects to such foreclosure action, the Company shall not be required to
          make
          Monthly Advances with respect to such Mortgage Loan, pursuant to Section
          5.03,
          and the Company's obligation to make such Monthly Advances shall terminate
          on
          the 90th day referred to above. In such connection, the Company shall from
          its
          own funds make all necessary and proper Servicing Advances, provided, however,
          that the Company shall not be required to expend its own funds in connection
          with any foreclosure or towards the restoration or preservation of any
          Mortgaged
          Property, unless it shall determine (a) that such preservation, restoration
          and/or foreclosure will increase the proceeds of liquidation of the Mortgage
          Loan to Purchaser after reimbursement to itself for such expenses and (b)
          that
          such expenses will be recoverable by it either through Liquidation Proceeds
          (respecting which it shall have priority for purposes of withdrawals from
          the
          Custodial Account pursuant to Section 4.05) or through Insurance Proceeds
          (respecting which it shall have similar priority).

        

        Notwithstanding
          anything to the contrary contained herein, in connection with a foreclosure
          or
          acceptance of a deed in lieu of foreclosure, in the event the Company has
          reasonable cause to believe that a Mortgaged Property is contaminated by
          hazardous or toxic substances or wastes, or if the Purchaser otherwise
          requests
          an environmental inspection or review of such Mortgaged Property, such
          an
          inspection or review is to be conducted by a qualified inspector. The cost
          for
          such inspection or review shall be borne by the Purchaser. Upon completion
          of
          the inspection or review, the Company shall promptly provide the Purchaser
          with
          a written report of the environmental inspection.

        

        After
          reviewing the environmental inspection report, the Purchaser shall determine
          how
          the Company shall proceed with respect to the Mortgaged Property. In the
          event
          (a) the environmental inspection report indicates that the Mortgaged Property
          is
          contaminated by hazardous or toxic substances or wastes and (b) the Purchaser
          directs the Company to proceed with foreclosure or acceptance of a deed
          in lieu
          of foreclosure, the Company shall be reimbursed for all reasonable costs
          associated with such foreclosure or acceptance of a deed in lieu of foreclosure
          and any related environmental clean up costs, as applicable, from the related
          Liquidation Proceeds, or if the Liquidation Proceeds are insufficient to
          fully
          reimburse the Company, the Company shall be entitled to be reimbursed from
          amounts in the Custodial Account pursuant to Section 4.05 hereof. In the
          event
          the Purchaser directs the Company not to proceed with foreclosure or acceptance
          of a deed in lieu of foreclosure, the Company shall be reimbursed for all
          Servicing Advances made with respect to the related Mortgaged Property
          from the
          Custodial Account pursuant to Section 4.05 hereof.

        

        Section
          4.03 Collection
          of Mortgage Loan Payments.

        

        Continuously
          from the related Cut-off Date until the principal and interest on all Mortgage
          Loans are paid in full, the Company shall proceed diligently to collect
          all
          payments due under each of the Mortgage Loans when the same shall become
          due and
          payable and shall take special care in ascertaining and estimating Escrow
          Payments and all other charges that will become due and payable with respect
          to
          the Mortgage Loan and the Mortgaged Property, to the end that the installments
          payable by the Mortgagors will be sufficient to pay such charges as and
          when
          they become due and payable.

        

        Section
          4.04 Establishment
          of and Deposits to Custodial Account.

        

        The
          Company shall segregate and hold all funds collected and received pursuant
          to a
          Mortgage Loan separate and apart from any of its own funds and general
          assets
          and shall establish and maintain one or more Custodial Accounts, in the
          form of
          time deposit or demand accounts, titled "Wells Fargo Bank, N.A. in trust
          for the
          Purchaser and/or subsequent purchasers of Mortgage Loans - P & I." The
          Custodial Account shall be established with a Qualified Depository. Upon request
          of the Purchaser and within ten (10) days thereof, the Company shall provide
          the
          Purchaser with written confirmation of the existence of such Custodial
          Account.
          Any funds deposited into the Custodial Account shall at all times be insured
          to
          the fullest extent allowed by applicable law. Funds deposited in the Custodial
          Account may be drawn on by the Company in accordance with Section
          4.05.

        

        The
          Company shall deposit in the Custodial Account within one (1) Business
          Day of
          Company’s receipt, and retain therein, the following collections received by the
          Company and payments made by the Company after the related Cut-off Date,
          other
          than payments of principal and interest due on or before the related Cut-off
          Date, or received by the Company prior to the related Cut-off Date but
          allocable
          to a period subsequent thereto:

        

        
          	 	
                  (i)

                	
                  all
                    payments on account of principal on the Mortgage Loans, including
                    all
                    Principal Prepayments;

                

        

        

        
          	 	
                  (ii)

                	
                  all
                    payments on account of interest on the Mortgage Loans adjusted
                    to the
                    Mortgage Loan Remittance Rate;

                

        

        

        
          	 	
                  (iii)

                	
                  all
                    Liquidation Proceeds;

                

        

        

        
          	 	
                  (iv)

                	
                  all
                    Insurance Proceeds including amounts required to be deposited
                    pursuant to
                    Section 4.10 (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 Section 4.14), Section 4.11
                    and
                    Section 4.15;

                

        

        

        
          	 	
                  (v)

                	
                  all
                    Condemnation Proceeds which are not applied to the restoration
                    or repair
                    of the Mortgaged Property or released to the Mortgagor in accordance
                    with
                    Section 4.14;

                

        

        

        
          	 	
                  (vi)

                	
                  any
                    amount required to be deposited in the Custodial Account pursuant
                    to
                    Section 4.01, 5.03, 6.01 or 6.02;

                

        

        

        
          	 	
                  (vii)

                	
                  any
                    amounts payable in connection with the repurchase of any Mortgage
                    Loan
                    pursuant to Section 3.03 and all amounts required to be deposited
                    by the
                    Company in connection with a shortfall in principal amount of
                    any
                    Qualified Substitute Mortgage Loan pursuant to Section
                    3.03;

                

        

        

        
          	 	
                  (viii)

                	
                  with
                    respect to each Principal Prepayment an amount (to be paid by
                    the Company
                    out of its funds) which, when added to all amounts allocable
                    to interest
                    received in connection with the Principal Prepayment, equals
                    one month's
                    interest on the amount of principal so prepaid at the Mortgage
                    Loan
                    Remittance Rate;

                

        

        

        
          	 	
                  (ix)

                	
                  any
                    amounts required to be deposited by the Company pursuant to Section
                    4.11
                    in connection with the deductible clause in any blanket hazard
                    insurance
                    policy;

                

        

        

        
          	 	
                  (x)

                	
                  any
                    amounts received with respect to or related to any REO Property
                    and all
                    REO Disposition Proceeds pursuant to Section 4.16; and
                    

                

        

        

        
          	 	
                  (xi)

                	
                  an
                    amount from the Subsidy Account that when added to the Mortgagor’s payment
                    will equal the full monthly amount due under the related Mortgage
                    Note.

                

        

        

        The
          foregoing requirements for deposit into the Custodial 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 and assumption
          fees, to the extent permitted by Section 6.01, need not be deposited by
          the
          Company into the Custodial Account. Any interest paid on funds deposited
          in the
          Custodial Account by the depository institution shall accrue to the benefit
          of
          the Company and the Company shall be entitled to retain and withdraw such
          interest from the Custodial Account pursuant to Section 4.05.

        

        Section
          4.05 Permitted
          Withdrawals From Custodial Account.

        

        The
          Company shall, from time to time, withdraw funds from the Custodial Account
          for
          the following purposes:

        

        (i) to
          make
          payments to the Purchaser in the amounts and in the manner provided for
          in
          Section 5.01;

        

        (ii) to
          reimburse itself for Monthly Advances of the Company's funds made pursuant
          to
          Section 5.03, the Company's right to reimburse itself pursuant to this
          subclause
          (ii) being limited to amounts received on the related Mortgage Loan which
          represent late payments of principal and/or interest respecting which any
          such
          advance was made, it being understood that, in the case of any such
          reimbursement, the Company's right thereto shall be prior to the rights
          of
          Purchaser, except that, where the Company is required to repurchase a Mortgage
          Loan pursuant to Section 3.03 or 6.02, the Company's right to such reimbursement
          shall be subsequent to the payment to the Purchaser of the Repurchase Price
          pursuant to such sections and all other amounts required to be paid to
          the
          Purchaser with respect to such Mortgage Loan;

        

        (iii) to
          reimburse itself for unreimbursed Servicing Advances, and for any unpaid
          Servicing Fees, the Company's right to reimburse itself pursuant to this
          subclause (iii) with respect to any Mortgage Loan being limited to related
          Liquidation Proceeds, Condemnation Proceeds, Insurance Proceeds and such
          other
          amounts as may be collected by the Company from the Mortgagor or otherwise
          relating to the Mortgage Loan, it being understood that, in the case of
          any such
          reimbursement, the Company's right thereto shall be prior to the rights
          of
          Purchaser, except that where the Company is required to repurchase a Mortgage
          Loan pursuant to Section 3.03 or 6.02, in which case the Company's right
          to such
          reimbursement shall be subsequent to the payment to the Purchaser of the
          Repurchase Price pursuant to such sections and all other amounts required
          to be
          paid to the Purchaser with respect to such Mortgage Loan. Upon Purchaser's
          request, the Company shall provide documentation supporting the Company's
          Servicing Advances;

        

        (iv) to
          pay
          itself interest on funds deposited in the Custodial Account;

        

        (v) to
          reimburse itself for expenses incurred and reimbursable to it pursuant
          to
          Section 8.01;

        

        (vi) to
          pay
          any amount required to be paid pursuant to Section 4.16 related to any
          REO
          Property, it being understood that, in the case of any such expenditure
          or
          withdrawal related to a particular REO Property, the amount of such expenditure
          or withdrawal from the Custodial Account shall be limited to amounts on
          deposit
          in the Custodial Account with respect to the related REO Property;

        

        (vii) to
          reimburse itself for any Servicing Advances or REO expenses after liquidation
          of
          the Mortgaged Property not otherwise reimbursed above;

        

        (viii) to
          remove
          funds inadvertently placed in the Custodial Account by the Company;
          and

        

        (ix) to
          clear
          and terminate the Custodial Account upon the termination of this
          Agreement.

        

        In
          the
          event that the Custodial Account is interest bearing, on each Remittance
          Date,
          the Company shall withdraw all funds from the Custodial Account except
          for those
          amounts which, pursuant to Section 5.01, the Company is not obligated to
          remit
          on such Remittance Date. The Company may use such withdrawn funds only
          for the
          purposes described in this Section 4.05.

        

        Section
          4.06 Establishment
          of and Deposits to Escrow Account.

        

        The
          Company shall segregate and hold all funds collected and received pursuant
          to a
          Mortgage Loan constituting Escrow Payments separate and apart from any
          of its
          own funds and general assets and shall establish and maintain one or more
          Escrow
          Accounts, in the form of time deposit or demand accounts, titled, "Wells
          Fargo
          Bank, N.A., in trust for the Purchaser and/or subsequent purchasers of
          Residential Mortgage Loans, and various Mortgagors - T & I." The Escrow
          Accounts shall be established with a Qualified Depository, in a manner
          which
          shall provide maximum available insurance thereunder. Upon request of the
          Purchaser and within ten (10) days thereof, the Company shall provide the
          Purchaser with written confirmation of the existence of such Escrow Account.
          Funds deposited in the Escrow Account may be drawn on by the Company in
          accordance with Section 4.07.

        

        The
          Company shall deposit in the Escrow Account or Accounts within one (1)
          Business
          Days of Company’s receipt, 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;

                

        

        

        
          	 	
                  (ii)

                	
                  all
                    amounts representing Insurance Proceeds or Condemnation Proceeds
                    which are
                    to be applied to the restoration or repair of any Mortgaged Property;
                    and

                

        

        

        
          	 	
                  (iii)

                	
                  all
                    payments on account of Buydown
                    Funds.

                

        

        

        The
          Company shall make withdrawals from the Escrow Account only to effect such
          payments as are required under this Agreement, as set forth in Section
          4.07. The
          Company shall be entitled to retain any interest paid on funds deposited
          in the
          Escrow Account by the depository institution, other than interest on escrowed
          funds required by law to be paid to the Mortgagor. To the extent required
          by
          law, the Company shall pay interest on escrowed funds to the Mortgagor
          notwithstanding that the Escrow Account may be non-interest bearing or
          that
          interest paid thereon is insufficient for such purposes.

        

        Section
          4.07 Permitted
          Withdrawals From Escrow Account.

        

        Withdrawals
          from the Escrow Account or Accounts may be made by the Company
          only:

        

        
          	 	
                  (i)

                	
                  to
                    effect timely payments of ground rents, taxes, assessments, water
                    rates,
                    mortgage insurance premiums, condominium charges, fire and hazard
                    insurance premiums or other items constituting Escrow Payments
                    for the
                    related Mortgage;

                

        

        

        
          	 	
                  (ii)

                	
                  to
                    reimburse the Company for any Servicing Advances made by the
                    Company
                    pursuant to Section 4.08 with respect to a related Mortgage Loan,
                    but only
                    from amounts received on the related Mortgage Loan which represent
                    late
                    collections of Escrow Payments
                    thereunder;

                

        

        

        
          	 	
                  (iii)

                	
                  to
                    refund to any Mortgagor any funds found to be in excess of the
                    amounts
                    required under the terms of the related Mortgage
                    Loan;

                

        

        

        
          	 	
                  (iv)

                	
                  for
                    transfer to the Custodial Account and application to reduce the
                    principal
                    balance of the Mortgage Loan in accordance with the terms of
                    the related
                    Mortgage and Mortgage Note;

                

        

        

        
          	 	
                  (v)

                	
                  for
                    application to restoration or repair of the Mortgaged Property
                    in
                    accordance with the procedures outlined in Section
                    4.14;

                

        

        

        
          	 	
                  (vi)

                	
                  to
                    pay to the Company, or any Mortgagor to the extent required by
                    law, any
                    interest paid on the funds deposited in the Escrow
                    Account;

                

        

        

        
          	 	
                  (vii)

                	
                  to
                    remove funds inadvertently placed in the Escrow Account by the
                    Company;

                

        

        

        
          	 	
                  (viii)

                	
                  to
                    remit to Purchaser payments on account of Buydown Funds as applicable;
                    and

                

        

        

        
          	 	
                  (ix)

                	
                  to
                    clear and terminate the Escrow Account on the termination of
                    this
                    Agreement.

                

        

        

        Section
          4.08 Payment
          of Taxes, Insurance and Other Charges.

        

        With
          respect to each Mortgage Loan, the Company shall maintain accurate records
          reflecting the status of ground rents, taxes, assessments, water rates,
          sewer
          rents, and other charges which are or may become a lien upon the Mortgaged
          Property and the status of PMI Policy premiums and fire and hazard insurance
          coverage and 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, employing for such purpose
          deposits
          of the Mortgagor in the Escrow Account which shall have been estimated
          and
          accumulated by the Company in amounts sufficient for such purposes, as
          allowed
          under the terms of the Mortgage. The Company assumes full responsibility
          for the
          timely payment of all such bills and shall effect timely payment of all
          such
          charges irrespective of each Mortgagor's faithful performance in the payment
          of
          same or the making of the Escrow Payments, and the Company shall make advances
          from its own funds to effect such payments.

        

        Section
          4.09 Protection
          of Accounts.

        

        The
          Company may transfer the Custodial Account, the Subsidy Account or the
          Escrow
          Account to a different Qualified Depository from time to time with prior
          written
          notice to Purchaser.

        

        Section
          4.10 Maintenance
          of Hazard Insurance.

        

        The
          Company shall cause to be maintained for each Mortgage Loan hazard insurance
          such that all buildings upon the Mortgaged Property are insured by an insurer
          acceptable to Fannie Mae or Freddie Mac against loss by fire, hazards of
          extended coverage and such other hazards as are customary in the area where
          the
          Mortgaged Property is located, in an amount which is at least equal to
          the
          lesser of (i) 100% of the insurable value, on a replacement cost basis,
          of the
          improvements on the related Mortgaged Property, and (ii) the greater of
          (a) the
          outstanding principal balance of the Mortgage Loan and (b) an amount such
          that
          the proceeds of such insurance shall be sufficient to prevent the application
          to
          the Mortgagor or the loss payee of any coinsurance clause under the policy.
          In
          the event a hazard insurance policy shall be in danger of being terminated,
          or
          in the event the insurer shall cease to be acceptable to Fannie Mae or
          Freddie
          Mac, the Company shall notify the Purchaser and the related Mortgagor,
          and shall
          use its best efforts, as permitted by applicable law, to obtain from another
          qualified insurer a replacement hazard insurance policy substantially and
          materially similar in all respects to the original policy. In no event,
          however,
          shall a Mortgage Loan be without a hazard insurance policy at any time,
          subject
          only to Section 4.11 hereof.

        

        If
          upon
          origination of the Mortgage Loan, the related Mortgaged Property was located
          in
          an area identified by the Flood Emergency Management Agency as having special
          flood hazards (and such flood insurance has been made available) a flood
          insurance policy meeting the requirements of the current guidelines of
          the
          Federal Insurance Administration is in effect with a generally acceptable
          insurance carrier acceptable to Fannie Mae or Freddie Mac in an amount
          representing coverage equal to the lesser of (i) the minimum amount required,
          under the terms of coverage, to compensate for any damage or loss on a
          replacement cost basis (or the unpaid balance of the mortgage if replacement
          cost coverage is not available for the type of building insured) and (ii)
          the
          maximum amount of insurance which is available under the Flood Disaster
          Protection Act of 1973, as amended. If at any time during the term of the
          Mortgage Loan, the Company determines in accordance with applicable law
          that a
          Mortgaged Property is located in a special flood hazard area and is not
          covered
          by flood insurance or is covered in an amount less than the amount required
          by
          the Flood Disaster Protection Act of 1973, as amended, the Company shall
          notify
          the related Mortgagor that the Mortgagor must obtain such flood insurance
          coverage, and if said Mortgagor fails to obtain the required flood insurance
          coverage within forty-five (45) days after such notification, the Company
          shall
          immediately force place the required flood insurance on the Mortgagor’s behalf,
          as permitted by applicable law.

        

        If
          a
          Mortgage is secured by a unit in a condominium project, the Company shall
          verify
          that the coverage required of the owner's association, including hazard,
          flood,
          liability, and fidelity coverage, is being maintained in accordance with
          then
          current Fannie Mae requirements, and secure from the owner's association
          its
          agreement to notify the Company promptly of any change in the insurance
          coverage
          or of any condemnation or casualty loss that may have a material effect
          on the
          value of the Mortgaged Property as security.

        

         

        In
          the
          event that any Purchaser or the Company shall determine that the Mortgaged
          Property should be insured against loss or damage by hazards and risks
          not
          covered by the insurance required to be maintained by the Mortgagor pursuant
          to
          the terms of the Mortgage, the Company shall communicate and consult with
          the
          Mortgagor with respect to the need for such insurance and bring to the
          Mortgagor's attention the required amount of coverage for the Mortgaged
          Property
          and if the Mortgagor does not obtain such coverage, the Company shall
          immediately force place the required coverage on the Mortgagor’.

        

        All
          policies required hereunder shall name the Company as loss payee and shall
          be
          endorsed with standard or union mortgagee clauses, without contribution,
          which
          shall provide for at least 30 days prior written notice of any cancellation,
          reduction in amount or material change in coverage.

        

        The
          Company shall not interfere with the Mortgagor's freedom of choice in selecting
          either his insurance carrier or agent, provided, however, that the Company
          shall
          not accept any such insurance policies from insurance companies unless
          such
          companies are acceptable to Fannie Mae and Freddie Mac and are licensed
          to do
          business in the jurisdiction in which the Mortgaged Property is located.
          The
          Company shall determine that such policies provide sufficient risk coverage
          and
          amounts, that they insure the property owner, and that they properly describe
          the property address.

        

        Pursuant
          to Section 4.04, any amounts collected by the Company under any such policies
          (other than amounts to be deposited in the Escrow Account and applied to
          the
          restoration or repair of the related Mortgaged Property, or property acquired
          in
          liquidation of the Mortgage Loan, or to be released to the Mortgagor, in
          accordance with the Company's normal servicing procedures as specified
          in
          Section 4.14) shall be deposited in the Custodial Account subject to withdrawal
          pursuant to Section 4.05.

        

        Section
          4.11 Maintenance
          of Mortgage Impairment Insurance.

        

        In
          the
          event that the Company shall obtain and maintain a blanket policy insuring
          against losses arising from fire and hazards covered under extended coverage
          on
          all of the Mortgage Loans, then, to the extent such policy provides coverage
          in
          an amount equal to the amount required pursuant to Section 4.10 and otherwise
          complies with all other requirements of Section 4.10, it shall conclusively
          be
          deemed to have satisfied its obligations as set forth in Section 4.10.
          The
          Company shall prepare and make any claims on the blanket policy as deemed
          necessary by the Company in accordance with Accepted Servicing Practices.
          Any
          amounts collected by the Company under any such policy relating to a Mortgage
          Loan shall be deposited in the Custodial Account subject to withdrawal
          pursuant
          to Section 4.05. Such policy may contain a deductible clause, in which
          case, in
          the event that there shall not have been maintained on the related Mortgaged
          Property a policy complying with Section 4.10, and there shall have been
          a loss
          which would have been covered by such policy, the Company shall deposit
          in the
          Custodial Account at the time of such loss the amount not otherwise payable
          under the blanket policy because of such deductible clause, such amount
          to be
          deposited from the Company's funds, without reimbursement therefor. Upon
          request
          of the Purchaser, the Company shall cause to be delivered to such Purchaser
          a
          certificate of insurance and a statement from the insurer thereunder that
          such
          policy shall in no event be terminated or materially modified without 30
          days'
          prior written notice to such Purchaser.

        

        Section
          4.12 Maintenance
          of Fidelity Bond and Errors and Omissions Insurance.

        

        The
          Company shall maintain with responsible companies, at its own expense,
          a blanket
          Fidelity Bond and an Errors and Omissions Insurance Policy, with broad
          coverage
          on all officers, employees or other Persons acting in any capacity requiring
          such Persons to handle funds, money, documents or papers relating to the
          Mortgage Loans ("Company Employees"). Any such Fidelity Bond and Errors
          and
          Omissions Insurance Policy shall be in the form of the Mortgage Banker's
          Blanket
          Bond and shall protect and insure the Company against losses, including
          forgery,
          theft, embezzlement, fraud, errors and omissions and negligent acts of
          such
          Company Employees. Such Fidelity Bond and Errors and Omissions Insurance
          Policy
          also shall protect and insure the Company against losses in connection
          with the
          release or satisfaction of a Mortgage Loan without having obtained payment
          in
          full of the indebtedness secured thereby. No provision of this Section
          4.12
          requiring such Fidelity Bond and Errors and Omissions Insurance Policy
          shall
          diminish or relieve the Company from its duties and obligations as set
          forth in
          this Agreement. The minimum coverage under any such bond and insurance
          policy
          shall be with a company acceptable to Fannie Mae or Freddie Mac and in
          amounts
          at least equal to the amounts acceptable to Fannie Mae or Freddie Mac.
          Upon the
          request of any Purchaser, the Company shall cause to be delivered to such
          Purchaser a certified true copy of such fidelity bond and insurance policy
          and a
          statement from the surety and the insurer that such fidelity bond and insurance
          policy shall in no event be terminated or materially modified without 30
          days'
          prior written notice to the Purchaser.

        

        Section
          4.13 Inspections.

        

        If
          any
          Mortgage Loan is more than 60 days delinquent, the Company immediately
          shall
          inspect the Mortgaged Property and shall conduct subsequent inspections
          in
          accordance with Accepted Servicing Practices or as may be required by the
          primary mortgage guaranty insurer. The Company shall keep a record of each
          such
          inspection and shall provide the Purchaser with copies of such upon
          request.

        

        Section
          4.14 Restoration
          of Mortgaged Property.

        

        The
          Company need not obtain the approval of the Purchaser prior to releasing
          any
          Insurance Proceeds or Condemnation Proceeds to the Mortgagor to be applied
          to
          the restoration or repair of the Mortgaged Property if such release is
          in
          accordance with Accepted Servicing Practices. For claims greater than $15,000,
          at a minimum the Company shall comply with the following conditions in
          connection with any such release of Insurance Proceeds or Condemnation
          Proceeds:

        

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

        

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

        

        (iii) the
          Company shall verify that the Mortgage Loan is not in default; and

        

        (iv) pending
          repairs or restoration, the Company shall place the Insurance Proceeds
          or
          Condemnation Proceeds in the Escrow Account.

        

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

        

        Section
          4.15 Maintenance
          of PMI Policy; Claims.

        

        Each
          Mortgage Loan has an LTV as indicated on the Mortgage Loan Schedule and
          Electronic Data File. Except as indicated on the Electronic Data File,
          with
          respect to each Mortgage Loan with an LTV in excess of 80% at the time
          of
          origination, the Company shall, without any cost to the Purchaser maintain
          or
          cause the Mortgagor to maintain in full force and effect a PMI Policy or
          LPMI
          Policy insuring a portion of the unpaid principal balance of the Mortgage
          Loan
          as to payment defaults. If the Mortgage Loan is insured by a PMI Policy
          for
          which the Mortgagor pays all premiums, the coverage will remain in place
          until
          (i) the LTV decreases to 78% or (ii) the PMI Policy is otherwise terminated
          pursuant to the Homeowners Protection Act of 1998, 12 USC 4901, et seq.
          In the
          event that such PMI Policy shall be terminated other than as required by
          law,
          the Company shall obtain from another Qualified Insurer a comparable replacement
          policy, with a total coverage equal to the remaining coverage of such terminated
          PMI Policy. If the insurer shall cease to be a Qualified Insurer, the Company
          shall determine whether recoveries under the PMI Policy and LPMI Policy
          are
          jeopardized for reasons related to the financial condition of such insurer,
          it
          being understood that the Company shall in no event have any responsibility
          or
          liability for any failure to recover under the PMI Policy or LPMI Policy
          for
          such reason. If the Company determines that recoveries are so jeopardized,
          it
          shall notify the Purchaser and the Mortgagor, if required, and obtain from
          another Qualified Insurer a replacement insurance policy. The Company shall
          not
          take any action which would result in noncoverage under any applicable
          PMI
          Policy or LPMI Policy of any loss which, but for the actions of the Company
          would have been covered thereunder. In connection with any assumption or
          substitution agreement entered into or to be entered into pursuant to Section
          6.01, the Company shall promptly notify the insurer under the related PMI
          Policy
          or LPMI Policy, if any, of such assumption or substitution of liability
          in
          accordance with the terms of such PMI Policy or LPMI Policy and shall take
          all
          actions which may be required by such insurer as a condition to the continuation
          of coverage under such PMI Policy or LPMI Policy. If such PMI Policy is
          terminated as a result of such assumption or substitution of liability,
          the
          Company shall obtain a replacement PMI Policy or LPMI Policy as provided
          above.

        

        In
          connection with its activities as servicer, the Company agrees to prepare
          and
          present, on behalf of itself and the Purchaser, claims to the insurer under
          any
          PMI Policy in a timely fashion in accordance with the terms of such PMI
          Policy
          and, in this regard, to take such action as shall be necessary to permit
          recovery under any PMI Policy respecting a defaulted Mortgage Loan. Pursuant
          to
          Section 4.04, any amounts collected by the Company under any PMI Policy
          shall be
          deposited in the Custodial Account, subject to withdrawal pursuant to Section
          4.05.

        

        Section
          4.16 Title,
          Management and Disposition of REO Property.

        

        In
          the
          event that title to any Mortgaged Property is acquired in foreclosure or
          by deed
          in lieu of foreclosure, the deed or certificate of sale shall be taken
          in the
          name of the Purchaser, or in the event the Purchaser is not authorized
          or
          permitted to hold title to real property in the state where the REO Property
          is
          located, or would be adversely affected under the "doing business" or tax
          laws
          of such state by so holding title, the deed or certificate of sale shall
          be
          taken in the name of such Person or Persons as shall be consistent with
          an
          Opinion of Counsel obtained by the Company from any attorney duly licensed
          to
          practice law in the state where the REO Property is located. The Person
          or
          Persons holding such title other than the Purchaser shall acknowledge in
          writing
          that such title is being held as nominee for the Purchaser.

        

        The
          Purchaser shall have the option to manage and operate the REO Property
          provided
          the Purchaser gives written notice of its intention to do so within thirty
          (30)
          days after such REO Property is acquired in foreclosure or by deed in lieu
          of
          foreclosure. The election by the Purchaser to manage the REO Property shall
          not
          constitute a termination of any rights of the Company pursuant to Section
          11.02.
          Upon the Company's receipt of such written notice, it shall be relived
          of any
          obligation to manage, conserve, protect, operate, dispose or sell the Mortgaged
          Property for the Purchaser, or its designee. All such duties will become
          the
          obligation of the Purchaser, or its designee. In such connection, upon
          the
          Mortgaged Property being acquired on behalf of the Purchaser, or its designee,
          the Company shall fully cooperate with Purchaser to transfer management
          of the
          REO Property to Purchaser, or its designee, and shall immediately submit
          a
          statement of expenses to the Purchaser for reimbursement within 30 days
          for all
          Monthly Advances and Servicing Advances. If Company does not receive
          reimbursement of such expenses from the Purchaser within the 30-days of
          the
          statement of expenses, Company shall be permitted to withdraw such amount
          from
          the Custodial Account pursuant to Section 4.05.

        

        In
          the
          event the Purchaser does not elect to manage an REO Property, the Company
          shall
          manage, conserve and protect the related REO Property for the Purchaser.
          The
          Company, either itself or through an agent selected by the Company, shall
          manage
          the REO Property in the same manner that it manages, conserves, protects
          and
          operates other foreclosed property for its own account, and in the same
          manner
          that similar property in the same locality as the REO Property is managed.
          The
          Company shall attempt to sell the same (and may temporarily rent the same
          for a
          period not greater than one year, except as otherwise provided below) on
          such
          terms and conditions as the Company deems to be in the best interest of
          the
          Purchaser.

        

        The
          Company shall use its best efforts to dispose of the REO Property as soon
          as
          possible and shall sell such REO Property in any event within one year
          after
          title has been taken to such REO Property, unless (i) a REMIC election
          has not
          been made with respect to the arrangement under which the Mortgage Loans
          and the
          REO Property are held, and (ii) the Company determines, and gives an appropriate
          notice to the Purchaser to such effect, that a longer period is necessary
          for
          the orderly liquidation of such REO Property. If a period longer than one
          year
          is permitted under the foregoing sentence and is necessary to sell any
          REO
          Property, (i) the Company shall report monthly to the Purchaser as to the
          progress being made in selling such REO Property and (ii) if, with the
          written
          consent of the Purchaser, a purchase money mortgage is taken in connection
          with
          such sale, such purchase money mortgage shall name the Company as mortgagee,
          and
          such purchase money mortgage shall not be held pursuant to this Agreement,
          but
          instead a separate participation agreement among the Company and Purchaser
          shall
          be entered into with respect to such purchase money mortgage.

        

        The
          Company shall also maintain on each REO Property fire and hazard insurance
          with
          extended coverage in amount which is at least equal to the maximum insurable
          value of the improvements which are a part of such property, liability
          insurance
          and, to the extent required and available under the Flood Disaster Protection
          Act of 1973, as amended, flood insurance in the amount required
          above.

        

        The
          disposition of REO Property shall be carried out by the Company at such
          price,
          and upon such terms and conditions, as the Company deems to be in the best
          interests of the Purchaser. The proceeds of sale of the REO Property shall
          be
          promptly deposited in the Custodial Account. As soon as practical thereafter
          the
          expenses of such sale shall be paid and the Company shall reimburse itself
          for
          any related unreimbursed Servicing Advances, unpaid Servicing Fees and
          unreimbursed advances made pursuant to Section 5.03. On the Remittance
          Date
          immediately following the Principal Prepayment Period in which such sale
          proceeds are received the net cash proceeds of such sale remaining in the
          Custodial Account shall be distributed to the Purchaser.

        

        The
          Company shall withdraw the Custodial Account funds necessary for the proper
          operation management and maintenance of the REO Property, including the
          cost of
          maintaining any hazard insurance pursuant to Section 4.10 and the fees
          of any
          managing agent of the Company, or the Company itself. The Company shall
          make
          monthly distributions on each Remittance Date to the Purchaser of the net
          cash
          flow from the REO Property (which shall equal the revenues from such REO
          Property net of the expenses described in the Section 4.16 and of any reserves
          reasonably required from time to time to be maintained to satisfy anticipated
          liabilities for such expenses).

        

        Section
          4.17 Real
          Estate Owned Reports.

        

        Together
          with the statement furnished pursuant to Section 5.02, the Company shall
          furnish
          to the Purchaser on or before the Remittance Date each month a statement
          with
          respect to any REO Property covering the operation of such REO Property
          for the
          previous month and the Company's efforts in connection with the sale of
          such REO
          Property and any rental of such REO Property incidental to the sale thereof
          for
          the previous month. That statement shall be accompanied by such other
          information as the Purchaser shall reasonably request.

        

        Section
          4.18 Liquidation
          Reports.

        

        Upon
          the
          foreclosure sale of any Mortgaged Property or the acquisition thereof by
          the
          Purchaser pursuant to a deed in lieu of foreclosure, the Company shall
          submit to
          the Purchaser a liquidation report with respect to such Mortgaged
          Property.

        

        Section
          4.19 Reports
          of Foreclosures and Abandonments of Mortgaged Property.

        

        Following
          the foreclosure sale or abandonment of any Mortgaged Property, the Company
          shall
          report such foreclosure or abandonment as required pursuant to Section
          6050J of
          the Code. The Company shall file information reports with respect to the
          receipt
          of mortgage interest received in a trade or business and information returns
          relating to cancellation of indebtedness income with respect to any Mortgaged
          Property as required by the Code. Such reports shall be in form and substance
          sufficient to meet the reporting requirements imposed by the Code.

        

        Section
          4.20 Application
          of Buydown Funds.

        

        With
          respect to each Buydown Mortgage Loan, the Company shall have deposited
          into the
          Escrow Account, no later than the last day of the month, Buydown Funds
          in an
          amount equal to the aggregate undiscounted amount of payments that, when
          added
          to the amount the Mortgagor on such Mortgage Loan is obligated to pay on
          all Due
          Dates in accordance with the terms of the Buydown Agreement, is equal to
          the
          full scheduled Monthly Payments which are required to be paid by the Mortgagor
          under the terms of the related Mortgage Note (without regard to the related
          Buydown Agreement as if the Mortgage Loan were not subject to the terms
          of the
          Buydown Agreement). With respect to each Buydown Mortgage Loan, the Company
          will
          distribute to the Purchaser on each Remittance Date an amount of Buydown
          Funds
          equal to the amount that, when added to the amount required to be paid
          on such
          date by the related Mortgagor, pursuant to and in accordance with the related
          Buydown Agreement, equals the full Monthly Payment that would otherwise
          be
          required to be paid on such Mortgage Loan by the related Mortgagor under
          the
          terms of the related Mortgage Note (as if the Mortgage Loan were not a
          Buydown
          Mortgage Loan and without regard to the related Buydown Agreement).

        

        If
          the
          Mortgagor on a Buydown Mortgage Loan defaults on such Mortgage Loan during
          the
          Buydown Period and the Mortgaged Property securing such Buydown Mortgage
          Loan is
          sold in the liquidation thereof (either by the Company or the insurer under
          any
          related Primary Insurance Policy) the Company shall, on the Remittance
          Date
          following the date upon which Liquidation Proceeds or REO Disposition proceeds
          are received with respect to any such Buydown Mortgage Loan, distribute
          to the
          Purchaser all remaining Buydown Funds for such Mortgage Loan then remaining
          in
          the Escrow Account. Pursuant to the terms of each Buydown Agreement, any
          amounts
          distributed to the Purchaser in accordance with the preceding sentence
          will be
          applied to reduce the outstanding principal balance of the related Buydown
          Mortgage Loan. If a Mortgagor on a Buydown Mortgage Loan prepays such Mortgage
          Loan in its entirety during the related Buydown Period, the Company shall
          be
          required to withdraw from the Escrow Account any Buydown Funds remaining
          in the
          Escrow Account with respect to such Buydown Mortgage Loan in accordance
          with the
          related Buydown Agreement. If a principal prepayment by a Mortgagor on
          a Buydown
          Mortgage Loan during the related Buydown Period, together with any Buydown
          Funds
          then remaining in the Escrow Account related to such Buydown Mortgage Loan,
          would result in a principal prepayment of the entire unpaid principal balance
          of
          the Buydown Mortgage Loan, the Company shall distribute to the Purchaser
          on the
          Remittance Date occurring in the month immediately succeeding the month
          in which
          such Principal Prepayment is received, all Buydown Funds related to such
          Mortgage Loan so remaining in the Escrow Account, together with any amounts
          required to be deposited into the Custodial Account.

        

        Section
          4.21 Notification
          of Adjustments.

        

        With
          respect to each adjustable rate Mortgage Loan, the Company shall adjust
          the
          Mortgage Interest Rate on the related Interest Rate Adjustment Date in
          compliance with the requirements of applicable law and the related Mortgage
          and
          Mortgage Note. The Company shall execute and deliver any and all necessary
          notices required under applicable law and the terms of the related Mortgage
          Note
          and Mortgage regarding the Mortgage Interest Rate adjustments. Upon the
          discovery by the Company or the receipt of notice from the Purchaser that
          the
          Company has failed to adjust a Mortgage Interest Rate in accordance with
          the
          terms of the related Mortgage Note, the Company shall immediately deposit
          in the
          Custodial Account from its own funds the amount of any interest loss or
          deferral
          caused the Purchaser thereby.

        

        Section
          4.22 Confidentiality/Protection
          of Customer Information.

        

        The
          Company shall keep confidential and shall not divulge to any party, without
          the
          Purchaser's prior written consent, the price paid by the Purchaser for
          the
          Mortgage Loans, except to the extent that it is reasonable and necessary
          for the
          Company to do so in working with legal counsel, auditors, taxing authorities
          or
          other governmental agencies. Each party agrees that it shall comply with
          all
          applicable laws and regulations regarding the privacy or security of Customer
          Information and shall maintain appropriate administrative, technical and
          physical safeguards to protect the security, confidentiality and integrity
          of
          Customer Information, including maintaining security measures designed
          to meet
          the Interagency Guidelines Establishing Standards for Safeguarding Customer
          Information, 66 Fed. Reg. 8616 (the “Interagency Guidelines”), if applicable.
          For purposes of this Section 4.22, the term “Customer Information” shall have
          the meaning assigned to it in the Interagency Guidelines. 

        

        Section
          4.23 Fair
          Credit Reporting Act

        

        The
          Company, in its capacity as servicer for each Mortgage Loan, agrees 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 (three of the credit repositories), on a monthly
          basis.

         

        Section
          4.24 Establishment
          of and Deposits to Subsidy Account.  

         

         

        The
          Company shall segregate and hold all Subsidy Funds collected and received
          pursuant to the Subsidy Loans separate and apart from any of its own funds
          and
          general assets and shall establish and maintain one or more Subsidy Accounts,
          in
          the form of time deposit or demand accounts, titled “Wells Fargo Bank, N.A., in
          trust for the Purchaser, its successors or assigns, and/or subsequent purchasers
          of residential Mortgage Loans, and various Mortgagors.” The Subsidy Account
          shall be an eligible deposit account established with an eligible
          institution.

         

         

        The
          Company shall, from time to time, withdraw funds from the Subsidy Account
          for
          the following purposes:

         

         

        
          	 	
                  (i)

                	
                  to
                    deposit in the Custodial Account in the amounts and in the manner
                    provided
                    for in Section 4.04(xi);

                

        

         

         

        
          	 	
                  (ii)

                	
                  to
                    transfer funds to another eligible institution in accordance
                    with Section
                    4.09 hereof;

                

        

         

         

        (iii) to
          withdraw funds deposited in error; and

         

         

        
          	 	
                  (iv)

                	
                  to
                    clear and terminate the Subsidy Account upon the termination
                    of this
                    Agreement.

                

        

         

         

        Notwithstanding
          anything to the contrary elsewhere in this Agreement, the Company may employ
          the
          Escrow Account as the Subsidy Account to the extent that the Company can
          separately identify any Subsidy Funds deposited therein.

         

        

        Section
          4.25 Use
          of
          Subservicers and Subcontractors.

        

        The
          Company shall not hire or otherwise utilize the services of any Subservicer
          to
          fulfill any of the obligations of the Company under this Agreement or any
          Reconstitution Agreement unless the Company complies with the provisions
          of
          paragraph (a) of this Section 4.25. The Company shall not hire or otherwise
          utilize the services of any Subcontractor, and shall not permit any Subservicer
          to hire or otherwise utilize the services of any Subcontractor, to fulfill
          any
          of the obligations of the Company under this Agreement or any Reconstitution
          Agreement unless the Company complies with the provisions of paragraph
          (b) of
          this Section 4.25.

        

        (a) It
          shall
          not be necessary for the Company to seek the consent of the Purchaser or
          any
          Depositor to the utilization of any Subservicer. The Company shall cause
          any
          Subservicer used by the Company (or by any Subservicer) for the benefit
          of the
          Purchaser and any Depositor to comply with the provisions of this Section
          4.25
          and with Sections 6.04, 6.06, 9.01(e)(iii), 9.01(e)(v) and 9.01(f) of this
          Agreement to the same extent as if such Subservicer were the Company, and
          to
          provide the information required with respect to such Subservicer under
          Section
          9.01(e)(iv) of this Agreement. The Company shall be responsible for obtaining
          from each Subservicer and delivering to the Purchaser and any Depositor
          any
          servicer compliance statement required to be delivered by such Subservicer
          under
          Section 6.04 and any assessment of compliance and attestation required
          to be
          delivered by such Subservicer under Section 6.06 and any certification
          required
          to be delivered to the Person that will be responsible for signing the
          Sarbanes
          Certification under Section 6.06 as and when required to be
          delivered.

        

        (b) It
          shall
          not be necessary for the Company to seek the consent of the Purchaser or
          any
          Depositor to the utilization of any Subcontractor. The Company shall promptly
          upon request provide to the Purchaser and any Depositor (or any designee
          of the
          Depositor, such as a master servicer or administrator) a written description
          (in
          form and substance satisfactory to the Purchaser and such Depositor) of
          the role
          and function of each Subcontractor utilized by the Company or any Subservicer,
          specifying (i) the identity of each such Subcontractor, (ii) which (if
          any) of
          such Subcontractors are “participating in the servicing function” within the
          meaning of Item 1122 of Regulation AB, and (iii) which elements of the
          Servicing
          Criteria will be addressed in assessments of compliance provided by each
          Subcontractor identified pursuant to clause (ii) of this paragraph.

        

        As
          a
          condition to the utilization of any Subcontractor determined to be
“participating in the servicing function” within the meaning of Item 1122 of
          Regulation AB, the Company shall cause any such Subcontractor used by the
          Company (or by any Subservicer) for the benefit of the Purchaser and any
          Depositor to comply with the provisions of Sections 6.06 and 9.01(f) of
          this
          Agreement to the same extent as if such Subcontractor were the Company.
          The
          Company shall be responsible for obtaining from each Subcontractor and
          delivering to the Purchaser and any Depositor any assessment of compliance
          and
          attestation required to be delivered by such Subcontractor under Section
          6.06,
          in each case as and when required to be delivered.

        

         

        ARTICLE
          V

         

        PAYMENTS
          TO PURCHASER

        

        Section
          5.01 Remittances.

        

        On
          each
          Remittance Date the Company shall remit by wire transfer of immediately
          available funds to the Purchaser (a) all amounts deposited in the Custodial
          Account as of the close of business on the Determination Date (net of charges
          against or withdrawals from the Custodial Account pursuant to Section 4.05),
          plus (b) all amounts, if any, which the Company is obligated to distribute
          pursuant to Section 5.03, minus (c) any amounts attributable to Principal
          Prepayments received after the applicable Principal Prepayment Period which
          amounts shall be remitted on the following Remittance Date, together with
          any
          additional interest required to be deposited in the Custodial Account in
          connection with such Principal Prepayment in accordance with Section 4.04(viii);
          minus (d) any amounts attributable to Monthly Payments collected but due
          on a
          Due Date or Dates subsequent to the first day of the month of the Remittance
          Date, and minus (e) any amounts attributable to Buydown Funds being held
          in the
          Custodial Account, which amounts shall be remitted on the Remittance Date
          next
          succeeding the Due Period for such amounts.

        

        With
          respect to any remittance received by the Purchaser after the Business
          Day on
          which such payment was due, the Company shall pay to the Purchaser interest
          on
          any such late payment at an annual rate equal to the Prime Rate, adjusted
          as of
          the date of each change, plus three percentage points, but in no event
          greater
          than the maximum amount permitted by applicable law. Such interest shall
          cover
          the period commencing with the day following the Business Day such payment
          was
          due and ending with the Business Day on which such payment is made to the
          Purchaser, both inclusive. Such interest shall be remitted by wire transfer
          of
          immediately available funds within one Business Day following agreement
          by the
          Purchaser and the Company of the penalty amount. The payment by the Company
          of
          any such interest shall not be deemed an extension of time for payment
          or a
          waiver of any Event of Default by the Company.

        

        Section
          5.02 Statements
          to Purchaser.

        

        Not
          later
          than the Remittance Date, the Company shall furnish to the Purchaser a
          monthly
          remittance advice in the standard form of electronic Alltel® file, as to the
          period ending on the last day of the preceding month. If requested by the
          Purchaser prior to the related Closing Date, the first monthly remittance
          advice
          due to the Purchaser following such Closing Date shall be furnished by
          the
          12th
          calendar
          day, or if such day is not a Business Day, then the preceding Business
          Day.

        

        Section
          5.03 Monthly
          Advances by Company.

        

        On
          the
          Business Day immediately preceding each Remittance Date, the Company shall
          deposit in the Custodial Account from its own funds or from amounts held
          for
          future distribution an amount equal to all Monthly Payments (with interest
          adjusted to the Mortgage Loan Remittance Rate) which were due on the Mortgage
          Loans during the applicable Due Period and which were delinquent at the
          close of
          business on the immediately preceding Determination Date or which were
          deferred
          pursuant to Section 4.01. Any amounts held for future distribution and
          so used
          shall be replaced by the Company by deposit in the Custodial Account on
          or
          before any future Remittance Date if funds in the Custodial Account on
          such
          Remittance Date shall be less than payments to the Purchaser required to
          be made
          on such Remittance Date. The Company's obligation to make such Monthly
          Advances
          as to any Mortgage Loan will continue through the last Monthly Payment
          due prior
          to the payment in full of the Mortgage Loan, or through the last Remittance
          Date
          prior to the Remittance Date for the distribution of all Liquidation Proceeds
          and other payments or recoveries (including REO Disposition Proceeds, Insurance
          Proceeds and Condemnation Proceeds) with respect to the Mortgage Loan;
          provided,
          however, that such obligation shall cease if the Company determines, in
          its sole
          reasonable opinion, that advances with respect to such Mortgage Loan are
          non-recoverable by the Company from Liquidation Proceeds, Insurance Proceeds,
          REO Disposition Proceeds, Condemnation Proceeds, or otherwise with respect
          to a
          particular Mortgage Loan. In the event that the Company determines that
          any such
          advances are non-recoverable, the Company shall provide the Purchaser with
          a
          certificate signed by two officers of the Company evidencing such
          determination.

        

         

        ARTICLE
          VI

         

        GENERAL
          SERVICING PROCEDURES

        

        Section
          6.01 Transfers
          of Mortgaged Property.

        

        The
          Company shall use its best efforts to enforce any "due-on-sale" provision
          contained in any Mortgage or Mortgage Note and to deny assumption by the
          Person
          to whom the Mortgaged Property has been or is about to be sold whether
          by
          absolute conveyance or by contract of sale, and whether or not the Mortgagor
          remains liable on the Mortgage and the Mortgage Note. When the Mortgaged
          Property has been conveyed by the Mortgagor, the Company shall, to the
          extent it
          has knowledge of such conveyance, immediately notify the Purchaser and
          exercise
          its rights to accelerate the maturity of such Mortgage Loan under the
          "due-on-sale" clause applicable thereto, provided, however, that the Company
          shall not exercise such rights if prohibited by law from doing so or if
          the
          exercise of such rights would impair or threaten to impair any recovery
          under
          the related PMI Policy, if any.

        

        If
          the
          Company reasonably believes it is unable under applicable law to enforce
          such
          "due-on-sale" clause, the Company shall enter into (i) an assumption and
          modification agreement with the Person to whom such property has been conveyed,
          pursuant to which such Person becomes liable under the Mortgage Note and
          the
          original Mortgagor remains liable thereon or (ii) in the event the Company
          is
          unable under applicable law to require that the original Mortgagor remain
          liable
          under the Mortgage Note and the Company has the prior consent of the primary
          mortgage guaranty insurer, a substitution of liability agreement with the
          purchaser of the Mortgaged Property pursuant to which the original Mortgagor
          is
          released from liability and the purchaser of the Mortgaged Property is
          substituted as Mortgagor and becomes liable under the Mortgage Note. If
          an
          assumption fee is collected by the Company for entering into an assumption
          agreement the fee will be retained by the Company as additional servicing
          compensation. In connection with any such assumption, neither the Mortgage
          Interest Rate borne by the related Mortgage Note, the term of the Mortgage
          Loan,
          the outstanding principal amount of the Mortgage Loan nor any other materials
          terms shall be changed without Purchaser’s consent.

        

        To
          the
          extent that any Mortgage Loan is assumable, the Company shall inquire diligently
          into the credit worthiness of the proposed transferee, and shall use the
          underwriting criteria for approving the credit of the proposed transferee
          which
          are used with respect to underwriting mortgage loans of the same type as
          the
          Mortgage Loans. If the credit of the proposed transferee does not meet
          such
          underwriting criteria, the Company diligently shall, to the extent permitted
          by
          the Mortgage or the Mortgage Note and by applicable law, accelerate the
          maturity
          of the Mortgage Loan.

        

        Section
          6.02 Satisfaction
          of Mortgages and Release of Mortgage Loan Documents.

        

        Upon
          the
          payment in full of any Mortgage Loan, or the receipt by the Company of
          a
          notification that payment in full will be escrowed in a manner customary
          for
          such purposes, the Company shall notify the Purchaser in the Monthly Remittance
          Advice as provided in Section 5.02, and may request the release of any
          Mortgage
          Loan Documents.

        

        If
          the
          Company satisfies or releases a Mortgage without first having obtained
          payment
          in full of the indebtedness secured by the Mortgage or should the Company
          otherwise prejudice any rights the Purchaser may have under the mortgage
          instruments, upon written demand of the Purchaser, the Company shall repurchase
          the related Mortgage Loan at the Repurchase Price by deposit thereof in
          the
          Custodial Account within 2 Business Days of receipt of such demand by the
          Purchaser. The Company shall maintain the Fidelity Bond and Errors and
          Omissions
          Insurance Policy as provided for in Section 4.12 insuring the Company against
          any loss it may sustain with respect to any Mortgage Loan not satisfied
          in
          accordance with the procedures set forth herein.

        

        Section
          6.03 Servicing
          Compensation.

        

        As
          compensation for its services hereunder, the Company shall be entitled
          to
          withdraw from the Custodial Account or to retain from interest payments
          on the
          Mortgage Loans the amount of its Servicing Fee. The Servicing Fee shall
          be
          payable monthly and shall be computed on the basis of the outstanding principal
          balance and for the period respecting which any related interest payment on a
          Mortgage Loan is computed. The obligation of the Purchaser to pay the Servicing
          Fee is limited to, and payable solely from, the interest portion of such
          Monthly
          Payments.

        

        Additional
          servicing compensation in the form of assumption fees, to the extent provided
          in
          Section 6.01, and late payment charges shall be retained by the Company
          to the
          extent not required to be deposited in the Custodial Account. The Company
          shall
          be required to pay all expenses incurred by it in connection with its servicing
          activities hereunder and shall not be entitled to reimbursement thereof
          except
          as specifically provided for herein.

        

        Section
          6.04 Annual
          Statements as to Compliance.

        

        (i) The
          Company shall deliver to the Purchaser, on or before February 28, 2006,
          an
          Officer's Certificate, stating that (x) a review of the activities of the
          Company during the preceding calendar year and of performance under this
          Agreement or similar agreements has been made under such officer's supervision,
          and (y) to the best of such officer's knowledge, based on such review,
          the
          Company has fulfilled all its obligations under this Agreement throughout
          such
          year, or, if there has been a default in the fulfillment of any such obligation,
          specifying each such default known to such officer and the nature and status
          thereof and the action being taken by the Company to cure such
          default.

        

        (ii) On
          or
          before March 1 of each calendar year, commencing in 2007, the Company shall
          deliver to the Purchaser and any Depositor a statement of compliance addressed
          to the Purchaser and such Depositor and signed by an authorized officer
          of the
          Company, to the effect that (a) a review of the Company’s activities during the
          immediately preceding calendar year (or applicable portion thereof) and
          of its
          performance under this Agreement and any applicable Reconstitution Agreement
          during such period has been made under such officer’s supervision, and (b) to
          the best of such officers’ knowledge, based on such review, the Company has
          fulfilled all of its obligations under this Agreement and any applicable
          Reconstitution Agreement in all material respects throughout such calendar
          year
          (or applicable portion thereof) or, if there has been a failure to fulfill
          any
          such obligation in any material respect, specifically identifying each
          such
          failure known to such officer and the nature and the status
          thereof.

        

        Section
          6.05 Annual
          Independent Public Accountants' Servicing Report.

        

        Except
          with respect to Securitization Transactions occurring on or after January
          1,
          2006, on or before February 28, 2006, the Company, at its expense, shall
          cause a
          firm of independent public accountants which is a member of the American
          Institute of Certified Public Accountants to furnish a statement to each
          Purchaser to the effect that such firm has examined certain documents and
          records relating to the servicing of the mortgage loans similar in nature
          and
          that such firm is of the opinion that the provisions of this or similar
          agreements have been complied with, and that, on the basis of such examination
          conducted substantially in compliance with the Single Attestation Program
          for
          Mortgage Bankers, nothing has come to their attention which would indicate
          that
          such servicing has not been conducted in compliance therewith, except for
          (i)
          such exceptions as such firm shall believe to be immaterial, and (ii) such
          other
          exceptions as shall be set forth in such statement. By providing Purchaser
          a
          copy of a Uniform Single Attestation Program Report from their independent
          public accountant's on an annual basis, Company shall be considered to
          have
          fulfilled its obligations under this Section 6.05.

        

        Section
          6.06 Report
          on Assessment of Compliance and Attestation.

        

        With
          respect to any Mortgage Loans that are the subject of a Securitization
          Transaction occurring on or before March 1 of each calendar year, commencing
          in
          2007, the Company shall:

        

        
          	(i)  	
                  deliver
                    to the Purchaser and any Depositor a report (in form and substance
                    reasonably satisfactory to the Purchaser and such Depositor)
                    regarding the
                    Company’s assessment of compliance with the Servicing Criteria during
                    the
                    immediately preceding calendar year, as required under Rules
                    13a-18 and
                    15d-18 of the Exchange Act and Item 1122 of Regulation AB. Such
                    report
                    shall be addressed to the Purchaser and such Depositor and signed
                    by an
                    authorized officer of the Company and shall address each of the
                    Servicing
                    Criteria specified on a certification substantially in the form
                    of Exhibit
                    D hereto;

                

        

        

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

                

        

        

        
          	(iii)  	
                  cause
                    each Subservicer and each Subcontractor, determined by the Company
                    pursuant to Section 425(b) to be “participating in the servicing function”
                    within the meaning of Item 1122 of Regulation AB, to deliver
                    to the
                    Purchaser and such Depositor an assessment of compliance and
                    accountants’
                    attestation as and when provided in paragraphs (a) and (b) of
                    this Section
                    6.06; and 

                

        

        

        
          	(iv)  	
                  deliver
                    to the Purchaser, any Depositor and any other Person that will
                    be
                    responsible for signing the certification (a “Sarbanes Certification”)
                    required by Rules 13a-14(d) and 15d-14(d) under the Exchange
                    Act (pursuant
                    to Section 302 of the Sarbanes-Oxley Act of 2002) on behalf of
                    an
                    asset-backed issuer with respect to a Securitization Transaction
                    a
                    certification in the form attached hereto as Exhibit
                    E.

                

        

        

        The
          Company acknowledges that the parties identified in clause (iv) above may
          rely
          on the certification provided by the Company pursuant to such clause in
          signing
          a Sarbanes Certification and filing such with the Commission.

        

        Section
          6.07 Remedies.

        

        (i) Any
          failure by the Company, any Subservicer, any Subcontractor or any Third-Party
          Originator to deliver any information, report, certification, accountants’
letter or other material when and as required under Article 9, Section
          6.04,
          Section 6.05 or Section 6.06, or any breach by the Company of a representation
          or warranty set forth in Section 9.01(e)(iv)(A), or in a writing furnished
          pursuant to Section 9.01(e)(iv)(B) and made as of a date prior to the closing
          date of the related Securitization Transaction, to the extent that such
          breach
          is not cured by such closing date, or any breach by the Company of a
          representation or warranty in a writing furnished pursuant to Section
          9.01(e)(iv)(B) to the extent made as of a date subsequent to such closing
          date,
          shall, except as provided in sub-clause (ii) of this Section, immediately
          and
          automatically, without notice or grace period, constitute an Event of Default
          with respect to the Company under this Agreement and any applicable
          Reconstitution Agreement, and shall entitle the Purchaser or Depositor,
          as
          applicable, in its sole discretion to terminate the rights and obligations
          of
          the Company as servicer under this Agreement and/or any applicable
          Reconstitution Agreement without payment (notwithstanding anything in this
          Agreement or any applicable Reconstitution Agreement to the contrary) of
          any
          compensation to the Company; provided that to the extent than any provision
          of
          this Agreement and/or any applicable Reconstitution Agreement expressly
          provides
          for the survival of certain rights or obligations following termination
          of the
          Company as servicer, such provision shall be given effect.

        

        (ii) Any
          failure by the Company, any Subservicer or any Subcontractor to deliver
          any
          information, report, certification or accountants’ letter when and as required
          under Section 6.04, Section 6.05 or Section 6.06, including any failure
          by the
          Company to identify any Subcontract “participating in the servicing function”
within the meaning of Item 1122 of Regulation AB, which continues unremedied
          for
          ten (10) calendar days after the date on which such information, report,
          certification or accountants’ letter was required to be delivered shall
          constitute an Event of Default with respect to the Company under this Agreement
          and any applicable Reconstitution Agreement, and shall entitle the Purchaser
          or
          Depositor, as applicable, in its sole discretion to terminate the rights
          and
          obligations of the Company under this Agreement and/or any applicable
          Reconstitution Agreement without payment (notwithstanding anything in this
          Agreement to the contrary) of any compensation to the Company; provided
          that to
          the extent that any provision of this Agreement and/or any applicable
          Reconstitution Agreement expressly provides for the survival of certain
          rights
          or obligations following termination of the Company as servicer, such provision
          shall be given effect.

        

        (iii) The
          Company shall promptly reimburse the Purchaser (or any designee of the
          Purchaser, such as a master servicer) and any Depositor, as applicable,
          for all
          reasonable expenses incurred by the Purchaser (or such designee) or such
          Depositor, as such are incurred, in connection with the termination of
          the
          Company as servicer and the transfer of servicing of the Mortgage Loans
          to a
          successor servicer. The provisions of this paragraph shall not limit whatever
          rights the Purchaser or any Depositor may have under other provisions of
          this
          Agreement and/or any applicable Reconstitution Agreement or otherwise,
          whether
          in equity or at law, such as an action for damages, specific performance
          or
          injunctive relief.

        

        Section
          6.08 Right
          to Examine Company Records.

        

        The
          Purchaser, or its designee, shall have the right to examine and audit any
          and
          all of the books, records, or other information of the Company, whether
          held by
          the Company or by another on its behalf, with respect to or concerning
          this
          Agreement or the Mortgage Loans, during business hours or at such other
          times as
          may be reasonable under applicable circumstances, upon reasonable advance
          notice. The Purchaser shall pay its own expenses associated with such
          examination.

        

        Section
          6.09 Compliance
          with REMIC Provisions.

        

        If
          a
          REMIC election has been made with respect to the arrangement under which
          the
          Mortgage Loans and REO Property are held, the Company shall not take any
          action,
          cause the REMIC 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 the REMIC as a REMIC
          or (ii)
          result in the imposition of a tax upon the REMIC (including but not limited
          to
          the tax on “prohibited transactions” as defined Section 860(a)(2) of the Code
          and the tax on “contributions” to a REMIC set forth in Section 860(d) of the
          Code) unless the Company has received an Opinion of Counsel (at the expense
          of
          the party seeking to take such action) to the effect that the contemplated
          action will not endanger such REMIC status or result in the imposition
          of any
          such tax.

        

         

        ARTICLE
          VII

         

        COMPANY
          TO COOPERATE

        

        Section
          7.01 Provision
          of Information.

        

        During
          the term of this Agreement, the Company shall furnish to the Purchaser
          such
          periodic, special, or other reports or information, and copies or originals
          of
          any documents contained in the Servicing File for each Mortgage Loan provided
          for herein. All other special reports or information not provided for herein
          as
          shall be necessary, reasonable, or appropriate with respect to the Purchaser
          or
          any regulatory agency will be provided at the Purchaser’s expense. All such
          reports, documents or information shall be provided by and in accordance
          with
          all reasonable instructions and directions which the Purchaser may
          give.

        

        The
          Company shall execute and deliver all such instruments and take all such
          action
          as the Purchaser may reasonably request from time to time, in order to
          effectuate the purposes and to carry out the terms of this
          Agreement.

        

        Section
          7.02 Financial
          Statements; Servicing Facility.

        

        In
          connection with marketing the Mortgage Loans, the Purchaser may make available
          to a prospective Purchaser a Consolidated Statement of Operations of the
          Company
          for the most recently completed two (2) fiscal years for which such a statement
          is available, as well as a Consolidated Statement of Condition at the end
          of the
          last two fiscal years covered by such Consolidated Statement of Operations.
          The
          Company also shall make available any comparable interim statements to
          the
          extent any such statements have been prepared by or on behalf of the Company
          (and are available upon request to members or stockholders of the Company
          or to
          the public at large).

        

        The
          Company also shall make available to Purchaser or prospective Purchaser
          a
          knowledgeable financial or accounting officer for the purpose of answering
          questions respecting recent developments affecting the Company or the financial
          statements of the Company, and to permit any prospective purchaser to inspect
          the Company's servicing facilities for the purpose of satisfying such
          prospective purchaser that the Company has the ability to service the Mortgage
          Loans as provided in this Agreement.

        

         

        ARTICLE
          VIII

         

        THE
          COMPANY

        

        Section
          8.01 Indemnification;
          Third Party Claims.

        

        The
          Company shall indemnify the Purchaser and hold it harmless against any
          and all
          claims, losses, damages, penalties, fines, forfeitures, reasonable and
          necessary
          legal fees and related costs, judgments, and any other costs, fees and
          expenses
          that the Purchaser may sustain in any way related to the failure of the
          Company
          to perform its duties and service the Mortgage Loans in strict compliance
          with
          the terms of this Agreement. The Company immediately shall notify the Purchaser
          if a claim is made by a third party with respect to this Agreement or the
          Mortgage Loans, assume (with the prior written consent of the Purchaser)
          the
          defense of any such claim and pay all expenses in connection therewith,
          including counsel fees, and promptly pay, discharge and satisfy any judgment
          or
          decree which may be entered against it or the Purchaser in respect of such
          claim. The Company shall follow any written instructions received from
          the
          Purchaser in connection with such claim. The Purchaser promptly shall reimburse
          the Company for all amounts advanced by it pursuant to the preceding sentence
          except when the claim is in any way related to the Company's indemnification
          pursuant to Section 3.03, or the failure of the Company to service and
          administer the Mortgage Loans in strict compliance with the terms of this
          Agreement.

        

        Section
          8.02 Merger
          or Consolidation of the Company.

        

        The
          Company shall keep in full effect its existence, rights and franchises
          and shall
          obtain and preserve its qualification to do business in each jurisdiction
          in
          which such qualification is or shall be necessary to protect the validity
          and
          enforceability of this Agreement or any of the Mortgage Loans and to perform
          its
          duties under this Agreement.

        

        Any
          Person into which the Company may be merged or consolidated, or any corporation
          resulting from any merger, conversion or consolidation to which the Company
          shall be a party, or any Person succeeding to the business of the Company,
          shall
          be the successor of the Company 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 shall be an institution which is a Fannie Mae/Freddie
          Mac-approved company in good standing and has a net worth of no less than
          $25
          million. Furthermore, in the event the Company transfers or otherwise disposes
          of all or substantially all of its assets to an affiliate of the Company,
          such
          affiliate shall satisfy the condition above, and shall also be fully liable
          to
          the Purchaser for all of the Company's obligations and liabilities
          hereunder.

        

        Section
          8.03 Limitation
          on Liability of Company and Others.

        

        Neither
          the Company nor any of the directors, officers, employees or agents of
          the
          Company shall be under any liability to the Purchaser 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 Company or any such Person against any breach of
          warranties or representations made herein, or failure to perform its obligations
          in strict compliance with any standard of care set forth in this Agreement
          or
          any other liability which would otherwise be imposed under this Agreement.
          The
          Company and any director, officer, employee or agent of the Company may
          rely in
          good faith on any document of any kind prima facie properly executed and
          submitted by any Person respecting any matters arising hereunder. The Company
          shall not be under any obligation to appear in, prosecute or defend any
          legal
          action which is not incidental to its duties to service the Mortgage Loans
          in
          accordance with this Agreement and which in its opinion may involve it
          in any
          expense or liability, provided, however, that the Company may, with the
          consent
          of the Purchaser, undertake any such action which it may deem necessary
          or
          desirable in respect to this Agreement and the rights and duties of the
          parties
          hereto. In such event, the Company shall be entitled to reimbursement from
          the
          Purchaser of the reasonable legal expenses and costs of such
          action.

        

        Section
          8.04 Limitation
          on Resignation and Assignment by Company.

        

        The
          Purchaser has entered into this Agreement with the Company and subsequent
          Purchaser will purchase the Mortgage Loans in reliance upon the independent
          status of the Company, and the representations as to the adequacy of its
          servicing facilities, plant, personnel, records and procedures, its integrity,
          reputation and financial standing, and the continuance thereof. Therefore,
          the
          Company shall neither assign this Agreement or the servicing rights hereunder
          or
          delegate its rights or duties hereunder (other than pursuant to Section
          4.01) or
          any portion hereof or sell or otherwise dispose of all of its property
          or assets
          without the prior written consent of the Purchaser, which consent shall
          not be
          unreasonably withheld.

        

        The
          Company shall not resign from the obligations and duties hereby imposed
          on it
          except by mutual consent of the Company and the Purchaser or upon the
          determination that its duties hereunder are no longer permissible under
          applicable law and such incapacity cannot be cured by the Company. Any
          such
          determination permitting the resignation of the Company shall be evidenced
          by an
          Opinion of Counsel to such effect delivered to the Purchaser which Opinion
          of
          Counsel shall be in form and substance acceptable to the Purchaser. No
          such
          resignation shall become effective until a successor shall have assumed
          the
          Company's responsibilities and obligations hereunder in the manner provided
          in
          Section 12.01.

        

        Without
          in any way limiting the generality of this Section 8.04, in the event that
          the
          Company either shall assign this Agreement or the servicing responsibilities
          hereunder or delegate its duties hereunder (other than pursuant to Section
          4.01)
          or any portion thereof or sell or otherwise dispose of all or substantially
          all
          of its property or assets, without the prior written consent of the Purchaser,
          then the Purchaser shall have the right to terminate this Agreement upon
          notice
          given as set forth in Section 10.01, without any payment of any penalty
          or
          damages and without any liability whatsoever to the Company or any third
          party.

        

         

        ARTICLE
          IX

         

        SECURITIZATION
          TRANSACTIONS; WHOLE LOAN TRANSFERS AND AGENCY TRANSFERS

        

        Section
          9.01 Securitization
          Transactions; Whole Loan Transfers and Agency Transfers

        

        The
          Purchaser and the Company agree that with respect to some or all of the
          Mortgage
          Loans, the Purchaser, at its sole option, may effect Whole Loan Transfers,
          Agency Transfer or Securitization Transactions, retaining the Company as
          the
          servicer thereof or subservicer if a master servicer is employed, or as
          applicable the "seller/servicer." On the Reconstitution Date, the Mortgage
          Loans
          transferred may cease to be covered by this Agreement; provided, however,
          that,
          in the event that any Mortgage Loan transferred pursuant to this Section
          9.01 is
          rejected by the transferee, the Company shall continue to service such
          rejected
          Mortgage Loan on behalf of the Purchaser in accordance with the terms and
          provisions of this Agreement.

        

        The
          Company shall cooperate with the Purchaser in connection with each Whole
          Loan
          Transfer, Agency Transfer or Securitization Transaction in accordance with
          this
          Section 9.01. In connection therewith:

        

        
          	 	
                  (a)

                	
                  the
                    Company shall make all representations and warranties with respect
                    to the
                    Mortgage Loans as of the related Closing Date and with respect
                    to the
                    Company itself as of the closing date of each Whole Loan Transfer,
                    Agency
                    Transfer or Securitization
                    Transaction;

                

        

        

        
          	 	
                  (b)

                	
                  the
                    Company shall negotiate in good faith and execute any seller/servicer
                    agreements required to effectuate the foregoing provided such
                    agreements
                    create no greater obligation or cost on the part of the Company
                    than
                    otherwise set forth in this
                    Agreement;

                

        

        

        
          	 	
                  (c)

                	
                  the
                    Company shall provide as
                    applicable:

                

        

        

        
          	 	
                  (i)

                	
                  any
                    and all information and appropriate verification of information
                    which may
                    be reasonably available to the Company, whether through letters
                    of its
                    auditors and counsel or otherwise, as the Purchaser shall
                    request;

                

        

        

        
          	(ii)  	
                  such
                    additional representations, warranties, covenants, opinions of
                    counsel,
                    letters from auditors, and certificates of public officials or
                    officers of
                    the Company as are reasonably believed necessary by the trustee,
                    any
                    Rating Agency or the Purchaser, as the case may be, in connection
                    with
                    such Whole Loan Transfers, Agency Transfers or Securitization
                    Transactions. The Purchaser shall pay all third party costs associated
                    with the preparation of such information. The Company shall execute
                    any
                    seller/servicer agreements required within a reasonable period
                    of time
                    after receipt of such seller/servicer agreements which time shall
                    be
                    sufficient for the Seller and Seller's counsel to review such
                    seller/servicer agreements. Under this Agreement, the Company
                    shall retain
                    a Servicing Fee for each Mortgage Loan, at no less than the applicable
                    Servicing Fee Rate; and

                

        

        

        
          	(iii)  	
                  at
                    any time as required by any Rating Agency, such additional documents
                    from
                    the related Retained Mortgage File to the Custodian as may be
                    required by
                    such Rating Agency;

                

        

        

        

        
          	(d)  	
                  the
                    Company shall with respect to any Mortgage Loans that are subject
                    to a
                    Securitization Transaction occurring
                    on or before December 31, 2005,in
                    which the filing of a Sarbanes-Oxley Certification directly with
                    the
                    Commission is required, by February 28, 2006, or in connection
                    with any
                    additional Sarbanes-Oxley Certification required to be filed
                    upon thirty
                    (30) days written request, an officer of the Company shall execute
                    and
                    deliver an Officer’s Certification substantially in the form attached
                    hereto as Exhibit F, to the entity filing the Sarbanes-Oxley
                    Certification
                    directly with the Commission (such as the Purchaser, any master
                    servicer,
                    any trustee
                    or
                    any depositor) for the benefit of such entity and such entity’s affiliates
                    and the officers, directors and agents of such entity and such
                    entity’s
                    affiliates, and shall indemnify such entity or persons arising
                    out of any
                    breach of Company’s obligations
                    or
                    representations
                    relating thereto as provided in such Officer’s Certification.

                

        

        

        
          	 	
                  (e)

                	
                  the
                    Company shall, in connection with any Securitization Transaction
                    occurring
                    on or after January 1, 2006, the Company shall (1) within five
                    (5)
                    Business Days following request by the Purchaser or any Depositor,
                    provide
                    to the Purchaser and such Depositor (or, as applicable, cause
                    each
                    Third-Party Originator and each Subservicer to provide), in writing
                    and in
                    form and substance reasonably satisfactory to the Purchaser and
                    such
                    Depositor, the information and materials specified in paragraphs
                    (i),
                    (ii), (iii) and (vii) of this subsection (e), and (2) as promptly
                    as
                    practicable following notice to or discovery by the Company,
                    provide to
                    the Purchaser and any Depositor (in writing and in form and substance
                    reasonably satisfactory to the Purchaser and such Depositor)
                    the
                    information specified in paragraph (iv) of this subsection
                    (e).

                

        

        

        
          	 	
                  (i)

                	
                  if
                    so requested by the Purchaser or any Depositor, the Company shall
                    provide
                    such information regarding (1) the Company, as originator of
                    the Mortgage
                    Loans (including as an acquirer of Mortgage Loans from a Qualified
                    Correspondent), or (2) each Third-Party Originator, and (3) as
                    applicable,
                    each Subservicer, as is requested for the purpose of compliance
                    with Items
                    1103(a)(1), 1105, 1110, 1117 and 1119 of Regulation AB. Such
                    information
                    shall include, at a minimum:

                

        

        

        
          	 	
                  (A)

                	
                  the
                    originator’s form of organization;

                

        

        

        
          	 	
                  (B)

                	
                  a
                    description of the originator’s origination program and how long the
                    originator has been engaged in originating residential mortgage
                    loans,
                    which description shall include a discussion of the originator’s
                    experience in originating mortgage loans of a similar type as
                    the Mortgage
                    Loans; information regarding the size and composition of the
                    originator’s
                    origination portfolio; and information that may be material,
                    in the good
                    faith judgment of the Purchaser, to an analysis of the performance
                    of the
                    Mortgage Loans, including the originators’ credit-granting or underwriting
                    criteria for mortgage loans of similar type(s) as the Mortgage
                    Loans and
                    such other information as the Purchaser or any Depositor may
                    reasonably
                    request for the purpose of compliance with Item 1110(b)(2) of
                    Regulation
                    AB;

                

        

         

        
          	 	
                  (C)

                	
                  a
                    description of any material legal or governmental proceedings
                    pending (or
                    known to be contemplated) against the Company, each Third-Party
                    Originator
                    and each Subservicer; and

                

        

        

        
          	 	
                  (D)

                	
                  a
                    description of any affiliation or relationship between the Company,
                    each
                    Third-Party Originator, each Subservicer and any of the following
                    parties
                    to a Securitization Transaction, as such parties are identified
                    to the
                    Company by the Purchaser or any Depositor in writing in advance
                    of a
                    Securitization Transaction:

                

        

        

        
          	 	
                  (1)

                	
                  the
                    sponsor;

                

        

        (2)          
          the
          depositor;

        (3)          
          the
          issuing entity;

        (4)          
          any
          servicer;

        (5)          
          any
          trustee;

        (6)          
          any
          originator;

        (7)          
          any
          significant obligor;

        (8)          
          any
          enhancement or support provider; and

        (9)          
          any
          other
          material transaction party.

        

        
          	 	
                  (ii)

                	
                  If
                    so requested by the Purchaser or any Depositor, the Company shall
                    provide
                    (or, as applicable, cause each Third-Party Originator to provide)
                    Static
                    Pool Information with respect to the mortgage loans (of a similar
                    type as
                    the Mortgage Loans, as reasonably identified by the Purchaser
                    as provided
                    below) originated by (1) the Company, if the Company is an originator
                    of
                    Mortgage Loans (including as an acquirer of Mortgage Loans from
                    a
                    Qualified Correspondent), and/or (2) each Third-Party Originator.
                    Such
                    Static Pool Information shall be prepared by the Company (or
                    Third-Party
                    Originator) on the basis of its reasonable, good faith interpretation
                    of
                    the requirements of Item 1105(a)(1)-(3) of Regulation AB. To
                    the extent
                    that there is reasonably available to the Company (or Third-Party
                    Originator) Static Pool Information with respect to more than
                    one mortgage
                    loan type, the Purchaser or any Depositor shall be entitled to
                    specify
                    whether some or all of such information shall be provided pursuant
                    to this
                    paragraph. The content of such Static Pool Information may be
                    in the form
                    customarily provided by the Company, and need not be customized
                    for the
                    Purchaser or any Depositor. Such Static Pool Information for
                    each vintage
                    origination year or prior securitized pool, as applicable, shall
                    be
                    presented in increments no less frequently than quarterly over
                    the life of
                    the mortgage loans included in the vintage origination year or
                    prior
                    securitized pool. The most recent periodic increment must be
                    as of a date
                    no later than 135 days prior to the date of the prospectus or
                    other
                    offering document in which the Static Pool Information is to
                    be included
                    or incorporated by reference. The Static Pool Information shall
                    be
                    provided in an electronic format that provides a permanent record
                    of the
                    information provided, such as a portable document format (pdf)
                    file, or
                    other such electronic format reasonably required by the Purchaser
                    or the
                    Depositor, as applicable.

                

        

        

        If
          so
          requested by the Purchaser or any Depositor, the Company shall provide
          (or, as
          applicable, cause each Third-Party Originator to provide), at the expense
          of the
          requesting party (to the extent of any additional incremental expense associated
          with delivery pursuant to this Agreement), such statements and agreed-upon
          procedures letters of certified public accountants reasonably acceptable
          to the
          Purchaser or Depositor, as applicable, pertaining to Static Pool Information
          relating to prior securitized pools for securitizations closed on or after
          January 1, 2006 or, in the case of Static Pool Information with respect
          to the
          Company’s or Third-Party Originator’s originations or purchases, to calendar
          months commencing January 1, 2006, as the Purchaser or such Depositor shall
          reasonably request. Such statements and letters shall be addressed to and
          be for
          the benefit of such parties as the Purchaser or such Depositor shall designate,
          which may include, by way of example, any sponsor, any Depositor and any
          broker
          dealer acting as underwriter, placement agent or initial purchaser with
          respect
          to a Securitization Transaction. Any such statement or letter may take
          the form
          of a standard, generally applicable document accompanied by a reliance
          letter
          authorizing reliance by the addressees designated by the Purchaser or such
          Depositor.

        

        
          	 	
                  (iii)

                	
                  If
                    so requested by the Purchaser or any Depositor, the Company shall
                    provide
                    such information regarding the Company, as servicer of the Mortgage
                    Loans,
                    and each Subservicer (each of the Company and each Subservicer,
                    for
                    purposes of this paragraph, a “Servicer”), as is requested for the purpose
                    of compliance with Items 1108 of Regulation AB. Such information
                    shall
                    include, at a minimum:

                

        

        

        
          	 	
                  (A)

                	
                  the
                    Servicer’s form of organization;

                

        

        

        
          	 	
                  (B)

                	
                  a
                    description of how long the Servicer has been servicing residential
                    mortgage loans; a general discussion of the Servicer’s experience in
                    servicing assets of any type as well as a more detailed discussion
                    of the
                    Servicer’s experience in, and procedures for, the servicing function it
                    will perform under this Agreement and any Reconstitution Agreements;
                    information regarding the size, composition and growth of the
                    Servicer’s
                    portfolio of residential mortgage loans of a type similar to
                    the Mortgage
                    Loans and information on factors related to the Servicer that
                    may be
                    material, in the good faith judgment of the Purchaser or any
                    Depositor, to
                    any analysis of the servicing of the Mortgage Loans or the related
                    asset-backed securities, as applicable, including, without limitation:
                    

                

        

        

        
          	 	
                  (1)

                	
                  whether
                    any prior securitizations of mortgage loans of a type similar
                    to the
                    Mortgage Loans involving the Servicer have defaulted or experienced
                    an
                    early amortization or other performance triggering event because
                    of
                    servicing during the three-year period immediately preceding
                    the related
                    Securitization Transaction;

                

        

        

        
          	 	
                  (2)

                	
                  the
                    extent of outsourcing the Servicer
                    utilizes;

                

        

        

        
          	 	
                  (3)

                	
                  whether
                    there has been previous disclosure of material noncompliance
                    with the
                    applicable servicing criteria with respect to other securitizations
                    of
                    residential mortgage loans involving the Servicer as a servicer
                    during the
                    three-year period immediately preceding the related Securitization
                    Transaction;

                

        

        

        
          	 	
                  (4)

                	
                  whether
                    the Servicer has been terminated as servicer in a residential
                    mortgage
                    loan securitization, either due to a servicing default or to
                    application
                    of a servicing performance test or trigger; and

                

        

        

        
          	 	
                  (5)

                	
                  such
                    other information as the Purchaser or any Depositor may reasonably
                    request
                    for the purpose of compliance with Item 1108(b)(2) of Regulation
                    AB;

                

        

        

        
          	 	
                  (C)

                	
                  a
                    description of any material changes during the three-year period
                    immediately preceding the related Securitization Transaction
                    to the
                    Servicer’s policies or procedures with respect to the servicing function
                    it will perform under this Agreement and any Reconstitution Agreements
                    for
                    mortgage loans of a type similar to the Mortgage
                    Loans;

                

        

        

        
          	 	
                  (D)

                	
                  information
                    regarding the Servicer’s financial condition, to the extent that there is
                    a material risk that an adverse financial event or circumstance
                    involving
                    the Servicer could have a material adverse effect on the performance
                    by
                    the Company of its servicing obligations under this Agreement
                    or any
                    Reconstitution Agreement;

                

        

        

        
          	 	
                  (E)

                	
                  information
                    regarding advances made by the Servicer on the Mortgage Loans
                    and the
                    Servicer’s overall servicing portfolio of residential mortgage loans for
                    the three-year period immediately preceding the related Securitization
                    Transaction, which may be limited to a statement by an authorized
                    officer
                    of the Servicer to the effect that the Servicer has made all
                    advances
                    required to be made on residential mortgage loans serviced by
                    it during
                    such period, or, if such statement would not be accurate, information
                    regarding the percentage and type of advances not made as required,
                    and
                    the reasons for such failure to
                    advance;

                

        

        

        
          	 	
                  (F)

                	
                  a
                    description of the Servicer’s processes and procedures designed to address
                    any special or unique factors involved in servicing loans of
                    a similar
                    type as the Mortgage Loans;

                

        

        

        
          	 	
                  (G)

                	
                  a
                    description of the Servicer’s processes for handling delinquencies,
                    losses, bankruptcies and recoveries, such as through liquidation
                    of
                    mortgaged properties, sale of defaulted mortgage loans or workouts;
                    and
                    

                

        

        

        
          	 	
                  (H)

                	
                  information
                    as to how the Servicer defines or determines delinquencies and
                    charge-offs, including the effect of any grace period, re-aging,
                    restructuring, partial payments considered current or other practices
                    with
                    respect to delinquency and loss
                    experience.

                

        

        

        
          	 	
                  (iv)

                	
                  If
                    so requested by the Purchaser or any Depositor for the purpose
                    of
                    satisfying its reporting obligation under the Exchange Act with
                    respect to
                    any class of asset-backed securities, the Company shall (or shall
                    cause
                    each Subservicer and Third-Party Originator to) (1) notify the
                    Purchaser
                    and any Depositor in writing of (A) any material litigation or
                    governmental proceedings pending against the Company, any Subservicer
                    or
                    any Third-Party Originator and (B) any affiliations or relationships
                    that
                    develop following the closing date of a Securitization Transaction
                    between
                    the Company, any Subservicer or any Third-Party Originator and
                    any of the
                    parties specified in Section 9.01(e)(i)(D) (and any other parties
                    identified in writing by the requesting party) with respect to
                    such
                    Securitization Transaction, and (2) provide to the Purchaser
                    and any
                    Depositor a description of such proceedings, affiliations or
                    relationships.

                

        

        

        
          	 	
                  (v)

                	
                  As
                    a condition to the succession to the Company or any Subservicer
                    as
                    servicer or Subservicer under this Agreement or any Reconstitution
                    Agreement by any Person (i) into which the Company or such Subservicer
                    may
                    be merged or consolidated, or (ii) which may be appointed as
                    a successor
                    to the Company or any Subservicer, the Company shall provide
                    to the
                    Purchaser and any Depositor, at least 15 calendar days prior
                    to the
                    effective date of such succession or appointment, (x) written
                    notice to
                    the Purchaser and any Depositor of such succession or appointment
                    and (y)
                    in writing and in form and substance reasonably satisfactory
                    to the
                    Purchaser and such Depositor, all information reasonably requested
                    by the
                    Purchaser or any Depositor in order to comply with is reporting
                    obligation
                    under Item 6.02 of Form 8-K with respect to any class of asset-backed
                    securities.

                

        

        

        
          	 	
                  (vi)

                	
                  (A)

                	
                  The
                    Company shall represent to the Purchaser, as of the date on which
                    information is first provided to the Purchaser under this Section
                    9.01(e)
                    that, except as disclosed in writing to the Purchaser prior to
                    such date:
                    (1) the Company is not aware and has not received notice that
                    any default,
                    early amortization or other performance triggering event has
                    occurred as
                    to any other securitization due to any act or failure to act
                    of the
                    Company; (2) the Company has not been terminated as servicer
                    in a
                    residential mortgage loan securitization, either due to a servicing
                    default or to application of a servicing performance test or
                    trigger; (3)
                    no material noncompliance with the applicable servicing criteria
                    with
                    respect to other securitizations of residential mortgage loans
                    involving
                    the Company as servicer has been disclosed or reported by the
                    Company; (4)
                    no material changes to the Company’s policies or procedures with respect
                    to the servicing function it will perform under this Agreement
                    and any
                    Reconstitution Agreement for mortgage loans of a type similar
                    to the
                    Mortgage Loans have occurred during the three-year period immediately
                    preceding the related Securitization Transaction; (5) there are
                    no aspects
                    of the Company’s financial condition that could have a material adverse
                    effect on the performance by the Company of its servicing obligations
                    under this Agreement or any Reconstitution Agreement; (6) there
                    are no
                    material legal or governmental proceedings pending (or known
                    to be
                    contemplated) against the Company, any Subservicer or any Third-Party
                    Originator; and (7) there are no affiliations, relationships
                    or
                    transactions relating to the Company, any Subservicer or any
                    Third-Party
                    Originator with respect to any Securitization Transaction and
                    any party
                    thereto identified by the related Depositor of a type described
                    in Item
                    1119 of Regulation AB.

                

        

        

        
          	 	
                  (B)

                	
                  If
                    so requested by the Purchaser on any date following the date
                    on which
                    information is first provided to the Purchaser under this Section
                    9.01(e),
                    the Company shall, within five (5) Business Days following such
                    request,
                    confirm in writing the accuracy of the representations and warranties
                    set
                    forth in sub clause (A) above or, if any such representation
                    and warranty
                    is not accurate as of the date of such request, provide reasonably
                    adequate disclosure of the pertinent facts, in writing, to the
                    requesting
                    party.

                

        

        

        
          	 	
                  (vii)

                	
                  In
                    addition to such information as the Company, as servicer, is
                    obligated to
                    provide pursuant to other provisions of this Agreement, if so
                    requested by
                    the Purchaser or any Depositor, the Company shall provide such
                    information
                    reasonably available to the Company regarding the performance
                    of the
                    Mortgage Loans as is reasonably required to facilitate preparation
                    of
                    distribution reports in accordance with Item 1121 of Regulation
                    AB.

                

        

        

        
          	 	
                  (f)

                	
                  the
                    Company shall indemnify the Purchaser, each affiliate of the
                    Purchaser,
                    and each of the following parties participating in a Securitization
                    Transaction; each sponsor and issuing entity; each Person responsible
                    for
                    the preparation, execution or filing of any report required to
                    be filed
                    with the Commission with respect to such Securitization Transaction,
                    or
                    for execution of a certification pursuant to Rule 13a-14(d) or
                    Rule
                    15d-14(d) under the Exchange Act with respect to such Securitization
                    Transaction; each broker dealer acting as underwriter, placement
                    agent or
                    initial purchaser, each Person who controls any of such parties
                    or the
                    Depositor (within the meaning of Section 15 of the Securities
                    Act and
                    Section 20 of the Exchange Act); and the respective present and
                    former
                    directors, officers, employees and agents of each of the foregoing
                    and of
                    the Depositor, and shall hold each of them harmless from and
                    against any
                    losses, damages, penalties, fines, forfeitures, legal fees and
                    expenses
                    and related costs, judgments, and any other costs, fees and expenses
                    that
                    any of them may sustain arising out of or based
                    upon:

                

        

        

        (i) (A) any
          untrue statement of a material fact contained or alleged to be contained
          in any
          information, report, certification, accountants’ letter or other material
          provided under Sections 9.01(c) and (e) by or on behalf of the Company,
          or
          provided under Sections 9.01(c) and (e) by or on behalf of any Subservicer,
          Subcontractor or Third-Party Originator (collectively, the “Company
          Information”), or (B) the omission or alleged omission to state in the Company
          Information a material fact required to be stated in the Company Information
          or
          necessary in order to make the statements therein, in the light of the
          circumstances under which they were made, not misleading; provided,
          by way of clarification, that
          clause (B) of this paragraph shall be construed solely by reference to
          the
          Company Information and not to any other information communicated in connection
          with a sale or purchase of securities, without regard to whether the Company
          Information or any portion thereof is presented together with or separately
          from
          such other information;

        

        
          	(ii)  	
                  any
                    failure by the Company, any Subservicer, any Subcontractor or
                    any
                    Third-Party Originator to deliver any information, report, certification,
                    accountants’ letter or other material when and as required under Sections
                    9.01(c) and (e), including any failure by the Company to identify
                    any
                    Subcontractor “participating in the servicing function” within the meaning
                    of Item 1122 of Regulation AB; or

                

        

        

        
          	(iii)  	
                  any
                    breach by the Company of a representation or warranty set forth
                    in Section
                    9.01(e)(iv)(A) or in a writing furnished pursuant to Section
                    9.01(e)(iv)(B) and made as of a date prior to the closing date
                    of the
                    related Securitization Transaction, to the extent that such breach
                    is not
                    cured by such closing date, or any breach by the Company of a
                    representation or warranty in a writing furnished pursuant to
                    Section
                    9.01(e)(iv)(B) to the extent made as of a date subsequent to
                    such closing
                    date.

                

        

        

        In
          the
          case of any failure of performance described in sub-clause (ii) of this
          Section
          9.01(f), the Company shall promptly reimburse the Purchaser, any Depositor,
          as
          applicable, and each Person responsible for the preparation, execution
          or filing
          of any report required to be filed with the Commission with respect to
          such
          Securitization Transaction, or for execution of a certification pursuant
          to Rule
          13a-14(d) or Rule 15d-14(d) under the Exchange Act with respect to such
          Securitization Transaction, for all costs reasonably incurred by each such
          party
          in order to obtain the information, report, certification, accountants’ letter
          or other material not delivered as required by the Company, any Subservicer,
          any
          Subcontractor or any Third-Party Originator. 

        

        
          	 	
                  (g)

                	
                  the
                    Purchaser and each Person who controls the Purchaser shall indemnify
                    the
                    Company, each affiliate of the Company, each Person who controls
                    any of
                    such parties or the Company (within the meaning of Section 15
                    of the
                    Securities Act and Section 20 of the Exchange Act) and the respective
                    present and former directors, officers, employees and agents
                    of each of
                    the foregoing and of the Company, and shall hold each of them
                    harmless
                    from and against any losses, damages, penalties, fines, forfeitures,
                    legal
                    fees and expenses and related costs, judgments, and any other
                    costs, fees
                    and expenses that any of them may sustain arising out of or based
                    upon:

                

        

        

        (i) (A) any
          untrue statement of a material fact contained or alleged to be contained
          in any
          offering materials related to a Securitization Transaction, including without
          limitation the registration statement, prospectus, prospectus supplement,
          any
          private placement memorandum, any offering circular, any computational
          materials, and any amendments or supplements to the foregoing (collectively,
          the
“Securitization Materials”) or (B) the omission or alleged omission to state in
          the Securitization Materials a material fact required to be stated in the
          Securitization Materials or necessary in order to make the statements therein,
          in the light of the circumstances under which they were made, not misleading,
          but only to the extent that such untrue statement or alleged untrue statement
          or
          omission or alleged omission is other than a statement or omission arising
          out
          of, resulting from, or based upon the Company Information.

        

        The
          Purchaser and the Company acknowledge and agree that the purpose of Section
          9.01(e) is to facilitate compliance by the Purchaser and any Depositor
          with the
          provisions of Regulation AB and related rules and regulations of the Commission.
          Neither the Purchaser nor any Depositor shall exercise its right to request
          delivery of information or other performance under these provisions other
          than
          in good faith, or for purposes other than compliance with the Securities
          Act,
          the Exchange Act and the rules and regulations of the Commission thereunder.
          The
          Company acknowledges that interpretations of the requirements of Regulation
          AB
          may change over time, whether due to interpretive guidance provided by
          the
          Commission or its staff, consensus among participants in the asset-backed
          securities markets, advice of counsel, or otherwise, and agrees to comply
          with
          requests made by the Purchaser or any Depositor in good faith for delivery
          of
          information under these provisions on the basis of evolving interpretations
          of
          Regulation AB. In connection with any Securitization Transaction, the Company
          shall cooperate fully with the Purchaser to deliver to the Purchaser (including
          any of its assignees or designees) and any Depositor, any and all statements,
          reports, certifications, records and any other information necessary in
          the good
          faith determination of the Purchaser or any Depositor to permit the Purchaser
          or
          such Depositor to comply with the provisions of Regulation AB, together
          with
          such disclosures relating to the Company, any Subservicer, any Third-Party
          Originator and the Mortgage Loans, or the servicing of the Mortgage Loans,
          reasonably believed by the Purchaser or any Depositor to be necessary in
          order
          to effect such compliance.

        

        In
          the
          event the Purchaser has elected to have the Company hold record title to
          the
          Mortgages, prior to the Reconstitution Date the Company shall prepare an
          Assignment of Mortgage in blank or to the trustee from the Company acceptable
          to
          the trustee for each Mortgage Loan that is part of the Whole Loan Transfers,
          Agency Transfer or Securitization Transactions. The Company shall pay all
          preparation and recording costs associated with the initial Assignment
          of
          Mortgage. The Company shall execute each Assignment of Mortgage, track
          such
          Assignments of Mortgage to ensure they have been recorded and deliver them
          as
          required by the trustee upon the Company's receipt thereof. Additionally,
          the
          Company shall prepare and execute, at the direction of the Purchaser, any
          note
          endorsements in connection with any and all seller/servicer agreements.
          If
          required at any time by a Rating Agency, Purchaser or successor purchaser
          in
          connection with any Whole Loan Transfer, Agency Sale or Securitization
          Transaction, the Company shall deliver such additional documents from its
          Retained Mortgage File within thirty (30) Business Days to the Custodian,
          successor purchaser or other designee of the Purchaser as said Rating Agency,
          Purchaser or successor purchaser may require.

        

        All
          Mortgage Loans (i) not sold or transferred pursuant to Whole Loan Transfers,
          Agency Transfer or Securitization Transactions or (ii) that are subject
          to a
          Securitization for which the related trust is terminated for any reason,
          shall
          remain subject to this Agreement and shall continue to be serviced in accordance
          with the terms of this Agreement and with respect thereto this Agreement
          shall
          remain in full force and effect.

        

         

        ARTICLE
          X

         

        DEFAULT

        

        Section
          10.01 Events
          of Default.

        

        Each
          of
          the following shall constitute an Event of Default on the part of the
          Company:

        

        
          	 	
                  (i)

                	
                  any
                    failure by the Company to remit to the Purchaser any payment
                    required to
                    be made under the terms of this Agreement which continues unremedied
                    for a
                    period of two Business Days after the date upon which written
                    notice of
                    such failure, requiring the same to be remedied, shall have been
                    given to
                    the Company by the Purchaser; or

                

        

        

        
          	 	
                  (ii)

                	
                  failure
                    by the Company duly to observe or perform in any material respect
                    any
                    other of the covenants or agreements on the part of the Company
                    set forth
                    in this Agreement or in the Custodial Agreement which continues
                    unremedied
                    for a period of 90 days after the date on which written notice
                    of such
                    failure, requiring the same to be remedied, shall have been given
                    to the
                    Company by the Purchaser or by the Custodian;
                    or

                

        

        

        
          	 	
                  (iii)

                	
                  failure
                    by the Company to maintain its license to do business in any
                    jurisdiction
                    where the Mortgaged Property is located if such license is required;
                    or

                

        

        

        
          	 	
                  (iv)

                	
                  a
                    decree or order of a court or agency or supervisory authority
                    having
                    jurisdiction for the appointment of a conservator or receiver
                    or
                    liquidator in any insolvency, readjustment of debt, including
                    bankruptcy,
                    marshaling of assets and liabilities or similar proceedings,
                    or for the
                    winding-up or liquidation of its affairs, shall have been entered
                    against
                    the Company and such degree or order shall have remained in force
                    undischarged or unstayed for a period of 60 days;
                    or

                

        

        

        
          	 	
                  (v)

                	
                  the
                    Company 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
                    Company or of
                    or relating to all or substantially all of its property;
                    or

                

        

        

        
          	 	
                  (vi)

                	
                  the
                    Company 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, bankruptcy or reorganization statute, make an assignment
                    for
                    the benefit of its creditors, voluntarily suspend payment of
                    its
                    obligations or cease its normal business operations; or
                    

                

        

        

        
          	 	
                  (vii)

                	
                  the
                    Company ceases to meet the qualifications of a Fannie Mae/Freddie
                    Mac
                    servicer; or

                

        

        

        
          	 	
                  (viii)

                	
                  the
                    Company attempts to assign its right to servicing compensation
                    hereunder
                    or to assign this Agreement or the servicing responsibilities
                    hereunder or
                    to delegate its duties hereunder or any portion thereof in violation
                    of
                    Section 8.04.

                

        

        

        In
          each
          and every such case, so long as an Event of Default shall not have been
          remedied, in addition to whatever rights the Purchaser may have at law
          or equity
          to damages, including injunctive relief and specific performance, the Purchaser,
          by notice in writing to the Company, may terminate all the rights and
          obligations of the Company under this Agreement and in and to the Mortgage
          Loans
          and the proceeds thereof.

        

        Upon
          receipt by the Company of such written notice, all authority and power
          of the
          Company under this Agreement, whether with respect to the Mortgage Loans
          or
          otherwise, shall pass to and be vested in the successor appointed pursuant
          to
          Section 12.01. Upon written request from any Purchaser, the Company shall
          prepare, execute and deliver to the successor entity designated by the
          Purchaser
          any and all documents and other instruments, place in such successor's
          possession all Servicing Files, and do or cause to be done all other acts
          or
          things necessary or appropriate to effect the purposes of such notice of
          termination, including but not limited to the transfer and endorsement
          or
          assignment of the Mortgage Loans and related documents, at the Company's
          sole
          expense. The Company shall cooperate with the Purchaser and such successor
          in
          effecting the termination of the Company's responsibilities and rights
          hereunder, including without limitation, the transfer to such successor
          for
          administration by it of all cash amounts which shall at the time be credited
          by
          the Company to the Custodial Account, Subsidy Account or Escrow Account
          or
          thereafter received with respect to the Mortgage Loans.

        

        Section
          10.02 Waiver
          of Defaults.

        

        By
          a
          written notice, the Purchaser may waive any default by the Company in the
          performance of its obligations hereunder and its consequences. Upon any
          waiver
          of a past default, such default shall cease to exist, and any Event of
          Default
          arising therefrom shall be deemed to have been remedied for every purpose
          of
          this Agreement. No such waiver shall extend to any subsequent or other
          default
          or impair any right consequent thereon except to the extent expressly so
          waived.

        

         

        ARTICLE
          XI

         

        TERMINATION

        

        Section
          11.01 Termination.

        

        This
          Agreement shall terminate upon either: (i) the later of the final payment
          or
          other liquidation (or any advance with respect thereto) of the last Mortgage
          Loan or the disposition of any REO Property with respect to the last Mortgage
          Loan and the remittance of all funds due hereunder; or (ii) mutual consent
          of
          the Company and the Purchaser in writing.

        

        Section
          11.02 Termination
          Without Cause.

        

        The
          Purchaser may terminate, at its sole option, any rights the Company may
          have
          hereunder, without cause as provided in this Section 11.02. Any such notice
          of
          termination shall be in writing and delivered to the Company by registered
          mail
          as provided in Section 12.05.

        

        The
          Company shall be entitled to receive, as such liquidated damages, upon
          the
          transfer of the servicing rights, an amount equal to: (i) 2.75% of the
          aggregate
          outstanding principal amount of the Mortgage Loans as of the termination
          date
          paid by the Purchaser to the Company with respect to all of the Mortgage
          Loans
          for which a servicing fee rate of .25% is paid per annum, (ii) 3.25% of
          the
          aggregate outstanding principal amount of the Mortgage Loans as of the
          termination date paid by the Purchaser to the Company with respect to all
          of the
          Mortgage Loans for which a servicing fee rate of .375% is paid per annum,
          and
          (iii) 3.75% of the aggregate outstanding principal amount of the Mortgage
          Loans
          as of the termination date paid by the Purchaser to the Company with respect
          to
          all of the Mortgage Loans for which a servicing fee rate of .44% or greater
          is
          paid per annum.

        

         

        ARTICLE
          XII

         

        MISCELLANEOUS
          PROVISIONS

        

        Section
          12.01 Successor
          to Company.

        

        Prior
          to
          termination of the Company's responsibilities and duties under this Agreement
          pursuant to Sections 8.04, 10.01, 11.01 (ii) or 11.02 the Purchaser shall,
          (i)
          succeed to and assume all of the Company's responsibilities, rights, duties
          and
          obligations under this Agreement, or (ii) appoint a successor having the
          characteristics set forth in Section 8.02 and which shall succeed to all
          rights
          and assume all of the responsibilities, duties and liabilities of the Company
          under this Agreement prior to the termination of Company's responsibilities,
          duties and liabilities under this Agreement. In connection with such appointment
          and assumption, the Purchaser may make such arrangements for the compensation
          of
          such successor out of payments on Mortgage Loans as it and such successor
          shall
          agree. In the event that the Company's duties, responsibilities and liabilities
          under this Agreement should be terminated pursuant to the aforementioned
          sections, the Company shall discharge such duties and responsibilities
          during
          the period from the date it acquires knowledge of such termination until
          the
          effective date thereof with the same degree of diligence and prudence which
          it
          is obligated to exercise under this Agreement, and shall take no action
          whatsoever that might impair or prejudice the rights or financial condition
          of
          its successor. The resignation or removal of the Company pursuant to the
          aforementioned sections shall not become effective until a successor shall
          be
          appointed pursuant to this Section 12.01 and shall in no event relieve
          the
          Company of the representations and warranties made pursuant to Sections
          3.01 and
          3.02 and the remedies available to the Purchaser under Section 3.03, it
          being
          understood and agreed that the provisions of such Sections 3.01, 3.02,
          3.03 and
          8.01 shall be applicable to the Company notwithstanding any such sale,
          assignment, resignation or termination of the Company, or the termination
          of
          this Agreement.

        

        Any
          successor appointed as provided herein shall execute, acknowledge and deliver
          to
          the Company and to the Purchaser an instrument accepting such appointment,
          wherein the successor shall make the representations and warranties set
          forth in
          Section 3.01, except for subsection (h) with respect to the sale of the
          Mortgage
          Loans and subsections (i) and (k) thereof, whereupon such successor shall
          become
          fully vested with all the rights, powers, duties, responsibilities, obligations
          and liabilities of the Company, with like effect as if originally named
          as a
          party to this Agreement. Any termination or resignation of the Company
          or
          termination of this Agreement pursuant to Section 8.04, 10.01, 11.01 or
          11.02
          shall not affect any claims that any Purchaser may have against the Company
          arising out of the Company's actions or failure to act prior to any such
          termination or resignation.

        

        The
          Company shall deliver promptly to the successor servicer the funds in the
          Custodial Account, Subsidy Account and Escrow Account and all Servicing
          Files
          and related documents and statements held by it hereunder and the Company
          shall
          account for all funds and shall execute and deliver such instruments and
          do such
          other things as may reasonably be required to more fully and definitively
          vest
          in the successor all such rights, powers, duties, responsibilities, obligations
          and liabilities of the Company.

        

        Upon
          a
          successor's acceptance of appointment as such, the Company shall notify
          by mail
          the Purchaser of such appointment in accordance with the procedures set
          forth in
          Section 12.05.

        

        Section
          12.02 Amendment.

        

        This
          Agreement may be amended from time to time by written agreement signed
          by the
          Company and the Purchaser.

        

        Section
          12.03 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.

        

        Each
          of
          the Company and the Purchaser hereby knowingly, voluntarily and intentionally
          waives any and all rights it may have to a trial by jury in respect or
          any
          litigation based on, or arising out of, under, or in connection with, this
          Agreement, or any other documents and instruments executed in connection
          herewith, or any course of conduct, course of dealing, statements (whether
          oral
          or written), or actions of the Company or the Purchaser. This provision
          is a
          material inducement for the Purchaser to enter into this Agreement.

        

        Section
          12.04 Duration
          of Agreement.

        

        This
          Agreement shall continue in existence and effect until terminated as herein
          provided. This Agreement shall continue notwithstanding transfers of the
          Mortgage Loans by the Purchaser.

        

        Section
          12.05 Notices.

        

        All
          demands, notices and communications hereunder shall be in writing and shall
          be
          deemed to have been duly given if personally delivered at or mailed by
          registered mail, postage prepaid, addressed as follows:

        

        (i)           
          if
          to the
          Company with respect to servicing and investor reporting issues:

        

        Wells
          Fargo Bank, N.A.

        1
          Home
          Campus

        Des
          Moines, Iowa 50328-0001

        Attention:
          John B. Brown, MAC X2401-042

        

        If
          to the
          Company with respect to all other issues:

        

        Wells
          Fargo Bank, N.A.

        7430
          New
          Technology Way

        Frederick,
          MD 21703

        Attention:
          Structured Finance Manager, MAC X3906-012

        

        In
          each
          instance with a copy to:

         

        Wells
          Fargo Bank, N.A.

        1
          Home
          Campus

        Des
          Moines, Iowa 50328-0001

        Attention:
          General Counsel, MAC X2401-06T

        

        or
          such
          other address as may hereafter be furnished to the Purchaser in writing
           by
          the
          Company;

        

        (ii)          
          if
          to
          Purchaser:

         

        EMC
          Mortgage Corporation

        Mac
          Arthur Ridge II

        909
          Hidden Ridge Dr., Suite 200

        Irving,
          TX 75038

        Attention:
          Ralene Ruyle

        

        With
          a
          copy to:

        

        Bear
          Stearns Mortgage Capital Corp.

        383
          Madison Avenue

        New
          York,
          NY 10179

        Attention:
          Baron Silverstein

        

        Section
          12.06 Severability
          of Provisions.

        

        If
          any
          one or more of the covenants, agreements, provisions or terms of this Agreement
          shall be held invalid for any reason whatsoever, 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.

        

        Section
          12.07 Relationship
          of Parties.

        

        Nothing
          herein contained shall be deemed or construed to create a partnership or
          joint
          venture between the parties hereto and the services of the Company shall
          be
          rendered as an independent contractor and not as agent for the
          Purchaser.

        

        Section
          12.08 Execution;
          Successors and Assigns.

        

        This
          Agreement may be executed in one or more counterparts and by the different
          parties hereto on separate counterparts, each of which, when so executed,
          shall
          be deemed to be an original; such counterparts, together, shall constitute
          one
          and the same agreement. Subject to Section 8.04, this Agreement shall inure
          to
          the benefit of and be binding upon the Company and the Purchaser and their
          respective successors and assigns.

        

        Section
          12.09 Recordation
          of Assignments of Mortgage.

        

        To
          the
          extent permitted by applicable law, each of the Assignments of Mortgage
          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 Mortgaged Properties are situated, and in any other appropriate
          public recording office or elsewhere, such recordation to be effected at
          the
          Company's expense in the event recordation is either necessary under applicable
          law or requested by the Purchaser at its sole option.

        

        Section
          12.10 Assignment
          by Purchaser.

        

        The
          Purchaser shall have the right, without the consent of the Company but
          subject
          to the limit set forth in Section 2.02 hereof, to assign, in whole or in
          part,
          its interest under this Agreement with respect to some or all of the Mortgage
          Loans, and designate any person to exercise any rights of the Purchaser
          hereunder, by executing an Assignment, Assumption and Recognition Agreement
          substantially in the form attached as Exhibit G and the assignee or designee
          shall accede to the rights and obligations hereunder of the Purchaser with
          respect to such Mortgage Loans. All references to the Purchaser in this
          Agreement shall be deemed to include its assignee or designee.

        

        Section
          12.11 Solicitation
          of Mortgagor.

        

        Neither
          party shall, after the related Closing Date, take any action to solicit
          the
          refinancing of any Mortgage Loan. It is understood and agreed that neither
          (i)
          promotions undertaken by either party or any affiliate of either party
          which are
          directed to the general public at large, including, without limitation,
          mass
          mailings based upon commercially acquired mailing lists, newspaper, radio,
          television advertisements nor (ii) serving the refinancing needs of a Mortgagor
          who, without solicitation, contacts either party in connection with the
          refinance of such Mortgage or Mortgage Loan, shall constitute solicitation
          under
          this Section.

        

        

        

        [Intentionally
          Blank - Next Page Signature Page]

        

        

        
          
            
              
              

            

            
              
              

              
                

              

            

            
              
              

            

          

        

        

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

        

        

        EMC
          MORTGAGE CORPORATION WELLS
          FARGO BANK, N.A.

        Purchaser      Company

        

        By::
          _________________________________ By:
          ________________________________

        

        Name:
          _______________________________ Name:
          ______________________________

        

        Title:
          ________________________________ Title:
          _______________________________

        

        

        
          
            
              
              

            

            
              
              

              
                

              

            

            
              
              

            

          

        

        

        

        
          	
                  STATE
                    OF_____________

                	
                  )

                	 
	 	
                  )

                	
                  ss.:

                
	
                  COUNTY
                    OF___________

                	
                  )

                	 

        

        

        

        On
          the
          _____ day of _______________, 20___ before me, a Notary Public in and for
          said
          State, personally appeared __________________________, known to me to be
          _____________________________ of Wells Fargo Bank, N.A., the national banking
          association that executed the within instrument and also known to me to
          be the
          person who executed it on behalf of said bank, and acknowledged to me that
          such
          bank executed the within instrument.

        

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

        

        

        ____________________________________

        Notary
          Public

        

        My
          Commission expires ____________________

        

        

        
          
            
              
              

            

            
              
              

              
                

              

            

            
              
              

            

          

        

        

        

        
          	
                  STATE
                    OF_____________

                	
                  )

                	 
	 	
                  )

                	
                  ss.:

                
	
                  COUNTY
                    OF___________

                	
                  )

                	 

        

        

        On
          the
          _____ day of _______________, 20___ before me, a Notary Public in and for
          said
          State, personally appeared _____________________________________, known
          to me to
          be the ______________________________ of EMC Mortgage Corporation, the
          corporation that executed the within instrument and also known to me to
          be the
          person who executed it on behalf of said corporation, and acknowledged
          to me
          that such corporation executed the within instrument.

        

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

        

        

        ____________________________________

        Notary
          Public

        

        My
          Commission expires ___________________

        

        

        

        
          
            
              
              

            

            
              
              

              
                

              

            

            
              
              

            

          

        

        

        EXHIBIT
          A

        

        

        FORM
          OF
          ASSIGNMENT AND CONVEYANCE AGREEMENT

         

        On
          this
          _____ day of __________, 20___, Wells Fargo Bank, N.A. (the "Seller")
          as the
          Seller under that certain Amended and Restated Master Mortgage Loan Purchase
          Agreement, ("Purchase Agreement") and as the Company under that certain
          Amended
          and Restated Master Seller's Warranties and Servicing Agreement (the "Servicing
          Agreement") each dated as of _______________, 20___, (collectively, the
          "Agreements")
          does
          hereby sell, transfer, assign, set over and convey to EMC Mortgage Corporation
          as the Purchaser (the "Purchaser")
          under
          the Purchase Agreement, and Purchaser hereby accepts from Seller, without
          recourse, but subject to the terms of the Agreements, all right, title
          and
          interest of, in and to the Mortgage Loans listed on the Mortgage Loan Schedule
          attached hereto as Exhibit
          A,
          together with the Custodial Mortgage Files and Retained Mortgage Files
          and all
          rights and obligations arising under the documents contained therein. Pursuant
          to Section 2.03 of the Servicing Agreement, the Seller has delivered to
          the
          Custodian the documents for each Mortgage Loan to be purchased. The Servicing
          Files retained by the Seller pursuant to Section 2.01 of the Servicing
          Agreement
          shall be appropriately marked to clearly reflect the sale of the related
          Mortgage Loans to the Purchaser. 

         

        Capitalized
          terms used herein and not otherwise defined shall have the meanings set
          forth in
          the Agreements. 

         

        

        EMC
          Mortgage Corporation Wells
          Fargo Bank, N.A.

        Purchaser      Company

         

        By::
          _________________________________ By:
          ________________________________

        

        Name:
          _______________________________ Name:
          ______________________________

        

        Title:
          ________________________________ Title:
          _______________________________

        

        

        

        
          
            
              
              

            

            
              
              

              
                

              

            

            
              
              

            

          

        

        

        EXHIBIT
          B

        

        

        CUSTODIAL
          AGREEMENT

         

        

        
          
            
              
              

            

            
              
              

              
                

              

            

            
              
              

            

          

        

        

        EXHIBIT
          C

        

        

        CONTENTS
          OF EACH RETAINED MORTGAGE FILE, 

        SERVICING
          FILE AND CUSTODIAL MORTGAGE FILE

        

        With
          respect to each Mortgage Loan, the Retained Mortgage File and Custodial
          Mortgage
          File shall include each of the following items, which shall be available
          for
          inspection by the Purchaser and any prospective Purchaser, and which shall
          be
          retained by the Company in the Retained Mortgage File or Servicing File
          or
          delivered to the Custodian pursuant to Sections 2.01 and 2.03 of the Seller's
          Warranties and the Servicing Agreement to which this Exhibit is attached
          (the
          "Agreement"):

        

        
          	 	
                  1.

                	
                  The
                    original Mortgage Note bearing all intervening endorsements,
                    endorsed "Pay
                    to the order of  
                    without recourse" and signed in the name of the Company by an
                    authorized
                    officer (in the event that the Mortgage Loan was acquired by
                    the Company
                    in a merger, the signature must be in the following form: "[Company],
                    successor by merger to [name of predecessor]"; and in the event
                    that the
                    Mortgage Loan was acquired or originated by the Company while
                    doing
                    business under another name, the signature must be in the following
                    form:
                    "[Company], formerly know as [previous
                    name]").

                

        

        

        
          	 	
                  2.

                	
                  The
                    original of any guarantee executed in connection with the Mortgage
                    Note
                    (if any).

                

        

        

        
          	 	
                  3.

                	
                  The
                    original Mortgage, with evidence of recording thereon or a certified
                    true
                    and correct copy of the Mortgage sent for recordation. If in
                    connection
                    with any Mortgage Loan, the Company cannot deliver or cause to
                    be
                    delivered the original Mortgage with evidence of recording thereon
                    on or
                    prior to the related Closing Date because of a delay caused by
                    the public
                    recording office where such Mortgage has been delivered for recordation
                    or
                    because such Mortgage has been lost or because such public recording
                    office retains the original recorded Mortgage, the Company shall
                    deliver
                    or cause to be delivered to the Custodian, a photocopy of such
                    Mortgage,
                    together with (i) in the case of a delay caused by the public
                    recording
                    office, an Officer's Certificate of the Company stating that
                    such Mortgage
                    has been dispatched to the appropriate public recording office
                    for
                    recordation and that the original recorded Mortgage or a copy
                    of such
                    Mortgage certified by such public recording office to be a true
                    and
                    complete copy of the original recorded Mortgage will be promptly
                    delivered
                    to the Custodian upon receipt thereof by the Company; or (ii)
                    in the case
                    of a Mortgage where a public recording office retains the original
                    recorded Mortgage or in the case where a Mortgage is lost after
                    recordation in a public recording office, a copy of such Mortgage
                    certified by such public recording office or by the title insurance
                    company that issued the title policy to be a true and complete
                    copy of the
                    original recorded Mortgage.

                

        

        

        Further,
          with respect to MERS Mortgage Loans, (a) the Mortgage names MERS as the
          Mortgagee and (b) the requirements set forth in the Electronic Tracking
          Agreement have been satisfied, with a conformed recorded copy to follow
          as soon
          as the same is received by the Company.

        

        
          	 	
                  4.

                	
                  the
                    originals or certified true copies of any document sent for recordation
                    of
                    all assumption, modification, consolidation or extension agreements,
                    with
                    evidence of recording thereon.

                

        

        

        
          	 	
                  5.

                	
                  The
                    original Assignment of Mortgage for each Mortgage Loan, in form
                    and
                    substance acceptable for recording (except for the insertion
                    of the name
                    of the assignee and recording information). The Assignment of
                    Mortgage
                    must be duly recorded only if recordation is either necessary
                    under
                    applicable law or commonly required by private institutional
                    mortgage
                    investors in the area where the Mortgaged Property is located
                    or on
                    direction of the Purchaser as provided in the Custodial Agreement.
                    If the
                    Assignment of Mortgage is to be recorded, the Mortgage shall
                    be assigned
                    to the Purchaser. If the Assignment of Mortgage is not to be
                    recorded, the
                    Assignment of Mortgage shall be delivered in blank. If the Mortgage
                    Loan
                    was acquired by the Company in a merger, the Assignment of Mortgage
                    must
                    be made by "[Company], successor by merger to [name of predecessor]."
                    If
                    the Mortgage Loan was acquired or originated by the Company while
                    doing
                    business under another name, the Assignment of Mortgage must
                    be by
                    "[Company], formerly know as [previous name]."

                

        

        

        
          	 	
                  6.

                	
                  Originals
                    or certified true copies of documents sent for recordation of
                    all
                    intervening assignments of the Mortgage with evidence of recording
                    thereon, or if any such intervening assignment has not been returned
                    from
                    the applicable recording office or has been lost or if such public
                    recording office retains the original recorded assignments of
                    mortgage,
                    the Company shall deliver or cause to be delivered to the Custodian,
                    a
                    photocopy of such intervening assignment, together with (i) in
                    the case of
                    a delay caused by the public recording office, an Officer's Certificate
                    of
                    the Company stating that such intervening assignment of mortgage
                    has been
                    dispatched to the appropriate public recording office for recordation
                    and
                    that such original recorded intervening assignment of mortgage
                    or a copy
                    of such intervening assignment of mortgage certified by the appropriate
                    public recording office or by the title insurance company that
                    issued the
                    title policy to be a true and complete copy of the original recorded
                    intervening assignment of mortgage will be promptly delivered
                    to the
                    Custodian upon receipt thereof by the Company; or (ii) in the
                    case of an
                    intervening assignment where a public recording office retains
                    the
                    original recorded intervening assignment or in the case where
                    an
                    intervening assignment is lost after recordation in a public
                    recording
                    office, a copy of such intervening assignment certified by such
                    public
                    recording office to be a true and complete copy of the original
                    recorded
                    intervening assignment.

                

        

        

        
          	 	
                  7.

                	
                  The
                    electronic form of PMI Policy as identified by certificate
                    number.

                

        

        

        
          	 	
                  8.

                	
                  The
                    original mortgagee policy of title insurance or other evidence
                    of title
                    such as a copy of the title commitment or copy of the preliminary
                    title
                    commitment.

                

        

        

        
          	 	
                  9.

                	
                  Any
                    security agreement, chattel mortgage or equivalent executed in
                    connection
                    with the Mortgage.

                

        

        

        10.          
          Original
          power of attorney, if applicable.

         

        
          	 	
                  11.

                	
                  For
                    each Cooperative Loan, the original or a seller certified true
                    copy of the
                    following:

                

        

         

        

        The
          original Pledge Agreement entered into by the Mortgagor with respect to
          such
          Cooperative Loan;

         

        UCC-3
          assignment in blank (or equivalent instrument), sufficient under the laws
          of the
          jurisdiction where the related Cooperative Apartment is located to reflect
          of
          record the sale and assignment of the Cooperative Loan to the
          Purchaser;

         

        Original
          assignment of Pledge Agreement in blank showing a complete chain of assignment
          from the originator of the related Cooperative Loan to the Company;

         

        Original
          Form UCC-1 and any continuation statements with evidence of filing thereon
          with
          respect to such Cooperative Loan;

         

        Cooperative
          Shares with a Stock Certificate in blank attached; 

         

        Original
          Proprietary Lease;

         

        Original
          Assignment of Proprietary Lease, in blank, and all intervening assignments
          thereof;

         

        Original
          recognition agreement of the interests of the mortgagee with respect to
          the
          Cooperative Loan by the Cooperative, the stock of which was pledged by
          the
          related Mortgagor to the originator of such Cooperative Loan; and

         

        Originals
          of any assumption, consolidation or modification agreements relating to
          any of
          the items specified above.

        

        With
          respect to each Mortgage Loan, the Servicing File shall include each of
          the
          following items to the extent in the possession of the Company or in the
          possession of the Company’s agent(s):

        

        
          	 	
                  12.

                	
                  The
                    original hazard insurance policy and, if required by law, flood
                    insurance
                    policy, in accordance with Section 4.10 of the
                    Agreement.

                

        

        

        
          	 	
                  13.

                	
                  Residential
                    loan application.

                

        

        

        
          	 	
                  14.

                	
                  Mortgage
                    Loan closing statement.

                

        

        

        
          	 	
                  15.

                	
                  Verification
                    of employment and income, unless originated under the Company's
                    Limited
                    Documentation program, Fannie Mae Timesaver
                    Plus.

                

        

        

        
          	 	
                  16.

                	
                  Verification
                    of acceptable evidence of source and amount of down
                    payment.

                

        

        

        
          	 	
                  17.

                	
                  Credit
                    report on the Mortgagor.

                

        

        

        
          	 	
                  18.

                	
                  Residential
                    appraisal report.

                

        

        

        
          	 	
                  19.

                	
                  Photograph
                    of the Mortgaged Property.

                

        

        

        
          	 	
                  20.

                	
                  Survey
                    of the Mortgage property, if required by the title company or
                    applicable
                    law.

                

        

        

        
          	 	
                  21.

                	
                  Copy
                    of each instrument necessary to complete identification of any
                    exception
                    set forth in the exception schedule in the title policy, i.e.
                    map or plat,
                    restrictions, easements, sewer agreements, home association declarations,
                    etc.

                

        

        

        
          	 	
                  22.

                	
                  All
                    required disclosure statements.

                

        

        

        
          	 	
                  23.

                	
                  If
                    available, termite report, structural engineer's report, water
                    potability
                    and septic certification.

                

        

        

        
          	 	
                  24.

                	
                  Sales
                    contract, if applicable.

                

        

        

        
          	 	
                  25.

                	
                  Evidence
                    of payment of taxes and insurance premiums, insurance claim files,
                    correspondence, current and historical computerized data files,
                    and all
                    other processing, underwriting and closing papers and records
                    which are
                    customarily contained in a mortgage loan file and which are required
                    to
                    document the Mortgage Loan or to service the Mortgage
                    Loan.

                

        

        

        
          	 	
                  26.

                	
                  Amortization
                    schedule, if available.

                

        

        

        
          	 	
                  27.

                	
                  Payment
                    history for any Mortgage Loan that has been closed for more than
                    90
                    days.

                

        

        

        

        In
          the
          event an Officer's Certificate of the Company is delivered to the Custodian
          because of a delay caused by the public recording office in returning any
          recorded document, the Company shall deliver to the Custodian, within 240
          days
          of the related Closing Date, an Officer's Certificate which shall (i) identify
          the recorded document, (ii) state that the recorded document has not been
          delivered to the Custodian due solely to a delay caused by the public recording
          office, (iii) state the amount of time generally required by the applicable
          recording office to record and return a document submitted for recordation,
          and
          (iv) specify the date the applicable recorded document will be delivered
          to the
          Custodian. The Company shall be required to deliver to the Custodian the
          applicable recorded document by the date specified in (iv) above. An extension
          of the date specified in (iv) above may be requested from the Purchaser,
          which
          consent shall not be unreasonably withheld. 

        

        

        EXHIBIT
          D

        

        

        SERVICING
          CRITERIA TO BE ADDRESSED

        IN
          ASSESSMENT OF COMPLIANCE

        

        

        
          	
                  Reg
                    AB Reference

                	
                  Servicing
                    Criteria

                	
                  Applicable
                    Servicing Criteria

                	
                  Inapplicable
                    Servicing Criteria

                
	 	
                  General
                    Servicing Considerations

                	 	 
	
                  1122(d)(1)(i)

                	
                  Policies
                    and procedures are instituted to monitor any performance or other
                    triggers
                    and events of default in accordance with the transaction
                    agreements.

                	 	 
	
                  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.

                	 	 
	
                  1122(d)(1)(iii)

                	
                  Any
                    requirements in the transaction agreements to maintain a back-up
                    servicer
                    for the mortgage loans are maintained. 

                	 	 
	
                  1122(d)(1)(iv)

                	
                  A
                    fidelity bond and errors and omissions policy is in effect on
                    the party
                    participating in the servicing function throughout the reporting
                    period in
                    the amount of coverage required by and otherwise in accordance
                    with the
                    terms of the transaction agreements. 

                	 	 
	 	
                  Cash
                    Collection and Administration

                	 	 
	
                  1122(d)(2)(i)

                	
                  Payments
                    on mortgage loans are deposited into the appropriate custodial
                    bank
                    accounts and related bank clearing accounts no more than two
                    business days
                    following receipt, or such other number of days specified in
                    the
                    transaction agreements. 

                	 	 
	
                  1122(d)(2)(ii)

                	
                  Disbursements
                    made via wire transfer on behalf of an obligor or to an investor
                    are made
                    only by authorized personnel. 

                	 	 
	
                  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.
                    

                	 	 
	
                  1122(d)(2)(iv)

                	
                  The
                    related accounts for the transaction, such as cash reserve accounts
                    or
                    accounts established as a form of overcollateralization, are
                    separately
                    maintained (e.g., with respect to commingling of cash) as set
                    forth in the
                    transaction agreements. 

                	 	 
	
                  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.
                    

                	 	 
	
                  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. 

                	 	 
	 	
                  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 mortgage loans serviced by the Servicer.
                    

                	 	 

        

        

        
          
            
              
              

            

            
              
              

              
                

              

            

            
              
              

            

          

        

        

        

        
          	
                  Reg
                    AB Reference

                	
                  Servicing
                    Criteria

                	
                  Applicable
                    Servicing Criteria

                	
                  Inapplicable
                    Servicing Criteria

                
	 	
                  Pool
                    Asset Administration (cont’d)

                	 	 
	
                  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. 

                	 	 
	
                  1122(d)(3)(iii)

                	
                  Disbursements
                    made to an investor are posted within two business days to the
                    Servicer’s
                    investor records, or such other number of days specified in the
                    transaction agreements. 

                	 	 
	
                  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.
                    

                	 	 
	 	
                  Pool
                    Asset Administration

                	 	 
	
                  1122(d)(4)(i)
                    

                	
                  Collateral
                    or security on mortgage loans is maintained as required by the
                    transaction
                    agreements or related mortgage loan documents. 

                	 	 
	
                  1122(d)(4)(ii)

                	
                  Mortgage
                    loan and related documents are safeguarded as required by the
                    transaction
                    agreements 

                	 	 
	
                  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. 

                	 	 
	
                  1122(d)(4)(iv)

                	
                  Payments
                    on mortgage loans, including any payoffs, made in accordance
                    with the
                    related mortgage loan documents are posted to the Servicer’s obligor
                    records maintained no more than two business days after receipt,
                    or such
                    other number of days specified in the transaction agreements,
                    and
                    allocated to principal, interest or other items (e.g., escrow)
                    in
                    accordance with the related mortgage loan documents. 

                	 	 
	
                  1122(d)(4)(v)

                	
                  The
                    Servicer’s records regarding the mortgage loans agree with the Servicer’s
                    records with respect to an obligor’s unpaid principal balance.
                    

                	 	 
	
                  1122(d)(4)(vi)

                	
                  Changes
                    with respect to the terms or status of an obligor's mortgage
                    loans (e.g.,
                    loan modifications or re-agings) are made, reviewed and approved
                    by
                    authorized personnel in accordance with the transaction agreements
                    and
                    related pool asset documents. 

                	 	 
	
                  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. 

                	 	 
	
                  1122(d)(4)(viii)

                	
                  Records
                    documenting collection efforts are maintained during the period
                    a mortgage
                    loan is delinquent in accordance with the transaction agreements.
                    Such
                    records are maintained on at least a monthly basis, or such other
                    period
                    specified in the transaction agreements, and describe the entity’s
                    activities in monitoring delinquent mortgage loans including,
                    for example,
                    phone calls, letters and payment rescheduling plans in cases
                    where
                    delinquency is deemed temporary (e.g., illness or unemployment).
                    

                	 	 
	
                  1122(d)(4)(ix)

                	
                  Adjustments
                    to interest rates or rates of return for mortgage loans with
                    variable
                    rates are computed based on the related mortgage loan documents.
                    

                	 	 
	
                  1122(d)(4)(x)

                	
                  Regarding
                    any funds held in trust for an obligor (such as escrow accounts):
                    (A) such
                    funds are analyzed, in accordance with the obligor’s mortgage loan
                    documents, on at least an annual basis, or such other period
                    specified in
                    the transaction agreements; (B) interest on such funds is paid,
                    or
                    credited, to obligors in accordance with applicable mortgage
                    loan
                    documents and state laws; and (C) such funds are returned to
                    the obligor
                    within 30 calendar days of full repayment of the related mortgage
                    loans,
                    or such other number of days specified in the transaction agreements.
                    

                	 	 
	
                  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. 

                	 	 
	
                  1122(d)(4)(xii)

                	
                  Any
                    late payment penalties in connection with any payment to be made
                    on behalf
                    of an obligor are paid from the Servicer’s funds and not charged to the
                    obligor, unless the late payment was due to the obligor’s error or
                    omission. 

                	 	 
	
                  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. 

                	 	 
	
                  1122(d)(4)(xiv)
                    

                	
                  Delinquencies,
                    charge-offs and uncollectible accounts are recognized and recorded
                    in
                    accordance with the transaction agreements. 

                	 	 
	
                  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
          E

        

        

        FORM
          OF
          SARBANES CERTIFICATION

         

        
 

        
          	 	
                  Re:

                	
                  The
                    [ ] agreement dated as of [ ], 200[ ] (the “Agreement”), among [IDENTIFY
                    PARTIES]

                

        

        

        I,
          ________________________________, the _______________________ of [Name
          of
          Servicer], certify to [the Owner], [the Depositor], and the [Master Servicer]
          [Securities Administrator] [Trustee], and their officers, with the knowledge
          and
          intent that they will rely upon this certification, that:

        

        (1) I
          have
          reviewed the servicer compliance statement of the Servicer provided in
          accordance with Item 1123 of Regulation AB (the “Compliance Statement”), the
          report on assessment of the Servicer’s compliance with the servicing criteria
          set forth in Item 1122(d) of Regulation AB (the “Servicing Criteria”), provided
          in accordance with Rules 13a-18 and 15d-18 under Securities Exchange Act
          of
          1934, as amended (the “Exchange Act”) and Item 1122 of Regulation AB (the
“Servicing Assessment”), the registered public accounting firm’s attestation
          report provided in accordance with Rules 13a-18 and 15d-18 under the Exchange
          Act and Section 1122(b) of Regulation AB (the “Attestation Report”), and all
          servicing reports, officer’s certificates and other information relating to the
          servicing of the Mortgage Loans by the Servicer during 200[ ] that were
          delivered by the Servicer to the [Depositor] [Master Servicer] [Securities
          Administrator] [Trustee] pursuant to the Agreement (collectively, the “Servicer
          Servicing Information”);

        

        (2) Based
          on
          my knowledge, the Servicer Servicing Information, taken as a whole, does
          not
          contain any untrue statement of a material fact or omit to state a material
          fact
          necessary to make the statements made, in the light of the circumstances
          under
          which such statements were made, not misleading with respect to the period
          of
          time covered by the Servicer Servicing Information; 

        

        (3) Based
          on
          my knowledge, all of the Servicer Servicing Information required to be
          provided
          by the Servicer under the Agreement has been provided to the [Depositor]
          [Master
          Servicer] [Securities Administrator] [Trustee];

        

        (4) I
          am
          responsible for reviewing the activities performed by the Servicer under
          the
          Agreement, and based on my knowledge and the compliance review conducted
          in
          preparing the Compliance Statement and except as disclosed in the Compliance
          Statement, the Servicing Assessment or the Attestation Report, the Servicer
          has
          fulfilled its obligations under the Agreement; and

        

        (5)  The
          Compliance Statement, the Servicing Assessment and the Attestation Report
          required to be provided by the Servicer pursuant to the Agreement have
          been
          provided to the [Depositor] [Master Servicer]. Any material instances of
          noncompliance described in such reports have been disclosed to the [Depositor]
          [Master Servicer]. Any material instance of noncompliance with the Servicing
          Criteria has been disclosed in such reports.

        

        

        Date:
          ______________________________

        

        By:
          ________________________________

        Name:
          ______________________________

        Title:
          _______________________________

        

        

        

        

        
          
            
              
              

            

            
              
              

              
                

              

            

            
              
              

            

          

        

        

        EXHIBIT
          F

         

        FORM
          OF
          SARBANES-OXLEY BACK-UP CERTIFICATION

        

        I,
          ______________________, Vice President of Wells Fargo Bank, N.A. (the
          "Servicer"), certify to __________________, and its officers, directors,
          agents
          and affiliates (the "Sarbanes Certifying Party"), and with the knowledge
          and
          intent that they will rely upon this certification, that:

        

        
          	 	
                  (i)

                	
                  Based
                    on my knowledge, the information relating to the Mortgage Loans
                    and the
                    servicing thereof submitted by the Servicer to the Sarbanes Certifying
                    Party which is used in connection with preparation of the reports
                    on Form
                    8-K and the annual report on Form 10-K filed with the Securities
                    and
                    Exchange Commission with respect to the Securitization, 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
                    as of
                    the date of this certification;

                

        

        

        
          	 	
                  (ii)

                	
                  The
                    servicing information required to be provided to the Sarbanes
                    Certifying
                    Party by the Servicer under the relevant servicing agreement
                    has been
                    provided to the Sarbanes Certifying
                    Party;

                

        

        

        
          	 	
                  (iii)
                    

                	
                  I
                    am responsible for reviewing the activities performed by the
                    Servicer
                    under the relevant servicing agreement and based upon the review
                    required
                    by the relevant servicing agreement, and except as disclosed
                    in the Annual
                    Statement of Compliance, the Annual Independent Public Accountant's
                    Servicing Report and all servicing reports, officer's certificates
                    and
                    other information relating to the servicing of the Mortgage Loans
                    submitted to the Sarbanes Certifying Party, the Servicer has,
                    as of the
                    date of this certification fulfilled its obligations under the
                    relevant
                    servicing agreement; and

                

        

        

        
          	(iv)  	
                  I
                    have disclosed to the Sarbanes Certifying Party all significant
                    deficiencies relating to the Servicer's compliance with the minimum
                    servicing standards in accordance with a review conducted in
                    compliance
                    with the Uniform Single Attestation Program for Mortgage Bankers
                    or
                    similar standard as set forth in the relevant servicing agreement.
                    

                

        

        

        
          	 	
                  (v)
                    

                	
                  The
                    Servicer shall indemnify and hold harmless the Sarbanes Certifying
                    Party
                    and its officers, directors, agents and affiliates from and against
                    any
                    losses, damages, penalties, fines, forfeitures, reasonable legal
                    fees and
                    related costs, judgments and other costs and expenses arising
                    out of or
                    based upon a breach by the Servicer or any of its officers, directors,
                    agents or affiliates of its obligations under this Certification
                    or the
                    negligence, bad faith or willful misconduct of the Servicer in
                    connection
                    therewith. If the indemnification provided for herein is unavailable
                    or
                    insufficient to hold harmless the Sarbanes Certifying Party,
                    then the
                    Servicer agrees that it shall contribute to the amount paid or
                    payable by
                    the Sarbanes Certifying Party as a result of the losses, claims,
                    damages
                    or liabilities of the Sarbanes Certifying Party in such proportion
                    as is
                    appropriate to reflect the relative fault of the Sarbanes Certifying
                    Party
                    on the one hand and the Servicer on the other in connection with
                    a breach
                    of the Servicer's obligations under this Certification or the
                    Servicer's
                    negligence, bad faith or willful misconduct in connection
                    therewith.

                

        

        

        IN
          WITNESS WHEREOF, I have hereunto signed my name and affixed the seal of
          the
          Servicer.

        

        Dated:
                 By:

        Name:

        Title:

        

        

        

        

        
          
            
              
              

            

            
              
              

              
                

              

            

            
              
              

            

          

        

        

        EXHIBIT
          G

        

        ASSIGNMENT,
          ASSUMPTION AND RECOGNITION AGREEMENT

        

        

        ____________,
          20__

        

        

        ASSIGNMENT,
          ASSUMPTION AND RECOGNITION AGREEMENT, dated ___________________, 20____
          between
          _________________, a _________________ corporation having an office at
          _________________ ("Assignor") and _________________, having an office
          at
          _________________ ("Assignee"):

        

        For
          and
          in consideration of the sum of one dollar ($1.00) and other valuable
          consideration the receipt and sufficiency of which are hereby acknowledge,
          and
          of the mutual covenants herein contained, the parties hereto hereby agree
          as
          follows:

        

        1. The
          Assignor hereby grants, transfers and assigns to Assignee all of the right,
          title and interest of Assignor, as Purchaser, in, to and under that certain
          Seller's Warranties and Servicing Agreement, (the "Seller's Warranties
          and
          Servicing Agreement"), dated as of _________________, by and between
          _________________ (the "Purchaser"), and _________________ (the "Company"),
          and
          the Mortgage Loans delivered thereunder by the Company to the Assignor,
          and that
          certain Custodial Agreement, (the "Custodial Agreement"), dated as of
          _________________, by and among the Company, the Purchaser and _________________
          (the "Custodian").

        

        2. The
          Assignor warrants and represents to, and covenants with, the Assignee
          that:

        

        a. The
          Assignor is the lawful owner of the Mortgage Loans with the full right
          to
          transfer the Mortgage Loans free from any and all claims and encumbrances
          whatsoever;

        

        b. The
          Assignor has not received notice of, and has no knowledge of, any offsets,
          counterclaims or other defenses available to the Company with respect to
          the
          Seller's Warranties and Servicing Agreement or the Mortgage Loans;

        

        c. The
          Assignor has not waived or agreed to any waiver under, or agreed to any
          amendment or other modification of, the Seller's Warranties and Servicing
          Agreement, the Custodial Agreement or the Mortgage Loans, including without
          limitation the transfer of the servicing obligations under the Seller's
          Warranties and Servicing Agreement. The Assignor has no knowledge of, and
          has
          not received notice of, any waivers under or amendments or other modifications
          of, or assignments of rights or obligations under, the Seller's Warranties
          and
          Servicing Agreement or the Mortgage Loans; and

        

        d. Neither
          the Assignor nor anyone acting on its behalf has offered, transferred,
          pledged,
          sold or otherwise disposed of the Mortgage Loans, any interest in the Mortgage
          Loans or any other similar security to, or solicited any offer to buy or
          accept
          a transfer, pledge or other disposition of the Mortgage Loans, any interest
          in
          the Mortgage Loans or any other similar security from, or otherwise approached
          or negotiated with respect to the Mortgage Loans, any interest in the Mortgage
          Loans or any other similar security with, any person in any manner, or
          made any
          general solicitation by means of general advertising or in any other manner,
          or
          taken any other action which would constitute a distribution of the Mortgage
          Loans under the Securities Act or which would render the disposition of
          the
          Mortgage Loans a violation of Section 5 of the 33 Act or require registration
          pursuant thereto.

        

        3. That
          Assignee warrants and represent to, and covenants with, the Assignor and
          the
          Company pursuant to Section 12.10 of the Seller's Warranties and Servicing
          Agreement that:

        

        a. The
          Assignee agrees to be bound, as Purchaser, by all of the terms, covenants
          and
          conditions of the Seller's Warranties and Servicing Agreement, the Mortgage
          Loans and the Custodial Agreement, and from and after the date hereof,
          the
          Assignee assumes for the benefit of each of the Company and the Assignor
          all of
          the Assignor's obligations as purchaser thereunder;

        

        b. The
          Assignee understands that the Mortgage Loans have not been registered under
          the
          33 Act or the securities laws of any state;

        

        c. The
          purchase price being paid by the Assignee for the Mortgage Loans are in
          excess
          of $250,000.00 and will be paid by cash remittance of the full purchase
          price
          within 60 days of the sale;

        

        d. The
          Assignee is acquiring the Mortgage Loans for investment for its own account
          only
          and not for any other person. In this connection, neither the Assignee
          nor any
          person authorized to act therefor has offered to Mortgage Loans by means
          of any
          general advertising or general solicitation within the meaning of Rule
          502(c) of
          US Securities and Exchange Commission Regulation D, promulgated under the
          Securities Act;

        

        e. The
          Assignee considers itself a substantial sophisticated institutional investor
          having such knowledge and experience in financial and business matters
          that it
          is capable of evaluating the merits and risks of investment in the Mortgage
          Loans;

        

        f. The
          Assignee has been furnished with all information regarding the Mortgage
          Loans
          that it has requested from the Assignor or the Company;

        

        g. Neither
          the Assignee nor anyone acting on its behalf has offered, transferred,
          pledged,
          sold or otherwise disposed of the Mortgage Loans, any interest in the Mortgage
          Loans or any other similar security to, or solicited any offer to buy or
          accept
          a transfer, pledge or other disposition of the Mortgage Loans, any interest
          in
          the Mortgage Loans or any other similar security from, or otherwise approached
          or negotiated with respect to the Mortgage Loans, any interest in the Mortgage
          Loans or any other similar security with, any person in any manner which
          would
          constitute a distribution of the Mortgage Loans under the 33 Act or which
          would
          render the disposition of the Mortgage Loans a violation of Section 5 of
          the 33
          Act or require registration pursuant thereto, nor will it act, nor has
          it
          authorized or will it authorize any person to act, in such manner with
          respect
          to the Mortgage Loans; and

        

        h. Either
          (1) the Assignee is not an employee benefit plan ("Plan") within the meaning
          of
          section 3(3) of the Employee Retirement Income Security Act of 1974, as
          amended
          ("ERISA") or a plan (also "Plan") within the meaning of section 4975(e)(1)
          of
          the Internal Revenue Code of 1986 ("Code"), and the Assignee is not directly
          or
          indirectly purchasing the Mortgage Loans on behalf of, investment manager
          of, as
          named fiduciary of, as Trustee of, or with assets of, a Plan; or (2) the
          Assignee's purchase of the Mortgage Loans will not result in a prohibited
          transaction under section 406 of ERISA or section 4975 of the Code.

        

        i. The
          Assignee's address for purposes of all notices and correspondence related
          to the
          Mortgage Loans and the Seller's Warranties and Servicing Agreements
          is:

        

        _____________________________________________

        _____________________________________________

        _____________________________________________

        Attention:
          ____________________________________

        

        The
          Assignee's wire transfer instructions for purposes of all remittances and
          payments related to the Mortgage Loans and the Seller's Warranties and
          Servicing
          Agreement is:

        

        _____________________________________________

        _____________________________________________

        _____________________________________________

        Attention:
          ____________________________________

        

        4. From
          and
          after the date hereof, the Company shall note the transfer of the Mortgage
          Loans
          to the Assignee in its books and records, the Company shall recognize the
          Assignee as the owner of the Mortgage Loans and the Company shall service
          the
          Mortgage Loans for the benefit of the Assignee pursuant to the Seller’s
          Warranties and Servicing Agreement, the terms of which are incorporated
          herein
          by reference. It is the intention of the Assignor, the Company and the
          Assignee
          that the Seller’s Warranties and Servicing Agreement shall be binding upon and
          inure to the benefit of the Company and the Assignee and their respective
          successors and assigns.

        

        [Signatures
          Follow]

        

        

        
          
            
              
              

            

            
              
              

              
                

              

            

            
              
              

            

          

        

        

        

        

        IN
          WITNESS WHEREOF, the parties have caused this Assignment and Assumption
          to be
          executed by their duly authorized officers as of the date first above
          written.

        

        

        

        _________________________________  _________________________________

        Assignor                                                                          
          Assignee

        

        By:
          ______________________________  By:
          _____________________________

        Name:
          ____________________________  Name:
          ___________________________

        Its:
          _______________________________  Its:
          ______________________________

        

        Tax
          Payer
          Identification No.:    Tax
          Payer
          Identification No.:

        __________________________________  _________________________________

        

        

        

        

        
          
            
              
              

            

            
              
              

              
                

              

            

            
              
              

            

          

        

        

        EXHIBIT
          H

        

        ELECTRONIC
          DATA FILE

        

        
          	 	
                  (1)

                	
                  the
                    street address of the Mortgaged Property including the city,
                    state, county
                    and zip code;

                

        

        

        
          	 	
                  (2)

                	
                  a
                    code indicating whether the Mortgaged Property is a single family
                    residence, a 2-4 family dwelling, a PUD, a cooperative, a townhouse,
                    manufactured housing or a unit in a condominium
                    project;

                

        

        

        (3)          
          the
          Mortgage Interest Rate as of the Cut-off Date;

        

        (4)          
          the
          current Monthly Payment;

        

        (5)          
          loan
          term, number of months;

        

        (6)          
          the
          stated maturity date;

        

        
          	 	
                  (7)

                	
                  the
                    Stated Principal Balance of the Mortgage Loan as of the close
                    of business
                    on the Cut-off Date, after deduction of payments of principal
                    due on or
                    before the Cut-off Date;

                

        

        

        
          	 	
                  (8)

                	
                  the
                    Loan-to-Value Ratio;

                

        

        

        
          	 	
                  (9)

                	
                  a
                    code indicating whether the Mortgage Loan is an Interest Only
                    Mortgage
                    Loan;

                

        

        

        
          	 	
                  (10)

                	
                  a
                    code indicating whether the Mortgage Loan is a temporary buydown
                    (Y or
                    N);

                

        

        

        
          	 	
                  (11)

                	
                  the
                    Servicing Fee Rate;

                

        

        

        
          	 	
                  (12)

                	
                  a
                    code indicating whether the Mortgage Loan is covered by lender-paid
                    mortgage insurance (Y or N);

                

        

        

        
          	(13)  	
                         
                    a code indicating whether the Mortgage Loan is a Time$aver® Mortgage Loan
                    (Y or N);

                

        

        

        
          	 	
                  (14)

                	
                  the
                    Mortgagor's first and last name;

                

        

        

        
          	 	
                  (15)

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

                

        

        

        
          	 	
                  (16)

                	
                  the
                    remaining months to maturity from the Cut-off Date, based on
                    the original
                    amortization schedule; 

                

        

        

        
          	 	
                  (17)

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

                

        

        

        
          	 	
                  (18)

                	
                  the
                    last Due Date on which a Monthly Payment was actually applied
                    to the
                    actual principal balance; 

                

        

        

        
          	 	
                  (19)

                	
                  the
                    original principal amount of the Mortgage Loan;

                

        

        

        
          	 	
                  (20)

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

                

        

        

        
          	 	
                  (21)

                	
                  the
                    Mortgage Interest Rate at origination;

                

        

        

        
          	 	
                  (22)

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

                

        

        

        
          	 	
                  (23)

                	
                  a
                    code indicating the documentation style (i.e., full (providing
                    two years
                    employment verification - 2 years W-2’s and current pay stub or 2 years
                    1040’s for self employed borrowers), alternative or
                    reduced);

                

        

        

        
          	 	
                  (24)

                	
                  a
                    code indicating if the Mortgage Loan is subject to a PMI
                    Policy;

                

        

        

        
          	 	
                  (25)

                	
                  the
                    Appraised Value of the Mortgage
                    Property;

                

        

        

        
          	 	
                  (26)

                	
                  the
                    sale price of the Mortgaged Property, if
                    applicable;

                

        

        

        (27)        
          the
          Mortgagor’s Underwriting FICO Score;

        

        (28)        
          term
          of
          prepayment penalty in years;

        

        (29)        
          a
          code
          indicating the product type;

        

        (30)        
          a
          code
          indicating the credit grade of the Mortgage Loan;

        

        
          	 	
                  (31)

                	
                  the
                    unpaid balance of the Mortgage Loan as of the close of business
                    on the
                    Cut-off Date, after deduction of all payments of
                    principal;

                

        

        

        (32)        
          the
          Note
          date of the Mortgage Loan;

        

        
          	 	
                  (33)

                	
                  the
                    mortgage insurance certificate number and percentage of coverage,
                    if
                    applicable;

                

        

        

        (34)        
          the
          Mortgagor’s date of birth;

        

        
          	 	
                  (35)

                	
                  the
                    MIN Number for each Mortgage Loan, if
                    applicable;

                

        

        

        (36)        
          employer
          name;

        

        (37)        
          subsidy
          program code;

        

        (38)        
          servicer
          name;

        

        (39)        
          the
          combined Loan-to-Value Ratio;

        

        (40)        
          the
          total
          Loan-to-Value Ratio;

        

        (41)        
          whether
          the Mortgage Loan is convertible (Y or N);

        

        
          	(42)  	
                         
                    a code indicating whether the Mortgage Loan is a relocation loan
                    (Y or
                    N);

                

        

        

        (43)        
          a
          code
          indicating whether the Mortgage Loan is a leasehold loan (Y or N);

        

        (44)        
          a
          code
          indicating whether the Mortgage Loan is an Alt A loan (Y or N);

        

        (45)        
          a
          code
          indicating whether the Mortgage Loan is a no ratio loan (Y or N); 

        

        
          	 	
                  (46)

                	
                  a
                    code indicating whether the Mortgage Loan is a Pledged Asset
                    Mortgage Loan
                    (Y or N);

                

        

        

        (47)        
          effective
          LTV percentage for Pledged Asset Mortgage Loans;

        

        (48)        
          citizenship
          type code;

        

        
          	 	
                  (49)

                	
                  a
                    code indicating whether the Mortgage Loan is a conforming or
                    non-conforming loan, based on the original loan
                    balance;

                

        

        

        (50)        
          the
          name
          of the client for which the Mortgage Loan was originated;

        

        (51)        
          the
          program code;

        

        (52)        
          the
          loan
          sub doc code;

        

        (53)        
          the
          remaining interest-only term for Interest Only Mortgage Loans;

        

        The
          Company shall provide the following

        For
          the Home Mortgage Disclosure Act (HMDA):

        

        (54)        
          the
          Mortgagor’s and co-Mortgagor’s (if applicable) ethnicity;

        

        (55)        
          the
          Mortgagor’s and co-Mortgagor’s (if applicable) race;

        

        (56)        
          lien
          status;

        

        (57)        
          for
          cash-out refinance loans, the cash purpose;

        

        (58)        
          the
          Mortgagor’s and co-Mortgagor’s (if applicable) gender;

        

        (59)        
          the
          Mortgagor’s and co-Mortgagor’s (if applicable) social security
          numbers;

        

        (60)        
          the
          number of units for the property;

        

        (61)        
          the
          year
          in which the property was built;

        

        (62)        
          the
          qualifying monthly income of the Mortgagor;

        

        (63)        
          the
          number of bedrooms contained in the property;

        

        (64)        
          a
          code
          indicating first time buyer (Y or N);

        

        (65)        
          the
          total
          rental income, if any;

        

        The
          Seller shall provide the following

        for
          the adjustable rate Mortgage Loans (if applicable):

        

        (66)        
          the
          maximum Mortgage Interest Rate under the terms of the Mortgage
          Note;

        

        (67)        
          the
          Periodic Interest Rate Cap;

        

        (68)        
          the
          Index;

        

        (69)        
          the
          next
          Adjustment Date;

        

        (70)        
          the
          Gross
          Margin; and

        

        (71)        
          the
          lifetime interest rate cap.

        

        

        

        
          
            
              
              

            

            
              
              

              
                

              

            

            
              
              

            

          

        

        

        MASTER
          MORTGAGE LOAN PURCHASE AGREEMENT

        

        

        This
          is
          an Amended and Restated Master Mortgage Loan Purchase Agreement (the
          "Agreement"), dated as of November 1, 2004 by and between EMC Mortgage
          Corporation, having an office at 909 Hidden Ridge Drive, Suite 200, Irving,
          Texas 75038 (the "Purchaser") and Wells Fargo Bank, N.A., having an office
          at 1
          Home Campus, Des Moines, Iowa 50328-0001 (the "Seller").

        

        
          W I T N ES S E T H
            :

        

        

        WHEREAS,
          the Seller agrees to sell, and the Purchaser agrees to purchase, from time
          to
          time certain conventional residential mortgage loans (the "Mortgage Loans")
          on a
          servicing retained basis as described herein:

        

        WHEREAS,
          the Mortgage Loans shall be delivered as pools of whole loans (each a “Loan
          Package”) on various dates as provided herein (each a “Closing Date”);
          and

        

        WHEREAS,
          the parties intend hereby to set forth the terms and conditions upon which
          the
          proposed Transactions will be effected.

        

        NOW
          THEREFORE, in consideration of the promises and the mutual agreements set
          forth
          herein, the parties hereto agree as follows:

        

        SECTION
          1. 
          All
          capitalized terms not otherwise defined herein have the respective meanings
          set
          forth in the Amended and Restated Master Seller's Warranties and Servicing
          Agreement, dated as of the date herewith (the“Master Seller's Warranties and
          Servicing Agreement"). 

        

        SECTION
          2. Agreement
          to Purchase.
          The
          Seller agrees to sell, and the Purchaser agrees to purchase from time to
          time,
          Mortgage Loans having an aggregate principal balance on the applicable
          related
          Cut-off Date in an amount as set forth in the related Commitment Letters
          or in
          such other amount as agreed by the Purchaser and the Seller as evidenced
          by the
          actual aggregate principal balance of the Mortgage Loans in the related
          Loan
          Package accepted by the Purchaser on the related Closing Date. The Mortgage
          Loans will be delivered pursuant to the Master Seller's Warranties and
          Servicing
          Agreement.

        

        SECTION
          3.  Mortgage
          Schedules.
          The
          Seller will provide the Purchaser with certain information constituting
          a
          listing of the Mortgage Loans to be purchased under this Agreement for
          each
          Transaction (the "Mortgage Loan Schedule"). Each Mortgage Loan Schedule
          shall
          conform to the definition of "Mortgage Loan Schedule" under the Master
          Seller's
          Warranties and Servicing Agreement.

        

        SECTION
          4.  Purchase
          Price.
          The
          purchase price for each Loan Package (the "Purchase Price") shall be the
          percentage of par as stated in the related Commitment Letter, multiplied
          by the
          aggregate principal balance, as of the related Cut-off Date, of the Mortgage
          Loans listed in the related Loan Package, after application of scheduled
          payments of principal for such related Loan Package due on or before the
          related
          Cut-off Date whether or not collected. The purchase price for a Loan Package
          may
          be adjusted as stated in the related Commitment Letter.

        

        In
          addition to the Purchase Price, the Purchaser shall pay to the Seller,
          at
          closing, accrued interest on the initial principal amount of the Mortgage
          Loans
          at the weighted average Mortgage Loan Remittance Rate for each Loan Package
          from
          the related Cut-off Date through the day prior to the related Closing Date,
          inclusive.

        

        With
          respect to each Loan Package, the Purchaser shall be entitled to (1) all
          scheduled principal due after the related Cut-off Date, (2) all other recoveries
          of principal collected after the related Cut-off Date (provided, however,
          that
          all scheduled payments of principal due on or before the related Cut-off
          Date
          and collected by the Seller after the related Cut-off Date shall belong
          to the
          Seller), and (3) all payments of interest on the Mortgage Loans at the
          Mortgage
          Loan Remittance Rate (minus that portion of any such payment which is allocable
          to the period prior to the related Cut-off Date). The principal balance
          of each
          Mortgage Loan as of the related Cut-off Date is determined after application
          of
          payments of principal due on or before the related Cut-off Date whether
          or not
          collected. Therefore, payments of scheduled principal and interest prepaid
          for a
          due date beyond the related Cut-off Date shall not be applied to the principal
          balance as of the related Cut-off Date. Such prepaid amounts (minus interest
          at
          the Servicing Fee Rate) shall be the property of the Purchaser. The Seller
          shall
          deposit any such prepaid amounts into the Custodial Account, which account
          is
          established for the benefit of the Purchaser for subsequent remittance
          by the
          Seller to the Purchaser. 

        

        SECTION
          5.  Examination
          of Mortgage Files.
          Prior to
          each Closing Date, the Seller shall (a) deliver to the Purchaser in escrow,
          for
          examination, the Mortgage File for each Mortgage Loan, including a copy
          of the
          Assignment of Mortgage, pertaining to each Mortgage Loan, or (b) make the
          Mortgage Files available to the Purchaser for examination at the Seller's
          offices or such other location as shall otherwise be agreed upon by the
          Purchaser and the Seller. Such examination may be made by the Purchaser
          or by
          any prospective purchaser of the Mortgage Loans from the Purchaser, at
          any time
          before or after such related Closing Date, upon prior reasonable notice
          to the
          Seller. The fact that the Purchaser or any prospective purchaser of the
          Mortgage
          Loans has conducted or has failed to conduct any partial or complete examination
          of the Mortgage Files shall not affect the Purchaser's (or any of its
          successor's) rights to demand repurchase, substitution or other relief
          as
          provided under the Master Seller's Warranties and Servicing
          Agreement.

        

        Prior
          to
          Seller’s receipt of the Purchase Price, the Purchaser shall cause the Custodian
          to act as bailee for the sole and exclusive benefit of the Seller pursuant
          to
          the Custodial Agreement and act only in accordance with Seller’s instructions.
          Upon the Seller’s receipt of the Purchase Price, the Seller shall provide
          notification to the Custodian to release ownership of the Mortgage Loan
          Documents contained in the Custodial Mortgage File. Such notification shall
          be
          in a form of a written notice by facsimile or other electronic media, with
          a
          copy sent to the Purchaser. Subsequent to such release, such Mortgage Loan
          Documents shall be retained by the Custodian for the benefit of the Purchaser.
          All Mortgage Loan Documents related to Mortgage Loans not purchased by
          the
          Purchaser on the Closing Date, shall be maintained by the Custodian for
          the
          benefit of the Seller and shall be returned to the Seller within two (2)
          Business Days after the Closing Date.

        

        SECTION
          6.  Representations,
          Warranties and Agreements of Seller.
          The
          Seller agrees and acknowledges that it shall, as a condition to the consummation
          of the transactions contemplated hereby, make the representations and warranties
          specified in Section 3.01 and 3.02 of the Master Seller's Warranties and
          Servicing Agreement, as of each related Closing Date. The meaning of the
          term
          "Agreement" as used in Sections 3.01 and 3.02 of the Master Seller's Warranties
          and Servicing Agreement shall include this Agreement. The Seller, without
          conceding that the Mortgage Loans are securities, hereby makes the following
          additional representations, warranties and agreements which shall be deemed
          to
          have been made as of the related Closing Date:

        

        a) neither
          the Seller nor anyone acting on its behalf has offered, transferred, pledged,
          sold or otherwise disposed of any Mortgage Loans, any interest in any Mortgage
          Loans or any other similar security to, or solicited any offer to buy or
          accept
          a transfer, pledge or other disposition of any Mortgage Loans, any interest
          in
          any Mortgage Loans or any other similar security from, or otherwise approached
          or negotiated with respect to any Mortgage Loans, any interest in any Mortgage
          Loans or any other similar security with, any person in any manner, or
          made any
          general solicitation by means of general advertising or in any other manner,
          or
          taken any other action which would constitute a distribution of the Mortgage
          Loans under the Securities Act or which would render the disposition of
          any
          Mortgage Loans a violation of Section 5 of the Securities Act or require
          registration pursuant thereto, nor will it act, nor has it authorized or
          will it
          authorize any person to act, in such manner with respect to the Mortgage
          Loans;
          and

        

        b) the
          Seller has not dealt with any broker or agent or anyone else who might
          be
          entitled to a fee or commission in connection with this transaction other
          than
          the Purchaser.

        

        SECTION
          7.  Representation,
          Warranties and Agreement of Purchaser.
          The
          Purchaser, without conceding that the Mortgage Loans are securities, hereby
          makes the following representations, warranties and agreements, which shall
          have
          been deemed to have been made as of the related Closing Date.

        

        a) the
          Purchaser understands that the Mortgage Loans have not been registered
          under the
          Securities Act or the securities laws of any state;

        

        b) the
          Purchaser is acquiring the Mortgage Loans for its own account only and
          not for
          any other person;

        

        c) the
          Purchaser considers itself a substantial, sophisticated institutional investor
          having such knowledge and experience in financial and business matters
          that it
          is capable of evaluating the merits and risks of investment in the Mortgage
          Loans;

        

        d) the
          Purchaser has been furnished with all information regarding the Mortgage
          Loans
          which it has requested from the Seller or the Company; and

        

        e) neither
          the Purchaser nor anyone acting on its behalf offered, transferred, pledged,
          sold or otherwise disposed of any Mortgage Loan, any interest in any Mortgage
          Loan or any other similar security to, or solicited any offer to buy or
          accept a
          transfer, pledge or other disposition of any Mortgage Loan, any interest
          in any
          Mortgage Loan or any other similar security from, or otherwise approached
          or
          negotiated with respect to any Mortgage Loan, any interest in any Mortgage
          Loan
          or any other similar security with, any person in any manner, or made any
          general solicitation by means of general advertising or in any other manner,
          or
          taken any other action which would constitute a distribution of the Mortgage
          Loans under the Securities Act or which would render the disposition of
          any
          Mortgage Loan a violation of Section 5 of the Securities Act or require
          registration pursuant thereto, nor will it act, nor has it authorized or
          will it
          authorize any person to act, in such manner with respect to the Mortgage
          Loans.

        

        SECTION
          8.  Closing.
          The
          closing for the purchase and sale of each Loan Package shall take place
          on the
          related Closing Date. At the Purchaser's option, the Closing shall be either:
          by
          telephone, confirmed by letter or wire as the parties shall agree; or conducted
          in person, at such place as the parties shall agree.

        

        The
          closing shall be subject to each of the following conditions:

        

        a) all
          of
          the representations and warranties of the Seller under this Agreement and
          under
          the Master Seller's Warranties and Servicing Agreement shall be true and
          correct
          as of such related Closing Date and no event shall have occurred which,
          with
          notice or the passage of time, would constitute a default under this Agreement
          or an Event of Default under the Master Seller's Warranties and Servicing
          Agreement;

        

        b) the
          Purchaser shall have received, or the Purchaser's attorneys shall have
          received
          in escrow, 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 and released to the Custodian under the Master
          Seller's Warranties and Servicing Agreement all documents required pursuant
          to
          the related Custodial Agreement, and

        

        d) all
          other
          terms and conditions of this Agreement shall have been complied
          with.

        

        Subject
          to the foregoing conditions, the Purchaser shall pay to the Seller on such
          related Closing Date the applicable Purchase Price, plus accrued interest
          pursuant to Section 4 of this Agreement, by wire transfer of immediately
          available funds to the account designated by the Seller.

        

        SECTION
          9.  Closing
          Documents.
          With
          respect to the Mortgage Loans, the Closing Documents shall consist of the
          following documents:

        

        On
          the
          initial Closing Date:

        

        
          	 	
                  1.

                	
                  the
                    Master Seller's Warranties and Servicing Agreement, in three
                    counterparts;

                

        

        

        
          	 	
                  2.

                	
                  this
                    Agreement in two counterparts;

                

        

        

        
          	 	
                  3.

                	
                  the
                    Custodial Agreement, dated as November 30, 1999, by and between
                    EMC
                    Mortgage Corporation as Owner, and Wells Fargo Bank, N.A. (formerly
                    Wells
                    Fargo Bank Minnesota, N.A.) attached as an exhibit to the Master
                    Seller's
                    Warranties and Servicing Agreement;

                

        

        

        
          	 	
                  4.

                	
                  the
                    Mortgage Loan Schedule for the related Loan Package, one copy
                    to be
                    attached to each counterpart of the Master Seller's Warranties
                    and
                    Servicing Agreement, to each counterpart of this Agreement, and
                    to each
                    counterpart of the Custodial Agreement, as the Mortgage Loan
                    Schedule
                    thereto;

                

        

        

        
          	 	
                  5.

                	
                  a
                    Receipt and Certification, as required under the Custodial
                    Agreement;

                

        

        

        
          	6.  	
                             
                    an Opinion of Counsel of the Seller, in the form of Exhibit 1
                    hereto;
                    and

                

        

        

        
          	7.  	
                             
                    an Assignment and Conveyance Agreement for the related Mortgage
                    Loans.

                

        

        

        On
          each
          subsequent Closing Date, the following documents:

        

        
          	1.  	
                             
                    the Mortgage Loan Schedule for the related Loan
                    Package;

                

        

        

        
          	2.  	
                             
                    an Assignment and Conveyance Agreement for the related Mortgage
                    Loans;
                    and

                

        

        

        
          	3.  	
                             
                    a Receipt and Certification, as required under the Custodial
                    Agreement.

                

        

        

        

        SECTION
          10.  Costs.
          The
          Purchaser shall pay any commissions due its salesmen, the legal fees and
          expenses of its attorneys and the costs and expenses associated with the
          Custodian. The Seller shall be responsible for reasonable costs and expenses
          associated with any preparation of the initial assignments of mortgage.
          All
          other costs and expenses incurred in connection with the transfer and delivery
          of the Mortgage Loans, including fees for title policy endorsements and
          continuations and the Seller's attorney fees, shall be paid by the
          Seller.

        

        SECTION
          11.  Servicing
          The
          Mortgage Loans shall be serviced by the Seller in accordance with the terms
          of
          the Master Seller's Warranties and Servicing Agreement. The Seller shall
          be
          entitled to servicing fees calculated as provided therein, at the Servicing
          Fee
          Rate.

        

        SECTION
          12.  Financial
          Statements.
          The
          Seller understands that in connection with the Purchaser's marketing of
          the
          Mortgage Loans, the Purchaser shall make available to prospective purchasers
          a
          Consolidated Statement of Operations of the Seller for the most recently
          completed two fiscal years respecting which such a statement is available,
          as
          well as a Consolidated Statement of Condition at the end of the last two
          (2)
          fiscal years covered by such Consolidated Statement of Operations. The
          Purchaser
          shall also make available any comparable interim statements to the extent
          any
          such statements have been prepared by the seller in a format intended or
          otherwise suitable for the public at large. The Seller, if it has not already
          done so, agrees to furnish promptly to the Purchaser copies of the statements
          specified above. The Seller shall also make available information on its
          servicing performance with respect to loans in its own portfolio and loans
          serviced for others (if any), including foreclosure and delinquency
          ratios.

        

        The
          Seller also agrees to allow access to a knowledgeable (as shall be determined
          by
          the Seller) financial or accounting officer for the purpose of answering
          questions asked by any prospective purchaser regarding recent developments
          affecting the Seller or the financial statements of the Seller.

        

        SECTION
          13.  Mandatory
          Delivery.
          The sale
          and delivery on each Closing Date of the related Mortgage Loans described
          on the
          respective Mortgage Loan Schedules is mandatory, it being specifically
          understood and agreed that each Mortgage Loan must be unique and identifiable
          on
          such related Closing Date and that an award of money damages would be
          insufficient to compensate the Purchaser for the losses and damages incurred
          by
          the Purchaser (including damages to prospective purchasers of the Mortgage
          Loans) in the event of the Seller's failure to deliver the Mortgage Loans
          on or
          before such related Closing Date. 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.

        

        SECTION
          14.  Notices.
          All
          demands, notices and communications hereunder shall be in writing and shall
          be
          deemed to have been duly given if mailed, by registered or certified mail,
          return receipt requested, or, if by other means, when received by the other
          party at the address shown on the first page hereof, or such other address
          as
          may hereafter be furnished to the other party by like notice. Any such
          demand,
          notice of communication hereunder shall be deemed to have been received
          on the
          date delivered to or received at the premises of the addressee (as evidenced,
          in
          the case of registered or certified mail, by the date noted on the return
          receipt).

        

        SECTION
          15.  Severability
          Clause.
          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 be ineffective, as to such jurisdiction,
          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. If the invalidity
          of any
          part, provision, representation or warranty of this Agreement shall deprive
          any
          party of the economic benefit intended to be conferred by this Agreement,
          the
          parties shall negotiate, in good-faith, to develop a structure the economic
          effect of which is as close as possible to the economic effect of this
          Agreement
          without regard to such invalidity.

        

        SECTION
          16.  Counterparts.
          This
          Agreement may be executed simultaneously in any number of counterparts.
          Each
          counterpart shall be deemed to be an original, and all such counterparts
          shall
          constitute one and the same instrument.

        

        SECTION
          17.  Place
          of Delivery and Governing Law.
          This
          Agreement shall be deemed in effect when a fully executed counterpart thereof
          is
          received by the Purchaser in the State of New York and shall be deemed
          to have
          been made in State of New York. The 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 the laws
          of the
          State of New York, except to the extent preempted by Federal Law.

        

        Each
          of
          the Seller and the Purchaser hereby knowingly, voluntarily and intentionally
          waives any and all rights it may have to a trial by jury in respect of
          any
          litigation based on, or arising out of, under, or in connection with, this
          Agreement, or any other documents and instruments executed in connection
          herewith, or any course of conduct, course of dealing, statements (whether
          oral
          or written), or actions of the Seller or the Purchaser. This provision
          is a
          material inducement for the Purchaser to enter into this Agreement.

        

        SECTION
          18.  Further
          Agreements.
          The
          Purchaser and the Seller each agree to execute and deliver to the other
          such
          additional documents, instruments or agreements as may be necessary or
          appropriate to effectuate the purposes of this Agreement.

        

        Without
          limiting the generality of the foregoing, the Seller shall reasonably cooperate
          with the Purchaser in connection with the initial resales of the Mortgage
          Loans
          by the Purchaser. In that connection, the Seller shall provide to the Purchaser:
          (i) any and all information and appropriate verification of information,
          whether
          through letters of its auditors and counsel or otherwise, as the Purchaser
          shall
          reasonably request, and (ii) such additional representations, warranties,
          covenants, opinions of counsel, letters from auditors and certificates
          of public
          officials or officers of the Seller as are reasonably believed necessary
          by the
          Purchaser in connection with such resales. The requirement of the Seller
          pursuant to (ii) above shall terminate on the related Closing Date, except
          as
          provided pursuant to Article IX of the Master Seller’s Warranties and Servicing
          Agreement. Prior to incurring any out-of-pocket expenses pursuant to this
          paragraph, the Seller shall notify the Purchaser in writing of the estimated
          amount of such expense. The Purchaser shall reimburse the Seller for any
          such
          expense following its receipt of appropriate details thereof.

        

        SECTION
          19.  Intention
          of the Parties.
          It is
          the intention of the parties that the Purchaser is purchasing, and the
          Seller is
          selling, an undivided 100% ownership interest in the Mortgage Loans and
          not a
          debt instrument of the Seller or another security. Accordingly, the parties
          hereto each intend to treat the transaction for Federal income tax purposes
          as a
          sale by the Seller, and a purchase by the Purchaser, of the Mortgage Loans.
          The
          Purchaser shall have the right to review the Mortgage Loans and the related
          Mortgage Loan Files to determine the characteristics of the Mortgage Loans
          which
          shall affect the Federal income tax consequences of owning the Mortgage
          Loans
          and the Seller shall cooperate with all reasonable requests made by the
          Purchaser in the course of such review.

        

        SECTION
          20.  Successors
          and Assigns; Assignment of Purchase Agreement.
          This
          Agreement shall bind and inure to the benefit of and be enforceable by
          the
          Seller and the Purchaser and the respective successors and assigns of the
          Seller
          and the Purchaser. This Agreement shall not be assigned, pledged or hypothecated
          by the Seller to a third party without the consent of the
          Purchaser.

        

        SECTION
          21. Waivers;
          Other Agreements.
          No term
          or provision of this Agreement may be waived or modified unless such waiver
          or
          modification is in writing and signed by the party against whom such waiver
          or
          modification is sought to be enforced.

        

        SECTION
          22. Exhibits.
          The
          exhibits to this Agreement are hereby incorporated and made a part hereof
          and
          are an integral part of this Agreement.

        

        SECTION
          23. General
          Interpretive Principles.
          For
          purposes of this Agreement, except as otherwise expressly provided or unless
          the
          context otherwise requires:

        

        a) the
          terms
          defined in this Agreement have the meanings assigned to them in this Agreement
          and include the plural as well as the singular, and the use of any gender
          herein
          shall be deemed to include the other gender;

        

        b) accounting
          terms not otherwise defined herein have the meanings assigned to them in
          accordance with generally accepted accounting principles;

        

        c) references
          herein to "Articles", "Sections", "Subsections", "Paragraphs", and other
          subdivisions without reference to a document are to designated Articles,
          Sections, Subsections, Paragraphs and other subdivisions of this
          Agreement;

        

        d) a
          reference to a Subsection without further reference to a Section is a reference
          to such Subsection as contained in the same Section in which the reference
          appears, and this rule shall also apply to Paragraphs and other
          subdivisions;

        

        e) the
          words
          "herein", "hereof", "hereunder" and other words of similar import refer
          to this
          Agreement as a whole and not to any particular provision; and

        

        f) the
          term
          "include" or "including" shall mean without limitation by reason of
          enumeration.

        

        SECTION
          24. Reproduction
          of Documents.
          This
          Agreement and all documents relating thereto, including, without limitation,
          (a)
          consents, waivers and modifications which may hereafter be executed, (b)
          documents received by any party at the closing, and (c) financial statements,
          certificates and other information previously or hereafter furnished, may
          be
          reproduced by any photographic, photostatic, microfilm, micro-card, miniature
          photographic or other similar process. The parties agree that any such
          reproduction shall be admissible in evidence as the original itself in
          any
          judicial or administrative proceeding, whether or not the original is in
          existence and whether or not such reproduction was made by a party in the
          regular course of business, and that any enlargement, facsimile or further
          reproduction of such reproduction shall likewise be admissible in
          evidence.

         

        [Signatures
          Follow]

        

        
          
            
              
              

            

            
              
              

              
                

              

            

            
              
              

            

          

        

        

        

        IN
          WITNESS WHEREOF, the Seller and the Purchaser have caused their names to
          be
          signed hereto by their respective officers thereunto duly authorized as
          of the
          date first above written.

        

        EMC
          MORTGAGE CORPORATION

        (Purchaser)

        

        By:
          _______________________________

        Name:
          _____________________________

        Title:
          ______________________________

        

        WELLS
          FARGO BANK, N.A.

        (Seller)

        

        By:
          _______________________________

        Name:
          _____________________________

        Title:
          ______________________________

        

        

        

        

        
          
            
              
              

            

            
              
              

              
                

              

            

            
              
              

            

          

        

        

        EXHIBIT
          1

        

        

        FORM
          OF
          OPINION OF COUNSEL

        

        @

        @

        @

        @

        

        Re: Mortgage
          Loan Sale by Wells Fargo Bank, N.A. (the “Company”) to EMC Mortgage Corporation
          (the “Purchaser”) of first lien mortgage loans (the “Mortgage Loans”) pursuant
          to that certain Amended and Restated Master Seller’s Warranties and Servicing
          Agreement and Amended and Restated Master Mortgage Loan Purchase Agreement
          by
          and between the Company and the Purchaser, dated as of November 1,
          2005.

        

        Dear
          Sir/Madam:

        

        I
          am @ of
          Wells Fargo Bank, N.A. and have acted as counsel to Wells Fargo Bank, N.A.
          (the
“Company”), with respect to certain matters in connection with the sale by the
          Company of Mortgage Loans pursuant to that certain Amended and Restated
          Master
          Seller’s Warranties and Servicing Agreement and Amended and Restated Master
          Mortgage Loan Purchase Agreement by and between the Company and EMC Mortgage
          Corporation (the “Purchaser”), dated as of November 1, 2005, (the “Agreements”),
          which sale is in the form of whole Mortgage Loans. Capitalized terms not
          otherwise defined herein have the meanings set forth in the Amended and
          Restated
          Master Seller’s Warranties and Servicing Agreement.

        

        I
          have
          examined the following documents:

        

        
          	1.  	
                  the
                    Amended and Restated Master Seller’s Warranties and Servicing
                    Agreement;

                

        

        

        
          	2.  	
                  the
                    Amended and Restated Master Mortgage Loan Purchase
                    Agreement;

                

        

        

        
          	3.  	
                  the
                    Custodial Agreement;

                

        

        

        
          	4.  	
                  the
                    form of endorsement of the Mortgage Notes;
                    and

                

        

        

        
          	5.  	
                  such
                    other documents, records and papers as I have deemed necessary
                    and
                    relevant as a basis for this
                    opinion.

                

        

        

        To
          the
          extent I have deemed necessary and proper, I have relied upon the
          representations and warranties of the Company contained in the Agreements.
          I
          have assumed the authenticity of all documents submitted to me as originals,
          the
          genuineness of all signatures, the legal capacity of natural persons and
          the
          conformity to the originals of all documents.

        

        Based
          upon the foregoing, it is my opinion that;

        

        
          	
                  1.

                	
                  The
                    Company is a national banking association duly organized, validly
                    existing
                    and in good standing under the laws of the United States.
                    

                

        

        

        
          	
                  2.

                	
                  The
                    Company has the power to engage in the transactions contemplated
                    by the
                    Agreements, the Custodial Agreement and all requisite power,
                    authority and
                    legal right to execute and deliver the Agreements, the Custodial
                    Agreement
                    and the Mortgage Loans, and to perform and observe the terms
                    and
                    conditions of such instruments.

                

        

        

        
          	
                  3.

                	
                  Each
                    person who, as an officer or attorney-in-fact of the Company,
                    signed (a)
                    the Agreements, each dated as of November 1, 2005, by and between
                    the
                    Company and the Purchaser, and (b) any other document delivered
                    prior
                    hereto or on the date hereof in connection with the sale and
                    servicing of
                    the Mortgage Loans in accordance with the Agreements was, at
                    the
                    respective times of such signing and delivery, and is, as of
                    the date
                    hereof, duly elected or appointed, qualified and acting as such
                    officer or
                    attorney-in-fact, and the signatures of such persons appearing
                    on such
                    documents are their genuine
                    signatures.

                

        

        

        
          	
                  4.

                	
                  Each
                    of the Agreements, the Custodial Agreement, and the Mortgage
                    Loans, has
                    been duly authorized, executed and delivered by the Company and
                    is a
                    legal, valid and binding agreement enforceable in accordance
                    with its
                    terms, subject to the effect of insolvency, liquidation, convervatorship
                    and other similar laws administered by the Federal Deposit Insurance
                    Corporation affecting the enforcement of contract obligations
                    of insured
                    banks and subject to the application of the rules of equity,
                    including
                    those respecting the availability of specific performance, none
                    of which
                    will materially interfere with the realization of the benefits
                    provided
                    thereunder or with the Purchaser’s ownership of the Mortgage
                    Loans.

                

        

        

        
          	
                  5.

                	
                  The
                    Company has been duly authorized to allow any of its officers
                    to execute
                    any and all documents by original signature in order to complete
                    the
                    transactions contemplated by the Agreements and the Custodial
                    Agreement,
                    and by original or facsimile signature in order to execute the
                    endorsements to the Mortgage Notes and the assignments of the
                    Mortgages,
                    and the original or facsimile signature of the officer at the
                    Company
                    executing the endorsements to the Mortgage Notes and the assignments
                    of
                    the Mortgages represents the legal and valid signature of said
                    officer of
                    the Company.

                

        

        

        
          	
                  6.

                	
                  Either
                    (i) no consent, approval, authorization or order of any court
                    or
                    governmental agency or body is required for the execution, delivery
                    and
                    performance by the Company of or compliance by the Company with
                    the
                    Agreements, the Custodial Agreement or the sale and delivery
                    of the
                    Mortgage Loans or the consummation of the transactions contemplated
                    by the
                    Agreements, and the Custodial Agreement; or (ii) any required
                    consent,
                    approval, authorization or order has been obtained by the Company.
                    

                

        

        

        
          	
                  7.

                	
                  Neither
                    the consummation of the transactions contemplated by, nor the
                    fulfillment
                    of the terms of the Agreements and the Custodial Agreement, will
                    conflict
                    with or results in or will result in a breach of or constitutes
                    or will
                    constitute a default under the charter or by-laws of the Company,
                    the
                    terms of any indenture or other agreement or instrument to which
                    the
                    Company is a party or by which it is bound or to which it is
                    subject, or
                    violates any statute or order, rule, regulations, writ, injunction
                    or
                    decree of any court, governmental authority or regulatory body
                    to which
                    the Company is subject or by which it is
                    bound.

                

        

        

        
          	
                  8.

                	
                  There
                    is no action, suit, proceeding or investigation pending or, to
                    the best of
                    my knowledge, threatened against the Company which, in my opinion,
                    either
                    in any one instance or in the aggregate, may result in any material
                    adverse change in the business, operations, financial condition,
                    properties or assets of the Company or in any material impairment
                    of the
                    right or ability of the Company to carry on its business substantially
                    as
                    now conducted or in any material liability on the part of the
                    Company or
                    which would draw into question the validity of the Agreements,
                    and the
                    Custodial Agreement, or of any action taken or to be taken in
                    connection
                    with the transactions contemplated thereby, or which would be
                    likely to
                    impair materially the ability of the Company to perform under
                    the terms of
                    the Agreements and the Custodial
                    Agreement.

                

        

        

        
          	
                  9.

                	
                  For
                    purposes of the foregoing, I have not regarded any legal or governmental
                    actions, investigations or proceedings to be "threatened" unless
                    the
                    potential litigant or governmental authority has manifested to
                    the legal
                    department of the Company or an employee of the Company responsible
                    for
                    the receipt of process a present intention to initiate such proceedings;
                    nor have I regarded any legal or governmental actions, investigations
                    or
                    proceedings as including those that are conducted by state or
                    federal
                    authorities in connection with their routine regulatory activities.
                    The
                    sale of each Mortgage Note and Mortgage as and in the manner
                    contemplated
                    by the Agreements is sufficient fully to transfer all right,
                    title and
                    interest of the Company thereto as noteholder and mortgagee,
                    apart from
                    the rights to service the Mortgage Loans pursuant to the
                    Agreements.

                

        

        

        
          	
                  10.

                	
                  The
                    form of endorsement that is to be used with respect to the Mortgage
                    Loans
                    is legally valid and sufficient to duly endorse the Mortgage
                    Notes to the
                    Purchaser. Upon the completion of the endorsement of the Mortgage
                    Notes
                    and the completion of the assignments of the Mortgages, and the
                    recording
                    thereof, the endorsement of the Mortgage Notes, the delivery
                    to the
                    Custodian of the completed assignments of the Mortgages, and
                    the delivery
                    of the original endorsed Mortgage Notes to the Custodian would
                    be
                    sufficient to permit the entity to which such Mortgage Note is
                    initially
                    endorsed at the Purchaser’s direction, and to whom such assignment of
                    Mortgages is initially assigned at the Purchaser’s direction, to avail
                    itself of all protection available under applicable law against
                    the claims
                    of any present or future creditors of the Company, and would
                    be sufficient
                    to prevent any other sale, transfer, assignment, pledge or hypothecation
                    of the Mortgages and the Mortgage Notes by the Company from being
                    enforceable.

                

        

        

        This
          opinion is given to you for your sole benefit, and no other person or entity
          is
          entitled to rely hereon except that the purchaser or purchasers to which
          you
          initially and directly resell the Mortgage Loans may rely on this opinion
          as if
          it were addressed to them as of its date.

        

        Sincerely,

        @

        @

        

        @/@

         

      

      

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      

      EXHIBIT
        S-1

      

      AMERICAN
        HOME ASSIGNMENT AGREEMENT

       

      

         

        ASSIGNMENT,
          ASSUMPTION AND RECOGNITION AGREEMENT

         

        This
          is
          an Assignment, Assumption and Recognition Agreement (this “AAR Agreement”) made
          as of April 28, 2006, among EMC Mortgage Corporation (the “Assignor”), U.S. Bank
          National Association, not individually but solely as trustee for the holders
          of
          Bear Stearns Asset Backed Securities I Trust 2006-AC3, Asset-Backed
          Certificates, Series 2006-AC3 (the “Assignee”), American Home Mortgage Corp.
          (the “Company”) and American Home Mortgage Servicing, Inc. (together, the
“Servicer”).

         

        In
          consideration of the mutual promises contained herein the parties hereto
          agree
          that the residential mortgage loans (the “Assigned Loans”) listed on Attachment
          1 annexed hereto purchased by the Assignor from the Company and now serviced
          by
          Servicer for Assignor and its successors and assigns pursuant to the Purchase,
          Warranties and Servicing Agreement, dated as of March 1, 2006, between
          Assignor,
          Company and the Servicer, (together with those certain term sheets dated
          as of
          March 30, 2006 among the Assignor, Company and the Servicer, the “Purchase
          Agreement”) shall be subject to the terms of this AAR Agreement. Capitalized
          terms used herein but not defined shall have the meanings ascribed to them
          in
          the Purchase Agreement.

         

        
          	 	
                  Assignment
                    and Assumption

                

        

         

        Except
          as
          expressly provided for herein, the Assignor hereby grants, transfers and
          assigns
          to the Assignee all of its right, title and interest as in, to and under
          (a) the
          Assigned Loans and (b) the Purchase Agreement with respect to the Assigned
          Loans; provided, however, that the Assignor is not assigning to the Assignee
          any
          of its right, title or interest, in, to and under the Purchase Agreement
          with
          respect to any mortgage loan other than the Assigned Loans listed on Attachment
          1. Notwithstanding anything to the contrary contained herein, the Assignor
          specifically reserves and does not assign to the Assignee any right, title
          and
          interest in, to or under the representations and warranties contained in
          Section
          3.01 and Section 3.02 of the Purchase Agreement, and any obligation of
          the
          Company or the Servicer, as applicable, to cure, repurchase or substitute
          for a
          mortgage loan and to indemnify the Assignor with respect to a breach of
          such
          representations and warranties pursuant to Section 3.03 and Section 8.01
          of the
          Purchase Agreement, and the Assignor is retaining the right to enforce
          the
          representations and warranties and the obligations of the Company or the
          Servicer, as applicable, set forth in those sections against the Company
          or the
          Servicer, as applicable. In addition, the Assignor specifically reserves
          and
          does not assign to the Assignee any right, title and interest in, to or
          under
          (a) Section 2.09 of the Purchase Agreement, (b) Section 4.03 and Section
          4.13 of
          the Purchase Agreement (but
          only
          insofar as such Sections grant to the Purchaser the right to terminate
          the
          servicing of defaulted Mortgage Loans and/or REO Properties by the Servicer)
          and
          (c) Section 10.01 of the Purchase Agreement, and the Assignor is retaining
          the
          right to enforce such sections against the Company or the Servicer, as
          applicable.
          Except
          as is otherwise expressly provided herein, the Assignor makes no
          representations, warranties or covenants to the Assignee and the Assignee
          acknowledges that the Assignor has no obligations to the Assignee under
          the
          terms of the Purchase Agreement or otherwise relating to the transaction
          contemplated herein (including, but not limited to, any obligation to indemnify
          the Assignee).

         

        
          	 	
                  Representations,
                    Warranties and Covenants

                

        

         

        1.
            Assignor
          warrants and represents to Assignee, the Company and the Servicer as of
          the date
          hereof:

         

        (a)  Attached
          hereto as Attachment 2 is a true and accurate copy of the Purchase Agreement
          which agreement is in full force and effect as of the date hereof and the
          provisions of which have not been waived, amended or modified in any respect,
          nor has any notice of termination been given thereunder;

         

        (b)  Assignor
          is the lawful owner of the Assigned Loans with full right to transfer the
          Assigned Loans and any and all of its interests, rights and obligations
          under
          the Purchase Agreement as they relate to the Assigned Loans, free and clear
          from
          any and all claims and encumbrances; and upon the transfer of the Assigned
          Loans
          to Assignee as contemplated herein, Assignee shall have good title to each
          and
          every Assigned Loan, as well as any and all of Assignor’s interests, rights and
          obligations under the Purchase Agreement as they relate to the Assigned
          Loans,
          free and clear of any and all liens, claims and encumbrances;

         

        (c)  There
          are
          no offsets, counterclaims or other defenses available to the Company or
          the
          Servicer with respect to the Assigned Loans or the Purchase
          Agreement;

         

        (d)  Assignor
          has no knowledge of, and has not received notice of, any waivers under,
          or any
          modification of, any Assigned Loan;

         

        (e)  Assignor
          is duly organized, validly existing and in good standing under the laws
          of the
          jurisdiction of its incorporation, and has all requisite power and authority
          to
          acquire, own and sell the Assigned Loans;

         

        (f)  Assignor
          has full corporate power and authority to execute, deliver and perform
          its
          obligations under this AAR Agreement, and to consummate the transactions
          set
          forth herein. The consummation of the transactions contemplated by this
          AAR
          Agreement is in the ordinary course of Assignor’s business and will not conflict
          with, or result in a breach of, any of the terms, conditions or provisions
          of
          Assignor’s charter or by-laws or any legal restriction, or any material
          agreement or instrument to which Assignor is now a party or by which it
          is
          bound, or result in the violation of any law, rule, regulation, order,
          judgment
          or decree to which Assignor or its property is subject. The execution,
          delivery
          and performance by Assignor of this AAR Agreement and the consummation
          by it of
          the transactions contemplated hereby, have been duly authorized by all
          necessary
          corporate action on the part of Assignor. This AAR Agreement has been duly
          executed and delivered by Assignor and, upon the due authorization, execution
          and delivery by Assignee, the Company and the Servicer, will constitute
          the
          valid and legally binding obligation of Assignor enforceable against Assignor
          in
          accordance with its terms except as enforceability may be limited by bankruptcy,
          reorganization, insolvency, moratorium or other similar laws now or hereafter
          in
          effect relating to creditors’ rights generally, and by general principles of
          equity regardless of whether enforceability is considered in a proceeding
          in
          equity or at law; 

         

        (g)  No
          consent, approval, order or authorization of, or declaration, filing or
          registration with, any governmental entity is required to be obtained or
          made by
          Assignor in connection with the execution, delivery or performance by Assignor
          of this AAR Agreement, or the consummation by it of the transactions
          contemplated hereby; 

         

        (h)  Neither
          Assignor nor anyone acting on its behalf has offered, transferred, pledged,
          sold
          or otherwise disposed of the Assigned Loans or any interest in the Assigned
          Loans, or solicited any offer to buy or accept a transfer, pledge or other
          disposition of the Assigned Loans, or any interest in the Assigned Loans
          or
          otherwise approached or negotiated with respect to the Assigned Loans,
          or any
          interest in the Assigned Loans with any Person in any manner, or made any
          general solicitation by means of general advertising or in any other manner,
          or
          taken any other action which would constitute a distribution of the Assigned
          Loans under the Securities Act of 1933, as amended (the “1933 Act”) or which
          would render the disposition of the Assigned Loans a violation of Section
          5 of
          the 1933 Act or require registration pursuant thereto;

         

        (i)  The
          Assignor has received from the Company, and has delivered to the Assignee,
          all
          documents required to be delivered to Assignor by the Company prior to
          the date
          hereof pursuant to the Purchase Agreement with respect to the Assigned
          Loans and
          has not received, and has not requested from the Company, any additional
          documents; and 

         

        (j)  There
          is
          no action, suit, proceeding, investigation or litigation pending or, to
          Assignor's knowledge, threatened, which either in any instance or in the
          aggregate, if determined adversely to Assignor, would adversely affect
          Assignor's execution or delivery of, or the enforceability of, this AAR
          Agreement, or the Assignor's ability to perform its obligations under this
          AAR
          Agreement.

         

        2.
            Assignee
          warrants and represents to, and covenants with, Assignor, the Company and
          the
          Servicer as of the date hereof:

         

        (a)  Assignee
          is duly organized, validly existing and in good standing under the laws
          of the
          jurisdiction of its organization and has all requisite power and authority
          to
          hold the Assigned Loans as trustee on behalf of the holders of the Bear
          Stearns
          Asset Backed Securities I Trust 2006-AC3, Asset-Backed Certificates, Series
          2006-AC3;

         

        (b)  Assignee
          has full corporate power and authority to execute, deliver and perform
          its
          obligations under this AAR Agreement, and to consummate the transactions
          set
          forth herein. The consummation of the transactions contemplated by this
          AAR
          Agreement is in the ordinary course of Assignee’s business and will not conflict
          with, or result in a breach of, any of the terms, conditions or provisions
          of
          Assignee’s charter or by-laws or any legal restriction, or any material
          agreement or instrument to which Assignee is now a party or by which it
          is
          bound, or result in the violation of any law, rule, regulation, order,
          judgment
          or decree to which Assignee or its property is subject. The execution,
          delivery
          and performance by Assignee of this AAR Agreement and the consummation
          by it of
          the transactions contemplated hereby, have been duly authorized by all
          necessary
          corporate action on part of Assignee. This AAR Agreement has been duly
          executed
          and delivered by Assignee and, upon the due authorization, execution and
          delivery by Assignor, the Company and the Servicer, will constitute the
          valid
          and legally binding obligation of Assignee enforceable against Assignee
          in
          accordance with its terms except as enforceability may be limited by bankruptcy,
          reorganization, insolvency, moratorium or other similar laws now or hereafter
          in
          effect relating to creditors’ rights generally, and by general principles of
          equity regardless of whether enforceability is considered in a proceeding
          in
          equity or at law; 

         

        (c)  No
          consent, approval, order or authorization of, or declaration, filing or
          registration with, any governmental entity is required to be obtained or
          made by
          Assignee in connection with the execution, delivery or performance by Assignee
          of this AAR Agreement, or the consummation by it of the transactions
          contemplated hereby; 

         

        (d)  There
          is
          no action, suit, proceeding, investigation or litigation pending or, to
          Assignee's knowledge, threatened, which either in any instance or in the
          aggregate, if determined adversely to Assignee, would adversely affect
          Assignee's execution or delivery of, or the enforceability of, this AAR
          Agreement, or the Assignee's ability to perform its obligations under this
          AAR
          Agreement; and

         

        (e)  Assignee
          assumes for the benefit of each of the Assignor, the Company and the Servicer
          all of the rights and obligations of the Purchaser under the Purchase Agreement
          with respect to the Assigned Loans.

         

        3.
            Each
          of
          the Company and the Servicer (but with respect to the Servicer, only to
          the
          extent expressly set forth in this Section 3), warrants and represents
          to, and
          covenant with, Assignor and Assignee as of the date hereof:

         

        (a)  Attached
          hereto as Attachment 2 is a true and accurate copy of the Purchase Agreement,
          which agreement is in full force and effect as of the date hereof and the
          provisions of which have not been waived, amended or modified in any respect,
          nor has any notice of termination been given thereunder; 

         

        (b)  Each
          of
          the Company and the Servicer is duly organized, validly existing and in
          good
          standing under the laws of the jurisdiction of its incorporation, and has
          all
          requisite corporate power and authority to perform its obligations under
          the
          Purchase Agreement;

         

        (c)  The
          Servicer has all requisite corporate power and authority to service the
          Assigned
          Loans;

         

        (d)  Each
          of
          the Company and the Servicer has full corporate power and authority to
          execute,
          deliver and perform its obligations under this AAR Agreement, and to consummate
          the transactions set forth herein. The consummation of the transactions
          contemplated by this AAR Agreement is in the ordinary course of the Company’s
          and the Servicer’s respective businesses and will not conflict with, or result
          in a breach of, any of the terms, conditions or provisions of Company’s and the
          Servicer’s respective charter or by-laws or any legal restriction, or any
          material agreement or instrument to which the Company or the Servicer is
          now a
          party or by which it is bound, or result in the violation of any law, rule,
          regulation, order, judgment or decree to which the Company or the Servicer
          or
          their respective property is subject. The execution, delivery and performance
          by
          each of the Company and the Servicer of this AAR Agreement and the consummation
          by it of the transactions contemplated hereby, have been duly authorized
          by all
          necessary corporate action on the part of the Company or the Servicer.
          This AAR
          Agreement has been duly executed and delivered by the Company and the Servicer,
          and, upon the due authorization, execution and delivery by Assignor and
          Assignee, will constitute the valid and legally binding obligation of the
          Company and the Servicer, enforceable against the Company and the Servicer
          in
          accordance with its terms except as enforceability may be limited by bankruptcy,
          reorganization, insolvency, moratorium or other similar laws now or hereafter
          in
          effect relating to creditors’ rights generally, and by general principles of
          equity regardless of whether enforceability is considered in a proceeding
          in
          equity or at law;

         

        (e)  No
          consent, approval, order or authorization of, or declaration, filing or
          registration with, any governmental entity is required to be obtained or
          made by
          the Company or the Servicer in connection with the execution, delivery
          or
          performance by the Company or the Servicer of this AAR Agreement, or the
          consummation by them of the transactions contemplated hereby; 

         

        (f)  The
          Company shall establish a Custodial Account and an Escrow Account under
          the
          Purchase Agreement in favor of the Assignee with respect to the Assigned
          Loans
          separate from the Custodial Account and Escrow Account previously established
          under the Purchase Agreement in favor of Assignor;

         

        (g)  No
          event
          has occurred from the Closing Date to the date hereof which would render
          the
          representations and warranties as to the related Assigned Loans made by
          the
          Company or the Servicer, as applicable, in Sections 3.01 and 3.02 of the
          Purchase Agreement to be untrue in any material respect; and

         

        (h)  Neither
          this AAR Agreement nor any certification, statement, report or other agreement,
          document or instrument furnished or to be furnished by the Company or the
          Servicer pursuant to this AAR Agreement contains or will contain any materially
          untrue statement of fact or omits or will omit to state a fact necessary
          to make
          the statements contained therein not misleading.

         

        4.
            Each
          of
          the Company and the Servicer warrants and represents to, and covenants
          with,
          Assignor and Bear Stearns Asset Backed Securities I LLC (“BSABS I”) as of the
          date hereof:

         

        (a)  Company
          is not aware and has not received notice that any default, early amortization
          or
          other performance triggering event has occurred as to any other securitization
          due to any act or failure to act of the Company or the Servicer;

         

        (b)  No
          material noncompliance with the applicable servicing criteria with respect
          to
          other securitizations of residential mortgage loans involving the Servicer
          as
          servicer has been disclosed or reported by the Servicer;

         

        (c)  Servicer
          has not been terminated as servicer in a residential mortgage loan
          securitization, either due to a servicing default or to application of
          a
          servicing performance test or trigger;

         

        (d)  No
          material changes to the Servicer’s policies or procedures with respect to the
          servicing function it will perform under the Purchase Agreement and this
          AAR
          Agreement for mortgage loans of a type similar to the Assigned Loans have
          occurred during the three-year period immediately preceding the date
          hereof;

         

        (e)  There
          are
          no aspects of the Servicer’s financial condition that could have a material
          adverse effect on the performance by the Servicer of its servicing obligations
          under the Purchase Agreement and this AAR Agreement;

         

        (f)  There
          are
          no material legal or governmental proceedings pending (or known to be
          contemplated) against the Company, the Servicer, any Subservicer or any
          third-party originator; and

         

        (g)  There
          are
          no affiliations, relationships or transactions relating to the Company
          or any
          Subservicer with respect to this Securitization Transaction and any party
          thereto of a type described in Item 1119 of Regulation AB.

         

        Notwithstanding
          anything to the contrary in the Purchase
          Agreement, the Company or the Servicer shall (or shall cause any Third-Party
          Originator to) (i) immediately notify Assignor and BSABS I in writing of
          (A)
          legal proceedings pending against the Company or the Servicer, or proceedings
          known by the Company or the Servicer to be contemplated by governmental
          authorities against the Company or the Servicer which in the judgment of
          the
          Company or the Servicer would be, in each case, material to purchasers
          of
          securities backed by the Assigned Loans, (B) any affiliations or relationships
          of the type described in Item 1119(b) of Regulation AB that develop following
          the date hereof between the Company, the Servicer and any of the above
          listed
          parties or other parties identified in writing by the Assignor or BSABS
          I with
          respect to this Securitization Transaction and (ii) provide to the Assignor
          and
          BSABS I a description of such proceedings, affiliations or
          relationships.

        

        Each
          such
          notice/update should be sent to the Assignor by e-mail to
          regABnotifications@bear.com. Additionally, all such notifications, other
          than
          those pursuant to (i)(A) above, should be sent to:

        

        EMC
          Mortgage Corporation

        2780
          Lake
          Vista Drive

        Lewisville,
          TX 75067-3884

        Attention:
          Conduit Seller Approval Dept.

        Facsimile:
          (214) 626-3751

        Email:
          sellerapproval@bear.com

        

        With
          a
          copy to:

        

        Bear,
          Stearns & Co. Inc.

        383
          Madison Avenue, 3rd Floor

        New,
          York, NY 10179

        Attention:
          Global Credit Administration

        Facsimile:
          (212) 272-6564

        

        Notifications
          pursuant to (i)(A) above should be sent to: 

        

        EMC
          Mortgage Corporation

        Two
          Mac
          Arthur Ridge

        909
          Hidden Ridge Drive, Suite 200

        Irving,
          TX 75038

        Attention:
          Associate General Counsel for Loan Administration

        Facsimile:
          (972) 831-2555

        

        With
          copies to:

        

        Bear,
          Stearns & Co. Inc.

        383
          Madison Avenue, 3rd Floor

        New,
          York, NY 10179

        Attention:
          Global Credit Administration

        Facsimile:
          (212) 272-6564

        

        EMC
          Mortgage Corporation

        2780
          Lake
          Vista Drive

        Lewisville,
          TX 75067-3884

        Attention:
          Conduit Seller Approval Dept.

        Facsimile:
          (214) 626-3751

        Email:
          sellerapproval@bear.com

         

        5.
            Assignor
          hereby agrees to indemnify and hold the Assignee (and its successors and
          assigns) harmless against any and all claims, losses, penalties, fines,
          forfeitures, legal fees and related costs, judgments, and any other costs,
          fees
          and expenses that Assignee (and its successors and assigns) may sustain
          in any
          way related to any breach of the representations or warranties of Assignor
          set
          forth in this AAR Agreement or the breach of any covenant or condition
          contained
          herein.

         

        
          	 	
                  Recognition
                    of Assignee

                

        

         

        6.
            From
          and
          after the date hereof, the Company and the Servicer shall recognize Assignee
          as
          owner of the Assigned Loans, and acknowledges that the Assigned Loans will
          be
          part of a REMIC, and the Servicer will service the Assigned Loans in accordance
          with the Purchase Agreement (as modified by this AAR Agreement) but in
          no event
          in a manner that would (i) cause any REMIC to fail to qualify as a REMIC
          or (ii)
          result in the imposition of a tax upon any REMIC (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). It is the intention of Assignor, the Company, the Servicer and Assignee
          that this AAR Agreement shall be binding upon and for the benefit of the
          respective successors and assigns of the parties hereto. Neither the Company,
          the Servicer nor Assignor shall amend or agree to amend, modify, waive,
          or
          otherwise alter any of the terms or provisions of the Purchase Agreement
          which
          amendment, modification, waiver or other alteration would in any way affect
          the
          Assigned Loans without the prior written consent of Assignee.

         

        7.
            Notwithstanding
          any term hereof to the contrary, the execution and delivery of the AAR
          Agreement
          by the Assignee is solely in its capacity as trustee for Bear Stearns Asset
          Backed Securities I Trust 2006-AC3 and not individually, and any recourse
          against the Assignee in respect of any obligations it may have under or
          pursuant
          to the terms of this AAR Agreement shall be limited solely to the assets
          it may
          hold as trustee of Bear Stearns Asset Backed Securities I Trust
          2006-AC3.

         

        Servicer
          shall indemnify and hold harmless the Assignor, each affiliate of the Assignor,
          Bear Stearns Asset Backed Securities I LLC (“BSABS I”), the Assignee, Bear,
          Stearns & Co. Inc. (the “Underwriter”) and each affiliate of the
          Underwriter, each Person (including, but not limited to, the Master Servicer)
          responsible for the preparation, execution or filing of any report required
          to
          be filed with the Commission, or for execution of a certification pursuant
          to
          Rule 13a-14(d) or Rule 15d-14(d) under the Exchange Act, each Person who
          controls the Assignor, BSABS I, the Assignee or the Underwriter (within
          the
          meaning of Section 15 of the Securities Act and Section 20 of the Exchange
          Act);
          and the respective present and former directors, officers, employees, agents
          and
          affiliates of each of the foregoing (each, an “Indemnified Party”), and shall
          hold each of them harmless from and against any claims, losses, damages,
          penalties, fines, forfeitures, legal fees and expenses and related costs,
          judgments, and any other costs, fees and expenses that any of them may
          sustain
          arising out of or based upon: 

         

        
          	(i)  	
                  (A)any
                    untrue statement of a material fact contained or alleged to be
                    contained
                    in any information, report, certification, data, accountants’ letter or
                    other material provided under Section 11.18 of the Purchase Agreement
                    by
                    or on behalf of the Servicer, or provided under Section 11.18
                    of the
                    Purchase Agreement by or on behalf of any Subservicer, Subcontractor
                    or
                    Third-Party Originator (collectively, the “Company Information”), or (B)
                    the omission or alleged omission to state in the Company Information
                    a
                    material fact required to be stated in the Company Information
                    or
                    necessary in order to make the statements therein, in the light
                    of the
                    circumstances under which they were made, not misleading; provided,
                    by way of clarification, that
                    clause (B) of this paragraph shall be construed solely by reference
                    to the
                    Company Information and not to any other information communicated
                    in
                    connection with a sale or purchase of securities, without regard
                    to
                    whether the Company Information or any portion thereof is presented
                    together with or separately from such other
                    information;

                

        

         

        
          	(ii)  	
                  any
                    breach by the Servicer of its obligations under Section 11.18
                    of Purchase
                    Agreement, including particularly any failure by the Servicer,
                    any
                    Subservicer, any Subcontractor or any Third-Party Originator
                    to deliver
                    any information, report, certification, accountants’ letter or other
                    material when and as required under Section 11.18 of the Purchase
                    Agreement, including any failure by the Company to identify any
                    Subcontractor “participating in the servicing function” within the meaning
                    of Item 1122 of Regulation AB; 

                

        

         

        
          	(iii)  	
                  any
                    breach by the Servicer of a representation or warranty set forth
                    in
                    Section 3.01 of the Purchase Agreement or in a writing furnished
                    pursuant
                    to Section 3.01(q) of the Purchase Agreement and made as of a
                    date prior
                    to the date hereof, to the extent that such breach is not cured
                    by the
                    date hereof, or any breach by the Servicer of a representation
                    or warranty
                    in a writing furnished pursuant to Section 3.01(q) of the Purchase
                    Agreement to the extent made as of a date subsequent to the date
                    hereof;
                    or

                

        

         

        
          	(iv)  	
                  the
                    negligence, bad faith or willful misconduct of the Servicer in
                    connection
                    with its performance under Section 11.18 of the Purchase
                    Agreement.

                

        

         

        If
          the
          indemnification provided for herein is unavailable or insufficient to hold
          harmless an Indemnified Party, then the Servicer agrees that it shall contribute
          to the amount paid or payable by such Indemnified Party as a result of
          any
          claims, losses, damages or liabilities incurred by such Indemnified Party
          in
          such proportion as is appropriate to reflect the relative fault of such
          Indemnified Party on the one hand and the Servicer on the other.

         

        In
          the
          case of any failure of performance described in Section 11.18 of the Purchase
          Agreement, the Servicer shall promptly reimburse the Assignor, BSABS I
          and each
          Person responsible for the preparation, execution or filing of any report
          required to be filed with the Commission, or for execution of a certification
          pursuant to Rule 13a-14(d) or Rule 15d-14(d) under the Exchange Act, for
          all
          costs reasonably incurred by each such party in order to obtain the information,
          report, certification, accountants’ letter or other material not delivered as
          required by the Servicer, any Subservicer, any Subcontractor or any Third-Party
          Originator.

         

        
          	 	
                  Modification
                    of Purchase Agreement

                

        

         

        8.
            The
          Company, the Servicer and Assignor hereby amend the Purchase Agreement
          as
          follows:

         

        (a)  The
          following definitions are added to Article I of the Purchase
          Agreement:

         

        Master
          Servicer:
          Wells
          Fargo Bank, N.A., or its successors in interest who meet the qualifications
          of
          the Pooling and Servicing Agreement and this Agreement.

         

        Pooling
          and Servicing Agreement:
          That
          certain pooling and servicing agreement, dated as of April 1, 2006, among
          Bear
          Stearns Asset Backed Securities I LLC, the Trustee, Wells Fargo Bank, N.A.,
          as
          master servicer, the Securities Administrator and EMC Mortgage
          Corporation.

         

        Securities
          Administrator:
          Wells
          Fargo Bank, N.A.

         

        Servicing
          Fee Rate:
          As
          provided in the related mortgage loan schedule.

         

        Trustee:
          U.S.
          Bank National Association, or its successor in interest, or any successor
          trustee appointed as provided in the Pooling and Servicing
          Agreement.

         

        (b)  The
          definition of Business Day is deleted in its entirety and replaced with
          the
          following:

         

        Business
          Day:
          Any day
          other than: (i) a Saturday or Sunday, or (ii) a legal holiday in the States
          of
          New York, Maryland, Minnesota or Texas, or (iii) a day on which banks in
          the
          States of New York, Maryland, Minnesota or Texas are authorized or obligated
          by
          law or executive order to be closed.

         

        (c)  Section
          11.04 of the Purchase Agreement is deleted in its entirety and replaced
          with the
          following:

         

        Section
          11.04  Governing
          Law.

         

        This
          Agreement and the related Term Sheet shall be governed by and construed
          in
          accordance with the laws of the State of New York without giving effect
          to
          principles of conflicts of laws (other than Section 5-1401 of the New York
          General Obligations Law) and except to the extent preempted by Federal
          law. The
          obligations, rights and remedies of the parties hereunder shall be determined
          in
          accordance with such laws.

         

        

         

        
          	 	
                  Miscellaneous

                

        

         

        9.
            All
          demands, notices and communications related to the Assigned Loans, the
          Purchase
          Agreement and this AAR Agreement shall be in writing and shall be deemed
          to have
          been duly given if personally delivered at or mailed by registered mail,
          postage
          prepaid, as follows:

         

        
          	(a) 
                    	
                  In
                    the case of the Company:

                

        

        

        American
          Home Mortgage Corporation 

        538
          Broadhollow Road

        Melville,
          New York 11747

        Attention:
          Robert F. Johnson, Jr.

        Telecopier
          No.: (866) 822-3288

        

        with
          a
          copy to:

        Alan
          B.
          Horn, General Counsel

        American
          Home Mortgage Corp.

        538
          Broadhollow Road

        Melville,
          New York 11747

        Telecopier
          No.: (800) 209-7276

        
          	 	 	 

        

        
          	(b) 
                    	
                  In
                    case of the Servicer:

                

        

         

        American
          Home Mortgage Servicing, Inc. 

        4600
          Regent Boulevard, Suite 200

        Irving,
          Texas 75063

        Attention:
          David Friedman

        

        with
          a
          copy to:

        Alan
          B.
          Horn, General Counsel

        American
          Home Mortgage Corp.

        538
          Broadhollow Road

        Melville,
          New York 11747

        Telecopier
          No.: (800) 209-7276 

        

        
          	(c) 
                    	
                  In
                    the case of Assignor:

                

        

         

        EMC
          Mortgage Corporation 

        Mac
          Arthur Ridge II 

        909
          Hidden Ridge Drive, Suite 200

        Irving,
          Texas 75038

        Attention:
          Ralene Ruyle

        Telecopier
          No.: (972) 444-2810

         

        with
          a
          copy to:

         

        Bear
          Stearns Mortgage Capital Corporation

        383
          Madison Avenue

        New
          York,
          New York 10179

        Attention:
          Ernie Calabrese

        Telecopier
          No.: (212) 272-5591

         

        
          	(d) 
                    	
                  In
                    the case of Assignee:

                

        

         

        U.S.
          Bank
          National Association,

        as
          Trustee

        One
          Federal Street, 3rd
          Floor

        Boston,
          Massachusetts 02110

        Attention:
          Corporate Trust Services - BSABS I 2006-AC3

        Telecopier
          No.: (617) 603-6638 

         

        10.
            The
          Servicer hereby acknowledges that Wells Fargo Bank, N.A. (the “Master Servicer”)
          has been appointed as the master servicer of the Assigned Loans pursuant
          to the
          Pooling and Servicing Agreement, dated as of April 1, 2006, among the Assignor,
          the Assignee, Bear Stearns Asset Backed Securities I LLC, the Master Servicer
          and Wells Fargo, N.A. as securities administrator, and therefor has the
          right to
          enforce all obligations of the Servicer, as they relate to the Assigned
          Loans,
          under the Purchase Agreement. Such right will include, without limitation,
          the
          right to terminate the Servicer under the Purchase Agreement upon the occurrence
          of an event of default thereunder, the right to receive all remittances
          required
          to be made by the Servicer under the Purchase Agreement, the right to receive
          all monthly reports and other data required to be delivered by the Servicer
          under the Purchase Agreement, the right to examine the books and records
          of the
          Servicer, indemnification rights, and the right to exercise certain rights
          of
          consent and approval relating to actions taken by the Servicer. The Servicer
          shall make all distributions under the Purchase Agreement, as they relate
          to the
          Assigned Loans, to the Master Servicer by wire transfer of immediately
          available
          funds to:

         

        BSABS
          I
          2006-AC3 Master Servicer Collection Account

        Wells
          Fargo
          Bank, N.A.

        ABA#
          121000248

        Account
          Name: SAS Clearing 

        Account
          #
          3970771416

         

        For
          Further Credit to: BSABS I 2006-AC3, Account # 50912900

         

        and
          the
          Servicer shall deliver all reports required to be delivered under the Purchase
          Agreement, as they relate to the Assigned Loans, to the Assignee at the
          address
          set forth in Section 8 herein and to the Master Servicer at:

         

        Wells
          Fargo Bank, N.A.

        9062
          Old
          Annapolis Road

        Columbia,
          Maryland 21045

        Attention:
          Client Manager BSABS I 2006-AC3

         

        11.
            A
          copy of
          all assessments, attestations, reports and certificates required to be
          delivered
          by the Servicer under this AAR Agreement and the Purchase Agreement shall
          be
          delivered to the Master Servicer by the date(s) specified herein or therein,
          and
          where such documents are required to be addressed to any party, such addresses
          shall include the Master Servicer and the Master Servicer shall be entitled
          to
          rely on such documents.

         

        12.
            Each
          party will pay any commissions it has incurred and the fees of its attorneys
          in
          connection with the negotiations for, documenting of and closing of the
          transactions contemplated by this AAR Agreement.

         

        13.
            This
          AAR
          Agreement shall be construed in accordance with the laws of the State of
          New
          York, without regard to conflicts of law principles, and the obligations,
          rights
          and remedies of the parties hereunder shall be determined in accordance
          with
          such laws.

         

        14.
            No
          term
          or provision of this AAR Agreement may be waived or modified unless such
          waiver
          or modification is in writing and signed by the party against whom such
          waiver
          or modification is sought to be enforced.

         

        15.
            This
          AAR
          Agreement shall inure to the benefit of the successors and assigns of the
          parties hereto. Any entity into which Assignor, Assignee or Company may
          be
          merged or consolidated shall, without the requirement for any further writing,
          be deemed Assignor, Assignee or Company, respectively, hereunder.

         

        16.
            This
          AAR
          Agreement shall survive the conveyance of the Assigned Loans, the assignment
          of
          the Purchase Agreement to the extent of the Assigned Loans by Assignor
          to
          Assignee and the termination of the Purchase Agreement.

         

        17.
            This
          AAR
          Agreement may be executed simultaneously in any number of counterparts.
          Each
          counterpart shall be deemed to be an original and all such counterparts
          shall
          constitute one and the same instrument.

         

        18.
            In
          the
          event that any provision of this AAR Agreement conflicts with any provision
          of
          the Purchase Agreement with respect to the Assigned Loans, the terms of
          this AAR
          Agreement shall control. 

         

        19. Notwithstanding
          anything herein or in the Purchase Agreement to the contrary, Assignor
          hereby
          acknowledges and agrees that it will not exercise any rights to terminate
          the
          servicing of any defaulted Assigned Loans and/or REO Properties by the
          Servicer
          pursuant to Section 4.03 or Section 4.13 of the Purchase Agreement for
          so long
          as the Assigned Loans are held by the Assignee.

         

        

        

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

        IN
          WITNESS WHEREOF, the parties hereto have executed this AAR Agreement as
          of the
          day and year first above written.

         

        

        EMC
          MORTGAGE CORPORATION

        Assignor

         

        By:________________________________

        Name:______________________________

        Title:_______________________________

        

         

        U.S.
          BANK
          NATIONAL ASSOCIATION, not individually but 

        solely
          as
          Trustee for the
          Bear
          Stearns Asset Backed Securities I 

        Trust
          2006-AC3, Asset-Backed Certificates, Series 2006-AC3 Assignee

         

        By:________________________________

        Name:______________________________

        Title:_______________________________

        

         

        AMERICAN
          HOME MORTGAGE CORP.

         

        By:________________________________

        Name:______________________________

        Title:_______________________________

        

         

        AMERICAN
          HOME MORTGAGE SERVICING, INC.

         

        By:________________________________

        Name:______________________________

        Title:_______________________________

         

        

         

        Acknowledged
          and Agreed:

         

        WELLS
          FARGO BANK, N.A.

        

         

        By:________________________________

        Name:______________________________

        Title:_______________________________

         

         

        BEAR
          STEARNS ASSET BACKED SECURITIES I LLC

         

        By:________________________________

        Name:______________________________

        Title:_______________________________

         

        

         

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

        

         

         

        ATTACHMENT
          1

         

         

        ASSIGNED
          LOAN SCHEDULE

         

        (Available
          upon request)

         

        

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

         

        ATTACHMENT
          2

         

         

        PURCHASE
          AGREEMENT

         

        (Available
          upon request)

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      
 

      EXHIBIT
        S-2

      

      CHEVY
        CHASE ASSIGNMENT AGREEMENT

      

      

        ASSIGNMENT
          AND ASSUMPTION AGREEMENT

         

        THIS
          ASSIGNMENT AND ASSUMPTION AGREEMENT (the “Assignment and Assumption Agreement”),
          dated April 28, 2006, among EMC Mortgage Corporation, a Delaware corporation
          (“Assignor”), U.S. Bank National Association, not
          individually but solely as trustee for the holders of Bear Stearns Asset
          Backed
          Securities I Trust 2006-AC3, Asset-Backed Certificates, Series 2006-AC3
          (“Assignee”), Chevy Chase Bank, F.S.B. (the “Company”) and Bear Stearns Asset
          Backed Securities I LLC (“BSABS I”).

         

        For
          and
          in consideration of the sum of TEN DOLLARS ($10.00) and other valuable
          consideration the receipt and sufficiency of which hereby are acknowledged,
          and
          of the mutual covenants herein contained, the parties hereto hereby agree
          as
          follows:

         

        1.  Defined
          terms used in this Assignment and Assumption Agreement and not otherwise
          defined
          herein shall have the meaning set forth in the Pooling and Servicing Agreement,
          dated as of April
          1,
          2006, among BSABS I, the Assignor, the Assignee, Wells Fargo Bank, National
          Association (the “Master Servicer”) and Wells Fargo Bank, National Association,
          as Securities Administrator.

         

        2.  The
          Assignor hereby grants, transfers and assigns to Assignee all of the right,
          title and interest of Assignor, as purchaser, in, to and under (a) those
          certain
          Mortgage Loans listed on Exhibit A attached hereto (the “Mortgage Loans”), (b)
          that certain Purchase, Warranties and Servicing Agreement, dated as of
          July 1,
          2001, as amended by Amendment No. 1, dated as of January 13, 2003, and
          Amendment
          No. 2, dated as of January 31, 2006, by and between the Assignor and the
          Company
          with respect to the Mortgage Loans (as amended, the “PWS Agreement”) and (c)
          that certain term sheet dated as of February 22, 2006 (the “Term Sheet”), by and
          between the Assignor and the Company. Notwithstanding anything to the contrary
          contained herein, the Assignor specifically reserves and does not assign
          to the
          Assignee any right, title and interest in, to or under the representations
          and
          warranties contained in Section 3.01 and Section 3.02 of the PWS Agreement
          and
          in the Term Sheet, and the Assignor is retaining the right to enforce the
          representations and warranties set forth in those sections against the
          Company.

         

        The
          Assignor specifically reserves and does not assign to the Assignee hereunder
          any
          and all right, title and interest in, to and under and all obligations
          of the
          Assignor with respect to any mortgage loans subject to the PWS Agreement
          and the
          Term Sheets which are not the Mortgage Loans set forth on Exhibit A attached
          hereto and are not the subject of this Assignment and Assumption
          Agreement.

         

        3.  The
          Assignor warrants and represents to, and covenants with, the Assignee
          that:

         

        a.  The
          Assignor is the lawful owner of the Mortgage Loans with the full right
          to
          transfer the Mortgage Loans free from any and all claims and encumbrances
          whatsoever;

         

        b.  The
          Assignor has not received notice of, and has no knowledge of, any offsets,
          counterclaims or other defenses available to the Company with respect to
          the PWS
          Agreement, the Term Sheet or the Mortgage Loans;

         

        c.  The
          Assignor has not waived or agreed to any waiver under, or agreed to any
          amendment or other modification of, the PWS Agreement, the Term Sheets
          or the
          Mortgage Loans, including without limitation the transfer of the servicing
          obligations under the PWS Agreement. The Assignor has no knowledge of,
          and has
          not received notice of, any waivers under or amendments or other modifications
          of, or assignments of rights or obligations under or defaults under, the
          PWS
          Agreement, the Term Sheet or the Mortgage Loans; and

         

        d.  Neither
          the Assignor nor anyone acting on its behalf has offered, transferred,
          pledged,
          sold or otherwise disposed of the Mortgage Loans, any interest in the Mortgage
          Loans or any other similar security to, or solicited any offer to buy or
          accept
          a transfer, pledge or other disposition of the Mortgage Loans, any interest
          in
          the Mortgage Loans or any other similar security from, or otherwise approached
          or negotiated with respect to the Mortgage Loans, any interest in the Mortgage
          Loans or any other similar security with, any person in any manner, or
          made by
          general solicitation, by means of general advertising or in any other manner,
          or
          taken any other action which would constitute a distribution of the Mortgage
          Loans under the Securities Act of 1933 (the “1933 Act”) or which would render
          the disposition of the Mortgage Loans a violation of Section 5 of the 1933
          Act
          or require registration pursuant thereto.

         

        4.  The
          Assignee warrants and represents to, and covenants with, the Assignor and
          the
          Company that:

         

        a.  The
          Assignee is duly organized, validly existing and in good standing under
          the laws
          of the jurisdiction of its organization, and has all requisite power and
          authority to hold the Mortgage Loans on behalf of the holders of the Bear
          Stearns Asset Backed Securities I Trust 2006-AC3, Asset-Backed Certificates,
          Series 2006-AC3;

         

        b.  The
          Assignee has full corporate power and authority to execute, deliver and
          perform
          under this Assignment and Assumption Agreement, and to consummate the
          transactions set forth herein. The execution, delivery and performance
          of the
          Assignee of this Assignment and Assumption Agreement, and the consummation
          by it
          of the transactions contemplated hereby, have been duly authorized by all
          necessary corporate action of the Assignee. This Assignment and Assumption
          Agreement has been duly executed and delivered by the Assignee and constitutes
          the valid and legally binding obligation of the Assignee enforceable against
          the
          Assignee in accordance with its respective terms;

         

        c.  To
          the
          best of Assignee’s knowledge, no material consent, approval, order or
          authorization of, or declaration, filing or registration with, any governmental
          entity is required to be obtained or made by the Assignee in connection
          with the
          execution, delivery or performance by the Assignee of this Assignment and
          Assumption Agreement, or the consummation by it of the transactions contemplated
          hereby;

         

        d.  
          The
          Assignee assumes all of the rights of the Purchaser under the PWS Agreement
          with
          respect to the Assigned Loans other than the right to enforce the obligations
          of
          the Company under the PWS Agreement.

         

        5.  The
          Company warrants and represents to, and covenants with, the Assignor and
          the
          Assignee as of the date hereof:

         

        a.  Attached
          hereto as Exhibit B are true and accurate copies of the PWS Agreement and
          the
          relevant Term Sheet, which agreements are in full force and effect as of
          the
          date hereof and the provisions of which have not been waived, amended or
          modified in any respect, nor has any notice of termination been given
          thereunder;

         

        b.  The
          Company is a federally chartered savings bank duly organized, validly existing
          and in good standing under the laws of the United States, and has all requisite
          power and authority to service the Mortgage Loans and otherwise to perform
          its
          obligations under the PWS Agreement and the Term Sheet;

         

        c.  The
          Company has full corporate power and authority to execute, deliver and
          perform
          its obligations under this Assignment and Assumption Agreement, and to
          consummate the transactions set forth herein. The consummation of the
          transactions contemplated by this Assignment and Assumption Agreement is
          in the
          ordinary course of the Company’s business and will not conflict with, or result
          in a breach of, any of the terms, conditions or provisions of the Company’s
          charter or by-laws or any legal restriction, or any material agreement
          or
          instrument to which the Company is now a party or by which it is bound,
          or
          result in the violation of any law, rule, regulation, order, judgment or
          decree
          to which the Company or its property is subject. The execution, delivery
          and
          performance by the Company of this Assignment and Assumption Agreement
          and the
          consummation by it of the transactions contemplated hereby, have been duly
          authorized by all necessary action on part of the Company. This Assignment
          and
          Assumption Agreement has been duly executed and delivered by the Company,
          and,
          upon the due authorization, execution and delivery by the Assignor and
          the
          Assignee, will constitute the valid and legally binding obligation of the
          Company, enforceable against the Company in accordance with its terms except
          as
          enforceability may be limited by bankruptcy, reorganization, insolvency,
          moratorium or other similar laws now or hereafter in effect relating to
          creditors’ rights generally, and by general principles of equity regardless of
          whether enforceability is considered in a proceeding in equity or at
          law;

         

        d.  No
          consent, approval, order or authorization of, or declaration, filing or
          registration with, any governmental entity is required to be obtained or
          made by
          the Company in connection with the execution, delivery or performance by
          the
          Company of this Assignment and Assumption Agreement, or the consummation
          by it
          of the transactions contemplated hereby; and

         

        e.  The
          Company shall establish a Custodial Account and an Escrow Account under
          the PWS
          Agreement in favor of the Assignee with respect to the Mortgage Loans separate
          from the Custodial Account and Escrow Account previously established under
          the
          PWS Agreement in favor of the Assignor.

         

        6.  Company
          warrants and represents to, and covenants with, Assignor and BSABS I as
          of the
          date hereof:

         

        a.  Company
          is not aware and has not received notice that any default, early amortization
          or
          other performance triggering event has occurred as to any other securitization
          due to any act or failure to act of the Company;

         

        b.  No
          material noncompliance with the applicable servicing criteria with respect
          to
          other securitizations of residential mortgage loans involving the Company
          as
          servicer has been disclosed or reported by the Company;

         

        c.  Company
          has not been terminated as servicer in a residential mortgage loan
          securitization, either due to a servicing default or to application of
          a
          servicing performance test or trigger;

         

        d.  No
          material changes to the Company’s policies or procedures with respect to the
          servicing function it will perform under the PWS Agreement and this Assignment
          and Assumption Agreement for mortgage loans of a type similar to the Mortgage
          Loans have occurred during the three-year period immediately preceding
          the date
          hereof;

         

        e.  There
          are
          no aspects of the Company’s financial condition that could have a material
          adverse effect on the performance by the Company of its servicing obligations
          under the PWS Agreement and this Assignment and Assumption
          Agreement;

         

        f.  There
          are
          no material legal or governmental proceedings pending (or known to be
          contemplated) against the Company, any Subservicer or any third-party
          originator; and

         

        g.  There
          are
          no affiliations, relationships or transactions relating to the Company
          or any
          Subservicer with respect to this Securitization Transaction and any party
          thereto of a type described in Item 1119 of Regulation AB.

         

        Notwithstanding
          anything to the contrary in the Agreement, the Company shall (or shall
          cause
any
          Subservicer and Third-Party Originator to), provided that the Company (and
          each
          Subservicer and Third-Party Originator, as the case may be) meets the disclosure
          requirements of Items 1117 and 1119 of Regulation AB, as the case may be,
          for
          such disclosure period (i) immediately notify Assignor and BSABS I in writing
          of
          (A) legal proceedings pending against the Company, or proceedings known
          to be
          contemplated by governmental authorities against the Company which in the
          judgment of the Company would be, in each case, reasonably expected to
          be
          material to purchasers of securities backed by the Mortgage Loans, (B)
          any known
          affiliations or relationships of the type described in Item 1119(b) of
          Regulation AB that develop following the date hereof between the Company
          and any
          of the above listed parties or other parties identified in writing by the
          Assignor or BSABS I with respect to the Securitization Transaction and
          (ii)
          provide to the Assignor and BSABS I a description of such proceedings,
          affiliations or relationships.

         

        Each
          such
          notice/update should be sent to the Assignor by e-mail to
          regABnotifications@bear.com. Additionally, all such notifications, other
          than
          those pursuant to (i)(A) above, should be sent to:

         

        EMC
          Mortgage Corporation

        2780
          Lake
          Vista Drive

        Lewisville,
          TX 75067-3884

        Attention:
          Conduit Seller Approval Dept.

        Facsimile:
          (214) 626-3751

        Email:
          sellerapproval@bear.com

        

        With
          a
          copy to:

        

        Bear,
          Stearns & Co. Inc.

        383
          Madison Avenue, 3rd Floor

        New,
          York, NY 10179

        Attention:
          Global Credit Administration

        Facsimile:
          (212) 272-6564

        

        Notifications
          pursuant to (i)(A) above should be sent to: 

        

        EMC
          Mortgage Corporation

        Two
          Mac
          Arthur Ridge

        909
          Hidden Ridge Drive, Suite 200

        Irving,
          TX 75038

        Attention:
          Associate General Counsel for Loan Administration

        Facsimile:
          (972) 831-2555

        

        With
          copies to:

        

        Bear,
          Stearns & Co. Inc.

        383
          Madison Avenue, 3rd Floor

        New,
          York, NY 10179

        Attention:
          Global Credit Administration

        Facsimile:
          (212) 272-6564

        

        EMC
          Mortgage Corporation

        2780
          Lake
          Vista Drive

        Lewisville,
          TX 75067-3884

        Attention:
          Conduit Seller Approval Dept.

        Facsimile:
          (214) 626-3751

        Email:
          sellerapproval@bear.com

        

        Recognition
          of Assignee

         

        7.  From
          and
          after the date hereof, the Company shall recognize the Assignee as owner
          of the
          Mortgage Loans, and acknowledges that the Mortgage Loans will be part of
          a
          REMIC, and will service the Mortgage Loans in accordance with the PWS Agreement.
          It is the intention of the Assignor, the Company and the Assignee that
          this
          Assignment and Assumption Agreement shall be binding upon and for the benefit
          of
          the respective successors and assigns of the parties hereto. Neither the
          Company
          nor the Assignor shall amend or agree to amend, modify, waive, or otherwise
          alter any of the terms or provisions of the PWS Agreement which amendment,
          modification, waiver or other alteration would in any way affect the Mortgage
          Loans without the prior written consent of the Assignee.

         

        Pursuant
          to Section 11.18 of the PWS Agreement, the Company hereby acknowledges
          that the
          representations and warranties set forth in Section 3.01 of the PWS Agreement
          with respect to the Company and Section 3.02 of the PWS Agreement and in
          the
          Term Sheet with respect to the Mortgage Loans are being made by the Company
          as
          of April 28, 2006. The Assignor retains the right to enforce the representations
          and warranties set forth in Section 3.02 of the PWS Agreement and in the
          Term
          Sheet against the Company.

         

        8.  Notwithstanding
          any term hereof to the contrary, the execution and delivery of this Assignment
          and Assumption Agreement by the Assignee is solely in its capacity as trustee
          for Bear Stearns Asset Backed Securities I Trust 2006-AC3, Asset-Backed
          Certificates, Series 2006-AC3 and not individually, and any recourse against
          the
          Assignee in respect of any obligations it may have under or pursuant to
          the
          terms of this Assignment and Assumption Agreement shall be limited solely
          to the
          assets it may hold as trustee of Bear Stearns Asset Backed Securities I
          Trust
          2006-AC3, Asset-Backed Certificates, Series 2006-AC3.

         

        Company
          shall indemnify and hold harmless the Assignor, each affiliate of the Assignor,
          BSABS I, the Assignee, Bear, Stearns & Co. Inc. (the “Underwriter”) and each
          affiliate of the Underwriter, each Person (including, but not limited to,
          the
          Master Servicer) responsible for the preparation, execution or filing of
          any
          report required to be filed with the Commission, or for execution of a
          certification pursuant to Rule 13a-14(d) or Rule 15d-14(d) under the Exchange
          Act, each Person who controls the Assignor, BSABS I, the Assignee or the
          Underwriter (within the meaning of Section 15 of the Securities Act and
          Section
          20 of the Exchange Act); and the respective present and former directors,
          officers, employees, agents and affiliates of each of the foregoing (each,
          an
“Indemnified Party”), and shall hold each of them harmless from and against any
          claims, losses, damages, penalties, fines, forfeitures, legal fees and
          expenses
          and related costs, judgments, and any other costs, fees and expenses that
          any of
          them may sustain arising out of or based upon: 

         

        
          	(i)  	
                  (A)any
                    untrue statement of a material fact contained or alleged to be
                    contained
                    in any information, report, certification, data, accountants’ letter or
                    other material provided under Sections 6.04, 6.07, 11.18 or 11.19
                    of the
                    PWS Agreement by the Company or by another third-party at the
                    direction of
                    the Company, or provided under Sections 6.04, 6.07, 11.18 or
                    11.19 of the
                    PWS Agreement by or at the direction of any Subservicer, Subcontractor
                    or
                    Third-Party Originator (collectively, the “Company Information”), or (B)
                    the omission or alleged omission to state in the Company Information
                    a
                    material fact required to be stated in the Company Information
                    or
                    necessary in order to make the statements therein, in the light
                    of the
                    circumstances under which they were made, not misleading; provided,
                    by way of clarification, that
                    clause (B) of this paragraph shall be construed solely by reference
                    to the
                    Company Information and not to any other information communicated
                    in
                    connection with a sale or purchase of securities, without regard
                    to
                    whether the Company Information or any portion thereof is presented
                    together with or separately from such other
                    information;

                

        

         

        
          	(ii)  	
                  any
                    breach by the Company of its obligations under Sections 6.04,
                    6.07, 11.18
                    or 11.19 of PWS Agreement, including particularly any failure
                    by the
                    Company, any Subservicer, any Subcontractor or any Third-Party
                    Originator
                    to deliver any information, report, certification, accountants’ letter or
                    other material when and as required under Sections 6.04, 6.07,
                    11.18 or
                    11.19 of the PWS Agreement, including any failure by the Company
                    to
                    identify any Subcontractor “participating in the servicing function”
                    within the meaning of Item 1122 of Regulation AB;
                    

                

        

         

        
          	(iii)  	
                  any
                    breach by the Company of a representation or warranty set forth
                    in Section
                    3.01 of the PWS Agreement or in a writing furnished pursuant
                    to Section
                    3.01 of the PWS Agreement and made as of a date prior to the
                    date hereof,
                    to the extent that such breach is not cured by the date hereof,
                    or any
                    breach by the Company of a representation or warranty in a writing
                    furnished pursuant to Section 3.01 of the PWS Agreement to the
                    extent made
                    as of a date subsequent to the date hereof;
                    or

                

        

         

        
          	(iv)  	
                  the
                    negligence, bad faith or willful misconduct of the Company in
                    connection
                    with its performance under Sections 6.04, 6.07, 11.18 or 11.19
                    of the PWS
                    Agreement.

                

        

         

        For
          purposes of clarification with respect to the indemnification given above,
          the
          Company shall only be required to indemnify the Indemnified Parties with
          respect
          to Regulation AB Losses with respect to clause (i) above that any Indemnified
          Party incurs when such Regulation AB Losses arise out of or are based upon
          clauses (i), (ii), (iii) and (iv) above and only with respect to the Mortgage
          Loans; provided, that the indemnification provided under Section 11.18
          of the
          PWS Agreement shall be the only indemnification with respect to Regulation
          AB
          Losses; provided, further, that if the loan performance information is
          not
          provided to the Company pursuant to the PWS Agreement, the Company shall
          have no
          obligation to indemnify any Indemnified Party for regulation AB Losses
          arising
          from the Company’s failure to provide Static Pool Information.

         

        If
          the
          indemnification provided for herein is unavailable or insufficient to hold
          harmless an Indemnified Party, then the Company agrees that it shall contribute
          to the amount paid or payable by such Indemnified Party as a result of
          any
          claims, losses, damages or liabilities incurred by such Indemnified Party
          in
          such proportion as is appropriate to reflect the relative fault of such
          Indemnified Party on the one hand and the Company on the other.

         

        In
          the
          case of any failure of performance described in Section 11.18 of the PWS
          Agreement, the Company shall promptly reimburse the Assignor, BSABS I and
          each
          Person responsible for the preparation, execution or filing of any report
          required to be filed with the Commission, or for execution of a certification
          pursuant to Rule 13a-14(d) or Rule 15d-14(d) under the Exchange Act, for
          all
          costs reasonably incurred by each such party in order to obtain the information,
          report, certification, accountants’ letter or other material not delivered as
          required by the Company, any Subservicer, any Subcontractor or any Third-Party
          Originator. This indemnification shall survive the termination of this
          Agreement
          or the termination of any party to this Agreement.

         

        Modification
          of the PWS Agreement

         

        9.  The
          Assignor and the Company hereby amend the PWS Agreement as follows:

         

        (a) The
          following definitions shall be added to Article I of the PWS
          Agreement: 

         

        Assignee:
          U.S.
          Bank National Association, as trustee for the holders of Bear Stearns Asset
          Backed Securities I Trust 2006-AC3, Asset-Backed Certificates, Series
          2006-AC3.

         

        Master
          Servicer:
          Wells
          Fargo Bank, National Association or any successor thereto.

         

        REMIC:
          A “real
          estate mortgage investment conduit” as defined in Section 860D of the
          Code.

         

        REMIC
          Provisions:
          The
          provisions of the federal income tax law relating to REMICs, which appear
          at
          Sections 860A through 860G of the Code, and related provisions and regulations
          promulgated thereunder, as the foregoing may be in effect from time to
          time.

         

        BSABS
          I:
          Bear
          Stearns Asset Backed Securities I LLC.

         

        Securities
          Administrator:
          Wells
          Fargo Bank, National Association.

         

        Trustee:
          U.S.
          Bank National Association.

         

        (b) The
          definition of Business Day is deleted in its entirety and replaced with
          the
          following:

         

        Business
          Day:
          Any day
          other than: (i) a Saturday or Sunday, or (ii) a legal holiday in the States
          of
          New York, Maryland or Minnesota, or (iii) a day on which banks in the States
          of
          New York, Maryland or Minnesota are authorized or obligated by law or executive
          order to be closed.

         

        (c) The
          following are added as the last three paragraphs of Section 4.01 of the
          PWS
          Agreement:

         

        “Notwithstanding
          anything to the contrary contained herein, the Company shall not permit
          any
          modification with respect to any Mortgage Loan without permission of the
          Master
          Servicer.

         

        Notwithstanding
          anything to the contrary contained herein, any REO Property shall be disposed
          of
          by the Company before the close of the third taxable year following the
          taxable
          year in which the related Mortgage Loan became an REO Property, unless
          the
          Company is otherwise directed by the Master Servicer.

         

        The
          Company shall comply with any written instructions, to the extent the Company
          is
          able to reasonably comply, received from the Master Servicer or the Assignor
          pertaining to the servicing of the Mortgage Loans and the acquisition,
          holding
          or disposition of any REO Property to ensure the continued qualification
          of each
          REMIC as a REMIC in accordance with the REMIC Provisions.”

         

        (i)  (d)The
          first
          sentence of Subsection (c) of the definition of “Eligible Account” is deleted in
          its entirety and replaced with the following: 

         

        “(c)
          in a
          separate non-trust account (which is not fully insured by FDIC or other
          insurance) in an Eligible Institution.”

         

        (e) The
          following is added to the last sentence of the definition of “Eligible
          Institution”:

         

        “;
          provided that Chevy Chase Bank, F.S.B. shall cease to be an Eligible Institution
          in the event that either its short-term or long-term debt rating is reduced
          below the rating in effect on April 1, 2006.”

         

        (f) Subsection
          3.02(nn) is deleted in its entirety and replaced with the
          following:

         

        “(nn) The
          Mortgagor has not notified the Company, and the Company does not have any
          knowledge of any relief requested or allowed to the Mortgagor under the
          Servicemembers Civil Relief Act;”

         

        (g)
           Exhibit
          M
          of the PWS Agreement is deleted in its entirety and replaced with the
          following:

         

         

        EXHIBIT
          M

         

        SERVICING
          CRITERIA TO BE ADDRESSED IN ASSESSMENT OF COMPLIANCE

         

        The
          assessment of compliance to be delivered by [the Company] [Name of Subservicer]
          shall address, at a minimum, the criteria identified as below as “Applicable
          Servicing Criteria”:

         

         

        
          	
                  Servicing
                    Criteria 

                	
                  Applicable
                    Servicing Criteria

                
	
                  Reference

                	
                  Criteria

                	
                   

                
	
                   

                	
                  General
                    Servicing Considerations

                	
                   

                
	
                  1122(d)(1)(i)

                	
                  Policies
                    and procedures are instituted to monitor any performance or other
                    triggers
                    and events of default in accordance with the transaction
                    agreements.

                	
                  x

                
	
                  1122(d)(1)(ii)

                	
                  If
                    any material servicing activities are outsourced to third parties,
                    policies and procedures are instituted to monitor the third party’s
                    performance and compliance with such servicing activities.

                	
                  x

                
	
                  1122(d)(1)(iii)

                	
                  Any
                    requirements in the transaction agreements to maintain a back-up
                    servicer
                    for the mortgage loans are maintained.

                	 
	
                  1122(d)(1)(iv)

                	
                  A
                    fidelity bond and errors and omissions policy is in effect on
                    the party
                    participating in the servicing function throughout the reporting
                    period in
                    the amount of coverage required by and otherwise in accordance
                    with the
                    terms of the transaction agreements.

                	
                  x

                
	
                   

                	
                  Cash
                    Collection and Administration

                	 
	
                  1122(d)(2)(i)

                	
                  Payments
                    on mortgage loans are deposited into the appropriate custodial
                    bank
                    accounts and related bank clearing accounts no more than two
                    business days
                    following receipt, or such other number of days specified in
                    the
                    transaction agreements.

                	
                  x

                
	
                  1122(d)(2)(ii)

                	
                  Disbursements
                    made via wire transfer on behalf of an obligor or to an investor
                    are made
                    only by authorized personnel.

                	
                  x

                
	
                  1122(d)(2)(iii)

                	
                  Advances
                    of funds or guarantees regarding collections, cash flows or distributions,
                    and any interest or other fees charged for such advances, are
                    made,
                    reviewed and approved as specified in the transaction
                    agreements.

                	
                  x

                
	
                  1122(d)(2)(iv)

                	
                  The
                    related accounts for the transaction, such as cash reserve accounts
                    or
                    accounts established as a form of overcollateralization, are
                    separately
                    maintained (e.g., with respect to commingling of cash) as set
                    forth in the
                    transaction agreements.

                	
                  x

                
	
                  1122(d)(2)(v)

                	
                  Each
                    custodial account is maintained at a federally insured depository
                    institution as set forth in the transaction agreements. For purposes
                    of
                    this criterion, “federally insured depository institution” with respect to
                    a foreign financial institution means a foreign financial institution
                    that
                    meets the requirements of Rule 13k-1(b)(1) of the Securities
                    Exchange
                    Act.

                	
                  x

                
	
                  1122(d)(2)(vi)

                	
                  Unissued
                    checks are safeguarded so as to prevent unauthorized
                    access.

                	
                  x

                
	
                  1122(d)(2)(vii)

                	
                  Reconciliations
                    are prepared on a monthly basis for all asset-backed securities
                    related
                    bank accounts, including custodial accounts and related bank
                    clearing
                    accounts. These reconciliations are (A) mathematically accurate;
                    (B)
                    prepared within 30 calendar days after the bank statement cutoff
                    date, or
                    such other number of days specified in the transaction agreements;
                    (C)
                    reviewed and approved by someone other than the person who prepared
                    the
                    reconciliation; and (D) contain explanations for reconciling
                    items. These
                    reconciling items are resolved within 90 calendar days of their
                    original
                    identification, or such other number of days specified in the
                    transaction
                    agreements.

                	
                  x

                
	
                   

                	
                  Investor
                    Remittances and Reporting

                	 
	
                  1122(d)(3)(i)

                	
                  Reports
                    to investors, including those to be filed with the Commission,
                    are
                    maintained in accordance with the transaction agreements and
                    applicable
                    Commission requirements. Specifically, such reports (A) are prepared
                    in
                    accordance with timeframes and other terms set forth in the transaction
                    agreements; (B) provide information calculated in accordance
                    with the
                    terms specified in the transaction agreements; (C) are filed
                    with the
                    Commission as required by its rules and regulations; and (D)
                    agree with
                    investors’ or the trustee’s records as to the total unpaid principal
                    balance and number of mortgage loans serviced by the
                    Servicer.

                	
                  x

                
	
                  1122(d)(3)(ii)

                	
                  Amounts
                    due to investors are allocated and remitted in accordance with
                    timeframes,
                    distribution priority and other terms set forth in the transaction
                    agreements.

                	
                  x

                
	
                  1122(d)(3)(iii)

                	
                  Disbursements
                    made to an investor are posted within two business days to the
                    Servicer’s
                    investor records, or such other number of days specified in the
                    transaction agreements.

                	
                  x

                
	
                  1122(d)(3)(iv)

                	
                  Amounts
                    remitted to investors per the investor reports agree with cancelled
                    checks, or other form of payment, or custodial bank
                    statements.

                	
                  x

                
	
                   

                	
                  Pool
                    Asset Administration

                	 
	
                  1122(d)(4)(i)

                	
                  Collateral
                    or security on mortgage loans is maintained as required by the
                    transaction
                    agreements or related mortgage loan documents.

                	
                  x

                
	
                  1122(d)(4)(ii)

                	
                  Mortgage
                    loan and related documents are safeguarded as required by the
                    transaction
                    agreements

                	
                  x

                
	
                  1122(d)(4)(iii)

                	
                  Any
                    additions, removals or substitutions to the asset pool are made,
                    reviewed
                    and approved in accordance with any conditions or requirements
                    in the
                    transaction agreements.

                	
                  x

                
	
                  1122(d)(4)(iv)

                	
                  Payments
                    on mortgage loans, including any payoffs, made in accordance
                    with the
                    related mortgage loan documents are posted to the Servicer’s obligor
                    records maintained no more than two business days after receipt,
                    or such
                    other number of days specified in the transaction agreements,
                    and
                    allocated to principal, interest or other items (e.g., escrow)
                    in
                    accordance with the related mortgage loan documents.

                	
                  x

                
	
                  1122(d)(4)(v)

                	
                  The
                    Servicer’s records regarding the mortgage loans agree with the Servicer’s
                    records with respect to an obligor’s unpaid principal
                    balance.

                	
                  x

                
	
                  1122(d)(4)(vi)

                	
                  Changes
                    with respect to the terms or status of an obligor's mortgage
                    loans (e.g.,
                    loan modifications or re-agings) are made, reviewed and approved
                    by
                    authorized personnel in accordance with the transaction agreements
                    and
                    related pool asset documents.

                	
                  x

                
	
                  1122(d)(4)(vii)

                	
                  Loss
                    mitigation or recovery actions (e.g., forbearance plans, modifications
                    and
                    deeds in lieu of foreclosure, foreclosures and repossessions,
                    as
                    applicable) are initiated, conducted and concluded in accordance
                    with the
                    timeframes or other requirements established by the transaction
                    agreements.

                	
                  x

                
	
                  1122(d)(4)(viii)

                	
                  Records
                    documenting collection efforts are maintained during the period
                    a mortgage
                    loan is delinquent in accordance with the transaction agreements.
                    Such
                    records are maintained on at least a monthly basis, or such other
                    period
                    specified in the transaction agreements, and describe the entity’s
                    activities in monitoring delinquent mortgage loans including,
                    for example,
                    phone calls, letters and payment rescheduling plans in cases
                    where
                    delinquency is deemed temporary (e.g., illness or
                    unemployment).

                	
                  x

                
	
                  1122(d)(4)(ix)

                	
                  Adjustments
                    to interest rates or rates of return for mortgage loans with
                    variable
                    rates are computed based on the related mortgage loan
                    documents.

                	
                  x

                
	
                  1122(d)(4)(x)

                	
                  Regarding
                    any funds held in trust for an obligor (such as escrow accounts):
                    (A) such
                    funds are analyzed, in accordance with the obligor’s mortgage loan
                    documents, on at least an annual basis, or such other period
                    specified in
                    the transaction agreements; (B) interest on such funds is paid,
                    or
                    credited, to obligors in accordance with applicable mortgage
                    loan
                    documents and state laws; and (C) such funds are returned to
                    the obligor
                    within 30 calendar days of full repayment of the related mortgage
                    loans,
                    or such other number of days specified in the transaction
                    agreements.

                	
                  x

                
	
                  1122(d)(4)(xi)

                	
                  Payments
                    made on behalf of an obligor (such as tax or insurance payments)
                    are made
                    on or before the related penalty or expiration dates, as indicated
                    on the
                    appropriate bills or notices for such payments, provided that
                    such support
                    has been received by the servicer at least 30 calendar days prior
                    to these
                    dates, or such other number of days specified in the transaction
                    agreements.

                	
                  x

                
	
                  1122(d)(4)(xii)

                	
                  Any
                    late payment penalties in connection with any payment to be made
                    on behalf
                    of an obligor are paid from the servicer’s funds and not charged to the
                    obligor, unless the late payment was due to the obligor’s error or
                    omission.

                	
                  x

                
	
                  1122(d)(4)(xiii)

                	
                  Disbursements
                    made on behalf of an obligor are posted within two business days
                    to the
                    obligor’s records maintained by the servicer, or such other number of
                    days
                    specified in the transaction agreements.

                	
                  x

                
	
                  1122(d)(4)(xiv)

                	
                  Delinquencies,
                    charge-offs and uncollectible accounts are recognized and recorded
                    in
                    accordance with the transaction agreements.

                	
                  x

                
	
                  1122(d)(4)(xv)

                	
                  Any
                    external enhancement or other support, identified in Item 1114(a)(1)
                    through (3) or Item 1115 of Regulation AB, is maintained as set
                    forth in
                    the transaction agreements.

                	 
	
                   

                	
                   

                	
                   

                

        

        

         

         

        [NAME
          OF
          COMPANY] [NAME OF SUBSERVICER]

         

        Date: _________________________

         

        By: _________________________

        Name:
          

        Title:
          

        

         

        10.  The
          Company hereby acknowledges that Wells Fargo Bank, National Association
          has been
          appointed as the Master Servicer of the Mortgage Loans pursuant to the
          Pooling
          and Servicing Agreement, dated as of April 1, 2006, among BSABS I, the
          Assignor,
          Wells Fargo Bank, National Association and the Assignee, and that the Master
          Servicer has the right to enforce all obligations of the Company under
          the PWS
          Agreement with respect to the servicing of the Mortgage Loans. The Company
          shall
          make all distributions under the PWS Agreement: to the Master Servicer
          by wire
          transfer of immediately available funds to:

         

        Wells
          Fargo Bank, National Association

        San
          Francisco, CA

        ABA
          #
          121000248

        Account
          Name: SAS Clearing

        Account
          #
          3970771416

        FFC
          to:
          BSABS I 2006-AC3, Account # 50912900

        

         

        The
          Company shall deliver all reports required to be delivered under the
PWS
          Agreement to the Master Servicer at:

         

        Wells
          Fargo Bank, National Association 

        9062
          Old
          Annapolis Road 

        Columbia,
          Maryland 21045 

        Attention:
          Client Manager BSABS I 2006-AC3

        Telecopier
          No.: (410) 715-2380

         

        11.  Notices:

         

        The
          Assignor’s address for purposes of all notices and correspondence related to the
          Mortgage Loans and this Assignment and Assumption Agreement is:

         

        EMC
          Mortgage Corporation

        2780
          Lake
          Vista Drive

        Lewisville,
          Texas 75067

        Attention:
          President or General Counsel

        Telecopy:
          (972) 444-2880

         

        With
          a
          copy to:

         

        Bear
          Stearns Mortgage Capital Corporation

        383
          Madison Avenue

        New
          York,
          New York 10179

        Attention:
          Ernie Calabrese

        

         

        The
          Assignee’s address for purposes of all notices and correspondence related to the
          Mortgage Loans and this Assignment and Assumption Agreement is:

         

        U.S.
          Bank
          National Association,
          as
          Trustee

        One
          Federal Street, 3rd Floor

        Boston,
          MA 02110

        Attention:
          Corporate Trust Services, BSABS I 2006-AC3
          

        Telecopier
          No.: (617) 603-6638

         

        The
          Company’s address for purposes of all notices and correspondence related to the
          Mortgage Loans and this Assignment and Assumption Agreement is:

         

        Chevy
          Chase Bank, F.S.B.

        7501
          Wisconsin Avenue, 6th
          Floor

        Bethesda,
          Maryland 20814

        Attention:
          Amy Westland

         

        With
          a
          copy to:

         

        Sandra
          S.
          Barker, Esq.

        Chief
          Mortgage Counsel

        7501
          Wisconsin Avenue, 13th
          Floor

        Bethesda,
          Maryland 20814

        

        The
          Security Administrator’s address for purposes of all notices and correspondence
          related to the Mortgage Loans and this Assignment and Assumption Agreement
          is:

         

        Wells
          Fargo Bank, National Association

        P.O.
          Box
          98

        Columbia,
          Maryland 21046

        Attention:
          Client Manager BSABS I 2006-AC3

         

        or,
          if by
          overnight delivery to:

         

        9062
          Old
          Annapolis Road

        Columbia,
          Maryland 21045,

        Attention:
          Client Manager BSABS I 2006-AC3 

        Telecopier
          No.: (410) 715-2380

         

        Miscellaneous:

         

        12.  Each
          party will pay any commissions it has incurred and the Assignor shall pay
          the
          fees of its attorneys and the reasonable fees of the attorneys of the Assignee
          and the Company in connection with the negotiations for, documenting of
          and
          closing of the transactions contemplated by this Assignment and Assumption
          Agreement.

         

        13.  This
          Assignment and Assumption Agreement shall be construed in accordance with
          the
          laws of the State of New York, without regard to conflicts of law principles,
          and the obligations, rights and remedies of the parties hereunder shall
          be
          determined in accordance with such laws.

         

        14.  No
          term
          or provision of this Assignment and Assumption Agreement may be waived
          or
          modified unless such waiver or modification is in writing and signed by
          the
          party against whom such waiver or modification is sought to be
          enforced.

         

        15.  This
          Assignment and Assumption Agreement shall inure to the benefit of the successors
          and assigns of the parties hereto. Any entity into which Assignor, Assignee
          or
          Company may be merged or consolidated shall, without the requirement for
          any
          further writing, be deemed Assignor, Assignee or Company, respectively,
          hereunder.

         

        16.  This
          Assignment and Assumption Agreement shall survive the conveyance of the
          Mortgage
          Loans, the assignment of the PWS Agreement and the Term Sheets to the extent
          of
          the Mortgage Loans by Assignor to Assignee and the termination of the PWS
          Agreement and Term Sheets.

         

        17.  This
          Assignment and Assumption Agreement may be executed simultaneously in any
          number
          of counterparts. Each counterpart shall be deemed to be an original and
          all such
          counterparts shall constitute one and the same instrument.

         

        18.  In
          the
          event that any provision of this Assignment and Assumption Agreement conflicts
          with any provision of the PWS Agreement and Term Sheets with respect to
          the
          Mortgage Loans, the terms of this Assignment and Assumption Agreement shall
          control.

         

        19.  Any
          new
          loan number assigned to a Mortgage Loan by the Assignee shall be provided
          to the
          Company at the following address: Chevy Chase Bank, F.S.B., 6151 Chevy
          Chase
          Drive, Laurel, MD 20707, Attention: Vicki Parry. In addition, if Assignee
          has
          changed its document custodian from the previous custodian, such new custodian’s
          name, address and contact information shall be provided to the Company
          at the
          aforementioned address.

         

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

        IN
          WITNESS WHEREOF, the parties have caused this Assignment and Assumption
          Agreement to be executed by their duly authorized officers as of the date
          first
          above written.

         

        U.S.
          BANK
          NATIONAL ASSOCIATION, not individually but solely as Trustee,

        Assignee

         

        By:
          ____________________________

        Name:__________________________

        Title:___________________________

         

        EMC
          MORTGAGE CORPORATION

         

        By:
          ____________________________

        Name:__________________________

        Title:___________________________

         

        CHEVY
          CHASE BANK, F.S.B.

         

        By:
          ____________________________

        Name:__________________________

        Title:___________________________

         

        Acknowledged
          and Agreed

        

         

        
          	
                  WELLS
                    FARGO BANK, 

                  NATIONAL
                    ASSOCIATION

                   

                
	
                  By:_____________________________

                
	
                  Name:__________________________

                
	
                  Title:___________________________

                

        

         

         

        
          	
                  BEAR
                    STEARNS ASSET BACKED SECURITIES I LLC 

                   

                
	
                  By:____________________________

                
	
                  Name:__________________________ 

                
	
                  Title:___________________________

                

        

        

         

         

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

        Exhibit
          A:

         

        Mortgage
          Loans

         

        [Provided
          upon request]

         

        

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

         

        Exhibit
          B:

         

        PWS
          Agreement and Term Sheet

         

        [Provided
          upon request]

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      

       

      EXHIBIT
        S-3

      

      CITIMORTGAGE
        ASSIGNMENT AGREEMENT

      

       

      

        ASSIGNMENT,
          ASSUMPTION AND RECOGNITION AGREEMENT

        

        This
          is
          an Assignment, Assumption and Recognition Agreement (the “Agreement”) made this
          1st
          day of
          May, 2006, among EMC Mortgage Corporation (the “Assignor”), U.S. Bank National
          Association, not individually but solely as trustee for the holders of
          Bear
          Stearns Asset Backed Securities I LLC, Asset-Backed Certificates, Series
          2006-AC3 (the “Assignee”) and CitiMortgage, Inc., formerly known as Citicorp
          Mortgage, Inc. (“Citicorp”).

        

        Whereas,
          Union Federal Bank of Indianapolis sold the servicing rights to the mortgage
          loans identified on Attachment 1 hereto (the “Mortgage Loans”) to
          Citicorp;

        

        Whereas,
          the Assignor and Citicorp desire that, from and after the date hereof,
          all of
          the Mortgage Loans be serviced in accordance with the terms and conditions
          of
          that certain Mortgage Loan Purchase and Servicing Agreement, dated as of
          August
          1, 2003, between the Assignor and Citicorp and as modified herein (as modified,
          the “Purchase and Servicing Agreement”);

        

        In
          consideration of the mutual promises contained herein the parties hereto
          agree
          that the Mortgage Loans listed on Attachment 1 annexed hereto (the “Mortgage
          Loan Schedule”) shall be subject to the terms of this Agreement. Capitalized
          terms used herein but not defined shall have the meanings ascribed to them
          in
          the Purchase and Servicing Agreement.

        

        Recognition
          of EMC

        

        1. From
          and
          after the date hereof, Citicorp
          agrees that it will service the Mortgage Loans pursuant to the terms of
          the
          Purchase and Servicing Agreement (as modified herein) which terms are
          incorporated herein by reference.

         

        Assignment
          and Assumption

        

        2. Assignor
          hereby grants, transfers and assigns to Assignee all its right, title and
          interest in, to and under the Purchase and Servicing Agreement with respect
          to
          the Mortgage Loans. Notwithstanding anything to the contrary contained
          herein,
          Assignor specifically reserves and does not assign to Assignee and Assignor
          is
          retaining the right to enforce its right to terminate Citicorp as servicer
          of
          any Mortgage Loan which becomes ninety (90) days or greater delinquent
          in
          payment of a scheduled Monthly Payment as provided in the second paragraph
          of
          Section 10.07 of the Purchase and Servicing Agreement. Except as is otherwise
          expressly provided herein, the Assignor makes no representations, warranties
          or
          covenants to the Assignee and the Assignee acknowledges that the Assignor
          has no
          obligations to the Assignee under the terms of the Purchase and Servicing
          Agreement or otherwise relating to the transaction contemplated herein
          (including, but not limited to, any obligation to indemnify the
          Assignee).

        

        Warranties

        

        3. Assignor
          warrants and represents to, and covenants with, the Assignee as of the
          date
          hereof that:

        

        (a) Attached
          hereto as Attachment 2 is a true and accurate copy of the Purchase and
          Servicing
          Agreement which agreement is in full force and effect as of the date hereof
          and
          the provisions of which have not been waived, amended or modified in any
          respect, nor has any notice of termination been given thereunder;

        

        (b) There
          are
          no offsets, counterclaims or other defenses available to Citicorp with
          respect
          to the Mortgage Loans or the Purchase and Servicing Agreement;

        

        (c) Assignor
          is duly organized, validly existing and in good standing under the laws
          of the
          jurisdiction of its incorporation, and has all requisite power and authority
          to
          acquire, own and sell the Mortgage Loans;

        

        (d) Assignor
          has full corporate power and authority to execute, deliver and perform
          its
          obligations under this Agreement, and to consummate the transactions set
          forth
          herein. The consummation of the transactions contemplated by this Agreement
          is
          in the ordinary course of Assignor’s business and will not conflict with, or
          result in a breach of, any of the terms, conditions or provisions of Assignor’s
          charter or by-laws or any legal restriction, or any material agreement
          or
          instrument to which Assignor is now a party or by which it is bound, or
          result
          in the violation of any law, rule, regulation, order, judgment or decree
          to
          which Assignor or its property is subject. The execution, delivery and
          performance by Assignor of this Agreement and the consummation by it of
          the
          transactions contemplated hereby, have been duly authorized by all necessary
          corporate action on part of Assignor. This Agreement has been duly executed
          and
          delivered by Assignor and, upon the due authorization, execution and delivery
          by
          Assignee, will constitute the valid and legally binding obligation of Assignor
          enforceable against Assignor in accordance with its terms except as
          enforceability may be limited by bankruptcy, reorganization, insolvency,
          moratorium or other similar laws now or hereafter in effect relating to
          creditors’ rights generally, and by general principles of equity regardless of
          whether enforceability is considered in a proceeding in equity or at law;
          

        

        (e) No
          consent, approval, order or authorization of, or declaration, filing or
          registration with, any governmental entity is required to be obtained or
          made by
          Assignor in connection with the execution, delivery or performance by Assignor
          of this Agreement, or the consummation by it of the transactions contemplated
          hereby;

        

        (f) The
          Assignor has received from Citicorp, and has delivered to the Assignee,
          all
          documents required to be delivered to the Assignor by Citicorp prior to
          the date
          hereof with respect to the Mortgage Loans and has not received, and has
          not
          requested from Citicorp, any additional documents; and

        

        (g) There
          is
          no action, suit, proceeding, investigation or litigation pending or, to
          the
          Assignor’s knowledge, threatened, which either in any instance or in the
          aggregate, if determined adversely to Assignor, would adversely affect
          Assignor’s execution or delivery of, or the enforceability of, this Agreement,
          or the Assignor’s ability to perform its obligations under this
          Agreement.

        

        4. Assignee
          warrants and represents to, and covenants with, Assignor and Citicorp that
          as of
          the date hereof:

        

        (a) The
          Assignee is duly organized, validly existing and in good standing under
          the laws
          of the jurisdiction of its organization, and has all requisite corporate
          power
          and authority to hold the Mortgage Loans as trustee on behalf of the holders
          of
          the Bear Stearns Asset Backed Securities I LLC, Asset-Backed Certificates,
          Series 2006-AC3;

        

        (b) Assignee
          has full corporate power and authority to execute, deliver and perform
          its
          obligations under this Agreement, and to consummate the transactions set
          forth
          herein. The consummation of the transactions contemplated by this Agreement
          is
          in the ordinary course of Assignee’s business and will not conflict with, or
          result in a breach of, any of the terms, conditions or provisions of Assignee’s
          charter or by-laws or any legal restriction, or any material agreement
          or
          instrument to which Assignee is now a party or by which it is bound, or
          result
          in the violation of any law, rule, regulation, order, judgment or decree
          to
          which Assignee or its property is subject. The execution, delivery and
          performance by Assignee of this Agreement and the consummation by it of
          the
          transactions contemplated hereby, have been duly authorized by all necessary
          corporate action on part of Assignee. This Agreement has been duly executed
          and
          delivered by Assignee and, upon the due authorization, execution and delivery
          by
          Assignor, will constitute the valid and legally binding obligation of Assignee
          enforceable against Assignee in accordance with its terms except as
          enforceability may be limited by bankruptcy, reorganization, insolvency,
          moratorium or other similar laws now or hereafter in effect relating to
          creditors’ rights generally, and by general principles of equity regardless of
          whether enforceability is considered in a proceeding in equity or at
          law;

        

        (c) No
          consent, approval, order or authorization of, or declaration, filing or
          registration with, any governmental entity is required to be obtained or
          made by
          Assignee in connection with the execution, delivery or performance by Assignee
          of this Agreement, or the consummation by it of the transactions contemplated
          hereby;

        

        (d)  There
          is
          no action, suit, proceeding, investigation or litigation pending or, to
          Assignee's knowledge, threatened, which either in any instance or in the
          aggregate, if determined adversely to Assignee, would adversely affect
          Assignee's execution or delivery of, or the enforceability of, this Agreement,
          or the Assignee's ability to perform its obligations under this Agreement;
          and

         

        (e) Assignee
          assumes for the benefit of each of the Assignor and Citicorp all of the
          rights
          of the Purchaser under the Purchase and Servicing Agreement with respect
          to the
          Mortgage Loans.

        

        5.
            Citicorp
          warrants and represents to, and covenants with, Assignor and Assignee that
          as of
          the date hereof:

         

        (a) Citicorp
          is duly organized, validly existing and in good standing under the laws
          of New
          York and is and will remain in compliance with the laws of each state in
          which
          any Mortgaged Property is located to the extent necessary to ensure the
          enforceability of each Mortgage Loan and the servicing of the Mortgage
          Loan in
          accordance with the terms of this Agreement, and has all licenses necessary
          to
          carry out its business as now being conducted, and is licensed and qualified
          to
          transact business in and is in good standing under the laws of each state
          in
          which any Mortgaged Property is located or is otherwise exempt under applicable
          law from such licensing or qualification or is otherwise not required under
          applicable law to effect such licensing or qualification and no demand
          for such
          licensing or qualification has been made upon Citicorp by any such
          state.

        

        (b) No
          approval of the transactions contemplated by this Agreement from any federal
          or
          state regulatory authority having jurisdiction over Citicorp is required
          or, if
          required, such approval has been or will, prior to the date hereof, be
          obtained;

        

        (c) The
          consummation of the transactions contemplated by this Agreement are in
          the
          ordinary course of business of Citicorp and will not result in the breach
          of any
          term or provision of the charter or by-laws of Citicorp or result in the
          breach
          of any term or provision of, or conflict with or constitute a default under
          or
          result in the acceleration of any obligation under, any agreement, indenture
          or
          loan or credit agreement or other instrument to which Citicorp or its property
          is subject, or result in the violation of any law, rule, regulation, order,
          judgment or decree to which Citicorp or its property is subject;

        

        (d) Citicorp
          shall establish a Custodial Account and an Escrow Account under the Purchase
          and
          Servicing Agreement in favor of the Assignee with respect to the Mortgage
          Loans
          established in favor of Assignor; and

        

        (f) Neither
          this Agreement nor any certification, statement, report or other agreement,
          document or instrument furnished or to be furnished by Citicorp pursuant
          to this
          Agreement contains or will contain any materially untrue statement of fact
          or
          omits or will omit to state a fact necessary to make the statements contained
          therein not misleading.

        

        6.
            Citicorp
          warrants and represents to, and covenants with, Assignor and Bear Stearns
          Asset
          Backed Securities I LLC (“BSABS I”) as of the date hereof:

         

        (a)  Citicorp
          is not aware and has not received notice that any default, early amortization
          or
          other performance triggering event has occurred as to any other securitization
          due to any act or failure to act of Citicorp;

         

        (b)  No
          material noncompliance with the applicable servicing criteria with respect
          to
          other securitizations of residential mortgage loans involving Citicorp
          as
          servicer has been disclosed or reported by Citicorp;

         

        (c)  Citicorp
          has not been terminated as servicer in a residential mortgage loan
          securitization, either due to a servicing default or to application of
          a
          servicing performance test or trigger;

         

        (d)  No
          material changes to Citicorp’s policies or procedures with respect to the
          servicing function it will perform under the Purchase and Servicing Agreement
          and this Agreement for mortgage loans of a type similar to the Mortgage
          Loans
          have occurred during the three-year period immediately preceding the date
          hereof;

         

        (e)  There
          are
          no aspects of the Citicorp’s financial condition that could have a material
          adverse effect on the performance by Citicorp of its servicing obligations
          under
          the Purchase and Servicing Agreement and this Agreement;

         

        (f)  There
          are
          no material legal or governmental proceedings pending (or known to be
          contemplated) against Citicorp or any Subservicer; and

         

        (g)  There
          are
          no affiliations, relationships or transactions relating to Citicorp or
          any
          Subservicer with respect to this Securitization Transaction and any party
          thereto of a type described in Item 1119 of Regulation AB (with the information
          pertaining to such parties specified in Attachment III hereto).

         

        Notwithstanding
          anything to the contrary in the Agreement, Citicorp
          shall (i) immediately notify the Assignor and BSABS I in writing of (A)
          legal
          proceedings pending against Citicorp, or proceedings known to be contemplated
          by
          governmental authorities against Citicorp which in the judgment of Citicorp
          would be, in each case, material to purchasers of securities backed by
          the
          Mortgage Loans, (B) any affiliations or relationships of the type described
          in
          Item 1119(b) of Regulation AB that develop following the date hereof between
          Citicorp and any of the above listed parties or other parties identified
          in
          writing by the Assignor or BSABS I with respect to the Securitization
          Transaction and (ii) provide to the Assignor and BSABS I a description
          of such
          proceedings, affiliations or relationships.

        

        For
          purposes of the foregoing, Citicorp shall be entitled to assume that the
          parties
          to the Securitization Transaction with whom affiliations or relations must
          be
          disclosed are the same as such parties specified in Attachment III hereto
          if it
          provides a written request (which may be provided via e-mail) no later
          than 15
          calendar days prior to the date on which BSABS I is required to file its
          Form
          10-K to BSABS I requesting such confirmation and either obtains such
          confirmation or receives no response within five (5) business days.

        

        Each
          such
          notice/update should be sent to the Assignor by e-mail to
          regABnotifications@bear.com. Additionally, all such notifications, other
          than
          those pursuant to (i)(A) above, should be sent to:

        

        EMC
          Mortgage Corporation

        2780
          Lake
          Vista Drive

        Lewisville,
          TX 75067-3884

        Attention:
          Conduit Seller Approval Dept.

        Facsimile:
          (214) 626-3751

        Email:
          sellerapproval@bear.com

        

        With
          a
          copy to:

        

        Bear,
          Stearns & Co. Inc.

        383
          Madison Avenue, 3rd Floor

        New,
          York, NY 10179

        Attention:
          Global Credit Administration

        Facsimile:
          (212) 272-6564

        

        Notifications
          pursuant to (i)(A) above should be sent to: 

        

        EMC
          Mortgage Corporation

        Two
          Mac
          Arthur Ridge

        909
          Hidden Ridge Drive, Suite 200

        Irving,
          TX 75038

        Attention:
          Associate General Counsel for Loan Administration

        Facsimile:
          (972) 831-2555

        

        With
          copies to:

        

        Bear,
          Stearns & Co. Inc.

        383
          Madison Avenue, 3rd Floor

        New,
          York, NY 10179

        Attention:
          Global Credit Administration

        Facsimile:
          (212) 272-6564

        

        EMC
          Mortgage Corporation

        2780
          Lake
          Vista Drive

        Lewisville,
          TX 75067-3884

        Attention:
          Conduit Seller Approval Dept.

        Facsimile:
          (214) 626-3751

        Email:
          sellerapproval@bear.com

        

        7. Assignor
          hereby agrees to indemnify and hold the Assignee (and its successors and
          assigns) harmless against any and all claims, losses, penalties, fines,
          forfeitures, legal fees and related costs, judgments, and any other costs,
          fees
          and expenses that Assignee (and its successors and assigns) may sustain
          in any
          way related to any breach of the representations or warranties of Assignor
          set
          forth in this Agreement or the breach of any covenant or condition contained
          herein.

        

        Recognition
          of Assignee

        

        8.
          From
          and after the date hereof, Citicorp shall recognize Assignee as owner of
          the
          Mortgage Loans and will service the Mortgage Loans in accordance with the
          Purchase and Servicing Agreement, as if Assignee and Citicorp had entered
          into a
          separate purchase and servicing agreement for the servicing of the Mortgage
          Loans in the form of the Purchase and Servicing Agreement, the terms of
          which
          are incorporated herein by reference. It is the intention of Assignor,
          Citicorp
          and Assignee that this Agreement will constitute a separate and distinct
          servicing agreement, and the entire agreement, between Citicorp and Assignee
          to
          the extent of the Mortgage Loans and shall be binding upon and for the
          benefit
          of the respective successors and assigns of the parties hereto. Neither
          Citicorp
          nor Assignor shall amend or agree to amend, modify, waive or otherwise
          alter any
          of the terms or provisions of the Purchase and Servicing Agreement which
          amendment, modification, waiver or other alteration would in any way affect
          the
          Mortgage Loans without the prior written consent of Assignee. The parties
          hereto
          acknowledge that Citicorp will begin making remittances and reporting to
          the
          Purchase and Servicing Agreement commencing in June 2006 for a May 2006
          cut off
          date.

        

        9. The
          Mortgage Loans shall be serviced by Citicorp for Assignee in accordance
          with all
          applicable state, federal and local laws as well as in conformity with
          the
          provisions of the applicable Mortgages and Mortgage Notes, and pursuant
          to the
          terms and conditions of this Agreement. Notwithstanding the foregoing,
          Citicorp
          shall have no liability or obligations to either Assignor or Assignee with
          respect to the representations and warranties contained in the Purchase
          and
          Servicing Agreement made with respect to origination of the Mortgage Loans,
          nor
          shall Citicorp be obligated to repurchase any Mortgage Loan in accordance
          with
          the Purchase and Servicing Agreement due to a breach of any such representation
          or warranty.

        

        10. Notwithstanding
          any term hereof to the contrary, the execution and delivery of this Agreement
          by
          the Assignee is solely in its capacity as trustee for Bear Stearns Asset
          Backed
          Securities I LLC, Asset-Backed Certificates, Series 2006-AC3 and not
          individually, and any recourse against the Assignee in respect of any
          obligations it may have under or pursuant to the terms of this Agreement
          shall
          be limited solely to the assets it may hold as trustee of Bear Stearns
          Asset
          Backed Securities I LLC, Asset-Backed Certificates, Series
          2006-AC3.

        

        Modification
          of Purchase and Servicing Agreement

         

        11. Citicorp
          and the
          Assignor hereby amend the Purchase and Servicing Agreement as
          follows:

        

        (a) Business
          Day.

        

        The
          definition of “Business Day” shall be revised to exclude any day on which
          banking or savings and loan institutions in the States of Maryland, Minnesota,
          Missouri and New York are authorized or obligated by law or executive order
          to
          be closed.

         

        (b)
           The
          following definitions are added to the Purchase and Servicing
          Agreement:

         

        Master
          Servicer:
          Wells
          Fargo Bank, N.A., or its successors in interest who meet the qualifications
          of
          the Pooling and Servicing Agreement and this Agreement.

         

        (c) The
          following sentence shall be added to the end of the first paragraph of
          Section
          11.02 of the Agreement:

         

        Notwithstanding
          Section 11.02 of the Purchase and Servicing Agreement, not later than five
          (5)
          Business Days after each month end, Seller shall furnish to the Master
          Servicer
          a report in the form of Exhibit A or in other such form as the parties
          shall
          agree or have previously agreed upon to the Assignment, Assumption and
          Recognition Agreement, dated as of May 1, 2006, among the Seller, EMC Mortgage
          Corporation and U.S. Bank National Association with respect to defaulted
          Mortgage Loans and a report in the form of Exhibit B or in other such form
          as
          the parties shall agree or have previously agreed upon to the Assignment,
          Assumption and Recognition Agreement, dated as of May 1, 2006, among the
          Seller,
          EMC Mortgage Corporation and U.S. Bank National Association with respect
          to
          realized loss calculations.

         

        (d) Exhibit
          C
          to the Assignment, Assumption and Recognition Agreement, dated as of May
          1,
          2006, among the Seller, EMC Mortgage Corporation and U.S. Bank National
          Association is added as an Addendum to the Purchase and Servicing
          Agreement.

         

        

        Miscellaneous

        

        12. All
          demands, notices and communications related to the Mortgage Loans, the
          Purchase
          and Servicing Agreement and this Agreement shall be in writing and shall
          be
          deemed to have been duly given if personally delivered at or mailed by
          registered mail, postage prepaid, as follows:

        

        (a)         
           In
          the
          case of Citicorp,

        

        CitiMortgage,
          Inc.

        1000
          Technology Drive,

        O’Fallon,
          Missouri 63368-2240

        Attention:
          Capital Markets MS 55

        

        with
          a
          copy to Investor Reporting Department MS 313

        

        (b)         
           In
          the
          case of Assignee

        

        U.S.
          Bank
          National Association, as Trustee 

        One
          Federal Street, 3rd Floor

        Boston,
          Massachusetts 02110 

        Attention:
          Corporate Trust Services, BSABS 2006-AC3 

        Telecopier
          No.: (617) 603-6638

        

        (c)         
           In
          the
          case of Assignor,

        

        EMC
          Mortgage Corporation 

        2780
          Lake
          Vista Drive

        Lewisville,
          Texas 75067

        Attention:
          President or General Counsel

        Telecopier
          No.: (469) 759-4714

         

        with
          a
          copy to:

         

        Bear
          Stearns Mortgage Capital Corporation

        383
          Madison Avenue

        New
          York,
          New York 10179

        Attention:
          Robert Durden

        Telecopier
          No.: (212) 272-5591

         

        13. Citicorp
          hereby acknowledges that Wells Fargo Bank, N.A. (the “Master Servicer”)
has
          been
          appointed as the master servicer of the Mortgage Loans pursuant to the
          Pooling
          and Servicing Agreement, dated as of April 1, 2006, among BSABS I, the
          Assignor,
          Wells Fargo Bank, N.A. and the Assignee (the “Pooling and Servicing Agreement”)
          and therefor has the right to enforce all obligations of Citicorp, as they
          relate to the Mortgage Loans, under the Purchase and Servicing Agreement.
          Such
          right will include, without limitation, the right to terminate Citicorp
          under
          the Purchase and Servicing Agreement upon the occurrence of an event of
          default
          thereunder, the right to receive all remittances required to be made by
          Citicorp
          under the Purchase and Servicing Agreement, the right to receive all monthly
          reports and other data required to be delivered by Citicorp under the Purchase
          and Servicing Agreement, the right to examine the books and records of
          Citicorp,
          indemnification rights, and the right to exercise certain rights of consent
          and
          approval relating to actions taken by Citicorp. Citicorp shall make all
          distributions under the Purchase and Servicing Agreement, as they relate
          to the
          Mortgage Loans, to the Master Servicer by wire transfer of immediately
          available
          funds to:

        

        BSABS
          2006-AC3 Master Servicer Collection Account

        Wells
          Fargo
          Bank, N.A.

        ABA#
          121000248

        Account
          Name: SAS Clearing 

        Account
          #
          3970771416

         

        For
          Further Credit to: BSABS 2006-AC3, Account # 50912900

         

        and
          Citicorp shall deliver all reports required to be delivered under the Purchase
          and Servicing Agreement, as they relate to the Mortgage Loans, to the Master
          Servicer at:

         

        Wells
          Fargo Bank, N.A.

        9062
          Old
          Annapolis Road

        Columbia,
          Maryland 21045

        Attention:
          Client Manager BSABS 2006-AC3

        

        14. This
          Agreement shall be construed in accordance with the laws of the State of
          New
          York, except to the extent preempted by Federal law, and the obligations,
          rights
          and remedies of the parties hereunder shall be determined in accordance
          with
          such laws.

        

        15. Each
          party will pay any commissions it has incurred and the fees of its attorneys
          in
          connection with the negotiations for, documenting of and closing of the
          transactions contemplated by this Agreement.

        

        16. No
          term
          or provision of this Agreement may be waived or modified unless such waiver
          or
          modification is in writing and signed by the party against whom such waiver
          or
          modification is sought to be enforced.

        

        17. This
          Agreement shall inure to the benefit of the successors and assigns of the
          parties hereto. Any entity into which the Assignor, Assignee or Citicorp
          may be
          merged or consolidated shall, without the requirement for any further writing,
          be deemed the Assignor, Assignee or Citicorp, respectively,
          hereunder.

        

        18. This
          Agreement shall survive the conveyance of the Mortgage Loans, the assignment
          of
          the Purchase and Servicing Agreement to the extent of the Mortgage Loans
          by the
          Assignor to the Assignee and the termination of the Purchase and Servicing
          Agreement.

        

        19. This
          Agreement may be executed simultaneously in any number of counterparts.
          Each
          counterpart shall be deemed to be an original, and all such counterparts
          shall
          constitute one and the same instrument.

        

        20. In
          the
          event that any provision of this Agreement conflicts with any provision
          of the
          Purchase and Servicing Agreement with respect to the Mortgage Loans, the
          terms
          of this Agreement shall control. 

        

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

        IN
          WITNESS WHEREOF, the parties hereto have executed this AAR Agreement as
          of the
          day and year first above written.

         

        

        EMC
          MORTGAGE CORPORATION

        Assignor

         

        By:_____________________________

        Name:__________________________

        Title:___________________________

         

         

        U.S.
          BANK
          NATIONAL ASSOCIATION, not
          in
          its individual capacity but solely as Trustee for the holders of Bear
          Stearns Asset Backed Securities I LLC, Asset-Backed Certificates, Series
          2006-AC3

        Assignee

         

        By:_____________________________

        Name:__________________________

        Title:___________________________

         

         

        CITIMORTGAGE,
          INC.

        Citicorp

         

        By:_____________________________

        Name:__________________________

        Title:___________________________

         

        Acknowledged
          and Agreed:

         

        WELLS
          FARGO BANK, N.A.

         

        By:_____________________________

        Name:__________________________

        Title:___________________________

         

        BEAR
          STEARNS ASSET BACKED SECURITIES I LLC

         

        By:_____________________________

        Name:__________________________

        Title:___________________________

         

        

         

        

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

        

         

        

        ATTACHMENT
          1

        

        MORTGAGE
          LOAN SCHEDULE

        (available
          upon request)

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

         

        
 

        ATTACHMENT
          2

        

        MORTGAGE
          LOAN PURCHASE AND SERVICING AGREEMENT

        (available
          upon request)

        

         

        

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

         

        EXHIBIT
          A

         

        Standard
          Layout - Master Servicing

         

        
          	
                  Column
                    Name

                	
                  Description

                	
                  Decimal

                	
                  Format
                    Comment

                	
                  Max
                    Size

                
	
                  SER_INVESTOR_NBR

                	
                  A
                    value assigned by the Servicer to define a group of loans.

                	
                   

                	
                  Text
                    up to 10 digits

                	
                  20

                
	
                  LOAN_NBR

                	
                  A
                    unique identifier assigned to each loan by the investor.

                	
                   

                	
                  Text
                    up to 10 digits

                	
                  10

                
	
                  SERVICER_LOAN_NBR

                	
                  A
                    unique number assigned to a loan by the Servicer. This may be
                    different
                    than the LOAN_NBR.

                	
                   

                	
                  Text
                    up to 10 digits

                	
                  10

                
	
                  BORROWER_NAME

                	
                  The
                    borrower name as received in the file. It is not separated by
                    first and
                    last name.

                	
                   

                	
                  Maximum
                    length of 30 (Last, First)

                	
                  30

                
	
                  SCHED_PAY_AMT

                	
                  Scheduled
                    monthly principal and scheduled interest payment that a borrower
                    is
                    expected to pay, P&I constant.

                	
                  2

                	
                  No
                    commas(,) or dollar signs ($)

                	
                  11

                
	
                  NOTE_INT_RATE

                	
                  The
                    loan interest rate as reported by the Servicer.

                	
                  4

                	
                  Max
                    length of 6

                	
                  6

                
	
                  NET_INT_RATE

                	
                  The
                    loan gross interest rate less the service fee rate as reported
                    by the
                    Servicer.

                	
                  4

                	
                  Max
                    length of 6

                	
                  6

                
	
                  SERV_FEE_RATE

                	
                  The
                    servicer's fee rate for a loan as reported by the Servicer.
                    

                	
                  4

                	
                  Max
                    length of 6

                	
                  6

                
	
                  SERV_FEE_AMT

                	
                  The
                    servicer's fee amount for a loan as reported by the Servicer.
                    

                	
                  2

                	
                  No
                    commas(,) or dollar signs ($)

                	
                  11

                
	
                  NEW_PAY_AMT

                	
                  The
                    new loan payment amount as reported by the Servicer. 

                	
                  2

                	
                  No
                    commas(,) or dollar signs ($)

                	
                  11

                
	
                  NEW_LOAN_RATE

                	
                  The
                    new loan rate as reported by the Servicer. 

                	
                  4

                	
                  Max
                    length of 6

                	
                  6

                
	
                  ARM_INDEX_RATE

                	
                  The
                    index the Servicer is using to calculate a forecasted
                    rate.

                	
                  4

                	
                  Max
                    length of 6

                	
                  6

                
	
                  ACTL_BEG_PRIN_BAL

                	
                  The
                    borrower's actual principal balance at the beginning of the processing
                    cycle.

                	
                  2

                	
                  No
                    commas(,) or dollar signs ($)

                	
                  11

                
	
                  ACTL_END_PRIN_BAL

                	
                  The
                    borrower's actual principal balance at the end of the processing
                    cycle.

                	
                  2

                	
                  No
                    commas(,) or dollar signs ($)

                	
                  11

                
	
                  BORR_NEXT_PAY_DUE_DATE

                	
                  The
                    date at the end of processing cycle that the borrower's next
                    payment is
                    due to the Servicer, as reported by Servicer.

                	
                   

                	
                  MM/DD/YYYY

                	
                  10

                
	
                  SERV_CURT_AMT_1

                	
                  The
                    first curtailment amount to be applied.

                	
                  2

                	
                  No
                    commas(,) or dollar signs ($)

                	
                  11

                
	
                  SERV_CURT_DATE_1

                	
                  The
                    curtailment date associated with the first curtailment amount.
                    

                	
                   

                	
                  MM/DD/YYYY

                	
                  10

                
	
                  CURT_ADJ_
                    AMT_1

                	
                  The
                    curtailment interest on the first curtailment amount, if
                    applicable.

                	
                  2

                	
                  No
                    commas(,) or dollar signs ($)

                	
                  11

                
	
                  SERV_CURT_AMT_2

                	
                  The
                    second curtailment amount to be applied.

                	
                  2

                	
                  No
                    commas(,) or dollar signs ($)

                	
                  11

                
	
                  SERV_CURT_DATE_2

                	
                  The
                    curtailment date associated with the second curtailment
                    amount.

                	
                   

                	
                  MM/DD/YYYY

                	
                  10

                
	
                  CURT_ADJ_
                    AMT_2

                	
                  The
                    curtailment interest on the second curtailment amount, if
                    applicable.

                	
                  2

                	
                  No
                    commas(,) or dollar signs ($)

                	
                  11

                
	
                  SERV_CURT_AMT_3

                	
                  The
                    third curtailment amount to be applied.

                	
                  2

                	
                  No
                    commas(,) or dollar signs ($)

                	
                  11

                
	
                  SERV_CURT_DATE_3

                	
                  The
                    curtailment date associated with the third curtailment
                    amount.

                	
                   

                	
                  MM/DD/YYYY

                	
                  10

                
	
                  CURT_ADJ_AMT_3

                	
                  The
                    curtailment interest on the third curtailment amount, if
                    applicable.

                	
                  2

                	
                  No
                    commas(,) or dollar signs ($)

                	
                  11

                
	
                  PIF_AMT

                	
                  The
                    loan "paid in full" amount as reported by the Servicer.

                	
                  2

                	
                  No
                    commas(,) or dollar signs ($)

                	
                  11

                
	
                  PIF_DATE

                	
                  The
                    paid in full date as reported by the Servicer.

                	
                   

                	
                  MM/DD/YYYY

                	
                  10

                
	
                   

                	
                   

                	
                   

                	
                  Action
                    Code Key: 15=Bankruptcy, 30=Foreclosure, , 60=PIF, 63=Substitution,
                    65=Repurchase,70=REO 

                	
                  2

                
	
                  ACTION_CODE

                	
                  The
                    standard FNMA numeric code used to indicate the default/delinquent
                    status
                    of a particular loan.

                
	
                  INT_ADJ_AMT

                	
                  The
                    amount of the interest adjustment as reported by the
                    Servicer.

                	
                  2

                	
                  No
                    commas(,) or dollar signs ($)

                	
                  11

                
	
                  SOLDIER_SAILOR_ADJ_AMT

                	
                  The
                    Soldier and Sailor Adjustment amount, if applicable.

                	
                  2

                	
                  No
                    commas(,) or dollar signs ($)

                	
                  11

                
	
                  NON_ADV_LOAN_AMT

                	
                  The
                    Non Recoverable Loan Amount, if applicable.

                	
                  2

                	
                  No
                    commas(,) or dollar signs ($)

                	
                  11

                
	
                  LOAN_LOSS_AMT

                	
                  The
                    amount the Servicer is passing as a loss, if applicable.

                	
                  2

                	
                  No
                    commas(,) or dollar signs ($)

                	
                  11

                
	
                  SCHED_BEG_PRIN_BAL

                	
                  The
                    scheduled outstanding principal amount due at the beginning of
                    the cycle
                    date to be passed through to investors.

                	
                  2

                	
                  No
                    commas(,) or dollar signs ($)

                	
                  11

                
	
                  SCHED_END_PRIN_BAL

                	
                  The
                    scheduled principal balance due to investors at the end of a
                    processing
                    cycle.

                	
                  2

                	
                  No
                    commas(,) or dollar signs ($)

                	
                  11

                
	
                  SCHED_PRIN_AMT

                	
                  The
                    scheduled principal amount as reported by the Servicer for the
                    current
                    cycle -- only applicable for Scheduled/Scheduled Loans.

                	
                  2

                	
                  No
                    commas(,) or dollar signs ($)

                	
                  11

                
	
                  SCHED_NET_INT

                	
                  The
                    scheduled gross interest amount less the service fee amount for
                    the
                    current cycle as reported by the Servicer -- only applicable
                    for
                    Scheduled/Scheduled Loans.

                	
                  2

                	
                  No
                    commas(,) or dollar signs ($)

                	
                  11

                
	
                  ACTL_PRIN_AMT

                	
                  The
                    actual principal amount collected by the Servicer for the current
                    reporting cycle -- only applicable for Actual/Actual
                    Loans.

                	
                  2

                	
                  No
                    commas(,) or dollar signs ($)

                	
                  11

                
	
                  ACTL_NET_INT

                	
                  The
                    actual gross interest amount less the service fee amount for
                    the current
                    reporting cycle as reported by the Servicer -- only applicable
                    for
                    Actual/Actual Loans.

                	
                  2

                	
                  No
                    commas(,) or dollar signs ($)

                	
                  11

                
	
                  PREPAY_PENALTY_
                    AMT

                	
                  The
                    penalty amount received when a borrower prepays on his loan as
                    reported by
                    the Servicer. 

                	
                  2

                	
                  No
                    commas(,) or dollar signs ($)

                	
                  11

                
	
                  PREPAY_PENALTY_
                    WAIVED

                	
                  The
                    prepayment penalty amount for the loan waived by the
                    servicer.

                	
                  2

                	
                  No
                    commas(,) or dollar signs ($)

                	
                  11

                
	
                   

                	
                   

                	
                   

                	
                   

                	
                   

                
	
                  MOD_DATE

                	
                  The
                    Effective Payment Date of the Modification for the loan.

                	
                   

                	
                  MM/DD/YYYY

                	
                  10

                
	
                  MOD_TYPE

                	
                  The
                    Modification Type.

                	
                   

                	
                  Varchar
                    - value can be alpha or numeric

                	
                  30

                
	
                  DELINQ_P&I_ADVANCE_AMT

                	
                  The
                    current outstanding principal and interest advances made by
                    Servicer.

                	
                  2

                	
                  No
                    commas(,) or dollar signs ($)

                	
                  11

                

        

        

        

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

        

        Exhibit
          : Standard
          File Layout - Delinquency Reporting

        

        
          	
                  Column/Header
                    Name

                	
                  Description

                	
                  Decimal

                	
                  Format
                    Comment

                
	
                  SERVICER_LOAN_NBR

                	
                  A
                    unique number assigned to a loan by the Servicer. This may be
                    different
                    than the LOAN_NBR

                	 	
                   

                
	
                  LOAN_NBR

                	
                  A
                    unique identifier assigned to each loan by the originator.

                	 	
                   

                
	
                  CLIENT_NBR

                	
                  Servicer
                    Client Number

                	 	 
	
                  SERV_INVESTOR_NBR

                	
                  Contains
                    a unique number as assigned by an external servicer to identify
                    a group of
                    loans in their system.

                	 	
                   

                
	
                  BORROWER_FIRST_NAME

                	
                  First
                    Name of the Borrower.

                	 	 
	
                  BORROWER_LAST_NAME

                	
                  Last
                    name of the borrower.

                	 	 
	
                  PROP_ADDRESS

                	
                  Street
                    Name and Number of Property

                	 	
                   

                
	
                  PROP_STATE

                	
                  The
                    state where the property located.

                	 	
                   

                
	
                  PROP_ZIP

                	
                  Zip
                    code where the property is located.

                	 	
                   

                
	
                  BORR_NEXT_PAY_DUE_DATE

                	
                  The
                    date that the borrower's next payment is due to the servicer
                    at the end of
                    processing cycle, as reported by Servicer.

                	 	
                  MM/DD/YYYY

                
	
                  LOAN_TYPE

                	
                  Loan
                    Type (i.e. FHA, VA, Conv)

                	 	
                   

                
	
                  BANKRUPTCY_FILED_DATE

                	
                  The
                    date a particular bankruptcy claim was filed.

                	 	
                  MM/DD/YYYY

                
	
                  BANKRUPTCY_CHAPTER_CODE

                	
                  The
                    chapter under which the bankruptcy was filed.

                	 	
                   

                
	
                  BANKRUPTCY_CASE_NBR

                	
                  The
                    case number assigned by the court to the bankruptcy
                    filing.

                	 	
                   

                
	
                  POST_PETITION_DUE_DATE

                	
                  The
                    payment due date once the bankruptcy has been approved by the
                    courts

                	 	
                  MM/DD/YYYY

                
	
                  BANKRUPTCY_DCHRG_DISM_DATE

                	
                  The
                    Date The Loan Is Removed From Bankruptcy. Either by Dismissal,
                    Discharged
                    and/or a Motion For Relief Was Granted. 

                	 	
                  MM/DD/YYYY

                
	
                  LOSS_MIT_APPR_DATE

                	
                  The
                    Date The Loss Mitigation Was Approved By The Servicer

                	 	
                  MM/DD/YYYY

                
	
                  LOSS_MIT_TYPE

                	
                  The
                    Type Of Loss Mitigation Approved For A Loan Such As;

                	 	 
	
                  LOSS_MIT_EST_COMP_DATE

                	
                  The
                    Date The Loss Mitigation /Plan Is Scheduled To End/Close

                	 	
                  MM/DD/YYYY

                
	
                  LOSS_MIT_ACT_COMP_DATE

                	
                  The
                    Date The Loss Mitigation Is Actually Completed

                	 	
                  MM/DD/YYYY

                
	
                  FRCLSR_APPROVED_DATE

                	
                  The
                    date DA Admin sends a letter to the servicer with instructions
                    to begin
                    foreclosure proceedings.

                	 	
                  MM/DD/YYYY

                
	
                  ATTORNEY_REFERRAL_DATE

                	
                  Date
                    File Was Referred To Attorney to Pursue Foreclosure

                	 	
                  MM/DD/YYYY

                
	
                  FIRST_LEGAL_DATE

                	
                  Notice
                    of 1st legal filed by an Attorney in a Foreclosure Action

                	 	
                  MM/DD/YYYY

                
	
                  FRCLSR_SALE_EXPECTED_DATE

                	
                  The
                    date by which a foreclosure sale is expected to occur.

                	 	
                  MM/DD/YYYY

                
	
                  FRCLSR_SALE_DATE

                	
                  The
                    actual date of the foreclosure sale.

                	 	
                  MM/DD/YYYY

                
	
                  FRCLSR_SALE_AMT

                	
                  The
                    amount a property sold for at the foreclosure sale.

                	
                  2

                	
                  No
                    commas(,) or dollar signs ($)

                
	
                  EVICTION_START_DATE

                	
                  The
                    date the servicer initiates eviction of the borrower.

                	 	
                  MM/DD/YYYY

                
	
                  EVICTION_COMPLETED_DATE

                	
                  The
                    date the court revokes legal possession of the property from
                    the
                    borrower.

                	 	
                  MM/DD/YYYY

                
	
                  LIST_PRICE

                	
                  The
                    price at which an REO property is marketed.

                	
                  2

                	
                  No
                    commas(,) or dollar signs ($)

                
	
                  LIST_DATE

                	
                  The
                    date an REO property is listed at a particular price.

                	 	
                  MM/DD/YYYY

                
	
                  OFFER_AMT

                	
                  The
                    dollar value of an offer for an REO property.

                	
                  2

                	
                  No
                    commas(,) or dollar signs ($)

                
	
                  OFFER_DATE_TIME

                	
                  The
                    date an offer is received by DA Admin or by the Servicer.

                	 	
                  MM/DD/YYYY

                
	
                  REO_CLOSING_DATE

                	
                  The
                    date the REO sale of the property is scheduled to close.

                	 	
                  MM/DD/YYYY

                
	
                  REO_ACTUAL_CLOSING_DATE

                	
                  Actual
                    Date Of REO Sale

                	 	
                  MM/DD/YYYY

                
	
                  OCCUPANT_CODE

                	
                  Classification
                    of how the property is occupied.

                	 	
                   

                
	
                  PROP_CONDITION_CODE

                	
                  A
                    code that indicates the condition of the property.

                	 	
                   

                
	
                  PROP_INSPECTION_DATE

                	
                  The
                    date a property inspection is performed.

                	 	
                  MM/DD/YYYY

                
	
                  APPRAISAL_DATE

                	
                  The
                    date the appraisal was done.

                	 	
                  MM/DD/YYYY

                
	
                  CURR_PROP_VAL

                	
                   The
                    current "as is" value of the property based on brokers price
                    opinion or
                    appraisal.

                	
                  2

                	
                   

                
	
                  REPAIRED_PROP_VAL

                	
                  The
                    amount the property would be worth if repairs are completed pursuant
                    to a
                    broker's price opinion or appraisal.

                	
                  2

                	
                   

                
	
                  If
                    applicable:

                	
                   

                	 	
                   

                
	
                  DELINQ_STATUS_CODE

                	
                  FNMA
                    Code Describing Status of Loan

                	 	 
	
                  DELINQ_REASON_CODE

                	
                  The
                    circumstances which caused a borrower to stop paying on a loan.
                    Code
                    indicates the reason why the loan is in default for this
                    cycle.

                	 	 
	
                  MI_CLAIM_FILED_DATE

                	
                  Date
                    Mortgage Insurance Claim Was Filed With Mortgage Insurance
                    Company.

                	 	
                  MM/DD/YYYY

                
	
                  MI_CLAIM_AMT

                	
                  Amount
                    of Mortgage Insurance Claim Filed

                	 	
                  No
                    commas(,) or dollar signs ($)

                
	
                  MI_CLAIM_PAID_DATE

                	
                  Date
                    Mortgage Insurance Company Disbursed Claim Payment

                	 	
                  MM/DD/YYYY

                
	
                  MI_CLAIM_AMT_PAID

                	
                  Amount
                    Mortgage Insurance Company Paid On Claim

                	
                  2

                	
                  No
                    commas(,) or dollar signs ($)

                
	
                  POOL_CLAIM_FILED_DATE

                	
                  Date
                    Claim Was Filed With Pool Insurance Company

                	 	
                  MM/DD/YYYY

                
	
                  POOL_CLAIM_AMT

                	
                  Amount
                    of Claim Filed With Pool Insurance Company

                	
                  2

                	
                  No
                    commas(,) or dollar signs ($)

                
	
                  POOL_CLAIM_PAID_DATE

                	
                  Date
                    Claim Was Settled and The Check Was Issued By The Pool
                    Insurer

                	 	
                  MM/DD/YYYY

                
	
                  POOL_CLAIM_AMT_PAID

                	
                  Amount
                    Paid On Claim By Pool Insurance Company

                	
                  2

                	
                  No
                    commas(,) or dollar signs ($)

                
	
                  FHA_PART_A_CLAIM_FILED_DATE

                	
                   Date
                    FHA Part A Claim Was Filed With HUD

                	 	
                  MM/DD/YYYY

                
	
                  FHA_PART_A_CLAIM_AMT

                	
                   Amount
                    of FHA Part A Claim Filed

                	
                  2

                	
                  No
                    commas(,) or dollar signs ($)

                
	
                  FHA_PART_A_CLAIM_PAID_DATE

                	
                   Date
                    HUD Disbursed Part A Claim Payment

                	 	
                  MM/DD/YYYY

                
	
                  FHA_PART_A_CLAIM_PAID_AMT

                	
                   Amount
                    HUD Paid on Part A Claim

                	
                  2

                	
                  No
                    commas(,) or dollar signs ($)

                
	
                  FHA_PART_B_CLAIM_FILED_DATE

                	
                    Date
                    FHA Part B Claim Was Filed With HUD

                	 	
                  MM/DD/YYYY

                
	
                  FHA_PART_B_CLAIM_AMT

                	
                    Amount
                    of FHA Part B Claim Filed

                	
                  2

                	
                  No
                    commas(,) or dollar signs ($)

                
	
                  FHA_PART_B_CLAIM_PAID_DATE

                	
                     Date
                    HUD Disbursed Part B Claim Payment

                	 	
                  MM/DD/YYYY

                
	
                  FHA_PART_B_CLAIM_PAID_AMT

                	
                   Amount
                    HUD Paid on Part B Claim

                	
                  2

                	
                  No
                    commas(,) or dollar signs ($)

                
	
                  VA_CLAIM_FILED_DATE

                	
                   Date
                    VA Claim Was Filed With the Veterans Admin

                	 	
                  MM/DD/YYYY

                
	
                  VA_CLAIM_PAID_DATE

                	
                   Date
                    Veterans Admin. Disbursed VA Claim Payment

                	 	
                  MM/DD/YYYY

                
	
                  VA_CLAIM_PAID_AMT

                	
                   Amount
                    Veterans Admin. Paid on VA Claim

                	
                  2

                	
                  No
                    commas(,) or dollar signs ($)

                

        

         

         

         

        

        Exhibit
          2: Standard
          File Codes - Delinquency Reporting

         

        The
          Loss
          Mit Type
          field
          should show the approved Loss Mitigation Code as follows: 

         

        
          	·  	
                  ASUM-Approved
                    Assumption

                

        

         

        
          	·  	
                  BAP-Borrower
                    Assistance Program

                

        

         

        
          	·  	
                  CO-
                    Charge Off

                

        

         

        
          	·  	
                  DIL-
                    Deed-in-Lieu

                

        

         

        
          	·  	
                  FFA-
                    Formal Forbearance Agreement

                

        

         

        
          	·  	
                  MOD-
                    Loan Modification

                

        

         

        
          	·  	
                  PRE-
                    Pre-Sale

                

        

         

        
          	·  	
                  SS-
                    Short Sale

                

        

         

        
          	·  	
                  MISC-Anything
                    else approved by the PMI or Pool
                    Insurer

                

        

         

        NOTE:
          Wells
          Fargo Bank will accept alternative Loss Mitigation Types to those above,
          provided that they are consistent with industry standards. If Loss Mitigation
          Types other than those above are used, the Servicer must supply Wells Fargo
          Bank
          with a description of each of the Loss Mitigation Types prior to sending
          the
          file.

         

        The
          Occupant
          Code
          field
          should show the current status of the property code as follows:

         

        
          	·  	
                  Mortgagor

                

        

         

        
          	·  	
                  Tenant

                

        

         

        
          	·  	
                  Unknown
                    

                

        

         

        
          	·  	
                  Vacant

                

        

         

        The
          Property
          Condition
          field
          should show the last reported condition of the property as follows:

         

        
          	·  	
                  Damaged

                

        

         

        
          	·  	
                  Excellent

                

        

         

        
          	·  	
                  Fair

                

        

         

        
          	·  	
                  Gone

                

        

         

        
          	·  	
                  Good

                

        

         

        
          	·  	
                  Poor

                

        

         

        
          	·  	
                  Special
                    Hazard

                

        

         

        
          	·  	
                  Unknown

                

        

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

         

        

        Exhibit
          2: Standard
          File Codes - Delinquency Reporting, Continued

         

        The
          FNMA
          Delinquent Reason Code
          field
          should show the Reason for Delinquency as follows: 

        

        
          	
                  Delinquency
                    Code

                	
                  Delinquency
                    Description

                
	
                  001

                	
                  FNMA-Death
                    of principal mortgagor

                
	
                  002

                	
                  FNMA-Illness
                    of principal mortgagor

                
	
                  003

                	
                  FNMA-Illness
                    of mortgagor’s family member

                
	
                  004

                	
                  FNMA-Death
                    of mortgagor’s family member

                
	
                  005

                	
                  FNMA-Marital
                    difficulties

                
	
                  006

                	
                  FNMA-Curtailment
                    of income

                
	
                  007

                	
                  FNMA-Excessive
                    Obligation

                
	
                  008

                	
                  FNMA-Abandonment
                    of property

                
	
                  009

                	
                  FNMA-Distant
                    employee transfer

                
	
                  011

                	
                  FNMA-Property
                    problem

                
	
                  012

                	
                  FNMA-Inability
                    to sell property

                
	
                  013

                	
                  FNMA-Inability
                    to rent property

                
	
                  014

                	
                  FNMA-Military
                    Service

                
	
                  015

                	
                  FNMA-Other

                
	
                  016

                	
                  FNMA-Unemployment

                
	
                  017

                	
                  FNMA-Business
                    failure

                
	
                  019

                	
                  FNMA-Casualty
                    loss

                
	
                  022

                	
                  FNMA-Energy
                    environment costs

                
	
                  023

                	
                  FNMA-Servicing
                    problems

                
	
                  026

                	
                  FNMA-Payment
                    adjustment

                
	
                  027

                	
                  FNMA-Payment
                    dispute

                
	
                  029

                	
                  FNMA-Transfer
                    of ownership pending

                
	
                  030

                	
                  FNMA-Fraud

                
	
                  031

                	
                  FNMA-Unable
                    to contact borrower

                
	
                  INC

                	
                  FNMA-Incarceration

                

        

        

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

        

        Exhibit
          2: Standard
          File Codes - Delinquency Reporting, Continued

         

        The
          FNMA
          Delinquent Status Code
          field
          should show the Status of Default as follows: 

        

        
          	
                  Status
                    Code

                	
                  Status
                    Description

                
	
                  09

                	
                  Forbearance

                
	
                  17

                	
                  Pre-foreclosure
                    Sale Closing Plan Accepted

                
	
                  24

                	
                  Government
                    Seizure

                
	
                  26

                	
                  Refinance

                
	
                  27

                	
                  Assumption

                
	
                  28

                	
                  Modification

                
	
                  29

                	
                  Charge-Off

                
	
                  30

                	
                  Third
                    Party Sale

                
	
                  31

                	
                  Probate

                
	
                  32

                	
                  Military
                    Indulgence

                
	
                  43

                	
                  Foreclosure
                    Started

                
	
                  44

                	
                  Deed-in-Lieu
                    Started

                
	
                  49

                	
                  Assignment
                    Completed

                
	
                  61

                	
                  Second
                    Lien Considerations

                
	
                  62

                	
                  Veteran’s
                    Affairs-No Bid

                
	
                  63

                	
                  Veteran’s
                    Affairs-Refund

                
	
                  64

                	
                  Veteran’s
                    Affairs-Buydown

                
	
                  65

                	
                  Chapter
                    7 Bankruptcy

                
	
                  66

                	
                  Chapter
                    11 Bankruptcy

                
	
                  67

                	
                  Chapter
                    13 Bankruptcy

                

        

         

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

        EXHIBIT
          B

        

        Exhibit
          : Calculation
          of Realized Loss/Gain Form 332- Instruction Sheet

         

        NOTE:
          Do not net or combine items. Show all expenses individually and all credits
          as
          separate line items. Claim packages are due on the remittance report date.
          Late
          submissions may result in claims not being passed until the following month.
          The
          Servicer is responsible to remit all funds pending loss approval and /or
          resolution of any disputed items. 

         

        The
          numbers on the 332 form correspond with the numbers listed below.

         

        Liquidation
          and Acquisition Expenses:

         

        1.          
           The
          Actual Unpaid Principal Balance of the Mortgage Loan. For documentation,
          an
          Amortization Schedule from date of default through liquidation breaking
          out the
          net interest and servicing fees advanced is required.

         

        2.          
           The
          Total
          Interest Due less the aggregate amount of servicing fee that would have
          been
          earned if all delinquent payments had been made as agreed. For documentation,
          an
          Amortization Schedule from date of default through liquidation breaking
          out the
          net interest and servicing fees advanced is required.

         

        3.         
            Accrued
          Servicing Fees based upon the Scheduled Principal Balance of the Mortgage
          Loan
          as calculated on a monthly basis. For documentation, an Amortization Schedule
          from date of default through liquidation breaking out the net interest
          and
          servicing fees advanced is required.

         

        4-12.     
           Complete
          as applicable. Required documentation:

         

        *
          For
          taxes and insurance advances - see page 2 of 332 form - breakdown required
          showing period of
          coverage, base tax, interest, penalty. Advances prior to default require
          evidence of servicer efforts to recover advances.

        *
          For
          escrow advances - complete payment history (to
          calculate advances from last positive escrow balance forward)

        *
          Other
          expenses -  copies of corporate advance history showing all payments

        *
          REO
          repairs > $1500 require explanation

        *
          REO
          repairs >$3000 require evidence of at least 2 bids.

        *
          Short
          Sale or Charge Off require P&L supporting the decision and WFB’s approved
          Officer Certificate 

        *
          Unusual
          or extraordinary items may require further documentation. 

         

        13.          The
          total
          of lines 1 through 12.

         

        Credits:
          

         

        14-21.   
           Complete
          as applicable. Required documentation:

         

        *
          Copy of
          the HUD 1 from the REO sale. If a 3rd Party Sale, bid instructions
          and Escrow Agent / Attorney Letter of Proceeds Breakdown.

        *
          Copy of
          EOB for any MI or gov't guarantee 

        *
          All
          other credits need to be clearly defined on the 332
          form      
     

         

        
          	 	
                  22.

                	
                  The
                    total of lines 14 through 21.

                

        

         

        Please
          Note: For
          HUD/VA loans, use line (18a) for Part A/Initial proceeds and line (18b)
          for Part
          B/Supplemental proceeds.

         

        Total
          Realized Loss (or Amount of Any Gain)

         

        23.        
           The
          total
          derived from subtracting line 22 from 13. If the amount represents a realized
          gain, show the amount in parenthesis ( ). 

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

        Exhibit
          3A: Calculation
          of Realized Loss/Gain Form 332

        
           

          Prepared
            by: __________________   Date:
            _____________________

          Phone:
            ______________________           
Email Address:_____________________

           

          
            	
                     
                      Servicer Loan No.

                  	 	
                     
                      Servicer Name

                  	 	
                     
                      Servicer Address 

                     

                  

          

           

          WELLS
            FARGO BANK, N.A. Loan No._________________________________________

           

          Borrower's
            Name: _________________________________________________________

          Property
            Address: _________________________________________________________

           

          Liquidation
            Type: REO Sale  
            3rd
            Party Sale  
Short
            Sale 
Charge
            Off 

           

          Was
            this loan granted a Bankruptcy deficiency or cramdown  Yes                            
            No

          If
“Yes”,
            provide deficiency or cramdown amount
            ________________________________________

           

          Liquidation
            and Acquisition Expenses:

          

            
              	
                      (1)

                    	
                      Actual
                        Unpaid Principal Balance of Mortgage Loan

                    	
                      $
                        _______________

                    	
                      (1)

                    
	
                      (2)

                    	
                      Interest
                        accrued at Net Rate

                    	
                      ________________

                    	
                      (2)

                    
	
                      (3)

                    	
                      Accrued
                        Servicing Fees

                    	
                      ________________

                    	
                      (3)

                    
	
                      (4)

                    	
                      Attorney's
                        Fees

                    	
                      ________________

                    	
                      (4)

                    
	
                      (5)

                    	
                      Taxes
                        (see page 2)

                    	
                      ________________

                    	
                      (5)

                    
	
                      (6)

                    	
                      Property
                        Maintenance

                    	
                      ________________

                    	
                      (6)

                    
	
                      (7)

                    	
                      MI/Hazard
                        Insurance Premiums (see page 2)

                    	
                      ________________

                    	
                      (7)

                    
	
                      (8)

                    	
                      Utility
                        Expenses

                    	
                      ________________

                    	
                      (8)

                    
	
                      (9)

                    	
                      Appraisal/BPO

                    	
                      ________________

                    	
                      (9)

                    
	
                      (10)

                    	
                      Property
                        Inspections

                    	
                      ________________

                    	
                      (10)

                    
	
                      (11)

                    	
                      FC
                        Costs/Other Legal Expenses

                    	
                      ________________

                    	
                      (11)

                    
	
                      (12)

                    	
                      Other
                        (itemize)

                    	
                      $________________

                    	
                      (12)

                    
	
                      Cash
                        for Keys__________________________

                    	 	
                      ________________

                    	 
	
                      HOA/Condo
                        Fees_______________________

                    	 	
                      ________________

                    	 
	
                      ______________________________________

                    	 	
                      ________________

                    	 
	
                      ______________________________________

                    	 	
                      ________________

                    	 
	
                      Total
                        Expenses

                    	 	
                      $
                        _______________

                    	
                      (13)

                    
	
                      Credits:

                    	 	 	 
	
                      (14)

                    	
                      Escrow
                        Balance

                    	
                      $
                        _______________

                    	
                      (14)

                    
	
                      (15)

                    	
                      HIP
                        Refund

                    	
                      ________________

                    	
                      (15)

                    
	
                      (16)

                    	
                      Rental
                        Receipts

                    	
                      ________________

                    	
                      (16)

                    
	
                      (17)

                    	
                      Hazard
                        Loss Proceeds

                    	
                      ________________

                    	
                      (17)

                    
	
                      (18)

                    	
                      Primary
                        Mortgage Insurance / Gov’t Insurance

                    	
                      ________________

                    	
                      (18a)

                    
	 	
                      HUD
                        Part A

                    	 	 
	 	
                      HUD
                        Part B

                    	
                      ________________

                    	
                      (18b)

                    
	
                      (19)

                    	
                      Pool
                        Insurance Proceeds

                    	
                      ________________

                    	
                      (19)

                    
	
                      (20)

                    	
                      Proceeds
                        from Sale of Acquired Property

                    	
                      ________________

                    	
                      (20)

                    
	
                      (21)

                    	
                      Other
                        (itemize)

                    	
                      ________________

                    	
                      (21)

                    
	
                      _________________________________________

                    	 	
                      _________________

                    	 
	
                      _________________________________________

                    	
                       

                    	
                      _________________

                    	 
	
                      Total
                        Credits

                    	
                       $________________

                    	
                       

                    	
                      (22)

                    
	
                      Total
                        Realized Loss (or Amount of Gain)

                    	
                       $________________

                    	
                       

                    	
                      (23)

                    

              
                
                  
                  

                

                
                  
                  

                  
                    

                  

                

                
                  
                  

                

              

          

        

        Escrow
          Disbursement Detail

        

        

        
          	
                  Type

                  (Tax
                    /Ins.)

                	
                  Date
                    Paid

                	
                  Period
                    of Coverage

                	
                  Total
                    Paid

                	
                  Base
                    Amount

                	
                  Penalties

                	
                  Interest

                
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 

        

        

         

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

        
 

        EXHIBIT
          C

         

         

        REGULATION
          AB COMPLIANCE ADDENDUM

         

        ARTICLE
          I

         

        DEFINED
          TERMS

         

        Commission:
          The
          United States Securities and Exchange Commission.

         

        Depositor:
          The
          depositor, as such term is defined in Regulation AB, with respect to any
          Securitization Transaction.

         

        Master
          Servicer: With respect to any Securitization Transaction, the “master servicer,”
if any, identified in the related transaction documents.

         

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

         

        Reconstitution:
          Any
          Securitization Transaction or Whole Loan Transfer.

         

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

         

        Securities
          Act:
          The
          Securities Act of 1933, as amended.

         

        Securitization
          Transaction:
          Any
          transaction involving either (1) a sale or other transfer of some or all
          of the
          Mortgage Loans directly or indirectly to an issuing entity in connection with an
          issuance of publicly offered or privately placed, rated or unrated
          mortgage-backed securities or (2) an issuance of publicly offered or privately
          placed, rated or unrated securities, the payments on which are determined
          primarily by reference to one or more portfolios of residential mortgage
          loans
          consisting, in whole or in part, of some or all of the Mortgage
          Loans.

         

        Servicer:
          As
          defined in Section 2.03(a).

         

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

         

        Servicer
          Information:
          As
          defined in Section 2.07(i)(A).

         

        Subcontractor:
          Any
          vendor, subcontractor or other Person that is not responsible for the overall
          servicing (as “servicing” is commonly understood by participants in the
          mortgage-backed securities market) of Mortgage Loans but performs one or
          more
          discrete functions identified in Item 1122(d) of Regulation AB with respect
          to
          Mortgage Loans under the direction or authority of the Servicer or a
          Subservicer.

         

        Subservicer:
          Any
          Person that services Mortgage Loans on behalf of the Servicer or any Subservicer
          and is responsible for the performance (whether directly or through Subservicers
          or Subcontractors) of a substantial portion of the material servicing functions
          required to be performed by the Servicer under this Agreement or any
          Reconstitution Agreement that are identified in Item 1122(d) of Regulation
          AB.

         

        Whole
          Loan Transfer:
          Any
          sale
          or transfer of some or all of the Mortgage Loans, other than a Securitization
          Transaction.

         

         

         

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

         

        ARTICLE
          II

         

        COMPLIANCE
          WITH REGULATION AB

         

        Section
          2.01.  Intent
          of the Parties; Reasonableness.
          

         

        The
          Purchaser and the Servicer acknowledge and agree that the purpose of Article
          II
          of this Agreement is to facilitate compliance by the Purchaser and any
          Depositor
          with the provisions of Regulation AB and related rules and regulations
          of the
          Commission.
          Neither
          the Purchaser nor any Depositor shall exercise its right to request delivery
          of
          information or other performance under these provisions other than in good
          faith, or for purposes other than compliance with the Securities Act, the
          Exchange Act and the rules and regulations of the Commission.
          The
          Servicer acknowledges that interpretations of the requirements of Regulation
          AB
          may change over time, whether due to interpretive guidance provided by
          the
          Commission or its staff, consensus among participants in the asset-backed
          securities markets, advice of counsel, or otherwise, and agrees to comply
          with
          requests made by the Purchaser,
          any
          Master Servicer or
          any
          Depositor in good faith for delivery of information under these provisions
          on
          the basis of evolving interpretations of Regulation AB. In
          connection with any Securitization Transaction, the Servicer shall cooperate
          fully with the Purchaser and
          any
          Master Servicer to
          deliver to the Purchaser (including any of its assignees or
          designees),
          any
          Master Servicer
          and any
          Depositor, any and all statements, reports, certifications, records and
          any
          other information necessary in the good faith determination of the
          Purchaser,
          the
          Master Servicer
          or any
          Depositor to permit the Purchaser,
          such
          Master Servicer
          or such
          Depositor to comply with the provisions of Regulation AB, together with
          such
          disclosures relating to the Servicer, any Subservicer and the Mortgage
          Loans, or
          the servicing of the Mortgage Loans, reasonably believed by the Purchaser
          or any
          Depositor to be necessary in order to effect such compliance.

         

        Section
          2.02. Additional
          Representations and Warranties of the Servicer.

         

        (a)  The
          Servicer hereby
          represents
          to the
          Purchaser,
          to
          any
          Master Servicer
          and to
          any Depositor, as of the date on which information is first provided to
          the
          Purchaser,
          any
          Master Servicer or
          any
          Depositor under Section 2.03 that, except as disclosed in writing to the
          Purchaser,
          such
          Master Servicer
          or such
          Depositor prior to such date: (i)
          the
          Servicer is not aware and has not received notice that any default, early
          amortization or other performance triggering event has occurred as to any
          other
          securitization due to any act or failure to act of the Servicer; (ii) the
          Servicer has not been terminated as servicer in a residential mortgage
          loan
          securitization, either due to a servicing default or to application of
          a
          servicing performance test or trigger; (iii) no material noncompliance
          with the
          applicable servicing criteria with respect to other securitizations of
          residential mortgage loans involving the Servicer as servicer has been
          disclosed
          or reported by the Servicer; (iv) no material changes to the Servicer’s policies
          or procedures with respect to the servicing function it will perform under
          this
          Agreement and any Reconstitution Agreement for mortgage loans of a type
          similar
          to the Mortgage Loans have occurred during the three-year period immediately
          preceding the related Securitization Transaction; (v) there are no aspects
          of
          the Servicer’s financial condition that could have a material adverse effect on
          the performance by the Servicer of its servicing obligations under this
          Agreement or any Reconstitution Agreement; (vi) there are no material legal
          or
          governmental proceedings pending (or known to be contemplated) against
          the
          Servicer, any Subservicer; and (vii) there are no affiliations, relationships
          or
          transactions relating to the Servicer or any Subservicer with respect to
          any
          Securitization Transaction and any party thereto identified by the related
          Depositor of a type described in Item 1119 of Regulation AB.

         

        (b)  If
          so
          requested by the Purchaser,
          any
          Master Servicer
          or any
          Depositor on any date following the date on which information is first
          provided
          to the Purchaser,
          any
          Master Servicer or
          any
          Depositor under Section 2.03, the Servicer shall, within five Business
          Days
          following such request, confirm in writing the accuracy of the representations
          and warranties set forth in paragraph (a) of this Section or, if any such
          representation and warranty is not accurate as of the date of such request,
          provide reasonably adequate disclosure of the pertinent facts, in writing,
          to
          the requesting party.

        

         

        Section
          2.03.  Information
          to Be Provided by the Servicer.

         

        In
          connection with any Securitization Transaction the Servicer shall (i) within
          five Business Days following request by the Purchaser or any Depositor,
          provide
          to the Purchaser and such Depositor (or, as applicable, cause each Subservicer
          to provide), in writing and in form and substance reasonably satisfactory
          to the
          Purchaser and such Depositor, the information and materials specified in
          paragraphs (a), (b), (c),
          (f)
and
          (g)
of
          this
          Section, and (ii) as promptly as practicable following notice to or discovery
          by
          the Servicer, provide to the Purchaser and any Depositor (in writing and
          in form
          and substance reasonably satisfactory to the Purchaser and such Depositor)
          the
          information specified in paragraph (b) of this Section.

         

        (a) If
          so
          requested by the Purchaser or any Depositor, the Servicer shall provide
          such
          information regarding the Servicer, as servicer of the Mortgage Loans,
          and each
          Subservicer (each of the Servicer and each Subservicer, for purposes of
          this
          paragraph, a “Servicer”), as is requested for the purpose of compliance with
Items
          1108, 1117 and 1119
          of
          Regulation AB. Such
          information shall include, at a minimum:

         

        (A)  the
          Servicer’s form of organization;

         

        (B)  a
          description of how long the Servicer has been servicing residential mortgage
          loans; a general discussion of the Servicer’s experience in servicing assets of
          any type as well as a more detailed discussion of the Servicer’s experience in,
          and procedures for, the servicing function it will perform under this Agreement
          and any Reconstitution Agreements; information regarding the size, composition
          and growth of the Servicer’s portfolio of residential mortgage loans of a type
          similar to the Mortgage Loans and information on factors related to the
          Servicer
          that may be material, in the good faith judgment of the Purchaser or any
          Depositor, to any analysis of the servicing of the Mortgage Loans or the
          related
          asset-backed securities, as applicable, including, without
          limitation:

         

        (1)  whether
          any prior securitizations of mortgage loans of a type similar to the Mortgage
          Loans involving the Servicer have defaulted or experienced an early amortization
          or other performance triggering event because of servicing during the three-year
          period immediately preceding the related Securitization
          Transaction;

         

        (2)  the
          extent of outsourcing the Servicer utilizes;

         

        (3)  whether
          there has been previous disclosure of material noncompliance with the applicable
          servicing criteria with respect to other securitizations of residential
          mortgage
          loans involving the Servicer as a servicer during the three-year period
          immediately preceding the related Securitization Transaction;

         

        (4)  whether
          the Servicer has been terminated as servicer in a residential mortgage
          loan
          securitization, either due to a servicing default or to application of
          a
          servicing performance test or trigger; and

         

        (5)  such
          other information as the Purchaser or any Depositor may reasonably request
          for
          the purpose of compliance with Item 1108(b)(2) of Regulation AB;

         

        (C)  a
          description of any material changes during the three-year period immediately
          preceding the related Securitization Transaction to the Servicer’s policies or
          procedures with respect to the servicing function it will perform under
          this
          Agreement and any Reconstitution Agreements for mortgage loans of a type
          similar
          to the Mortgage Loans;

         

        (D)  information
          regarding the Servicer’s financial condition, to the extent that there is a
          material risk that an adverse financial event or circumstance involving
          the
          Servicer could have a material adverse effect on the performance by the
          Servicer
          of its servicing obligations under this Agreement or any Reconstitution
          Agreement;

         

        (E)  information
          regarding advances made by the Servicer on the Mortgage Loans and the Servicer’s
          overall servicing portfolio of residential mortgage loans for the three-year
          period immediately preceding the related Securitization Transaction, which
          may
          be limited to a statement by an authorized officer of the Servicer to the
          effect
          that the Servicer has made all advances required to be made on residential
          mortgage loans serviced by it during such period, or, if such statement
          would
          not be accurate, information regarding the percentage and type of advances
          not
          made as required, and the reasons for such failure to advance;

         

        (F)  a
          description of the Servicer’s processes and procedures designed to address any
          special or unique factors involved in servicing loans of a similar type
          as the
          Mortgage Loans;

         

        (G)  a
          description of the Servicer’s processes for handling delinquencies, losses,
          bankruptcies and recoveries, such as through liquidation of mortgaged
          properties, sale of defaulted mortgage loans or workouts; 

         

        (H)  information
          as to how the Servicer defines or determines delinquencies and charge-offs,
          including the effect of any grace period, re-aging, restructuring, partial
          payments considered current or other practices with respect to delinquency
          and
          loss experience;
          and

         

        (I)  a
          description of any material legal or governmental proceedings pending (or
          known
          to be contemplated) against the Servicer; and

         

        (J)  a
          description of any affiliation or relationship between the Servicer and
          any of
          the following parties to a Securitization Transaction, as such parties
          are
          identified to the Servicer by the Purchaser or any Depositor in writing
          in
          advance of such Securitization Transaction:

         

        (1) the
          sponsor;

        (2) the
          depositor;

        (3) the
          issuing entity;

        (4) any
          servicer;

        (5) any
          trustee;

        (6) any
          originator;

        (7) any
          significant obligor;

        (8) any
          enhancement or support provider; and

        (9) any
          other
          material transaction party.

        

         

        (b) As
          a
          condition to the succession to the Servicer or any Subservicer as servicer
          or
          subservicer under this Agreement or any Reconstitution Agreement by any
          Person
          (i) into which the Servicer or such Subservicer may be merged or consolidated,
          or (ii) which may be appointed as a successor to the Servicer or any
          Subservicer, the Servicer shall provide to the Purchaser,
          any
          Master Servicer,
          and any
          Depositor, at least 15
          calendar
          days prior to the effective date of such succession or appointment, (x)
          written
          notice to the Purchaser and any Depositor of such succession or appointment
          and
          (y) in writing and in form and substance reasonably satisfactory to the
          Purchaser and such Depositor, all information reasonably requested by the
          Purchaser or any Depositor in order to comply with its reporting obligation
          under Item 6.02 of Form 8-K with respect to any class of asset-backed
          securities.

         

        (c)  In
          addition to such information as the Servicer, as servicer, is obligated
          to
          provide pursuant to other provisions of this Agreement, not
          later
          than ten days prior to the deadline for the filing of any distribution
          report on
          Form 10-D in respect of any Securitization Transaction that includes any
          of the
          Mortgage Loans serviced by the Servicer or any Subservicer, the Servicer
          or such
          Subservicer, as applicable, shall, to the extent the Servicer or such
          Subservicer has knowledge, provide to the party responsible for filing
          such
          report (including, if applicable, the Master Servicer) notice of the occurrence
          of any of the following events along with all information, data, and materials
          related thereto as may be required to be included in the related distribution
          report on Form 10-D (as specified in the provisions of Regulation AB referenced
          below):

         

        (i) any
          material modifications, extensions or waivers of pool asset terms, fees,
          penalties or payments during the distribution period or that have cumulatively
          become material over time (Item 1121(a)(11) of Regulation AB);

        

        (ii) material
          breaches of pool asset representations or warranties or transaction covenants
          (Item 1121(a)(12) of Regulation AB); and

        

        (iii) information
          regarding new asset-backed securities issuances backed by the same pool
          assets,
          any pool asset changes (such as, additions, substitutions or
          repurchases).

        (d)  The
          Servicer shall provide to the Purchaser, any Master Servicer and any Depositor,
          evidence of the authorization of the person signing any certification or
          statement, copies or other evidence of Fidelity Bond Insurance and Errors
          and
          Omission Insurance policy, financial information and reports, and such
          other
          information related to the Servicer or any Subservicer or the Servicer
          or such
          Subservicer’s performance hereunder.

         

        Section
          2.04. Servicer
          Compliance Statement.

         

        On
          or
          before March 1
          of each
          calendar year, commencing in 2007, the Servicer shall deliver to the
          Purchaser,
          any
          Master Servicer
          and any
          Depositor (in the case of the Purchaser and Depositor upon request) a statement
          of compliance addressed to the Purchaser,
          such
          Master Servicer
          and such
          Depositor and signed by an authorized officer of the Servicer, to the effect
          that (i) a review of the Servicer’s activities during the immediately preceding
          calendar year (or applicable portion thereof) and of its performance under
          this
          Agreement and any applicable Reconstitution Agreement during such period
          has
          been made under such officer’s supervision, and (ii) to the best of such
          officers’ knowledge, based on such review, the Servicer has fulfilled all of its
          obligations under this Agreement and any applicable Reconstitution Agreement
          in
          all material respects throughout such calendar year (or applicable portion
          thereof) or, if there has been a failure to fulfill any such obligation
          in any
          material respect, specifically identifying each such failure known to such
          officer and the nature and the status thereof.

         

        Section
          2.05.  Report
          on Assessment of Compliance and Attestation.

         

        (a)  On
          or
          before March 1
          of each
          calendar year, commencing in 2007, the Servicer shall:

         

        (i)  deliver
          to the Purchaser,
          any
          Master Servicer
          and any
          Depositor (in the case of the Purchaser and Depositor upon request) a report
          (in
          form and substance reasonably satisfactory to the Purchaser,
          such
          Master Servicer
          and such
          Depositor) regarding the Servicer’s assessment of compliance with the Servicing
          Criteria during the immediately preceding calendar year, as required under
          Rules
          13a-18 and 15d-18 of the Exchange Act and Item 1122 of Regulation AB.
Such
          report shall be addressed to the Purchaser,
          such
          Master Servicer
          and such
          Depositor and signed by an authorized officer of the Servicer, and shall
          address
          each of the “Applicable
          Servicing
          Criteria”
          specified on Exhibit
          B
          hereto (or
          those
          Servicing Criteria otherwise mutually agreed to by the Purchaser, the Servicer
          and any Person that will be
          responsible for signing any
          Sarbanes
          Certification with respect to a Securitization Transaction in response
          to
          evolving interpretations of Regulation AB and incorporated into a revised Exhibit
          B) delivered
          to the Purchaser at
          the
          time of any Securitization Transaction; 

         

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

         

        (iii)  cause
          each Subservicer, and each Subcontractor determined by the Servicer pursuant
          to
          Section 2.06(b) to be “participating in the servicing function” within the
          meaning of Item 1122 of Regulation AB, to deliver to the Purchaser,
          any
          Master Servicer and
          any
          Depositor an assessment of compliance and accountants’ attestation as and when
          provided in paragraphs (a) and (b) of this Section; and

         

        (iv)  deliver,
          and cause each Subservicer and Subcontractor described in clause (iii)
          to
          provide, to the Purchaser, any Depositor, any Master Servicer (in the case
          of
          the Purchaser and Depositor upon request) and any other Person that will
          be
          responsible for signing the certification (a “Sarbanes Certification”) required
          by Rules 13a-14(d) and 15d-14(d) under the Exchange Act (pursuant to Section
          302
          of the Sarbanes-Oxley Act of 2002) on behalf of an asset-backed issuer
          with
          respect to a Securitization Transaction a certification, signed by the
          appropriate officer of the Servicer, in the form attached hereto as Exhibit
          A.

         

        The
          Servicer
          acknowledges that the parties identified in clause (a)(iv) above may rely
          on the
          certification provided by the Servicer pursuant to such clause in signing
          a
          Sarbanes Certification and filing such with the Commission.

         

        (b)  Each
          assessment of compliance provided by a Subservicer pursuant to Section
          2.05(a)(i) shall address each of the Servicing Criteria specified on a
          certification substantially in the form of Exhibit B hereto delivered to
          the
          Purchaser concurrently with the execution of this Agreement or, in the
          case of a
          Subservicer subsequently appointed as such, on or prior to the date of
          such
          appointment. An
          assessment of compliance provided by a Subcontractor pursuant to Section
          2.05(a)(iii) need not address any elements of the Servicing Criteria other
          than
          those specified by the Servicer pursuant to Section 2.06.

         

        Section
          2.06.  Use
          of
          Subservicers and Subcontractors.

         

        The
          Servicer shall not hire or otherwise utilize the services of any Subservicer
          to
          fulfill any of the obligations of the Servicer as servicer under this Agreement
          or any Reconstitution Agreement unless the Servicer complies with the provisions
          of paragraph (a) of this Section. The
          Servicer shall not hire or otherwise utilize the services of any Subcontractor,
          and shall not permit any Subservicer to hire or otherwise utilize the services
          of any Subcontractor, to fulfill any of the obligations of the Servicer
          as
          servicer under this Agreement or any Reconstitution Agreement unless the
          Servicer complies with the provisions of paragraph (b) of this
          Section.

         

        (a)  It
          shall
          not be necessary for the Servicer to seek the consent of the
          Purchaser,
          any Master
          Servicer
          or any
          Depositor to the utilization of any Subservicer. The
          Servicer shall cause any Subservicer used by the Servicer (or by any
          Subservicer) for the benefit of the Purchaser and any Depositor to comply
          with
          the provisions of this Section and with Sections 2.02, 2.03(c), (d)
          and
          (e),
2.04,
          2.05 and 2.07 of this Agreement to the same extent as if such Subservicer
          were
          the Servicer, and to provide the information required with respect to such
          Subservicer under Section 2.03(b) of this Agreement. The
          Servicer shall be responsible for obtaining from each Subservicer and delivering
          to the Purchaser and any Depositor any servicer compliance statement required
          to
          be delivered by such Subservicer under Section 2.04, any assessment of
          compliance and attestation required to be delivered by such Subservicer
          under
          Section 2.05 and any certification required to be delivered to the Person
          that
          will be responsible for signing the Sarbanes Certification
          under
          Section 2.05 as and when required to be delivered.

         

        (b)  It
          shall
          not be necessary for the Servicer to seek the consent of the
          Purchaser,
          any
          Master Servicer or
          any
          Depositor to the utilization of any Subcontractor. The
          Servicer shall promptly upon request provide to the Purchaser,
          any
          Master Servicer
          and any
          Depositor (or any designee of the Depositor, such as an
          administrator) a written description (in form and substance satisfactory
          to the
          Purchaser,
          such
          Depositor
          and such
Master
          Servicer)
          of the
          role and function of each Subcontractor utilized by the Servicer or any
          Subservicer, specifying (i) the identity of each such Subcontractor, (ii)
          which
          (if any) of such Subcontractors are “participating in the servicing function”
within the meaning of Item 1122 of Regulation AB, and (iii) which elements
          of
          the Servicing Criteria will be addressed in assessments of compliance provided
          by each Subcontractor identified pursuant to clause (ii) of this
          paragraph.

         

        As
          a
          condition to the utilization of any Subcontractor determined to be
“participating in the servicing function” within the meaning of Item 1122 of
          Regulation AB, the Servicer shall cause any such Subcontractor used by
          the
          Servicer (or by any Subservicer) for the benefit of the Purchaser and any
          Depositor to comply with the provisions of Sections 2.05 and 2.07 of this
          Agreement to the same extent as if such Subcontractor were the Servicer.
          The
          Servicer shall be responsible for obtaining from each Subcontractor and
          delivering to the Purchaser and any Depositor any assessment of compliance
          and
          attestation and
          the
          other certifications required
          to be delivered by
          such
          Subservicer and
          such
          Subcontractor under Section 2.05, in each case as and when required to
          be
          delivered.

         

        Section
          2.07.  Indemnification;
          Remedies.
          

         

        (a)  The
          Servicer shall indemnify the Purchaser, each affiliate of the Purchaser,
          and
          each of the following parties participating in a Securitization Transaction:
          each
          sponsor and issuing entity; each Person (including,
          but not limited to, any Master Servicer if applicable) responsible
          for the preparation, execution or filing of any report required to be filed
          with
          the Commission with respect to such Securitization Transaction, or for
          execution
          of a certification pursuant to Rule 13a-14(d) or Rule 15d-14(d) under the
          Exchange Act with respect to such Securitization Transaction; each broker
          dealer
          acting as underwriter, placement agent or initial purchaser, each Person
          who
          controls any of such parties or the Depositor (within the meaning of Section
          15
          of the Securities Act and Section 20 of the Exchange Act); and the respective
          present and former directors, officers, employees,
          agents
and
          affiliates of
          each
          of the foregoing and of the Depositor
          (each,
          an “Indemnified Party”),
          and
          shall hold each of them harmless from and against any claims,
          losses,
          damages, penalties, fines, forfeitures, legal fees and expenses and related
          costs, judgments, and any other costs, fees and expenses that any of them
          may
          sustain arising out of or based upon:

         

        (i)(A)  any
          untrue statement of a material fact contained or alleged to be contained
          in any
          information, report, certification, data,
          accountants’
          letter or other material provided
          under
          this Article II by or on behalf of the Servicer, or provided under this
          Article
          II by or on behalf of any Subservicer or Subcontractor (collectively, the
          “Servicer Information”), or (B) the omission or alleged omission to state in the
          Servicer Information a material fact required to be stated in the Servicer
          Information or necessary in order to make the statements therein, in the
          light
          of the circumstances under which they were made, not misleading; provided,
          by
          way of clarification, that clause (B) of this paragraph shall be construed
          solely by reference to the Servicer Information and not to any other information
          communicated in connection with a sale or purchase of securities, without
          regard
          to whether the Servicer Information or any portion thereof is presented
          together
          with or separately from such other information;

         

        (ii) any
          failure
          by the Servicer, any Subservicer or any Subcontractor to deliver any
          information, report, certification, accountants’ letter or other material when
          and as required under this Article II, including any failure by the Servicer
          to
          identify pursuant to Section 2.06(b) any Subcontractor “participating in the
          servicing function” within the meaning of Item 1122 of Regulation AB;

         

        (iii) any
          breach by the Servicer of a representation or warranty set forth in Section
          2.02(a) or in a writing furnished pursuant to Section 2.02(b) and made
          as of a
          date prior to the closing date of the related Securitization Transaction,
          to the
          extent that such breach is not cured by such closing date, or any breach
          by the
          Servicer of a representation or warranty in a writing furnished pursuant
          to
          Section 2.02(b) to the extent made as of a date subsequent to such closing
          date;
          or

         

        (iv) the
          negligence bad faith or willful misconduct of the Servicer in connection
          with
          its performance under this Article II.

         

        If
          the
          indemnification provided for herein is unavailable or insufficient to hold
          harmless an Indemnified Party, then the Servicer agrees that, to the extent
          permitted by law, it shall contribute to the amount paid or payable by
          such
          Indemnified Party as a result of any claims, losses, damages or liabilities
          incurred by such Indemnified Party in such proportion as is appropriate
          to
          reflect the relative fault of such Indemnified Party on the one hand and
          the
          Servicer on the other. 

         

        In
          the
          case of any failure of performance described in clause (a)(ii) of this
          Section,
          the Servicer shall promptly reimburse the Purchaser, any Depositor, as
          applicable, and each Person responsible for the preparation, execution
          or filing
          of any report required to be filed with the Commission with respect to
          such
          Securitization Transaction, or for execution of a certification pursuant
          to Rule
          13a-14(d) or Rule 15d-14(d) under the Exchange Act with respect to such
          Securitization Transaction, for all costs reasonably incurred by each such
          party
          in order to obtain the information, report, certification, accountants’ letter
          or other material not delivered as required by the Servicer, any Subservicer
          or
          any Subcontractor.

         

        This
          indemnification shall survive the termination of this Agreement or the
          termination of any party to this Agreement.

         

        (b) (i) Any
          failure by the Servicer,
          any Subservicer or any Subcontractor to deliver any information, report,
          certification, accountants’ letter or other material when and as required under
          this Article II, or any breach by the Servicer of a representation or warranty
          set forth in Section 2.02(a) or in a writing furnished pursuant to Section
          2.02(b) and made as of a date prior to the closing date of the related
          Securitization Transaction, to the extent that such breach is not cured
          by such
          closing date, or any breach by the Servicer of a representation or warranty
          in a
          writing furnished pursuant to Section 2.02(b) to the extent made as of
          a date
          subsequent to such closing date, shall, except as provided in clause (ii)
          of
          this paragraph, immediately and automatically, without notice or grace
          period,
          constitute an Event of Default with respect to the Servicer under this
          Agreement
          and any applicable Reconstitution Agreement, and shall entitle the Purchaser
          or
any
          Depositor,
          as applicable, in its sole discretion to terminate the rights and obligations
          of
          the Servicer as servicer under this Agreement and/or any applicable
          Reconstitution Agreement without payment (notwithstanding anything in this
          Agreement or any applicable Reconstitution Agreement to the contrary) of
          any
          compensation to the Servicer
          (and if
          the Servicer is servicing any of the Mortgage Loans in a Securitization
          Transaction, appoint a successor servicer reasonably acceptable to any
          Master
          Servicer for such Securitization Transaction);
          provided
          that to
          the extent that any provision of this Agreement and/or any applicable
          Reconstitution Agreement expressly provides for the survival of certain
          rights
          or obligations following termination of the Servicer as servicer, such
          provision
          shall be given effect.

         

        (ii) Any
          failure by the Servicer, any Subservicer or any Subcontractor to deliver
          any
          information, report, certification or accountants’ letter when and as required
          under Section 2.04 or 2.05, including any
          failure by the Servicer to identify pursuant to Section 2.06(b) any
          Subcontractor “participating in the servicing function” within the meaning of
          Item 1122 of Regulation AB, which continues unremedied for ten calendar
          days
          after the date on which such information, report, certification or accountants’
letter was required to be delivered shall constitute an Event of Default
          with
          respect to the Servicer under this Agreement and any applicable Reconstitution
          Agreement, and shall entitle the Purchaser,
          any
          Master Servicer
          or
          any
          Depositor, as applicable, in its sole discretion to terminate the rights
          and
          obligations of the Servicer as servicer under this Agreement and/or any
          applicable Reconstitution Agreement without payment (notwithstanding anything
          in
          this Agreement to the contrary) of any compensation to the Servicer;
provided
          that to
          the extent that any provision of this Agreement and/or any applicable
          Reconstitution Agreement expressly provides for the survival of certain
          rights
          or obligations following termination of the Servicer as servicer, such
          provision
          shall be given effect.

         

        Neither
          the Purchaser nor any Depositor shall be entitled to terminate the rights
          and
          obligations of the Servicer pursuant to this subparagraph (b)(ii) if a
          failure
          of the Servicer to identify a Subcontractor “participating in the servicing
          function” within the meaning of Item 1122 of regulation AB was attributable
          solely to the role or functions of such Subcontractor with respect to mortgage
          loans other than the Mortgage Loans.

         

        (iii) The
          Servicer shall promptly reimburse the Purchaser (or any designee of the
          Purchaser, such as a master servicer) and any Depositor, as applicable,
          for all
          reasonable expenses incurred by the Purchaser (or such designee) or such
          Depositor, as such are incurred, in connection with the termination of
          the
          Servicer as servicer and the transfer of servicing of the Mortgage Loans
          to a
          successor servicer. The
          provisions of this paragraph shall not limit whatever rights the Purchaser
          or
          any Depositor may have under other provisions of this Agreement and/or
          any
          applicable Reconstitution Agreement or otherwise, whether in equity or
          at law,
          such as an action for damages, specific performance or injunctive
          relief.

         

        Section
          2.08. Third Party Beneficiary.

         

        For
          purposes of this Article II and any related provisions thereto, each Master
          Servicer shall be considered a third-party beneficiary of this Agreement,
          entitled to all the rights and benefits hereof as if it were a direct party
          to
          this Agreement.

         

        

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

         

         

         

        EXHIBIT
          A

         

        FORM
          OF
          ANNUAL CERTIFICATION

         

        
          	 	
                  Re:
                    The
                    [ 

                	
                  ]
                    agreement dated as of [l,
                    200[ ] (the “Agreement”), among [IDENTIFY
                    PARTIES]

                

        

         

        I,
          ____________________________,
          the _______________________ of [NAME OF COMPANY]
          (the
“Company”),
          certify
          to [the Purchaser], [the Depositor], and the [Master Servicer] [Securities
          Administrator] [Trustee], and their officers, with the knowledge and intent
          that
          they will rely upon this certification, that:

         

        (1)  I
          have
          reviewed the servicer compliance statement of the Company provided in accordance
          with Item 1123 of Regulation AB (the “Compliance Statement”), the report on
          assessment of the Company’s compliance with the servicing criteria set forth in
          Item 1122(d) of Regulation AB (the “Servicing Criteria”), provided in accordance
          with Rules 13a-18 and 15d-18 under Securities Exchange Act of 1934, as
          amended
          (the “Exchange Act”) and Item 1122 of Regulation AB (the “Servicing
          Assessment”), the registered public accounting firm’s attestation report
          provided in accordance with Rules 13a-18 and 15d-18 under the Exchange
          Act and
          Section 1122(b) of Regulation AB (the “Attestation Report”), and all servicing
          reports, officer’s certificates and other information relating to the servicing
          of the Mortgage Loans by the Company during 200[ ] that were delivered
          by the
          Company to the [Depositor] [Master Servicer] [Securities Administrator]
          [Trustee] pursuant to the Agreement (collectively, the “Company Servicing
          Information”);

         

        (2)  Based
          on
          my knowledge, the Company Servicing Information, taken as a whole, does
          not
          contain any untrue statement of a material fact or omit to state a material
          fact
          necessary to make the statements made, in the light of the circumstances
          under
          which such statements were made, not misleading with respect to the period
          of
          time covered by the Company Servicing Information;

         

        (3)  Based
          on
          my knowledge, all of the Company Servicing Information required to be provided
          by the Company under the Agreement has been provided to the [Depositor]
          [Master
          Servicer] [Securities Administrator] [Trustee];

         

        (4)  I
          am
          responsible for reviewing the activities performed by the Company as servicer
          under the Agreement, and based on my knowledge and the compliance review
          conducted in preparing the Compliance Statement and except as disclosed
          in the
          Compliance Statement, the Servicing Assessment or the Attestation Report,
          the
          Company has fulfilled its obligations under the Agreement in all material
          respects; and

         

        (5)  The
          Compliance Statement required to be delivered by the Company pursuant to
          this
          Agreement, and the Servicing Assessment and Attestation Report required
          to be
          provided by the Company and by any Subservicer and
          Subcontractor pursuant to the Agreement, have been provided to the [Depositor]
          [Master Servicer]. Any material instances of noncompliance described in
          such
          reports have been disclosed to the [Depositor] [Master Servicer]. Any
          material instance of noncompliance with the Servicing Criteria has been
          disclosed in such reports.

         

        

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

        

        
          	 	
                  Date:
                    _________________________

                
	 	 
	 	 
	 	
                  By: _______________________________

                
	 	
                  Name:

                
	 	
                  Title:

                
	 	 

        

        

         

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

        
 

         

        EXHIBIT
          B

         

         

        SERVICING
          CRITERIA TO BE ADDRESSED IN ASSESSMENT OF COMPLIANCE

         

        The
          assessment of compliance to be delivered by [the Company] [Name of Subservicer]
          shall address, at a minimum, the criteria identified as below as “Applicable
          Servicing Criteria”:

         

        
          	
                  Servicing
                    Criteria

                	
                  Applicable

                  Servicing

                  Criteria

                
	
                  Reference

                	
                  Criteria

                	
                   

                
	
                   

                	
                  General
                    Servicing Considerations

                	
                   

                
	 	 	 
	
                  1122(d)(1)(i)

                	
                  Policies
                    and procedures are instituted to monitor any performance or other
                    triggers
                    and events of default in accordance with the transaction
                    agreements.

                	
                  X

                
	
                  1122(d)(1)(ii)

                	
                  If
                    any material servicing activities are outsourced to third parties,
                    policies and procedures are instituted to monitor the third party’s
                    performance and compliance with such servicing activities.

                	
                  X 

                  (If
                    applicable for a transaction participant)

                
	
                  1122(d)(1)(iii)

                	
                  Any
                    requirements in the transaction agreements to maintain a back-up
                    servicer
                    for the mortgage loans are maintained.

                	 
	
                  1122(d)(1)(iv)

                	
                  A
                    fidelity bond and errors and omissions policy is in effect on
                    the party
                    participating in the servicing function throughout the reporting
                    period in
                    the amount of coverage required by and otherwise in accordance
                    with the
                    terms of the transaction agreements.

                	
                  X

                
	
                   

                	
                  Cash
                    Collection and Administration

                	 
	
                  1122(d)(2)(i)

                	
                  Payments
                    on mortgage loans are deposited into the appropriate custodial
                    bank
                    accounts and related bank clearing accounts no more than two
                    business days
                    following receipt, or such other number of days specified in
                    the
                    transaction agreements.

                	
                  X

                
	
                  1122(d)(2)(ii)

                	
                  Disbursements
                    made via wire transfer on behalf of an obligor or to an investor
                    are made
                    only by authorized personnel.

                	
                  X

                
	
                  1122(d)(2)(iii)

                	
                  Advances
                    of funds or guarantees regarding collections, cash flows or distributions,
                    and any interest or other fees charged for such advances, are
                    made,
                    reviewed and approved as specified in the transaction
                    agreements.

                	
                  X

                
	
                  1122(d)(2)(iv)

                	
                  The
                    related accounts for the transaction, such as cash reserve accounts
                    or
                    accounts established as a form of overcollateralization, are
                    separately
                    maintained (e.g., with respect to commingling of cash) as set
                    forth in the
                    transaction agreements.

                	
                  X

                
	
                  1122(d)(2)(v)

                	
                  Each
                    custodial account is maintained at a federally insured depository
                    institution as set forth in the transaction agreements. For purposes
                    of
                    this criterion, “federally insured depository institution” with respect to
                    a foreign financial institution means a foreign financial institution
                    that
                    meets the requirements of Rule 13k-1(b)(1) of the Securities
                    Exchange
                    Act.

                	
                  X

                
	
                  1122(d)(2)(vi)

                	
                  Unissued
                    checks are safeguarded so as to prevent unauthorized
                    access.

                	
                  X

                
	
                  1122(d)(2)(vii)

                	
                  Reconciliations
                    are prepared on a monthly basis for all asset-backed securities
                    related
                    bank accounts, including custodial accounts and related bank
                    clearing
                    accounts. These reconciliations are (A) mathematically accurate;
                    (B)
                    prepared within 30 calendar days after the bank statement cutoff
                    date, or
                    such other number of days specified in the transaction agreements;
                    (C)
                    reviewed and approved by someone other than the person who prepared
                    the
                    reconciliation; and (D) contain explanations for reconciling
                    items. These
                    reconciling items are resolved within 90 calendar days of their
                    original
                    identification, or such other number of days specified in the
                    transaction
                    agreements.

                	
                  X

                
	
                   

                	
                  Investor
                    Remittances and Reporting

                	 
	
                  1122(d)(3)(i)

                	
                  Reports
                    to investors, including those to be filed with the Commission,
                    are
                    maintained in accordance with the transaction agreements and
                    applicable
                    Commission requirements. Specifically, such reports (A) are prepared
                    in
                    accordance with timeframes and other terms set forth in the transaction
                    agreements; (B) provide information calculated in accordance
                    with the
                    terms specified in the transaction agreements; (C) are filed
                    with the
                    Commission as required by its rules and regulations; and (D)
                    agree with
                    investors’ or the trustee’s records as to the total unpaid principal
                    balance and number of mortgage loans serviced by the
                    Servicer.

                	
                  X

                
	
                  1122(d)(3)(ii)

                	
                  Amounts
                    due to investors are allocated and remitted in accordance with
                    timeframes,
                    distribution priority and other terms set forth in the transaction
                    agreements.

                	
                  X

                
	
                  1122(d)(3)(iii)

                	
                  Disbursements
                    made to an investor are posted within two business days to the
                    Servicer’s
                    investor records, or such other number of days specified in the
                    transaction agreements.

                	
                  X

                
	
                  1122(d)(3)(iv)

                	
                  Amounts
                    remitted to investors per the investor reports agree with cancelled
                    checks, or other form of payment, or custodial bank
                    statements.

                	
                  X

                
	
                   

                	
                  Pool
                    Asset Administration

                	 
	
                  1122(d)(4)(i)

                	
                  Collateral
                    or security on mortgage loans is maintained as required by the
                    transaction
                    agreements or related mortgage loan documents.

                	
                  X

                
	
                  1122(d)(4)(ii)

                	
                  Mortgage
                    loan and related documents are safeguarded as required by the
                    transaction
                    agreements.

                	
                  X

                  (Servicer
                    has no custodial duties in this transaction)

                
	
                  1122(d)(4)(iii)

                	
                  Any
                    additions, removals or substitutions to the asset pool are made,
                    reviewed
                    and approved in accordance with any conditions or requirements
                    in the
                    transaction agreements.

                	
                  X

                
	
                  1122(d)(4)(iv)

                	
                  Payments
                    on mortgage loans, including any payoffs, made in accordance
                    with the
                    related mortgage loan documents are posted to the Servicer’s obligor
                    records maintained no more than two business days after receipt,
                    or such
                    other number of days specified in the transaction agreements,
                    and
                    allocated to principal, interest or other items (e.g., escrow)
                    in
                    accordance with the related mortgage loan documents.

                	
                  X

                
	
                  1122(d)(4)(v)

                	
                  The
                    Servicer’s records regarding the mortgage loans agree with the Servicer’s
                    records with respect to an obligor’s unpaid principal
                    balance.

                	
                  X

                
	
                  1122(d)(4)(vi)

                	
                  Changes
                    with respect to the terms or status of an obligor'’s
                    mortgage loans (e.g., loan modifications or re-agings) are made,
                    reviewed
                    and approved by authorized personnel in accordance with the transaction
                    agreements and related pool asset documents.

                	
                  X

                
	
                  1122(d)(4)(vii)

                	
                  Loss
                    mitigation or recovery actions (e.g., forbearance plans, modifications
                    and
                    deeds in lieu of foreclosure, foreclosures and repossessions,
                    as
                    applicable) are initiated, conducted and concluded in accordance
                    with the
                    timeframes or other requirements established by the transaction
                    agreements.

                	
                  X

                
	
                  1122(d)(4)(viii)

                	
                  Records
                    documenting collection efforts are maintained during the period
                    a mortgage
                    loan is delinquent in accordance with the transaction agreements.
                    Such
                    records are maintained on at least a monthly basis, or such other
                    period
                    specified in the transaction agreements, and describe the entity’s
                    activities in monitoring delinquent mortgage loans including,
                    for example,
                    phone calls, letters and payment rescheduling plans in cases
                    where
                    delinquency is deemed temporary (e.g., illness or
                    unemployment).

                	
                  X

                
	
                  1122(d)(4)(ix)

                	
                  Adjustments
                    to interest rates or rates of return for mortgage loans with
                    variable
                    rates are computed based on the related mortgage loan
                    documents.

                	
                  X

                
	
                  1122(d)(4)(x)

                	
                  Regarding
                    any funds held in trust for an obligor (such as escrow accounts):
                    (A) such
                    funds are analyzed, in accordance with the obligor’s mortgage loan
                    documents, on at least an annual basis, or such other period
                    specified in
                    the transaction agreements; (B) interest on such funds is paid,
                    or
                    credited, to obligors in accordance with applicable mortgage
                    loan
                    documents and state laws; and (C) such funds are returned to
                    the obligor
                    within 30 calendar days of full repayment of the related mortgage
                    loans,
                    or such other number of days specified in the transaction
                    agreements.

                	
                  X

                
	
                  1122(d)(4)(xi)

                	
                  Payments
                    made on behalf of an obligor (such as tax or insurance payments)
                    are made
                    on or before the related penalty or expiration dates, as indicated
                    on the
                    appropriate bills or notices for such payments, provided that
                    such support
                    has been received by the servicer at least 30 calendar days prior
                    to these
                    dates, or such other number of days specified in the transaction
                    agreements.

                	
                  X

                
	
                  1122(d)(4)(xii)

                	
                  Any
                    late payment penalties in connection with any payment to be made
                    on behalf
                    of an obligor are paid from the servicer’s funds and not charged to the
                    obligor, unless the late payment was due to the obligor’s error or
                    omission.

                	
                  X

                
	
                  1122(d)(4)(xiii)

                	
                  Disbursements
                    made on behalf of an obligor are posted within two business days
                    to the
                    obligor’s records maintained by the servicer, or such other number of
                    days
                    specified in the transaction agreements.

                	
                  X

                
	
                  1122(d)(4)(xiv)

                	
                   Delinquencies,
                    charge-offs and uncollectible accounts are recognized and recorded
                    in
                    accordance with the transaction agreements.

                	
                  X

                
	
                  1122(d)(4)(xv)

                	
                  Any
                    external enhancement or other support, identified in Item 1114(a)(1)
                    through (3) or Item 1115 of Regulation AB, is maintained as set
                    forth in
                    the transaction agreements.

                	
                  X

                  Only
                    if there is external enhancement or other support in the
                    transaction

                
	
                   

                	
                   

                	
                   

                

        

        

        

        

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

        

        

         

        ATTACHMENT
          3

         

         

        AFFILIATION
          DISCLOSURE

         

        (Pursuant
          to Item 1119 of Regulation AB)

         

        1.          
           Sponsor
          and any affiliate, including but not limited to:

        a.
          EMC
          Mortgage Corporation

        b.
          Bear,
          Stearns & Co. Inc.

        c.
          Bear,
          Stearns Securities Corp.

        d.
          Bear
          Stearns Structured Products

        e.
          Bear,
          Stearns International Limited

         

        2.          
           Depositor
          and any affiliate, including but not limited to:

        a.
          Bear
          Stearns Asset Backed Securities I LLC

        b.
          Structured Asset Mortgage Investments II Inc.

         

        3.          
           Bear
          Stearns Asset Backed Securities I Trust 2006-AC3 and any affiliate

         

        4.          
           U.S.
          Bank
          National Association, as Trustee, and any affiliate

         

        5.          
           Significant
          obligor and any affiliate -
          [None]

         

        6.          
           Enhancement
          or support provider and any affiliate - [None]

         

        7.            1100(d)(1)
          parties - any named party in the Securitization Transaction:

         

        a.
          Cap
          Contract Provider: [Bear
          Stearns Financial Products Inc.]

         

        b.
          Underwriter: Bear, Stearns & Co. Inc.

         

        c.
          Servicers: [American Home Mortgage Corp.; Chevy Chase Bank, F.S.B.; EMC
          Mortgage
          Corporation; Harbourside Mortgage Corporation; HomEq Servicing Corporation;
          National City Mortgage Co.; Wachovia Mortgage Corporation; CitiMortgage,
          Inc.;
          Wells Fargo Bank, N.A.]

         

        d.
          Master
          Servicer: Wells Fargo Bank, National Association

         

        e.
          Unaffiliated Servicer of 20%: [American Home Mortgage Corp.; EMC Mortgage
          Corporation]

         

        f.
          Originator of 10%: [American Home Mortgage Corp.]

         

        g.
          Securities Administrator: Wells Fargo Bank, National Association

         

        h.
          Custodian: Wells Fargo Bank, National Association

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      

      

      EXHIBIT
        S-4

      

      RESERVED

      

      

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      

      EXHIBIT
        S-5

      

      HARBOURSIDE
        ASSIGNMENT AGREEMENT

      

      

      
        

           

          ASSIGNMENT,
            ASSUMPTION AND RECOGNITION AGREEMENT

           

          This
            is
            an Assignment, Assumption and Recognition Agreement (this “AAR Agreement”) made
            as of April 28, 2006, among EMC Mortgage Corporation (the “Assignor”), U.S. Bank
            National Association, not individually but solely as trustee for the
            holders of
            Bear Stearns Asset Backed Securities I Trust 2006-AC3, Asset-Backed
            Certificates, Series 2006-AC3 (the “Assignee”) and Savannah Bank, NA dba
            Harbourside Mortgage Corporation (the “Company”).

           

          In
            consideration of the mutual promises contained herein the parties hereto
            agree
            that the residential mortgage loans (the “Assigned Loans”) listed on Attachment
            1 annexed hereto purchased by the Assignor from the Company and now serviced
            by
            Company for Assignor and its successors and assigns pursuant to the Purchase,
            Warranties and Servicing Agreement, dated as of April 1, 2005, between
            Assignor
            and Company, as amended by Amendment Number One, dated as of January
            1, 2006
            (the “Purchase Agreement”) shall be subject to the terms of this AAR Agreement.
            Capitalized terms used herein but not defined shall have the meanings
            ascribed
            to them in the Purchase Agreement.

           

          
            Assignment
              and Assumption

          

           

          Except
            as
            expressly provided for herein, the Assignor hereby grants, transfers
            and assigns
            to the Assignee all of its right, title and interest as in, to and under
            (a) the
            Assigned Loans and (b) the Purchase Agreement with respect to the Assigned
            Loans; provided, however, that the Assignor is not assigning to the Assignee
            any
            of its right, title or interest, in, to and under the Purchase Agreement
            with
            respect to any mortgage loan other than the Assigned Loans listed on
            Attachment
            1. Notwithstanding anything to the contrary contained herein, the Assignor
            specifically reserves and does not assign to the Assignee any right,
            title and
            interest in, to or under the representations and warranties contained
            in Section
            3.01 and Section 3.02 of the Purchase Agreement, and any obligation of
            the
            Company to cure, repurchase or substitute for a mortgage loan and to
            indemnify
            the Assignor with respect to a breach of such representations and warranties
            pursuant to Section 3.03 and Section 8.01 of the Purchase Agreement,
            and the
            Assignor is retaining the right to enforce the representations and warranties
            and the obligations of the Company set forth in those sections against
            the
            Company. In addition, the Assignor specifically reserves and does not
            assign to
            the Assignee any right, title and interest in, to or under (a) Section
            2.09 of
            the Purchase Agreement, (b) Section 4.03 and Section 4.13 of the Purchase
            Agreement (but
            only
            insofar as such Sections grant to the Purchaser the right to terminate
            the
            servicing of defaulted Mortgage Loans and/or REO Properties by the Company)
            and
            (c) Section 10.2 of the Purchase Agreement, and the Assignor is retaining
            the
            right to enforce such sections against the Company.
            Except
            as is otherwise expressly provided herein, the Assignor makes no
            representations, warranties or covenants to the Assignee and the Assignee
            acknowledges that the Assignor has no obligations to the Assignee under
            the
            terms of the Purchase Agreement or otherwise relating to the transaction
            contemplated herein (including, but not limited to, any obligation to
            indemnify
            the Assignee).

           

          
            Representations,
              Warranties and Covenants

          

           

          1.
              Assignor
            warrants and represents to Assignee and Company as of the date
            hereof:

           

          (a)  Attached
            hereto as Attachment 2 is a true and accurate copy of the Purchase Agreement
            which agreement is in full force and effect as of the date hereof and
            the
            provisions of which have not been waived, amended or modified in any
            respect,
            nor has any notice of termination been given thereunder;

           

          (b)  Assignor
            is the lawful owner of the Assigned Loans with full right to transfer
            the
            Assigned Loans and any and all of its interests, rights and obligations
            under
            the Purchase Agreement as they relate to the Assigned Loans, free and
            clear from
            any and all claims and encumbrances; and upon the transfer of the Assigned
            Loans
            to Assignee as contemplated herein, Assignee shall have good title to
            each and
            every Assigned Loan, as well as any and all of Assignor’s interests, rights and
            obligations under the Purchase Agreement as they relate to the Assigned
            Loans,
            free and clear of any and all liens, claims and encumbrances;

           

          (c)  There
            are
            no offsets, counterclaims or other defenses available to Company with
            respect to
            the Assigned Loans or the Purchase Agreement;

           

          (d)  Assignor
            has no knowledge of, and has not received notice of, any waivers under,
            or any
            modification of, any Assigned Loan;

           

          (e)  Assignor
            is duly organized, validly existing and in good standing under the laws
            of the
            jurisdiction of its incorporation, and has all requisite power and authority
            to
            acquire, own and sell the Assigned Loans;

           

          (f)  Assignor
            has full corporate power and authority to execute, deliver and perform
            its
            obligations under this AAR Agreement, and to consummate the transactions
            set
            forth herein. The consummation of the transactions contemplated by this
            AAR
            Agreement is in the ordinary course of Assignor’s business and will not conflict
            with, or result in a breach of, any of the terms, conditions or provisions
            of
            Assignor’s charter or by-laws or any legal restriction, or any material
            agreement or instrument to which Assignor is now a party or by which
            it is
            bound, or result in the violation of any law, rule, regulation, order,
            judgment
            or decree to which Assignor or its property is subject. The execution,
            delivery
            and performance by Assignor of this AAR Agreement and the consummation
            by it of
            the transactions contemplated hereby, have been duly authorized by all
            necessary
            corporate action on the part of Assignor. This AAR Agreement has been
            duly
            executed and delivered by Assignor and, upon the due authorization, execution
            and delivery by Assignee and Company, will constitute the valid and legally
            binding obligation of Assignor enforceable against Assignor in accordance
            with
            its terms except as enforceability may be limited by bankruptcy, reorganization,
            insolvency, moratorium or other similar laws now or hereafter in effect
            relating
            to creditors’ rights generally, and by general principles of equity regardless
            of whether enforceability is considered in a proceeding in equity or
            at law;

           

          (g)  No
            consent, approval, order or authorization of, or declaration, filing
            or
            registration with, any governmental entity is required to be obtained
            or made by
            Assignor in connection with the execution, delivery or performance by
            Assignor
            of this AAR Agreement, or the consummation by it of the transactions
            contemplated hereby; 

           

          (h)  Neither
            Assignor nor anyone acting on its behalf has offered, transferred, pledged,
            sold
            or otherwise disposed of the Assigned Loans or any interest in the Assigned
            Loans, or solicited any offer to buy or accept a transfer, pledge or
            other
            disposition of the Assigned Loans, or any interest in the Assigned Loans
            or
            otherwise approached or negotiated with respect to the Assigned Loans,
            or any
            interest in the Assigned Loans with any Person in any manner, or made
            any
            general solicitation by means of general advertising or in any other
            manner, or
            taken any other action which would constitute a distribution of the Assigned
            Loans under the Securities Act of 1933, as amended (the “1933 Act”) or which
            would render the disposition of the Assigned Loans a violation of Section
            5 of
            the 1933 Act or require registration pursuant thereto;

           

          (i)  The
            Assignor has received from Company, and has delivered to the Assignee,
            all
            documents required to be delivered to Assignor by the Company prior to
            the date
            hereof pursuant to the Purchase Agreement with respect to the Assigned
            Loans and
            has not received, and has not requested from the Company, any additional
            documents; and 

           

          (j)  There
            is
            no action, suit, proceeding, investigation or litigation pending or,
            to
            Assignor's knowledge, threatened, which either in any instance or in
            the
            aggregate, if determined adversely to Assignor, would adversely affect
            Assignor's execution or delivery of, or the enforceability of, this AAR
            Agreement, or the Assignor's ability to perform its obligations under
            this AAR
            Agreement.

           

          2.
              Assignee
            warrants and represents to, and covenants with, Assignor and Company
            as of the
            date hereof:

           

          (a)  Assignee
            is duly organized, validly existing and in good standing under the laws
            of the
            jurisdiction of its organization and has all requisite power and authority
            to
            hold the Assigned Loans as trustee on behalf of the holders of the Bear
            Stearns
            Asset Backed Securities I Trust 2006-AC3, Asset-Backed Certificates,
            Series
            2006-AC3;

           

          (b)  Assignee
            has full corporate power and authority to execute, deliver and perform
            its
            obligations under this AAR Agreement, and to consummate the transactions
            set
            forth herein. The consummation of the transactions contemplated by this
            AAR
            Agreement is in the ordinary course of Assignee’s business and will not conflict
            with, or result in a breach of, any of the terms, conditions or provisions
            of
            Assignee’s charter or by-laws or any legal restriction, or any material
            agreement or instrument to which Assignee is now a party or by which
            it is
            bound, or result in the violation of any law, rule, regulation, order,
            judgment
            or decree to which Assignee or its property is subject. The execution,
            delivery
            and performance by Assignee of this AAR Agreement and the consummation
            by it of
            the transactions contemplated hereby, have been duly authorized by all
            necessary
            corporate action on part of Assignee. This AAR Agreement has been duly
            executed
            and delivered by Assignee and, upon the due authorization, execution
            and
            delivery by Assignor and Company, will constitute the valid and legally
            binding
            obligation of Assignee enforceable against Assignee in accordance with
            its terms
            except as enforceability may be limited by bankruptcy, reorganization,
            insolvency, moratorium or other similar laws now or hereafter in effect
            relating
            to creditors’ rights generally, and by general principles of equity regardless
            of whether enforceability is considered in a proceeding in equity or
            at law;

           

          (c)  No
            consent, approval, order or authorization of, or declaration, filing
            or
            registration with, any governmental entity is required to be obtained
            or made by
            Assignee in connection with the execution, delivery or performance by
            Assignee
            of this AAR Agreement, or the consummation by it of the transactions
            contemplated hereby; 

           

          (d)  There
            is
            no action, suit, proceeding, investigation or litigation pending or,
            to
            Assignee's knowledge, threatened, which either in any instance or in
            the
            aggregate, if determined adversely to Assignee, would adversely affect
            Assignee's execution or delivery of, or the enforceability of, this AAR
            Agreement, or the Assignee's ability to perform its obligations under
            this AAR
            Agreement; and

           

          (e)  Assignee
            assumes for the benefit of each of the Assignor and the Company all of
            the
            rights of the Purchaser under the Purchase Agreement with respect to
            the
            Assigned Loans.

           

          3.
              Company
            warrants and represents to, and covenant with, Assignor and Assignee
            as of the
            date hereof:

           

          (a)  Attached
            hereto as Attachment 2 is a true and accurate copy of the Purchase Agreement,
            which agreement is in full force and effect as of the date hereof and
            the
            provisions of which have not been waived, amended or modified in any
            respect,
            nor has any notice of termination been given thereunder; 

           

          (b)  Company
            is duly organized, validly existing and in good standing under the laws
            of the
            jurisdiction of its incorporation, and has all requisite power and authority
            to
            service the Assigned Loans and otherwise to perform its obligations under
            the
            Purchase Agreement;

           

          (c)  Company
            has full corporate power and authority to execute, deliver and perform
            its
            obligations under this AAR Agreement, and to consummate the transactions
            set
            forth herein. The consummation of the transactions contemplated by this
            AAR
            Agreement is in the ordinary course of Company’s business and will not conflict
            with, or result in a breach of, any of the terms, conditions or provisions
            of
            Company’s charter or by-laws or any legal restriction, or any material agreement
            or instrument to which Company is now a party or by which it is bound,
            or result
            in the violation of any law, rule, regulation, order, judgment or decree
            to
            which Company or its property is subject. The execution, delivery and
            performance by Company of this AAR Agreement and the consummation by
            it of the
            transactions contemplated hereby, have been duly authorized by all necessary
            corporate action on the part of Company. This AAR Agreement has been
            duly
            executed and delivered by Company, and, upon the due authorization, execution
            and delivery by Assignor and Assignee, will constitute the valid and
            legally
            binding obligation of Company, enforceable against Company in accordance
            with
            its terms except as enforceability may be limited by bankruptcy, reorganization,
            insolvency, moratorium or other similar laws now or hereafter in effect
            relating
            to creditors’ rights generally, and by general principles of equity regardless
            of whether enforceability is considered in a proceeding in equity or
            at
            law;

           

          (d)  No
            consent, approval, order or authorization of, or declaration, filing
            or
            registration with, any governmental entity is required to be obtained
            or made by
            Company in connection with the execution, delivery or performance by
            Company of
            this AAR Agreement, or the consummation by it of the transactions contemplated
            hereby; 

           

          (e)  The
            Company shall establish a Custodial Account and an Escrow Account under
            the
            Purchase Agreement in favor of the Assignee with respect to the Assigned
            Loans
            separate from the Custodial Account and Escrow Account previously established
            under the Purchase Agreement in favor of Assignor;

           

          (f)  No
            event
            has occurred from the Closing Date to the date hereof which would render
            the
            representations and warranties as to the related Assigned Loans made
            by the
            Company in Sections 3.01 and 3.02 of the Purchase Agreement to be untrue
            in any
            material respect; and

           

          (g)  Neither
            this AAR Agreement nor any certification, statement, report or other
            agreement,
            document or instrument furnished or to be furnished by the Company pursuant
            to
            this AAR Agreement contains or will contain any materially untrue statement
            of
            fact or omits or will omit to state a fact necessary to make the statements
            contained therein not misleading.

           

          4.
              Company
            warrants and represents to, and covenants with, Assignor and Bear Stearns
            Asset
            Backed Securities I LLC (“BSABS I”) as of the date hereof:

           

          (a)  Company
            is not aware and has not received notice that any default, early amortization
            or
            other performance triggering event has occurred as to any other securitization
            due to any act or failure to act of the Company;

           

          (b)  No
            material noncompliance with the applicable servicing criteria with respect
            to
            other securitizations of residential mortgage loans involving the Company
            as
            servicer has been disclosed or reported by the Company;

           

          (c)  Company
            has not been terminated as servicer in a residential mortgage loan
            securitization, either due to a servicing default or to application of
            a
            servicing performance test or trigger;

           

          (d)  No
            material changes to the Company’s policies or procedures with respect to the
            servicing function it will perform under the Purchase Agreement and this
            AAR
            Agreement for mortgage loans of a type similar to the Assigned Loans
            have
            occurred during the three-year period immediately preceding the date
            hereof;

           

          (e)  There
            are
            no aspects of the Company’s financial condition that could have a material
            adverse effect on the performance by the Company of its servicing obligations
            under the Purchase Agreement and this AAR Agreement;

           

          (f)  There
            are
            no material legal or governmental proceedings pending (or known to be
            contemplated) against the Company, any Subservicer or any third-party
            originator; and

           

          (g)  There
            are
            no affiliations, relationships or transactions relating to the Company
            or any
            Subservicer with respect to this Securitization Transaction and any party
            thereto of a type described in Item 1119 of Regulation AB.

           

          Notwithstanding
            anything to the contrary in the Agreement, the Company shall (or shall
            cause
any
            Third-Party Originator to) (i) immediately notify Assignor and BSABS
            I in
            writing of (A) legal proceedings pending against the Company, or proceedings
            known to be contemplated by governmental authorities against the Company
            which
            in the judgment of the Company would be, in each case, material to purchasers
            of
            securities backed by the Assigned Loans, (B) any affiliations or relationships
            of the type described in Item 1119(b) of Regulation AB that develop following
            the date hereof between the Company and any of the above listed parties
            or other
            parties identified in writing by the Assignor or BSABS I with respect
            to the
            Securitization Transaction and (ii) provide to the Assignor and BSABS
            I a
            description of such proceedings, affiliations or relationships.

          

          Each
            such
            notice/update should be sent to the Assignor by e-mail to
            regABnotifications@bear.com. Additionally, all such notifications, other
            than
            those pursuant to (i)(A) above, should be sent to:

          

          EMC
            Mortgage Corporation

          2780
            Lake
            Vista Drive

          Lewisville,
            TX 75067-3884

          Attention:
            Conduit Seller Approval Dept.

          Facsimile:
            (214) 626-3751

          Email:
            sellerapproval@bear.com

          

          With
            a
            copy to:

          

          Bear,
            Stearns & Co. Inc.

          383
            Madison Avenue, 3rd Floor

          New,
            York, NY 10179

          Attention:
            Global Credit Administration

          Facsimile:
            (212) 272-6564

          

          Notifications
            pursuant to (i)(A) above should be sent to: 

          

          EMC
            Mortgage Corporation

          Two
            Mac
            Arthur Ridge

          909
            Hidden Ridge Drive, Suite 200

          Irving,
            TX 75038

          Attention:
            Associate General Counsel for Loan Administration

          Facsimile:
            (972) 831-2555

          

          With
            copies to:

          

          Bear,
            Stearns & Co. Inc.

          383
            Madison Avenue, 3rd Floor

          New,
            York, NY 10179

          Attention:
            Global Credit Administration

          Facsimile:
            (212) 272-6564

          

          EMC
            Mortgage Corporation

          2780
            Lake
            Vista Drive

          Lewisville,
            TX 75067-3884

          Attention:
            Conduit Seller Approval Dept.

          Facsimile:
            (214) 626-3751

          Email:
            sellerapproval@bear.com

           

          5.
              Assignor
            hereby agrees to indemnify and hold the Assignee (and its successors
            and
            assigns) harmless against any and all claims, losses, penalties, fines,
            forfeitures, legal fees and related costs, judgments, and any other costs,
            fees
            and expenses that Assignee (and its successors and assigns) may sustain
            in any
            way related to any breach of the representations or warranties of Assignor
            set
            forth in this AAR Agreement or the breach of any covenant or condition
            contained
            herein.

           

          
            Recognition
              of Assignee

          

           

          6.
              From
            and
            after the date hereof, Company shall recognize Assignee as owner of the
            Assigned
            Loans, and acknowledges that the Assigned Loans will be part of a REMIC,
            and
            will service the Assigned Loans in accordance with the Purchase Agreement
            (as
            modified by this AAR Agreement) but in no event in a manner that would
            (i) cause
            any REMIC to fail to qualify as a REMIC or (ii) result in the imposition
            of a
            tax upon any REMIC (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). It
            is the
            intention of Assignor, Company and Assignee that this AAR Agreement shall
            be
            binding upon and for the benefit of the respective successors and assigns
            of the
            parties hereto. Neither Company nor Assignor shall amend or agree to
            amend,
            modify, waive, or otherwise alter any of the terms or provisions of the
            Purchase
            Agreement which amendment, modification, waiver or other alteration would
            in any
            way affect the Assigned Loans without the prior written consent of
            Assignee.

           

          7.
              Notwithstanding
            any term hereof to the contrary, the execution and delivery of the AAR
            Agreement
            by the Assignee is solely in its capacity as trustee for Bear Stearns
            Asset
            Backed Securities I Trust 2006-AC3 and not individually, and any recourse
            against the Assignee in respect of any obligations it may have under
            or pursuant
            to the terms of this AAR Agreement shall be limited solely to the assets
            it may
            hold as trustee of Bear Stearns Asset Backed Securities I Trust
            2006-AC3.

           

          Company
            shall indemnify and hold harmless the Assignor, each affiliate of the
            Assignor,
            Bear Stearns Asset Backed Securities I LLC (“BSABS I”), the Assignee, Bear,
            Stearns & Co. Inc. (the “Underwriter”) and each affiliate of the
            Underwriter, each Person (including, but not limited to, the Master Servicer)
            responsible for the preparation, execution or filing of any report required
            to
            be filed with the Commission, or for execution of a certification pursuant
            to
            Rule 13a-14(d) or Rule 15d-14(d) under the Exchange Act, each Person
            who
            controls the Assignor, BSABS I, the Assignee or the Underwriter (within
            the
            meaning of Section 15 of the Securities Act and Section 20 of the Exchange
            Act);
            and the respective present and former directors, officers, employees,
            agents and
            affiliates of each of the foregoing (each, an “Indemnified Party”), and shall
            hold each of them harmless from and against any claims, losses, damages,
            penalties, fines, forfeitures, legal fees and expenses and related costs,
            judgments, and any other costs, fees and expenses that any of them may
            sustain
            arising out of or based upon: 

           

          
            	(i)  	
                    (A)any
                      untrue statement of a material fact contained or alleged to
                      be contained
                      in any information, report, certification, data, accountants’ letter or
                      other material provided under Section 11.18 of the Purchase
                      Agreement by
                      or on behalf of the Assignor, or provided under Section 11.18
                      of the
                      Purchase Agreement by or on behalf of any Subservicer, Subcontractor
                      or
                      Third-Party Originator (collectively, the “Company Information”), or (B)
                      the omission or alleged omission to state in the Company Information
                      a
                      material fact required to be stated in the Company Information
                      or
                      necessary in order to make the statements therein, in the light
                      of the
                      circumstances under which they were made, not misleading; provided,
                      by way of clarification, that
                      clause (B) of this paragraph shall be construed solely by reference
                      to the
                      Company Information and not to any other information communicated
                      in
                      connection with a sale or purchase of securities, without regard
                      to
                      whether the Company Information or any portion thereof is presented
                      together with or separately from such other
                      information;

                  

          

           

          
            	(ii)  	
                    any
                      breach by the Company of its obligations under Section 11.18
                      of Purchase
                      Agreement, including particularly any failure by the Company,
                      any
                      Subservicer, any Subcontractor or any Third-Party Originator
                      to deliver
                      any information, report, certification, accountants’ letter or other
                      material when and as required under Section 11.18 of the Purchase
                      Agreement, including any failure by the Company to identify
                      any
                      Subcontractor “participating in the servicing function” within the meaning
                      of Item 1122 of Regulation AB; 

                  

          

           

          
            	(iii)  	
                    any
                      breach by the Company of a representation or warranty set forth
                      in Section
                      3.01 of the Purchase Agreement or in a writing furnished pursuant
                      to
                      Section 3.01 of the Purchase Agreement and made as of a date
                      prior to the
                      date hereof, to the extent that such breach is not cured by
                      the date
                      hereof, or any breach by the Company of a representation or
                      warranty in a
                      writing furnished pursuant to Section 3.01 of the Purchase
                      Agreement to
                      the extent made as of a date subsequent to the date hereof;
                      or

                  

          

           

          
            	(iv)  	
                    the
                      negligence, bad faith or willful misconduct of the Company
                      in connection
                      with its performance under Section 11.18 of the Purchase
                      Agreement.

                  

          

           

          If
            the
            indemnification provided for herein is unavailable or insufficient to
            hold
            harmless an Indemnified Party, then the Company agrees that it shall
            contribute
            to the amount paid or payable by such Indemnified Party as a result of
            any
            claims, losses, damages or liabilities incurred by such Indemnified Party
            in
            such proportion as is appropriate to reflect the relative fault of such
            Indemnified Party on the one hand and the Company on the other.

           

          In
            the
            case of any failure of performance described in Section 11.18 of the
            Purchase
            Agreement, the Company shall promptly reimburse the Assignor, BSABS I
            and each
            Person responsible for the preparation, execution or filing of any report
            required to be filed with the Commission, or for execution of a certification
            pursuant to Rule 13a-14(d) or Rule 15d-14(d) under the Exchange Act,
            for all
            costs reasonably incurred by each such party in order to obtain the information,
            report, certification, accountants’ letter or other material not delivered as
            required by the Company, any Subservicer, any Subcontractor or any Third-Party
            Originator.

           

          
            Modification
              of Purchase Agreement

          

           

          8.
              The
            Company and Assignor hereby amend the Purchase Agreement as
            follows:

           

          (a)  The
            following definitions are added to Article I of the Purchase
            Agreement:

           

          Master
            Servicer:
            Wells
            Fargo Bank, N.A., or its successors in interest who meet the qualifications
            of
            the Pooling and Servicing Agreement and this Agreement.

           

          Pooling
            and Servicing Agreement:
            That
            certain pooling and servicing agreement, dated as of April 1, 2006, among
            Bear
            Stearns Asset Backed Securities I LLC, the Trustee, Wells Fargo Bank,
            N.A. as
            master servicer, the Securities Administrator and EMC Mortgage
            Corporation.

           

          Securities
            Administrator:
            Wells
            Fargo Bank, N.A.

           

          Servicing
            Fee Rate:
            As
            provided in the related mortgage loan schedule.

           

          Trustee:
            U.S.
            Bank National Association, or its successor in interest, or any successor
            trustee appointed as provided in the Pooling and Servicing
            Agreement.

           

          (b)  The
            definition of Business Day is deleted in its entirety and replaced with
            the
            following:

           

          Business
            Day:
            Any day
            other than: (i) a Saturday or Sunday, or (ii) a legal holiday in the
            States of
            New York, Maryland, Minnesota or South Carolina, or (iii) a day on which
            banks
            in the States of New York, Maryland, Minnesota or South Carolina are
            authorized
            or obligated by law or executive order to be closed.

           

          (c)  Section
            11.04 of the Purchase Agreement is deleted in its entirety and replaced
            with the
            following:

           

          Section
            11.04  Governing
            Law.

           

          This
            Agreement and the related Term Sheet shall be governed by and construed
            in
            accordance with the laws of the State of New York without giving effect
            to
            principles of conflicts of laws (other than Section 5-1401 of the New
            York
            General Obligations Law) and except to the extent preempted by Federal
            law. The
            obligations, rights and remedies of the parties hereunder shall be determined
            in
            accordance with such laws.

           

          

           

          (d) Exhibit
            O
            of the Purchase Agreement is deleted in its entirety and replaced with
            the
            following:

           

          EXHIBIT
            O

          

          SERVICING
            CRITERIA TO BE ADDRESSED IN ASSESSMENT OF COMPLIANCE

          

          The
            assessment of compliance to be delivered by [the Company] [Name of Subservicer]
            shall address, at a minimum, the criteria identified as below as “Applicable
            Servicing Criteria”:

          

          
            	
                    Servicing
                      Criteria 

                  	
                    Applicable
                      Servicing Criteria

                  
	
                    Reference

                  	
                    Criteria

                  	
                     

                  
	
                     

                  	
                    General
                      Servicing Considerations

                  	
                     

                  
	
                    1122(d)(1)(i)

                  	
                    Policies
                      and procedures are instituted to monitor any performance or
                      other triggers
                      and events of default in accordance with the transaction
                      agreements.

                  	
                    x

                  
	
                    1122(d)(1)(ii)

                  	
                    If
                      any material servicing activities are outsourced to third parties,
                      policies and procedures are instituted to monitor the third
                      party’s
                      performance and compliance with such servicing activities.

                  	
                    x

                  
	
                    1122(d)(1)(iii)

                  	
                    Any
                      requirements in the transaction agreements to maintain a back-up
                      servicer
                      for the mortgage loans are maintained.

                  	 
	
                    1122(d)(1)(iv)

                  	
                    A
                      fidelity bond and errors and omissions policy is in effect
                      on the party
                      participating in the servicing function throughout the reporting
                      period in
                      the amount of coverage required by and otherwise in accordance
                      with the
                      terms of the transaction agreements.

                  	
                    x

                  
	
                     

                  	
                    Cash
                      Collection and Administration

                  	 
	
                    1122(d)(2)(i)

                  	
                    Payments
                      on mortgage loans are deposited into the appropriate custodial
                      bank
                      accounts and related bank clearing accounts no more than two
                      business days
                      following receipt, or such other number of days specified in
                      the
                      transaction agreements.

                  	
                    x

                  
	
                    1122(d)(2)(ii)

                  	
                    Disbursements
                      made via wire transfer on behalf of an obligor or to an investor
                      are made
                      only by authorized personnel.

                  	
                    x

                  
	
                    1122(d)(2)(iii)

                  	
                    Advances
                      of funds or guarantees regarding collections, cash flows or
                      distributions,
                      and any interest or other fees charged for such advances, are
                      made,
                      reviewed and approved as specified in the transaction
                      agreements.

                  	
                    x

                  
	
                    1122(d)(2)(iv)

                  	
                    The
                      related accounts for the transaction, such as cash reserve
                      accounts or
                      accounts established as a form of overcollateralization, are
                      separately
                      maintained (e.g., with respect to commingling of cash) as set
                      forth in the
                      transaction agreements.

                  	
                    x

                  
	
                    1122(d)(2)(v)

                  	
                    Each
                      custodial account is maintained at a federally insured depository
                      institution as set forth in the transaction agreements. For
                      purposes of
                      this criterion, “federally insured depository institution” with respect to
                      a foreign financial institution means a foreign financial institution
                      that
                      meets the requirements of Rule 13k-1(b)(1) of the Securities
                      Exchange
                      Act.

                  	
                    x

                  
	
                    1122(d)(2)(vi)

                  	
                    Unissued
                      checks are safeguarded so as to prevent unauthorized
                      access.

                  	
                    x

                  
	
                    1122(d)(2)(vii)

                  	
                    Reconciliations
                      are prepared on a monthly basis for all asset-backed securities
                      related
                      bank accounts, including custodial accounts and related bank
                      clearing
                      accounts. These reconciliations are (A) mathematically accurate;
                      (B)
                      prepared within 30 calendar days after the bank statement cutoff
                      date, or
                      such other number of days specified in the transaction agreements;
                      (C)
                      reviewed and approved by someone other than the person who
                      prepared the
                      reconciliation; and (D) contain explanations for reconciling
                      items. These
                      reconciling items are resolved within 90 calendar days of their
                      original
                      identification, or such other number of days specified in the
                      transaction
                      agreements.

                  	
                    x

                  
	
                     

                  	
                    Investor
                      Remittances and Reporting

                  	 
	
                    1122(d)(3)(i)

                  	
                    Reports
                      to investors, including those to be filed with the Commission,
                      are
                      maintained in accordance with the transaction agreements and
                      applicable
                      Commission requirements. Specifically, such reports (A) are
                      prepared in
                      accordance with timeframes and other terms set forth in the
                      transaction
                      agreements; (B) provide information calculated in accordance
                      with the
                      terms specified in the transaction agreements; (C) are filed
                      with the
                      Commission as required by its rules and regulations; and (D)
                      agree with
                      investors’ or the trustee’s records as to the total unpaid principal
                      balance and number of mortgage loans serviced by the
                      Servicer.

                  	
                    x

                  
	
                    1122(d)(3)(ii)

                  	
                    Amounts
                      due to investors are allocated and remitted in accordance with
                      timeframes,
                      distribution priority and other terms set forth in the transaction
                      agreements.

                  	
                    x

                  
	
                    1122(d)(3)(iii)

                  	
                    Disbursements
                      made to an investor are posted within two business days to
                      the Servicer’s
                      investor records, or such other number of days specified in
                      the
                      transaction agreements.

                  	
                    x

                  
	
                    1122(d)(3)(iv)

                  	
                    Amounts
                      remitted to investors per the investor reports agree with cancelled
                      checks, or other form of payment, or custodial bank
                      statements.

                  	
                    x

                  
	
                     

                  	
                    Pool
                      Asset Administration

                  	 
	
                    1122(d)(4)(i)

                  	
                    Collateral
                      or security on mortgage loans is maintained as required by
                      the transaction
                      agreements or related mortgage loan documents.

                  	
                    x

                  
	
                    1122(d)(4)(ii)

                  	
                    Mortgage
                      loan and related documents are safeguarded as required by the
                      transaction
                      agreements

                  	
                    x

                  
	
                    1122(d)(4)(iii)

                  	
                    Any
                      additions, removals or substitutions to the asset pool are
                      made, reviewed
                      and approved in accordance with any conditions or requirements
                      in the
                      transaction agreements.

                  	
                    x

                  
	
                    1122(d)(4)(iv)

                  	
                    Payments
                      on mortgage loans, including any payoffs, made in accordance
                      with the
                      related mortgage loan documents are posted to the Servicer’s obligor
                      records maintained no more than two business days after receipt,
                      or such
                      other number of days specified in the transaction agreements,
                      and
                      allocated to principal, interest or other items (e.g., escrow)
                      in
                      accordance with the related mortgage loan documents.

                  	
                    x

                  
	
                    1122(d)(4)(v)

                  	
                    The
                      Servicer’s records regarding the mortgage loans agree with the Servicer’s
                      records with respect to an obligor’s unpaid principal
                      balance.

                  	
                    x

                  
	
                    1122(d)(4)(vi)

                  	
                    Changes
                      with respect to the terms or status of an obligor's mortgage
                      loans (e.g.,
                      loan modifications or re-agings) are made, reviewed and approved
                      by
                      authorized personnel in accordance with the transaction agreements
                      and
                      related pool asset documents.

                  	
                    x

                  
	
                    1122(d)(4)(vii)

                  	
                    Loss
                      mitigation or recovery actions (e.g., forbearance plans, modifications
                      and
                      deeds in lieu of foreclosure, foreclosures and repossessions,
                      as
                      applicable) are initiated, conducted and concluded in accordance
                      with the
                      timeframes or other requirements established by the transaction
                      agreements.

                  	
                    x

                  
	
                    1122(d)(4)(viii)

                  	
                    Records
                      documenting collection efforts are maintained during the period
                      a mortgage
                      loan is delinquent in accordance with the transaction agreements.
                      Such
                      records are maintained on at least a monthly basis, or such
                      other period
                      specified in the transaction agreements, and describe the entity’s
                      activities in monitoring delinquent mortgage loans including,
                      for example,
                      phone calls, letters and payment rescheduling plans in cases
                      where
                      delinquency is deemed temporary (e.g., illness or
                      unemployment).

                  	
                    x

                  
	
                    1122(d)(4)(ix)

                  	
                    Adjustments
                      to interest rates or rates of return for mortgage loans with
                      variable
                      rates are computed based on the related mortgage loan
                      documents.

                  	
                    x

                  
	
                    1122(d)(4)(x)

                  	
                    Regarding
                      any funds held in trust for an obligor (such as escrow accounts):
                      (A) such
                      funds are analyzed, in accordance with the obligor’s mortgage loan
                      documents, on at least an annual basis, or such other period
                      specified in
                      the transaction agreements; (B) interest on such funds is paid,
                      or
                      credited, to obligors in accordance with applicable mortgage
                      loan
                      documents and state laws; and (C) such funds are returned to
                      the obligor
                      within 30 calendar days of full repayment of the related mortgage
                      loans,
                      or such other number of days specified in the transaction
                      agreements.

                  	
                    x

                  
	
                    1122(d)(4)(xi)

                  	
                    Payments
                      made on behalf of an obligor (such as tax or insurance payments)
                      are made
                      on or before the related penalty or expiration dates, as indicated
                      on the
                      appropriate bills or notices for such payments, provided that
                      such support
                      has been received by the servicer at least 30 calendar days
                      prior to these
                      dates, or such other number of days specified in the transaction
                      agreements.

                  	
                    x

                  
	
                    1122(d)(4)(xii)

                  	
                    Any
                      late payment penalties in connection with any payment to be
                      made on behalf
                      of an obligor are paid from the servicer’s funds and not charged to the
                      obligor, unless the late payment was due to the obligor’s error or
                      omission.

                  	
                    x

                  
	
                    1122(d)(4)(xiii)

                  	
                    Disbursements
                      made on behalf of an obligor are posted within two business
                      days to the
                      obligor’s records maintained by the servicer, or such other number
                      of days
                      specified in the transaction agreements.

                  	
                    x

                  
	
                    1122(d)(4)(xiv)

                  	
                    Delinquencies,
                      charge-offs and uncollectible accounts are recognized and recorded
                      in
                      accordance with the transaction agreements.

                  	
                    x

                  
	
                    1122(d)(4)(xv)

                  	
                    Any
                      external enhancement or other support, identified in Item 1114(a)(1)
                      through (3) or Item 1115 of Regulation AB, is maintained as
                      set forth in
                      the transaction agreements.

                  	 
	
                     

                  	
                     

                  	
                     

                  

          

          

           

          [NAME
            OF
            COMPANY] [NAME OF SUBSERVICER]

           

          Date: _________________________

          

           

          By: _________________________

          Name:
            

          Title:
            

          

           

          

          
            Miscellaneous

          

           

          9.
              All
            demands, notices and communications related to the Assigned Loans, the
            Purchase
            Agreement and this AAR Agreement shall be in writing and shall be deemed
            to have
            been duly given if personally delivered at or mailed by registered mail,
            postage
            prepaid, as follows:

           

          
            	(a)  	
                    In
                      the case of Company:

                  

          

           

          Savannah
            Bank, NA dba Harbourside Mortgage Corporation 

          23-B
            Shelter Cove Land

          Hilton
            Head, South Carolina 29928

          Attention:
            Richard Gillette

          Telecopier
            No.: (843) 341-1200

           

          
            	(b)  	
                    In
                      the case of Assignor:

                  

          

           

          EMC
            Mortgage Corporation 

          Mac
            Arthur Ridge II 

          909
            Hidden Ridge Drive, Suite 200

          Irving,
            Texas 75038

          Attention:
            Ralene Ruyle

          Telecopier
            No.: (972) 444-2810

           

          with
            a
            copy to:

           

          Bear
            Stearns Mortgage Capital Corporation

          383
            Madison Avenue

          New
            York,
            New York 10179

          Attention:
            Ernie Calabrese

          Telecopier
            No.: (212) 272-5591

           

          
            	(c)  	
                    In
                      the case of Assignee:

                  

          

           

          U.S.
            Bank
            National Association,

          as
            Trustee

          One
            Federal Street, 3rd
            Floor

          Boston,
            Massachusetts 02110

          Attention:
            Corporate Trust Services - BSABS I 2006-AC3

          Telecopier
            No.: (617) 603-6638 

           

          10.
              The
            Company hereby acknowledges that Wells Fargo Bank, N.A. (the “Master Servicer”)
            has been appointed as the master servicer of the Assigned Loans pursuant
            to the
            Pooling and Servicing Agreement, dated as of April 1, 2006, among the
            Assignor,
            the Assignee, Bear Stearns Asset Backed Securities I LLC, the Master
            Servicer
            and Wells Fargo, N.A. as securities administrator, and therefor has the
            right to
            enforce all obligations of the Company, as they relate to the Assigned
            Loans,
            under the Purchase Agreement. Such right will include, without limitation,
            the
            right to terminate the Company under the Purchase Agreement upon the
            occurrence
            of an event of default thereunder, the right to receive all remittances
            required
            to be made by the Company under the Purchase Agreement, the right to
            receive all
            monthly reports and other data required to be delivered by the Company
            under the
            Purchase Agreement, the right to examine the books and records of the
            Company,
            indemnification rights, and the right to exercise certain rights of consent
            and
            approval relating to actions taken by the Company. The Company shall
            make all
            distributions under the Purchase Agreement, as they relate to the Assigned
            Loans, to the Master Servicer by wire transfer of immediately available
            funds
            to:

           

          BSABS
            I
            2006-AC3 Master Servicer Collection Account

          Wells
            Fargo
            Bank, N.A.

          ABA#
            121000248

          Account
            Name: SAS Clearing 

          Account
            #
            3970771416

          For
            Further Credit to: BSABS I 2006-AC3, Account # 50912900

           

          and
            the
            Company shall deliver all reports required to be delivered under the
            Purchase
            Agreement, as they relate to the Assigned Loans, to the Assignee at the
            address
            set forth in Section 8 herein and to the Master Servicer at:

           

          Wells
            Fargo Bank, N.A.

          9062
            Old
            Annapolis Road

          Columbia,
            Maryland 21045

          Attention:
            Client Manager BSABS I 2006-AC3

           

          11.
              A
            copy of
            all assessments, attestations, reports and certificates required to be
            delivered
            by the Servicer under this AAR Agreement and the Purchase Agreement shall
            be
            delivered to the Master Servicer by the date(s) specified herein or therein,
            and
            where such documents are required to be addressed to any party, such
            addresses
            shall include the Master Servicer and the Master Servicer shall be entitled
            to
            rely on such documents.

           

          12.
              Each
            party will pay any commissions it has incurred and the fees of its attorneys
            in
            connection with the negotiations for, documenting of and closing of the
            transactions contemplated by this AAR Agreement.

           

          13.
              This
            AAR
            Agreement shall be construed in accordance with the laws of the State
            of New
            York, without regard to conflicts of law principles, and the obligations,
            rights
            and remedies of the parties hereunder shall be determined in accordance
            with
            such laws.

           

          14.
              No
            term
            or provision of this AAR Agreement may be waived or modified unless such
            waiver
            or modification is in writing and signed by the party against whom such
            waiver
            or modification is sought to be enforced.

           

          15.
              This
            AAR
            Agreement shall inure to the benefit of the successors and assigns of
            the
            parties hereto. Any entity into which Assignor, Assignee or Company may
            be
            merged or consolidated shall, without the requirement for any further
            writing,
            be deemed Assignor, Assignee or Company, respectively, hereunder.

           

          16.
              This
            AAR
            Agreement shall survive the conveyance of the Assigned Loans, the assignment
            of
            the Purchase Agreement to the extent of the Assigned Loans by Assignor
            to
            Assignee and the termination of the Purchase Agreement.

           

          17.
              This
            AAR
            Agreement may be executed simultaneously in any number of counterparts.
            Each
            counterpart shall be deemed to be an original and all such counterparts
            shall
            constitute one and the same instrument.

           

          18.
              In
            the
            event that any provision of this AAR Agreement conflicts with any provision
            of
            the Purchase Agreement with respect to the Assigned Loans, the terms
            of this AAR
            Agreement shall control. 

           

          

          
            
              
              

            

            
              
              

              
                

              

            

            
              
              

            

          

          IN
            WITNESS WHEREOF, the parties hereto have executed this AAR Agreement
            as of the
            day and year first above written.

           

          

          EMC
            MORTGAGE CORPORATION

          Assignor

          

           

          By:
            ________________________________

          Name:
            ______________________________

          Title:
            _______________________________

           

          U.S.
            BANK
            NATIONAL ASSOCIATION, not individually but solely as Trustee for 

          the
            Bear
            Stearns Asset Backed Securities I Trust 2006-AC3, Asset-Backed Certificates,
            Series 2006-AC3 Assignee

          

           

          By:
            ________________________________

          Name:
            ______________________________

          Title:
            _______________________________

           

          SAVANNAH
            BANK, NA dba HARBOURSIDE MORTGAGE CORPORATION

          Company

          

           

          By:
            ________________________________

          Name:
            ______________________________

          Title:
            _______________________________

           

          Acknowledged
            and Agreed:

           

          WELLS
            FARGO BANK, N.A.

          

           

          By:
            ________________________________

          Name:
            ______________________________

          Title:
            _______________________________

           

          BEAR
            STEARNS ASSET BACKED SECURITIES I LLC

          

           

          By:
            ________________________________

          Name:
            ______________________________

          Title:
            _______________________________

           

          

           

          
            
              
              

            

            
              
              

              
                

              

            

            
              
              

            

          

          

           

          

           

          ATTACHMENT
            1

           

           

          ASSIGNED
            LOAN SCHEDULE

           

           

          (Available
            upon request)

           

           

          

           

          

          
            
              
              

            

            
              
              

              
                

              

            

            
              
              

            

          

           

          ATTACHMENT
            2

          

           

           

          PURCHASE
            AGREEMENT

          

           

           

          (Available
            upon request)

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

        EXHIBIT
          S-6

        

        NATIONAL
          CITY ASSIGNMENT AGREEMENT

        

        

        

          ASSIGNMENT,
            ASSUMPTION AND RECOGNITION AGREEMENT

           

          This
            is
            an Assignment, Assumption and Recognition Agreement (this “AAR Agreement”) made
            as of April 28, 2006, among EMC Mortgage Corporation (the “Assignor”), U.S. Bank
            National Association, not individually but solely as trustee for the
            holders of
            Bear Stearns Asset Backed Securities I Trust 2006-AC3, Asset-Backed
            Certificates, Series 2006-AC3 (the “Assignee”), National City Mortgage Co. (the
“Company”) and Bear Stearns Asset Backed Securities I LLC (“BSABS I”).

           

          In
            consideration of the mutual promises contained herein the parties hereto
            agree
            that the residential mortgage loans (the “Assigned Loans”) listed on Attachment
            1 annexed hereto (the “Assigned Loan Schedule”) purchased by Assignor from
            Company pursuant to (a) the Purchase, Warranties and Servicing Agreement,
            dated
            as of October 1, 2001, between Assignor and Company as amended by Amendment
            Number One to the Purchase, Warranties and Servicing Agreement, dated
            as of
            March 1, 2006 (the “Purchase Agreement”) and (b) that certain Term Sheet dated [
            ], 2006 between Assignor and Company (the “Term Sheet” and together with the
            Purchase Agreement, the “Agreements”), shall be subject to the terms of this AAR
            Agreement. Capitalized terms used herein but not defined shall have the
            meanings
            ascribed to them in the Agreements.

           

          In
            consideration of the mutual promises and agreements contained herein,
            and for
            other good and valuable consideration, the receipt and sufficiency of
            which are
            hereby acknowledged, the parties hereto agree that the Assigned Loans
            shall be
            subject to the terms of this AAR Agreement. Capitalized terms used herein
            but
            not defined shall have the meanings ascribed to them in the Purchase
            Agreement.

           

          Assignment
            and Assumption 

           

          1.  Assignor
            hereby grants, transfers and assigns to Assignee all of the right, title
            and
            interest of Assignor in the Assigned Loans and, as they relate to the
            Assigned
            Loans, all of its right, title and interest in, to and under the Agreements.
            Assignor specifically reserves and does not assign to Assignee any right
            title
            and interest in, to or under any Mortgage Loans subject to the Agreements
            other
            than those set forth on Attachment l. Notwithstanding anything to the
            contrary
            contained herein, the Assignor is retaining the right to enforce the
            representations and warranties set forth in Article III of the Purchase
            Agreement and
            in
            the Term Sheet,
            and any
            obligation of the Company to cure, repurchase or substitute for a mortgage
            loan
            and to indemnify the Assignor with respect to a breach of such representations
            and warranties pursuant to Section 3.03 and Section 8.01 of the Purchase
            Agreement against the Company. In addition, the Assignor specifically
            reserves
            and does not assign to the Assignee any right, title and interest in,
            to or
            under Section 2.09 of the Purchase Agreement.

           

          Representations;
            Warranties and Covenants 

           

          2.  Assignor
            warrants and represents to Assignee and Company as of the date hereof:
            

           

          
            	a.  	
                    Attached
                      hereto as Attachment 2 are true and accurate copies of the
                      Agreements,
                      which agreements are in full force and effect as of the date
                      hereof and
                      the provisions of which have not been waived, amended or modified
                      in any
                      respect, nor has any notice of termination been given thereunder;
                      

                  

          

           

          
            	b.  	
                    Assignor
                      is the lawful owner of the Assigned Loans with full right to
                      transfer the
                      Assigned Loans and any and all of its interests, rights and
                      obligations
                      under the Agreements as they relate to the Assigned Loans,
                      free and clear
                      of any and all liens, claims and encumbrances; and upon the
                      transfer of
                      the Assigned Loans to Assignee as contemplated herein, Assignee
                      shall have
                      good title to each and every Assigned Loan, as well as any
                      and all of
                      Assignor's interests, rights and obligations under the Agreements
                      as they
                      relate to the Assigned Loans, free and clear of any and all
                      liens, claims
                      and encumbrances; 

                  

          

           

          
            	c.  	
                    Assignor
                      has not received notice of, and has no knowledge of, any offsets,
                      counterclaims or other defenses available to Company with respect
                      to the
                      Assigned Loans or the Agreements; 

                  

          

           

          
            	d.  	
                    Assignor
                      has not waived or agreed to any waiver under, or agreed to
                      any amendment
                      or other modifications of, the Agreements. Assignor has no
                      knowledge of,
                      and has not received notice of, any waivers under or any amendments
                      or
                      other modifications of, or assignment of rights or obligations
                      under the
                      Agreements; 

                  

          

           

          
            	e.  	
                    Assignor
                      is a corporation duly organized, validly existing and in good
                      standing
                      under the laws of the jurisdiction of its formation, and has
                      all requisite
                      power and authority to acquire, own and sell the Assigned Loans;
                      

                  

          

           

          
            	f.  	
                    Assignor
                      has full power and authority to execute, deliver and perform
                      its
                      obligations under this AAR Agreement, and to consummate the
                      transactions
                      set forth herein. The consummation of the transactions contemplated
                      by
                      this AAR Agreement is in the ordinary course of Assignor's
                      business and
                      will not conflict with, or result in a breach of, any of the
                      terms,
                      conditions or provisions of Assignor's charter or by-laws or
                      any legal
                      restriction, or any material agreement or instrument to which
                      Assignor is
                      now a party or by which it is bound, or result in the violation
                      of any
                      law, rule, regulation, order, judgment or decree to which Assignor
                      or its
                      property is subject. The execution, delivery and performance
                      by Assignor
                      of this AAR Agreement and the consummation by it of the transactions
                      contemplated hereby, have been duly authorized by all necessary
                      action on
                      the part of Assignor. This AAR Agreement has been duly executed
                      and
                      delivered by Assignor and, upon the due authorization, execution
                      and
                      delivery by Assignee and Company, will constitute the valid
                      and legally
                      binding obligation of Assignor enforceable against Assignor
                      in accordance
                      with its terms except as enforceability may be limited by bankruptcy,
                      reorganization, insolvency, moratorium or other similar laws
                      now or
                      hereafter in effect relating to creditors' rights generally,
                      and by
                      general principles of equity regardless of whether enforceability
                      is
                      considered in a proceeding in equity or at law;

                  

          

           

          
            	g.  	
                    No
                      material consent, approval, order or authorization of, or declaration,
                      filing or registration with, any governmental entity is required
                      to be
                      obtained or made by Assignor in connection with the execution,
                      delivery or
                      performance by Assignor of this AAR Agreement, or the consummation
                      by it
                      of the transactions contemplated hereby. Neither Assignor nor
                      anyone
                      acting on its behalf has offered, transferred, pledged, sold
                      or otherwise
                      disposed of the Assigned Loans or any interest in the Assigned
                      Loans, or
                      solicited any offer to buy or accept transfer, pledge or other
                      disposition
                      of the Assigned Loans, or any interest in the Assigned Loans,
                      or otherwise
                      approached or negotiated with respect to the Assigned Loans,
                      or any
                      interest in the Assigned Loans, with any Person in any manner,
                      or made any
                      general solicitation by means of general advertising or in
                      any other
                      manner, or taken any other action which would constitute a
                      distribution of
                      the Assigned Loans under the Securities Act of 1933, as amended
                      (the “1933
                      Act”) or which would render the disposition of the Assigned Loans
                      a
                      violation of Section 5 of the 1933 Act or require registration
                      pursuant
                      thereto; 

                  

          

           

          
            	h.  	
                    There
                      is no action, suit, proceeding, investigation or litigation
                      pending or, to
                      Assignor's knowledge, threatened, which either in any instance
                      or in the
                      aggregate, if determined adversely to Assignor, would adversely
                      affect
                      Assignee's execution or delivery of, or the enforceability
                      of, this AAR
                      Agreement, or the Assignor's ability to perform its obligations
                      under this
                      AAR Agreement; and

                  

          

           

          
            	i.  	
                    Assignor
                      has received from Company, and has delivered to Assignee, all
                      documents
                      required to be delivered to Assignor by Company prior to the
                      date hereof
                      pursuant to Section 2.07 of the Purchase Agreement with respect
                      to the
                      Assigned Loans.

                  

          

           

          3.  Assignee
            warrants and represents to, and covenants with, Assignor and Company
            as of the
            date hereof: 

           

          
            	a.  	
                    Assignee
                      is duly organized, validly existing and in good standing under
                      the laws of
                      the jurisdiction of its organization and has all requisite
                      power and
                      authority to acquire and hold the Assigned Loans as trustee
                      on behalf of
                      the holders of Bear Stearns Asset Backed Securities I Trust
                      2006-AC3,
                      Asset-Backed Certificates, Series 2006-AC3;

                  

          

           

          
            	b.  	
                    Assignee
                      has full power and authority to execute, deliver and perform
                      its
                      obligations under this AAR Agreement, and to consummate the
                      transactions
                      set forth herein. The consummation of the transactions contemplated
                      by
                      this AAR Agreement is in the ordinary course of Assignee's
                      business and
                      will not conflict with, or result in a breach of, any of the
                      terms,
                      conditions or provisions of Assignee's charter or by-laws or
                      any legal
                      restriction, or any material agreement or instrument to which
                      Assignee is
                      now a party or by which it is bound, or result in the violation
                      of any
                      law, rule, regulation, order, judgment or decree to which Assignee
                      or its
                      property is subject. The execution, delivery and performance
                      by Assignee
                      of this AAR Agreement and the consummation by it of the transactions
                      contemplated hereby, have been duly authorized by all necessary
                      action on
                      the part of Assignee. This AAR Agreement has been duly executed
                      and
                      delivered by Assignee and, upon the due authorization, execution
                      and
                      delivery by Assignor and Company, will constitute the valid
                      and legally
                      binding obligation of Assignee enforceable against Assignee
                      in accordance
                      with its terms except as enforceability may be limited by bankruptcy,
                      reorganization, insolvency, moratorium or other similar laws
                      now or
                      hereafter in effect relating to creditors’ rights generally, and by
                      general principles of equity regardless of whether enforceability
                      is
                      considered in a proceeding in equity or at law;

                  

          

           

          
            	c.  	
                    No
                      material consent, approval, order or authorization of, or declaration,
                      filing or registration with, any governmental entity is required
                      to be
                      obtained or made by Assignee in connection with the execution,
                      delivery or
                      performance by Assignee of this AAR Agreement, or the consummation
                      by it
                      of the transactions contemplated hereby;
                      and

                  

          

           

          
            	d.  	
                    There
                      is no action, suit, proceeding, investigation or litigation
                      pending or, to
                      Assignee's knowledge, threatened, which either in any instance
                      or in the
                      aggregate, if determined adversely to Assignee, would adversely
                      affect
                      Assignee's execution or delivery of, or the enforceability
                      of, this AAR
                      Agreement, or the Assignee's ability to perform its obligations
                      under this
                      AAR Agreement.

                  

          

           

          4.  Company
            warrants and represents to, and covenants with, Assignor and Assignee
            as of the
            date hereof: 

           

          
            	a.  	
                    Attached
                      hereto as Attachment 2 are true and accurate copies of the
                      Agreements,
                      which agreements are in full force and effect as of the date
                      hereof and
                      the provisions of which have not been waived, amended or modified
                      in any
                      respect, nor has any notice of termination been given thereunder;
                      

                  

          

           

          
            	b.  	
                    Company
                      is duly organized, validly existing and in good standing under
                      the laws of
                      the jurisdiction of its incorporation, and has all requisite
                      power and
                      authority to service the Assigned Loans and otherwise to perform
                      its
                      obligations under the Agreements; 

                  

          

           

          
            	c.  	
                    Company
                      has full corporate power and authority to execute, deliver
                      and perform its
                      obligations under this AAR Agreement, and to consummate the
                      transactions
                      set forth herein. The consummation of the transactions contemplated
                      by
                      this AAR Agreement is in the ordinary course of Company's business
                      and
                      will not conflict with, or result in a breach of, any of the
                      terms,
                      conditions or provisions of Company’s charter or by-laws or any legal
                      restriction, or any material agreement or instrument to which
                      Company is
                      now a party or by which it is bound, or result in the violation
                      of any
                      law, rule, regulation, order, judgment or decree to which Company
                      or its
                      property is subject. The execution, delivery and performance
                      by Company of
                      this AAR Agreement and the consummation by it of the transactions
                      contemplated hereby, have been duly authorized by all necessary
                      corporate
                      action on the part of Company. This AAR Agreement has been
                      duly executed
                      and delivered by Company, and, upon the due authorization,
                      execution and
                      delivery by Assignor and Assignee, will constitute the valid
                      and legally
                      binding obligation of Company, enforceable against Company
                      in accordance
                      with its terms except as enforceability may be limited by bankruptcy,
                      reorganization, insolvency, moratorium or other similar laws
                      now or
                      hereafter in effect relating to creditors’ rights generally, and by
                      general principles of equity regardless of whether enforceability
                      is
                      considered in a proceeding in equity or at law;

                  

          

           

          
            	d.  	
                    No
                      consent, approval, order or authorization of, or declaration,
                      filing or
                      registration with, any governmental entity is required to be
                      obtained or
                      made by Company in connection with the execution, delivery
                      or performance
                      by Company of this AAR Agreement, or the consummation by it
                      of the
                      transactions contemplated hereby; 

                  

          

           

          
            	e.  	
                    Company
                      shall establish a Custodial Account and an Escrow Account under
                      the
                      Purchase Agreement in favor of Assignee with respect to the
                      Assigned Loans
                      separate from the Custodial Account and the Escrow Account
                      previously
                      established under the Purchase Agreement in favor of Assignor;
                      and

                  

          

           

          
            	f.  	
                    No
                      event has occurred from the applicable Closing Date to the
                      date hereof
                      which would render the representations and warranties as to
                      the related
                      Mortgage Loans made by the Company in Section 3.02 of the Purchase
                      Agreement or in the related Term Sheet to be untrue in any
                      material
                      respect.

                  

          

           

          5.  Company
            warrants and represents to, and covenants with, Assignor and BSABS I
            as of the
            date hereof:

           

          
            	a.  	
                    Company
                      is not aware and has not received notice that any default,
                      early
                      amortization or other performance triggering event has occurred
                      as to any
                      other securitization due to any act or failure to act of the
                      Company;

                  

          

           

          
            	b.  	
                    No
                      material noncompliance with the applicable servicing criteria
                      with respect
                      to other securitizations of residential mortgage loans involving
                      the
                      Company as servicer has been disclosed or reported by the
                      Company;

                  

          

           

          
            	c.  	
                    Company
                      has not been terminated as servicer in a residential mortgage
                      loan
                      securitization, either due to a servicing default or to application
                      of a
                      servicing performance test or
                      trigger;

                  

          

           

          
            	d.  	
                    No
                      material changes to the Company’s policies or procedures with respect to
                      the servicing function it will perform under the Purchase Agreement
                      and
                      this AAR Agreement for mortgage loans of a type similar to
                      the Assigned
                      Loans have occurred during the three-year period immediately
                      preceding the
                      date hereof;

                  

          

           

          
            	e.  	
                    There
                      are no aspects of the Company’s financial condition that could have a
                      material adverse effect on the performance by the Company of
                      its servicing
                      obligations under the Purchase Agreement and this AAR
                      Agreement;

                  

          

           

          
            	f.  	
                    There
                      are no material legal or governmental proceedings pending (or
                      known to be
                      contemplated) against the Company, any Subservicer or any third-party
                      originator; and

                  

          

           

          
            	g.  	
                    There
                      are no affiliations, relationships or transactions relating
                      to the Company
                      or any Subservicer with respect to this Securitization Transaction
                      and any
                      party thereto of a type described in Item 1119 of Regulation
                      AB.

                  

          

           

          Notwithstanding
            anything to the contrary in the Agreement, the Company shall (or shall
            cause any
            Third-Party Originator to) (i) immediately notify Assignor and BSABS
            I in
            writing of (A) legal proceedings pending against the Company, or proceedings
            known to be contemplated by governmental authorities against the Company
            which
            in the judgment of the Company would be, in each case, material to purchasers
            of
            securities backed by the Assigned Loans, (B) any affiliations or relationships
            of the type described in Item 1119(b) of Regulation AB that develop following
            the date hereof between the Company and any of the above listed parties
            or other
            parties identified in writing by the Assignor or BSABS I with respect
            to the
            Securitization Transaction and (ii) provide to the Assignor and BSABS
            I a
            description of such proceedings, affiliations or relationships.

           

          Each
            such
            notice/update should be sent to the Assignor by e-mail to
            regABnotifications@bear.com. Additionally, all such notifications, other
            than
            those pursuant to (i)(A) above, should be sent to:

           

          EMC
            Mortgage Corporation

          2780
            Lake
            Vista Drive

          Lewisville,
            TX 75067-3884

          Attention:
            Conduit Seller Approval Dept.

          Facsimile:
            (214) 626-3751

          Email:
            sellerapproval@bear.com

          

          With
            a
            copy to:

          

          Bear,
            Stearns & Co. Inc.

          383
            Madison Avenue, 3rd Floor

          New,
            York, NY 10179

          Attention:
            Global Credit Administration

          Facsimile:
            (212) 272-6564

          

          Notifications
            pursuant to (i)(A) above should be sent to: 

          

          EMC
            Mortgage Corporation

          Two
            Mac
            Arthur Ridge

          909
            Hidden Ridge Drive, Suite 200

          Irving,
            TX 75038

          Attention:
            Associate General Counsel for Loan Administration

          Facsimile:
            (972) 831-2555

          

          With
            copies to:

          

          Bear,
            Stearns & Co. Inc.

          383
            Madison Avenue, 3rd Floor

          New,
            York, NY 10179

          Attention:
            Global Credit Administration

          Facsimile:
            (212) 272-6564

          

          EMC
            Mortgage Corporation

          2780
            Lake
            Vista Drive

          Lewisville,
            TX 75067-3884

          Attention:
            Conduit Seller Approval Dept.

          Facsimile:
            (214) 626-3751

          Email:
            sellerapproval@bear.com

           

          

          6.  Notwithstanding
            any term hereof to the contrary, the execution and delivery of this AAR
            Agreement by the Assignee is solely in its capacity as trustee for Bear
            Stearns
            Asset Backed Securities I Trust 2006-AC3, Asset-Backed Certificates,
            Series
            2006-AC3 and not individually, and any recourse against the Assignee
            in respect
            of any obligations it may have under or pursuant to the terms of this
            AAR
            Agreement shall be limited solely to the assets it may hold as trustee
            of Bear
            Stearns Asset Backed Securities I Trust 2006-AC3, Asset-Backed Certificates,
            Series 2006-AC3. 

           

          Recognition
            of Assignee 

           

          7.  From
            and
            after the date hereof, Company shall recognize Assignee as owner of the
            Assigned
            Loans and will service the Assigned Loans for Assignee as if Assignee
            and
            Company had entered into a separate servicing agreement for the servicing
            of the
            Assigned Loans in the form of the Purchase Agreement (as modified herein),
            the
            terms of which are incorporated herein by reference. In addition, Company
            hereby
            acknowledges that from and after the date hereof, the Assigned Loans
            will be
            subject to the Pooling and Servicing Agreement (the “Pooling and Servicing
            Agreement”), dated as of April 1, 2006, by and among, EMC Mortgage Corporation,
            Bear Stearns Asset Backed Securities I LLC, Wells Fargo Bank, National
            Association as master servicer (the “Master Servicer”) and securities
            administrator and U.S. Bank National Association. Pursuant to the Pooling
            and
            Servicing Agreement, the Master Servicer has the right to monitor and
            enforce,
            on behalf of the Assignee, the performance by Company of its servicing
            obligations under this AAR Agreement. Such right will include, without
            limitation, the right to terminate the Company under the Purchase Agreement
            upon
            the occurrence of an event of default thereunder, the right to receive
            all
            remittances required to be made by the Company under the Purchase Agreement,
            the
            right to receive all monthly reports and other data required to be delivered
            by
            the Company under the Purchase Agreement, the right to examine the books
            and
            records of the Company, indemnification rights, and the right to exercise
            certain rights of consent and approval relating to actions taken by the
            Company.
            In connection therewith, Company hereby agrees that all remittances required
            to
            be made with respect to the Assigned Loans pursuant to the Purchase Agreement
            will be made in accordance with the following wire transfer
            instructions:

           

          Bank:
            Wells Fargo Bank, National Association

          ABA
            Routing Number: 121000248

          Account
            Name: SAS Clearing

          Account
            #
            3970771416

          FFC
            to:
            BSABS I 2006-AC3, Account # [ ]

           

          and
            the
            Company shall deliver all reports and other notices required to be delivered
            under the Purchase Agreement to the Assignee and to the Master Servicer
            at:

           

          Wells
            Fargo Bank, National Association

          9062
            Old
            Annapolis Road

          Columbia,
            Maryland 21045

          Attention:
            Client Manager BSABS I 2006-AC3

           

          It
            is the
            intention of Assignor, Company and Assignee that this AAR Agreement shall
            be
            binding upon and for the benefit of the respective successors and assigns
            of the
            parties hereto. Neither Company nor Assignor shall amend or agree to
            amend,
            modify, waive, or otherwise alter any of the terms or provisions of the
            Agreements which amendment, modification, waiver or other alteration
            would in
            any way affect the Assigned Loans without the prior written consent of
            Assignee.

           

          Company
            shall indemnify and hold harmless the Assignor, each affiliate of the
            Assignor,
            BSABS I, the Assignee, Bear, Stearns & Co. Inc. (the “Underwriter”) and each
            affiliate of the Underwriter, each Person (including, but not limited
            to, the
            Master Servicer) responsible for the preparation, execution or filing
            of any
            report required to be filed with the Commission, or for execution of
            a
            certification pursuant to Rule 13a-14(d) or Rule 15d-14(d) under the
            Exchange
            Act, each Person who controls the Assignor, BSABS I, the Assignee or
            the
            Underwriter (within the meaning of Section 15 of the Securities Act and
            Section
            20 of the Exchange Act); and the respective present and former directors,
            officers, employees, agents and affiliates of each of the foregoing (each,
            an
“Indemnified Party”), and shall hold each of them harmless from and against any
            claims, losses, damages, penalties, fines, forfeitures, legal fees and
            expenses
            and related costs, judgments, and any other costs, fees and expenses
            that any of
            them may sustain arising out of or based upon: 

           

          (i)  (A)any
            untrue statement of a material fact contained or alleged to be contained
            in any
            information, report, certification, data, accountants’ letter or other material
            provided under Section 11.18 of the Purchase Agreement by or on behalf
            of the
            Assignor, or provided under Section 11.18 of the Purchase Agreement by
            or on
            behalf of any Subservicer, Subcontractor or Third-Party Originator
            (collectively, the “Company Information”), or (B) the omission or alleged
            omission to state in the Company Information a material fact required
            to be
            stated in the Company Information or necessary in order to make the statements
            therein, in the light of the circumstances under which they were made,
            not
            misleading; provided, by way of clarification, that clause (B) of this
            paragraph
            shall be construed solely by reference to the Company Information and
            not to any
            other information communicated in connection with a sale or purchase
            of
            securities, without regard to whether the Company Information or any
            portion
            thereof is presented together with or separately from such other
            information;

           

          (ii)  any
            breach by the Company of its obligations under Section 11.18 of Purchase
            Agreement, including particularly any failure by the Company, any Subservicer,
            any Subcontractor or any Third-Party Originator to deliver any information,
            report, certification, accountants’ letter or other material when and as
            required under Section 11.18 of the Purchase Agreement, including any
            failure by
            the Company to identify any Subcontractor “participating in the servicing
            function” within the meaning of Item 1122 of Regulation AB; 

           

          (iii)  any
            breach by the Company of a representation or warranty set forth in Section
            3.01
            of the Purchase Agreement or in a writing furnished pursuant to Section
            3.01 of
            the Purchase Agreement and made as of a date prior to the date hereof,
            to the
            extent that such breach is not cured by the date hereof, or any breach
            by the
            Company of a representation or warranty in a writing furnished pursuant
            to
            Section 3.01 of the Purchase Agreement to the extent made as of a date
            subsequent to the date hereof; or

           

          (iv)  the
            negligence, bad faith or willful misconduct of the Company in connection
            with
            its performance under Section 11.18 of the Purchase Agreement.

           

          If
            the
            indemnification provided for herein is unavailable or insufficient to
            hold
            harmless an Indemnified Party, then the Company agrees that it shall
            contribute
            to the amount paid or payable by such Indemnified Party as a result of
            any
            claims, losses, damages or liabilities incurred by such Indemnified Party
            in
            such proportion as is appropriate to reflect the relative fault of such
            Indemnified Party on the one hand and the Company on the other.

           

          In
            the
            case of any failure of performance described in Section 11.18 of the
            Purchase
            Agreement, the Company shall promptly reimburse the Assignor, BSABS I
            and each
            Person responsible for the preparation, execution or filing of any report
            required to be filed with the Commission, or for execution of a certification
            pursuant to Rule 13a-14(d) or Rule 15d-14(d) under the Exchange Act,
            for all
            costs reasonably incurred by each such party in order to obtain the information,
            report, certification, accountants’ letter or other material not delivered as
            required by the Company, any Subservicer, any Subcontractor or any Third-Party
            Originator.

           

          Modification
            of the Purchase Agreement

           

          

          8.  The
            Purchase Agreement, as it relates to the Assigned Loans, shall be amended
            by the
            Company and the Assignor as follows:

           

          (a) Section
            1.01 of the Purchase Agreement shall be amended by adding the following
            definitions thereto: 

           

          Master
            Servicer:
            Wells
            Fargo Bank, National Association, or its successors in interest who meet
            the
            qualifications of the Pooling and Servicing Agreement and this
            Agreement.

           

          Nonrecoverable
            Advance:
            Any
            advance previously made by the Company pursuant to Section 5.03 or any
            Servicing
            Advance which, in the good faith judgment of the Company, may not be
            ultimately
            recoverable by the Company from Liquidation Proceeds or otherwise. The
            determination by the Company that it has made a Nonrecoverable Advance,
            shall be
            evidenced by an Officer’s Certificate of the Company delivered to the Purchaser
            and the Master Servicer and detailing the reasons for such
            determination.

           

          Pooling
            and Servicing Agreement:
            That
            certain pooling and servicing agreement, dated as of April 1, 2006, among
            Bear
            Stearns Asset Backed Securities I LLC, EMC Mortgage Corporation, U.S.
            Bank
            National Association, as trustee, Wells Fargo Bank, National Association
            as
            securities administrator and the Master Servicer.

           

          (b) The
            definition of “Business Day” is deleted in its entirety and replaced with the
            following definition:

           

          Business
            Day:
            Any day
            other than: (i) a Saturday or Sunday, or (ii) a legal holiday in the
            States of
            Maryland, Minnesota, New York or Ohio, or (iii) a day on which banks
            in the
            States of Maryland, Minnesota, New York or Ohio are authorized or obligated
            by
            law or executive order to be closed.

           

          (c) Subsection
            3.02(nn) of the Purchase Agreement shall be deleted in its entirety and
            replaced
            with the following: 

           

          The
            Mortgagor has not notified the Company, and the Company has no knowledge
            of any
            relief requested or allowed to the Mortgagor under the Servicemembers
            Civil
            Relief Act; 

           

          (d) Section
            6.02 of the Purchase Agreement is hereby amended by including the words
“(or if
            the Company does not, the Master Servicer may)” after the word “will” and before
            the word “immediately” in the third line thereof.

           

          (e) Section
            6.04 of the Purchase Agreement shall be deleted in its entirety and replaced
            with the following:

           

          Section
            6.04 Annual
            Statement as to Compliance.

           

          The
            Company will deliver to the Master Servicer on or before March 15 of
            each year,
            beginning with March 15, 2006, an Officer’s Certificate (each, an “Annual
            Statement of Compliance”) in a form acceptable for filing with the Securities
            and Exchange Commission as an exhibit to a Form 10-K stating that (i)
            a review
            of the activities of the Company during the preceding calendar year and
            of
            performance under this Agreement has been made under such officer’s supervision,
            (ii) the Company has fully complied with the provisions of this Agreement
            and
            (iii) to the best of such officer’s knowledge, based on such review, the Company
            has fulfilled all of its obligations under this Agreement throughout
            such year,
            or, if there has been a default in the fulfillment of any such obligation,
            specifying each such default known to such officer and the nature and
            status
            thereof.

           

          (f) Section
            6.05 of the Purchase Agreement shall be deleted in its entirety and replaced
            with the following:

           

          Section
            6.05 Annual
            Independent Certified Public Accountants’ Servicing Report.

           

          On
            or
            before March 15 of each year beginning March 15, 2006, the Company at
            its
            expense shall cause a firm of independent public accountants which is
            a member
            of the American Institute of Certified Public Accountants to furnish
            a statement
            (each, an “Annual Independent Public Accountant's Servicing Report”) to the
            Master Servicer in a form acceptable for filing with the Securities and
            Exchange
            Commission as an exhibit to a Form 10-K to the effect that such firm
            has
            examined certain documents and records relating to the servicing of mortgage
            loans by the Company generally that include a sampling of the Mortgage
            Loans,
            the provisions of Article IV and Sections 6.01 and 6.02 have been complied
            with
            and, on the basis of such an examination conducted substantially in accordance
            with the Uniform Single Attestation Program for Mortgage Bankers, such
            servicing
            has been conducted in compliance with this Agreement, except for (i)
            such
            exceptions as such firm shall believe to be immaterial, and (ii) such
            other
            exceptions as shall be set forth in such statement.

           

          (g) The
            following Section 6.07 shall be added to the end of Article 6:

           

          Section
            6.07 Annual
            Certification.

           

          (a) For
            so
            long as the Mortgage Loans are being master serviced by the Master Servicer,
            by
            March 15th of each year (or if not a Business Day, the immediately preceding
            Business Day), or at any other time upon thirty (30) days written request,
            an
            officer of the Company shall execute and deliver an Officer's Certificate
            to the
            Master Servicer for the benefit of such Master Servicer and its officers,
            directors and affiliates, certifying as to the following matters:

           

          (i)  Based
            on
            my knowledge, the information in the Annual Statement of Compliance,
            the Annual
            Independent Public Accountant's Servicing Report and all servicing reports,
            officer’s certificates and other information relating to the servicing of the
            Mortgage Loans submitted to the Master Servicer 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 as of the date of this
            certification;

           

          (ii)  The
            servicing information required to be provided to the Master Servicer
            by the
            Company under this Agreement has been provided to the Master
            Servicer;

           

          (iii)  I
            am
            responsible for reviewing the activities performed by the Company under
            the
            Agreement and based upon the review required by this Agreement, and except
            as
            disclosed in the Annual Statement of Compliance or the Annual Independent
            Public
            Accountant’s Servicing Report submitted to the Master Servicer, the Company has,
            as of the date of this certification fulfilled all its obligations under
            this
            Agreement; and

           

          (iv)  I
            have
            disclosed to the Master Servicer all significant deficiencies relating
            to the
            Company's compliance with the minimum servicing standards in accordance
            with a
            review conducted in compliance with the Uniform Single Attestation Program
            for
            Mortgage Bankers or similar standard as set forth in the Agreement.

           

          (b) The
            Company shall indemnify and hold harmless the Master Servicer and its
            officers,
            directors, agents and affiliates from and against any losses, damages,
            penalties, fines, forfeitures, reasonable legal fees and related costs,
            judgments and other costs and expenses arising out of or based upon a
            breach by
            the Company or any of its officers, directors, agents or affiliates of
            its
            obligations under this Subsection 6.07 or the negligence, bad faith or
            willful
            misconduct of the Company in connection therewith. If the indemnification
            provided for herein is unavailable or insufficient to hold harmless the
            Master
            Servicer, then the Company agrees that it shall contribute to the amount
            paid or
            payable by the Master Servicer as a result of the losses, claims, damages
            or
            liabilities of the Master Servicer in such proportion as is appropriate
            to
            reflect the relative fault of the Master Servicer on the one hand and
            the
            Company on the other in connection with a breach of the Company's obligations
            under this Subsection 6.07 or the Company’s negligence, bad faith or willful
            misconduct in connection therewith.

           

          (c) Section
            9.01 of the Purchase Agreement is hereby amended by adding the word “or” at the
            end of clause (ix) thereof and inserting the following as clause
            (x):

           

          (x) failure
            by the Company to duly perform, within the required time period, its
            obligations
            under Subsection 6.04, 6.05 or 6.07 which failure continues unremedied
            for a
            period of ten (10) days after the date on which written notice of such
            failure,
            requiring the same to be remedied, shall have been given to the Company
            by any
            party to this Agreement or by any Master Servicer.

           

          (i) The
            following is added as Subsection 4.05(vii) of the Purchase
            Agreement:

           

          (vii) to
            reimburse itself for any Nonrecoverable Advances;

           

          (j) Section
            11.04 of the Purchase Agreement is deleted in its entirety and replaced
            with the
            following:

           

          Section
            11.04  Governing
            Law.

           

          This
            Agreement and the related Term Sheet shall be governed by and construed
            in
            accordance with the laws of the State of New York, without regard to
            principles
            of conflicts of laws other than Section 5-1401 of the New York General
            Obligations Law which shall govern. The obligations, rights and remedies
            of the
            parties hereunder shall be determined in accordance with such laws.

           

          Miscellaneous
            

           

          9.  All
            demands, notices and communications related to the Assigned Loans, the
            Agreements and this AAR Agreement shall be in writing and shall be deemed
            to
            have been duly given if personally delivered or mailed by registered
            mail,
            postage prepaid, as follows: 

           

          a. In
            the
            case of Company, 

          

          National
            City Mortgage Co. 

          3232
            Newmark Drive 

          Miamisburg,
            Ohio 45342 

          Attention:
            Mary Beth Criswell

          

          

          b. In
            the
            case of Assignor, 

          

          EMC
            Mortgage Corporation 

          Mac
            Arthur Ridge II 

          909
            Hidden Ridge Drive, Suite 200 

          Irving,
            Texas 75038 

          Attention:
            Ralene Ruyle 

          Telecopier
            No.: (972) 444-2810 

          

          with
            a
            copy to: 

          

          Bear
            Stearns Mortgage Capital Corporation 

          383
            Madison Avenue 

          New
            York,
            New York 10179 

          Attention:
            Ernie Calabrese

          

          c. In the
            case
            of Assignee, 

          

          U.S.
            Bank
            National Association, as Trustee 

          One
            Federal Street, 3rd
            Floor

          Boston,
            Massachusetts 02110 

          Attention:
            Corporate Trust Services, BSABS I 2006-AC3 

          Telecopier
            No.: (617) 603-6638

          

          

          d.
             In
            the
            case of the Master Servicer,

           

          Wells
            Fargo Bank, National Association

          9062
            Old
            Annapolis Road

          Columbia,
            Maryland 21045

          Attention:
            Client Manager BSABS I 2006-AC3

          Telecopier
            No.: (410) 715-2380

          

          10.  This
            AAR
            Agreement shall be construed in accordance with the laws of the State
            of New
            York, without regard to conflicts of law principles, and the obligations,
            rights
            and remedies of the parties hereunder shall be determined in accordance
            with
            such laws. 

           

          11.  No
            term
            or provision of this AAR Agreement may be waived or modified unless such
            waiver
            or modification is in writing and signed by the party against whom such
            waiver
            or modification is sought to be enforced. 

           

          12.  This
            AAR
            Agreement shall inure to the benefit of the successors and assigns of
            the
            parties hereto. Any entity into which Assignor, Assignee or Company may
            be
            merged or consolidated shall without the requirement for any further
            writing, be
            deemed Assignor, Assignee or Company, respectively hereunder. Any Master
            Servicer shall be considered a third party beneficiary of this AAR Agreement,
            entitled to all the rights and benefits accruing to any Master Servicer
            herein
            as if it were a direct party to this AAR Agreement.

           

          13.  This
            AAR
            Agreement shall survive the conveyance of the Assigned Loans as contemplated
            in
            this AAR Agreement. 

           

          14.  This
            AAR
            Agreement may be executed simultaneously in any number of counterparts.
            Each
            counterpart shall be deemed to be an original and all such counterparts
            shall
            constitute one and the same instrument. 

           

          15.  In
            the
            event that any provision of this AAR Agreement conflicts with any provision
            of
            the Agreements with respect to the Assigned Loans, the terms of this
            AAR
            Agreement shall control. 

           

          

          
            
              
              

            

            
              
              

              
                

              

            

            
              
              

            

          

          IN
            WITNESS WHEREOF,
            the
            parties hereto have executed this AAR Agreement as of the day and year
            first
            above written.

           

          

          EMC
            MORTGAGE CORPORATION

          Assignor
            

          

          
            By:
              _______________________________

            Name:
              _____________________________

            Title:
              ______________________________

          

          U.S.
            BANK
            NATIONAL ASSOCIATION,

          not
            in
            its individual capacity but solely as Trustee

          for
            the
            holders of Bear Stearns Asset Backed Securities I Trust 2006-AC3, 

          Asset-Backed
            Certificates, Series 2006-AC3, 

          as
            Assignee

          

          

          By:
            _______________________________

          Name:
            _____________________________

          Title:
            ______________________________

          

          NATIONAL
            CITY MORTGAGE CO. 

          Company

          

          By:
            _______________________________

          Name:
            _____________________________

          Title:
            ______________________________

          

          

          Acknowledged
            and Agreed:

          

          WELLS
            FARGO BANK,

          NATIONAL
            ASSOCIATION

          Master
            Servicer

          

          By:
            _______________________________

          Name:
            _____________________________

          Title:
            ______________________________

          

          BEAR
            STEARNS ASSET BACKED SECURITIES I LLC

          

          By:
            _______________________________

          Name:
            _____________________________

          Title:
            ______________________________

          

          

          
            
              
              

            

            
              
              

              
                

              

            

            
              
              

            

          

          ATTACHMENT
            l

          

          ASSIGNED
            LOAN SCHEDULE

          

          (Provided
            upon request)

           

           

          
            
              
              

            

            
              
              

              
                

              

            

            
              
              

            

          

          
 

          ATTACHMENT
            2

          

          PURCHASE
            AGREEMENT AND TERM SHEET

          

          (Provided
            upon request)

          

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

        EXHIBIT
          S-7

        

        WACHOVIA
          ASSIGNMENT AGREEMENT

        

        

        

           

          ASSIGNMENT,
            ASSUMPTION AND RECOGNITION AGREEMENT

           

          This
            is
            an Assignment, Assumption and Recognition Agreement (this “AAR Agreement”) made
            as of April 28, 2006, among EMC Mortgage Corporation (the “Assignor”), U.S. Bank
            National Association, not individually but solely as trustee for the
            holders of
            the Bear Stearns Asset Backed Securities I Trust 2006-AC3, Asset-Backed
            Certificates, Series 2006-AC3 (the “Assignee”) and Wachovia Mortgage Corporation
            (the “Company”).

           

          In
            consideration of the mutual promises contained herein the parties hereto
            agree
            that the residential mortgage loans (the “Assigned Loans”) listed on Attachment
            1 annexed hereto (the “Assigned Loan Schedule”) purchased by the Assignor from
            Company pursuant to (a) the Purchase, Warranties and Servicing Agreement,
            dated
            as of November 1, 2002 (the “Former Agreement”), and (b) the term sheet dated
            January 20, 2005, between the Assignor and Company (the “Term Sheet”), shall be
            subject to the terms of this AAR Agreement

          

          The
            parties desire that, from and after the date hereof, all of the Assigned
            Loans
            be serviced in accordance with the terms and conditions of that certain
            Seller’s
            Purchase, Warranties and Servicing Agreement, dated as of July 1, 2005,
            between
            the Assignor and the Company, as amended by the Regulation AB Compliance
            Addendum to Seller’s Purchase, Warranties and Servicing Agreement (the
“Addendum”), dated as of March 28, 2006 (as amended, the “Purchase Agreement”;
            and together with the Term Sheet and the Former Agreement, the “Agreements”),
            and that with respect to the Assigned Loans, the servicing-related terms
            and
            conditions of the Purchase Agreement supercede and replace in their entirety
            the
            terms and conditions of the Former Agreement. Capitalized terms used
            herein but
            not defined shall have the meanings ascribed to them in the
            Agreements.

          

          
            	 	
                    Assignment
                      and Assumption

                  

          

           

          Except
            as
            expressly provided for herein, the Assignor hereby grants, transfers
            and assigns
            to the Assignee all of its right, title and interest as in, to and under
            (a) the
            Assigned Loans and (b) the Agreements with respect to the Assigned Loans;
            provided, however, that the Assignor is not assigning to the Assignee
            any of its
            right, title or interest, in, to and under the Agreements with respect
            to any
            mortgage loan other than the Assigned Loans listed on Attachment 1.
            Notwithstanding anything to the contrary contained herein, the Assignor
            specifically reserves and does not assign to the Assignee any right,
            title and
            interest in, to or under the representations and warranties contained
            in Section
            3.01 and Section 3.02 of the Former Agreement and in the Term Sheet,
            the
            additional repurchase and premium recapture obligations set forth in
            the Term
            Sheet, and any obligation of the Company to cure, repurchase or substitute
            for a
            mortgage loan and to indemnify the Assignor with respect to a breach
            of such
            representations and warranties pursuant to Section 3.03 and Section 8.01
            of the
            Former Agreement, and the Assignor is retaining the right to enforce
            the
            representations and warranties and the obligations of the Company set
            forth in
            those sections against the Company. In addition, the Assignor specifically
            reserves and does not assign to the Assignee any right, title and interest
            in,
            to or under Section 2.09 of the Former Agreement. Except as is otherwise
            expressly provided herein, the Assignor makes no representations, warranties
            or
            covenants to the Assignee and the Assignee acknowledges that the Assignor
            has no
            obligations to the Assignee under the terms of the Agreements or otherwise
            relating to the transaction contemplated herein (including, but not limited
            to,
            any obligation to indemnify the Assignee).

           

          
            	 	
                    Representations,
                      Warranties and Covenants

                  

          

           

          1.
              Assignor
            warrants and represents to Assignee and Company as of the date
            hereof:

           

          (a)  Attached
            hereto as Attachment 2 are true and accurate copies of the Agreements
            which
            agreements are in full force and effect as of the date hereof and the
            provisions
            of which have not been waived, amended or modified in any respect, nor
            has any
            notice of termination been given thereunder;

           

          (b)  Assignor
            is the lawful owner of the Assigned Loans with full right to transfer
            the
            Assigned Loans and any and all of its interests, rights and obligations
            under
            the Agreements as they relate to the Assigned Loans, free and clear from
            any and
            all claims and encumbrances; and upon the transfer of the Assigned Loans
            to
            Assignee as contemplated herein, Assignee shall have good title to each
            and
            every Assigned Loan, as well as any and all of Assignor’s interests, rights and
            obligations under the Agreements as they relate to the Assigned Loans,
            free and
            clear of any and all liens, claims and encumbrances;

           

          (c)  There
            are
            no offsets, counterclaims or other defenses available to Company with
            respect to
            the Assigned Loans or the Agreements;

           

          (d)  Assignor
            has no knowledge of, and has not received notice of, any waivers under,
            or any
            modification of, any Assigned Loan;

           

          (e)  Assignor
            is duly organized, validly existing and in good standing under the laws
            of the
            jurisdiction of its incorporation, and has all requisite power and authority
            to
            acquire, own and sell the Assigned Loans;

           

          (f)  Assignor
            has full corporate power and authority to execute, deliver and perform
            its
            obligations under this AAR Agreement, and to consummate the transactions
            set
            forth herein. The consummation of the transactions contemplated by this
            AAR
            Agreement is in the ordinary course of Assignor’s business and will not conflict
            with, or result in a breach of, any of the terms, conditions or provisions
            of
            Assignor’s charter or by-laws or any legal restriction, or any material
            agreement or instrument to which Assignor is now a party or by which
            it is
            bound, or result in the violation of any law, rule, regulation, order,
            judgment
            or decree to which Assignor or its property is subject. The execution,
            delivery
            and performance by Assignor of this AAR Agreement and the consummation
            by it of
            the transactions contemplated hereby, have been duly authorized by all
            necessary
            corporate action on the part of Assignor. This AAR Agreement has been
            duly
            executed and delivered by Assignor and, upon the due authorization, execution
            and delivery by Assignee and Company, will constitute the valid and legally
            binding obligation of Assignor enforceable against Assignor in accordance
            with
            its terms except as enforceability may be limited by bankruptcy, reorganization,
            insolvency, moratorium or other similar laws now or hereafter in effect
            relating
            to creditors’ rights generally, and by general principles of equity regardless
            of whether enforceability is considered in a proceeding in equity or
            at law;

           

          (g)  No
            consent, approval, order or authorization of, or declaration, filing
            or
            registration with, any governmental entity is required to be obtained
            or made by
            Assignor in connection with the execution, delivery or performance by
            Assignor
            of this AAR Agreement, or the consummation by it of the transactions
            contemplated hereby; 

           

          (h)  Neither
            Assignor nor anyone acting on its behalf has offered, transferred, pledged,
            sold
            or otherwise disposed of the Assigned Loans or any interest in the Assigned
            Loans, or solicited any offer to buy or accept a transfer, pledge or
            other
            disposition of the Assigned Loans, or any interest in the Assigned Loans
            or
            otherwise approached or negotiated with respect to the Assigned Loans,
            or any
            interest in the Assigned Loans with any Person in any manner, or made
            any
            general solicitation by means of general advertising or in any other
            manner, or
            taken any other action which would constitute a distribution of the Assigned
            Loans under the Securities Act of 1933, as amended (the “1933 Act”) or which
            would render the disposition of the Assigned Loans a violation of Section
            5 of
            the 1933 Act or require registration pursuant thereto;

           

          (i)  The
            Assignor has received from Company, and has delivered to the Assignee,
            all
            documents required to be delivered to Assignor by the Company prior to
            the date
            hereof with respect to the Assigned Loans and has not received, and has
            not
            requested from the Company, any additional documents; and 

           

          (j)  There
            is
            no action, suit, proceeding, investigation or litigation pending or,
            to
            Assignor's knowledge, threatened, which either in any instance or in
            the
            aggregate, if determined adversely to Assignor, would adversely affect
            Assignor's execution or delivery of, or the enforceability of, this AAR
            Agreement, or the Assignor's ability to perform its obligations under
            this AAR
            Agreement.

           

          2.
              Assignee
            warrants and represents to, and covenants with, Assignor and Company
            as of the
            date hereof:

           

          (a)  Assignee
            is duly organized, validly existing and in good standing under the laws
            of the
            jurisdiction of its organization and has all requisite power and authority
            to
            hold the Assigned Loans as trustee on behalf of the holders of the Bear
            Stearns
            Asset Backed Securities I Trust 2006-AC3, Asset-Backed Certificates,
            Series
            2006-AC3;

           

          (b)  Assignee
            has full corporate power and authority to execute, deliver and perform
            its
            obligations under this AAR Agreement, and to consummate the transactions
            set
            forth herein. The consummation of the transactions contemplated by this
            AAR
            Agreement is in the ordinary course of Assignee’s business and will not conflict
            with, or result in a breach of, any of the terms, conditions or provisions
            of
            Assignee’s charter or by-laws or any legal restriction, or any material
            agreement or instrument to which Assignee is now a party or by which
            it is
            bound, or result in the violation of any law, rule, regulation, order,
            judgment
            or decree to which Assignee or its property is subject. The execution,
            delivery
            and performance by Assignee of this AAR Agreement and the consummation
            by it of
            the transactions contemplated hereby, have been duly authorized by all
            necessary
            corporate action on part of Assignee. This AAR Agreement has been duly
            executed
            and delivered by Assignee and, upon the due authorization, execution
            and
            delivery by Assignor and Company, will constitute the valid and legally
            binding
            obligation of Assignee enforceable against Assignee in accordance with
            its terms
            except as enforceability may be limited by bankruptcy, reorganization,
            insolvency, moratorium or other similar laws now or hereafter in effect
            relating
            to creditors’ rights generally, and by general principles of equity regardless
            of whether enforceability is considered in a proceeding in equity or
            at law;

           

          (c)  No
            consent, approval, order or authorization of, or declaration, filing
            or
            registration with, any governmental entity is required to be obtained
            or made by
            Assignee in connection with the execution, delivery or performance by
            Assignee
            of this AAR Agreement, or the consummation by it of the transactions
            contemplated hereby; 

           

          (d)  There
            is
            no action, suit, proceeding, investigation or litigation pending or,
            to
            Assignee's knowledge, threatened, which either in any instance or in
            the
            aggregate, if determined adversely to Assignee, would adversely affect
            Assignee's execution or delivery of, or the enforceability of, this AAR
            Agreement, or the Assignee's ability to perform its obligations under
            this AAR
            Agreement; and

           

          (e)  Assignee
            assumes for the benefit of each of the Assignor and the Company all of
            the
            rights of the Purchaser under the Purchase Agreement with respect to
            the
            Assigned Loans.

           

          3.
              Company
            warrants and represents to, and covenant with, Assignor and Assignee
            as of the
            date hereof:

           

          (a)  Attached
            hereto as Attachment 2 are true and accurate copies of the Agreements,
            which
            agreements are in full force and effect as of the date hereof and the
            provisions
            of which have not been waived, amended or modified in any respect, nor
            has any
            notice of termination been given thereunder; 

           

          (b)  Company
            is duly organized, validly existing and in good standing under the laws
            of the
            jurisdiction of its incorporation, and has all requisite power and authority
            to
            service the Assigned Loans and otherwise to perform its obligations under
            the
            Agreements;

           

          (c)  Company
            has full corporate power and authority to execute, deliver and perform
            its
            obligations under this AAR Agreement, and to consummate the transactions
            set
            forth herein. The consummation of the transactions contemplated by this
            AAR
            Agreement is in the ordinary course of Company’s business and will not conflict
            with, or result in a breach of, any of the terms, conditions or provisions
            of
            Company’s charter or by-laws or any legal restriction, or any material agreement
            or instrument to which Company is now a party or by which it is bound,
            or result
            in the violation of any law, rule, regulation, order, judgment or decree
            to
            which Company or its property is subject. The execution, delivery and
            performance by Company of this AAR Agreement and the consummation by
            it of the
            transactions contemplated hereby, have been duly authorized by all necessary
            corporate action on the part of Company. This AAR Agreement has been
            duly
            executed and delivered by Company, and, upon the due authorization, execution
            and delivery by Assignor and Assignee, will constitute the valid and
            legally
            binding obligation of Company, enforceable against Company in accordance
            with
            its terms except as enforceability may be limited by bankruptcy, reorganization,
            insolvency, moratorium or other similar laws now or hereafter in effect
            relating
            to creditors’ rights generally, and by general principles of equity regardless
            of whether enforceability is considered in a proceeding in equity or
            at
            law;

           

          (d)  No
            consent, approval, order or authorization of, or declaration, filing
            or
            registration with, any governmental entity is required to be obtained
            or made by
            Company in connection with the execution, delivery or performance by
            Company of
            this AAR Agreement, or the consummation by it of the transactions contemplated
            hereby; 

           

          (e)  The
            Company shall establish a Custodial Account and an Escrow Account under
            the
            Purchase Agreement in favor of the Assignee with respect to the Assigned
            Loans
            separate from the Custodial Account and Escrow Account previously established
            under the Purchase Agreement in favor of Assignor;

           

          (f)  No
            event
            has occurred from the Closing Date to the date hereof which would render
            the
            representations and warranties as to the related Assigned Loans made
            by the
            Company in Sections 3.01 and 3.02 of the Former Agreement or in the related
            Term
            Sheet to be untrue in any material respect; and

           

          (g)  Neither
            this AAR Agreement nor any certification, statement, report or other
            agreement,
            document or instrument furnished or to be furnished by the Company pursuant
            to
            this AAR Agreement contains or will contain any materially untrue statement
            of
            fact or omits or will omit to state a fact necessary to make the statements
            contained therein not misleading.

           

          4.
              The
            Company hereby restates the representations and warranties set forth
            in Section
            2.02 of the Addendum (with the information pertaining to Section 2.02(a)(vii)
            specified in Attachment 3 hereto) as of the date of hereof. 

           

          Notwithstanding
            anything to the contrary in the Agreement, the Company shall (or shall
            cause any
            Third-Party Originator to) (i) immediately notify Assignor and Bear Stearns
            Asset Backed Securities I LLC (“BSABS I”) in writing of (A) legal proceedings
            pending against the Company, or proceedings known to be contemplated
            by
            governmental authorities against the Company which in the judgment of
            the
            Company would be, in each case, material to purchasers of securities
            backed by
            the Assigned Loans, (B) any affiliations or relationships of the type
            described
            in Item 1119(b) of Regulation AB that develop following the date hereof
            between
            the Company and any of the above listed parties or other parties identified
            in
            writing by the Assignor or BSABS I with respect to the Securitization
            Transaction and (ii) provide to the Assignor and BSABS I a description
            of such
            proceedings, affiliations or relationships.

          

          Each
            such
            notice/update should be sent to the Assignor by e-mail to
            regABnotifications@bear.com. Additionally, all such notifications, other
            than
            those pursuant to (i)(A) above, should be sent to:

          

          EMC
            Mortgage Corporation

          2780
            Lake
            Vista Drive

          Lewisville,
            TX 75067-3884

          Attention:
            Conduit Seller Approval Dept.

          Facsimile:
            (214) 626-3751

          Email:
            sellerapproval@bear.com

          

          With
            a
            copy to:

          

          Bear,
            Stearns & Co. Inc.

          383
            Madison Avenue, 3rd Floor

          New,
            York, NY 10179

          Attention:
            Global Credit Administration

          Facsimile:
            (212) 272-6564

          

          Notifications
            pursuant to (i)(A) above should be sent to: 

          

          EMC
            Mortgage Corporation

          Two
            Mac
            Arthur Ridge

          909
            Hidden Ridge Drive, Suite 200

          Irving,
            TX 75038

          Attention:
            Associate General Counsel for Loan Administration

          Facsimile:
            (972) 831-2555

          

          With
            copies to:

          

          Bear,
            Stearns & Co. Inc.

          383
            Madison Avenue, 3rd Floor

          New,
            York, NY 10179

          Attention:
            Global Credit Administration

          Facsimile:
            (212) 272-6564

          

          EMC
            Mortgage Corporation

          2780
            Lake
            Vista Drive

          Lewisville,
            TX 75067-3884

          Attention:
            Conduit Seller Approval Dept.

          Facsimile:
            (214) 626-3751

          Email:
            sellerapproval@bear.com

           

          5.
              Assignor
            hereby agrees to indemnify and hold the Assignee (and its successors
            and
            assigns) harmless against any and all claims, losses, penalties, fines,
            forfeitures, legal fees and related costs, judgments, and any other costs,
            fees
            and expenses that Assignee (and its successors and assigns) may sustain
            in any
            way related to any breach of the representations or warranties of Assignor
            set
            forth in this AAR Agreement or the breach of any covenant or condition
            contained
            herein.

           

          
            	 	
                    Recognition
                      of Assignee

                  

          

           

          6.
              From
            and
            after the date hereof, Company shall recognize Assignee as owner of the
            Assigned
            Loans, and acknowledges that the Assigned Loans will be part of a REMIC,
            and
            will service the Assigned Loans in accordance with the Purchase Agreement
            (as
            modified by this AAR Agreement) but in no event in a manner that would
            (i) cause
            any REMIC to fail to qualify as a REMIC or (ii) result in the imposition
            of a
            tax upon any REMIC (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). It
            is the
            intention of Assignor, Company and Assignee that this AAR Agreement shall
            be
            binding upon and for the benefit of the respective successors and assigns
            of the
            parties hereto. Neither Company nor Assignor shall amend or agree to
            amend,
            modify, waive, or otherwise alter any of the terms or provisions of the
            Purchase
            Agreement which amendment, modification, waiver or other alteration would
            in any
            way affect the Assigned Loans without the prior written consent of
            Assignee.

           

          7.
              Notwithstanding
            any term hereof to the contrary, the execution and delivery of the AAR
            Agreement
            by the Assignee is solely in its capacity as trustee for Bear Stearns
            Asset
            Backed Securities I Trust 2006-AC3 and not individually, and any recourse
            against the Assignee in respect of any obligations it may have under
            or pursuant
            to the terms of this AAR Agreement shall be limited solely to the assets
            it may
            hold as trustee of Bear Stearns Asset Backed Securities I Trust
            2006-AC3.

           

          
            	 	
                    Modification
                      of Purchase Agreement

                  

          

           

          8.
              The
            Company and Assignor hereby amend the Purchase Agreement as
            follows:

           

          (a)  The
            definition of Business Day is deleted in its entirety and replaced with
            the
            following:

           

          Business
            Day:
            Any day
            other than (i) a Saturday or a Sunday, or (ii) a legal holiday in the
            States of
            New York, North Carolina, Maryland or Minnesota, or (iii) a day on which
            banks
            in the States of New York, North Carolina, Maryland or Minnesota are
            authorized
            or obligated by law or executive order to be closed.

           

          (b)  The
            following definition is added to Section 1.01 of the Purchase, Warranties
            and
            Servicing Agreement:

           

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

           

          (c)  The
            following shall be added as the second paragraph in Section 4.02 of the
            Purchase, Warranties and Servicing Agreement:

           

          “The
            Company shall not waive any Prepayment Charge unless: (i) such waiver
            is
            standard and customary in servicing similar mortgage loans to the Mortgage
            Loans
            (including any waiver of a Prepayment Charge in connection with a refinancing
            of
            a Mortgage Loan related to a default or a reasonably foreseeable default),
            and
            (ii) such waiver, in the reasonable judgment of the Company, would maximize
            recovery of total proceeds from the Mortgage Loan, taking into account
            the value
            of such Prepayment Charge and the related Mortgage Loan. In no event
            will the
            Company 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.
            If a
            Prepayment Charge is waived, but does not meet the standards described
            above,
            then the Company is required to pay the amount of such waived Prepayment
            Charge
            by remitting such amount to the Master Servicer by the Remittance
            Date.”

           

          (d)  Section
            11.04 of the Purchase Agreement is deleted in its entirety and replaced
            with the
            following:

           

          Section
            11.04  Governing
            Law.

           

          This
            Agreement and the related Term Sheet shall be governed by and construed
            in
            accordance with the laws of the State of New York without giving effect
            to
            principles of conflicts of laws and except to the extent preempted by
            Federal
            law. The obligations, rights and remedies of the parties hereunder shall
            be
            determined in accordance with such laws.

           

          
            	 	
                    Miscellaneous

                  

          

           

          9.
              Company
            shall indemnify and hold harmless the Assignor, each affiliate of the
            Assignor,
            BSABS I, the Assignee, Bear, Stearns & Co. Inc. (the “Underwriter”) and each
            affiliate of the Underwriter, each Person (including, but not limited
            to, the
            Master Servicer) responsible for the preparation, execution or filing
            of any
            report required to be filed with the Commission, or for execution of
            a
            certification pursuant to Rule 13a-14(d) or Rule 15d-14(d) under the
            Exchange
            Act, each Person who controls the Assignor, BSABS I, the Assignee or
            the
            Underwriter (within the meaning of Section 15 of the Securities Act and
            Section
            20 of the Exchange Act); and the respective present and former directors,
            officers, employees, agents and affiliates of each of the foregoing (each,
            an
“Indemnified Party”), and shall hold each of them harmless from and against any
            claims, losses, damages, penalties, fines, forfeitures, legal fees and
            expenses
            and related costs, judgments, and any other costs, fees and expenses
            that any of
            them may sustain arising out of or based upon: 

           

          
            	(i)  	
                    (A)any
                      untrue statement of a material fact contained or alleged to
                      be contained
                      in any information, report, certification, data, accountants’ letter or
                      other material provided under Article II of the Addendum by
                      or on behalf
                      of the Assignor, or provided under Article II of the Addendum
                      by or on
                      behalf of any Subservicer, Subcontractor or Third-Party Originator
                      (collectively, the “Company Information”), or (B) the omission or alleged
                      omission to state in the Company Information a material fact
                      required to
                      be stated in the Company Information or necessary in order
                      to make the
                      statements therein, in the light of the circumstances under
                      which they
                      were made, not misleading; provided,
                      by way of clarification, that
                      clause (B) of this paragraph shall be construed solely by reference
                      to the
                      Company Information and not to any other information communicated
                      in
                      connection with a sale or purchase of securities, without regard
                      to
                      whether the Company Information or any portion thereof is presented
                      together with or separately from such other
                      information;

                  

          

           

          
            	(ii)  	
                    any
                      breach by the Company of its obligations under Article II of
                      the Addendum,
                      including particularly any failure by the Company, any Subservicer,
                      any
                      Subcontractor or any Third-Party Originator to deliver any
                      information,
                      report, certification, accountants’ letter or other material when and as
                      required under Article II of the Addendum, including any failure
                      by the
                      Company to identify any Subcontractor “participating in the servicing
                      function” within the meaning of Item 1122 of Regulation AB;
                      

                  

          

           

          
            	(iii)  	
                    any
                      breach by the Company of a representation or warranty set forth
                      in Section
                      2.02(a) of the Addendum or in a writing furnished pursuant
                      to Section
                      2.02(b) of the Addendum and made as of a date prior to the
                      date hereof, to
                      the extent that such breach is not cured by the date hereof,
                      or any breach
                      by the Company of a representation or warranty in a writing
                      furnished
                      pursuant to Section 2.02(b) of the Addendum to the extent made
                      as of a
                      date subsequent to the date hereof;
                      or

                  

          

           

          
            	(iv)  	
                    the
                      negligence, bad faith or willful misconduct of the Company
                      in connection
                      with its performance under Article II of the
                      Addendum.

                  

          

           

          If
            the
            indemnification provided for herein is unavailable or insufficient to
            hold
            harmless an Indemnified Party, then the Company agrees that it shall
            contribute
            to the amount paid or payable by such Indemnified Party as a result of
            any
            claims, losses, damages or liabilities incurred by such Indemnified Party
            in
            such proportion as is appropriate to reflect the relative fault of such
            Indemnified Party on the one hand and the Company on the other.

           

          In
            the
            case of any failure of performance described in Section 2.07(a)(ii) of
            the
            Addendum, the Company shall promptly reimburse the Assignor, BSABS I
            and each
            Person responsible for the preparation, execution or filing of any report
            required to be filed with the Commission, or for execution of a certification
            pursuant to Rule 13a-14(d) or Rule 15d-14(d) under the Exchange Act,
            for all
            costs reasonably incurred by each such party in order to obtain the information,
            report, certification, accountants’ letter or other material not delivered as
            required by the Company, any Subservicer, any Subcontractor or any Third-Party
            Originator.

           

          This
            indemnification shall survive the termination of this AAR Agreement or
            the
            termination of any party to this AAR Agreement.

           

          10.
              All
            demands, notices and communications related to the Assigned Loans, the
            Purchase
            Agreement and this AAR Agreement shall be in writing and shall be deemed
            to have
            been duly given if personally delivered at or mailed by registered mail,
            postage
            prepaid, as follows:

           

          
            	(a)  	
                    In
                      the case of Company:

                  

          

           

          Wachovia
            Mortgage Corporation

          401
            S
            Tryon St

          Charlotte,
            North Carolina 28202-1934

          Attention:
            Tim Schuck

          Telephone
            No.: (704) 374-4497

           

          
            	(b)  	
                    In
                      the case of Assignor:

                  

          

           

          EMC
            Mortgage Corporation 

          Mac
            Arthur Ridge II 

          909
            Hidden Ridge Drive, Suite 200

          Irving,
            Texas 75038

          Attention:
            Ralene Ruyle

          Telecopier
            No.: (972) 444-2810

           

          

           

          with
            a
            copy to:

           

          Bear
            Stearns Mortgage Capital Corporation

          383
            Madison Avenue

          New
            York,
            New York 10179

          Attention:
            Ernie Calabrese

                         
            Telecopier No.: (212) 272-5591

           

          
            	(c)  	
                    In
                      the case of Assignee:

                  

          

           

          U.S.
            Bank
            National Association,

          as
            Trustee

          One
            Federal Street, 3rd
            Floor

          Boston,
            Massachusetts 02110

          Attention:
            Corporate Trust Services - BSABS 2006-AC3

          Telecopier
            No.: (617) 603-6638 

           

          11.
              The
            Company hereby acknowledges that Wells Fargo Bank, N.A. (the “Master Servicer”)
            has been appointed as the master servicer of the Assigned Loans pursuant
            to the
            Pooling and Servicing Agreement, dated as of April 1, 2006, among the
            Assignor,
            the Assignee, BSABS I, Wells Fargo Bank, N.A. as securitites administrator
            and
            the Master Servicer, and therefor has the right to enforce all obligations
            of
            the Company, as they relate to the Assigned Loans, under the Purchase
            Agreement.
            Such right will include, without limitation, the right to terminate the
            Company
            under the Purchase Agreement upon the occurrence of an event of default
            thereunder, the right to receive all remittances required to be made
            by the
            Company under the Purchase Agreement, the right to receive all monthly
            reports
            and other data required to be delivered by the Company under the Purchase
            Agreement, the right to examine the books and records of the Company,
            indemnification rights, and the right to exercise certain rights of consent
            and
            approval relating to actions taken by the Company. The Company shall
            make all
            distributions under the Purchase Agreement, as they relate to the Assigned
            Loans, to the Master Servicer by wire transfer of immediately available
            funds
            to:

           

          BSABS
            2006-AC3 Master Servicer Collection Account

          Wells
            Fargo
            Bank, N.A.

          ABA#
            121000248

          Account
            Name: SAS Clearing 

          Account
            #
            3970771416

          For
            Further Credit to: BSABS 2006-AC3, Account # 50912900

           

          and
            the
            Company shall deliver all reports required to be delivered under the
            Purchase
            Agreement, as they relate to the Assigned Loans, to the Assignee at the
            address
            set forth in Section 8 herein and to the Master Servicer at:

           

          Wells
            Fargo Bank, N.A.

          9062
            Old
            Annapolis Road

          Columbia,
            Maryland 21045

          Attention:
            Client Manager BSABS 2006-AC3

           

          12.
              Each
            party will pay any commissions it has incurred and the fees of its attorneys
            in
            connection with the negotiations for, documenting of and closing of the
            transactions contemplated by this AAR Agreement.

           

          13.
              This
            AAR
            Agreement shall be construed in accordance with the laws of the State
            of New
            York, without regard to conflicts of law principles, and the obligations,
            rights
            and remedies of the parties hereunder shall be determined in accordance
            with
            such laws.

           

          14.
              No
            term
            or provision of this AAR Agreement may be waived or modified unless such
            waiver
            or modification is in writing and signed by the party against whom such
            waiver
            or modification is sought to be enforced.

           

          15.
              This
            AAR
            Agreement shall inure to the benefit of the successors and assigns of
            the
            parties hereto. Any entity into which Assignor, Assignee or Company may
            be
            merged or consolidated shall, without the requirement for any further
            writing,
            be deemed Assignor, Assignee or Company, respectively, hereunder.

           

          16.
              This
            AAR
            Agreement shall survive the conveyance of the Assigned Loans, the assignment
            of
            the Agreements to the extent of the Assigned Loans by Assignor to Assignee
            and
            the termination of the Agreements.

           

          17.
              This
            AAR
            Agreement may be executed simultaneously in any number of counterparts.
            Each
            counterpart shall be deemed to be an original and all such counterparts
            shall
            constitute one and the same instrument.

           

          18.
              In
            the
            event that any provision of this AAR Agreement conflicts with any provision
            of
            the Agreements with respect to the Assigned Loans, the terms of this
            AAR
            Agreement shall control. 

           

          

          

          
            
              
              

            

            
              
              

              
                

              

            

            
              
              

            

          

          IN
            WITNESS WHEREOF, the parties hereto have executed this AAR Agreement
            as of the
            day and year first above written.

           

          

          EMC
            MORTGAGE CORPORATION

          Assignor

          

           

          By:
            ______________________________

          Name:
            ____________________________

          Title:
            _____________________________

           

          U.S.
            BANK
            NATIONAL ASSOCIATION, not individually but solely as Trustee for 

          the
            Bear
            Stearns Asset Backed Securities I Trust 2006-AC3, Asset-Backed Certificates,
            Series 2006-AC3 

          Assignee

          

           

          By:
            ______________________________

          Name: 
            Maryellen Hunter-------_________ 

          Title: Assistant
            Vice President_____ 

           

          WACHOVIA
            MORTGAGE CORPORATION

          Company

          

           

          By:
            ______________________________

          Name:
            ____________________________

          Title:
            _____________________________

           

          Acknowledged
            and Agreed:

           

          WELLS
            FARGO BANK, N.A.

          

           

          By:
            ______________________________

          Name: Jennifer
            Richardson  

          Title: Assistant
            Vice President 

           

          

           

          
            
              
              

            

            
              
              

              
                

              

            

            
              
              

              
              

            

          

           

          ATTACHMENT
            1

           

           

          ASSIGNED
            LOAN SCHEDULE

           

          (Available
            upon request)

           

           

          

          
            
              
              

            

            
              
              

              
                

              

            

            
              
              

              
              

            

          

           

          ATTACHMENT
            2

           

          AGREEMENTS

           

           

          

           

          

          
            
              
              

            

            
              
              

              
                

              

            

            
              
              

              
              

            

          

           

          ATTACHMENT
            3

           

          AFFILIATION
            DISCLOSURE

           

          (Pursuant
            to Item 1119 of Regulation AB)

           

          1. Sponsor
            and any affiliate, including but not limited to:

          a.
            EMC
            Mortgage Corporation

          b.
            Bear,
            Stearns & Co. Inc.

          c.
            Bear,
            Stearns Securities Corp.

          d.
            Bear
            Stearns Structured Products

          e.
            Bear,
            Stearns International Limited

           

          2. Depositor
            and any affiliate, including but not limited to:

          a.
            Bear
            Stearns Asset Backed Securities I LLC

          b.
            Structured Asset Mortgage Investments II Inc.

           

          3. Bear
            Stearns Asset Backed Securities I Trust 2006-AC3 and any affiliate

           

          4. U.S.
            Bank
            National Association, as Trustee, and any affiliate

           

          5. Significant
            obligor and any affiliate -
            [None]

           

          6. Enhancement
            or support provider and any affiliate - [None]

           

          7. 1100(d)(1)
            parties - any named party in the Securitization Transaction:

           

          a.
            Cap
            Contract Provider: [Bear
            Stearns Financial Products Inc.]

           

          b.
            Underwriter: Bear, Stearns & Co. Inc.

           

          c.
            Servicers: [American Home Mortgage Corp.; Chevy Chase Bank, F.S.B.; EMC
            Mortgage
            Corporation; Harbourside Mortgage Corporation; HomEq Servicing Corporation;
            National City Mortgage Co.; Wachovia Mortgage Corporation; CitiMortgage,
            Inc.;
            Wells Fargo Bank, N.A.]

           

          d.
            Master
            Servicer: Wells Fargo Bank, National Association

           

          e.
            Unaffiliated Servicer of 20%: [American Home Mortgage Corp.; EMC Mortgage
            Corporation]

           

          f.
            Originator of 10%: [American Home Mortgage Corp.]

           

          g.
            Securities Administrator: Wells Fargo Bank, National Association

           

          h.
            Custodian: Wells Fargo Bank, National Association

           

        

      

      

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      

       

      EXHIBIT
        S-8

      

      WELLS
        FARGO ASSIGNMENT AGREEMENT

       

       

      

        ASSIGNMENT,
          ASSUMPTION AND RECOGNITION AGREEMENT

         

        THIS
          ASSIGNMENT, ASSUMPTION AND RECOGNITION AGREEMENT (the “Assignment and Assumption
          Agreement”), dated as of April 28, 2006, by EMC Mortgage Corporation, a Delaware
          corporation (the “Assignor”), U.S. Bank National Association, not individually
          but solely as trustee for the holders of Bear Stearns Asset Backed Securities
          I
          Trust 2006-AC3, Asset-Backed Certificates, Series 2006-AC3 (the “Assignee”) and
          Wells Fargo Bank, N.A. (the “Company”).

         

        Whereas
          the Assignor and the Company entered into that certain Amended and Restated
          Master Seller’s Warranties and Servicing Agreement dated as of November 1, 2005
          (the “Warranties and Servicing Agreement”), pursuant to which the Company hereby
          agrees to service certain mortgage loans listed on Exhibit A hereto (the
          “Mortgage Loans”).

         

        In
          consideration of the mutual promises and agreements contained herein, and
          for
          other good and valuable consideration, the receipt and sufficiency of which
          are
          hereby acknowledged, the parties hereto agree that the Mortgage Loans now
          serviced by the Company for the Assignor and its successors and assigns
          pursuant
          to the Warranties and Servicing Agreement shall be subject to the terms
          of this
          Assignment and Assumption Agreement. Capitalized terms used herein but
          not
          otherwise defined shall have the meanings assigned to them in the Warranties
          and
          Servicing Agreement.

         

        Assignment
          and Assumption

         

        1.  Except
          as
          expressly provided for herein, the Assignor hereby grants, transfers and
          assigns
          to the Assignee all of its right, title and interest in, to and under
(a)
          the
          Mortgage Loans and (b) the Warranties and Servicing Agreement with respect
          to
          the Mortgage Loans; provided, however, that the Assignor is not assigning
          to the
          Assignee any of its right, title and interest, to and under the Warranties
          and
          Servicing Agreement with respect to any mortgage loan other than the Mortgage
          Loans listed on Exhibit
          A.
          Notwithstanding anything to the contrary contained herein, the Assignor
          specifically reserves and does not assign to the Assignee any right, title
          and
          interest in, to or under the representations and warranties contained in
          Section
          3.01 and Section 3.02 of the Warranties and Servicing Agreement, and any
          obligation of the Company to cure, repurchase or substitute for a mortgage
          loan
          and to indemnify the Assignor with respect to a breach of such representations
          and warranties pursuant to Section 3.03 of the Warranties and Servicing
          Agreement, and the Assignor is retaining the right to enforce the
          representations and warranties and the obligations of the Company set forth
          in
          those sections against the Company. Except as is otherwise expressly provided
          herein, the Assignor makes no representations, warranties or covenants
          to the
          Assignee and the Assignee acknowledges that the Assignor has no obligations
          to
          the Assignee under the terms of the Warranties and Servicing Agreement
          or
          otherwise relating to the transaction contemplated herein (including, but
          not
          limited to, any obligation to indemnify the Assignee).

         

        Representations
          Warranties and Covenants

         

        2.  The
          Assignor warrants and represents to, and covenants with, the Assignee that
          as of
          the date hereof:

         

        
          	(a)  	
                  Attached
                    hereto as Exhibit
                    B
                    are true and accurate copies of the Warranties and Servicing
                    Agreement and
                    Assignment and Conveyance Agreement, which agreements are in
                    full force
                    and effect as of the date hereof and the provisions of which
                    have not been
                    waived, further amended or modified in any respect, nor has any
                    notice of
                    termination been given thereunder;

                

        

         

        
          	(b)  	
                  The
                    Assignor is the lawful owner of the Mortgage Loans with full
                    right to
                    transfer the Mortgage Loans and any and all of its interests,
                    rights and
                    obligations under the Warranties and Servicing Agreement as they
                    relate to
                    the Mortgage Loans, free and clear from any and all claims and
                    encumbrances; and upon the transfer of the Mortgage Loans to
                    the Assignee
                    as contemplated herein, Assignee shall have good title to each
                    and every
                    Mortgage Loan, as well as any and all of the Assignee’s interests, rights
                    and obligations under the Warranties and Servicing Agreement
                    as they
                    relate to the Mortgage Loans, free and clear of any and all liens,
                    claims
                    and encumbrances;

                

        

         

        
          	(c)  	
                  There
                    are no offsets, counterclaims or other defenses available to
                    the Company
                    with respect to the Mortgage Loans or the Warranties and Servicing
                    Agreement;

                

        

         

        
          	(d)  	
                  The
                    Assignor has no knowledge of, and has not received notice of,
                    any waivers
                    under, or any modification of, any Mortgage
                    Loan;

                

        

         

        
          	(e)  	
                  The
                    Assignor is duly organized, validly existing and in good standing
                    under
                    the laws of the jurisdiction of its incorporation, and has all
                    requisite
                    power and authority to acquire, own and sell the Mortgage
                    Loans;

                

        

         

        
          	(f)  	
                  The
                    Assignor has full corporate power and authority to execute, deliver
                    and
                    perform its obligations under this Assignment and Assumption
                    Agreement,
                    and to consummate the transactions set forth herein. The consummation
                    of
                    the transactions contemplated by this Assignment and Assumption
                    Agreement
                    is in the ordinary course of the Assignor’s business and will not conflict
                    with, or result in a breach of, any of the terms, conditions
                    or provisions
                    of the Assignor’s charter or by-laws or any legal restriction, or any
                    material agreement or instrument to which the Assignor is now
                    a party or
                    by which it is bound, or result in the violation of any law,
                    rule,
                    regulation, order, judgment or decree to which Assignor or its
                    property is
                    subject. The execution, delivery and performance by the Assignor
                    of this
                    Assignment and Assumption Agreement and the consummation by it
                    of the
                    transactions contemplated hereby, have been duly authorized by
                    all
                    necessary corporate action on part of the Assignor. This Assignment
                    and
                    Assumption Agreement has been duly executed and delivered by
                    the Assignor
                    and, upon the due authorization, execution and delivery by the
                    Assignee
                    and the Company, will constitute the valid and legally binding
                    obligation
                    of the Assignor enforceable against the Assignor in accordance
                    with its
                    terms except as enforceability may be limited by bankruptcy,
                    reorganization, insolvency, moratorium or other similar laws
                    now or
                    hereafter in effect relating to creditors’ rights generally, and by
                    general principles of equity regardless of whether enforceability
                    is
                    considered in a proceeding in equity or at
                    law;

                

        

         

        
          	(g)  	
                  No
                    consent, approval, order or authorization of, or declaration,
                    filing or
                    registration with, any governmental entity is required to be
                    obtained or
                    made by the Assignor in connection with the execution, delivery
                    or
                    performance by the Assignor of this Assignment and Assumption
                    Agreement,
                    or the consummation by it of the transactions contemplated hereby.
                    Neither
                    the Assignor nor anyone acting on its behalf has offered, transferred,
                    pledged, sold or otherwise disposed of the Mortgage Loans or
                    any interest
                    in the Mortgage Loans, or solicited any offer to buy or accept
                    a transfer,
                    pledge or other disposition of the Mortgage Loans, or any interest
                    in the
                    Mortgage Loans or otherwise approached or negotiated with respect
                    to the
                    Mortgage Loans, or any interest in the Mortgage Loans with any
                    Person in
                    any manner, or made any general solicitation by means of general
                    advertising or in any other manner, or taken any other action
                    which would
                    constitute a distribution of the Mortgage Loans under the Securities
                    Act
                    of 1933, as amended (the “1933 Act”)
                    or
                    which would render the disposition of the Mortgage Loans a violation
                    of
                    Section 5 of the 1933 Act or require registration pursuant thereto;
                    and

                

        

         

        
          	(h)  	
                  The
                    Assignor has received from the Company, and has delivered to
                    the Assignee,
                    all documents required to be delivered to the Assignor by the
                    Company
                    prior to the date hereof pursuant to the Warranties and Servicing
                    Agreement with respect to the Mortgage Loans and has not received,
                    and has
                    not requested from the Company, any additional
                    documents.

                

        

         

        3.  The
          Assignee warrants and represents to, and covenants with, Assignor and Company
          as
          of the date hereof:

         

        
          	(a)  	
                  The
                    Assignee is duly organized, validly existing and in good standing
                    under
                    the laws of the jurisdiction of its organization and has all
                    requisite
                    power and authority to hold the Mortgage Loans on behalf of the
                    holders of
                    Bear Stearns Asset Backed Certificates I Trust 2006-AC3, Asset-Backed
                    Certificates, Series 2006-AC3;

                

        

         

        
          	(b)  	
                  The
                    Assignee has full corporate power and authority to execute, deliver
                    and
                    perform under this Assignment and Assumption Agreement, and to
                    consummate
                    the transactions set forth herein. The consummation of the transactions
                    contemplated by this Assignment and Assumption Agreement is in
                    the
                    ordinary course of the Assignee’s business and will not conflict with, or
                    result in a breach of, any of the terms, conditions or provisions
                    of the
                    Assignee’s charter or by-laws or any legal restriction, or any material
                    agreement or instrument to which the Assignee is now a party
                    or by which
                    it is bound, or result in the violation of any law, rule, regulation,
                    order, judgment or decree to which the Assignee or its property
                    is
                    subject. The execution, delivery and performance by the Assignee
                    of this
                    Assignment and Assumption Agreement and the consummation by it
                    of the
                    transactions contemplated hereby, have been duly authorized by
                    all
                    necessary corporate action on part of the Assignee. This Assignment
                    and
                    Assumption Agreement has been duly executed and delivered by
                    the Assignee
                    and, upon the due authorization, execution and delivery by the
                    Assignor
                    and the Company, will constitute the valid and legally binding
                    obligation
                    of Assignee enforceable against the Assignee in accordance with
                    its terms
                    except as enforceability may be limited by bankruptcy, reorganization,
                    insolvency, moratorium or other similar laws now or hereafter
                    in effect
                    relating to creditors’ rights generally, and by general principles of
                    equity regardless of whether enforceability is considered in
                    a proceeding
                    in equity or at law;

                

        

         

        
          	(c)  	
                  No
                    consent, approval, order or authorization of, or declaration,
                    filing or
                    registration with, any governmental entity is required to be
                    obtained or
                    made by the Assignee in connection with the execution, delivery
                    or
                    performance by the Assignee of this Assignment and Assumption
                    Agreement,
                    or the consummation by it of the transactions contemplated hereby;
                    and

                

        

         

        
          	(d)  	
                  The
                    Assignee assumes all of the rights of the Purchaser under the
                    Warranties
                    and Servicing Agreement with respect to the Mortgage Loans other
                    than the
                    right to enforce the obligations of the Company under the Warranties
                    and
                    Servicing Agreement.

                

        

         

        4.  The
          Company warrants and represents to, and covenants with, the Assignor and
          the
          Assignee as of the date hereof:

         

        
          	(a)  	
                  Attached
                    hereto as Exhibit
                    B
                    are true and accurate copies of the Warranties and Servicing
                    Agreement and
                    Assignment and Conveyance Agreement, which agreements are in
                    full force
                    and effect as of the date hereof and the provisions of which
                    have not been
                    waived, further amended or modified in any respect, nor has any
                    notice of
                    termination been given thereunder;

                

        

         

        
          	(b)  	
                  The
                    Company is a national banking association duly organized, validly
                    existing
                    and in good standing under the laws of the United States, and
                    has all
                    requisite power and authority to service the Mortgage Loans and
                    otherwise
                    to perform its obligations under the Warranties and Servicing
                    Agreement;

                

        

         

        
          	(c)  	
                  The
                    Company has full power and authority to execute, deliver and
                    perform its
                    obligations under this Assignment and Assumption Agreement, and
                    to
                    consummate the transactions set forth herein. The consummation
                    of the
                    transactions contemplated by this Assignment and Assumption Agreement
                    is
                    in the ordinary course of the Company’s business and will not conflict
                    with, or result in a breach of, any of the terms, conditions
                    or provisions
                    of the Company’s charter or by-laws or any legal restriction, or any
                    material agreement or instrument to which the Company is now
                    a party or by
                    which it is bound, or result in the violation of any law, rule,
                    regulation, order, judgment or decree to which the Company or
                    its property
                    is subject. The execution, delivery and performance by the Company
                    of this
                    Assignment and Assumption Agreement and the consummation by it
                    of the
                    transactions contemplated hereby, have been duly authorized by
                    all
                    necessary action on part of the Company. This Assignment and
                    Assumption
                    Agreement has been duly executed and delivered by the Company,
                    and, upon
                    the due authorization, execution and delivery by Assignor and
                    Assignee,
                    will constitute the valid and legally binding obligation of Company,
                    enforceable against the Company in accordance with its terms
                    except as
                    enforceability may be limited by the effect of insolvency, liquidation,
                    conservatorship and other similar laws administered by the Federal
                    Deposit
                    Insurance Corporation affecting the enforcement of contract obligations
                    of
                    insured banks and subject to the application of the rules of
                    equity;

                

        

         

        
          	(d)  	
                  No
                    consent, approval, order or authorization of, or declaration,
                    filing or
                    registration with, any governmental entity is required to be
                    obtained or
                    made by the Company in connection with the execution, delivery
                    or
                    performance by the Company of this Assignment and Assumption
                    Agreement, or
                    the consummation by it of the transactions contemplated
                    hereby;

                

        

         

        
          	(e)  	
                  The
                    Company shall establish a Custodial Account and an Escrow Account
                    under
                    the Warranties and Servicing Agreement in favor of the Assignee
                    with
                    respect to the Mortgage Loans separate from the Custodial Account
                    and
                    Escrow Account previously established under the Warranties and
                    Servicing
                    Agreement in favor of Assignor; and

                

        

         

        
          	(f)  	
                  Pursuant
                    to Section 9.01 of the Warranties and Servicing Agreement, the
                    Company
                    hereby restates the representations and warranties set forth
                    in Section
                    3.01 of the Warranties and Servicing Agreement with respect to
                    the Company
                    as of the date hereof.

                

        

         

        5.  Company
          warrants and represents to, and covenants with, Assignor and Bear Stearns
          Asset
          Backed Securities I LLC as of the date hereof:

         

        
          	(a)  	
                  Company
                    is not aware and has not received notice that any default, early
                    amortization or other performance triggering event has occurred
                    as to any
                    other securitization due to any act or failure to act of the
                    Company;

                

        

         

        
          	(b)  	
                  No
                    material noncompliance with the applicable servicing criteria
                    with respect
                    to other securitizations of residential mortgage loans involving
                    the
                    Company as servicer has been disclosed or reported by the
                    Company;

                

        

         

        
          	(c)  	
                  Company
                    has not been terminated as servicer in a residential mortgage
                    loan
                    securitization, either due to a servicing default or to application
                    of a
                    servicing performance test or
                    trigger;

                

        

         

        
          	(d)  	
                  No
                    material changes to the Company’s policies or procedures with respect to
                    the servicing function it will perform under the Warranties and
                    Servicing
                    Agreement and this Assignment and Assumption Agreement for mortgage
                    loans
                    of a type similar to the Mortgage Loans have occurred during
                    the
                    three-year period immediately preceding the date
                    hereof;

                

        

         

        
          	(e)  	
                  There
                    are no aspects of the Company’s financial condition that could have a
                    material adverse effect on the performance by the Company of
                    its servicing
                    obligations under the Warranties and Servicing Agreement and
                    this
                    Assignment and Assumption
                    Agreement;

                

        

         

        
          	(f)  	
                  There
                    are no material legal or governmental proceedings pending (or
                    known to be
                    contemplated) against the Company, any Subservicer or any Third-Party
                    Originator; and

                

        

         

        
          	(g)  	
                  There
                    are no affiliations, relationships or transactions relating to
                    the Company
                    or any Subservicer with respect to this Securitization Transaction
                    and any
                    party thereto of a type described in Item 1119 of Regulation
                    AB.

                

        

         

        6.  Assignor
          hereby
          agrees to indemnify and hold the Assignee (and its successors and assigns)
          harmless against any and all claims, losses, penalties, fines, forfeitures,
          legal fees and related costs, judgments, and any other costs, fees and
          expenses
          that Assignee (and its successors and assigns) may sustain in any way related
          to
          any breach of the representations or warranties of Assignor set forth in
          this
          Assignment and Assumption Agreement or the breach of any covenant or condition
          contained herein.

         

        7.  The
          Company hereby acknowledges that Wells Fargo Bank, N.A. and any successor
          thereto (the “Master Servicer”), has been appointed as master servicer of the
          Mortgage Loans pursuant to the Pooling and Servicing Agreement dated as
          of April
          1, 2006 the “Pooling and Servicing Agreement”), among Bear Stearns Asset Backed
          Securities I LLC, the Assignor, the Assignee and the Master Servicer, and
          therefore has the right to enforce all obligations of the Company under
          the
          Warranties and Servicing Agreement. Such right will include, without limitation,
          the right to receive all remittances required to be made by the Company
          under
          the Warranties and Servicing Agreement, the right to receive all monthly
          reports
          and other data required to be delivered by the Company under the Warranties
          and
          Servicing Agreement, the right to examine the books and records of the
          Company,
          indemnification rights, and the right to exercise certain rights of consent
          and
          approval relating to actions taken by the Company. The Company hereby
          acknowledges that the Master Servicer shall be obligated to notify the
          Assignee
          in accordance with the Pooling and Servicing Agreement upon the discovery
          of an
          event of default by the Company of its obligations under the Warranties
          and
          Servicing Agreement and the Assignee shall have the right to terminate
          the
          Company as servicer under the Warranties and Servicing Agreement upon the
          occurrence of such an event of default.

         

        8.  Notwithstanding
          any term hereof to the contrary, the execution and delivery of this Assignment
          and Assumption Agreement by the Assignee is solely in its capacity as trustee
          for Bear Stearns Asset Backed Securities I Trust 2006-AC3, Asset-Backed
          Certificates, Series 2006-AC3 and not individually, and any recourse against
          the
          Assignee in respect of any obligations it may have under or pursuant to
          the
          terms of this Assignment and Assumption Agreement shall be limited solely
          to the
          assets it may hold as trustee of Bear Steans Asset Backed Securities I
          Trust
          2006-AC3, Asset-Backed Certificates, Series 2006-AC3.

         

        Recognition
          of Assignee

         

        9.  From
          and
          after the date hereof, Company shall recognize Assignee as owner of the
          Mortgage
          Loans and will service the Mortgage Loans for Assignee as if Assignee and
          Company had entered into a separate servicing agreement for the servicing
          of the
          Mortgage Loans in the form of the Warranties and Servicing Agreement (as
          modified herein), the terms of which are incorporated herein by reference.
          Notwithstanding anything to the contrary contained herein or in the Warranties
          and Servicing Agreement, Company acknowledges that the Mortgage Loans will
          be
          part of a REMIC and hereby agrees that in no event will it service the
          Mortgage
          Loans in a manner that would (i) cause any REMIC to fail to qualify as
          a REMIC
          or (ii) result in the imposition of a tax upon any REMIC (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). It is the intention of Assignor, Company and Assignee that
          this
          Assignment and Assumption Agreement shall be binding upon and for the benefit
          of
          the respective successors and assigns of the parties hereto. Neither Company
          nor
          Assignor shall amend or agree to amend, modify, waive, or otherwise alter
          any of
          the terms or provisions of the Warranties and Servicing Agreement which
          amendment, modification, waiver or other alteration would in any way affect
          the
          Mortgage Loans without the prior written consent of Assignee.

         

        Modification
          of the
          Warranties and Servicing Agreement

         

        10.  The
          Company and Assignor hereby amend the Warranties
          and Servicing Agreement as follows:

         

        The
          following definitions shall be added to Article I of the Warranties and
          Servicing Agreement:

         

        Assignee:
          U.S.
          Bank National Association, as trustee for the holders of Bear Stearns Asset
          Backed Securities I Trust 2006-AC3, Asset-Backed Certificates, Series
          2006-AC3.

         

        Master
          Servicer:
          With
          respect to any Securitization Transaction, the “master servicer,” if any,
          identified in the related transaction documents.

         

        Nonrecoverable
          Advance:
          Any
          advance previously made by the Company pursuant to Section 5.03 or any
          Servicing
          Advance which, in the good faith judgment of the Company, may not be ultimately
          recoverable by the Company from Liquidation Proceeds or otherwise. The
          determination by the Company that it has made a Nonrecoverable Advance,
          shall be
          evidenced by an Officer’s Certificate of the Company delivered to the Purchaser
          and the Master Servicer and detailing the reasons for such
          determination.

         

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

         

        Securities
          Administrator:
          With
          respect to any Securitization Transaction, the “securities administrator,” if
          any, identified in the related transaction documents.

         

        Trustee:
          U.S.
          Bank National Association.

         

        (b) The
          definition of Principal Prepayment in Article I of the Warranties and Servicing
          Agreement is deleted in its entirety and replaced with the
          following:

         

        Principal
          Prepayment:
          Any
          payment or other recovery of principal on a Mortgage Loan which is received
          in
          advance of its scheduled Due Date, including any Prepayment Charge and
          which is
          not accompanied by an amount of interest representing scheduled interest
          due on
          any date or dates in any month or months subsequent to the month of
          prepayment.

         

        (c) The
          definition of “Qualified Depository” in the Warranties and Servicing Agreement
          shall be modified by deleting the word “A-1” and replacing it with the word
“A-1+”.

         

        (d) Article
          III of the Warranties and Servicing Agreement is hereby amended effective
          as of
          the date hereof as follows:

         

        
          	 	
                  (1)

                	
                  Section
                    3.01(b) is amended by replacing the “,” after the word “loans” in the
                    third line, with a “.”, and deleting the remainder of the
                    sentence.

                

        

         

        
          	 	
                  (2)

                	
                  Section
                    3.01(c) is amended by deleting, “the sale of the Mortgage Loans to the
                    Purchaser”.

                

        

         

        
          	 	
                  (3)

                	
                  Section
                    3.01(f) is amended by adding a “.” after, “The Company is solvent.” And
                    deleting the remainder of the
                    paragraph.

                

        

         

        
          	 	
                  (4)

                	
                  Section
                    3.01(h) is amended by deleting, “or the sale of the Mortgage Loans as
                    evidenced by the consummation of the transactions contemplated
                    by this
                    Agreement.

                

        

         

        (5) Section
          3.01(i) is deleted in its entirety.

         

        (6) Section
          3.01(k) is deleted in its entirety.

         

        
          	 	
                  (7)

                	
                  by
                    deleting Section 3.01(l) in its entirety and replacing it with
                    the
                    following:

                

        

         

        (l) No
          Material Change. 

         

        There
          has
          been no material adverse change in the servicing policies and procedures,
          business, operations, financial condition or assets of the Company since
          the
          date of the Company’s most recent financial statements that would have a
          material adverse effect on its ability to perform its obligations under
          this
          Agreement;

         

        (8) Section
          3.01(m) is deleted in its entirety; and

         

        (9) Section
          3.02 is not applicable to the Mortgage Loans.

         

        (e) Article
          IV of the Warranties and Servicing Agreement is hereby amended effective
          as of
          the date hereof by adding “, other than Servicing Advances,” after “future
          advances” in the second paragraph of Section 4.01.

         

        (f) Article
          IV of the Warranties and Servicing Agreement is hereby amended effective
          as of
          the date hereof by deleting “, and the Company shall not commence foreclosure
          proceedings if the Purchaser objects to such action within three (3) Business
          Days of receiving such notice” in first paragraph of Section 4.02.

         

        (g) Article
          IV of the Warranties and Servicing Agreement is hereby amended effective
          as of
          the date hereof by adding the following paragraph to Section 4.03:

         

        The
          Company shall not waive any 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,
          (ii) the enforcement thereof is illegal, or any local, state or federal
          agency
          has threatened legal action if the prepayment penalty is enforced, (iii)
          the
          mortgage debt has been accelerated in connection with a foreclosure or
          other
          involuntary payment or (iv) such waiver is standard and customary in servicing
          similar Mortgage Loans and relates to a default or a reasonably foreseeable
          default and would, in the reasonable judgment of the Company, maximize
          recovery
          of total proceeds taking into account the value of such Prepayment Charge
          and
          the related Mortgage Loan. If a Prepayment Charge is waived, but does not
          meet
          the standards described above, then the Company is required to pay the
          amount of
          such waived Prepayment Charge by remitting such amount to the Purchaser
          by the
          Remittance Date.

         

        With
          respect to any Mortgage Loan that contains a provision permitting imposition
          of
          a premium upon a prepayment prior to maturity, such Prepayment Charge shall
          not
          be imposed in any instance where the Mortgage Loan is accelerated or paid
          off in
          connection with the workout of a delinquent mortgage or due to the borrower’s
          default, notwithstanding that the terms of the Mortgage Loan or state or
          federal
          law might permit the imposition of such penalty.

         

        (h) Article
          IV of the Warranties and Servicing Agreement is hereby amended by replacing
          the
          second paragraph of Section 4.04 with the following:

         

        The
          Company shall deposit in a mortgage clearing account on a daily basis,
          and in
          the Custodial Account within (2) Business Days after the Company’s receipt of
          such funds, and retain therein, the following collections received by the
          Company and payments made by the Company after the related Cut-off Date,
          other
          than payments of principal and interest due on or before the related Cut-off
          Date, or received by the Company prior to the related Cut-off Date but
          allocable
          to a period subsequent thereto:

         

        (i) The
          following is added as Subsection 4.05(x) of the Warranties
          and
          Servicing Agreement:

         

        “(x)
          to
          reimburse itself for any Nonrecoverable Advances;”

         

        (j) Article
          IV of the Warranties and Servicing Agreement is hereby amended by replacing
          the
          second paragraph of Section 4.06 with the following:

         

        The
          Company shall deposit in a mortgage clearing account on a daily basis,
          and in
          the Escrow Account or Accounts within two (2) Business Days after the Company’s
          receipt of such funds, and retain therein:

         

        (k) Article
          IV of the Warranties
          and Servicing Agreement is hereby amended by replacing Section 4.25 with
          the
          following:

         

        The
          Company shall not hire or otherwise utilize the services of any Subservicer
          to
          fulfill any of the obligations of the Company as servicer under this Agreement
          or any Reconstitution Agreement unless the Company complies with the provisions
          of paragraph (a) of this Section 4.25. The Company shall not hire or otherwise
          utilize the services of any Subcontractor, and shall not permit any Subservicer
          to hire or otherwise utilize the services of any Subcontractor, to fulfill
          any
          of the obligations of the Company as servicer under this Agreement or any
          Reconstitution Agreement unless the Company complies with the provisions
          of
          paragraph (b) of this Section 4.25.

         

        (a) It
          shall
          not be necessary for the Company to seek the consent of the Purchaser,
          any
          Master
          Servicer or any Depositor to the utilization of any Subservicer. The Company
          shall cause any Subservicer used by the Company (or by any Subservicer)
          for the
          benefit of the Purchaser and any Depositor to comply with the provisions
          of this
          Section 4.25 and with Sections 6.04, 6.06, 9.01(e)(iii), 9.01(e)(v),
          9.01(e)(vi), 9.01(e)(vii), 9.01(e)(viii) and 9.01(f) of this Agreement
          to the
          same extent as if such Subservicer were the Company, and to provide the
          information required with respect to such Subservicer under Section 9.01(e)(iv)
          of this Agreement. The Company shall be responsible for obtaining from
          each
          Subservicer and delivering to the Purchaser and any Depositor any servicer
          compliance statement required to be delivered by such Subservicer under
          Section
          6.04 and any assessment of compliance and attestation required to be delivered
          by such Subservicer under Section 6.06 and any certification required to
          be
          delivered to the Person that will be responsible for signing the Sarbanes
          Certification under Section 6.06 as and when required to be
          delivered.

         

        (b) It
          shall
          not be necessary for the Company to seek the consent of the Purchaser,
          any
          Master Servicer or any Depositor to the utilization of any Subcontractor.
          The
          Company shall promptly upon request provide to the Purchaser, any Master
          Servicer and any Depositor (or any designee of the Depositor, such as an
          administrator) a written description (in form and substance satisfactory
          to the
          Purchaser, such Depositor and such Master Servicer) of the role and function
          of
          each Subcontractor utilized by the Company or any Subservicer, specifying
          (i)
          the identity of each such Subcontractor, (ii) which (if any) of such
          Subcontractors are “participating in the servicing function” within the meaning
          of Item 1122 of Regulation AB, and (iii) which elements of the Servicing
          Criteria will be addressed in assessments of compliance provided by each
          Subcontractor identified pursuant to clause (ii) of this paragraph.

         

        As
          a
          condition to the utilization of any Subcontractor determined to be
“participating in the servicing function” within the meaning of Item 1122 of
          Regulation AB, the Company shall cause any such Subcontractor used by the
          Company (or by any Subservicer) for the benefit of the Purchaser and any
          Depositor to comply with the provisions of Sections 6.06 and 9.01(f) of
          this
          Agreement to the same extent as if such Subcontractor were the Company.
          The
          Company shall be responsible for obtaining from each Subcontractor and
          delivering to the Purchaser and any Depositor any assessment of compliance
          and
          attestation and the other certifications required to be delivered by such
          Subservicer and such Subcontractor under Section 6.06, in each case as
          and when
          required to be delivered.

         

        (l) Article
          V
          of the Warranties and Servicing Agreement is hereby amended effective as
          of the
          date hereof by deleting Section 5.02 in its entirety and replacing it with
          the
          following:

         

        Section
          5.02 Statements
          to the Purchaser.

         

        No
          later
          than the tenth (10th)
          calendar day (or if such tenth (10th)
          day is
          not a Business Day, the first Business Day immediately preceding such tenth
          (10th
          day) of
          each month, the Company shall furnish to the Master Servicer an electronic
          file
          containing the data specified in Exhibit
          I,
          which
          data shall reflect information as to the period ending on the last day
          of the
          preceding month, Exhibit
          J
          with
          respect to defaulted mortgage loans and Exhibit
          K,
          with
          respect to realized losses and gains, with each such report. 

         

        (m) Section
          6.02 (Satisfaction of Mortgages and Release of Mortgage Loan Documents)
          is
          hereby amended by adding “(other than as a result of a modification of the
          Mortgage pursuant to this Agreement or a liquidation of the Mortgaged Property
          pursuant to the terms of this Agreement)” after “secured by the Mortgage” in the
          second paragraph.

         

        (n) Section
          6.04 (Annual Statements as to Compliance) is hereby amended as
          follows:

         

        (1) delete
          paragraph (i) in its entirety;

         

        (2) delete
          the reference to “(ii)” at the beginning of the section paragraph;
          and

         

        (3) Delete
          the references to “the Purchaser and any Depositor” and replace each with “the
          Master Servicer”.

         

        (o) Section
          6.05 (Annual Independent Public Accountants’ Servicing Report) is deleted in its
          entirety.

         

        (p) Section
          6.06 (Report on Assessment of Compliance and Attestation) is hereby amended
          by
          replacing the references to “the Purchaser and any Depositor” with “the Master
          Servicer”, “the Purchaser and such Depositor” with “the Master Servicer”,
“Section 425(b)” with “Section 4.25(b)” and “”paragraphs (a) and (b)” with
“paragraphs (i) and (ii)”.

         

        (q) Section
          6.07(i) is hereby amended by replacing the reference to “Section 9.01(e)(iv)(A)”
with “Section 9.01(e)(vi)(A)”, “Section 9.01(e)(iv)(B)” with “Section
          9.01(e)(vi)(B)” and deleting the reference to “Section 6.05”.

         

        (r) Section
          6.07(ii) is hereby amended by replacing the references to “Purchaser or
          Depositor” with “Purchaser, any Master Servicer or any Depositor”, “Subcontract”
with “Subcontractor” and deleting the reference to “Section 6.05”.

         

        (s) The
          following are added as the second, third and fourth paragraphs of Section
          6.09
          of the Warranties
          and Servicing
          Agreement:

         

        “Notwithstanding
          anything in this Agreement to the contrary, the Company (a) shall not permit
          any
          modification with respect to any Mortgage Loan that would change the Mortgage
          Interest Rate and (b) shall not (unless the Mortgagor is in default with
          respect
          to the Mortgage Loan or such default is, in the judgment of the Company,
          reasonably foreseeable) make or permit any modification, waiver or amendment
          of
          any term of any Mortgage Loan that would both effect an exchange or reissuance
          of such Mortgage Loan under Section 1001 of the Code (or Treasury regulations
          promulgated thereunder).

         

        Prior
          to
          taking any action with respect to the Mortgage Loans which is not contemplated
          under the terms of this Agreement, the Company will obtain an Opinion of
          Counsel
          reasonably acceptable to the Securities Administrator with a copy to the
          Trustee
          with respect to whether such action could result in the imposition of a
          tax upon
          the REMIC (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”), and the Company shall not take any such action or cause the Trust
          Fund to take any such action as to which it has been advised that an Adverse
          REMIC Event could occur.

         

        The
          Company shall not permit the creation of any “interests” (within the meaning of
          Section 860G of the Code) in the REMIC. The Company shall not enter into
          any
          arrangement by which the REMIC will receive a fee or other compensation
          for
          services nor permit the REMIC to receive any income from assets other than
          “qualified mortgages” as defined in Section 860G(a)(3) of the Code or “permitted
          investments” as defined in Section 860G(a)(5) of the Code.”

         

        (t) Article
          IX of the Warranties
          and Servicing
          Agreement is hereby amended effective as of the date hereof by deleting
          in their
          entirety Sections 9.01(d), 9.01(e)(i) and 9.01(e)(ii).

         

        (u) Article
          IX of the Warranties
          and Servicing
          Agreement is hereby amended effective as of the date hereof by replacing
          Section
          9.01(e)(iv) with the following:

         

        (iv) For
          the
          purpose of satisfying the reporting obligation under the Exchange Act with
          respect to any class of asset-backed securities, the Company shall (or
          shall
          cause each Subservicer to) (1) provide prompt notice to the Purchaser,
          any
          Master Servicer and any Depositor in writing of (A) any material litigation
          or
          governmental proceedings involving the Company or any Subservicer, (B)
          any
          affiliations or relationships that develop following the closing date of
          a
          Securitization Transaction between the Company or any Subservicer and any
          of the
          parties specified in Section 9.01(e)(iii)(J) (and any other parties identified
          in writing by the requesting party) with respect to such Securitization
          Transaction, (C) any Event of Default under the terms of this Agreement
          or any
          Reconstitution Agreement, (D) any merger, consolidation or sale of substantially
          all of the assets of the Company, and (E) the Company’s entry into an agreement
          with a Subservicer to perform or assist in the performance of any of the
          Company’s obligations under this Agreement or any Reconstitution Agreement, and
          (2) provide to the Purchaser and any Depositor a description of such
          proceedings, affiliations or relationships.

         

        Each
          such
          notice/update pursuant to this Section 9.01(e)(iv) should be sent by e-mail
          to
          regABnotifications@bear.com. Additionally, all notifications pursuant to
          this
          Section 9.01(e)(iv), other than those pursuant to Section 9.01(e)(iv)(A),
          should
          be sent to:

         

        EMC
          Mortgage Corporation

        2780
          Lake
          Vista Drive

        Lewisville,
          TX 75067-3884

        Attention:
          Conduit Seller Approval Dept.

        Facsimile:
          (214) 626-3751

        Email:
          sellerapproval@bear.com

        

        With
          a
          copy to:

         

        Bear,
          Stearns & Co. Inc.

        383
          Madison Avenue, 3rd Floor

        New,
          York, NY 10179

        Attention:
          Global Credit Administration

        Facsimile:
          (212) 272-6564

        

         

        Notifications
          pursuant to Section 9.01(e)(iv)(A) should be sent to: 

         

        EMC
          Mortgage Corporation

        Two
          Mac
          Arthur Ridge

        909
          Hidden Ridge Drive, Suite 200

        Irving,
          TX 75038

        Attention:
          Associate General Counsel for Loan Administration

        Facsimile:
          (972) 831-2555

        

        With
          copies to:

         

        Bear,
          Stearns & Co. Inc.

        383
          Madison Avenue, 3rd Floor

        New,
          York, NY 10179

        Attention:
          Global Credit Administration

        Facsimile:
          (212) 272-6564

        

        EMC
          Mortgage Corporation

        2780
          Lake
          Vista Drive

        Lewisville,
          TX 75067-3884

        Attention:
          Conduit Seller Approval Dept.

        Facsimile:
          (214) 626-3751

        Email:
          sellerapproval@bear.com

        

         

        (v) Section
          9.01(e)(v) of the Warranties and Servicing Agreement is hereby amended
          effective
          as of the date hereof, by replacing the references to “the Purchaser and any
          Depositor” with “the Purchaser, the Master Servicer and any Depositor” and “the
          Purchaser and such Depositor” with “the Purchaser, the Master Servicer and such
          Depositor”.

         

        (w) The
          third
          paragraph of Section 9.01 of the Warranties
          and Servicing
          Agreement is hereby amended effective as of the date hereof by replacing
          such
          section with the following:

         

        The
          Purchaser and the Company acknowledge and agree that the purpose of Section
          9.01(e) is to facilitate compliance by the Purchaser and any Depositor
          with the
          provisions of Regulation AB and related rules and regulations of the Commission.
          Although Regulation AB is applicable by its terms only to offerings of
          asset-backed securities that are registered under the Securities Act, the
          Company acknowledges that investors in privately offered securities may
          require
          that the Purchaser or any Depositor provide comparable disclosure in
          unregistered offerings. References in this Agreement to compliance with
          Regulation AB include provision of comparable disclosure in private offerings.
          

         

        Neither
          the Purchaser, the Master Servicer nor any Depositor shall exercise its
          right to
          request delivery of information or other performance under these provisions
          other than in good faith, or for purposes other than compliance with the
          Securities Act, the Exchange Act and the rules and regulations of the Commission
          thereunder (or the provision in a private offering of disclosure comparable
          to
          that required under the Securities Act). The Company acknowledges that
          interpretations of the requirements of Regulation AB may change over time,
          whether due to interpretive guidance provided by the Commission or its
          staff,
          consensus among participants in the asset-backed securities markets, advice
          of
          counsel, or otherwise, and agrees to comply with requests made by the Purchaser,
          the Master Servicer or any Depositor in good faith for delivery of information
          under these provisions on the basis of evolving interpretations of Regulation
          AB. In connection with any Securitization Transaction, the Company shall
          cooperate fully with the Purchaser and any Master Servicer to deliver to
          the
          Purchaser (including any of its assignees or designees), any Master Servicer
          and
          any Depositor, any and all statements, reports, certifications, records
          and any
          other information necessary in the good faith determination of the Purchaser,
          the Master Servicer or any Depositor to permit the Purchaser, such Master
          Servicer or such Depositor to comply with the provisions of Regulation
          AB,
          together with such disclosures relating to the Company, any Subservicer,
          any
          Third-Party Originator and the Mortgage Loans, or the servicing of the
          Mortgage
          Loans, reasonably believed by the Purchaser or any Depositor to be necessary
          in
          order to effect such compliance.

         

        The
          Purchaser (including any of its assignees or designees) shall cooperate
          with the
          Company by providing timely notice of requests for information under these
          provisions and by reasonably limiting such requests to information required,
          in
          the Purchaser’s reasonable judgment, to comply with Regulation AB.

         

        (x) Section
          9.01(e)(vii) of the Warranties and Servicing Agreement is hereby amended
          effective as of the date hereof by replacing such section with the following:
          

         

        (vii)
          In
          addition to such information as the Company, as servicer, is obligated
          to
          provide pursuant to other provisions of this Agreement, not later than
          ten (10)
          days prior to the deadline for the filing of any distribution report on
          Form
          10-D in respect of any Securitization Transaction that includes any of
          the
          Mortgage Loans serviced by the Company or any Subservicer, the Company
          or such
          Subservicer, as applicable, shall, to the extent the Company or such Subservicer
          has knowledge, provide to the party responsible for filing such report
          (including, if applicable, the Master Servicer) notice of the occurrence
          of any
          of the following events along with all information, data, and materials
          related
          thereto as may be required to be included in the related distribution report
          on
          Form 10-D (as specified in the provisions of Regulation AB referenced
          below):

         

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

         

        (B) material
          breaches of pool asset representations or warranties or transaction covenants
          (Item 1121(a)(12) of Regulation AB); and

         

        (C) information
          regarding new asset-backed securities issuances backed by the same pool
          assets,
          any pool asset changes (such as, additions, substitutions or repurchases),
          and
          any material changes in origination, underwriting or other criteria for
          acquisition or selection of pool assets (Item 1121(a)(14) of Regulation
          AB).

         

        (y) Article
          IX of the Warranties and Servicing Agreement is hereby amended effective
          as of
          the date hereof by inserting the following new Section 9.01(e)(viii) as
          follows:

         

        (viii)
          The Company shall provide to the Purchaser, any Master Servicer and any
          Depositor, evidence of the authorization of the person signing any certification
          or statement, copies or other evidence of Fidelity Bond Insurance and Errors
          and
          Omission Insurance policy, financial information and reports, and such
          other
          information related to the Company or any Subservicer or the Company or
          such
          Subservicer’s performance hereunder.

         

        (z) Article
          IX of the Warranties and Servicing Agreement is hereby amended effective
          as of
          the date hereof by inserting the following after Section 9.01(e)(iii)(H)
          in its
          entirety as follows:

         

        (I) a
          description of any material legal or governmental proceedings pending (or
          known
          to be contemplated) against the Servicer; and

         

        (J) a
          description of any affiliation or relationship between the Servicer and
          any of
          the following parties to a Securitization Transaction, as such parties
          are
          identified to the Servicer by the Purchaser or any Depositor in writing
          in
          advance of such Securitization Transaction:

         

        (1) the
          sponsor;

        (2) the
          depositor;

        (3) the
          issuing entity;

        (4) any
          servicer;

        (5) any
          trustee;

        (6) any
          originator;

        (7) any
          significant obligor;

        (8) any
          enhancement or support provider; and

        (9) any
          other
          material transaction party.

         

        (aa) Article
          IX of the Warranties and Servicing Agreement is hereby amended by replacing
          Section 9.01(f) with the following:

         

        
          	 	
                  (f)

                	
                  the
                    Company shall indemnify the Purchaser, each affiliate of the
                    Purchaser,
                    and each of the following parties participating in a Securitization
                    Transaction; each sponsor and issuing entity; each Person (including,
                    but
                    not limited to, any Master Servicer, if applicable) responsible
                    for the
                    preparation, execution or filing of any report required to be
                    filed with
                    the Commission with respect to such Securitization Transaction,
                    or for
                    execution of a certification pursuant to Rule 13a-14(d) or Rule
                    15d-14(d)
                    under the Exchange Act with respect to such Securitization Transaction;
                    each broker dealer acting as underwriter, placement agent or
                    initial
                    purchaser, each Person who controls any of such parties or the
                    Depositor
                    (within the meaning of Section 15 of the Securities Act and Section
                    20 of
                    the Exchange Act); and the respective present and former directors,
                    officers, employees, agents and affiliates of each of the foregoing
                    and of
                    the Depositor (each, an “Indemnified Party”), and shall hold each of them
                    harmless from and against any claims, losses, damages, penalties,
                    fines,
                    forfeitures, legal fees and expenses and related costs, judgments,
                    and any
                    other costs, fees and expenses that any of them may sustain arising
                    out of
                    or based upon:

                

        

         

        (i) (A) any
          untrue statement of a material fact contained or alleged to be contained
          in any
          information, report, certification, data, accountants’ letter or other material
          provided under Sections 4.25,
          6.04, 6.06 or
          9.01(c) or (e) by or on behalf of the Company, or provided under Sections
          9.01(c) or (e) by or on behalf of any Subservicer, Subcontractor or Third-Party
          Originator (collectively, the “Company Information”), or (B) the omission or
          alleged omission to state in the Company Information a material fact required
          to
          be stated in the Company Information or necessary in order to make the
          statements therein, in the light of the circumstances under which they
          were
          made, not misleading; provided,
          by way of clarification, that
          clause (B) of this paragraph shall be construed solely by reference to
          the
          Company Information and not to any other information communicated in connection
          with a sale or purchase of securities, without regard to whether the Company
          Information or any portion thereof is presented together with or separately
          from
          such other information;

         

        
          	(ii)  	
                  any
                    breach by the Company of its obligations under this Section 9.01(f),
                    including any failure by the Company, any Subservicer, any Subcontractor
                    or any Third-Party Originator to deliver any information, report,
                    certification, accountants’ letter or other material when and as required
                    under Sections 4.25, 6.04, 6.06 or 9.01(c) or (e), including
                    any failure
                    by the Company to identify any Subcontractor “participating in the
                    servicing function” within the meaning of Item 1122 of Regulation AB;
                    

                

        

        

        
          	(iii)  	
                  any
                    breach by the Company of a representation or warranty set forth
                    in Section
                    9.01(e)(vi)(A) or in a writing furnished pursuant to Section
                    9.01(e)(vi)(B) and made as of a date prior to the closing date
                    of the
                    related Securitization Transaction, to the extent that such breach
                    is not
                    cured by such closing date, or any breach by the Company of a
                    representation or warranty in a writing furnished pursuant to
                    Section
                    9.01(e)(iv)(B) to the extent made as of a date subsequent to
                    such closing
                    date; or

                

        

        

        
          	(iv)  	
                  the
                    negligence, bad faith or willful misconduct of the Company in
                    connection
                    with its performance under Sections 4.25, 6.04, 6.06, 6.07 or
                    9.01.

                

        

        

        If
          the
          indemnification provided for herein is unavailable or insufficient to hold
          harmless an Indemnified Party, then the Company agrees that it shall contribute
          to the amount paid or payable by such Indemnified Party as a result of
          any
          claims, losses, damages or liabilities incurred by such Indemnified Party
          ins
          such proportion as is appropriate to reflect the relative fault of such
          Indemnified Party on the one hand and the Company on the other.

        

        In
          the
          case of any failure of performance described in sub-clause (ii) of this
          Section
          9.01(f), the Company shall promptly reimburse the Purchaser, any Depositor,
          as
          applicable, and each Person responsible for the preparation, execution
          or filing
          of any report required to be filed with the Commission with respect to
          such
          Securitization Transaction, or for execution of a certification pursuant
          to Rule
          13a-14(d) or Rule 15d-14(d) under the Exchange Act with respect to such
          Securitization Transaction, for all costs reasonably incurred by each such
          party
          in order to obtain the information, report, certification, accountants’ letter
          or other material not delivered as required by the Company, any Subservicer,
          any
          Subcontractor or any Third-Party Originator. 

        

        This
          indemnification shall survive the termination of this Agreement or the
          termination of any party to this Agreement.

         

        (bb) Article
          X
          of the Warranties and Servicing Agreement is hereby amended effective as
          of the
          date hereof by replacing the reference to “Custodial Agreement” in Section
          10.01(ii) with “Custodial Agreement (if no specific grace period or notification
          requirement is applicable therein)”.

         

        (cc) Article
          X
          of the Warranties and Servicing Agreement is hereby amended effective as
          of the
          date hereof by adding the following at the end of the last paragraph of
          Section
          10.01:

         

        If
          the
          Company is terminated pursuant to this Section 10.01, the Company shall
          promptly
          reimburse the Purchaser (or any designee of the Purchaser, such as a master
          servicer) and any Depositor, as applicable, for all reasonable expenses
          incurred
          by the Purchaser (or such designee) or such Depositor, as such are incurred,
          in
          connection with the termination of the Company as servicer and the transfer
          of
          servicing of the Mortgage Loans to a successor servicer. The provisions
          of this
          paragraph shall not limit whatever rights the Purchaser or any Depositor
          may
          have under other provisions of this Agreement and/or any applicable
          Reconstitution Agreement or otherwise, whether in equity or at law, such
          as an
          action for damages, specific performance or injunctive relief.

         

        (dd) The
          first
          sentence of Section 12.03 of the Warranties and Servicing Agreement is
          deleted
          in its entirety and replaced with the following:

         

        Section
          12.03  Governing
          Law.

         

        This
          Agreement shall be governed by and construed in accordance with the laws
          of the
          State of New York without giving effect to principles of conflicts of laws
          (other than Section 5-1401 of the New York General Obligations Law) and
          except
          to the extent preempted by Federal law and the obligations, rights and
          remedies
          of the parties hereunder shall be determined in accordance with such
          laws.

         

        (ee) A
          new
          Section 12.12 (Third Party Beneficiary) is hereby added to the Warranties
          and
          Servicing Agreement.

         

        Section
          12.12 Third
          Party Beneficiary.

         

        For
          Purposes of this Agreement, each Master Servicer shall be considered a
          third
          party beneficiary to this Agreement, entitled to all the rights and benefits
          hereof as if it were a direct party to this Agreement.

         

        (ff) The
          Warranties
          and Servicing
          Agreement is hereby amended as of the date hereof by inserting a new Exhibit
          I,
          a copy of which is annexed hereto as Exhibit C.

         

        (gg) The
          Warranties
          and Servicing
          Agreement is hereby amended as of the date hereof by inserting a new Exhibit
          J,
          a copy of which is annexed hereto as Exhibit D.

         

        (hh) The
          Warranties
          and Servicing
          Agreement is hereby amended as of the date hereof by inserting a new Exhibit
          K,
          a copy of which is annexed hereto as Exhibit E.

         

        (ii) The
          Warranties
          and Servicing
          Agreement is hereby amended as of the date hereof by inserting a new Exhibit
          D,
          a copy of which is annexed hereto as Exhibit F.

         

        11.  A
          copy of
          all assessments, attestations, reports and certificates required to be
          delivered
          by the Servicer under this AAR Agreement and the Purchase Agreement shall
          be
          delivered to the Master Servicer by the date(s) specified herein or therein,
          and
          where such documents are required to be addressed to any party, such addresses
          shall include the Master Servicer and the Master Servicer shall be entitled
          to
          rely on such documents.

         

        12.  Distributions
          shall be made by wire transfer of immediately available funds to:

         

        Bear
          Stearns BSABS I 2006-AC3 Master Servicer Collection Account

        Wells
          Fargo Bank, N.A.

        ABA#
          121000248

        Account
          Name: SAS Clearing

        Account
          #
          3970771416

         

        For
          Further Credit to: BSABS I 2006-AC3, A/C#
          50913800

         

        and
          the
          Company shall deliver all reports required to be delivered under the Warranties
          and Servicing Agreement to the Master Servicer at:

         

        Wells
          Fargo Bank, N.A.

        9062
          Old
          Annapolis Road

        Columbia,
          Maryland 21045

        Attention:
          Client Manager BSABS I 2006-AC3

        Telecopier
          No.: (410) 715-2380

         

        13.  Notices:

         

        The
          Assignor’s
          address for purposes of all notices and correspondence related to the Mortgage
          Loans and this Assignment and Assumption Agreement is:

         

        EMC
          Mortgage Corporation

        Mac
          Arthur Ridge Illinois

        909
          Hidden Ridge Drive, Suite 200

        Irving,
          Texas 75038

        Attention:
          Ralene Ruyle, President

         

        With
          a
          copy to:

         

        Bear
          Stearns Mortgage Capital Corporation 

        383
          Madison Avenue

        New
          York,
          New York 10179

        Attention:
          Ernie Calabrese

         

        The
          Assignee’s address for purposes of all notices and correspondence related to the
          Mortgage Loans and this Assignment and Assumption Agreement is:

         

        U.S.
          Bank
          National Association,

        as
          trustee

        One
          Federal Street, 3rd
          Floor

        Boston,
          MA 02110

        Attention:
          Corporate Trust Services

        BSABS
          I
          2006-AC3

        Telecopy:
          (617) 603-6413

         

        The
          Company’s address for purposes of all notices and correspondence related to the
          Mortgage Loans and this Assignment and Assumption Agreement is:

         

        Wells
          Fargo Bank, N.A.

        1
          Home
          Campus

        MAC
          X2401-042

        Des
          Moines, Iowa 50328-0001

        Attention:
          John B. Brown

         

        With
          a
          copy to:

         

        Wells
          Fargo Bank, N.A.

        1
          Home
          Campus

        Des
          Moines, Iowa 50328-0001

        Attention:
          General Counsel - MAC X2401-06T

         

        Miscellaneous:

         

        14.  Each
          party will pay any commissions it has incurred and the Assignor shall pay
          the
          fees of its attorneys and the reasonable fees of the attorneys of the Assignee
          and the Company in connection with the negotiations for, documenting of
          and
          closing of the transactions contemplated by this Assignment and Assumption
          Agreement.

         

        15.  This
          Assignment and Assumption Agreement shall be construed in accordance with
          the
          laws of the State of New York, including Sections 5-1401 and 5-1402 of
          the New
          General Obligations Law, but otherwise without regard to conflicts of law
          principles, and the obligations, rights and remedies of the parties hereunder
          shall be determined in accordance with such laws.

         

        16.  No
          term
          or provision of this Assignment and Assumption Agreement may be waived
          or
          modified unless such waiver or modification is in writing and signed by
          the
          party against whom such waiver or modification is sought to be
          enforced.

         

        17.  This
          Assignment and Assumption Agreement shall inure to the benefit of the successors
          and assigns of the parties hereto. Any entity into which Assignor, Assignee
          or
          Company may be merged or consolidated shall, without the requirement for
          any
          further writing, be deemed Assignor, Assignee or Company, respectively,
          hereunder.

         

        18.  This
          Assignment and Assumption Agreement shall survive the conveyance of the
          Mortgage
          Loans and the assignment of the Warranties
          and Servicing Agreement to the extent of the Mortgage Loans by Assignor
          to
          Assignee and the termination of the Warranties and Servicing
          Agreement.

         

        19.  This
          Assignment and Assumption Agreement may be executed simultaneously in any
          number
          of counterparts. Each counterpart shall be deemed to be an original and
          all such
          counterparts shall constitute one and the same instrument.

         

        20.  In
          the
          event that any provision of this Assignment and Assumption Agreement conflicts
          with any provision of the Warranties and Servicing Agreement with respect
          to the
          Mortgage Loans, the terms of this Assignment and Assumption Agreement shall
          control.

         

        21.  Any
          new
          loan number assigned to a Mortgage Loan by the Assignee shall be provided
          to the
          Company at the following address: Wells Fargo Bank, N.A., 1 Home Campus,
          MAC
          X2401-042, Des Moines, Iowa 50328-0001 Attention: John B. Brown. In addition,
          if
          Assignee has changed its document custodian from the previous custodian,
          such
          new custodian’s name, address and contact information shall be provided to the
          Company at the aforementioned address.

         

        

         

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

        IN
          WITNESS WHEREOF, the parties have caused this Assignment and Assumption
          Agreement to be executed by their duly authorized officers as of the date
          first
          above written.

         

        U.S.
          BANK
          NATIONAL ASSOCIATION, not 

        individually
          but solely as trustee for the holders 

        of
          Bear
          Stearns Asset Backed Securities I Trust 

        2006-AC3,
          Asset-Backed Certificates, Series 2006-AC3

         

        By:
          _______________________________

        Name:
          

        Title:

         

        EMC
          MORTGAGE CORPORATION

         

        By:
          _______________________________

        Name:

        Title

         

        WELLS
          FARGO BANK, N.A.,

        as
          Company

         

        By:________________________________

        Name:  

        Title:

         

        Acknowledged
          and Agreed

         

        
          	
                  WELLS
                    FARGO BANK, N.A.,

                  as
                    Master Servicer

                   

                
	
                  By:

                
	
                  Name:

                
	
                  Title:

                

        

         

        No
          Material Change.

         

        There
          has
          been no material adverse change in the servicing policies and procedures,
          business, operations, financial condition or assets of the Company since
          the
          date of the Company’s most recent financial statements that would have a
          material adverse effect on its ability to perform its obligations under
          this
          Agreement;

         

        (e) Article
          IV of the Warranties and Servicing Agreement is hereby amended effective
          as of
          the date hereof by adding the following paragraph to Section 4.03:

         

        The
          Company shall not waive any 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,
          (ii) the enforcement thereof is illegal, or any local, state or federal
          agency
          has threatened legal action if the prepayment penalty is enforced, (iii)
          the
          mortgage debt has been accelerated in connection with a foreclosure or
          other
          involuntary payment or (iv) such waiver is standard and customary in servicing
          similar Mortgage Loans and relates to a default or a reasonably foreseeable
          default and would, in the reasonable judgment of the Company, maximize
          recovery
          of total proceeds taking into account the value of such Prepayment Charge
          and
          the related Mortgage Loan. If a Prepayment Charge is waived, but does not
          meet
          the standards described above, then the Company is required to pay the
          amount of
          such waived Prepayment Charge by remitting such amount to the Purchaser
          by the
          Remittance Date.

         

        (f) The
          following is added as Subsection 4.05(x) of the Warranties and Servicing
          Agreement:

         

        “(x)
          to
          reimburse itself for any Nonrecoverable Advances;”

         

        (g) Article
          IV of the Warranties and Servicing Agreement is hereby amended by replacing
          Section 4.25 with the following:

         

        The
          Company shall not hire or otherwise utilize the services of any Subservicer
          to
          fulfill any of the obligations of the Company as servicer under this Agreement
          or any Reconstitution Agreement unless the Company complies with the provisions
          of paragraph (a) of this Section 4.25. The Company shall not hire or otherwise
          utilize the services of any Subcontractor, and shall not permit any Subservicer
          to hire or otherwise utilize the services of any Subcontractor, to fulfill
          any
          of the obligations of the Company as servicer under this Agreement or any
          Reconstitution Agreement unless the Company complies with the provisions
          of
          paragraph (b) of this Section 4.25.

         

        (a) It
          shall
          not be necessary for the Company to seek the consent of the Purchaser,
          any
          Master
          Servicer or any Depositor to the utilization of any Subservicer. The Company
          shall cause any Subservicer used by the Company (or by any Subservicer)
          for the
          benefit of the Purchaser and any Depositor to comply with the provisions
          of this
          Section 4.25 and with Sections 6.04, 6.06, 9.01(e)(iii), 9.01(e)(v),
          9.01(e)(vi), 9.01(e)(vii), 9.01(e)(viii) and 9.01(f) of this Agreement
          to the
          same extent as if such Subservicer were the Company, and to provide the
          information required with respect to such Subservicer under Section 9.01(e)(iv)
          of this Agreement. The Company shall be responsible for obtaining from
          each
          Subservicer and delivering to the Purchaser and any Depositor any servicer
          compliance statement required to be delivered by such Subservicer under
          Section
          6.04 and any assessment of compliance and attestation required to be delivered
          by such Subservicer under Section 6.06 and any certification required to
          be
          delivered to the Person that will be responsible for signing the Sarbanes
          Certification under Section 6.06 as and when required to be
          delivered.

         

        (b) It
          shall
          not be necessary for the Company to seek the consent of the Purchaser,
          any
          Master Servicer or any Depositor to the utilization of any Subcontractor.
          The
          Company shall promptly upon request provide to the Purchaser, any Master
          Servicer and any Depositor (or any designee of the Depositor, such as an
          administrator) a written description (in form and substance satisfactory
          to the
          Purchaser, such Depositor and such Master Servicer) of the role and function
          of
          each Subcontractor utilized by the Company or any Subservicer, specifying
          (i)
          the identity of each such Subcontractor, (ii) which (if any) of such
          Subcontractors are “participating in the servicing function” within the meaning
          of Item 1122 of Regulation AB, and (iii) which elements of the Servicing
          Criteria will be addressed in assessments of compliance provided by each
          Subcontractor identified pursuant to clause (ii) of this paragraph.

         

        As
          a
          condition to the utilization of any Subcontractor determined to be
“participating in the servicing function” within the meaning of Item 1122 of
          Regulation AB, the Company shall cause any such Subcontractor used by the
          Company (or by any Subservicer) for the benefit of the Purchaser and any
          Depositor to comply with the provisions of Sections 6.06 and 9.01(f) of
          this
          Agreement to the same extent as if such Subcontractor were the Company.
          The
          Company shall be responsible for obtaining from each Subcontractor and
          delivering to the Purchaser and any Depositor any assessment of compliance
          and
          attestation and the other certifications required to be delivered by such
          Subservicer and such Subcontractor under Section 6.06, in each case as
          and when
          required to be delivered.

         

        (h) Article
          V
          of the Warranties and Servicing Agreement is hereby amended effective as
          of the
          date hereof by deleting Section 5.02 in its entirety and replacing it with
          the
          following:

         

        Section
          5.02 Statements
          to the Purchaser.

         

        No
          later
          than the tenth (10th)
          calendar day (or if such tenth (10th)
          day is
          not a Business Day, the first Business Day immediately preceding such tenth
          (10th
          day) of
          each month, the Company shall furnish to the Master Servicer an electronic
          file
          containing the data specified in Exhibit
          I,
          which
          data shall reflect information as to the period ending on the last day
          of the
          preceding month, Exhibit
          J
          with
          respect to defaulted mortgage loans and Exhibit
          M,
          with
          respect to realized losses and gains, with each such report.

         

        (i) Section
          6.04 (Annual Statements as to Compliance) is hereby amended as
          follows:

         

        (1) delete
          paragraph (i) in its entirety;

         

        (2) delete
          the reference to “(ii)” at the beginning of the section paragraph;
          and

         

        (3) Delete
          the references to “the Purchaser and any Depositor” and replace each with “the
          Master Servicer”.

         

        (j) Section
          6.05 (Annual Independent Public Accountants’ Servicing Report) is deleted in its
          entirety.

         

        (k) Section
          6.06 (Report on Assessment of Compliance and Attestation) is hereby amended
          by
          replacing the references to “the Purchaser and any Depositor” with “the Master
          Servicer” and “the Purchaser and such Depositor” with “the Master
          Servicer”.

         

        (l) Section
          6.07(ii) is hereby amended by replacing the references to “Purchaser or
          Depositor” with “Purchaser, any Master Servicer or any Depositor.”

        (m) The
          following are added as the second, third and fourth paragraphs of Section
          6.09
          of the Warranties and Servicing Agreement:

        “Notwithstanding
          anything in this Agreement to the contrary, the Company (a) shall not permit
          any
          modification with respect to any Mortgage Loan that would change the Mortgage
          Interest Rate and (b) shall not (unless the Mortgagor is in default with
          respect
          to the Mortgage Loan or such default is, in the judgment of the Company,
          reasonably foreseeable) make or permit any modification, waiver or amendment
          of
          any term of any Mortgage Loan that would both effect an exchange or reissuance
          of such Mortgage Loan under Section 1001 of the Code (or Treasury regulations
          promulgated thereunder).

         

        Prior
          to
          taking any action with respect to the Mortgage Loans which is not contemplated
          under the terms of this Agreement, the Company will obtain an Opinion of
          Counsel
          reasonably acceptable to the Securities Administrator with a copy to the
          Trustee
          with respect to whether such action could result in the imposition of a
          tax upon
          the REMIC (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”), and the Company shall not take any such action or cause the Trust
          Fund to take any such action as to which it has been advised that an Adverse
          REMIC Event could occur.

         

        The
          Company shall not permit the creation of any “interests” (within the meaning of
          Section 860G of the Code) in the REMIC. The Company shall not enter into
          any
          arrangement by which the REMIC will receive a fee or other compensation
          for
          services nor permit the REMIC to receive any income from assets other than
          “qualified mortgages” as defined in Section 860G(a)(3) of the Code or “permitted
          investments” as defined in Section 860G(a)(5) of the Code.”

         

        (n) Article
          IX of the Warranties and Servicing Agreement is hereby amended effective
          as of
          the date hereof by replacing Section 9.01(e)(iv) with the
          following:

         

        (iv) For
          the
          purpose of satisfying the reporting obligation under the Exchange Act with
          respect to any class of asset-backed securities, the Company shall (or
          shall
          cause each Subservicer and Third-Party Originator to) (1) provide prompt
          notice
          to the Purchaser, any Master Servicer and any Depositor in writing of (A)
          any
          material litigation or governmental proceedings involving the Company,
          any
          Subservicer or any Third-Party Originator, (B) any affiliations or relationships
          that develop following the closing date of a Securitization Transaction
          between
          the Company, any Subservicer or any Third-Party Originator and any of the
          parties specified in Section 9.01(e)(i)(D) (and any other parties identified
          in
          writing by the requesting party) with respect to such Securitization
          Transaction, (C) any Event of Default under the terms of this Agreement
          or any
          Reconstitution Agreement, (D) any merger, consolidation or sale of substantially
          all of the assets of the Company, and (E) the Company’s entry into an agreement
          with a Subservicer to perform or assist in the performance of any of the
          Company’s obligations under this Agreement or any Reconstitution Agreement, and
          (2) provide to the Purchaser and any Depositor a description of such
          proceedings, affiliations or relationships.

         

        Each
          such
          notice/update pursuant to this Section 9.01(e)(iv) should be sent by e-mail
          to
          regABnotifications@bear.com. Additionally, all notifications pursuant to
          this
          Section 9.01(e)(iv), other than those pursuant to Section 9.01(e)(iv)(A),
          should
          be sent to:

         

        EMC
          Mortgage Corporation

        2780
          Lake
          Vista Drive

        Lewisville,
          TX 75067-3884

        Attention:
          Conduit Seller Approval Dept.

        Facsimile:
          (214) 626-3751

        Email:
          sellerapproval@bear.com

         

        With
          a
          copy to:

         

        Bear,
          Stearns & Co. Inc.

        383
          Madison Avenue, 3rd Floor

        New,
          York, NY 10179

        Attention:
          Global Credit Administration

        Facsimile:
          (212) 272-6564

         

        Notifications
          pursuant to Section 9.01(e)(iv)(A) should be sent to:

         

        EMC
          Mortgage Corporation

        Two
          Mac
          Arthur Ridge

        909
          Hidden Ridge Drive, Suite 200

        Irving,
          TX 75038

        Attention:
          Associate General Counsel for Loan Administration

        Facsimile:
          (972) 831-2555

         

        With
          copies to:

         

        Bear,
          Stearns & Co. Inc.

        383
          Madison Avenue, 3rd Floor

        New,
          York, NY 10179

        Attention:
          Global Credit Administration

        Facsimile:
          (212) 272-6564

         

        EMC
          Mortgage Corporation

        2780
          Lake
          Vista Drive

        Lewisville,
          TX 75067-3884

        Attention:
          Conduit Seller Approval Dept.

        Facsimile:
          (214) 626-3751

        Email:
          sellerapproval@bear.com

         

        (o) Section
          9.01(e)(v) of the Warranties and Servicing Agreement is hereby amended
          effective
          as of the date hereof, by replacing the references to “the Purchaser and any
          Depositor” with “the Purchaser, the Master Servicer and any Depositor” and “the
          Purchaser and such Depositor” with “the Purchaser, the Master Servicer and such
          Depositor”.

         

        (p) The
          third
          paragraph of Section 9.01 of the Warranties and Servicing Agreement is
          hereby
          amended effective as of the date hereof by replacing such section with
          the
          following:

         

        The
          Purchaser and the Company acknowledge and agree that the purpose of Section
          9.01(e) is to facilitate compliance by the Purchaser and any Depositor
          with the
          provisions of Regulation AB and related rules and regulations of the Commission.
          Although Regulation AB is applicable by its terms only to offerings of
          asset-backed securities that are registered under the Securities Act, the
          Company acknowledges that investors in privately offered securities may
          require
          that the Purchaser or any Depositor provide comparable disclosure in
          unregistered offerings. References in this Agreement to compliance with
          Regulation AB include provision of comparable disclosure in private
          offerings.

         

        Neither
          the Purchaser, the Master Servicer nor any Depositor shall exercise its
          right to
          request delivery of information or other performance under these provisions
          other than in good faith, or for purposes other than compliance with the
          Securities Act, the Exchange Act and the rules and regulations of the Commission
          thereunder (or the provision in a private offering of disclosure comparable
          to
          that required under the Securities Act). The Company acknowledges that
          interpretations of the requirements of Regulation AB may change over time,
          whether due to interpretive guidance provided by the Commission or its
          staff,
          consensus among participants in the asset-backed securities markets, advice
          of
          counsel, or otherwise, and agrees to comply with requests made by the Purchaser,
          the Master Servicer or any Depositor in good faith for delivery of information
          under these provisions on the basis of evolving interpretations of Regulation
          AB. In connection with any Securitization Transaction, the Company shall
          cooperate fully with the Purchaser and any Master Servicer to deliver to
          the
          Purchaser (including any of its assignees or designees), any Master Servicer
          and
          any Depositor, any and all statements, reports, certifications, records
          and any
          other information necessary in the good faith determination of the Purchaser,
          the Master Servicer or any Depositor to permit the Purchaser, such Master
          Servicer or such Depositor to comply with the provisions of Regulation
          AB,
          together with such disclosures relating to the Company, any Subservicer,
          any
          Third-Party Originator and the Mortgage Loans, or the servicing of the
          Mortgage
          Loans, reasonably believed by the Purchaser or any Depositor to be necessary
          in
          order to effect such compliance.

         

        The
          Purchaser (including any of its assignees or designees) shall cooperate
          with the
          Company by providing timely notice of requests for information under these
          provisions and by reasonably limiting such requests to information required,
          in
          the Purchaser’s reasonable judgment, to comply with Regulation AB.

         

        (q) Section
          9.01(e)(vii) of the Warranties and Servicing Agreement is hereby amended
          effective as of the date hereof by replacing such section with the
          following:

        (vii)
          In
          addition to such information as the Company, as servicer, is obligated
          to
          provide pursuant to other provisions of this Agreement, not later than
          ten (10)
          days prior to the deadline for the filing of any distribution report on
          Form
          10-D in respect of any Securitization Transaction that includes any of
          the
          Mortgage Loans serviced by the Company or any Subservicer, the Company
          or such
          Subservicer, as applicable, shall, to the extent the Company or such Subservicer
          has knowledge, provide to the party responsible for filing such report
          (including, if applicable, the Master Servicer) notice of the occurrence
          of any
          of the following events along with all information, data, and materials
          related
          thereto as may be required to be included in the related distribution report
          on
          Form 10-D (as specified in the provisions of Regulation AB referenced
          below):

         

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

         

        (B) material
          breaches of pool asset representations or warranties or transaction covenants
          (Item 1121(a)(12) of Regulation AB); and

         

        (C) information
          regarding new asset-backed securities issuances backed by the same pool
          assets,
          any pool asset changes (such as, additions, substitutions or repurchases),
          and
          any material changes in origination, underwriting or other criteria for
          acquisition or selection of pool assets (Item 1121(a)(14) of Regulation
          AB).

         

        (r) Article
          IX of the Warranties and Servicing Agreement is hereby amended effective
          as of
          the date hereof by inserting the following new Section 9.01(e)(viii) as
          follows:

         

        (viii)
          The Company shall provide to the Purchaser, any Master Servicer and any
          Depositor, evidence of the authorization of the person signing any certification
          or statement, copies or other evidence of Fidelity Bond Insurance and Errors
          and
          Omission Insurance policy, financial information and reports, and such
          other
          information related to the Company or any Subservicer or the Company or
          such
          Subservicer’s performance hereunder.

         

        (s) Article
          IX of the Warranties and Servicing Agreement is hereby amended effective
          as of
          the date hereof by inserting the following after Section 9.01(e)(iii)(H)
          in its
          entirety as follows:

         

        (I) a
          description of any material legal or governmental proceedings pending (or
          known
          to be contemplated) against the Servicer; and

         

        (J) a
          description of any affiliation or relationship between the Servicer and
          any of
          the following parties to a Securitization Transaction, as such parties
          are
          identified to the Servicer by the Purchaser or any Depositor in writing
          in
          advance of such Securitization Transaction:

         

        (1) the
          sponsor;

        (2) the
          depositor;

        (3) the
          issuing entity;

        (4) any
          servicer;

        (5) any
          trustee;

        (6) any
          originator;

        (7) any
          significant obligor;

        (8) any
          enhancement or support provider; and

        (9) any
          other
          material transaction party.

         

        (t) Article
          IX of this Agreement is hereby amended by replacing Section 9.01(f) with
          the
          following:

         

        
          	 	
                  (f)

                	
                  the
                    Company shall indemnify the Purchaser, each affiliate of the
                    Purchaser,
                    and each of the following parties participating in a Securitization
                    Transaction; each sponsor and issuing entity; each Person (including,
                    but
                    not limited to, any Master Servicer, if applicable) responsible
                    for the
                    preparation, execution or filing of any report required to be
                    filed with
                    the Commission with respect to such Securitization Transaction,
                    or for
                    execution of a certification pursuant to Rule 13a-14(d) or Rule
                    15d-14(d)
                    under the Exchange Act with respect to such Securitization Transaction;
                    each broker dealer acting as underwriter, placement agent or
                    initial
                    purchaser, each Person who controls any of such parties or the
                    Depositor
                    (within the meaning of Section 15 of the Securities Act and Section
                    20 of
                    the Exchange Act); and the respective present and former directors,
                    officers, employees, agents and affiliates of each of the foregoing
                    and of
                    the Depositor (each, an “Indemnified Party”), and shall hold each of them
                    harmless from and against any claims, losses, damages, penalties,
                    fines,
                    forfeitures, legal fees and expenses and related costs, judgments,
                    and any
                    other costs, fees and expenses that any of them may sustain arising
                    out of
                    or based upon:

                

        

         

        (i) (A) any
          untrue statement of a material fact contained or alleged to be contained
          in any
          information, report, certification, data, accountants’ letter or other material
          provided under Sections 9.01(c) and (e) by or on behalf of the Company,
          or
          provided under Sections 9.01(c) and (e) by or on behalf of any Subservicer,
          Subcontractor or Third-Party Originator (collectively, the “Company
          Information”), or (B) the omission or alleged omission to state in the Company
          Information a material fact required to be stated in the Company Information
          or
          necessary in order to make the statements therein, in the light of the
          circumstances under which they were made, not misleading; provided,
          by way of clarification, that
          clause (B) of this paragraph shall be construed solely by reference to
          the
          Company Information and not to any other information communicated in connection
          with a sale or purchase of securities, without regard to whether the Company
          Information or any portion thereof is presented together with or separately
          from
          such other information;

         

        
          	 	
                  (ii)

                	
                  any
                    breach by the Company of its obligations under this Section 9.01(f),
                    including any failure by the Company, any Subservicer, any Subcontractor
                    or any Third-Party Originator to deliver any information, report,
                    certification, accountants’ letter or other material when and as required
                    under Sections 9.01(c) and (e), including any failure by the
                    Company to
                    identify any Subcontractor “participating in the servicing function”
                    within the meaning of Item 1122 of Regulation AB;
                    or

                

        

         

        
          	 	
                  (iii)

                	
                  any
                    breach by the Company of a representation or warranty set forth
                    in Section
                    9.01(e)(iv)(A) or in a writing furnished pursuant to Section
                    9.01(e)(iv)(B) and made as of a date prior to the closing date
                    of the
                    related Securitization Transaction, to the extent that such breach
                    is not
                    cured by such closing date, or any breach by the Company of a
                    representation or warranty in a writing furnished pursuant to
                    Section
                    9.01(e)(iv)(B) to the extent made as of a date subsequent to
                    such closing
                    date.

                

        

         

        
          	 	
                  (iv)

                	
                  the
                    negligence, bad faith or willful misconduct of the Company in
                    connection
                    with its performance under this
                    Section.

                

        

         

        If
          the
          indemnification provided for herein is unavailable or insufficient to hold
          harmless an Indemnified Party, then the Company agrees that it shall contribute
          to the amount paid or payable by such Indemnified Party as a result of
          any
          claims, losses, damages or liabilities incurred by such Indemnified Party
          ins
          such proportion as is appropriate to reflect the relative fault of such
          Indemnified Party on the one hand and the Company on the other.

         

        In
          the
          case of any failure of performance described in sub-clause (ii) of this
          Section
          9.01(f), the Company shall promptly reimburse the Purchaser, any Depositor,
          as
          applicable, and each Person responsible for the preparation, execution
          or filing
          of any report required to be filed with the Commission with respect to
          such
          Securitization Transaction, or for execution of a certification pursuant
          to Rule
          13a-14(d) or Rule 15d-14(d) under the Exchange Act with respect to such
          Securitization Transaction, for all costs reasonably incurred by each such
          party
          in order to obtain the information, report, certification, accountants’ letter
          or other material not delivered as required by the Company, any Subservicer,
          any
          Subcontractor or any Third-Party Originator.

         

        This
          indemnification shall survive the termination of this Agreement or the
          termination of any party to this Agreement.

         

        (u) Article
          X
          of the Warranties and Servicing Agreement is hereby amended effective as
          of the
          date hereof by adding the following at the end of the last paragraph of
          Section
          10.01:

         

        If
          the
          Company is terminated pursuant to this Section 10.01, the Company shall
          promptly
          reimburse the Purchaser (or any designee of the Purchaser, such as a master
          servicer) and any Depositor, as applicable, for all reasonable expenses
          incurred
          by the Purchaser (or such designee) or such Depositor, as such are incurred,
          in
          connection with the termination of the Company as servicer and the transfer
          of
          servicing of the Mortgage Loans to a successor servicer. The provisions
          of this
          paragraph shall not limit whatever rights the Purchaser or any Depositor
          may
          have under other provisions of this Agreement and/or any applicable
          Reconstitution Agreement or otherwise, whether in equity or at law, such
          as an
          action for damages, specific performance or injunctive relief.

        (v) The
          first
          sentence of Section 12.03 of the Warranties and Servicing Agreement is
          deleted
          in its entirety and replaced with the following:

         

        Section
          12.03 Governing
          Law.

         

        This
          Agreement shall be governed by and construed in accordance with the laws
          of the
          State of New York without giving effect to principles of conflicts of laws
          (other than Section 5-1401 of the New York General Obligations Law) and
          except
          to the extent preempted by Federal law and the obligations, rights and
          remedies
          of the parties hereunder shall be determined in accordance with such
          laws.

         

        (w) A
          new
          Section 12.12 (Third Party Beneficiary) is hereby added to the Warranties
          and
          Servicing Agreement.

         

        Section
          12.12 Third
          Party Beneficiary.

         

        For
          Purposes of this Agreement, each Master Servicer shall be considered a
          third
          party beneficiary to this Agreement, entitled to all the rights and benefits
          hereof as if it were a direct party to this Agreement.

         

        The
          Warranties and Servicing Agreement is hereby amended as of the date hereof
          by
          inserting a new Exhibit I, a copy of which is annexed hereto as Exhibit
          C.

         

        (x) The
          Warranties and Servicing Agreement is hereby amended as of the date hereof
          by
          inserting a new Exhibit J, a copy of which is annexed hereto as Exhibit
          D.

         

        (y) The
          Warranties and Servicing Agreement is hereby amended as of the date hereof
          by
          inserting a new Exhibit K, a copy of which is annexed hereto as Exhibit
          E.

         

        (z) The
          Warranties and Servicing Agreement is hereby amended as of the date hereof
          by
          inserting a new Exhibit D, a copy of which is annexed hereto as Exhibit
          F.

         

        22.  A
          copy of
          all assessments, attestations, reports and certificates required to be
          delivered
          by the Servicer under this AAR Agreement and the Purchase Agreement shall
          be
          delivered to the Master Servicer by the date(s) specified herein or therein,
          and
          where such documents are required to be addressed to any party, such addresses
          shall include the Master Servicer and the Master Servicer shall be entitled
          to
          rely on such documents.

         

        23.  Distributions
          shall be made by wire transfer of immediately available funds to:

         

        Bear
          Stearns BSABS I 2006-AC3 Master Servicer Collection Account

        Wells
          Fargo Bank, N.A.

        ABA#
          121000248

        Account
          Name: SAS Clearing

        Account
          #
          3970771416

         

        For
          Further Credit to: BSABS I 2006-AC3, A/C#
          50913800

         

        and
          the
          Company shall deliver all reports required to be delivered under the Warranties
          and Servicing Agreement to the Master Servicer at:

         

        Wells
          Fargo Bank, N.A.

        9062
          Old
          Annapolis Road

        Columbia,
          Maryland 21045

        Attention:
          Client Manager BSABS I 2006-AC3

        Telecopier
          No.: (410) 715-2380

         

        24.  Notices:

         

        The
          Assignor’s
          address for purposes of all notices and correspondence related to the Mortgage
          Loans and this Assignment and Assumption Agreement is:

         

        EMC
          Mortgage Corporation

        Mac
          Arthur Ridge Illinois

        909
          Hidden Ridge Drive, Suite 200

        Irving,
          Texas 75038

        Attention:
          Ralene Ruyle, President

         

        With
          a
          copy to:

         

        Bear
          Stearns Mortgage Capital Corporation 

        383
          Madison Avenue

        New
          York,
          New York 10179

        Attention:
          Ernie Calabrese

         

        The
          Assignee’s address for purposes of all notices and correspondence related to the
          Mortgage Loans and this Assignment and Assumption Agreement is:

         

        U.S.
          Bank
          National Association,

        as
          trustee

        One
          Federal Street, 3rd
          Floor

        Boston,
          MA 02110

        Attention:
          Corporate Trust Services

        BSABS
          I
          2006-AC3

        Telecopy:
          (617) 603-6413

         

        The
          Company’s address for purposes of all notices and correspondence related to the
          Mortgage Loans and this Assignment and Assumption Agreement is:

         

        Wells
          Fargo Bank, N.A.

        1
          Home
          Campus

        MAC
          X2401-042

        Des
          Moines, Iowa 50328-0001

        Attention:
          John B. Brown

         

        With
          a
          copy to:

         

        Wells
          Fargo Bank, N.A.

        1
          Home
          Campus

        Des
          Moines, Iowa 50328-0001

        Attention:
          General Counsel - MAC X2401-06T

         

        Miscellaneous:

         

        25.  Each
          party will pay any commissions it has incurred and the Assignor shall pay
          the
          fees of its attorneys and the reasonable fees of the attorneys of the Assignee
          and the Company in connection with the negotiations for, documenting of
          and
          closing of the transactions contemplated by this Assignment and Assumption
          Agreement.

         

        26.  This
          Assignment and Assumption Agreement shall be construed in accordance with
          the
          laws of the State of New York, including Sections 5-1401 and 5-1402 of
          the New
          General Obligations Law, but otherwise without regard to conflicts of law
          principles, and the obligations, rights and remedies of the parties hereunder
          shall be determined in accordance with such laws.

         

        27.  No
          term
          or provision of this Assignment and Assumption Agreement may be waived
          or
          modified unless such waiver or modification is in writing and signed by
          the
          party against whom such waiver or modification is sought to be
          enforced.

         

        28.  This
          Assignment and Assumption Agreement shall inure to the benefit of the successors
          and assigns of the parties hereto. Any entity into which Assignor, Assignee
          or
          Company may be merged or consolidated shall, without the requirement for
          any
          further writing, be deemed Assignor, Assignee or Company, respectively,
          hereunder.

         

        29.  This
          Assignment and Assumption Agreement shall survive the conveyance of the
          Mortgage
          Loans and the assignment of the Warranties
          and Servicing Agreement to the extent of the Mortgage Loans by Assignor
          to
          Assignee and the termination of the Warranties and Servicing
          Agreement.

         

        30.  This
          Assignment and Assumption Agreement may be executed simultaneously in any
          number
          of counterparts. Each counterpart shall be deemed to be an original and
          all such
          counterparts shall constitute one and the same instrument.

         

        31.  In
          the
          event that any provision of this Assignment and Assumption Agreement conflicts
          with any provision of the Warranties and Servicing Agreement with respect
          to the
          Mortgage Loans, the terms of this Assignment and Assumption Agreement shall
          control.

         

        32.  Any
          new
          loan number assigned to a Mortgage Loan by the Assignee shall be provided
          to the
          Company at the following address: Wells Fargo Bank, N.A., 1 Home Campus,
          MAC
          X2401-042, Des Moines, Iowa 50328-0001 Attention: John B. Brown. In addition,
          if
          Assignee has changed its document custodian from the previous custodian,
          such
          new custodian’s name, address and contact information shall be provided to the
          Company at the aforementioned address.

         

        

         

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

        IN
          WITNESS WHEREOF, the parties have caused this Assignment and Assumption
          Agreement to be executed by their duly authorized officers as of the date
          first
          above written.

         

        U.S.
          BANK
          NATIONAL ASSOCIATION, not 

        individually
          but solely as trustee for the holders 

        of
          Bear
          Stearns Asset Backed Securities I Trust 

        2006-AC3,
          Asset-Backed Certificates, Series 2006-AC3

         

        By:
          ________________________________

        Name:
          

        Title:

         

        EMC
          MORTGAGE CORPORATION

         

        By:
          ________________________________

        Name:

        Title

         

        WELLS
          FARGO BANK, N.A.,

        as
          Company

         

        By:_________________________________

        Name:  

        Title:

         

        Acknowledged
          and Agreed

         

        
          	
                  WELLS
                    FARGO BANK, N.A.,

                  as
                    Master Servicer

                   

                
	
                  By:
                    

                
	
                  Name:

                
	
                  Title:

                

        

        

         

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

        Exhibit
          A

         

        Mortgage
          Loans

         

        [Provided
          upon request]

         

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

        Exhibit
          B

         

        Amended
          and Restated Master Seller’s Warranties and Servicing Agreement dated as of
          November 1, 2005, between the Wells Fargo and EMC

         

        [Provided
          upon request]

         

        

         

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

        Exhibit
          C

         

        EXHIBIT
          I

         

        

         

        REPORTING
          DATA FOR MONTHLY REPORT

         

        

         

        
          	
                  Standard
                    File Layout - Master Servicing

                
	
                  Column
                    Name

                	
                  Description

                	
                  Decimal

                	
                  Format
                    Comment

                	
                  Max
                    Size

                
	
                  SER_INVESTOR_NBR

                	
                  A
                    value assigned by the Servicer to define a group of loans.

                	 	
                  Text
                    up to 10 digits

                	
                  20

                
	
                  LOAN_NBR

                	
                  A
                    unique identifier assigned to each loan by the investor.

                	 	
                  Text
                    up to 10 digits

                	
                  10

                
	
                  SERVICER_LOAN_NBR

                	
                  A
                    unique number assigned to a loan by the Servicer. This may be
                    different
                    than the LOAN_NBR.

                	 	
                  Text
                    up to 10 digits

                	
                  10

                
	
                  BORROWER_NAME

                	
                  The
                    borrower name as received in the file. It is not separated by
                    first and
                    last name.

                	 	
                  Maximum
                    length of 30 (Last, First)

                	
                  30

                
	
                  SCHED_PAY_AMT

                	
                  Scheduled
                    monthly principal and scheduled interest payment that a borrower
                    is
                    expected to pay, P&I constant.

                	
                  2

                	
                  No
                    commas(,) or dollar signs ($)

                	
                  11

                
	
                  NOTE_INT_RATE

                	
                  The
                    loan interest rate as reported by the Servicer.

                	
                  4

                	
                  Max
                    length of 6

                	
                  6

                
	
                  NET_INT_RATE

                	
                  The
                    loan gross interest rate less the service fee rate as reported
                    by the
                    Servicer.

                	
                  4

                	
                  Max
                    length of 6

                	
                  6

                
	
                  SERV_FEE_RATE

                	
                  The
                    servicer's fee rate for a loan as reported by the
                    Servicer.

                	
                  4

                	
                  Max
                    length of 6

                	
                  6

                
	
                  SERV_FEE_AMT

                	
                  The
                    servicer's fee amount for a loan as reported by the
                    Servicer.

                	
                  2

                	
                  No
                    commas(,) or dollar signs ($)

                	
                  11

                
	
                  NEW_PAY_AMT

                	
                  The
                    new loan payment amount as reported by the Servicer.

                	
                  2

                	
                  No
                    commas(,) or dollar signs ($)

                	
                  11

                
	
                  NEW_LOAN_RATE

                	
                  The
                    new loan rate as reported by the Servicer.

                	
                  4

                	
                  Max
                    length of 6

                	
                  6

                
	
                  ARM_INDEX_RATE

                	
                  The
                    index the Servicer is using to calculate a forecasted
                    rate.

                	
                  4

                	
                  Max
                    length of 6

                	
                  6

                
	
                  ACTL_BEG_PRIN_BAL

                	
                  The
                    borrower's actual principal balance at the beginning of the processing
                    cycle.

                	
                  2

                	
                  No
                    commas(,) or dollar signs ($)

                	
                  11

                
	
                  ACTL_END_PRIN_BAL

                	
                  The
                    borrower's actual principal balance at the end of the processing
                    cycle.

                	
                  2

                	
                  No
                    commas(,) or dollar signs ($)

                	
                  11

                
	
                  BORR_NEXT_PAY_DUE_DATE

                	
                  The
                    date at the end of processing cycle that the borrower's next
                    payment is
                    due to the Servicer, as reported by Servicer.

                	 	
                  MM/DD/YYYY

                	
                  10

                
	
                  SERV_CURT_AMT_1

                	
                  The
                    first curtailment amount to be applied.

                	
                  2

                	
                  No
                    commas(,) or dollar signs ($)

                	
                  11

                
	
                  SERV_CURT_DATE_1

                	
                  The
                    curtailment date associated with the first curtailment
                    amount.

                	 	
                  MM/DD/YYYY

                	
                  10

                
	
                  CURT_ADJ_
                    AMT_1

                	
                  The
                    curtailment interest on the first curtailment amount, if
                    applicable.

                	
                  2

                	
                  No
                    commas(,) or dollar signs ($)

                	
                  11

                
	
                  SERV_CURT_AMT_2

                	
                  The
                    second curtailment amount to be applied.

                	
                  2

                	
                  No
                    commas(,) or dollar signs ($)

                	
                  11

                
	
                  SERV_CURT_DATE_2

                	
                  The
                    curtailment date associated with the second curtailment
                    amount.

                	 	
                  MM/DD/YYYY

                	
                  10

                
	
                  CURT_ADJ_
                    AMT_2

                	
                  The
                    curtailment interest on the second curtailment amount, if
                    applicable.

                	
                  2

                	
                  No
                    commas(,) or dollar signs ($)

                	
                  11

                
	
                  SERV_CURT_AMT_3

                	
                  The
                    third curtailment amount to be applied.

                	
                  2

                	
                  No
                    commas(,) or dollar signs ($)

                	
                  11

                
	
                  SERV_CURT_DATE_3

                	
                  The
                    curtailment date associated with the third curtailment
                    amount.

                	 	
                  MM/DD/YYYY

                	
                  10

                
	
                  CURT_ADJ_AMT_3

                	
                  The
                    curtailment interest on the third curtailment amount, if
                    applicable.

                	
                  2

                	
                  No
                    commas(,) or dollar signs ($)

                	
                  11

                
	
                  PIF_AMT

                	
                  The
                    loan "paid in full" amount as reported by the Servicer.

                	
                  2

                	
                  No
                    commas(,) or dollar signs ($)

                	
                  11

                
	
                  PIF_DATE

                	
                  The
                    paid in full date as reported by the Servicer.

                	 	
                  MM/DD/YYYY

                	
                  10

                
	 	 	 	
                  Action
                    Code Key: 15=Bankruptcy, 30=Foreclosure, , 60=PIF, 63=Substitution,
                    65=Repurchase,70=REO

                	
                  2

                
	
                  ACTION_CODE

                	
                  The
                    standard FNMA numeric code used to indicate the default/delinquent
                    status
                    of a particular loan.

                
	
                  INT_ADJ_AMT

                	
                  The
                    amount of the interest adjustment as reported by the
                    Servicer.

                	
                  2

                	
                  No
                    commas(,) or dollar signs ($)

                	
                  11

                
	
                  SOLDIER_SAILOR_ADJ_AMT

                	
                  The
                    Soldier and Sailor Adjustment amount, if applicable.

                	
                  2

                	
                  No
                    commas(,) or dollar signs ($)

                	
                  11

                
	
                  NON_ADV_LOAN_AMT

                	
                  The
                    Non Recoverable Loan Amount, if applicable.

                	
                  2

                	
                  No
                    commas(,) or dollar signs ($)

                	
                  11

                
	
                  LOAN_LOSS_AMT

                	
                  The
                    amount the Servicer is passing as a loss, if applicable.

                	
                  2

                	
                  No
                    commas(,) or dollar signs ($)

                	
                  11

                
	
                  SCHED_BEG_PRIN_BAL

                	
                  The
                    scheduled outstanding principal amount due at the beginning of
                    the cycle
                    date to be passed through to investors.

                	
                  2

                	
                  No
                    commas(,) or dollar signs ($)

                	
                  11

                
	
                  SCHED_END_PRIN_BAL

                	
                  The
                    scheduled principal balance due to investors at the end of a
                    processing
                    cycle.

                	
                  2

                	
                  No
                    commas(,) or dollar signs ($)

                	
                  11

                
	
                  SCHED_PRIN_AMT

                	
                  The
                    scheduled principal amount as reported by the Servicer for the
                    current
                    cycle -- only applicable for Scheduled/Scheduled Loans.

                	
                  2

                	
                  No
                    commas(,) or dollar signs ($)

                	
                  11

                
	
                  SCHED_NET_INT

                	
                  The
                    scheduled gross interest amount less the service fee amount for
                    the
                    current cycle as reported by the Servicer -- only applicable
                    for
                    Scheduled/Scheduled Loans.

                	
                  2

                	
                  No
                    commas(,) or dollar signs ($)

                	
                  11

                
	
                  ACTL_PRIN_AMT

                	
                  The
                    actual principal amount collected by the Servicer for the current
                    reporting cycle -- only applicable for Actual/Actual
                    Loans.

                	
                  2

                	
                  No
                    commas(,) or dollar signs ($)

                	
                  11

                
	
                  ACTL_NET_INT

                	
                  The
                    actual gross interest amount less the service fee amount for
                    the current
                    reporting cycle as reported by the Servicer -- only applicable
                    for
                    Actual/Actual Loans.

                	
                  2

                	
                  No
                    commas(,) or dollar signs ($)

                	
                  11

                
	
                  PREPAY_PENALTY_
                    AMT

                	
                  The
                    penalty amount received when a borrower prepays on his loan as
                    reported by
                    the Servicer.

                	
                  2

                	
                  No
                    commas(,) or dollar signs ($)

                	
                  11

                
	
                  PREPAY_PENALTY_
                    WAIVED

                	
                  The
                    prepayment penalty amount for the loan waived by the
                    servicer.

                	
                  2

                	
                  No
                    commas(,) or dollar signs ($)

                	
                  11

                
	
                  MOD_DATE

                	
                  The
                    Effective Payment Date of the Modification for the loan.

                	 	
                  MM/DD/YYYY

                	
                  10

                
	
                  MOD_TYPE

                	
                  The
                    Modification Type.

                	 	
                  Varchar
                    - value can be alpha or numeric

                	
                  30

                
	
                  DELINQ_P&I_ADVANCE_AMT

                	
                  The
                    current outstanding principal and interest advances made by
                    Servicer.

                	
                  2

                	
                  No
                    commas(,) or dollar signs ($)

                	
                  11

                

        

        

         

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

        Exhibit
          D

         

        EXHIBIT
          J

         

        REPORTING
          DATA FOR DEFAULTED LOANS

        

         

        Standard
          File Layout - Delinquency Reporting

         

        

         

        
          	
                  Column/Header
                    Name

                	
                  Description

                	
                  Decimal

                	
                  Format
                    Comment

                
	
                  SERVICER_LOAN_NBR

                	
                  A
                    unique number assigned to a loan by the Servicer. This may be
                    different
                    than the LOAN_NBR

                	 	
                   

                
	
                  LOAN_NBR

                	
                  A
                    unique identifier assigned to each loan by the originator.

                	 	
                   

                
	
                  CLIENT_NBR

                	
                  Servicer
                    Client Number

                	 	 
	
                  SERV_INVESTOR_NBR

                	
                  Contains
                    a unique number as assigned by an external servicer to identify
                    a group of
                    loans in their system.

                	 	
                   

                
	
                  BORROWER_FIRST_NAME

                	
                  First
                    Name of the Borrower.

                	 	 
	
                  BORROWER_LAST_NAME

                	
                  Last
                    name of the borrower.

                	 	 
	
                  PROP_ADDRESS

                	
                  Street
                    Name and Number of Property

                	 	
                   

                
	
                  PROP_STATE

                	
                  The
                    state where the property located.

                	 	
                   

                
	
                  PROP_ZIP

                	
                  Zip
                    code where the property is located.

                	 	
                   

                
	
                  BORR_NEXT_PAY_DUE_DATE

                	
                  The
                    date that the borrower's next payment is due to the servicer
                    at the end of
                    processing cycle, as reported by Servicer.

                	 	
                  MM/DD/YYYY

                
	
                  LOAN_TYPE

                	
                  Loan
                    Type (i.e. FHA, VA, Conv)

                	 	
                   

                
	
                  BANKRUPTCY_FILED_DATE

                	
                  The
                    date a particular bankruptcy claim was filed.

                	 	
                  MM/DD/YYYY

                
	
                  BANKRUPTCY_CHAPTER_CODE

                	
                  The
                    chapter under which the bankruptcy was filed.

                	 	
                   

                
	
                  BANKRUPTCY_CASE_NBR

                	
                  The
                    case number assigned by the court to the bankruptcy
                    filing.

                	 	
                   

                
	
                  POST_PETITION_DUE_DATE

                	
                  The
                    payment due date once the bankruptcy has been approved by the
                    courts

                	 	
                  MM/DD/YYYY

                
	
                  BANKRUPTCY_DCHRG_DISM_DATE

                	
                  The
                    Date The Loan Is Removed From Bankruptcy. Either by Dismissal,
                    Discharged
                    and/or a Motion For Relief Was Granted. 

                	 	
                  MM/DD/YYYY

                
	
                  LOSS_MIT_APPR_DATE

                	
                  The
                    Date The Loss Mitigation Was Approved By The Servicer

                	 	
                  MM/DD/YYYY

                
	
                  LOSS_MIT_TYPE

                	
                  The
                    Type Of Loss Mitigation Approved For A Loan Such As;

                	 	 
	
                  LOSS_MIT_EST_COMP_DATE

                	
                  The
                    Date The Loss Mitigation /Plan Is Scheduled To End/Close

                	 	
                  MM/DD/YYYY

                
	
                  LOSS_MIT_ACT_COMP_DATE

                	
                  The
                    Date The Loss Mitigation Is Actually Completed

                	 	
                  MM/DD/YYYY

                
	
                  FRCLSR_APPROVED_DATE

                	
                  The
                    date DA Admin sends a letter to the servicer with instructions
                    to begin
                    foreclosure proceedings.

                	 	
                  MM/DD/YYYY

                
	
                  ATTORNEY_REFERRAL_DATE

                	
                  Date
                    File Was Referred To Attorney to Pursue Foreclosure

                	 	
                  MM/DD/YYYY

                
	
                  FIRST_LEGAL_DATE

                	
                  Notice
                    of 1st legal filed by an Attorney in a Foreclosure Action

                	 	
                  MM/DD/YYYY

                
	
                  FRCLSR_SALE_EXPECTED_DATE

                	
                  The
                    date by which a foreclosure sale is expected to occur.

                	 	
                  MM/DD/YYYY

                
	
                  FRCLSR_SALE_DATE

                	
                  The
                    actual date of the foreclosure sale.

                	 	
                  MM/DD/YYYY

                
	
                  FRCLSR_SALE_AMT

                	
                  The
                    amount a property sold for at the foreclosure sale.

                	
                  2

                	
                  No
                    commas(,) or dollar signs ($)

                
	
                  EVICTION_START_DATE

                	
                  The
                    date the servicer initiates eviction of the borrower.

                	 	
                  MM/DD/YYYY

                
	
                  EVICTION_COMPLETED_DATE

                	
                  The
                    date the court revokes legal possession of the property from
                    the
                    borrower.

                	 	
                  MM/DD/YYYY

                
	
                  LIST_PRICE

                	
                  The
                    price at which an REO property is marketed.

                	
                  2

                	
                  No
                    commas(,) or dollar signs ($)

                
	
                  LIST_DATE

                	
                  The
                    date an REO property is listed at a particular price.

                	 	
                  MM/DD/YYYY

                
	
                  OFFER_AMT

                	
                  The
                    dollar value of an offer for an REO property.

                	
                  2

                	
                  No
                    commas(,) or dollar signs ($)

                
	
                  OFFER_DATE_TIME

                	
                  The
                    date an offer is received by DA Admin or by the Servicer.

                	 	
                  MM/DD/YYYY

                
	
                  REO_CLOSING_DATE

                	
                  The
                    date the REO sale of the property is scheduled to close.

                	 	
                  MM/DD/YYYY

                
	
                  REO_ACTUAL_CLOSING_DATE

                	
                  Actual
                    Date Of REO Sale

                	 	
                  MM/DD/YYYY

                
	
                  OCCUPANT_CODE

                	
                  Classification
                    of how the property is occupied.

                	 	
                   

                
	
                  PROP_CONDITION_CODE

                	
                  A
                    code that indicates the condition of the property.

                	 	
                   

                
	
                  PROP_INSPECTION_DATE

                	
                  The
                    date a property inspection is performed.

                	 	
                  MM/DD/YYYY

                
	
                  APPRAISAL_DATE

                	
                  The
                    date the appraisal was done.

                	 	
                  MM/DD/YYYY

                
	
                  CURR_PROP_VAL

                	
                   The
                    current "as is" value of the property based on brokers price
                    opinion or
                    appraisal.

                	
                  2

                	
                   

                
	
                  REPAIRED_PROP_VAL

                	
                  The
                    amount the property would be worth if repairs are completed pursuant
                    to a
                    broker's price opinion or appraisal.

                	
                  2

                	
                   

                
	
                  If
                    applicable:

                	
                   

                	 	
                   

                
	
                  DELINQ_STATUS_CODE

                	
                  FNMA
                    Code Describing Status of Loan

                	 	 
	
                  DELINQ_REASON_CODE

                	
                  The
                    circumstances which caused a borrower to stop paying on a loan.
                    Code
                    indicates the reason why the loan is in default for this
                    cycle.

                	 	 
	
                  MI_CLAIM_FILED_DATE

                	
                  Date
                    Mortgage Insurance Claim Was Filed With Mortgage Insurance
                    Company.

                	 	
                  MM/DD/YYYY

                
	
                  MI_CLAIM_AMT

                	
                  Amount
                    of Mortgage Insurance Claim Filed

                	 	
                  No
                    commas(,) or dollar signs ($)

                
	
                  MI_CLAIM_PAID_DATE

                	
                  Date
                    Mortgage Insurance Company Disbursed Claim Payment

                	 	
                  MM/DD/YYYY

                
	
                  MI_CLAIM_AMT_PAID

                	
                  Amount
                    Mortgage Insurance Company Paid On Claim

                	
                  2

                	
                  No
                    commas(,) or dollar signs ($)

                
	
                  POOL_CLAIM_FILED_DATE

                	
                  Date
                    Claim Was Filed With Pool Insurance Company

                	 	
                  MM/DD/YYYY

                
	
                  POOL_CLAIM_AMT

                	
                  Amount
                    of Claim Filed With Pool Insurance Company

                	
                  2

                	
                  No
                    commas(,) or dollar signs ($)

                
	
                  POOL_CLAIM_PAID_DATE

                	
                  Date
                    Claim Was Settled and The Check Was Issued By The Pool
                    Insurer

                	 	
                  MM/DD/YYYY

                
	
                  POOL_CLAIM_AMT_PAID

                	
                  Amount
                    Paid On Claim By Pool Insurance Company

                	
                  2

                	
                  No
                    commas(,) or dollar signs ($)

                
	
                  FHA_PART_A_CLAIM_FILED_DATE

                	
                   Date
                    FHA Part A Claim Was Filed With HUD

                	 	
                  MM/DD/YYYY

                
	
                  FHA_PART_A_CLAIM_AMT

                	
                   Amount
                    of FHA Part A Claim Filed

                	
                  2

                	
                  No
                    commas(,) or dollar signs ($)

                
	
                  FHA_PART_A_CLAIM_PAID_DATE

                	
                   Date
                    HUD Disbursed Part A Claim Payment

                	 	
                  MM/DD/YYYY

                
	
                  FHA_PART_A_CLAIM_PAID_AMT

                	
                   Amount
                    HUD Paid on Part A Claim

                	
                  2

                	
                  No
                    commas(,) or dollar signs ($)

                
	
                  FHA_PART_B_CLAIM_FILED_DATE

                	
                    Date
                    FHA Part B Claim Was Filed With HUD

                	 	
                  MM/DD/YYYY

                
	
                  FHA_PART_B_CLAIM_AMT

                	
                    Amount
                    of FHA Part B Claim Filed

                	
                  2

                	
                  No
                    commas(,) or dollar signs ($)

                
	
                  FHA_PART_B_CLAIM_PAID_DATE

                	
                     Date
                    HUD Disbursed Part B Claim Payment

                	 	
                  MM/DD/YYYY

                
	
                  FHA_PART_B_CLAIM_PAID_AMT

                	
                   Amount
                    HUD Paid on Part B Claim

                	
                  2

                	
                  No
                    commas(,) or dollar signs ($)

                
	
                  VA_CLAIM_FILED_DATE

                	
                   Date
                    VA Claim Was Filed With the Veterans Admin

                	 	
                  MM/DD/YYYY

                
	
                  VA_CLAIM_PAID_DATE

                	
                   Date
                    Veterans Admin. Disbursed VA Claim Payment

                	 	
                  MM/DD/YYYY

                
	
                  VA_CLAIM_PAID_AMT

                	
                   Amount
                    Veterans Admin. Paid on VA Claim

                	
                  2

                	
                  No
                    commas(,) or dollar signs ($)

                

        

        

         

        Exhibit
          2: Standard
          File Codes - Delinquency Reporting

         

        The
          Loss
          Mit Type
          field
          should show the approved Loss Mitigation Code as follows: 

         

        
          	·  	
                  ASUM-Approved
                    Assumption

                

        

         

        
          	·  	
                  BAP-Borrower
                    Assistance Program

                

        

         

        
          	·  	
                  CO-
                    Charge Off

                

        

         

        
          	·  	
                  DIL-
                    Deed-in-Lieu

                

        

         

        
          	·  	
                  FFA-
                    Formal Forbearance Agreement

                

        

         

        
          	·  	
                  MOD-
                    Loan Modification

                

        

         

        
          	·  	
                  PRE-
                    Pre-Sale

                

        

         

        
          	·  	
                  SS-
                    Short Sale

                

        

         

        
          	·  	
                  MISC-Anything
                    else approved by the PMI or Pool
                    Insurer

                

        

         

        NOTE:
          Wells
          Fargo Bank will accept alternative Loss Mitigation Types to those above,
          provided that they are consistent with industry standards. If Loss Mitigation
          Types other than those above are used, the Servicer must supply Wells Fargo
          Bank
          with a description of each of the Loss Mitigation Types prior to sending
          the
          file.

         

        The
          Occupant
          Code
          field
          should show the current status of the property code as follows:

         

         

        
          	·  	
                  Mortgagor

                

        

         

        
          	·  	
                  Tenant

                

        

         

        
          	·  	
                  Unknown
                    

                

        

         

        
          	·  	
                  Vacant

                

        

         

        The
          Property
          Condition
          field
          should show the last reported condition of the property as follows:

         

        
          	·  	
                  Damaged

                

        

         

        
          	·  	
                  Excellent

                

        

         

        
          	·  	
                  Fair

                

        

         

        
          	·  	
                  Gone

                

        

         

        
          	·  	
                  Good

                

        

         

        
          	·  	
                  Poor

                

        

         

        
          	·  	
                  Special
                    Hazard

                

        

         

        
          	·  	
                  Unknown

                

        

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

         

         

        Exhibit
          2: Standard
          File Codes - Delinquency Reporting, Continued

         

        The
          FNMA
          Delinquent Reason Code
          field
          should show the Reason for Delinquency as follows: 

         

         

        
          	
                  Delinquency
                    Code

                	
                  Delinquency
                    Description

                
	
                  001

                	
                  FNMA-Death
                    of principal mortgagor

                
	
                  002

                	
                  FNMA-Illness
                    of principal mortgagor

                
	
                  003

                	
                  FNMA-Illness
                    of mortgagor’s family member

                
	
                  004

                	
                  FNMA-Death
                    of mortgagor’s family member

                
	
                  005

                	
                  FNMA-Marital
                    difficulties

                
	
                  006

                	
                  FNMA-Curtailment
                    of income

                
	
                  007

                	
                  FNMA-Excessive
                    Obligation

                
	
                  008

                	
                  FNMA-Abandonment
                    of property

                
	
                  009

                	
                  FNMA-Distant
                    employee transfer

                
	
                  011

                	
                  FNMA-Property
                    problem

                
	
                  012

                	
                  FNMA-Inability
                    to sell property

                
	
                  013

                	
                  FNMA-Inability
                    to rent property

                
	
                  014

                	
                  FNMA-Military
                    Service

                
	
                  015

                	
                  FNMA-Other

                
	
                  016

                	
                  FNMA-Unemployment

                
	
                  017

                	
                  FNMA-Business
                    failure

                
	
                  019

                	
                  FNMA-Casualty
                    loss

                
	
                  022

                	
                  FNMA-Energy
                    environment costs

                
	
                  023

                	
                  FNMA-Servicing
                    problems

                
	
                  026

                	
                  FNMA-Payment
                    adjustment

                
	
                  027

                	
                  FNMA-Payment
                    dispute

                
	
                  029

                	
                  FNMA-Transfer
                    of ownership pending

                
	
                  030

                	
                  FNMA-Fraud

                
	
                  031

                	
                  FNMA-Unable
                    to contact borrower

                
	
                  INC

                	
                  FNMA-Incarceration

                

        

        

         

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

        

         

        Exhibit
          2: Standard
          File Codes - Delinquency Reporting, Continued

         

        The
          FNMA
          Delinquent Status Code
          field
          should show the Status of Default as follows: 

         

         

        
          	
                  Status
                    Code

                	
                  Status
                    Description

                
	
                  09

                	
                  Forbearance

                
	
                  17

                	
                  Pre-foreclosure
                    Sale Closing Plan Accepted

                
	
                  24

                	
                  Government
                    Seizure

                
	
                  26

                	
                  Refinance

                
	
                  27

                	
                  Assumption

                
	
                  28

                	
                  Modification

                
	
                  29

                	
                  Charge-Off

                
	
                  30

                	
                  Third
                    Party Sale

                
	
                  31

                	
                  Probate

                
	
                  32

                	
                  Military
                    Indulgence

                
	
                  43

                	
                  Foreclosure
                    Started

                
	
                  44

                	
                  Deed-in-Lieu
                    Started

                
	
                  49

                	
                  Assignment
                    Completed

                
	
                  61

                	
                  Second
                    Lien Considerations

                
	
                  62

                	
                  Veteran’s
                    Affairs-No Bid

                
	
                  63

                	
                  Veteran’s
                    Affairs-Refund

                
	
                  64

                	
                  Veteran’s
                    Affairs-Buydown

                
	
                  65

                	
                  Chapter
                    7 Bankruptcy

                
	
                  66

                	
                  Chapter
                    11 Bankruptcy

                
	
                  67

                	
                  Chapter
                    13 Bankruptcy

                

        

        

         

        

         

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

        Exhibit
          E

         

        EXHIBIT
          K

         

        REPORTING
          DATA FOR REALIZED LOSSES AND GAINS

         

        Calculation
          of Realized Loss/Gain Form 332- Instruction Sheet

         

        
          NOTE:
            Do not net or combine items. Show all expenses individually and all credits
            as
            separate line items. Claim packages are due on the remittance report
            date. Late
            submissions may result in claims not being passed until the following
            month. The
            Servicer is responsible to remit all funds pending loss approval and
            /or
            resolution of any disputed items. 

           

          The
            numbers on the 332 form correspond with the numbers listed below.

           

          Liquidation
            and Acquisition Expenses:

           

          1.          
             The
            Actual Unpaid Principal Balance of the Mortgage Loan. For documentation,
            an
            Amortization Schedule from date of default through liquidation breaking
            out the
            net interest and servicing fees advanced is required.

           

          2.          
             The
            Total
            Interest Due less the aggregate amount of servicing fee that would have
            been
            earned if all delinquent payments had been made as agreed. For documentation,
            an
            Amortization Schedule from date of default through liquidation breaking
            out the
            net interest and servicing fees advanced is required.

           

          3.         
              Accrued
            Servicing Fees based upon the Scheduled Principal Balance of the Mortgage
            Loan
            as calculated on a monthly basis. For documentation, an Amortization
            Schedule
            from date of default through liquidation breaking out the net interest
            and
            servicing fees advanced is required.

           

          4-12.     
             Complete
            as applicable. Required documentation:

           

          *
            For
            taxes and insurance advances - see page 2 of 332 form - breakdown required
            showing period of
            coverage, base tax, interest, penalty. Advances prior to default require
            evidence of servicer efforts to recover advances.

          *
            For
            escrow advances - complete payment history (to
            calculate advances from last positive escrow balance forward)

          *
            Other
            expenses -  copies of corporate advance history showing all payments

          *
            REO
            repairs > $1500 require explanation

          *
            REO
            repairs >$3000 require evidence of at least 2 bids.

          *
            Short
            Sale or Charge Off require P&L supporting the decision and WFB’s approved
            Officer Certificate 

          *
            Unusual
            or extraordinary items may require further documentation. 

           

          13.          The
            total
            of lines 1 through 12.

           

          Credits:
            

           

          14-21.   
             Complete
            as applicable. Required documentation:

           

          *
            Copy of
            the HUD 1 from the REO sale. If a 3rd Party Sale, bid instructions
            and Escrow Agent / Attorney Letter of Proceeds Breakdown.

          *
            Copy of
            EOB for any MI or gov't guarantee 

          *
            All
            other credits need to be clearly defined on the 332
            form      
     

           

          
            	 	
                    22.

                  	
                    The
                      total of lines 14 through 21.

                  

          

           

          Please
            Note: For
            HUD/VA loans, use line (18a) for Part A/Initial proceeds and line (18b)
            for Part
            B/Supplemental proceeds.

           

          Total
            Realized Loss (or Amount of Any Gain)

           

          23.        
             The
            total
            derived from subtracting line 22 from 13. If the amount represents a
            realized
            gain, show the amount in parenthesis ( ). 

          
            
              
              

            

            
              
              

              
                

              

            

            
              
              

            

          

          Exhibit
            3A: Calculation
            of Realized Loss/Gain Form 332

          
             

            Prepared
              by: __________________   Date:
              _____________________

            Phone:
              ______________________           
Email Address:_____________________

             

            
              	
                       
                        Servicer Loan No.

                    	 	
                       
                        Servicer Name

                    	 	
                       
                        Servicer Address 

                       

                    

            

             

            WELLS
              FARGO BANK, N.A. Loan No._________________________________________

             

            Borrower's
              Name: _________________________________________________________

            Property
              Address: _________________________________________________________

             

            Liquidation
              Type: REO Sale  
              3rd
              Party Sale  
Short
              Sale 
Charge
              Off 

             

            Was
              this loan granted a Bankruptcy deficiency or cramdown  Yes                            
              No

            If
“Yes”,
              provide deficiency or cramdown amount
              ________________________________________

             

            Liquidation
              and Acquisition Expenses:

            

              
                	
                        (1)

                      	
                        Actual
                          Unpaid Principal Balance of Mortgage Loan

                      	
                        $
                          _______________

                      	
                        (1)

                      
	
                        (2)

                      	
                        Interest
                          accrued at Net Rate

                      	
                        ________________

                      	
                        (2)

                      
	
                        (3)

                      	
                        Accrued
                          Servicing Fees

                      	
                        ________________

                      	
                        (3)

                      
	
                        (4)

                      	
                        Attorney's
                          Fees

                      	
                        ________________

                      	
                        (4)

                      
	
                        (5)

                      	
                        Taxes
                          (see page 2)

                      	
                        ________________

                      	
                        (5)

                      
	
                        (6)

                      	
                        Property
                          Maintenance

                      	
                        ________________

                      	
                        (6)

                      
	
                        (7)

                      	
                        MI/Hazard
                          Insurance Premiums (see page 2)

                      	
                        ________________

                      	
                        (7)

                      
	
                        (8)

                      	
                        Utility
                          Expenses

                      	
                        ________________

                      	
                        (8)

                      
	
                        (9)

                      	
                        Appraisal/BPO

                      	
                        ________________

                      	
                        (9)

                      
	
                        (10)

                      	
                        Property
                          Inspections

                      	
                        ________________

                      	
                        (10)

                      
	
                        (11)

                      	
                        FC
                          Costs/Other Legal Expenses

                      	
                        ________________

                      	
                        (11)

                      
	
                        (12)

                      	
                        Other
                          (itemize)

                      	
                        $________________

                      	
                        (12)

                      
	
                        Cash
                          for Keys__________________________

                      	 	
                        ________________

                      	 
	
                        HOA/Condo
                          Fees_______________________

                      	 	
                        ________________

                      	 
	
                        ______________________________________

                      	 	
                        ________________

                      	 
	
                        ______________________________________

                      	 	
                        ________________

                      	 
	
                        Total
                          Expenses

                      	 	
                        $
                          _______________

                      	
                        (13)

                      
	
                        Credits:

                      	 	 	 
	
                        (14)

                      	
                        Escrow
                          Balance

                      	
                        $
                          _______________

                      	
                        (14)

                      
	
                        (15)

                      	
                        HIP
                          Refund

                      	
                        ________________

                      	
                        (15)

                      
	
                        (16)

                      	
                        Rental
                          Receipts

                      	
                        ________________

                      	
                        (16)

                      
	
                        (17)

                      	
                        Hazard
                          Loss Proceeds

                      	
                        ________________

                      	
                        (17)

                      
	
                        (18)

                      	
                        Primary
                          Mortgage Insurance / Gov’t Insurance

                      	
                        ________________

                      	
                        (18a)

                      
	 	
                        HUD
                          Part A

                      	 	 
	 	
                        HUD
                          Part B

                      	
                        ________________

                      	
                        (18b)

                      
	
                        (19)

                      	
                        Pool
                          Insurance Proceeds

                      	
                        ________________

                      	
                        (19)

                      
	
                        (20)

                      	
                        Proceeds
                          from Sale of Acquired Property

                      	
                        ________________

                      	
                        (20)

                      
	
                        (21)

                      	
                        Other
                          (itemize)

                      	
                        ________________

                      	
                        (21)

                      
	
                        _________________________________________

                      	 	
                        _________________

                      	 
	
                        _________________________________________

                      	
                         

                      	
                        _________________

                      	 
	
                        Total
                          Credits

                      	
                         $________________

                      	
                         

                      	
                        (22)

                      
	
                        Total
                          Realized Loss (or Amount of Gain)

                      	
                         $________________

                      	
                         

                      	
                        (23)

                      

                
                  
                    
                    

                  

                  
                    
                    

                    
                      

                    

                  

                  
                    
                    

                  

                

            

          

        

        Escrow
          Disbursement Detail

         

        
          	
                  Type

                  (Tax
                    /Ins.)

                	
                  Date
                    Paid

                	
                  Period
                    of Coverage

                	
                  Total
                    Paid

                	
                  Base
                    Amount

                	
                  Penalties

                	
                  Interest

                
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 

        

        

         

         

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

        Exhibit
          F

         

        Exhibit
          D

        

         

        SERVICING
          CRITERIA TO BE ADDRESSED IN ASSESSMENT OF COMPLIANCE

         

        The
          assessment of compliance to be delivered by [the Servicer] [Name of Subservicer]
          shall address, at a minimum, the criteria identified as below as “Applicable
          Servicing Criteria”:

         

        
          	
                  Servicing
                    Criteria 

                	
                  Applicable
                    Servicing Criteria

                
	
                  Reference

                	
                  Criteria

                	
                   

                
	
                   

                	
                  General
                    Servicing Considerations

                	
                   

                
	
                  1122(d)(1)(i)

                	
                  Policies
                    and procedures are instituted to monitor any performance or other
                    triggers
                    and events of default in accordance with the transaction
                    agreements.

                	
                  X

                
	
                  1122(d)(1)(ii)

                	
                  If
                    any material servicing activities are outsourced to third parties,
                    policies and procedures are instituted to monitor the third party’s
                    performance and compliance with such servicing activities.

                	
                  X

                
	
                  1122(d)(1)(iii)

                	
                  Any
                    requirements in the transaction agreements to maintain a back-up
                    servicer
                    for the mortgage loans are maintained.

                	 
	
                  1122(d)(1)(iv)

                	
                  A
                    fidelity bond and errors and omissions policy is in effect on
                    the party
                    participating in the servicing function throughout the reporting
                    period in
                    the amount of coverage required by and otherwise in accordance
                    with the
                    terms of the transaction agreements.

                	
                  X

                
	
                   

                	
                  Cash
                    Collection and Administration

                	 
	
                  1122(d)(2)(i)

                	
                  Payments
                    on mortgage loans are deposited into the appropriate custodial
                    bank
                    accounts and related bank clearing accounts no more than two
                    business days
                    following receipt, or such other number of days specified in
                    the
                    transaction agreements.

                	
                  X

                
	
                  1122(d)(2)(ii)

                	
                  Disbursements
                    made via wire transfer on behalf of an obligor or to an investor
                    are made
                    only by authorized personnel.

                	
                  X

                
	
                  1122(d)(2)(iii)

                	
                  Advances
                    of funds or guarantees regarding collections, cash flows or distributions,
                    and any interest or other fees charged for such advances, are
                    made,
                    reviewed and approved as specified in the transaction
                    agreements.

                	
                  X

                
	
                  1122(d)(2)(iv)

                	
                  The
                    related accounts for the transaction, such as cash reserve accounts
                    or
                    accounts established as a form of overcollateralization, are
                    separately
                    maintained (e.g., with respect to commingling of cash) as set
                    forth in the
                    transaction agreements.

                	
                  X

                
	
                  1122(d)(2)(v)

                	
                  Each
                    custodial account is maintained at a federally insured depository
                    institution as set forth in the transaction agreements. For purposes
                    of
                    this criterion, “federally insured depository institution” with respect to
                    a foreign financial institution means a foreign financial institution
                    that
                    meets the requirements of Rule 13k-1(b)(1) of the Securities
                    Exchange
                    Act.

                	
                  X

                
	
                  1122(d)(2)(vi)

                	
                  Unissued
                    checks are safeguarded so as to prevent unauthorized
                    access.

                	
                  X

                
	
                  1122(d)(2)(vii)

                	
                  Reconciliations
                    are prepared on a monthly basis for all asset-backed securities
                    related
                    bank accounts, including custodial accounts and related bank
                    clearing
                    accounts. These reconciliations are (A) mathematically accurate;
                    (B)
                    prepared within 30 calendar days after the bank statement cutoff
                    date, or
                    such other number of days specified in the transaction agreements;
                    (C)
                    reviewed and approved by someone other than the person who prepared
                    the
                    reconciliation; and (D) contain explanations for reconciling
                    items. These
                    reconciling items are resolved within 90 calendar days of their
                    original
                    identification, or such other number of days specified in the
                    transaction
                    agreements.

                	
                  X

                
	
                   

                	
                  Investor
                    Remittances and Reporting

                	 
	
                  1122(d)(3)(i)

                	
                  Reports
                    to investors, including those to be filed with the Commission,
                    are
                    maintained in accordance with the transaction agreements and
                    applicable
                    Commission requirements. Specifically, such reports (A) are prepared
                    in
                    accordance with timeframes and other terms set forth in the transaction
                    agreements; (B) provide information calculated in accordance
                    with the
                    terms specified in the transaction agreements; (C) are filed
                    with the
                    Commission as required by its rules and regulations; and (D)
                    agree with
                    investors’ or the trustee’s records as to the total unpaid principal
                    balance and number of mortgage loans serviced by the
                    Servicer.

                	
                  X

                
	
                  1122(d)(3)(ii)

                	
                  Amounts
                    due to investors are allocated and remitted in accordance with
                    timeframes,
                    distribution priority and other terms set forth in the transaction
                    agreements.

                	
                  X

                
	
                  1122(d)(3)(iii)

                	
                  Disbursements
                    made to an investor are posted within two business days to the
                    Servicer’s
                    investor records, or such other number of days specified in the
                    transaction agreements.

                	
                  X

                
	
                  1122(d)(3)(iv)

                	
                  Amounts
                    remitted to investors per the investor reports agree with cancelled
                    checks, or other form of payment, or custodial bank
                    statements.

                	
                  X

                
	 	 	 
	
                   

                	
                  Pool
                    Asset Administration

                	 
	
                  1122(d)(4)(i)

                	
                  Collateral
                    or security on mortgage loans is maintained as required by the
                    transaction
                    agreements or related mortgage loan documents.

                	
                  X

                
	
                  1122(d)(4)(ii)

                	
                  Mortgage
                    loan and related documents are safeguarded as required by the
                    transaction
                    agreements

                	
                  X

                
	
                  1122(d)(4)(iii)

                	
                  Any
                    additions, removals or substitutions to the asset pool are made,
                    reviewed
                    and approved in accordance with any conditions or requirements
                    in the
                    transaction agreements.

                	
                  X

                
	
                  1122(d)(4)(iv)

                	
                  Payments
                    on mortgage loans, including any payoffs, made in accordance
                    with the
                    related mortgage loan documents are posted to the Servicer’s obligor
                    records maintained no more than two business days after receipt,
                    or such
                    other number of days specified in the transaction agreements,
                    and
                    allocated to principal, interest or other items (e.g., escrow)
                    in
                    accordance with the related mortgage loan documents.

                	
                  X

                
	
                  1122(d)(4)(v)

                	
                  The
                    Servicer’s records regarding the mortgage loans agree with the Servicer’s
                    records with respect to an obligor’s unpaid principal
                    balance.

                	
                  X

                
	
                  1122(d)(4)(vi)

                	
                  Changes
                    with respect to the terms or status of an obligor's mortgage
                    loans (e.g.,
                    loan modifications or re-agings) are made, reviewed and approved
                    by
                    authorized personnel in accordance with the transaction agreements
                    and
                    related pool asset documents.

                	
                  X

                
	
                  1122(d)(4)(vii)

                	
                  Loss
                    mitigation or recovery actions (e.g., forbearance plans, modifications
                    and
                    deeds in lieu of foreclosure, foreclosures and repossessions,
                    as
                    applicable) are initiated, conducted and concluded in accordance
                    with the
                    timeframes or other requirements established by the transaction
                    agreements.

                	
                  X

                
	
                  1122(d)(4)(viii)

                	
                  Records
                    documenting collection efforts are maintained during the period
                    a mortgage
                    loan is delinquent in accordance with the transaction agreements.
                    Such
                    records are maintained on at least a monthly basis, or such other
                    period
                    specified in the transaction agreements, and describe the entity’s
                    activities in monitoring delinquent mortgage loans including,
                    for example,
                    phone calls, letters and payment rescheduling plans in cases
                    where
                    delinquency is deemed temporary (e.g., illness or
                    unemployment).

                	
                  X

                
	
                  1122(d)(4)(ix)

                	
                  Adjustments
                    to interest rates or rates of return for mortgage loans with
                    variable
                    rates are computed based on the related mortgage loan
                    documents.

                	
                  X

                
	
                  1122(d)(4)(x)

                	
                  Regarding
                    any funds held in trust for an obligor (such as escrow accounts):
                    (A) such
                    funds are analyzed, in accordance with the obligor’s mortgage loan
                    documents, on at least an annual basis, or such other period
                    specified in
                    the transaction agreements; (B) interest on such funds is paid,
                    or
                    credited, to obligors in accordance with applicable mortgage
                    loan
                    documents and state laws; and (C) such funds are returned to
                    the obligor
                    within 30 calendar days of full repayment of the related mortgage
                    loans,
                    or such other number of days specified in the transaction
                    agreements.

                	
                  X

                
	
                  1122(d)(4)(xi)

                	
                  Payments
                    made on behalf of an obligor (such as tax or insurance payments)
                    are made
                    on or before the related penalty or expiration dates, as indicated
                    on the
                    appropriate bills or notices for such payments, provided that
                    such support
                    has been received by the servicer at least 30 calendar days prior
                    to these
                    dates, or such other number of days specified in the transaction
                    agreements.

                	
                  X

                
	
                  1122(d)(4)(xii)

                	
                  Any
                    late payment penalties in connection with any payment to be made
                    on behalf
                    of an obligor are paid from the servicer’s funds and not charged to the
                    obligor, unless the late payment was due to the obligor’s error or
                    omission.

                	
                  X

                
	
                  1122(d)(4)(xiii)

                	
                  Disbursements
                    made on behalf of an obligor are posted within two business days
                    to the
                    obligor’s records maintained by the servicer, or such other number of
                    days
                    specified in the transaction agreements.

                	
                  X

                
	
                  1122(d)(4)(xiv)

                	
                  Delinquencies,
                    charge-offs and uncollectible accounts are recognized and recorded
                    in
                    accordance with the transaction agreements.

                	
                  X

                
	
                  1122(d)(4)(xv)

                	
                  Any
                    external enhancement or other support, identified in Item 1114(a)(1)
                    through (3) or Item 1115 of Regulation AB, is maintained as set
                    forth in
                    the transaction agreements.

                	 
	
                   

                	
                   

                	
                   

                

        

        

      

      
        
           

        

        
           

          
            

          

        

        
           

        

      

      
 

      

      EXHIBIT
        T

      

      FORM
        OF
        CERTIFICATION TO BE

      PROVIDED
        BY THE SECURITIES ADMINISTRATOR TO DEPOSITOR

      

      
        	 	
                Re:

              	
                Bear
                  Stearns Asset Backed Securities I Trust 2006-AC3 (the “Trust”), Mortgage
                  Pass-Through Certificates, Series 2006-AC3, issued pursuant to
                  the Pooling
                  and Servicing Agreement, dated as of April 1, 2006, among Bear
                  Stearns
                  Asset Backed Securities I LLC, as depositor, EMC Mortgage Corporation,
                  as
                  sponsor and company, Wells Fargo Bank, National Association, as
                  master
                  servicer and securities administrator, and U.S. Bank National Association,
                  as trustee.

              

      

      

      The
        Securities Administrator hereby certifies to 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 the annual report on Form 10-K for the fiscal year [____] (the “Annual
        Report”), and all reports on Form 10-D required to be filed in respect of period
        covered by the Annual Report (collectively with the Annual Report, the
“Reports”), of the Trust;

      

      To
        my
        knowledge, (a) the Reports, taken as a whole, do not contain any untrue
        statement of a material fact or omit to state a material fact necessary to
        make
        the statements made, in light of the circumstances under which such statements
        were made, not misleading with respect to the period covered by the Annual
        Report, and (b) the Securities Administrator’s assessment of compliance and
        related attestation report referred to below, 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
        such assessment of compliance and attestation report;

      

      To
        my
        knowledge, the distribution information required to be provided by the
        Securities Administrator under the Pooling and Servicing Agreement for inclusion
        in the Reports is included in the Reports;

      

      I
        am
        responsible for reviewing the activities performed by the Securities
        Administrator under the Pooling and Servicing Agreement, and based on my
        knowledge and the compliance review conducted in preparing the compliance
        statement of the Securities Administrator required by the Pooling and Servicing
        Agreement, and except as disclosed in the Reports, the Securities Administrator
        has fulfilled its obligations under the Pooling and Servicing Agreement in
        all
        material respects; and

      

      The
        report on assessment of compliance with servicing criteria applicable to
        the
        Securities Administrator for asset-backed securities of the Securities
        Administrator and each Subcontractor utilized by the Securities Administrator
        and related attestation report on assessment of compliance with servicing
        criteria applicable to it required to be included in the Annual Report in
        accordance with Item 1122 of Regulation AB and Exchange Act Rules 13a-18
        and
        15d-18 has been included as an exhibit to the Annual Report. Any material
        instances of non-compliance are described in such report and have been disclosed
        in the Annual Report.

      

      In
        giving
        the certifications above, the Securities Administrator has reasonably relied
        on
        information provided to it by the following unaffiliated parties: [names
        of
        servicer(s), master servicer, subservicer, depositor, trustee,
        custodian(s)]

      

        	 	 	 	 
	Date:
	 	 	 
	
                
                  

                

              	 	 	
              
	 	 	 	 

      

      
        	 	 	 	 
	 	 	 	 
	
                

              	 	 	
              
	
                [Signature]

                [Title]

              	 	 	 

      

      
 

      EXHIBIT
        U

      

      REPORTING
        DATA FOR MONTHLY REPORT

       

      
        Standard
          File Layout - Master Servicing

      

      
        	
                Column
                  Name

              	
                Description

              	
                Decimal

              	
                Format
                  Comment

              	
                Max
                  Size

              
	
                SER_INVESTOR_NBR

              	
                A
                  value assigned by the Servicer to define a group of loans.

              	 	
                Text
                  up to 10 digits

              	
                20

              
	
                LOAN_NBR

              	
                A
                  unique identifier assigned to each loan by the investor.

              	 	
                Text
                  up to 10 digits

              	
                10

              
	
                SERVICER_LOAN_NBR

              	
                A
                  unique number assigned to a loan by the Servicer. This may be different
                  than the LOAN_NBR.

              	 	
                Text
                  up to 10 digits

              	
                10

              
	
                BORROWER_NAME

              	
                The
                  borrower name as received in the file. It is not separated by first
                  and
                  last name.

              	 	
                Maximum
                  length of 30 (Last, First)

              	
                30

              
	
                SCHED_PAY_AMT

              	
                Scheduled
                  monthly principal and scheduled interest payment that a borrower
                  is
                  expected to pay, P&I constant.

              	
                2

              	
                No
                  commas(,) or dollar signs ($)

              	
                11

              
	
                NOTE_INT_RATE

              	
                The
                  loan interest rate as reported by the Servicer.

              	
                4

              	
                Max
                  length of 6

              	
                6

              
	
                NET_INT_RATE

              	
                The
                  loan gross interest rate less the service fee rate as reported
                  by the
                  Servicer.

              	
                4

              	
                Max
                  length of 6

              	
                6

              
	
                SERV_FEE_RATE

              	
                The
                  servicer's fee rate for a loan as reported by the
                  Servicer.

              	
                4

              	
                Max
                  length of 6

              	
                6

              
	
                SERV_FEE_AMT

              	
                The
                  servicer's fee amount for a loan as reported by the
                  Servicer.

              	
                2

              	
                No
                  commas(,) or dollar signs ($)

              	
                11

              
	
                NEW_PAY_AMT

              	
                The
                  new loan payment amount as reported by the Servicer.

              	
                2

              	
                No
                  commas(,) or dollar signs ($)

              	
                11

              
	
                NEW_LOAN_RATE

              	
                The
                  new loan rate as reported by the Servicer.

              	
                4

              	
                Max
                  length of 6

              	
                6

              
	
                ARM_INDEX_RATE

              	
                The
                  index the Servicer is using to calculate a forecasted
                  rate.

              	
                4

              	
                Max
                  length of 6

              	
                6

              
	
                ACTL_BEG_PRIN_BAL

              	
                The
                  borrower's actual principal balance at the beginning of the processing
                  cycle.

              	
                2

              	
                No
                  commas(,) or dollar signs ($)

              	
                11

              
	
                ACTL_END_PRIN_BAL

              	
                The
                  borrower's actual principal balance at the end of the processing
                  cycle.

              	
                2

              	
                No
                  commas(,) or dollar signs ($)

              	
                11

              
	
                BORR_NEXT_PAY_DUE_DATE

              	
                The
                  date at the end of processing cycle that the borrower's next payment
                  is
                  due to the Servicer, as reported by Servicer.

              	 	
                MM/DD/YYYY

              	
                10

              
	
                SERV_CURT_AMT_1

              	
                The
                  first curtailment amount to be applied.

              	
                2

              	
                No
                  commas(,) or dollar signs ($)

              	
                11

              
	
                SERV_CURT_DATE_1

              	
                The
                  curtailment date associated with the first curtailment
                  amount.

              	 	
                MM/DD/YYYY

              	
                10

              
	
                CURT_ADJ_
                  AMT_1

              	
                The
                  curtailment interest on the first curtailment amount, if
                  applicable.

              	
                2

              	
                No
                  commas(,) or dollar signs ($)

              	
                11

              
	
                SERV_CURT_AMT_2

              	
                The
                  second curtailment amount to be applied.

              	
                2

              	
                No
                  commas(,) or dollar signs ($)

              	
                11

              
	
                SERV_CURT_DATE_2

              	
                The
                  curtailment date associated with the second curtailment
                  amount.

              	 	
                MM/DD/YYYY

              	
                10

              
	
                CURT_ADJ_
                  AMT_2

              	
                The
                  curtailment interest on the second curtailment amount, if
                  applicable.

              	
                2

              	
                No
                  commas(,) or dollar signs ($)

              	
                11

              
	
                SERV_CURT_AMT_3

              	
                The
                  third curtailment amount to be applied.

              	
                2

              	
                No
                  commas(,) or dollar signs ($)

              	
                11

              
	
                SERV_CURT_DATE_3

              	
                The
                  curtailment date associated with the third curtailment
                  amount.

              	 	
                MM/DD/YYYY

              	
                10

              
	
                CURT_ADJ_AMT_3

              	
                The
                  curtailment interest on the third curtailment amount, if
                  applicable.

              	
                2

              	
                No
                  commas(,) or dollar signs ($)

              	
                11

              
	
                PIF_AMT

              	
                The
                  loan "paid in full" amount as reported by the Servicer.

              	
                2

              	
                No
                  commas(,) or dollar signs ($)

              	
                11

              
	
                PIF_DATE

              	
                The
                  paid in full date as reported by the Servicer.

              	 	
                MM/DD/YYYY

              	
                10

              
	 	 	 	
                Action
                  Code Key: 15=Bankruptcy, 30=Foreclosure, , 60=PIF, 63=Substitution,
                  65=Repurchase,70=REO

              	
                2

              
	
                ACTION_CODE

              	
                The
                  standard FNMA numeric code used to indicate the default/delinquent
                  status
                  of a particular loan.

              
	
                INT_ADJ_AMT

              	
                The
                  amount of the interest adjustment as reported by the
                  Servicer.

              	
                2

              	
                No
                  commas(,) or dollar signs ($)

              	
                11

              
	
                SOLDIER_SAILOR_ADJ_AMT

              	
                The
                  Soldier and Sailor Adjustment amount, if applicable.

              	
                2

              	
                No
                  commas(,) or dollar signs ($)

              	
                11

              
	
                NON_ADV_LOAN_AMT

              	
                The
                  Non Recoverable Loan Amount, if applicable.

              	
                2

              	
                No
                  commas(,) or dollar signs ($)

              	
                11

              
	
                LOAN_LOSS_AMT

              	
                The
                  amount the Servicer is passing as a loss, if applicable.

              	
                2

              	
                No
                  commas(,) or dollar signs ($)

              	
                11

              
	
                SCHED_BEG_PRIN_BAL

              	
                The
                  scheduled outstanding principal amount due at the beginning of
                  the cycle
                  date to be passed through to investors.

              	
                2

              	
                No
                  commas(,) or dollar signs ($)

              	
                11

              
	
                SCHED_END_PRIN_BAL

              	
                The
                  scheduled principal balance due to investors at the end of a processing
                  cycle.

              	
                2

              	
                No
                  commas(,) or dollar signs ($)

              	
                11

              
	
                SCHED_PRIN_AMT

              	
                The
                  scheduled principal amount as reported by the Servicer for the
                  current
                  cycle -- only applicable for Scheduled/Scheduled Loans.

              	
                2

              	
                No
                  commas(,) or dollar signs ($)

              	
                11

              
	
                SCHED_NET_INT

              	
                The
                  scheduled gross interest amount less the service fee amount for
                  the
                  current cycle as reported by the Servicer -- only applicable for
                  Scheduled/Scheduled Loans.

              	
                2

              	
                No
                  commas(,) or dollar signs ($)

              	
                11

              
	
                ACTL_PRIN_AMT

              	
                The
                  actual principal amount collected by the Servicer for the current
                  reporting cycle -- only applicable for Actual/Actual
                  Loans.

              	
                2

              	
                No
                  commas(,) or dollar signs ($)

              	
                11

              
	
                ACTL_NET_INT

              	
                The
                  actual gross interest amount less the service fee amount for the
                  current
                  reporting cycle as reported by the Servicer -- only applicable
                  for
                  Actual/Actual Loans.

              	
                2

              	
                No
                  commas(,) or dollar signs ($)

              	
                11

              
	
                PREPAY_PENALTY_
                  AMT

              	
                The
                  penalty amount received when a borrower prepays on his loan as
                  reported by
                  the Servicer.

              	
                2

              	
                No
                  commas(,) or dollar signs ($)

              	
                11

              
	
                PREPAY_PENALTY_
                  WAIVED

              	
                The
                  prepayment penalty amount for the loan waived by the
                  servicer.

              	
                2

              	
                No
                  commas(,) or dollar signs ($)

              	
                11

              
	
                MOD_DATE

              	
                The
                  Effective Payment Date of the Modification for the loan.

              	 	
                MM/DD/YYYY

              	
                10

              
	
                MOD_TYPE

              	
                The
                  Modification Type.

              	 	
                Varchar
                  - value can be alpha or numeric

              	
                30

              
	
                DELINQ_P&I_ADVANCE_AMT

              	
                The
                  current outstanding principal and interest advances made by
                  Servicer.

              	
                2

              	
                No
                  commas(,) or dollar signs ($)

              	
                11

              

      

      
 

      EXHIBIT
        V

      

      REPORTING
        DATA FOR DEFAULTED LOANS

       

      
 

      
        	
                Standard
                  File Layout - Delinquency
                  Reporting

              

      

       

      
        	
                Column/Header
                  Name

              	
                Description

              	
                Decimal

              	
                Format
                  Comment

              

      

      
        	
                SERVICER_LOAN_NBR

              	
                A
                  unique number assigned to a loan by the Servicer. This may be different
                  than the LOAN_NBR

              	 	
                 

              
	
                LOAN_NBR

              	
                A
                  unique identifier assigned to each loan by the originator.

              	 	
                 

              
	
                CLIENT_NBR

              	
                Servicer
                  client number

              	 	 
	
                SERV_INVESTOR_NBR

              	
                Contains
                  a unique number as assigned by an external servicer to identify
                  a group of
                  loans in their system.

              	 	
                 

              
	
                BORROWER_FIRST_NAME

              	
                First
                  name of the borrower.

              	 	 
	
                BORROWER_LAST_NAME

              	
                Last
                  name of the borrower.

              	 	 
	
                PROP_ADDRESS

              	
                Street
                  name and number of property

              	 	
                 

              
	
                PROP_STATE

              	
                The
                  state where the property located.

              	 	
                 

              
	
                PROP_ZIP

              	
                Zip
                  code where the property is located.

              	 	
                 

              
	
                BORR_NEXT_PAY_DUE_DATE

              	
                The
                  date that the borrower's next payment is due to the servicer at
                  the end of
                  processing cycle, as reported by Servicer.

              	 	
                MM/DD/YYYY

              
	
                LOAN_TYPE

              	
                Loan
                  type (i.e. FHA, VA, Conv)

              	 	
                 

              
	
                BANKRUPTCY_FILED_DATE

              	
                The
                  date a particular bankruptcy claim was filed.

              	 	
                MM/DD/YYYY

              
	
                BANKRUPTCY_CHAPTER_CODE

              	
                The
                  chapter under which the bankruptcy was filed.

              	 	
                 

              
	
                BANKRUPTCY_CASE_NBR

              	
                The
                  case number assigned by the court to the bankruptcy
                  filing.

              	 	
                 

              
	
                POST_PETITION_DUE_DATE

              	
                The
                  payment due date once the bankruptcy has been approved by the
                  courts

              	 	
                MM/DD/YYYY

              
	
                BANKRUPTCY_DCHRG_DISM_DATE

              	
                The
                  date the loan Is removed from bankruptcy. Either by dismissal,
                  discharge
                  and/or a motion for relief was granted. 

              	 	
                MM/DD/YYYY

              
	
                LOSS_MIT_APPR_DATE

              	
                The
                  date the loss mitigation was approved by the servicer

              	 	
                MM/DD/YYYY

              
	
                LOSS_MIT_TYPE

              	
                The
                  type of loss mitigation approved for a loan such as;

              	 	 
	
                LOSS_MIT_EST_COMP_DATE

              	
                The
                  date the loss mitigation plan Is scheduled to end/close

              	 	
                MM/DD/YYYY

              
	
                LOSS_MIT_ACT_COMP_DATE

              	
                The
                  date the loss mitigation Is actually completed

              	 	
                MM/DD/YYYY

              
	
                FRCLSR_APPROVED_DATE

              	
                The
                  date DA Admin sends a letter to the servicer with instructions
                  to begin
                  foreclosure proceedings.

              	 	
                MM/DD/YYYY

              
	
                ATTORNEY_REFERRAL_DATE

              	
                Date
                  file was referred to attorney to pursue foreclosure

              	 	
                MM/DD/YYYY

              
	
                FIRST_LEGAL_DATE

              	
                Notice
                  of 1st legal filed by an attorney in a foreclosure action

              	 	
                MM/DD/YYYY

              
	
                FRCLSR_SALE_EXPECTED_DATE

              	
                The
                  date by which a foreclosure sale is expected to occur.

              	 	
                MM/DD/YYYY

              
	
                FRCLSR_SALE_DATE

              	
                The
                  actual date of the foreclosure sale.

              	 	
                MM/DD/YYYY

              
	
                FRCLSR_SALE_AMT

              	
                The
                  amount a property sold for at the foreclosure sale.

              	
                2

              	
                No
                  commas(,) or dollar signs ($)

              
	
                EVICTION_START_DATE

              	
                The
                  date the servicer initiates eviction of the borrower.

              	 	
                MM/DD/YYYY

              
	
                EVICTION_COMPLETED_DATE

              	
                The
                  date the court revokes legal possession of the property from the
                  borrower.

              	 	
                MM/DD/YYYY

              
	
                LIST_PRICE

              	
                The
                  price at which an REO property is marketed.

              	
                2

              	
                No
                  commas(,) or dollar signs ($)

              
	
                LIST_DATE

              	
                The
                  date an REO property is listed at a particular price.

              	 	
                MM/DD/YYYY

              
	
                OFFER_AMT

              	
                The
                  dollar value of an offer for an REO property.

              	
                2

              	
                No
                  commas(,) or dollar signs ($)

              
	
                OFFER_DATE_TIME

              	
                The
                  date an offer is received by DA Admin or by the Servicer.

              	 	
                MM/DD/YYYY

              
	
                REO_CLOSING_DATE

              	
                The
                  date the REO sale of the property is scheduled to close.

              	 	
                MM/DD/YYYY

              
	
                REO_ACTUAL_CLOSING_DATE

              	
                Actual
                  date Of REO sale

              	 	
                MM/DD/YYYY

              
	
                OCCUPANT_CODE

              	
                Classification
                  of how the property is occupied.

              	 	
                 

              
	
                PROP_CONDITION_CODE

              	
                A
                  code that indicates the condition of the property.

              	 	
                 

              
	
                PROP_INSPECTION_DATE

              	
                The
                  date a property inspection is performed.

              	 	
                MM/DD/YYYY

              
	
                APPRAISAL_DATE

              	
                The
                  date the appraisal was done.

              	 	
                MM/DD/YYYY

              
	
                CURR_PROP_VAL

              	
                 The
                  current "as is" value of the property based on brokers price opinion
                  or
                  appraisal.

              	
                2

              	
                 

              
	
                REPAIRED_PROP_VAL

              	
                The
                  amount the property would be worth if repairs are completed pursuant
                  to a
                  broker's price opinion or appraisal.

              	
                2

              	
                 

              
	
                If
                  applicable:

              	
                 

              	 	
                 

              
	
                DELINQ_STATUS_CODE

              	
                FNMA
                  code describing status of loan

              	 	 
	
                DELINQ_REASON_CODE

              	
                The
                  circumstances which caused a borrower to stop paying on a loan.
                  Code
                  indicates the reason why the loan is in default for this
                  cycle.

              	 	 
	
                MI_CLAIM_FILED_DATE

              	
                Date
                  mortgage insurance claim was filed with mortgage insurance
                  company.

              	 	
                MM/DD/YYYY

              
	
                MI_CLAIM_AMT

              	
                Amount
                  of mortgage insurance claim filed

              	 	
                No
                  commas(,) or dollar signs ($)

              
	
                MI_CLAIM_PAID_DATE

              	
                Date
                  mortgage insurance company disbursed claim payment

              	 	
                MM/DD/YYYY

              
	
                MI_CLAIM_AMT_PAID

              	
                Amount
                  mortgage insurance company paid on claim

              	
                2

              	
                No
                  commas(,) or dollar signs ($)

              
	
                POOL_CLAIM_FILED_DATE

              	
                Date
                  claim was filed with pool insurance company

              	 	
                MM/DD/YYYY

              
	
                POOL_CLAIM_AMT

              	
                Amount
                  of claim filed with pool insurance company

              	
                2

              	
                No
                  commas(,) or dollar signs ($)

              
	
                POOL_CLAIM_PAID_DATE

              	
                Date
                  claim was settled and the check was issued by the pool
                  insurer

              	 	
                MM/DD/YYYY

              
	
                POOL_CLAIM_AMT_PAID

              	
                Amount
                  paid on claim by pool insurance company

              	
                2

              	
                No
                  commas(,) or dollar signs ($)

              
	
                FHA_PART_A_CLAIM_FILED_DATE

              	
                 Date
                  FHA Part A Claim was filed with HUD

              	 	
                MM/DD/YYYY

              
	
                FHA_PART_A_CLAIM_AMT

              	
                 Amount
                  of FHA Part A claim filed

              	
                2

              	
                No
                  commas(,) or dollar signs ($)

              
	
                FHA_PART_A_CLAIM_PAID_DATE

              	
                 Date
                  HUD disbursed Part A claim payment

              	 	
                MM/DD/YYYY

              
	
                FHA_PART_A_CLAIM_PAID_AMT

              	
                 Amount
                  HUD paid on Part A claim

              	
                2

              	
                No
                  commas(,) or dollar signs ($)

              
	
                FHA_PART_B_CLAIM_FILED_DATE

              	
                  Date
                  FHA Part B claim was filed with HUD

              	 	
                MM/DD/YYYY

              
	
                FHA_PART_B_CLAIM_AMT

              	
                  Amount
                  of FHA Part B claim filed

              	
                2

              	
                No
                  commas(,) or dollar signs ($)

              
	
                FHA_PART_B_CLAIM_PAID_DATE

              	
                   Date
                  HUD disbursed Part B claim payment

              	 	
                MM/DD/YYYY

              
	
                FHA_PART_B_CLAIM_PAID_AMT

              	
                 Amount
                  HUD paid on Part B claim

              	
                2

              	
                No
                  commas(,) or dollar signs ($)

              
	
                VA_CLAIM_FILED_DATE

              	
                 Date
                  VA claim was filed with the Veterans Admin

              	 	
                MM/DD/YYYY

              
	
                VA_CLAIM_PAID_DATE

              	
                 Date
                  Veterans Admin. disbursed VA claim payment

              	 	
                MM/DD/YYYY

              
	
                VA_CLAIM_PAID_AMT

              	
                 Amount
                  Veterans Admin. paid on VA claim

              	
                2

              	
                No
                  commas(,) or dollar signs ($)

              

      

       

      
        	Exhibit 2: Standard
                File Codes - Delinquency
                Reporting

      

       

      The
        Loss
        Mit Type
        field
        should show the approved Loss Mitigation Code as follows: 

      
        
          	
                	·	
                  ASUM-Approved
                    Assumption

                

        

      

      
        
          	
                	·	
                  BAP-Borrower
                    Assistance Program

                

        

      

      
        
          	
                	·	
                  CO-
                    Charge Off

                

        

      

      
        
          	
                	·	
                  DIL-
                    Deed-in-Lieu

                

        

      

      
        
          	
                	·	
                  FFA-
                    Formal Forbearance Agreement

                

        

      

      
        
          	
                	·	
                  MOD-
                    Loan Modification

                

        

      

      
        
          	
                	·	
                  PRE-
                    Pre-Sale

                

        

      

      
        
          	
                	·	
                  SS-
                    Short Sale

                

        

      

      
        
          	
                	·	
                  MISC-Anything
                    else approved by the PMI or Pool
                    Insurer

                

        

      

       

      NOTE:
        Wells
        Fargo Bank will accept alternative Loss Mitigation Types to those above,

        provided that they are consistent with industry standards. If Loss Mitigation
        Types other than those above are used, the Servicer must supply Wells Fargo
        Bank
        with a description of each of the Loss Mitigation Types prior to sending
        the
        file.

       

      The
        Occupant
        Code
        field
        should show the current status of the property code as follows:

      
        
          	
                	·	
                  Mortgagor

                

        

      

      
        
          	
                	·	
                  Tenant

                

        

      

      
        
          	
                	·	
                  Unknown
                    

                

        

      

      
        
          	
                	·	
                  Vacant

                

        

      

       

      The
        Property
        Condition
        field
        should show the last reported condition of the property as follows:

      
        
          
            	
                  	·	
                    Damaged

                  

          

          
            	
                  	·	
                    Excellent

                  

          

          
            	
                  	·	
                    Fair

                  

          

          
            	
                  	·	
                    Gone

                  

          

          
            	
                  	·	
                    Good

                  

          

          
            	
                  	·	
                    Poor

                  

          

          
            	
                  	·	
                    Special
                      Hazard

                  

          

          
            	
                  	·	
                    Unknown

                  

          

        

      

       

      
        
          	
                  Exhibit
                    2: Standard
                    File Codes - Delinquency Reporting, Continued

                

        

      

       

      The
        FNMA
        Delinquent Reason Code
        field
        should show the Reason for Delinquency as follows: 

      
        	 	 	 	 
	 	
                 

                Delinquency
                  Code

              	
                 

                Delinquency
                  Description

              	 
	 	
                001

              	
                FNMA-Death
                  of principal mortgagor

              	 
	 	
                002

              	
                FNMA-Illness
                  of principal mortgagor

              	 
	 	
                003

              	
                FNMA-Illness
                  of mortgagor’s family member

              	 
	 	
                004

              	
                FNMA-Death
                  of mortgagor’s family member

              	 
	 	
                005

              	
                FNMA-Marital
                  difficulties

              	 
	 	
                006

              	
                FNMA-Curtailment
                  of income

              	 
	 	
                007

              	
                FNMA-Excessive
                  Obligation

              	 
	 	
                008

              	
                FNMA-Abandonment
                  of property

              	 
	 	
                009

              	
                FNMA-Distant
                  employee transfer

              	 
	 	
                011

              	
                FNMA-Property
                  problem

              	 
	 	
                012

              	
                FNMA-Inability
                  to sell property

              	 
	 	
                013

              	
                FNMA-Inability
                  to rent property

              	 
	 	
                014

              	
                FNMA-Military
                  Service

              	 
	 	
                015

              	
                FNMA-Other

              	 
	 	
                016

              	
                FNMA-Unemployment

              	 
	 	
                017

              	
                FNMA-Business
                  failure

              	 
	 	
                019

              	
                FNMA-Casualty
                  loss

              	 
	 	
                022

              	
                FNMA-Energy
                  environment costs

              	 
	 	
                023

              	
                FNMA-Servicing
                  problems

              	 
	 	
                026

              	
                FNMA-Payment
                  adjustment

              	 
	 	
                027

              	
                FNMA-Payment
                  dispute

              	 
	 	
                029

              	
                FNMA-Transfer
                  of ownership pending

              	 
	 	
                030

              	
                FNMA-Fraud

              	 
	 	
                031

              	
                FNMA-Unable
                  to contact borrower

              	 
	 	
                INC

              	
                FNMA-Incarceration

              	 

      

      

       

      
        	Exhibit 2: Standard
                File Codes - Delinquency Reporting, Continued

      

       

      The
        FNMA
        Delinquent Status Code
        field
        should show the Status of Default as follows: 

      
        	 	 	 	 
	 	
                 

                Status
                  Code

              	
                 

                Status
                  Description

              	 
	 	
                09

              	
                Forbearance

              	 
	 	
                17

              	
                Pre-foreclosure
                  Sale Closing Plan Accepted

              	 
	 	
                24

              	
                Government
                  Seizure

              	 
	 	
                26

              	
                Refinance

              	 
	 	
                27

              	
                Assumption

              	 
	 	
                28

              	
                Modification

              	 
	 	
                29

              	
                Charge-Off

              	 
	 	
                30

              	
                Third
                  Party Sale

              	 
	 	
                31

              	
                Probate

              	 
	 	
                32

              	
                Military
                  Indulgence

              	 
	 	
                43

              	
                Foreclosure
                  Started

              	 
	 	
                44

              	
                Deed-in-Lieu
                  Started

              	 
	 	
                49

              	
                Assignment
                  Completed

              	 
	 	
                61

              	
                Second
                  Lien Considerations

              	 
	 	
                62

              	
                Veteran’s
                  Affairs-No Bid

              	 
	 	
                63

              	
                Veteran’s
                  Affairs-Refund

              	 
	 	
                64

              	
                Veteran’s
                  Affairs-Buydown

              	 
	 	
                65

              	
                Chapter
                  7 Bankruptcy

              	 
	 	
                66

              	
                Chapter
                  11 Bankruptcy

              	 
	 	
                67

              	
                Chapter
                  13 Bankruptcy

              	 

      

      
 

      EXHIBIT
        W

      

      REPORTING
        DATA FOR REALIZED LOSSES AND GAINS

      

      Calculation
        of Realized Loss/Gain Form 332- Instruction Sheet

      

      NOTE:
        Do not net or combine items. Show all expenses individually and all credits
        as
        separate line items. Claim packages are due within 90 days of liquidation.
        Late
        submissions may result in claims not being passed until the following month.
        The
        Servicer is responsible to remit all funds pending loss approval and /or
        resolution of any disputed items. 

      
        (i)

      

       

      
        (ii)        The
          numbers on the 332 form correspond with the numbers listed
          below.

      

       

      Liquidation
        and Acquisition Expenses:

      
        	
                1.

              	
                The
                  Actual Unpaid Principal Balance of the Mortgage Loan. For documentation,
                  an Amortization Schedule from date of default through liquidation
                  breaking
                  out the net interest and servicing fees advanced is
                  required.

              

      

       

      
        	
                2.

              	
                The
                  Total Interest Due less the aggregate amount of servicing fee that
                  would
                  have been earned if all delinquent payments had been made as agreed.
                  For
                  documentation, an Amortization Schedule from date of default through
                  liquidation breaking out the net interest and servicing fees advanced
                  is
                  required.

              

      

       

      
        	
                3.
                  

              	
                Accrued
                  Servicing Fees based upon the Scheduled Principal Balance of the
                  Mortgage
                  Loan as calculated on a monthly basis. For documentation, an Amortization
                  Schedule from date of default through liquidation breaking out
                  the net
                  interest and servicing fees advanced is
                  required.

              

      

       

      
        	
                4-12.

              	
                Complete
                  as applicable. Required
                  documentation:

              

      

       

      *
        For
        taxes and insurance advances - see page 2 of 332 form - breakdown required
        showing period

       

      of
        coverage, base tax, interest, penalty. Advances prior to default require
        evidence of servicer efforts to recover advances.

       

      *
        For
        escrow advances - complete payment history 

       

      (to
        calculate advances from last positive escrow balance forward)

       

      *
        Other
        expenses -  copies of corporate advance history showing all payments

       

      *
        REO
        repairs > $1500 require explanation

       

      *
        REO
        repairs >$3000 require evidence of at least 2 bids.

       

      *
        Short
        Sale or Charge Off require P&L supporting the decision and WFB’s approved
        Officer Certificate 

       

      *
        Unusual
        or extraordinary items may require further documentation. 

       

      13.          
        The
        total
        of lines 1 through 12.

       

       

      
        
          	(iii)	
                  Credits:
                    

                

        

      

       

      
        	
                14-21.

              	
                Complete
                  as applicable. Required
                  documentation:

              

      

       

      *
        Copy of
        the HUD 1 from the REO sale. If a 3rd
        Party
        Sale, bid instructions and Escrow Agent / Attorney

       

      Letter
        of
        Proceeds Breakdown.

       

      *
        Copy of
        EOB for any MI or gov't guarantee 

       

      *
        All
        other credits need to be clearly defined on the 332
        form      
     

       

      
        	
                22.

              	
                The
                  total of lines 14 through 21.

              

      

       

      Please
        Note:          For
        HUD/VA loans, use line (18a) for Part A/Initial proceeds and line (18b) for
        Part
        B/Supplemental proceeds.

       

      Total
        Realized Loss (or Amount of Any Gain)

      23.   The
        total
        derived from subtracting line 22 from 13. If the amount represents a realized
        gain, show the amount in parenthesis ( ).

      
        
          	
                   

                  Calculation
                    of Realized Loss/Gain Form
                    332

                

        

      

       

      Prepared
        by: __________________           Date:
        _______________

      Phone:
        ______________________     Email
        Address:_____________________

       

      
        	 	 	 	 	 
	
                Servicer
                  Loan No.

              	 	
                Servicer
                  Name

              	 	
                Servicer
                  Address 

                 

                 

                 

              

      

       

      WELLS
        FARGO BANK, N.A. Loan No._____________________________

       

      Borrower's
        Name: _________________________________________________________

      Property
        Address: _________________________________________________________

       

      Liquidation
        Type:  REO Sale  
        3rd
        Party Sale  Short
        Sale    Charge
        Off 

       

      Was
        this loan granted a Bankruptcy deficiency or cramdown  Yes      No

      If
“Yes”,
        provide deficiency or cramdown amount
        _______________________________

       

      Liquidation
        and Acquisition Expenses:

      (1) Actual
        Unpaid Principal Balance of Mortgage Loan    
$
        ______________ (1)

      (2) Interest
        accrued at Net Rate         ________________
        (2)

      (3) Accrued
        Servicing Fees                ________________
        (3)

      (4) Attorney's
        Fees                  ________________
        (4)

      (5) Taxes
        (see page 2)              ________________
        (5)

      (6) Property
        Maintenance             ________________
        (6)

      (7) MI/Hazard
        Insurance Premiums (see page 2)          
        ________________
        (7)

      (8) Utility
        Expenses              ________________
        (8)

      (9) Appraisal/BPO                             
        ________________ (9)

      (10) Property
        Inspections              
        ________________ (10)

      (11) FC
        Costs/Other Legal Expenses                    
        ________________ (11)

      (12) Other
        (itemize)                                    
________________ (12)

      Cash
        for
        Keys__________________________        
________________ (12)

      HOA/Condo
        Fees_______________________        
________________ (12)

      ______________________________________     
        ________________ (12)

       

      Total
        Expenses                          $
        _______________ (13)

      Credits:

      (14) Escrow
        Balance                        
$
        _______________ (14)

      (15) HIP
        Refund                                
        ________________ (15)

      (16) Rental
        Receipts                                 
        ________________ (16)

      (17) Hazard
        Loss Proceeds                             
        ________________ (17)

      (18) Primary
        Mortgage Insurance / Gov’t Insurance     ________________ (18a)
        

      HUD
        Part
        A

                                                  
        _______________    (18b) 

             
        HUD Part B

      (19) Pool
        Insurance Proceeds                        
        ________________ 
        (19)

      (20) Proceeds
        from Sale of Acquired Property            
        ________________ (20)

      (21) Other
        (itemize)                                   
        ________________ (21)

      _________________________________________     
        ________________ (21)

       

      Total
        Credits                           
        $________________ (22)

      Total
        Realized Loss (or Amount of Gain)         $________________ (23)

      

      
        	
                Type

                 

                (Tax
                  /Ins.)

                 

              	
                Date
                  Paid

                 

              	
                Period
                  of Coverage

                 

              	
                Total
                  Paid

                 

              	
                Base
                  Amount

                 

              	
                Penalties

                 

              	
                Interest

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00121-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00121-of-00352.parquet"}]]